16 votes

Bitcoin price cut in half in a day! Comments?

Bitcoin went from 1250 dollars to $650 in a day. Safe investment? I think not. Uh any fool can see that a bubble was forming in the last 2 weeks many people tried to get rich, some did, but as most Ponzi schemes go most didn't. True its not a true Ponzi scheme but speculation definitely fueled the value. I still think there's value in bit coins, but I would put it more around $5 coin. Sure I wish I bought it at $5, I'd be a very wealthy man. But the surge from 100 to 1200 in about 2 months time is ridiculous don't you think? Pm's are STILL proving themselves as a much safer haven. What do you all think?

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I wish I had bought in

I wish I had bought in when a bitcoin was worth ten dollars, and sold at 1000. But not getting involved at all was probably the smart move. Until this new device REALLY proves itself, it looks like a bubble to me.

******************
"To prove this, let facts be submitted to a candid world."

Are you kidding? I've watched 100+ bitcoin transactions go thru

on www.listentobitcoin.com

Don't feed the pandas. Ever.

First of all, it didn't 'lose' half, only 48%...

Sure - 'nearly half' isn't as sensational for a title but it is more honest if you're into that sort of thing...

Secondly, it came back rather nicely to 'nearly' $800 before settling back down to $740 - making it a 40.8% drop.

Which is still significant, but not unpredictable given the tiny pond that btc still is. But to even say that bitcoin was 'going for' $1250 at one point isn't entirely honest either. Hardly anyone holding btc sold at that price and still have them. Even if they were buying at $1200 they still haven't 'lost' any money unless they decide to sell.

Don't feed the pandas. Ever.

Comedy or Analysis?

40%? Tis but a scratch!


http://youtu.be/zKhEw7nD9C4

Please subscribe to smaulgld.com

The US dollar will never collapse.

How do I know this? Every moron looking for a replacement of the US dollar pegs their latest and greatest investment to....

the US dollar.

Wake the fuck up.

Bitcoin is pegged to the Japanese Yen.

duh.

click here for proof http://www.listentobitcoin.com/

Turn on Mt. Gox and watch and listen to bitcoin trading in dollars, euros, pounds, and yen.

Don't feed the pandas. Ever.

bullshit Chris

Don't be a moron. Does gold have a yen price?....So why does everyone reference it in US dollars? You are parsing stupidity.

SteveMT's picture

Those holding their Bitcoins are being rewarded, price now $740.

It could back to $1,000 in no time.
https://ounce.me/
Remember that $85B/month is being printed out of thin air, and this money has to be put somewhere for all of these bankers who travel internationally. They probably liquidated some of their holdings for a weekend of travel and partying in the Caymans. Others will invest at this lower price, so that next weekend the same thing can be done. Just sit tight, hold, and wait, IMO.

740 what?

740 US DOLLARS. I thought the consensus around here was the US dollar is worthless? Folks, if you found yourself here because you are thinking about investing in biteme coin...DON'T do it. It is another snake oil penny stock overhyped nonevent.

In this case they are creating a fever for a worthless item so that they can soak up the very currency they tell you is dead.

Is a scam, always was a scam.

What a useful medium of exchange

/sarc

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

Bitcoin 101 Blackboard - Why Bitcoin's Growth is Normal & The S-

Bitcoin 101 Blackboard - Why Bitcoin's Growth is Normal & The S-Curves You Could Never See

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
#standwithrand

market correction no more ,

market correction no more , no less

Liberalism: Moochers Electing Looters to Steal from Producers

Opps

Opps

Bitcoin Down: Dollar Up!

Bitcoin is the best indicator of the fall of the U.S Dollar:

http://www.dailypaul.com/307216/bitcoin-down-dollar-up

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Oh please, just stop. You

Oh please, just stop.

You guys are sounding so desperate.

It's called a pull back. Big whoop.

You consider a 50% loss of

You consider a 50% loss of value a "pull back"? Can you pass me some of that hopium you're smoking?

It's starting...

Could my one and only DP prediction actually be accurate?
http://www.dailypaul.com/306597/my-bitcoin-prediction

The Media bashing has begun:
http://www.latimes.com/business/hiltzik/la-fi-mh-the-bitcoin...
http://www.businessinsider.com/bitcoin-falls-below-900-2013-12
http://finance.fortune.cnn.com/2013/12/05/betting-against-bi...
http://dealbook.nytimes.com/2013/12/06/morning-agenda-fraud-...

I hope I'm wrong, but if I'm not, get ready for the big sell off.

I AM is all that is. Everything else is malleable.

all publicty is good publicity

when it comes to bitcoin, watch.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
#standwithrand

Cheaper Bitcoins!!!!

YES!!!!!

http://www.dailypaul.com/307210/i-broken-economist-an-analys...

http://www.dailypaul.com/307209/did-the-chinese-government-j...

