Bitcoin $1K 7

[Spenner]

Originally Posted by popsicle_3000

out.

also, we'll see what happens when value is placed on something that has no inherent value in and of itself...

Can you elaborate on what you mean by this?

[Reincarnate]

"Inherent value" doesn't exist. Things have value if we think they do.

[ilikexd]

Originally Posted by popsicle_3000

out.

also, we'll see what happens when value is placed on something that has no inherent value in and of itself...

like moneys!

[dAnceguy117]

the gold standard

[choof]

Originally Posted by Spenner

Can you elaborate on what you mean by this?

no he can't because he's objectively wrong

[Guest15937]

They've gone up 11.5% in 24 freaking hours...

Hyperinflation much?

(well actually kinda the reverse, cause it's getting upvalued, not devalued)

[L.B.D.D]

up $200 from yesterday

up $600 from yesterday for me

[omega_grunt666]

inb4bubblepopbutthurt$150herewecomegogogo

[Wafles]

If anyone has bitcoin around and doesn't cash out soon they are idiots.

This kind of hyperinflation will only end in one way. At the rate its going bitcoin will not be stable for many years to come, meaning it is pointless to use as a form of currency.

[Spenner]

How about we get everyone to sell, so when it drops, I can buy a lot, then everyone can buy them back and inflate things again okay??

[L.B.D.D]

Originally Posted by Spenner

How about we get everyone to sell, so when it drops, I can buy a lot, then everyone can buy them back and inflate things again okay??

[PaperclipGames]

inb4 LTC

[Spenner]

Boom. It's goin down. Apparently it licked the bottom of $650

So yeah my master plan will be happening pretty soon now

[Guest15937]

Bubble popped, Bitcoin value going the way of the 2k0-2k1 market

[Arkuski]

Originally Posted by Guest15937

Bubble popped, Bitcoin value going the way of the 2k0-2k1 market

I saw that your post was the most recent in this thread and I was like oh great more spambots

[PaperclipGames]

It dropped because China's central bank announced that they will "regulate" bitcoin transactions. Many interpreted this as a flat out ban. While this is true in the sense that direct bankwire to bitcoin transfers are no longer supported, it is very easy still to exchange currency for bitcoin, and the Chinese market is far from dead. I expect things to settle down and climb back up after a few days when people realize shit hasn't truly hit the fan just yet.

[popsicle_3000]

Originally Posted by Spenner

Can you elaborate on what you mean by this?

Originally Posted by choof

no he can't because he's objectively wrong

bitcoin's value comes from what people think they can sell it for, making a profit in the meantime. Bitcoin doesn't have any intrinsic value, nor does it have the potential to make money on its own. It isn't a product nor does it make a product with value.
The value it has is purely from what people think its potential value in the future is.

this sort of bubble market can't sustain itself in the long run...

[PaperclipGames]

Pop, you do realize that literally every currency has no intrinsic value on its own, right?

A $100 bill is really just a little piece of paper in reality that probably cost less than five cents to make.

[PaperclipGames]

The main differences between Bitcoin and other currencies are that there does not exist a physical form of it, and, most importantly, that there is no bank or government that is under control of it (e.g. they cannot turn on a printing machine to pump more of it into the market).

[popsicle_3000]

Originally Posted by PaperclipGames

Pop, you do realize that literally every currency has no intrinsic value on its own, right?

ok, government currency is an area that I don't fully understand, but I know that it reflects to an extent the economic power/health of that country: something tangible. Even tho the piece of money in and of itself is worthless, it represents an actual 'thing' at the end. great wording is great

what does bitcoin reflect?