Slashdot Mirror
Value of Bitcoin "Crashes"
souravzzz writes with an update on the state of Bitcoin. Quoting the Ars Technica article: "Bitcoin, the world's first peer-to-peer digital currency, fell below $3 on Monday. That represents a 90 percent fall since the currency hit its peak in early June."
That's still three times its value in April 2011.
People keep saying that BitCoin will have it's value as long as people keep using it and that you're not supposed to get rich by mining. But that isn't even the problem. I transferred some cash to BitCoins and back on Friday and it was paid out to me on Sunday. By the time I got the transfer, it had lost almost half of its value. Now imagine if that would constantly happen with your real money. It wasn't much, but I sure as hell aren't going to use it again. This is why PayPal and other ecurrencies are fixed to real world value - they are stable (as far as it can be), and BitCoin can't ever get as stable as real world currencies (yes I know they aren't that stable, but that just means even bigger problems with BitCoin)
Eerily resembles the Nasdaq chart from 99 through '02
When the foot seeks the place of the head, the line is crossed. Know your place. Keep your place. Be a shoe.
The majority of bitcoins is in the hands of a handful who cash in large quantities from time to time thus crashing the market.
Did anyone seriously not expect this to happen?
And the winner of this whole experiment ends up being ATI, who sold a bunch of GPUs to doe-eyed bitcoin miners.
Bitcoin crashes after CmdrTaco leaves Slashdot.
I don't think that is just a coincidence.
"That's the way to do it" - Punch
How big a fall is depends on where you measure it.
It is volatile. THere's a difference between something that is volatile and something the either crashes or always goes up.
I'm pretty sure there are serious problems with bit coins model that lacks a central bank or reserve system (though as some have pointed out it' not impossible a country could adopt it as a currency and provide a reserve system. That would make no sense for a major country, but for a banana republic that did not trust it's own leadership not to print money that would be a sound idea. Or they can just use Dollars like everyone else).
But I'd be surprised if those fundamental flaws are showing up this early. Thus I suspect this is more of a public interest fluctuation or the speculators cashing in.
Some drink at the fountain of knowledge. Others just gargle.
It seems more like a correction to me. The idea that a BTC was worth $20 or more seemed too good to be true, probably because it was.
I think BitCoin is a great concept, but it needs more of a real economy and less currency speculation. I suspect that will come once the hype dies down. Maybe now that the value has gone down, that'll happen soon.
I'm moving all of my cash to tulip bulbs. They're due for a comeback ;)
Dispose of your Bitcoins by sending them to 1jWDbcp7b2vAG1fvfCQ2rN2b5hjJpXruR
I will dispose of them in an environmentally-friendly manner.
I agree.
Slashdot social media options: AIM, ICQ, Yahoo, Jabber and Mobile Text. Why no MySpace?
All currencies are fiat. No matter what they're backed by. Currencies have to exist inside of a strong ecosystem that encourages their trading rather than hoarding.
Non impediti ratione cogitationus.
The point of currency in general isn't as a store of value, but as a way to facilitate transactions. Currencies are traded as a proxy for trading "stock" in a particular country's economy. When Japan does well and the USA does poorly, the dollar gets weaker against the yen. Bitcoin doesn't represent any country, so trading it seems even stranger. But until and unless there are merchants who accept Bitcoin for purchases, it doesn't seem like the system itself has much value, since as I said, the reason for the existence of currency is as a way to facilitate trade.
rooooar
nuff said
My first program:
Hell Segmentation fault
Ah man, I was really hoping to unload all my flooz and beenz bucks into this too. I've really got to stop investing in currency based on commercials.
Anyone know if e-gold accepts flooz? Come on man, Whoopi's good for it.
SJW: Someone who has run out of real oppression, and has to fake it.
Stop with the whining already. It's been at least a month since I saw a bitcoin article on slashdot. Btw "bitcoin crashed 90%" is hardly advertisement.
It's a relatively new currency using a new model that takes free market ideas to a new extreme; there is no central authority to ease the peaks and troughs - and no long term consequences as a result. It is going to be bumpy to start with. If it is still all over the place in ten years (assuming it lasts that long) then I will consider it a failure. Meanwhile it is for speculators to have fun with. Kids these days are so impatient.
Those guys take bitcoins. Probably one of them bought a twinkie, or something.
I'm trying to teach myself to set people on fire with my mind... Is it hot in here?
