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Bitcoin exchange rate reached $100 USD per BTC

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Re: Bitcoin exchange rate reached $100 USD per BTC

#291

Post by waterlesscloud »

grovulent wrote: post #14

People like Max Keiser are calling 100k to 1mill per bitcoin. Hard to imagine. I left my gpu running for a few weeks a year or so ago and mined myself 1 bitcoin. I figure that should Keiser's prediction comes true - it will be a nice easy pay day - if not, I didn't waste much time, energy on it. I've been looking at it lately though and thinking that it surely must drop back soon. I'm thinking a drop back down to 15…

Bitcoin is like a startup. If it works, it's worth a tremendous amount. If it doesn't, it's worth nearly nothing.

Right now its proponents are valuing it like a tech startup stock- what's its potential future value?

Its opponents have already decided it will fail.

Either side may be right at this point, though bitcoin has more going for it than it did six months ago.

To me, the trend is currently towards "it's going to work", so I think it's worth a gamble. But it's definitely a gamble.

I think cryptocurrency is without question a force for the future. It makes exchanging money too easy and too fast for it not to eventually dominate economic systems. Economies/companies that don't use it will be at a disadvantage.

What's in doubt for me is whether bitcoin will be the winner of the cryptocurrency market.

Re: Bitcoin exchange rate reached $100 USD per BTC

#292

Post by Nursie »

seanalltogether wrote: post #277
fnordfnordfnord wrote: post #252

Earlier quoted context omitted.

>My fiancee owns her house but still pays rent to a land lord. How... what...? Please explain.

UK land rights are much different then the US owing to their history of kings and lords. You don't pay property tax[1] on the land you hold. As a result there isn't much incentive to ever sell your land. Since other people still want to live on your land though you set up a deal so that they can build houses and live on that land, but they have to pay you rent. You are effectively a landlord in the truest sense of th…

I would point out that outside of London this is not exactly common.

Re: Bitcoin exchange rate reached $100 USD per BTC

#293

Post by jamoes »

smsm42 wrote: post #238

It looks like a classic bubble now - while slow gains programmed in could be justifiable, this seems to be driven purely by expectations of future price rises - which is a classic bubble sign. So far, all bubbles popped sooner or later. Maybe this would be the only one in history that doesn't - I wouldn't bet on that, but maybe someone would and become a millionaire. Or lose all his money.

From 2003 to 2013, the price of AAPL rose from $11/share to over $400/share.

Rapid price increase doesn't always mean "bubble". Sometimes innovative things are created.

Re: Bitcoin exchange rate reached $100 USD per BTC

#294

Post by miles »

calinet6 wrote: post #197
1SaltwaterC wrote: post #182

Earlier quoted context omitted.

Call me a skeptic as I see this like speculation, but where I've seen that kind of return, turned out to be really clever ponzi schemes and enough supply of dumb enough "investors". Oh yea, I remember that fun time when the housing market in my area went up 5X in 4 years. It was all fine till people ran out of actual money. The rest is history.

A currency can't make value out of nothing for long. Eventually reality will set in. I think that's the moral of this story.

A currency can't make value out of nothing for long.

Why, my dear fellow, that is exactly how every government-backed currency works today!

And, thanks to its inflationary nature, it becomes virtually worthless over time:

Although inflation has remained low in recent years, it ravages the value of paper money over time. A dollar in 1900 is only worth about $0.04 in today's currency.

Quoted from: http://finance.yahoo.com/blogs/daily-ticker/bitcoin-prices-b...

Re: Bitcoin exchange rate reached $100 USD per BTC

#295

Post by teebs »

aneth4 wrote: post #259
teebs wrote: post #247

Earlier quoted context omitted.

This is part of the issue. The other part is that no one has any incentive to spend money, which can cause a recession. You can either 100 units of something today, or buy 110 units of it tomorrow. This gives you a very strong incentive to wait and not spend money. This means that no one buys anything, so no one needs to make or manufacture anything. People lose their jobs, so they don't have money, so they can't buy…

I can buy a 2014 Cadillac or iPhone 5 next year for 30% less than I can this year. People seem to be buying these things. In a deflationary environment, people buy less stuff they don't need today, which leads to a higher quality of economic growth.

