Bitcoins - why is it some people recognise an MLM/Pyramid/Ponzi scam, and others dont. Frank.
 

Just askin.....

:2 cents:

Some of them want to bring price up by advocating "long term" :)

My hovercraft is full of eels.

:thumbsup

People have been advocating long term positions even when the price crashed from $20/coin to less than a $1/coin

People are greedy, it's in our nature, sounds like easy money, is interesting and usually well promoted.

rule: when my grand mother want to buy some, it's a bubble...

:1orglaugh:1orglaugh

Bitcoins are going to be worth a million dollars each.

my view on it:

http://i.imgur.com/E3rTM0s.png
http://i.imgur.com/MxyCOqO.png
http://i.imgur.com/9Ri2P4O.png

since there is nothing actually backing the bitcoin it is not capable of lasting. It will run its course kind of like the US dollar is since coming off the gold standard. You can make money now but at some point lots of people are going to get holding, well nothing.

Buy into it, double your $$$ sell 1/2 of what you have.

Nothing lost, we've already done it 3 times in the last 2 months.

We're riding on 'free' money right now, every time it doubles we sell 1/2 and ride the remaining half, nothing to lose and we're up about $6k right now total :)

Same thing as the stock market, you don't hold onto all of your stock picks forever, you let them double, sell half, then ride the free stocks while you diversify your portfolio.

i've researched this angle on btc extensively, as best as i can come up with, it does not have the characteristics of a mlm, pyramid, or ponzi.

it does have the look of a very risky cutting edge technology investment. very.

very high risk, very high reward.

and this isn't the bubble either, imo.
the bubble comes when wall street jumps in.

when they do, and they will soon, investors will want to be on this side of that.

:)

I have all my money in it. The sickness of fiat banks is contagious.

The bubble will burst in about 6-9 months when media coverage of BitCoin has moved onto something else and everyone forgets about the daily barrage of news articles telling them how wonderful BitCoins are.

Without buyers, they have absolutely ZERO value...

Right now all the new folks buying are driving the prices up, once everyone has spent all their spare cash and start holding onto them long-term, their value will start to free-fall like crazy.

Simple economics.

if you're thinking btc will climb to $1000 in 9 months, you are not alone.


but i don't even think that describes the potential growth

this is the sort of bubble i am thinking of.

http://www.sharelynx.com/chartsfixed/GC1900.gif

Bitcoins are finite. Once the 21 million is reached, they will ONLY rise in value. Pure economics. The only volatility they will experience is while they are being mined. The mathematics do not support the existence of bitcoin bubbles. Stop applying funny money principles to it for it doesn't compute. Bitcoins are in short supply and high demand. The only risk to bitcoins economically is a lack of demand and a limited supply of exchangers.

well, gold is a precious metal so is it out of the question to glean some comparisons? perhaps.

a lot of people think gold can't crash, but it does and crashed big once along with tiny crashes.


but maybe you are talking about economic bubbles/financial crisis?



either way, you bring up the most important fact- btc is finite, and 90% will be mined within the nex 3.5 years, all of this will be sorted out within that time frame.

The same amount of money for more goods means that the prices of the goods will decrease.
http://en.wikipedia.org/wiki/Deflation

"don't spend your money, keep it, it will increase in value"
--> it would kill an economy based on economic growth
http://en.wikipedia.org/wiki/Deflati...side_deflation

A money like that is not made to be used, it is made to be kept and you don't use a money that needs to be kept.
Problem: does the bitcoins have an intrinsic value (like drug, tabacco, alcohol or the metal of your coins ?) No...
So what's the value of a money that you don't use ? not much.

Well yes, you could buy some bitcoins after the next crash, for $5 each and wait until there is fools again...
Also more people are mining and less people will win... so it's even not the good moment to start mining....

Gold as with bitcoins will crash for reasons that are unlikely to be related to a change in direct confidence. That's the key shared advantage. Massive faith. Mtgox crashed bitcoin while Japan crashed the yen. It's grounded nature is value into itself. It's respect really.

Bitcoins though will also cause people to question why they are using highly inflated money. It might occur to some that bitcoins are just showing the opinion of the true value of the fiat money by way of the people and not market makers. The value is getting a voice. That's the fear factor.

It's unquestionably a developing but profound reality.

8 decimal points man. Time machine shit.

this is where i don't think it's accurate, or maybe fair is the better word, to describe btc in terms of deflation. there is no accounting attached to it, no price of goods or services is tied directly to it, even at silkroad, things are in dollars with the btc equivalent next to that.

i agree too, now is not a good time to start mining.

We're not verbally communicating but thanks for the link pornmasta

i think this is where someone makes a vague reference to hitler.

That's just it, scripted thinking and exploding heads. Heil Hitler. Not so subtle.

No way to do chargebacks on bitcoin transactions, adult sites are slacking on not adding this option to pay.

I noticed the same thing over and over again when the bitcoin haters are talking. They have no clue what it is and how it works.
I'm willing to bet 10 coins that most of them didn't spent a minute reading about it.
They are just upset they're missing out. That's all.

A single coin is already well beyond their reach :2 cents:

Yes we will all be billionaires and living in mom's basement

A million dollars each.