Well, duh. (It surprises me that I'm unable to find anyone else posting this comment.)
That's still three times its value in April 2011.
Big fucking help that is.
Get the value back up, you know.
Classical properties of money are: medium of exchange, unit of account and store of value.
Very few, if any, goods in bitcoin economy are sold using bitcoins as unit of account. Paying with bitcoin may be option, but goods are priced in other currency. Bitcoin prices are periodically adjusted to match price in other currency. Bitcoin clearly is not way to store value. Most people use it to speculate. Apart from limited use in paying small amounts of drugs for personal use etc. in local settings, bitcoin is not preferred medium of exchange. Because bitcoin is not used like money, it is not money. Currently bitcoin is just way to make payments (similar to debit or credit card) and speculative hobby for some.
Even very shaky third world currencies have some stability because people constantly need to buy them to pay taxes and fees. Only way I can see bitcoins becoming viable currency if some network communities or services would only accept bitcoins as payment. That would tie the value of bitcoin into something that has tangible value.
Dyslexics have more fnu.
Someone or some group cashed out big time.
And i don't feel any empathy for the suckers who went after bitcoin.
They deserved being scammed.
Ponzi schemes require a continuous flow of new investors, when they dry up or existing investors try to cash-out faster than new money it will collapse because there are no legitimate earnings.
Time to buy low?
Bitcoin is kind of an interesting experiment in economics. Its founders started out with a relatively simple premise by asking the quintessential question: Why is a central clearing house or central regulation is necessary? Unfortunately, they ended up (re-)learning a valuable reason as to why our forefathers realized a need for some centralization and regulation. Our forefathers realized that monetary centralization provides currency stabilization. When the United States was young with newly won independence from Britain, each state minted its own currency and this was a debacle. How would one determine how much New Jersey dollars would one get in trade for, say, Connecticut dollars? Bitcoin's founders also re-learned the difficult concept of valuation. Last summer, Bitcoin essentially bubbled because, for a short time, its followers had a strong, collective emotional belief that bitcoins have real value. The moment this emotional belief foundation is placed into doubt or shattered, the value comes down. With the storm of server, desktop, and web application intrusions resulting in the theft of Bitcoins, the latent problems with the currency model were suddenly propelled into the main stream. Its users became frightened and distrustful. It is more than just supply and demand economics but believing that the medium that you are using for trade is intrinsically worth something (when, in actuality it has no real value.) Finally, centralization helps mitigate criminality and makes it easier for a victim to recover stolen funds.
Seriously, what did you expect?
http://twitter.com/#!/securityhulk/status/126380860864864257
read it - cant post it here because its all caps (on purpose)
FYI, there is nothing of actual value backing up your US dollars.
When we started Dragon's Tale, Bitcoins were worth 5 cents, and people played for 100's at a time. When Bitcoins were $30, people played for fractions of a coin. Now that Bitcoins are $2.00 or whatever, they may spend a Bitcoin or two on a play session.
The point is that the exchange rate to dollars is irrelevant - players play at the level they're comfortable with, and our revenue (viewed in dollars) has been increasing steadily.
Stop with the Bitcoin Slashvertizements already. No crackpot schemes wanted here.
You really think that this story describing how the value of Bitcoin is extremely volatile and has plumetted to a tiny fraction of its previous value is biased publicity aimed at roping in people who need a way to lose a large amount of money within a very short period of time? That hadn't occurred to me, but thanks for pointing it out.
I myself am involved in a scheme that requires me to squander my inheritance and was almost led into believing that Bitcoin would be suitable for this purpose. Thank you for drawing my attention to this.
"Slashdot - News and Chat Sites Deviant". (Click "homepage" link above for details).
Thank goodness I have my 401k in the Linden.
Haha fuckers. I bet the majority of you bought the top. Currency manipulation is all over the place.
You dumbasses can start here: http://bearfactsspecialistreport.com/the_specialist_system
Value? I don't think the submitter knows what that word means.
There is no value in Bitcoins, there never was, it was always a valueless concept.
You can't handle the truth.
yeah, we're only interested in serious long-term investment like stock-funded 401Ks.
fuck, I'm going to have to live in a cardboard box once I get too old to get hired for a job. Thanks a lot, boomers.
the preceding comment is my own and in no way reflects the opinion of the Joint Chiefs of Staff
Doesn't a crash usually mean a record low, rather than the decline of a particularly enormous peak?
