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Other News:
•Fits and Startups [Apple vs Bitcoin]
•Gavin Andresen: It’s Going to be Tough for Governments to Control Bitcoin
•Why Bitcoin Must Die. Long Live Bitcoin 2.0.
•Legal Troubles Barely Subdue a Bitcoin Evangelist’s Sermons
An “Extraordinary Delusion”.
Please something drive it down - I’m hoping for buying opportunities.
A long time ago, in a faraway land, (probably Iceland) the great sardine rush was underway. Everyone was making money from buying and selling sardines. Policemen, nurses and even bricklayers had given up their day jobs to concentrate on sardine trading. One day, in the middle of the great sardine rush, a young trader who had built up a position of 25 tonnes of sardines called up his broker and asked if they could meet down at the sardine warehouse. When they met, the broker unlocked the doors, and the young trader went inside to admire his mountain of sardines.
As he perched atop a box of the tasty morsels, he pulled a can out of a nearby box, and ripped open the lid. The foulest odour came out. They were rotten. Another box – the same result. All of his sardines were rotten! He turned to his broker and asked what he was supposed to do with 25 tonnes of rotten sardines! The broker, unaffected by the situation simply said to him, “Son, these sardines are for trading, they’re not for eating”.
And, so ended the lesson on assets which reach a point where trading rather than eating becomes the purpose. The broker made his point that with some assets you don’t want to be the bunny left holding the baby when the music stops. In the 80’s the asset we were talking about was shares in companies that had little more than a prospectus and a promise.
As a test I sold one bitcoin on Mt. Gox back when it was at $1200 something each. Then I tried to transfer the proceeds into a verified bank account. That was back in December sometime. That money still hasn't showed up.
I did the same at Coinbase. The US$ were transferred in promptly, and when Coinbase said they would be.
A bit of googleing tells me that Mt. Gox has a reputation for being very slow to transfer.
If you can't actually change the money and get it, can Mt. Gox be considered an "exchange"? And why pay attention to the price there?
A lot of the bitcoin related businesses I've had to deal with for this strike me as "amateur". That's the kindest way of putting it.
Things that make you go "Hmmmm..."
I think IMO this is just profit taking from the big money investors, Apple kind of got the ball rolling, it will very soon hit a bottom and quickly bounce back, the question is has hit bottom already and will I kick myself for not buying now.
What’s going on Mt Gox should be investigated from within the bitcoin community.
Like a penny stock thats been halted.....whats in you bag?
sorry but all the responses from this morning ....the level of delusion exhibited....its sad.
little electronic blips worth .....hell no
I’m not a BitCoin expert, so this isn’t intended to make a statement for or against them. Others can figure that out for themselves.
I read that headline and I expected to go to the exchanges and see sub $500.00 BitCoin evaluations. Hey, it was at $720.00 or so.
The earlier evaluation from this morning was around $810.00 when I checked. I guess a $90.00 drop is a sharp drop, but it’s not as bad as what I expected from the reporting.
I’ve only been watching BitCoin for several months. During that time I’ve seen it around $1200 per coin all the way down to $500. I don’t see $720 as a panic rating.
I don’t seem to be nearly as down on BitCoin as some others are.
“The price of a bitcoin last traded at $719.44, with a session high of $867.60 and a low of $651.70”
Gents thats about 30% daily volatility off the low to peak.
Its far safer to be in Iraqi Dinars.