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Bitcoin down 60% to $100

bitstamp.net

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Re: Bitcoin down 60% to $100

#41

Post by tptacek »

sneak wrote: post #34

Bitcoin "down" to $100. They were $10 in January. They'll be over $50 at the end of this month. When I was mining 18 months ago, they were about a quarter. Smooth the line and bitcoins are doing exactly what you'd expect from a linear-demand-growth emerging commodity market with a fixed rate of supply. Everything is going exactly according to plan. Note well that the exact same thing (a big speculative run-up and fol…

Unless you actually wanted to transact business using Bitcoin as a unit of account.

Worth observing that the opposite swing, where BTC shoots up $50 in ten minutes or whatever, is just as harmful.

Re: Bitcoin down 60% to $100

#42

Post by danielweber »

waffenklang wrote: post #24
georgemcbay wrote: post #10

Tell me again why any sane person would accept bitcoin as a currency for goods?

Because it offers the opportunity to trade without the shadow market of banks and financial regulators which get pennys of every damn good you buy without doing something important. the only problem is exchanging bitcoins which is the root of all evil for a non-backed per-trade-valued currency.

I can go right to my online bank and have them send a payment to anyone in the country, at zero charge.

Re: Bitcoin down 60% to $100

#43

Post by trotsky »

Day's Range: $70.00 - $259.34

Mtgox trading engine lag: 3865.59s

With gyrations like that and one hour order execution lag there isn't a regulator in the world that wouldn't halt that market. Comparing this to investing in a roulette game would be unfairly characterizing the risks in roulette.

Re: Bitcoin down 60% to $100

#46

Post by datboitom »

ghshephard wrote: post #29

Market is all over the place - I logged in with chrome, hit "Sell at current Bid Price" - (which was $135) - but the interface wouldn't accept a click on the "Sell Button" Thought it might be my browser, so I tried logging in with Firefox, hit "Sell at Bid Price" - Which, about 30 seconds after my first attempt with chrome was now $175. Something is going to crash spectacularly when you get a $40 swing on something l…

I got the same problem, opened up the Javascript Console, seems to be some error where something is null. Not quite sure how I can sell or buy at the moment unless I try writing something up with their API.

Re: Bitcoin down 60% to $100

#47

Post by nemo »

hosay123 wrote: post #18
georgemcbay wrote: post #10

Tell me again why any sane person would accept bitcoin as a currency for goods?

Please quit with the superficial throwaway comments, that's two content-free crowd-pleasers in under 15 minutes. In answer to your question, pricing goods in a fluctuating currency is a well understood problem, and even with a single Google you'd find the Bitcoin community already have established solutions. The short answer: spot price is 99% noise, so don't use it. Unapologetic for being annoyed at this stuff. Chec…

What should you google to find out about how people with goods/services are handling instability in currency value? Even if a vendor updated pricing indexed to the dollar regularly (which is not desirable at all) it's seems like it would still be hard to manage keeping any cash reserves of a currency that is not a stable store of value. I'd be interested to read about what vendors are doing to deal with this.

Re: Bitcoin down 60% to $100

#49

Post by wavesounds »

Splendor wrote: post #32

We get it. Bitcoins have value and that value changes. Surely there's a better place to discuss this.

I just saw them mention it on CNBC its national news surely hackernews should be discussing the technical aspects of national news, especially when it involves a virtual internet currency.

Re: Bitcoin down 60% to $100

#50

Post by eli »

brodney wrote: post #28
eli wrote: post #15

Earlier quoted context omitted.

If I wanted to sell my bitcoins right this minute do you think I could get a higher price? I don't. And that's the only measure of price that matters.

You don't think it's important to have accurate price history to sell something?

I didn't say that. But the market value of something is the price at which you can currently buy and sell it, regardless of anyone else claims.
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