I'll collect all bubble and manipulation links to this thread.
price maninpulation
http://forum.bitcoin.org/index.php?topic=13221.0
Topic: Bitcoin is a bubble. - page 2. (Read 9772 times)
Geeks playing just to get some weed ? heh.
The "event" is the dozens of news stories in the media, especially the drugs story, which leads people to believe that maybe this isn't just some silly game geeks are playing with themselves.
What earth shattering event did I miss that explains a $20 bitcoin?
You assume that the market price a week ago was the "correct" price. Consider that a "correction" can also happen in the up direction, can it not? =)
Hmm ? It is obvious. I am always looked at a people, that call us to take a credit to buy a bitcoins, like to a crazy shims.
Bitcoin is experiment. He has some known weak sides, and nobody knows, how much unknown.
Witnessing start of first decentralized crypto currency is breath taken, - like at start of first star traveler.
But nobody can guarantee, that this first start, will succeed.
Anyway, that experiment will provide us with lot of data.
Nobody, if he is in mind, will not advice you to risk more, than you can afford to loose, in that experiment.
Bitcoin is experiment. He has some known weak sides, and nobody knows, how much unknown.
Witnessing start of first decentralized crypto currency is breath taken, - like at start of first star traveler.
But nobody can guarantee, that this first start, will succeed.
Anyway, that experiment will provide us with lot of data.
Nobody, if he is in mind, will not advice you to risk more, than you can afford to loose, in that experiment.
Nobody agree with me?
About MtGox cheating? Probably not, Bitcoins are getting a lot of media coverage and people are panic-buying, IMO.
I'll explain my perspective not for the sake of the market (which is obviously doesn't need my promotional efforts), but for the sake of the skeptics.
The earth-shattering, paradigm-shifting event that is sending the price of bitcoin sky high is (wait for it..): the adoption of bitcoin.
Bitcoin. decentralized, p2p, secure, digital tokens. Once you have bitcoins, no authority can seize them from you. They are yours forever (barring any undiscovered vulnerabilities, of course, and you still have to protect yourself from theft).
Paradigm-shifting. This is not Just Another Virtual Currency backed by some dot com that you can't redeem for dollars. So it has nothing to do with what goods you can buy. Because with bitcoins, you can buy dollars. $1 dollar three months ago. $22 dollars today.
And with dollars you can buy goods.
EDIT: P.S. Network difficulty is the primary fundamental backing bitcoin: http://bitcoin.sipa.be/
The earth-shattering, paradigm-shifting event that is sending the price of bitcoin sky high is (wait for it..): the adoption of bitcoin.
Bitcoin. decentralized, p2p, secure, digital tokens. Once you have bitcoins, no authority can seize them from you. They are yours forever (barring any undiscovered vulnerabilities, of course, and you still have to protect yourself from theft).
Paradigm-shifting. This is not Just Another Virtual Currency backed by some dot com that you can't redeem for dollars. So it has nothing to do with what goods you can buy. Because with bitcoins, you can buy dollars. $1 dollar three months ago. $22 dollars today.
And with dollars you can buy goods.
EDIT: P.S. Network difficulty is the primary fundamental backing bitcoin: http://bitcoin.sipa.be/
Nobody agree with me?
I completely agree with you. There is certainly risk of a bubble.
Don't invest anything in bitcoin that you can't afford to lose.
Anything that performs well and then badly is retroactively referred to as a bubble. It can only be a bubble if it pops, which no evidence points towards it doing any time soon.
That's untrue. A commodity that's rallying without a plausible change in fundamentals is a bubble, and it can be identified as such by anyone qualified to analyse the fundamentals; most of the time this means disproving the cause claimed by the bulls ("paradigm shift", "technological marvel", "unique opportunity", "limited supply" etc.)
So the question is: who you trust qualified to inspect the fundamentals ? In the case of Bitcoin that's a complex task that touches on contentious and long standing problems in the field of economics, sociology and psychology: What gives money value ? Is inflation good for the society ? How about deflation ? Should monetary policy be used as a tool to regulate the business cycle ? Is such a thing even possible ?
The answers to those questions are for most people a matter closer to faith than reason, as such it's hard to put your finger on the Bitcoin bubble with mathematical precision. Yet, that does not preclude the insightful one to identify the bubble before it pops, and steer clear of it, or ride it.
Translation: Don't be a realist. Don't think for yourself. There are authorities who are kind enough to do your thinking for you. They know everything, and they can predict the future. You are not qualified even to reserve judgment: just ask the nearest authority what your opinion should be.
No thanks.
(Well, I guess I shouldn't exaggerate-- $19.98001 Bitcoin.)
