Support NeoGAF

[Slayer-33]

Jesus Christ, someone told me about Etherium back on Jan 28th.

GOD DAMMIT..

I knew about this stuff since bitcoin was introduced but never followed up on it.

 

[CoolOff]

http://www.neogaf.com/forum/showthread.php?t=448955

Fun in retrospect.

The price of Bitcoin continues to drop by about a dollar every week to ten days, currently settling at about $2.80 USD, and Bitcoin enthusiasts are starting to get worried. “I am not trying to cause a panic here, but the value of Bitcoin has dropped very low today with huge spikes,” one user wrote on the Bitcoin forum on Reddit. “I do suspect it will hit 1 USD mark this week maybe even lower.

Why did people buy these again?

Wait, so fake money has no value? Who would have thought?

Sold mine at $14, made a grand total of $2, but I did and still do like the idea of an electronic currency. Bitcoins or something like it will always have some type of place in the market, it's just that it spiked way too fast, and is now dropping like a rock. Looks like I sold mine on July 14th, hard to believe it's been 3 months already since I got out. That doesn't mean I wouldn't look to buy again if it keeps falling, sub $1 and I'll throw a few a grand at it.

 

[Marow]

That's nuts. What can you use bitcoins, though? I've been out of the loop.

 

[jasminlovesyoux]

Honestly these things only have a hypothetical and perceived value. If a company wants to trade its goods and services for them then it's all well and good. But I have friends that are banking their lives and future on these things and I can't help but be afraid for their futures.

If anyone has a large hand in crypto currency please try and use it to invest in actual valuable possessions. If you can get away with it buy some land.

 

[John Dunbar]

That's nuts. What can you use bitcoins, though? I've been out of the loop.

i was in thailand and you could use bitcoins in some restaurants there.

 

[Aselith]

Honestly these things only have a hypothetical and perceived value. If a company wants to trade its goods and services for them then it's all well and good. But I have friends that are banking their lives and future on these things and I can't help but be afraid for their futures.

If anyone has a large hand in crypto currency please try and use it to invest in actual valuable possessions. If you can get away with it buy some land.

Land can vary wildly based on perceived value as well

 

[ClosingADoor]

Honestly these things only have a hypothetical and perceived value. If a company wants to trade its goods and services for them then it's all well and good. But I have friends that are banking their lives and future on these things and I can't help but be afraid for their futures.

If anyone has a large hand in crypto currency please try and use it to invest in actual valuable possessions. If you can get away with it buy some land.

As with all investments, diversify. Nothing wrong with holding some of this stuff because you think it will grow further, but just don't go all in.

 

[Sparkedglory]

....I should've bought some when I had the chance...........

 

[Dreams-Visions]

Whew lads.

 

[ColdPizza]

how easy would it be to liquidate a significant portion to cash? like say, if I had 1000 bitcoins?

 

[Kart94]

Cool.

Still useless though. can't buy shit with them...Call me when they stopped celebrating about some fool buying pizza. that is pathetic.

 

[Arttemis]

how easy would it be to liquidate a significant portion to cash? like say, if I had 1000 bitcoins?

What happened to the other 9000 you received for delivering the two pizzas?

 

[kmax]

With super highs comes super lows.

It's hard to remember that sometimes.

 

[jasminlovesyoux]

Land can vary wildly based on perceived value as well

Yes. It can be as with anything in life of course. But at least it's a physical location that exists as opposed to 1s and 0s people pretend to be of value.

 

[ProfessorLobo]

I bought ten when it was around 1000 when it hit its highest point several years ago and they immediately dropped to 200. Glad I stuck around.

 

[jasminlovesyoux]

As with all investments, diversify. Nothing wrong with holding some of this stuff because you think it will grow further, but just don't go all in.

This is exactly what I told a good friend of mine a year ago. Guess what though? He's still 30 years old living at mom's house yet claims to have hundreds of thousands of dollars in bit coins.

It's ruining his life. Crypto currency is toxic as hell. Only a select few are ever going to benefit from all of this.

I see bit coins as a giant game of hot potato. You don't want to be the last person standing with them as nobody else around you accepts them as a currency.

 

[Shake Appeal]

Well now I feel regretful for selling mine at $500. (I bought them at $13.)

 

[Skel1ingt0n]

How many times am I going to regret not buying them

Yup. Tried to sell my DSLite for $60 back in like 2010, and someone offered my 100 bitcoins. I told him "thanks but no thanks."

100 bit coins.

100.

100.

It just kills me thinking about that. I ended up taking $55 via PP - so probably $50 cash after fees.

Granted, I probably would have sold my 100 bitcoins the first time they hit $100/pop. I would have never held onto them this long.

 

[Nielm]

Granted, I probably would have sold my 100 bitcoins the first time they hit $100/pop. I would have never held onto them this long.

Yeah, this is why I'm not letting it get to me.

"BitCoin reaches new high of $100 per coin" or whatever. At that time I'm sure plenty thought it would crash.

 

[Bauer24]

I would not have discovered Ethereum if it weren't for GAF!

 

[ClosingADoor]

This is exactly what I told a good friend of mine a year ago. Guess what though? He's still 30 years old living at mom's house yet claims to have hundreds of thousands of dollars in bit coins.

It's ruining his life. Crypto currency is toxic as hell. Only a select few are ever going to benefit from all of this.

If he literally has hundreds of thousands, he should at least sell a portion and buy his own place. Nobody ever got poor from taking profit.

 

[jasminlovesyoux]

If he literally has hundreds of thousands, he should at least sell a portion and buy his own place. Nobody ever got poor from taking profit.