If it's still a multiple of what it was earlier in the year, that's just a regular fluctuation.
(Still, I'm kind of miffed I didn't pay attention in June and sold my mined coins for more money than I've ever owned.)
People were hoarding these things, not spending them, treating them some kind of security which magically only went up in value. Except of course it was was never anything else than a crowd sourced Ponzi and when people start selling panic takes over and the price plummets. More fool anyone who bought into it and got burned.
Ladies and gentlemen, may I present a product of our public education sytem. Two paragraphs of half-thoughts and half-truths summed up with nonsense.
There are decent criticisms of Bitcoin. You somehow missed them all with this rambling.
Never go to sea with two chronometers; take one or three.
What do we want?
We're not sure!!!
When do we want it?
Right now!!!
Required reading:
https://en.bitcoin.it/wiki/FAQ
Bitcoin is a decentralised computer currency designed by self-righteous Ayn Rand-reading nerds who despise looters and parasites like, er, you. It is used to purchase Internet services, illegal drugs and pictures of naked women holding video cards.
Bitcoin works by an emergent synergy of cryptography, peer-to-peer, anonymity, anarchism, libertarianism, wasting stupendous quantities of electricity, the marketing department at NVidia, the enduring exchange value of tulip bulbs and doing all of this instead of Folding@Home.
Bitcoin successfully harnesses a hitherto-unexploited Internet resource: the vast reserves of unexamined privilege amongst computer programmers. Coins are “mined” by stealing them from people who are able to comprehend this level of computer science but still keep their Bitcoin wallet in plain text on a Windows machine.
The Bitcoin system is robustly designed to continue past the inevitable collapse of the US dollar and the world economy, as the Internet, fast computers and reliable electricity are all expected to be readily available when barbarian hordes are wandering the burnt-out post-apocalyptic remnants of civilisation.
It is completely incorrect to describe Bitcoin as a “pyramid scheme.” Technically, it’s a “pump-and-dump.”
Many common products are still inexplicably not purchasable with Bitcoins. “It’s like they don’t understand the revolutionary wonder of Bitcoin,” says Debian developer Hiram Nerdboy, 17. “I can’t get chicks with Bitcoins either. Even with my slickest Pick-Up Artist techniques! It’s as if my knowledge of economics, game theory and Bayesian epistemology didn’t substitute for understanding anything about people. But that’s impossible, of course. They’re probably just theists. Hold on, I just gotta post to Slashdot about this.”
Bitcoin was invented by Internet libertarians, in the spirit of freely-chosen individual interpersonal interactions that will bring about the utter collapse of the oppressive taint of the dead hand of government, in order to make money at your expense.
http://newstechnica.com/2011/06/18/bitcoin-to-revolutionise-the-economy/
There is a saying that there's no such thing as bad publicity.
And this story is bound to make a few retards think "hmmm, if bitcoins value has gone done so much, it can only go up again, so I'd better invest now while they're cheap."
To have a right to do a thing is not at all the same as to be right in doing it
I had considered buying a few bitcoins out of interest but the price for them seemed a little too high, so I had decided to wait until the inevitable crash happens. Now I might look into buying, or I might wait a little more until they're worth cents. For me buying something that has just had a tremendous decline in the price is not a problem - after all, I haven't lost money because I never bought them while they were expensive. I'd rather buy cheap than expensive.
I have been writing BTC software for the past couple months as well as studying the cryptography behind it. One thing BTC has going for it is that it's remarkably secure given that it's decentralized. The price drop is more to do with lack of interest (and probably dumping by botnet owners who mine only to sell them). This leaves two possibilities:
(1) BTC has a chance to continue to be used, and catch on again later, when its merits have been demonstrated through simple longevity. If, in two years, there still has not been a successful attack on the network, people can mess around with it without feeling like they're taking a huge risk.
(2) The proof of concept is done. Whether BTC itself survives, or there is some new, related cryptocurrency, Bitcoin itself proved that such a decentralized system can exist. I fully believe that something like BTC will prevail in the future, whether it's BTC itself or not. In a world where people are craving less gov't and less big banks/money, I think there is a lot of desire for a decentralized, secure currency.
