Bitcoin Boom

[C. Flower]

Seems to me that this is a ponzi - pyramid scheme.

The coinage is based on nothing of value, and has no armed forces to defend it.

[DCon]

Trading in the 140's now after hitting 260 earlier today.

Not sure what happened.

[Dr. FIVE]

I think something will come of it but perhaps not bitcoin.

There is a germ in the idea and this should be considered an early attempt

[Kev Bar]

A good summary of the problem in this quote from one of the Count's links.

The commodity value of bitcoins is rooted in their currency value, but the more of a commodity they become, the less useful they are as a currency.

[DCon]

today's crazy action

http://bitcoin.clarkmoody.com/widget/chart/

[Dr. FIVE]

LOL

looks like Ireland

[musashi]

Seems to me that this is a ponzi - pyramid scheme.

The coinage is based on nothing of value, and has no armed forces to defend it.

lol,
there is no coinage. There's just very unique numbers that create a paradigm of value.
When people buy into that value system (buy/mine bitcoins) they imbue that system with inherent value.

[fluffybiscuits]

http://www.bbc.co.uk/news/technology-22105322

Value of bitcoin crashed...

[musashi]

today's crazy action

http://bitcoin.clarkmoody.com/widget/chart/

I was following this today, a massive drop by 18:00, havn't the foggiest why it happened.

[fluffybiscuits]

I was following this today, a massive drop by 18:00, havn't the foggiest why it happened.

A lot of new accounts I read but they have denied it was hackers...

[Dr. FIVE]

Bitcoin crash will not prevent Ireland's return to the market - Taoiseach

[musashi]

A lot of new accounts I read but they have denied it was hackers...

But if you were one of those who found out about Bitcoin from the mass of recent media and bought at yesterday's peak, then you've learned a valuable lesson - like tulips in the 17th Century and London houses in 1988, prices can go down as well as up.

There have been all sorts of explanations of what caused yesterday's crash - from a problem at the main exchange to a strange incident in which someone called Bitcoinbillionaire apparently started giving away large sums on the social news site Reddit.

A likelier reason is our old friends Greed and Fear combining to inflate and then depress prices as all those new arrivals crowded into the market.

More inclined to suspect those two ol' chestnuts.
Media coverage influenced yesterday's spike.
Not good.

[musashi]

Think I'm probably pushing the limits of copyright here but:

What is true is that we are seeing a fascinating experiment in what a currency of the future might look like. But unless and until Bitcoin can be used to buy a sandwich, or be accepted by your friends when you pay them back for a restaurant meal, then it is likely to remain just a playground for geeks and gamblers.

A playground for geeks and gamblers...oh right it's internet stuffs...goddamned Luddites make me wanna...

[fluffybiscuits]

http://en.wikipedia.org/wiki/Tulip_mania

Can see the principle of what you are saying musahi, very true!

[Dr. FIVE]

Ballsy bitcoin, via conor mccabe