That's what I'm trying to convince him to do.

 

[kingocfs]

If you bought $100 worth of bitcoin on May 22, 2010, you'd be sitting on around $72.9 million today.

What the fuck.

 

[Nivash]

This rampant speculation just reminds me more and more of a ponzi scheme. The only reason it's going up is because people are looking for a quick buck, there's no rational reason why a currency would be constantly deflating like this otherwise.

 

[Alcotholic]

At which point would it be wise to invest in them again?

 

[Shake Appeal]

This rampant speculation just reminds me more and more of a ponzi scheme. The only reason it's going up is because people are looking for a quick buck, there's no rational reason why a currency would be constantly deflating like this otherwise.

It's deflationary by design?

But yes, there is a considerable amount of hoarding and very little genuine usage.

 

[Yoda]

At which point would it be wise to invest in them again?

There'll be another dip eventually, the million dollar question is identifying the bottom of the dip while it's happening.

 

[ClosingADoor]

At which point would it be wise to invest in them again?

If anyone knew that, they'd be rich and not hanging around here telling us.

 

[Slayer-33]

I would not have discovered Ethereum if it weren't for GAF!

How much you have and where did you start

 

[Skateboard P]

What about Ripples, GAF?

This guy knows whassup

 

[Permanently A]

How would one cash out on Bitcoin?

 

[SwordStruck]

Still unable to find any concrete information on how to liquidate a significant amount of bitcoins. So sure, they may be worth a lot now but as far as I can tell it doesn't seem possible to convert to an (actual) stable currency.

 

[ClosingADoor]

How would one cash out on Bitcoin?

Just sell it at one of the exchanges I think. There is a limited amount of it, so people are buying and selling just like stocks and such.

 

[AetherZX]

Guess I'll be waiting for the next low to start buying.

 

[jman2050]

This is exactly what I told a good friend of mine a year ago. Guess what though? He's still 30 years old living at mom's house yet claims to have hundreds of thousands of dollars in bit coins.

It's ruining his life. Crypto currency is toxic as hell. Only a select few are ever going to benefit from all of this.

I see bit coins as a giant game of hot potato. You don't want to be the last person standing with them as nobody else around you accepts them as a currency.

Greed is a helluva drug.

 

[Donos]

If anyone knew that, they'd be rich and not hanging around here telling us.

Some gaffers hang around here although they sport lambos, Porsche gt4s and other luxury stuff. Even if you look at the pick up thread there are some people who seem to throw cash at things (not judging). Not everybody here is a jobless basement dweller or a student

 

[PrimaNocta]

woot! keep going baby! Me & my bro bought 15 bitcoins for around $250/each back in early 2013 if I remember correctly. Can't wait to cash out someday!

 

[LumpOfCole]

woot! keep going baby! Me & my bro bought 15 bitcoins for around $250/each back in early 2013 if I remember correctly. Can't wait to cash out someday!

Hell, just cash out one coin each right now and build some sweet PCs or something. No possible regrets afterward, no matter what happens to the prices of the other 13 coins.

 

[Griss]

It really sucks to have wasted your life on the internet to the extent that you knew about bitcoin when it was absolutely worthless but didn't manage to get rich on it. Our moment has passed us by

This, man. We all feel this way.

What makes it worse is if one of the friends who was telling you about it actually bought in and made shitpotfulls of money. Dude told me so, man. He fucking told me so.

 

[fudgey_lumpkins]

Still unable to find any concrete information on how to liquidate a significant amount of bitcoins. So sure, they may be worth a lot now but as far as I can tell it doesn't seem possible to convert to an (actual) stable currency.

Just like stocks, you simply sell them on an exchange. If there is a buyer for the price you wish to sell them, the cash is deposited into your bank account. Sometimes the exchange itself will buy your coins.

 

[Kill Your Masters]

Come on guys most of us would have sold them for 50-100$ a piece, we would be even more pissed for not waiting for it going for thousands.

 

[Phrozenflame500]

This rampant speculation just reminds me more and more of a ponzi scheme. The only reason it's going up is because people are looking for a quick buck, there's no rational reason why a currency would be constantly deflating like this otherwise.

It's a digital commodity more or less now, not really anything close to being a currency anymore except for some shady internet stuff.

Still, the technology is impressive and you can't balk at the price.

 

[erlim]

Hell, just cash out one coin each right now and build some sweet PCs or something. No possible regrets afterward, no matter what happens to the prices of the other 13 coins.

I never thought of that, I bought in at around $800, and now it's about $2300. I should just cash out and build a sweet gaming rig.

 

[Yoshimitsu126]

I know a friend who buys random digital coins for pennies and bets them online. Not sure if he has any bitcoins though.

 

[ldar247]

Next time a meme currency pops up I'm going all in

 

[Nexus Zero]

Wonder if I've hit weed escape velocity yet.

 

[Draper]

I'm so out of the loop.

How do you even get bitcoins?

 

[Rocket Scientist]

Fuck this shit I am so pissed off....

 

[vordhosbn]

Pointless to regret not buying into it. If you wanted to cash out for substantial amount like millions you'd probably start a selling frenzy and cause it to crash lol

 

[Fenderputty]

This rampant speculation just reminds me more and more of a ponzi scheme. The only reason it's going up is because people are looking for a quick buck, there's no rational reason why a currency would be constantly deflating like this otherwise.

As noted, it deflates by design. Speculative trading is the only reason it has value

EDIT: it's monday and both words start with "D"