I think it's major downfall was the lack of usability by regular users -- which is why I set out to write my own software. The core developers did a great job with protocol and security, but it was never usable by non tech-savvy people who were only mildly interested. I still have grand plans for how to bring all the features of BTC to the general public without requiring waiting 24 hours for the blockchain to download, and with the ability to easily encrypt wallets and keep BTC safe offline. It was only recently that the core developers were able to get wallet-encryption implemented, but it was way too late--after a string of high-profile attacks and thefts caused negative PR and massive loss of interest in the currency.
Something like BTC will exist in the future. And I think the system that succeeds will be one in which both the protocol is secure and the system is usable by Joe the Plumber.
The dollar is so volatile: in spite of the dollar making a strong 10x comeback since June, it has still lost 2/3 of its value since April!
The value of a currency is tied to the goods and services you can buy with it at a price independent of its relation to other currencies. Monopoly money is worthless because the only thing I can buy with it is squares on a game board.
Trying to find out what I could buy with bitcoins, I went to a site called "bitcoincyberstore." None of the products quoted prices in bitcoins... they quoted prices in U.S. Dollars. This does not bode well for Bitcoin's viability.
Moderating "-1, Disagree" is simple censorship. Have the guts to post your opinion.
Comment removed based on user account deletion
Come for the tech, stay for the fiscal policy lectures.
Everyone knows that boxtops are the best currency, because they're backed by cereal.
As a bitcoin miner and somewhat expert, I'll let you in on the REAL reason the price crashed. The price goes up when more people are buying bitcoins than selling them in the exchange. If everyone's jumping on the system and starting up stores and casinos and whatnot, tons of people are buying thousands at a time. So if you mine bitcoins and then sell them off for USD in the exchange, you're causing the price to lower. What you're "supposed" to do is buy stuff for bitcoins from bitcoin-accepting vendors to keep the economy rolling and the price high.
But let's say you do go to Cablesaurus and want to buy one of their cables for bitcoins. The price in BTC is based on its value in USD. You know why that is? Because the owner of the store is going to sell all your BTC for USD in the exchange. So it's the same as if you threw the BTC up on the exchange for USD. Right now, the whole system is so established that nobody has any reason to buy into it so effectively, there's no reason for the price to go up. What caused it to drop so quickly though were massive security breaches resulting in tens of thousands of coins to be sold at once. Since nobody is buying into the system with USD at the exchanges, it never went back up.
it's a new currency and currency concept expect fluctuation it probably won't be stable for a while
Are suckers. It is that simple. I can't even believe that the slashdot community would take more than 30 seconds to talk about this subject. Bitcoin is a horrible idea, it has no place in our global economy, most people have never even heard of it, etc. Next.
This was posted by a member of the bitcoin forum. I think s/he has a point.
Not me, so I don't take any credit for it.
As best I can tell 35.5% of all bitcoins have already been minted. These 7,473,950 coins are all property of existing bitcoin users. There seem to be about 41,280 registered members of this site. I'll be generous and say there are ten times as many bitcoin users as there are members. That means about 410,280 bitcoin owners with on average 18 BTC each. Clearly BTC ownership is more concentrated than this, but lets be egalitarian for the moment.
If we pretended all bitcoin owners were all Americans that is about 0.13% of the population. It's not of course. Bitcoin is intended to be a world currency. So 0.0068% of the world population own 100% of all current and at least 35.5% of all possible bitcoins.
The view on this forum is that the world will come to their senses, throw out fiat currencies and move to something rational like Bitcoin. This of course means 6,000,000,000 people basically begging to use a resource owned by a relative handful of people. Say we just minted up the remaining 13,526,050 BTC and scattered them to late adopters purely out of the kindness in our hearts. That means about 0.00225 BTC for each of them to use in rebuilding their economy. Sure 18 BTC on average doesn't make us feel very rich. But it is 8,000 times what everyone else would have if we stopped competitive minting today.
But we won't stop competing of course. Sometime around Pearl Harbor Day of next year Bitcoin will hit the 50% distributed mark.
----
By that day, how many active Bitcoin users and daily goods trades do there need to be to make a sustainable Bitcoin economy viable?
----
Because to potential new adopters, after that point Bitcoin is going to look like a new a 21,000,000 coin currency with a 10,500,000 coin pre-generation that went to the creator and his "friends". Certainly people will stop caring about Bitcoin long before they show up on our doorsteps with signs saying,
"We are the 99.9932%!"
