I sold everything at $158/159 this morning - page 6.

beetcoin

sr. member

Activity: 434

Merit: 250

Quote from: Rampion on November 25, 2013, 06:02:06 PM

Quote from: MoonShadow on November 25, 2013, 05:55:30 PM

That's nothing. Back around Feburary I shorted a small fortune in bitcoins because I thought, "There's no way that Bitcoins could surge beyond $80 apiece in the next two weeks!"

I was wrong, and as a result lost a life-changing number of bitcoins. Had I not done that one wager, I would be able to retire and move to a warmer climate by now. And I'm not exaggerating.

Well, check this out (http://np.reddit.com/r/Bitcoin/comments/1r88vl/need_advice_on_inheritance_arbitrage_family_etc/) and then we speak about pain and slaughter.

that's even worse, yeah.. because that guy wasn't even sending his money to invest.. but his sister's as well. that makes me hate the shit out of him, compared to moonshadow who just spent his own money.

MoonShadow

legendary

Activity: 1708

Merit: 1010

Quote from: Rampion on November 25, 2013, 12:51:48 PM

Remember, Bitcoin will be inflationary till +2030.

Technically, Bitcoin will be inflationary until about 2140. Although the inflation rate will be very, very small after about 2040. The block reward will be under 1 bitcoin around 2033, if I did my head math correctly, but just imagine how much that will be worth by then!

Rampion

legendary

Activity: 1148

Merit: 1018

Quote from: MoonShadow on November 25, 2013, 05:55:30 PM

That's nothing. Back around Feburary I shorted a small fortune in bitcoins because I thought, "There's no way that Bitcoins could surge beyond $80 apiece in the next two weeks!"

I was wrong, and as a result lost a life-changing number of bitcoins. Had I not done that one wager, I would be able to retire and move to a warmer climate by now. And I'm not exaggerating.

Well, check this out (http://np.reddit.com/r/Bitcoin/comments/1r88vl/need_advice_on_inheritance_arbitrage_family_etc/) and then we speak about pain and slaughter.

MoonShadow

legendary

Activity: 1708

Merit: 1010

That's nothing. Back around Feburary I shorted a small fortune in bitcoins because I thought, "There's no way that Bitcoins could surge beyond $80 apiece in the next two weeks!"

I was wrong, and as a result lost a life-changing number of bitcoins. Had I not done that one wager, I would be able to retire and move to a warmer climate by now. And I'm not exaggerating.

rizzeren

newbie

Activity: 10

Merit: 0

Sorry for the loss for the OP, but I did the excact same thing. I cashed out earlier this year in the $120 range thinking it would stay there in that interval for a long time - boy was I wrong:(

neordicICE

hero member

Activity: 505

Merit: 500

At 2020 there will be interesting times, 90% of Bitcoins in circulation, and major merchants accepting BTC already. Wouldnt surprice me if the price was $158.500 / BTC. One thousand times more than OP sold

EcuaMobi

legendary

Activity: 1876

Merit: 1475

So interesting to read this just 7 months later. I wonder if this will be a 10.000-BTC-pizza-like post in a few years.

Rampion

legendary

Activity: 1148

Merit: 1018

Quote from: Its About Sharing on November 25, 2013, 04:51:50 PM

Quote from: Rampion on November 25, 2013, 02:56:29 PM

Quote from: ?? on ??

Quote from: wachtwoord33 on November 25, 2013, 01:46:58 PM

No, it has a static supply of 21M BTC. It's irrelevant whether these have been issued or not.

I understand your point -- that the bitcoins already exist, but they just haven't been released yet. However, you can't value them fully because they are not actually part of the money supply. On the other hand, they do have a present value which is greater than 0.

His point *might* be that Bitcoin has a fixed supply that cannot be changed (unless there is a hard fork); thus the money supply is predictable and cannot be altered by third parties. That's one of the *fundamentals* that make Bitcoin very attractive, but that doesn't mean that BTC is currently deflationary: in fact it is the opposite.

