BitCoin grows like crazy

[soulinger]

Go get you some Litecoin. You know its the silver to Bitcoin's gold. Some others to look at Dash, Ethereum, Ripple. It's Evolution. Its gonna happen whether you want it to or not. Inevitable.

[Mikah]

Bought $400 worth of bitcoin last week at below $9000.

I'll sell it when it will be worth $2000 so I can buy a new desktop, so hopefully it will keep going up a bit.

At worse, I loose my initial $400, which I can live with.

[Cosmic Janitor]

Did it crash yet?

[Deleted]

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?

So tell me where do i go to exhange it for money?

All those metals and Diamond are real. They exist and they have worth for a reason. They are used to make stuff. Thats why people will accept it. Bitcoin doesnt exist in the real world.

- - - Updated - - -

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.

Why are you getting tricked? I'm not getting tricked. Money has worth because we needed a trading commodity other then heavy objects. So we agreed to give it worth.

If you are being tricked by this you are more stupid then your avatar appears to be

[Kluian05]

I understand that there are ATM's you can put in cash to gain bitcoin, but how do you receive a large amount of cash if you decide to "sell" your bitcoin? Or is that not possible and you can only use bitcoin as a transaction?

[ro9ue]

"Humans buy all sorts of things that aren't worth anything"

- Alan Greenspan


And that's the point. The people who are saying "LUL Bitcoin has no value". No shit. Nothing is inherently valuable until humans deem it so. That's how the market works. If you're buying Bitcoin, it doesn't mean you're buying it because YOU think it's valuable. You're buying it because you think other people deem it valuable, thus your investment will increase in value.

In fact you don't want to invest generally speaking because YOU find something valuable. That's investing with your own emotions. Your goal is to invest in something you predict the general populace will deem valuable.

[Kluian05]

In early november 2016 I invested x USD (doesn't matter how much) in BitCoin, for price of 1124 USD / 1 BTC.

I could cash it out right now, gaining in return 1338% (minus irrelevant fee) of what I invested. Not good enough for doing nothing except sitting on ass. I won't cash out, I am buying more. Just waiting for price to drop and going to try to to hit 'sweet' spot. Current price is about 15 000 USD. I'll be furious if price correction will be something like 24 000 -> 18 000 rather than 16 000 -> 13 000.

How would you "cash out" on your investment? This part never made any sense to me. It's not like a stock you can just sell and the profits go into your bank account.

[Deleted]

https://i.imgur.com/vVkoPPU.gif
MFW people are saying bitcoin will lose all its value very soon and their savings will be gone.

[zmp]

As long as the bitcoin doesn't reach $25, im happy with the small investment i made back in 2011.

[Taso]

Hopefully it continues. I know the nay sayers will try to halt but I would say that bitcoin requires faith just like the usd and euro are based on faith. The more you put in the more value it has the less you put the less it has. If everyone thought the usd was worthless guess what it dimminshes the same with yuan and the euro.
Secondly Bitcoin very much operates just like that but unlike fiat where you print it out Willy nilly bitcoin is limited and with each milestone met the amount earned from direct mining diminishes. Once the last block is mined then everyone uses the currencies mined and exchanges it for any product they want always trading hands and never sitting for long periods,save for those who treat it as a collector item.

[Deleted]

@Kluian05 you can sell it using any exchange website like bittrex.com, or you can trade it in any of online digital currency exchange website. In my country (not sure about others, probably too) you can even cash it out using simple ATM cash machine, in 2 minutes, in real life.

here's quite a large list of sites:
https://coinmarketcap.com/currencies/bitcoin/#markets

[Kluian05]

@Kluian05 you can sell it using any exchange website like bittrex.com, or you can trade it in any of online digital currency exchange website. In my country (not sure about others, probably too) you can even cash it out using simple ATM cash machine, in 2 minutes, in real life.

Yes I imagine an ATM could only be used for real small transactions. But lets say someone heavily invested and they wanted to sell $1mil+ worth of bitcoin. That exchange website would handle that?

[Rooflesstoofless]

I think it's a bubble but when it bursts its only going to fuck the people who bought too late (invested in the last 18 months or so). There are always going to be some winners with any investment scheme.

[Xirrohon]

Yes I imagine an ATM could only be used for real small transactions. But lets say someone heavily invested and they wanted to sell $1mil+ worth of bitcoin. That exchange website would handle that?

He told you a site Bittrex, Gemini, Coinbase, Bitflyer. All of those can deposit your funds into whatever account you have linked to your Bitcoin/Altcoin account.

