Originally Posted by Internet Guy (Post 18500492)

As long as Silk Road is around and the Bitcoin continues to preform its basic function, regardless of the exchange rate, there will be a steady stream of funds flowing.

Back of the envelope guesstimate suggests $5k/day gross transactions, minimum. That's growing pretty quickly actually.

Originally Posted by holograph (Post 18499914)

Lol... do you think a fiat is based on something more than that?

based on belief that it won't go down tomorrow? )))

Originally Posted by Coup (Post 18499463)

Another right-wing libertarian success story

Originally Posted by raymor (Post 18500558)

Funny, the while thing always had a hippy left wing flavor to me. A communaly created currency. Interesting.

Originally Posted by L-Pink (Post 18500049)

http://img854.imageshack.us/img854/8...forsecondp.jpg

.

Originally Posted by raymor (Post 18500572)

What is the value of a dollar based on? Not nothing, actually. Initially, the value was set by the dollar being actually made of gold or silver.

Originally Posted by raymor (Post 18500572)

What is the value of a dollar based on? Not nothing, actually. Initially, the value was set by the dollar being actually made of gold or silver. That history is important because it established a known value which only had to be roughly maintained. Next, they substituted gold certificates, which coulf be redeemed for gold. That still kept the value penned to gold. Next came treasury notes, which could be redeemed for certificates. The value still indirectly backed by gold. Then the treasury starting issuing a bit more notes than it had gold, but it didn't go crazy, ruining the economy. People came to trust that treasury wouldn't completely devalue the dollar because they EARNED that trust during a gradual transition. The US didn't completely end the holds standard until 1971, by which time the money was well trusted. Based a the entire history of this nation and others, people know that the government, through the fed, will keep the value of the dollar stable, with inflation of a few percent. That's why people a) know what a dollar is worth a b) trust it will be worth the same tomorrow. It's value was set by gold (and the Spanish dollar), maintained by gold for 200 years, and is now maintained by the full faith and credit of the United States. (Greatly devaluing the dollar would be constructive default.)

If bitcoin spent it's first 200 years being backed by gold and being run by an institution with the longevity and accountability of the government, you could trust that it wouldn't lose 90% of it's value in a month.

Originally Posted by ilnjscb (Post 18501050)

Sorry folks, the gold standard has been around for 6000 years at least - no one has based a currency on anything but gold or force successfully. Everything else is a bubble, usually generated by the early in early out investors.

Originally Posted by TheSquealer (Post 18501069)

Currency is a commodity, its value is determined by supply and demand. No different than oil or orange juice or gold. Linking a piece of paper to a piece of gold doesn't make it suddenly "not a commodity". It simply ties the value of one commodity to that of another.

There is no strong demand for bitcoins. No real practical use for bitcoins other than to amuse some nerds. That has to change for their value to stabilize and strengthen.

Originally Posted by porno jew (Post 18501089)

and the people who are attracted to this type of shit have the attention span of a goldfish. they have lost interest already and are moving on to the next epoch shattering revolution they can be part of from their bedroom.

Originally Posted by wehateporn (Post 18501084)

Which gold standard currencies are you talking about specifically?

Originally Posted by Sunny Day (Post 18500463)

you might spend time reading Confusions and Delusions: Tulipmania, the South Sea Bubble and the Madness of Crowds and a few hundred books written since then about scams and overhyped markets. Tupliamania made many rich, but they kept reinvesting, only to lose it all,when the tulip bubble burst. One of the few winners of Tupliamania, was a hunchback who, for a few Guilders, let people, buying & selling tulips to use his back, as a desk for the signing of the bill of sale.

MY post from 4/4/11
In the Depression, many small towns created Wooden Nickles, as the townsfolk needed to buy & sell, but there was no cash.
In the 70's & 80's somebody (we'll call X), in a major city would start a barter currency. You agreed with someone to trade a service or goods. The advertising business was the model for this trading ads for restaurant meals. As with most transactions, you might have a trade imbalance, i.e. a car for x number of haircuts. If you didn't want haircuts, you took trade dollars. Transactions went through X for a 2% fee. You could also buy trade dollars. X always seem to print money for himself and counterfeiting was also a problem. These barter services usually folded in a year or two.
Then somebody had Real Dollars, that usually were in tourist or college towns. The idea was to show the money was helping to show money circulating in the town rather than hoarding or being spent out of town. But like Disney Money, people saved them for the pretty pictures on them. Real Dollars are gone, just like so many topless bars that printed their own currency.
As for BitCoins, I looked yesterday at a site that severely limited how many you could buy a month (probably they had a small supply). This makes it difficult if you need some to make a major purchase now. Other problem, since you really don't know who you're dealing with, opposed to PayPal or a postal address, they burn you, there's no recourse.
Lastly, the claim of there will be only 21,000,000 created. If BitCoin takes off, they will go up in value as more people need them. At some point they will become so valuable, most people can't afford them and the market will collapse or suddenly more will be created causing deflation.

Originally Posted by Creatine (Post 19917069)

What the fuck is everyone talking about. 1 Bitcoin is worth nearly $700 as of now. That's still dam good.
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Going to be rich as fuck when bitcoin goes back up to 1,000!

Originally Posted by Creatine (Post 19917069)

What the fuck is everyone talking about. 1 Bitcoin is worth nearly $700 as of now. That's still dam good.

Originally Posted by edgeprod (Post 19917079)

Was a stupid thread back then, and no one really made fun of the stupidity of it until now. The Bitcoin crowd made a killing, and morons who were making threads like these got left out in the cold. :thumbsup

Originally Posted by ilnjscb (Post 19917108)

I'm still here - still saying it is a bubble. If you make money off it, good for you. There are 1000s of bubbles all the time, and those in late always get killed, and those who hold for "just a little longer" always get killed. I said it above and I'll say it again: the early ins and the early outs are the ones who benefit.

Anyone here a bitcoin millionaire?

Originally Posted by dyna mo (Post 19917118)

was the stock market crash in 1929 a bubble?

Originally Posted by ilnjscb (Post 19917147)

Market index vs. cryptocurrency? While we're doing that, is agriculture a bubble? An index is just a way to track representative securities. It has no value per se and can't be spent. To speculate on it requires an instrument. There have been numerous bubbles of individual names within all the major indexes, though. HGSI anyone?

What is funny is there are always people like you, ridiculing anyone who questions the value, saying this is a "new paradigm" etc. You'd think eventually the script would change but it seems to cleave to a standard.

I'll say it again. If bitcoin goes to 10m$ it will collapse eventually. If you make money on the way up, and are liquid, more power to you. If you "buy and hold" as you're told, you are paying some smart person's bills. Good luck.

Originally Posted by dyna mo (Post 19917167)

real estate's a bubble, don't get in, you'll be left holding the bag when it all collapses!

:1orglaugh:1orglaugh:1orglaugh

http://www.princeton.edu/~pkrugman/cre.png

Originally Posted by jscott (Post 19917844)

Man, those people laughing off bitcoins as an idiots investment, or tulip mania, blah blah blah, back in this 2011 thread must really feel like dumbass's LOL

I almost pity them.

Originally Posted by Diomed (Post 19918424)

My dicks hose rules alternative universes.. it's name is Joquisha, and it will eat ya.

Originally Posted by dyna mo (Post 19917709)

thanks! that's exactly my point. investment carries inherent risk because all investments behave like bubbles. not for the risk adverse.

Originally Posted by DBS.US (Post 19918458)

1 btc = $595.02999 usd