I'm refuting the mantra some noobs repeat like its some versicle of the bible, implying that the BTC/USD exchange rate is growing "because BTC is a deflationary currency". That's simply false and a silly, oversimplified statement that shows little understanding on the matter: the BTC/USD exchange rate is growing because the demand is exceeding the supply for many reasons, among which the incredible fundamentals and revolutionary aspects of BTC - but that doesn't change the fact that we are currently in a heavily inflationary phase.

Plus, what "watchwoord" says is extremely wrong (the inflation rate being irrelevant). We are currently living an inflationary phase - when we reach the deflationary phase Bitcoin will face a huge and uncharted challenge: will the miners be able to cover their costs only by fees? In any case, the inflation rate has a DEEP impact on the economy, it's not irrelevant at all - I guess we all saw how the price skyorocketed after the last mining halving, the bubble started just there.

Technically we are in an inflationary phase. Whether it is heavy or light probably depends on how we choose to look at it.
What is interesting is that BTC, practically speaking is deflationary right now, as the demand is greater than the supply.
So the word "inflationary" to me, might be technically correct, but looking at he huge demand and rising price (if that continues) we will continue to see BTC as essentially deflationary.
And judging by the world economic situation continuing to darken, I don't see the deflationary "argument" changing.

IAS

Probably the fact that BTC is designed to be deflationary n the future it's a key factor on the demand being greater than the supply. It's more "the promise" of a deflationary currency that a deflationary currency itself (at the moment).

In fact, I think the inflation rate is tied with the volatility. In its current phase Bitcoin appreciates and depreciates very fast: in 2012 it lost 96% of its value, 75% in April 2013; that's not how a deflationary currency behaves, that's the kind of dynamics you see in a penny stock market.

In the next yeaes the inflation rate will go down, the market cap will grow and the distribution will even. At that point I'd expect much less volatility and a behavior in line with what Bitcoin is designed to be, a deflationary currency.

Its About Sharing

legendary

Activity: 1442

Merit: 1000

Antifragile

Quote from: Rampion on November 25, 2013, 02:56:29 PM

Quote from: ?? on ??

Quote from: wachtwoord33 on November 25, 2013, 01:46:58 PM

No, it has a static supply of 21M BTC. It's irrelevant whether these have been issued or not.

I understand your point -- that the bitcoins already exist, but they just haven't been released yet. However, you can't value them fully because they are not actually part of the money supply. On the other hand, they do have a present value which is greater than 0.

His point *might* be that Bitcoin has a fixed supply that cannot be changed (unless there is a hard fork); thus the money supply is predictable and cannot be altered by third parties. That's one of the *fundamentals* that make Bitcoin very attractive, but that doesn't mean that BTC is currently deflationary: in fact it is the opposite.

I'm refuting the mantra some noobs repeat like its some versicle of the bible, implying that the BTC/USD exchange rate is growing "because BTC is a deflationary currency". That's simply false and a silly, oversimplified statement that shows little understanding on the matter: the BTC/USD exchange rate is growing because the demand is exceeding the supply for many reasons, among which the incredible fundamentals and revolutionary aspects of BTC - but that doesn't change the fact that we are currently in a heavily inflationary phase.

Plus, what "watchwoord" says is extremely wrong (the inflation rate being irrelevant). We are currently living an inflationary phase - when we reach the deflationary phase Bitcoin will face a huge and uncharted challenge: will the miners be able to cover their costs only by fees? In any case, the inflation rate has a DEEP impact on the economy, it's not irrelevant at all - I guess we all saw how the price skyorocketed after the last mining halving, the bubble started just there.

Technically we are in an inflationary phase. Whether it is heavy or light probably depends on how we choose to look at it.
What is interesting is that BTC, practically speaking is deflationary right now, as the demand is greater than the supply.
So the word "inflationary" to me, might be technically correct, but looking at he huge demand and rising price (if that continues) we will continue to see BTC as essentially deflationary.
And judging by the world economic situation continuing to darken, I don't see the deflationary "argument" changing.

IAS

wachtwoord33

newbie

Activity: 3

Merit: 0

Quote from: ?? on ??

Quote from: wachtwoord33 on November 25, 2013, 01:46:58 PM

No, it has a static supply of 21M BTC. It's irrelevant whether these have been issued or not.

