Bitcoin is on fire again

[AnonymouseUser]

No doubt a ton of people are making money now IF they sell.

The crash is going to be absolutely catastrophic to people who get greedy. It's going to crash incredibly hard and fast. Some poor sucker is out there now telling himself that although he didn't get into bitcoin earlier, by golly he's going to now. A lot of people like him will get buggered when it starts to fall and they're left holding the bag. Remember the adage bulls and bears make money, pigs get slaughtered.

There will be a crash eventually, but it won't be an 80% drop like in April because there are a lot more businesses directly involved in Bitcoin (their livelihood relies on it), as well as institutional money. Don't be surprised by a 30-40% drop, though, and never forget that there's nothing wrong with taking a profit even if you didn't get the highest price.

FWIW, my short-term target of $660 is unchanged.

 

[Bubbleawsome]

Waiting for a fall, then I might start on a gpu. Slow and steady anyone?

 

[AnonymouseUser]

Waiting for a fall, then I might start on a gpu. Slow and steady anyone?

GPU mining of Bitcoin is dead, you'll actually lose money because electricity will cost more than you'll earn. ASICs have almost killed mining for profit altogether, even for ASICs.

 

[UncleWai]

No doubt a ton of people are making money now IF they sell.

The crash is going to be absolutely catastrophic to people who get greedy. It's going to crash incredibly hard and fast. Some poor sucker is out there now telling himself that although he didn't get into bitcoin earlier, by golly he's going to now. A lot of people like him will get buggered when it starts to fall and they're left holding the bag. Remember the adage bulls and bears make money, pigs get slaughtered.

Case in point this:
Is greedy talk.And this isn't.

You guys are underestimating the number of stupid people in Mainland China. There are a lot of money to be ripped off, they won't pop this bitcoin bubble now.

 

[Suspicious-Teach8788]

So those 90 BTC I sold in 2011 for $5/BTC... sigh.

 

[Crono]

Bitcoin prices are insane right now.

 

[Chiropteran]

You guys are underestimating the number of stupid people in Mainland China. There are a lot of money to be ripped off, they won't pop this bitcoin bubble now.

Is it really that stupid to switch from a government controlled and manipulated currency with no backing to a free open digital currency with no backing?

Just a bit over $600 now. This has actually been a fairly slow-and-steady rise compared to previous bitcoin "bubbles".

 

[Train]

GPU mining of Bitcoin is dead

I dunno, with the rise in prices you'd think it would tip back into profitability at some point.

 

[Arcadio]

So those 90 BTC I sold in 2011 for $5/BTC... sigh.

That's why I'm kind of glad I didn't start early. I would've sold when the price was around $20.

 

[ultimatebob]

That's why I'm kind of glad I didn't start early. I would've sold when the price was around $20.

I cashed out around $100. Video card mining was starting to become unprofitable around that point anyway.

 

[AnonymouseUser]

I dunno, with the rise in prices you'd think it would tip back into profitability at some point.

Check here for profitability. The Radeon 7970 is one of the fastest GPUs for mining, and would still lose ~$6/month at current BTC prices after electrical costs are factored. Even Litecoin profitability is very low now (most BTC GPU miners switched after ASICs took over), and would only net ~$68/month currently.

 

[zinfamous]

Is it really that stupid to switch from a government controlled and manipulated currency with no backing to a free open digital currency with no backing?

Just a bit over $600 now. This has actually been a fairly slow-and-steady rise compared to previous bitcoin "bubbles".

isn't it up something like 250% over the period of maybe 2 weeks?

...that is "slow and steady?"

:hmm:

 

[AnonymouseUser]

$660 target met, now even higher...

EDIT>> I should warn, now is NOT the time to buy!

 

[Crusty]

$660 target met, now even higher...

I'm surprised there's this much activity right now. The Senate is having a hearing on BTC this afternoon and the BTC foundations lawyers are going to be there. Who knows what might come out of that hearing.

I would expect more people to be a bit apprehensive buying right now.

 

[AnonymouseUser]

I'm surprised there's this much activity right now. The Senate is having a hearing on BTC this afternoon and the BTC foundations lawyers are going to be there. Who knows what might come out of that hearing.

I would expect more people to be a bit apprehensive buying right now.

China doesn't care what the US does, and they are higher than MtGox - equal to $768 USD right now.

 

[Alienwho]

Litecoins have doubled in the past day or so. I've been watching them closely since I bought about a 100 a year or so ago. I'm hoping the chinese do what I did and see litecoins are significantly lower and buy a ton in hopes they blow up like bitcoins did.

 

[AnonymouseUser]

Litecoins have doubled in the past day or so. I've been watching them closely since I bought about a 100 a year or so ago. I'm hoping the chinese do what I did and see litecoins are significantly lower and buy a ton in hopes they blow up like bitcoins did.

Don't get greedy, lock in some profits...

Currently $8.81

 

[Alienwho]

How much does the chinese exchange affect our US prices? You would think everything would be even but bitcoins in china are going for $800 at the time of this writing (compared to US $590ish and litecoins for $15 compared to $8.

 

[Alienwho]

This is just insane. I bought at near the peak of the last bitcoin explosion (when it was almost $250) and put in $1000. Right now with my bitcoin and litecoin spread I'm at over $4,500 and rising by the minute.

 

[chihlidog]

Wow.

That .4 BTC I have leftover from when I was still mining is burning a hole in my pocket. I am absolutely kicking myself for selling the 10 I mined. Sheesh. That .4 BTC could buy me a shiny new GPU...and being in the market for one anyway makes it even more tempting.

I'm going to resist the temptation to sell now, however. If it crashes completely, I've lost nothing. The potential reward far outweighs any "risk" here. Climb, climb, climb!!

 

[chihlidog]

Also, based on the articles I'm reading, the feds arent completely opposed to allowing BTC to be used pretty freely. It doesnt look like they are going to attempt any sort of crackdown or to outlaw it.

If this hearing goes the way the quotes make it seem, I'm actually thinking that the price is going to skyrocket. Those predictions of single BTCs being worth thousands dont seem so far fetched now.

 

[sdifox]

Also, based on the articles I'm reading, the feds arent completely opposed to allowing BTC to be used pretty freely. It doesnt look like they are going to attempt any sort of crackdown or to outlaw it.

If this hearing goes the way the quotes make it seem, I'm actually thinking that the price is going to skyrocket. Those predictions of single BTCs being worth thousands dont seem so far fetched now.

I don't see how they can crack down seeing how it is not within their control. Worst they can do it not recognise it, and well, they are already there.

 

[chihlidog]

I don't see how they can crack down seeing how it is not within their control. Worst they can do it not recognise it, and well, they are already there.

Well the fear has always been that they would attempt to outlaw it as a form of currency since techincally any currency not issued by the U.S. gubment is illegal (so I understand).

 

[lxskllr]

since techincally any currency not issued by the U.S. gubment is illegal (so I understand).

I don't think that's correct. USD is officially endorsed by the government, but other currencies can be used, but won't have support. If other currency were made illegal, it would outlaw trade. For example, I couldn't give you chickens for firewood without using retarded abstractions.

 

[darkewaffle]

Ironically bitcoin's best defense is that it isn't actually what it was conceived as - a currency. Very few treat it as such or use it as such. It is a "product". It's more like a stock than anything else with people buying ownership in the collective faith that it has value - it's actually kind of an interesting 'self fulfilling prophecy' of sorts since those involved want it's value to rise - not to stabilize. And so they 'sell' it in order to do so - it's a headless corporation with a built-in marketing department