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Topic: CRASH! - page 4. (Read 24589 times)

legendary
Activity: 1106
Merit: 1001
August 02, 2011, 08:55:40 PM
$/BTC is looking like DJI.


Gold needs energy to survive.  It takes energy to mine it.  It takes energy to refine it.  It takes energy to transport it.  Even if all the gold was mined, refined, and transported just sitting there, you still need energy to trade it, whether electonically or physically.
Gold needs energy to be excavated from the grown but needs 0 energy to be held. However to hold Bitcoins you need ENERGY. With no energy the block-chain can't work, thus making your Bitcoins worthless.

Nah, gold also needs energy to be traded. I can hold a bunch of BTC in a flash drivenfor years, without spending any energy, until I decide to trade them or use them. Same thing with gold. Once you want to trade or use it, there's energy involved in determining its purity, selling it, buying it, melting it and so on.
legendary
Activity: 1764
Merit: 1015
August 02, 2011, 08:51:53 PM
$/BTC is looking like DJI.

Which is what confuses me. I would think BTC would seem like an asset to hold like gold in times when the dollar/euro and global stock exchanges are shaky. There are so few big players in the BTC game I guess it behaves a little differently.
Gold doesn't need electricity. BTC is a bi-product of our current Internet reality. If we could figure out a way to run the block-chain without the need of a domestic power source, Bitcoins would double in price tomorrow Smiley. Which is why I purpose everyone donating BTC into a big pot, we get investors & established company's on board. And we blast the block-chain into space using a self sufficient satellite that runs off the sun. That would make bitcoins virtually indestructible to the point where it would take a missile to disrupt the blockchain.
Gold needs energy to survive.  It takes energy to mine it.  It takes energy to refine it.  It takes energy to transport it.  Even if all the gold was mined, refined, and transported just sitting there, you still need energy to trade it, whether electonically or physically.
Gold needs energy to be excavated from the ground but needs 0 energy to be stored. However to hold Bitcoins you need ENERGY. With no energy the block-chain can't work, thus making your Bitcoins worthless.
hero member
Activity: 630
Merit: 500
August 02, 2011, 07:36:59 PM
$/BTC is looking like DJI.

Which is what confuses me. I would think BTC would seem like an asset to hold like gold in times when the dollar/euro and global stock exchanges are shaky. There are so few big players in the BTC game I guess it behaves a little differently.
Gold doesn't need electricity. BTC is a bi-product of our current Internet reality. If we could figure out a way to run the block-chain without the need of a domestic power source, Bitcoins would double in price tomorrow Smiley. Which is why I purpose everyone donating BTC into a big pot, we get investors & established company's on board. And we blast the block-chain into space using a self sufficient satellite that runs off the sun. That would make bitcoins virtually indestructible to the point where it would take a missile to disrupt the blockchain.
Gold needs energy to survive.  It takes energy to mine it.  It takes energy to refine it.  It takes energy to transport it.  Even if all the gold was mined, refined, and transported just sitting there, you still need energy to trade it, whether electonically or physically.
legendary
Activity: 1764
Merit: 1015
August 02, 2011, 04:13:23 PM
$/BTC is looking like DJI.

Which is what confuses me. I would think BTC would seem like an asset to hold like gold in times when the dollar/euro and global stock exchanges are shaky. There are so few big players in the BTC game I guess it behaves a little differently.
Gold doesn't need electricity. BTC is a bi-product of our current Internet reality. If we could figure out a way to run the block-chain without the need of a domestic power source, Bitcoins would double in price tomorrow Smiley. Which is why I purpose everyone donating BTC into a big pot, we get investors & established company's on board. And we blast the block-chain into space using a self sufficient satellite that runs off the sun. That would make bitcoins virtually indestructible to the point where it will take a missile to disrupt the blockchain.
Doesn't this silly idea defeat the purpose of the decentralized part of Bitcoin?
You could hypothetically shoot thousands of satellites into space thus keeping it "decentralized". But the current reality still exists, the biggest centralization to Bitcoins is the energy it takes to power the blockchain itself. And until we can figure out a way for cold fusion to work (free energy), humanity will seek to control, distribute, and regulate this energy thus keeping Bitcoins in a forever incubated state.

