Bitcoin Crashes, Loses Half Of Its Value In Two Days

I tried to tell ya...
That X 37 B is game on.

Check what the price of BTC was 30 days ago and you'll find that it was less than it is now even after falling so dramatically.

I am not selling my BTC any time soon, wait 30 more days and it'll probably be higher than it was a few days ago.

And then all those fools who panicked and sold their BTC will be complaining that they didn't hold onto it for just another month.

reply to post by Eryiedes

Personally, I am gonna stay with gold, silver, palladium and platinum and demand physical delivery.
I don't do online commerce.
Farmers Markets don't take them.
My landlord won't take them.
My ISP won't accept them.
They aren't accepted in restaurants.
Buses & Taxi's don't accept them.
You can't pay your taxes with them.
They don't buy lap dances.

You cant pay for any of those services with gold, silver, palladium and platinum either.

reply to post by Eryiedes


Funny how far bitcoins was taken. Most of the price appreciation has to have been courtesy of the first bitcoin miners cashing out and creating support over and over again, classic bubble.

Amazing how people think this can catch on long-term. Transactions cost money... Wallets are subject to hacking. The price fluctuates wildly.

Just another game that got blown up to huge proportions I guess.

rigel4
reply to post by Eryiedes

 

I too pointed out a few threads ago , that it would end in tears.....

I got flamed and bashed..

So now I get say "I told you so"!

/Smug

edit on 7-12-2013 by rigel4 because: (no reason given)

Me too! I said (in a thread about it going over $1000) that if I were them, I would sell all my beanie babie....errr...bitcoins now and make some money. I believe someone told me to buy now as the price will go over $5000/bitcoin. I do hope that no one lost a lot of money (that they weren't willing to lose) but I also hope that no one bought at the peak.
Even having bought at $100 people can still make money selling them off.

reply to post by PhoenixOD


Actually, your wrong.
The farmers I deal with DO take silver coins as payment.
My landlord has even said that if I am ever low on cash for rent, he'll take gold instead.
I even found a few strippers who take silver for lap dances.
As for the rest...I can sell my PM's for cash anytime I want.
BC just isn't that versatile.

-Peace-

reply to post by Eryiedes


If you took the time to look around you would find ISP's, landlords, restaurants, and strippers who are willing to accept bitcoin. The point being made is that precious metals are not a legal tender and no one is legally required to accept a payment in the form of gold or silver.

reply to post by ChaoticOrder


No sir...or ma'am.
Bitcoin is not accepted anywhere in Canada at the establishments you mentioned...Quebec even less so.
It would seem you are trying to sell a square wheel to someone who already has a working round one.

-Peace-

Eryiedes
It would seem you are trying to sell a square wheel to someone who already has a working round one.

I'm not trying to sell you anything, most people who own bitcoins also own precious metals and I would never tell anyone to put all their money into bitcoins. It's always good to hedge your bets and there's nothing wrong with owning precious metals, in fact I would say it's a smart thing to do, just like owning bitcoins is a smart thing to do. The smartest thing I ever did was invest in bitcoin several years ago when the price was at $5. And a key part of being so profitable was learning to hold and not panic when things are taking a down turn.

reply to post by Eryiedes


So 'actually' i was right out of the list you presented you 'claim' to has found a few individuals who will accept gold or silver for payment. The rest wont as it is not legal tender like ChaoticOrder rightly says.

I could also find a few individuals who would accept anything of value including BTC for anything.

What gives Gold and silver value? Its isnt backed by anything other than supply and demand. No one underwrites its value or any transactions that happen using it. Exactly the same system as with BTC. Except BTC has one advantage its a finite resource. There will only ever be 21 million BTC made which potentially makes it more valuable than gold. Gold on the other hand is not a finite resource even if we managed to dig up all the gold in the world we could still make more or even mine it from space.

Also gold itself is in a bubble, it was $260 in 2000 , went to $1700 last year (6.5 times its value) and is now at a 3 year low of $1200, thats a 30% drop in value. That's only a 10% difference over what has happened with bitcoin in the last few days.

Precious metals as well BTC are only worth what people are willing to pay for them. They have no intrinsic value. The only difference between gold and BTC other than one is physical and the other is digital is that for the most part the money masters that rule the world have a pretty good control of the gold mining , production and market of the product.

Lol... here's a song to get all you paranoid bitcoin holders through these perilous times:

PhoenixOD
What gives Gold and silver value?

Gold gets it's value from the fact that it didn't form here on Earth.
Silver has always been the people's currency as a matter of historical record.
That's where the "precious" in precious metals comes from.
They are "Rare Earth Metals" and thusly have true value.
BC however is still just a another fiat currency.
Digital or otherwise...fiat is still fiat.
I am not stopping you from using BC.
Mine all you want...buy all you want...and once the power goes out don't say you weren't duly warned.

-Peace-

reply to post by Eryiedes

Gold gets it's value from the fact that it didn't form here on Earth.
Silver has always been the people's currency as a matter of historical record.
That's where the "precious" in precious metals comes from.
They are "Rare Earth Metals" and thusly have true value.

This is where you are displaying you ignorance. No precious metal has a set defined value. Its only worth what people are prepared to pay for it. So its 'value' is derived from supply and demand.

You can make gold here on earth, there are several methods for doing it.

reply to post by PhoenixOD


You don't like em...fine...leaves more PM's for me.
Win-Win.
Besides...you essentially called me a liar so what's the point in pretending to have a conversation?

-Peace-

reply to post by ChaoticOrder


i love the song

Here's one back at ya:

Whos buying into BC at 1300? Are they really liquid at that price?

If the price is higher the demand goes down because the people who use them on the silk road need less for commerce. What other commerce is actually using them.

reply to post by onequestion


There are quite a few places that accept bitcoin now. Heres a small list : 1500+ places that accept bitcoin directly

I just found out you can buy Steam games with BTC now lol Link

PhoenixOD
reply to post by ChaoticOrder

 

i love the song

Here's one back at ya:

Lol wtf, that song is just sad... try something of a higher quality:

reply to post by ChaoticOrder


ok you win.

reply to post by PhoenixOD


According to what you posted, if I was REALLY into porn, buying illegal drugs online or casinos then yeah...perhaps BC would be perfect for that.
Except I don't do any of those things.
Unforunately 99% of that list doesn't apply to me and the 1% that does I can take care of easier with cash from PM's or even PM's directly.
As for 1500+ locations that accept them...I'll wait till that number is a little closer to the billion businesses currently out there.

-Peace-