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

good reads:

http://www.dailypaul.com/307210/i-broken-economist-an-analys...

http://www.dailypaul.com/307209/did-the-chinese-government-j...

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Like I wrote on November 20th... Bitcoins are tulips!

It is high time to return to common sense economics! Bitcoin is tulips!

Don't rest on the algorithm, that Bitcoin has a fixed number to trade... there are a million 'Knock-offs' just around the corner of the bit-tulip mania called bitcoin... and a million knock-offs means there are far, far more 'coins' than either tulips or FRNS!

On the other hand, mankind has tried to make knock-off's of gold and silver for years, even out of lead, but despite the ease of access to the patent office and trademarks, no one has succeeded as yet!

So, sell your tulips while you can, especially before Tulip2 or bitcoinX...nth appears out of the free market blue sky! Of course the biggest selling E-coin will be the one which spends the most on advertising, or is the nicest color, or, whatever.

But, of one thing you can be sure... the 'founders' of bitcoin1 have dozens of bitcoinX...nth already in mind as they sell off at a million percent profit, to buy into their newest tulip color!

Good luck E-coin/forex trading... we kind of know how that has gone and for whom!

Remember also, E-anything has only been an exchange of ideas, not commodity, for the idea disappears when the power goes off!

you lose all credibility...

when you say it's worth $5 a coin.. that sounds so ridiculous you must have 0 idea what you're talking about.. $5? So you're saying the entire bitcoin ecosystem, the millions of users, the 10s of thousands of entrepreneurs building the infrastructure, the fundamental technology, a global ledger of ownerships, and the hundreds of millions invested into actually companies... is all worth $50 million dollars?? Can you be such a fool as to think that? A technology that has a userbase growing in double digits per week for the past 4 years?

You clearly need to get educated. yBitcoin.net is not a bad place to start.

Whats happened to the daily paul?

you can downvote my comment all you want, but it's fact. The technology from a purely valuation basis is worth billions minimum at this point.. maybe not 1k a coin but definitely 100+.. the only people dissing Bitcoin on here are the people who have taken almost no time to understand it. Those that do take the time to study it, realize Bitcoin is a revolution in finance. Cryptocurrencys will be to money as the internet was to information.

EDIT: notice how there is no reply to what I post, only down votes.

100+ what??

This is what is pissing off the awakened while you sell snake oil.

I downvoted and will reply...

You seem to be the uneducated one. Nowhere in your entire original comment can I find one fact. Please look up the definition between an opinion and a fact... a question geared at clarifying the OP's position is also not a fact.

The value you give a bitcoin also makes absolutely no sense and you should be intellectually ashamed I had to point it out to you. He is talking about ONE BITCOIN. He isn't talking about the value of the bitcoin empire.

What you did is like judging the value of ONE dollar by adding in all the hard assets of all the banks that issue them, all of the people who hold them, the printing presses used, etc...

Sorry for the negative tone but you get what you give.

NOTE: I am not advocating violence in any way. The content of the post is for intellectual, theoretical, and philosophical discussion. FEDS, please don't come to my house.

you have much to learn..

a bitcoin is a share in the Bitcoin empire... Bitcoin is a protocol like email but for money. bitcoin the currency, is what you must use to interface with the protocol and is almost like a share in the protocol... Imagine if you could own 1/21,000,000 of emails value. Then you have to try to prescribe a value to it.. you measure that in terms of disruption ability/potential, success to date/growth of tech, resources invested. I was a banker by trade before getting into Bitcoin full time. I am a huge libertarian- and by not taking the time to learn about the insane promise of this tech, you're going to miss the boat. What I don't understand is why everyone had this vested interest in attacking Bitcoin and propping up PM. This is going to cause a split in our unity... I can barely stand to read all of these ignorant posts on Bitcoin. There is room for both, buy some bitcoin and stop running around saying arbitrary things with absolutely no basis like a bitcoin is worth $5... how can you possibly derive that valuation? It makes NO sense- that's what I am saying is fact.

It's gone downhill

Just a bunch of stubborn people who wouldn't listen to reason when people were posting about it here in 2011 or before. Most of the doubters have PM's and understand that if bitcoin potential is realized their investments will fall back to whatever intrinsic/utility value is. Don't waste your time trying to convince this crowd. Ron Paul took the time to understand it so that should speak volumes.

Ron Paul brought me here.

SteveMT's picture

It's called a pump-&-dump. Partial recovery back to $702.

https://ounce.me/
This is commonplace with stocks and commodities. Now is the time to buy Bitcoin for those interested in getting in, unless there is more down side. With Bitcoin there is no way to know because it's 'virtual' meaning not real. When the price of metals is lower than the cost of production, like now, the mines close down. If the cost of production should suddenly decrease or the price goes back up, then these mines will reopen. The production costs versus the current price is the barometer of reality with metals. What is the reality check with Bitcoin is the question?