EDIT: Or the government can just come out and say that this system is better and wants to see global adoption. That would sort of have the same effect, but for now we have the crazy idea of shooting the satellites up into space, and there are many smart/rich people who CAN make this happen... I know my idea sounds radical but it's the only way we can guarantee that no man can disrupt the blockchain, making the "coins" we hold today, TRUE GOLD...
hero member
Activity: 530
Merit: 500
August 02, 2011, 04:11:08 PM
$/BTC is looking like DJI.

Which is what confuses me. I would think BTC would seem like an asset to hold like gold in times when the dollar/euro and global stock exchanges are shaky. There are so few big players in the BTC game I guess it behaves a little differently.
Gold doesn't need electricity. BTC is a bi-product of our current Internet reality. If we could figure out a way to run the block-chain without the need of a domestic power source, Bitcoins would double in price tomorrow Smiley. Which is why I purpose everyone donating BTC into a big pot, we get investors & established company's on board. And we blast the block-chain into space using a self sufficient satellite that runs off the sun. That would make bitcoins virtually indestructible to the point where it will take a missile to disrupt the blockchain.
Doesn't this silly idea defeat the purpose of the decentralized part of Bitcoin?
legendary
Activity: 1764
Merit: 1015
August 02, 2011, 04:07:45 PM
$/BTC is looking like DJI.

Which is what confuses me. I would think BTC would seem like an asset to hold like gold in times when the dollar/euro and global stock exchanges are shaky. There are so few big players in the BTC game I guess it behaves a little differently.
Gold doesn't need electricity. BTC is a bi-product of our current Internet reality. If we could figure out a way to run the block-chain without the need of a domestic power source, Bitcoins would double in price tomorrow Smiley. Which is why I purpose everyone donating BTC into a big pot, we get investors & established company's on board. And we blast the block-chain into space using a self sufficient satellite that runs off the sun. That would make bitcoins virtually indestructible to the point where it would take a missile to disrupt the blockchain.
legendary
Activity: 873
Merit: 1000
August 02, 2011, 04:01:28 PM
this might help cheer you up: http://www.youtube.com/watch?v=38bEi8wnXJA
legendary
Activity: 4690
Merit: 1276
August 02, 2011, 03:46:52 PM
$/BTC is looking like DJI.

"Looks like I picked the wrong day to quit sniffing glue."

(Actually, so far only one of my low bids have been taken out so far...but the day is yet young.)

Thank heaven for diversity:

http://www.kitco.com/charts/livegold.html

full member
Activity: 224
Merit: 100
August 02, 2011, 03:46:25 PM
$/BTC is looking like DJI.

Which is what confuses me. I would think BTC would seem like an asset to hold like gold in times when the dollar/euro and global stock exchanges are shaky. There are so few big players in the BTC game I guess it behaves a little differently.
hero member
Activity: 699
Merit: 500
Your Minion
August 02, 2011, 02:31:45 PM
legendary
Activity: 1022
Merit: 1001
August 02, 2011, 02:30:18 PM

I truly don't understand what drives this market other than good news / bad news.

Emotion drives price more than anything
legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas
August 02, 2011, 02:29:00 PM
I would agree that the MyBitcoin guy is selling it all...quickly.
legendary
Activity: 1764
Merit: 1015
August 02, 2011, 02:25:14 PM
The bears have it
Who are the bears in this market?

Is the correct assumption the miners?

I truly don't understand what drives this market other than good news / bad news.
legendary
Activity: 1022
Merit: 1001
August 02, 2011, 02:23:36 PM
The bears have it
Zem
member
Activity: 70
Merit: 10
August 02, 2011, 02:19:38 PM
This is fun to watch. I usually always sleep through all the action.
hero member
Activity: 630
Merit: 500
August 02, 2011, 02:17:10 PM
Broke below 12
hero member
Activity: 914
Merit: 500
August 02, 2011, 01:10:28 PM


Did someone photoshop the penis OUT of this picture?  Tongue
newbie
Activity: 31
Merit: 0
August 02, 2011, 01:03:57 PM
Time to buy guys! Buy low sell high!
hero member
Activity: 616
Merit: 500
August 02, 2011, 12:59:58 PM
hero member
Activity: 630
Merit: 500
August 02, 2011, 12:42:57 PM
Yep, dropping fast.
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