[Uselessrouge]

lol at poeple thinking pixels are not worth anything now a days

[breadisfunny]

Current price: 14.6k USD / 1 BTC
12 hours ago: 13.6k USD
24 hours ago: 12k USD
48 hours ago: 11.4k USD

Holy cow! Growing fast. I personally wonder when will it hit 100k USD and beyond.

Do you invest? What do you think? Will it keep growing?

EDIT: 4 hours later after creating this thread price grew up from 14.6k USD to 15.25k USD. Let's go!

probably because since it is a finite resource the scarcity is driving up the price....

- - - Updated - - -

lol at poeple thinking pixels are not worth anything now a days

same can basically be said about any currency. a currency only has value equal to what society agrees upon.

[Afrospinach]

Same holds true for fiat money. Dollar is worthless too once people stop assigning a value to it.

There is a really significant difference between say USD and bitcoin. Think about it.

This whole "oh fiat money is also just faith" thing in the context of bitcoin is a bad joke. Currently bitcoin's value is almost entirely based on the hype of people buying into it which is why any sensible person is trying to dig up what the true value of it is because when that stops they will have no value whatsoever. USD is tied to a real economy, by laws and by necessity, regulated by a central bank etc etc. Bitcoin is true whimsy, which is kind of how some idiots see fiat currency but they are just wrong.

If you want an example of what happens to a currency when it's real economy disappears then look at Zimbabwe when their real economy tanked. Now think about bitcoin again when someone asks what it is worth and comes up short changed. Investor hype is real value as much as anything but that is something that can truly disappear because it is 100% goodwill. Comparing this to the USD should now start to see a bit silly, people will still buy groceries, gas, whatever. The USA would not allow another currency to supplant their own, some countries outlaw the use of other currency to do local business(not usually an issue for USA and other countries but in Africa this is what we deal with)*. Bitcoin can be ousted 100% and have no comeback - that is "faith". What the USD has is not even close to being such. Or any country in the world for that matter. Even a zim dollar has an actual value seeing as zim is still a country that produces things, it is just masked by hyperinflation and general fiscal irresponsibility. Bitcoinland can only produce more bitcoins lol - which is why in the long run people are asking wtf these things can be used for. It's an important question and if a true function cannot be found when people ask the question - it will have fulfilled it's criticism as being an out and out ponzi scheme. Those left with bitcoins will have something with truly less value than dirt.

The US of A would have to be nothing short of destroyed for that to be true and hey you will still have the dirt barring oddly large meteor impacts. You would probably still have those super resistant bedbugs after that even, gotta be worth something, right? Trying to draw a comparison between the residual value of bitcoin and USD is nothing short of absurd, you are asking for the world to end.

Kinda long winded but I think it is understandable.

*understanding why this is the case is actually central to the point. Doing business in a foreign currency essentially "robs" that economic activity within that country, reduces demand for said local currency and makes it worth less because this is ALL about supply and demand. No goods to sell in your local currency = no value in your local currency

[Mikah]

How would you "cash out" on your investment? This part never made any sense to me. It's not like a stock you can just sell and the profits go into your bank account.

Yes you can.

The exchange services that provide bitcoin can instantly cash out your investment into US Dollars for example. You click on your bitcoins, put the number you want to sell and done. You now have USD instead of XBT.

If you want that cash in your personal bank account, then you either use interac e-transfer which is instant but is maxed at $5,000 a day, or you can do a bank wire transfer which is limited to $500,000 a day. For most people, that's more then enough...

That being said, the Chicago Board Options Exchange will be trading bitcoins starting Sunday night, and later on the CME group also. That means investors and portfolios will now have access to bitcoins as investments such as mutual funds and other types of investments.

[dvaz]

I sold about 10btc when they hit 1.5K early this year and paid my summer euro trip with some of it.

Most expensive Kebob ever.

/wrist

[Elim Garak]

Yes you can.

The exchange services that provide bitcoin can instantly cash out your investment into US Dollars for example. You click on your bitcoins, put the number you want to sell and done. You now have USD instead of XBT.

If you want that cash in your personal bank account, then you either use interac e-transfer which is instant but is maxed at $5,000 a day, or you can do a bank wire transfer which is limited to $500,000 a day. For most people, that's more then enough...

That being said, the Chicago Board Options Exchange will be trading bitcoins starting Sunday night, and later on the CME group also. That means investors and portfolios will now have access to bitcoins as investments such as mutual funds and other types of investments.

And when IRS calls what do you do?