Link: https://bitcointalk.org/index.php?topic=48521.0
You are not entitled to your opinion. You are entitled to your informed opinion. -- Harlan Ellison
The amount of joy many slashdotters seem to get out of any bad news about Bitcoin always surprises me.
Sure it has a lot of flaws, but the concept as a whole still has a lot of potential.
Especially when the current standard is PayPal.
Bitcoin price over the past year: http://bitcoincharts.com/charts/mtgoxUSD#rg360zvztgCzm1g10zm2g25
What every asset bubble looks like: http://www.housepricecrash.co.uk/graphs-bubble-lifecycle.php
Bitcoins are going to keep falling, they're not at the "despair" part of the cycle yet.
The purpose of speculators is to be scapegoats for everything that goes wrong when the rest of us buy or sell something. How else would we explain how we lose money?
Never go to sea with two chronometers; take one or three.
You know you could accept payments the old fashioned way, by cash or money order?
well then why don't we use uranium 235 as a base metal for currency, it is highly valuable, there is less of it than gold, and the worlds supply is limited and it will shrink at predictably, due to its consumption for fuel and natural breakdown, thus leading to the currency becoming ever more valuable. it ought to last us a couple of hundred years at least until space-mining becomes the norm but by then are consumption will have gone up to a match the demand. so it could conceivably last until interstellar travel is normalized. we could make also trade in other nuclear fuels he3 or plutonium 239
---Saying gnome 3 is better than windows 8 not so much a compliment as it is damning with light praise.
How about a commodity balanced digital currency where x number of units will always be equal to the price of y bailes of hay, z barrels of oil, etc.?
Spoon not. Fork, or fork not. There is no spoon.
What everyone has failed to mention (maybe someone did but I did not see the post) is that there are BOTS that are doing thousands of transactions LOWERING the value of bitcoin. These bot owners are lowering the value for there mission or some one else. Either way, the bot owners are FUKING with the bitcoin market. Exchanges have failed to stop this, and their excuses is free market. There are WAYS to fix this, but its up to the exchanges who are not doing a single thing.
Some of the bots have been in the news, while others have not. There has been people that have been tracking and trying to combat these bots, but nothing will change unless the exchanges DO SOMETHING.
-http://www.f-secure.com/weblog/archives/00002207.html
-https://bitcointalk.org/index.php?topic=45909.0
I would not be surprised if there were more.
With QuantumCoin, your money can both be there and not be there at the same time. So, even if the balance says you're broke one day, just come back tomorrow ...
Unlike BitCoin, QuantumCoins have (at least) two sides. And if you DO lose a QuantumCoin, just check in the cracks in the couch - even if you lost it outside, because QuantumCoins can still re-appear in places other than where they were lost (they're the reverse of the sock-eating clothes dryer, thanks to QuantumPower!)
So, send me your ordinary money, and I'll send you back QuantumCoins! (which if you don't see them when you look in your mailbox, just look again until you get it right!* Or check your mailbox BEFORE you send in the order to see if they've arrived BEFORE we shipped them or even before you place your order, by using our custom two slit QuantumCoin detector - please order separately ... or at the same time ... it may or may not make a difference, depending ...)
*Some restrictions apply. Due to temporal probability factors, the time required for "just look again" may exceed the heat death of the universe. If you suspect your shipment was "eaten" by such effects, you can "double down" on another order of QuantumCoins - after all, if you do it enough, they eventually ALL have to appear (for different values of "ALL have to").
Boggles my mind. Slashdot runs with all the most ludicrous right-wing BS humanly possible.
The federal Reserve is a government agency that is self-regulating with smaller branches making up the larger board. Each branch has 3 sets of directors. One for the government, one for banks, and one for the people usually represented by a business interest. They are NOT responsible for printing money. The treasury prints money. The federal reserve is able to lend money through an overnight window and create borrowing through it but all of that money is backed by the US government. The concept revolves around fractional banking & the multiplier effect.
Since bitcoins are unregulated the arbitrage deals that occur are pushed through by speculators trying to manipulate the market in the exact opposite way that the federal reserve does. In other words speculators are trying to destabilize the market while the Reserve is attempting to stabilize it.
