BitCoin grows like crazy

[Zmaniac17]

Finally, a currency doesn't devalue.

It should replace US dollar and Euro !

It's an deflationary currency, but that doesn't mean it doesn't devalue. It just means that you can't print more of it. After the mining process is done around 2140 there will be no more new coins.

I'm not sure it would be a good replacement for fiat currency. Fiat currency has different characteristics. By it's very nature people are encouraged to spend fiat quickly creating liquidity in the market.

[Xirrohon]

http://steamcommunity.com/games/5931...96684955433613

Steam stopped accepting Bitcoins.

Mainly due to crazy increase in Bitcoin price. Transactions were slow causing the company to have to issue too many refunds. Thats where the big increase in transaction fees were coming from, not necessarily from people buying with Bitcoin.

[The Stormbringer]

The best thing you could do now in my opinion is if you have some, sell it asap.
This climb seems unreal an manipulated. Also, it's virtual - nothing you can have in your hands until someone gave you real money for it.

Pixels don't fill your belly every day.

"Real money" AKA fiat currency AKA imaginary stuff that the government says has value.

[Deleted]

Haha if it dropped from 15k to 10K then 20K that isn't a good sign. Again what is the reason for it

...? This is something natural? It happens all the time? Price grows up to a high level --> so people are mass selling --> price drops. Then people are satisfied with relatively nice low price --> so they mass buy --> price rises. Repeat. It always happens after something rises up. Nothing ever did rise up infinitely without any price correction (without any drop).

https://en.wikipedia.org/wiki/Correction_(stock_market)

EDIT:

And by the way, there is no "if" it dropped. It is 100% certain that BitCoin will drop in price for a short time. Soon. Question is when will it drop and how much will it drop. Ideally you want to buy BTC at the very end of price correction, when its value is relatively cheapest.

Look here: https://cryptowat.ch/bitfinex/btcusd/1d
Every single significant price growth is then followed by price correction (price reduction). The bigger the growth, the bigger the correction. That's why we will see inevitable correction very soon.

[Deleted]

May I also ask you whats your bank? I'm just curious. It just seems super fast considering even IBAN/BIC transaction take up to 2 days in europe.

I assume it is Nordea Bank. Transaction speed will really depend from the trading platform but even Kraken (if you convert in EUR) cannot provide such transaction speed so this sounds fishy.

[Deleted]

[irrelevant]

[markos82]

Is Bitcoin run by a government body does it operate with and authority whatsoever?

Oh wait we are missing 100 billion dollars. Its ok, we will print them in next couple of weeks....

[Deleted]

https://www.reddit.com/r/Bitcoin/com...oints_be_like/

[Gaidax]

Basically right now it's a bubble being overblown by speculants.

[McFuu]

eh.. Bitcoin is what you get paid for the commodity.
the blockchain, the hashing, the computal power etc. that gets used on performing your transaction is the commodity
you did some work, and you get paid in bitcoin as a proof that you've done said work.

I get what you mean, but i would call bitcoin itself more of a currency than a commodity as the coin itself can't be used for much, it just have a value because someone did some work for it.

You have a bunch of miners who mine hashings, the work (computal power) itself that is put into solving the hash, is converted into bitcoin, in which you are paid. The blockchain in which the people mine is the commodity.

it's like mining for iron and getting paid cash for it.

Obviously work that goes into acquiring something is factored into it's price. Since you are using Iron as an example, part of the supply side of supply and demand is cost attributed to gathering the material. Which is much the same for BTC.

Another interesting factor into BTC that pushed it was more to the commodity side is it's limited nature. It's to the point where it costs more to mine on a small scale than it returns in value, which wasn't the case a couple of years ago when a BTC was worth fuckall. Which is similar to California gold rush. All the easy pickings are gone.

BTC is very much the product here, so while there are people trading for BTC for real goods and services, it's that market that gives it value and stability. Sandwiches aren't worth .001 BTC, they are worth $5 and the person selling the sandwich is willing to trade .001 BTC for it because that value is approximately worth $5 to the sandwich maker.

[Xirrohon]

Bitcoin just smashed past the $16k mark and is closing onto $17k very quickly!

https://coinmarketcap.com/currencies/bitcoin/

[JCD000]

Been reading up on it a bit, a lot more caution from people on Reddit and specialized sites than the more radical views here (this is MMO-Champ after all). But still interesting. From what I'm seeing other currencies are going down because of the current BTC craze, might be a good time to snatch some of those up?

[Deleted]

Bitcoin is never going to be worth real money. As long as its minable and has 0 control its going to be worth imagined sums of actual money.

People who actually accept bitcoins as a payment method are stupid as fuck

[Darkrulerxxx]

Bitcoin is never going to be worth real money. As long as its minable and has 0 control its going to be worth imagined sums of actual money.

People who actually accept bitcoins as a payment method are stupid as fuck

But it IS worth money....do you not see the equivalency it produces throughout the world....What about Gold? Platinum...Diamond...etc. You're telling me those are not worth Money?

[Deleted]

It will crash soon when people realize that one transaction costs them more than electricity for a week. Bitcoins' big success is its biggest flaw.

thats only if people use them and not just hording them

[Darkrulerxxx]

thats only if people use them and not just hording them

Plus Pooling and sharing the profits greatly out benefits the cost of electricity used to solve a block.

[kamuimac]

Bitcoin just smashed past the $16k mark and is closing onto $17k very quickly!

https://coinmarketcap.com/currencies/bitcoin/

we gonna see some sucides i bet when it bursts and looses all its value overnight very soon and dumb people will loose their life savings in instant :/

- - - Updated - - -

But it IS worth money....do you not see the equivalency it produces throughout the world....What about Gold? Platinum...Diamond...etc. You're telling me those are not worth Money?

you are mistaking currency with casino

[Ealyssa]

Bitcoin is never going to be worth real money. As long as its minable and has 0 control its going to be worth imagined sums of actual money.

People who actually accept bitcoins as a payment method are stupid as fuck

Just as stupid as saying a gold bar has no value. It has the value people are willing to pay for, period.

Oh, and "real money" isn't a thing. It's the govervement tricking you into believing a piece of paper marked with a 100 is worth more than the same piece with a 1. And since other people believe it too, you're ok with it.

[Deleted]

Bubbles tend to grow and then they...

[Mittens]

Down by 1300$ in a fucking half an hour. This is some grade A currency material.