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chungy

Bitcoin is over $200 per coin

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It makes me ever more doubtful that the growth can last -- something's gotta give.

In other news, maybe it's about time to see about scrunging up the few I have to buy a whole new computer.

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But what if the demand exceeds the supply of bits on the internet and we resort to the bit bucket?

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There's currently a speculative bubble, and it is in a hyper-deflation from scarcity.

It will pop, and go to a shit currency exchange like it did before. If it does, it might be worth buying up a few again in case it goes through the roof once more.

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The EU's cash grab from bank accounts in Crete is thought to be at least partly responsible for the current bubble, with people looking for places to put their money where the government can't get at it.

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I think it's both incredibly overvalued and undervalued at the same time. Its potential value is thousands of times higher than it is today, and I believe the chance of it reaching its full potential value (between $100k and $1 million in today's money) is much better than 1%.

Still, a quadrupling in price of anything over a short few weeks virtually never holds.

It's a currency tadpole and it's going through some severe growing pains right now. It's totally plausible that it falls back to $10 per bitcoin before making its way to $10,000, but who the hell knows.

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chungy said:

probably around $200 of stuff.

Seems reasonable.

I'd never even heard of this before. I had to edify myself on what you kids are talking about these days.

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GreyGhost said:

The EU's cash grab from bank accounts in Crete


Crete?

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Yep - you heard it here first. Until now the European Central Bank's managed to maintain a total media blackout AND replace the stolen money with counterfeit Bitcoins. Next step is to deport the island's population to Turkish forced labour camps where they can work off the remainder of their collective debt.

































Cyprus! <facepalms>

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Any commodity that is primarily owned and traded by speculators is going to crash, and crash quickly, when everyone realizes at once how worthless it actually is. That doesn't mean you shouldn't invest in these, though, since you can always resell them again and leave somebody else holding the hot potato.

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GreyGhost said:

Cyprus! <facepalms>


But only in South Cyprus ;-)

I guess they must feel the same way someone feels when someone right next to your takes a severe beating -but the aggressors blissfully ignore you, who can just laugh it off.

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Just a factoid for you armchair economists: The latest Canadian federal budget also includes a clause allowing certain 'systemically important banks' to 'rapidly' convert 'certain assets' in the case that they are at risk of becoming 'unviable' (that is to say, going bankrupt). The term "bail-in" is specifically mentioned. Of course this was drafted a while before South Cyprus did the same, so the majority government has been scrambling to eat their words since that event took place.

I just don't like the idea of a bank almost going bankrupt, taking some of it's clients money, and then continuing on as if nothing happened. I would say that kind of bank is unviable by definition.

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GreyGhost said:
The EU's cash grab from bank accounts in Crete is thought to be at least partly responsible for the current bubble, with people looking for places to put their money where the government can't get at it.


That's not the main reason, I think. People like to get payed in 'fake money' because it allows them to dodge taxes. Also, the EU didn't do a cash grab. Cyprus did.

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40oz said:

Thanks to this thread.

Really, it's nothing they haven't already stated on their own website...

Bitcoin price is volatile

The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings in bitcoin is not recommended. Bitcoin should be considered as a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin. If you receive payments with Bitcoin, many service providers allow you to convert them instantly to your local currency.


[source]

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Get a botnet of fake sock puppets or a group of friends

have them all post bear market anti bitcoin doom gloom on reddit/facebook/etc

buy bitcoins low due to your fake astroturf media influence

wait a couple months, then oppositely have sock puppets post bull market pro 'bitcoin is awesome' stuff

sell bitcoins high

repeat

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Mordeth said:

Also, the EU didn't do a cash grab. Cyprus did.

I'm under the impression the South Cypriot (have I finally got it right Maes?) government was presented with an ultimatum, "Find 5.8 billion euros by Monday or the deal's off!" and being in much the same bargaining position as a heroin addict negotiating with their dealer, they'd little choice but to do something drastic in order to get what they crave.

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The worse part of the "cash grab", no matter who actually executed it and who mandated it, is that it creates a dangerous fait accompli and precedent, which the president of the Eurogroup nonchalantly described as a "model for future rescues", and the spin doctors are just trying to create public acceptance little by little. This is a golden opportunity for countries NOT using the Euro to pimp their own banks as safe harbors -or at least, as banks that still provide reasonable safeguards for account holders.

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chungy said:

It's back to around $180 but it's still not gonna last long. :P

Crashed to $68 this morning, and now is 75.42 as of this post. some are calling 75 the "mental barrier", whatever that means. Hivemind is in full force over in Buttcoin land.

Yesterday, $130 to $70 to $130 to $100, all in the space of an hour.



There's also this.

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Bitcoin's return to $180 was probably a dead cat bounce (I love that expression) and its exchange price might fluctuate wildly for a week or more before settling into a new trading range.

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