Bitcon is a solution to the problem of irrevocable unidirectional decentralized remote money transfer between anonymous parties. This is the scammer's dream - there's no way the mark can even find the hustler. Sure enough, the Bitcoin world has been full of scams, such as "online wallet" operations that took the money and ran, "exchanges" that went out of business and kept the customer's money, and much hype from a promoter who turned out to have been running a mortgage scam in Chicago. Then there's "Global Standard Bank", the "Bitcoin bank" in Montreal, which isn't a bank, ran phony Photoshopped pictures of their bank building, and is still on eBay selling "Bitcoin cards".
A distributed currency might be possible, but Bitcoin isn't it.
The speculative side of Bitcoin is a straight pyramid scheme. The people behind the scheme, who got in early, win, and everybody else loses. I said this on Downside on June 11, 2011 right after the peak.
But that isn't even the problem. I transferred some cash to BitCoins and back on Friday and it was paid out to me on Sunday. By the time I got the transfer, it had lost almost half of its value.
This should not be remotely surprising. You used an illiquid, thinly traded medium of exchange. Such assets are inherently prone to volatility. You can speculate on volatility and might even get lucky but anyone who expects bitcoin to be a stable currency anytime soon is an idiot.
Now imagine if that would constantly happen with your real money.
It does. The only difference is the volatility isn't usually as bad. But hyperinflation and debt defaults can cause fluctuations in "real" currencies of similar magnitude.
Our new game, "Dragon's Tale," functions exclusively in Bitcoins. It's a gambling MMORPG based...
Saying it is a gambling game using bitcoin is a redundant statement.
Choosing Bitcoins means that I never have to worry about PayPal freezing my account, or about $25 chargeback fees, or making Mastercard a 2.5% partner in my business.
I guarantee you that using bitcoin costs you FAR more than 2.5% in lost revenue alone since very few people are going to be willing to use bitcoin. Not to mention the transaction costs, exchange rate risk, counterparty risk, accounting complexity and other issues.
Comment removed based on user account deletion
You may think that thing you're offering has value, but if other people don't, you won't ever get anything from them.
Conversely, even the smelliest piece of turd will sell if somebody thinks it's valuable.
It's how most governments work! :D
I want to seriously know something here:
This project was in part, inspired by libertarian economic ideology. Has anybody, witnessing this event, changed their mind - even slightly?
I'm not wanting to hear from people reaffirming their beliefs. Is anyone out there re-evaluating anything in light of new data?
If we can put a man on the moon, why can't we shoot people for Apollo-related non-sequiturs?
>There is a saying that there's no such thing as bad publicity.
The closing price below today's open disagrees.
Bitcoin is used almost exclusively for purchasing illegal and prescription drugs online. It's the currency of criminals. Hardly surprising that it doesn't work very well.
Last month Channel 4 News did a story about the "hidden internet" (i.e. illegal drugs trading, arms, slavery, child sexual abuse etc.) and "its currency: Bitcoin."
Unusually for Channel 4 News, the direct link was made between Bitcoin and illegal activity i.e. the false premise that Bitcoin was designed specifically to facilitate crime on the Internet.
Maybe I'm naive and still believe that the Internet is for the common good and that Bitcoin was a legitimate tool, but maybe it was just designed for crooks all along, just like TOR, which they also talk about.
Stick Men
When speculators are right, they even out price fluctuations...When speculators are wrong or generally stupid, all hell breaks loose.
The problem with this explanation is that there are always two sides to a transaction. When one person speculates that a low priced item will increase in price and wants to buy up that item, there is someone on the other side of the transaction who does not share that belief (e.g., speculating in the opposite direction) and who wants to sell that item. Both sides of the transaction are speculating, yes?
I would add a phenomenological aspect of gold: over the long term the average growth of the world economy has been about 2% which is the same average by which the supply of gold has increased.
Bitcoin is akin to making a limited edition collector item and saying it is now currency simply because there is a limited number of them. Yea you might find a few other people with a similiar interested in said collectable, but it is only worth what it can be traded for in terms of REAL currency, not a currency in and of itself. Baseball cards or old toys will hold their value better than a bitcoin.
I'm glad to see Slashdot not jumping on the "AHAHAHAHA BITCOIN VALUE DOWN OVER 90%" headline bandwagon.
Not to get in the way of a good headline, but every time I see that I want to rant at the people who ran the story. That 'peak', where the value went over $20 and peaked around $50 lasted for maybe three hours to the best of my recollection. On average, it's barely been above $10-$15 for any extended period of time in the last several months, and before that, the peak was like $8. The price still hasn't dipped as low as it was before the summer. (Hell, only a couple months before the surge in popularity, BTC were still worth less than a dollar!)
