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Bitcoin Recovers Some Losses After Its Worst Week Since 2013 (reuters.com)
An anonymous reader quotes a report from Reuters: Bitcoin fell nearly 30 percent at one stage on Friday to $11,159.93. At 3:09 p.m. (2009 GMT) on Tuesday, bitcoin BTC=BTSP was up 15 percent at $16,030 in light trading on the Luxembourg-based Bitstamp exchange. The digital currency had risen around twentyfold since the start of the year, climbing from less than $1,000 to as high as $19,666 on Dec. 17 on Bitstamp and to over $20,000 on other exchanges. Critics have pointed to bitcoin's design flaws and hacks of digital "wallets" in which bitcoins are kept as an alternative to traditional currencies. Prices of other cryptocurrencies, which slid along with bitcoin last week, have also recovered, with Ethereum, the second-biggest cryptocurrency by market size, quoted around $771, up from Sunday's low of $689 but still far from highs around $900 hit last week.
People shit themselves when the Dow Jones index drops a hundred points. Bitcoin just essentially did the equivalent of dropping ten thousand points, and people are laughing it off.
while True:
bitcoin.pump()
bitcoin.dump()
http://michaelsmith.id.au
North Korea probably cashed out, so they could afford a new missile or bomb or something.
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Hold them while you can, and don't worry, the price will be back up. Just as soon as those with enough money to manipulate the market are ready to cash in. You just need to sell before they do, and so the price goes back down again.
You thought the stock market was bad? Companies have intrinsic value. You can sell a physical hole in the ground for cash. Bitcoins are only worth what the people that don't have them assigns to them. Lets hope that value isn't zero anytime soon.
i can't tell if you're a very subtle shill, or a complete fool.
BTC is not a store of value*, is not a method of exchange*, and will not supplant the dollar or the euro for anything**.
It's a speculative bubble, one that *WILL* pop, and the fallout will be a complete annihilation of trust in cryptocurrencies.
*massive fluctuations in price, lack of acceptance, etc etc.
** if you honestly believe that the US gov't or EU would allow their currency to be replaced by cryptocurrency.. please, I implore you to sink all of your assets into BTC.
Seen around the internet
See that "Preview" button?
It's been pretty close a few times. In fact, I doubt many people would trust banks if they didn't all have government backed insurance.
And banks provide a real service (they'll "store" your money for you). Putting money in a bank is at least safer than keeping it under your pillow. Putting money in bitcoin, either with a shady Internet exchange or in your own wallet on your poorly backed up computer, doesn't seem to be.
When the value of the metal in a penny exceeds 1 cent, you'll probably find they start disappearing from circulation as people start to collect them and sell them for the metal.
Well, for one thing that would be a federal crime... Do so at your own risk.
For another thing, the cost to make a penny already far exceeds what one is worth. The cost to make a penny is 1.5 cents. So a 50cent roll of pennies costs 75cents to make. We're not seeing people taking coins out of circulation to sell them for metal.
Part of that is because, it costs money to break down a penny into it's constituent metals of course... and whereas a penny may cost 1.5 cents to make, that doesn't mean it contains 1.5 cent worth of metal.
All in all though, we should just get rid of the penny. It's useless and is too small a value to be worth anything. buying/selling to the nearest 5cent (as is done elsewhere in the world with currencies that have abandoned the smallest coin) would be a wise move. Inflation has killed the penny, time to stop making them.
"That's the way to do it" - Punch