What do you mean "higher quality"? Almost everything everyone buys is something they don't need. I would guess that almost everyone using Hacker News produces things people don't need. No one needs Google or Amazon or whatever your favorite tech company is.... The economy is built on things people don't need.

The problem is that if I won't buy it for $100 today because I can buy it for $50 tomorrow, I won't buy it for $50 tomorrow because I can buy it for $25 the next day, so you NEVER buy an iPhone

Re: Bitcoin exchange rate reached $100 USD per BTC

#297

Post by [deleted] »

randallsquared wrote: post #232
deelowe wrote: post #218

Earlier quoted context omitted.

There are a few replies here that seem to be reacting negatively to the OP due to the tone of the submission instead of the content. To be clear, deflation is categorically bad for a currency. It's terrible, like great depression terrible. The reason it's bad is that deflation makes it more profitable to do nothing than to invest. When this happens, people react by not spending money. The market dies. While inflation…

> The reason it's bad is that deflation makes it more profitable to do nothing than to invest. This makes no sense to me. If keeping 100 units makes one richer because they are worth more in a year, then any investment which has a positive return (that is, you end up with more than 100 units in a year) must be that much better... What am I missing?

[deleted]

Re: Bitcoin exchange rate reached $100 USD per BTC

#298

Post by dragontamer »

aneth4 wrote: post #290
dragontamer wrote: post #268

Earlier quoted context omitted.

Gold is a piss poor investment. Owning Real Estate (and making money off of it) entails taking care of it. People taking care of their land (so that it can appreciate in value) is a good thing. The typical Real Estate "investor" adds a ton of value to their home, not just through maintenance, but also additions (ie: a new deck). This maintenance is true value added to the economy. True value that wouldn't have been a…

> Gold is a piss poor investment. Relative to what? The USD? http://pricedingold.com/us-dollar/ Real estate? http://pragcap.com/real-estate-gold-ratio-falls-to-30-year-l... Gold is an asset that holds its purchasing power pretty well. It is what it is. It is not however a "piss poor" investment.

USD is a worse investment, and it seems like Real Estate is not much better than Gold :-p

Stocks as investment:

http://www.macrotrends.org/1378/dow-to-gold-ratio-100-year-h...

And of course, ycombinator. You know... the angel fund / venture capitalist firm that runs this website? We're all here because of investors investing into technology. They do so because they believe they can ultimately make money with technology investments. At least, more so than Gold, Real Estate, or even Stocks.

Re: Bitcoin exchange rate reached $100 USD per BTC

#299

Post by px1999 »

napoleoncomplex wrote: post #135
acabal wrote: post #72

I added a Bitcoin purchase option to Scribophile to test the waters. But I'm interested in a Bitcoin economy, not a USD cash alternative--the situation where a Bitcoin has its own value, not a value dependent on a different currency. For that reason, I decided to fix the price of an upgrade to 2 BTC, not peg it to the dollar like most other sites do. Unfortunately it seems like that's just not going to work at this p…

Out of curiosity, did you see any uptake on that option? A lot of places seem to be adding the BTC option lately, but I haven't managed to find any good sources on how much use there is once the option is provided.

For general (ie not Scribophile info)...

http://www.reddit.com/r/Bitcoin/comments/19t3uq/hey_rbitcoin... is the best that I could find (admin from Reddit talking about Reddit Gold revenue).

It's interesting that the accounting costs more than they bring in (though this is something that could obviously change with increased stability in the BTC/USD rate / increased volume / better processes). Somewhat concerning, considering that they host what seems to be one of the most active/vocal bitcoin communities out there.

Also, http://www.reddit.com/r/Bitcoin/comments/1auzjg/factorio_dev..., though this one may just be a case of not properly targeting for users.

Re: Bitcoin exchange rate reached $100 USD per BTC

#300

Post by [deleted] »

seanalltogether wrote: post #230
drcode wrote: post #216

Earlier quoted context omitted.

Clearly, since new land isn't being created anymore, everyone is going to shamelessly hoard real estate. Why would anyone ever buy or sell a house anymore? REAL ESTATE IS ALL A BIG DEFLATIONARY SCAM- You heard it here first.

Actually in the UK this is exactly what has happened since nobody pays property taxes over there. My fiancee owns her house but still pays rent to a land lord. When there are no liabilities for holding an asset, there's not a big incentive to sell it.

[deleted]
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