I'll tell you though, I'm glad I never put any money into bitcoins, just mining with my GPU when I'm not gaming. I always knew some kind of crash was coming sooner or later, so I was only in it for the free money. :] (Of which I made like $500)
Of course, I wish I'd seen it coming instead of thinking it was just a price dip, I would've dumped the last of my BTC for some Amazon or Newegg giftcards while it was still $8... ;P
Friend: "The NIC is misconfigured..." Me: "No prob, I'll just telnet in and fix it." *Silence*
The commodity being processing time. Many people, even among otherwise progressive Occupy protesters, mistakenly think that fiat money is the root of the financial crisis and growing inequality; this is completely mistaken and the robber barons would gain power just as easily, if not more, in a commodity-based, fixed currency exchange system. Removing the government's sovereign power to issue currency is doing away one of its most powerful policy tools of macroeconomic influence. The real cause of problems has been a political and banking class under the heavy influence of neo-liberal economics (as opposed to MMT (Modern Monetary Theory/neo-Chartalism)) which results in a misunderstanding of how the fiat money system 'really' works, absolutely dismal regulation and enforcement of regulation, over-leverage of banks in terms of capital/asset ratio (_not_ reserve ratio), the revolving door of Washington, idiotic austerity measures instead of deficit spending, misunderstanding of macroeconomic debt by committing the fallacy of composition, central banks with little oversight and accountability, and relying on public borrowing by government. So what are alternatives? MMT is mostly a descriptive framework for understanding a fiat system properly, and it has a lot of explanatory power http://hir.harvard.edu/debt-deficits-and-modern-monetary-theory However, once informed by MMT, specific proposals can be made to fix things: http://bilbo.economicoutlook.net/blog/?p=5098 and http://bilbo.economicoutlook.net/blog/?p=4656 and http://bilbo.economicoutlook.net/blog/?p=5240 and more.
There's more wacko conspiracy theory threads in these comments than in all three Deus Ex games put together.
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Continues the way of moncler jackets. Moncler jackets also ensure people warmth and comfort, with 3 down gram design, people only feel sleeping in bad instead of walking in snow. Using environmentally friend materials, this jacket ensure people health as well as warmth. Not need to worry about snow, its waterproof design adapt to all conditions. No matter you are hiking, skiing and running, lightweight design moncler jackets fit for long term practice. For example, moncler jackets for women use high technology lightweight. Feeling gentle and keeping warm,a lightest down garment is as light as 90 gram,but the longest one isn't heavier than 230 gram.The products are limited to sell as 2400 pieces around the world.
As soon as its jackets outlet, people all consider the style of moncler jackets. There are so many jackets in the world that all of them look the same. In order to make their jacket different, designer of moncler jackets pay more attention to style and colors. After using highlight colors to attractive people, it is difficult to find orange and yellow moncler jackets online.
Since moncler jackets become more and more popular, moncler jackets sale to the International market. Since it stand out of the competitors, people will never regret purchase money on such stylish ones.
Moncler is famour for its down jacket and is a unified fashion brand, personality rather than obvious.Simple moncler jacken and moncler jackets brings infinite taste and connotation.Moncler product in 1954 was selected as the Italian explorer of ancient Mongolian Empire site equipment.
In 1955 they supply the French expedition to Makale. Moncler is your better choice to keep cold from you,besides,it can also bring you fashion and beauty. Here we offer moncler clothing,Moncler Jackets,moncler jackets,Moncler Down,Moncler vest,Moncler Kids, Moncler Boots and Bags.All of which are made from original material,which is recognized by all the world and is safe but reliable. Now sports apparel category for the fashion circle finally achieved the greatest impact.
You can find more color and style in Moncler store now.Adrienne Ma,Joyce Ma`s daughter,bring Moncler to HongKong,Moncler sell out in few weeks.
It is happy to wear Moncler down jacket
FTFA: "the protocol guarantees that there will never be more than 21 million Bitcoins in existence, which supporters have argued would give the currency a stable value."
Maybe they just needed smarter or more informed supporters. For the currency to be stability the amount of currency has to vary.If the value goes up you need more of the currency, if the value goes down you need to reduce the amount of currency.
And I could not be happier about that!
https://en.bitcoin.it/wiki/Myths