That kiba cartoon just seems like reality. Which is probably why you're not getting any articulate responses to your question.
Are there twice as many sites taking bitcoin as there were a week ago? Has some huge company like Google said they'll be putting money into developing more user-friendly Bitcoin infrastructure? Is there a plan for a decentralized exchange involving more than just having people sending in their bank account numbers and PINs and having runners in masks sneaking around to ATMs at night? Has the U.S. government set up a site that gives a sizable credit to online merchants who pay their taxes in Bitcoin next year?
Did alpaca socks turn out to cure herpes?
What earth shattering event did I miss that explains a $20 bitcoin?
Are there twice as many sites taking bitcoin as there were a week ago? Has some huge company like Google said they'll be putting money into developing more user-friendly Bitcoin infrastructure? Is there a plan for a decentralized exchange involving more than just having people sending in their bank account numbers and PINs and having runners in masks sneaking around to ATMs at night? Has the U.S. government set up a site that gives a sizable credit to online merchants who pay their taxes in Bitcoin next year?
Did alpaca socks turn out to cure herpes?
What earth shattering event did I miss that explains a $20 bitcoin?
Anything that performs well and then badly is retroactively referred to as a bubble. It can only be a bubble if it pops, which no evidence points towards it doing any time soon.
That's untrue. A commodity that's rallying without a plausible change in fundamentals is a bubble, and it can be identified as such by anyone qualified to analyse the fundamentals; most of the time this means disproving the cause claimed by the bulls ("paradigm shift", "technological marvel", "unique opportunity", "limited supply" etc.)
So the question is: who you trust qualified to inspect the fundamentals ? In the case of Bitcoin that's a complex task that touches on contentious and long standing problems in the field of economics, sociology and psychology: What gives money value ? Is inflation good for the society ? How about deflation ? Should monetary policy be used as a tool to regulate the business cycle ? Is such a thing even possible ?
The answers to those questions are for most people a matter closer to faith than reason, as such it's hard to put your finger on the Bitcoin bubble with mathematical precision. Yet, that does not preclude the insightful one to identify the bubble before it pops, and steer clear of it, or ride it.
I don't agree it's a bubble, nor am I saying it's not. No way to know. I agree Bitcoin, if seen as an investment, is high-risk and think it's very prudent to keep reminding people of this.
Nobody agree with me?
In fact it doesn't matter to me, because I invested only a little money on Bitcoin. Even it is a bubble, I won't lose a lot of money.
I just want to warn those who want to invest a lot of money onto Bitcoin.
I just want to warn those who want to invest a lot of money onto Bitcoin.
yeah, warn people that could help your investment and this system grow, real intelligent
I just want warn that there is a risk of bubble. So don't invest too much money. Otherwise you will lose a lot of money when the bubble collapse.
In fact it doesn't matter to me, because I invested only a little money on Bitcoin. Even it is a bubble, I won't lose a lot of money.
I just want to warn those who want to invest a lot of money onto Bitcoin.
I just want to warn those who want to invest a lot of money onto Bitcoin.
yeah, warn people that could help your investment and this system grow, real intelligent
Dollars A.K.A. FRNs are in a bubble. I checked the price of gold on Bloomberg and then I did a Google trends search on QE3 (next round of money printing A.K.A. intentional currency debasement) and it looks like the equity markets are already pricing in another round of Federal Reserve legal counterfeiting. The other nations of the world will follow suit in the next round of the endless race to devalue their own currency more. It's a race to the bottom.
Then the fun really begins. Capital controls. The only way to move your money across international boundaries will be Bitcoin or stuffing cash in your shoes.
Then the fun really begins. Capital controls. The only way to move your money across international boundaries will be Bitcoin or stuffing cash in your shoes.
In fact it doesn't matter to me, because I invested only a little money on Bitcoin. Even it is a bubble, I won't lose a lot of money.
I just want to warn those who want to invest a lot of money onto Bitcoin.
I just want to warn those who want to invest a lot of money onto Bitcoin.
(by the way, where's kiba's cartoon? am i admitting either my denseness or lack of touch with what today's internet culture considers funny if i say that i never got really understood it? i always felt like it was perhaps missing the final frame.)
It's...not funny. But in a strange way, it's becoming funny, just because he keeps posting it and it so obviously lacks a punchline. Meta-humor?
(by the way, where's kiba's cartoon? am i admitting either my denseness or lack of touch with what today's internet culture considers funny if i say that i never got really understood it? i always felt like it was perhaps missing the final frame.)
I'll just leave this here http://bitcoinweekly.com/articles/comic-reaction-after-dramatic-rise-of-bitcoin-s-value
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