Skip to comments.Bitcoin bubble may have burst
Posted on 04/12/2013 6:57:14 PM PDT by mnehring
The price of Bitcoins has plunged more than 70% in the past two days, sparking a rush of activity that overwhelmed trading platforms and suggested the bubble in the virtual currency has burst.
Bitcoins were down to $77.56 as of 3 p.m. ET Friday. Prices reached as high as $266 per Bitcoin around 7:30 a.m. ET Wednesday. But the price started to fall through the rest of day and Thursday morning.
At about 10 a.m. ET Thursday, trading was halted on Mt.Gox, a Japan-based exchange that claims to handle 80% of Bitcoin trade worldwide. The price at that time was already at about $123, down more than 50% from the peak.
(Excerpt) Read more at money.cnn.com ...
I think it is primarily used by druggies.
Bitcoin is gonna shake the establishment like nothing before...
VolatileBitcoin price is volatile
The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings in bitcoin is not recommended. Bitcoin should be considered as a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin. If you receive payments with Bitcoin, many service providers allow you to convert them instantly to your local currency.
No, sorry, bitcoins are not akin to gold. Gold is tangible, exists in the real world, and has served mankind as money for thousands upon thousands of years.
Bitcoins are nothing but another fiat currency created arbitrarily in the mind of computer scientists. They have zero intrinsic value (even less than paper currency, because paper at least has some value). The only reason people assign value to them is that some businesses accept bitcoins for payment. However, said companies almost immediately will convert the received bitcoins to dollars, thereby demonstrating that bitcoins fail one of the chief attributes of money: They are not a store of value.
Because bitcoins are not widely accepted, they also fail another test of legitimate money: They are not a widely-used medium of exchange.
And CEO’s and politicians full of hot air and no brains would be paid in what’s left in the barnyard after the cattle are gone.
I want to be paid in coed hookers.
I built one last spring. Took a month, but it turned out to be a regular Taj Mahal. Chickens are cool. We are getting a basketful of eggs every day whether we want them or not. It's fun to give them away to our friends and neighbors. Fresh eggs taste fantastic, especially if you are used to supermarket eggs.
Anyway, the feed mill near us always has a stock of ready-made chicken coops, and they have no problem selling them for $700 to $1,000+, depending on capacity (ie., # of chickens). I recommend you "invest" in one nice coop for yourself.
This type of thinking is so passe. I am thinking of starting a company that will exchange real bitcoins for others gold.
ET - Phone home?
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