I understand your point -- that the bitcoins already exist, but they just haven't been released yet. However, you can't value them fully because they are not actually part of the money supply. On the other hand, they do have a present value which is greater than 0.

Well I disagree that we're currently inflationary (or have ever been) and therefore I think it has no impact on value.

I do agree that the it influences supply and therefore price.

beetcoin

sr. member

Activity: 434

Merit: 250

Quote from: BitPappa on November 25, 2013, 12:00:57 PM

Appreciate the revival. I don't understand why anyone would sell everything.

I started buying Bitcoin in April, and it was simply the good fortune of a funding delay that kept me from buying above $200. I remember feeling bad for anyone who purchased near the peak price -- I assumed we'd see new highs eventually, but didn't know when. Little did I know that in a matter of months, even those peak buyers would see their Bitcoins triple in price.

the funny part was he was talking down to the people who thought buying in at $159 was a good idea. i mean, he called everyone naive.. lol. the fact is that nothing is for certain, and those who believe otherwise are just fools.

Rampion

legendary

Activity: 1148

Merit: 1018

Quote from: ?? on ??

Quote from: wachtwoord33 on November 25, 2013, 01:46:58 PM

No, it has a static supply of 21M BTC. It's irrelevant whether these have been issued or not.

I understand your point -- that the bitcoins already exist, but they just haven't been released yet. However, you can't value them fully because they are not actually part of the money supply. On the other hand, they do have a present value which is greater than 0.

His point *might* be that Bitcoin has a fixed supply that cannot be changed (unless there is a hard fork); thus the money supply is predictable and cannot be altered by third parties. That's one of the *fundamentals* that make Bitcoin very attractive, but that doesn't mean that BTC is currently deflationary: in fact it is the opposite.

I'm refuting the mantra some noobs repeat like its some versicle of the bible, implying that the BTC/USD exchange rate is growing "because BTC is a deflationary currency". That's simply false and a silly, oversimplified statement that shows little understanding on the matter: the BTC/USD exchange rate is growing because the demand is exceeding the supply for many reasons, among which the incredible fundamentals and revolutionary aspects of BTC - but that doesn't change the fact that we are currently in a heavily inflationary phase.

Plus, what "watchwoord" says is extremely wrong (the inflation rate being irrelevant). We are currently living an inflationary phase - when we reach the deflationary phase Bitcoin will face a huge and uncharted challenge: will the miners be able to cover their costs only by fees? In any case, the inflation rate has a DEEP impact on the economy, it's not irrelevant at all - I guess we all saw how the price skyorocketed after the last mining halving, the bubble started just there.

Rampion

legendary

Activity: 1148

Merit: 1018

Quote from: wachtwoord33 on November 25, 2013, 01:46:58 PM

Quote from: Rampion on November 25, 2013, 12:51:48 PM

Quote from: icem3lter on November 25, 2013, 12:41:28 PM

Quote from: Rampion on November 25, 2013, 12:31:23 PM

No, just read his post history (I did it with a sense of dark entertainment), he is currently saying that he is out because Bitcoin is a bubble and it will collapse because its needed too much money constantly flowing into Bitcoin to sustain the current price given the actual inflationary phase (3.600 coins are "created" every day).

He made some money, so good for him. No need to blame OP he doesnt want to risk anymore.
Those who bough Bitcoins from him can sell with profit if they need money as well, so all happy Wink

It seems no matter what price you buy, if you wait you cant loose. Remember Bitcoin is deflationary.

Not yet. This year's inflation rate is 12.5%. Next year (2014) inflation rate will be roughly 11.11%.

Remember, Bitcoin will be inflationary till +2030.

No, it has a static supply of 21M BTC. It's irrelevant whether these have been issued or not.

Wrong. It's not irrelevant at all - the first mining halving deeply affected price, and so will do subsequent mining halvings. Right now there are 3.600 newly minted coins EVERY DAY - the reduction of that (which is the inflation rate) will have a profound impact on BTC economy.

It's just that noobs repeat like a Mantra that "BTC is deflationary" because they have read that on Wikipedia, while they do not realize that BTC is currently in a heavily inflationary phase.

Cabal

newbie

Activity: 3

Merit: 0

Quote from: coolwashere on November 25, 2013, 01:28:26 PM

hey guys is it good to invest in infinite coins because i got to know that after few months it going to increase its value like bitcoin. Is it true?
I have seen this in ebay . I will provide link also.
http://mesgmy.ebay.com/ws/eBayISAPI.dll?ViewMyMessages&CurrentPage=MyeBayMyMessages&ssPageName=STRK:ME:LNLK&gbh=1

Many of the fly-by-night currencies have no confidence (if you can call it such a thing).

Be wary.

wachtwoord33

newbie

Activity: 3

Merit: 0

Quote from: Rampion on November 25, 2013, 12:51:48 PM

Quote from: icem3lter on November 25, 2013, 12:41:28 PM

Quote from: Rampion on November 25, 2013, 12:31:23 PM

No, just read his post history (I did it with a sense of dark entertainment), he is currently saying that he is out because Bitcoin is a bubble and it will collapse because its needed too much money constantly flowing into Bitcoin to sustain the current price given the actual inflationary phase (3.600 coins are "created" every day).

He made some money, so good for him. No need to blame OP he doesnt want to risk anymore.
Those who bough Bitcoins from him can sell with profit if they need money as well, so all happy Wink

It seems no matter what price you buy, if you wait you cant loose. Remember Bitcoin is deflationary.

Not yet. This year's inflation rate is 12.5%. Next year (2014) inflation rate will be roughly 11.11%.

Remember, Bitcoin will be inflationary till +2030.

https://images.weserv.nl/?url=www.mattwhitlock.com/Bitcoin%20Inflation.png&fnr

No, it has a static supply of 21M BTC. It's irrelevant whether these have been issued or not.

coolwashere

newbie

Activity: 1

Merit: 0

hey guys is it good to invest in infinite coins because i got to know that after few months it going to increase its value like bitcoin. Is it true?
I have seen this in ebay . I will provide link also.
http://mesgmy.ebay.com/ws/eBayISAPI.dll?ViewMyMessages&CurrentPage=MyeBayMyMessages&ssPageName=STRK:ME:LNLK&gbh=1

Steelfox7

member

Activity: 68

Merit: 10

Ouch.

Rampion

legendary

Activity: 1148

Merit: 1018

Quote from: icem3lter on November 25, 2013, 12:41:28 PM

Quote from: Rampion on November 25, 2013, 12:31:23 PM

No, just read his post history (I did it with a sense of dark entertainment), he is currently saying that he is out because Bitcoin is a bubble and it will collapse because its needed too much money constantly flowing into Bitcoin to sustain the current price given the actual inflationary phase (3.600 coins are "created" every day).

He made some money, so good for him. No need to blame OP he doesnt want to risk anymore.
Those who bough Bitcoins from him can sell with profit if they need money as well, so all happy Wink

It seems no matter what price you buy, if you wait you cant loose. Remember Bitcoin is deflationary.

Not yet. This year's inflation rate is 12.5%. Next year (2014) inflation rate will be roughly 11.11%.

Remember, Bitcoin will be inflationary till +2030.

bitcool

legendary

Activity: 1441

Merit: 1000

Live and enjoy experiments

Quote from: Domrada on November 25, 2013, 11:17:33 AM

I just wanted to share with you all one of the many bear heads mounted on my trophy wall...

Apparently OP is still around, hoping for a "collapse". lol.

icem3lter

sr. member

Activity: 281

Merit: 250

Quote from: Rampion on November 25, 2013, 12:31:23 PM

No, just read his post history (I did it with a sense of dark entertainment), he is currently saying that he is out because Bitcoin is a bubble and it will collapse because its needed too much money constantly flowing into Bitcoin to sustain the current price given the actual inflationary phase (3.600 coins are "created" every day).

He made some money, so good for him. No need to blame OP he doesnt want to risk anymore.
Those who bough Bitcoins from him can sell with profit if they need money as well, so all happy Wink

It seems no matter what price you buy, if you wait you cant loose. Remember Bitcoin is deflationary.

Topic: I sold everything at $158/159 this morning - page 6. (Read 20749 times)