Anyone following the Bitcoin inflation??
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Anyone following the Bitcoin inflation??For those who do not know what Bitcoins (BTC) are, its a form of currency that’s quite unique. Look it up online, it’s very interesting!
A month ago when I brought around 303 BTC they were worth £1000 exactly. (At rate 1BTC = £3.2)
Now they are worth £1280! (1BTC= £4.24)
Its absolute insanity!
The value of the Bitcoin continues to rise and shows no sign of crash. I wish I had invested more in this venture because a return of over 28% on small investments in such a short space of time is almost unheard of.
Bitcoins are also fascinating for other reasons. The main two that I find interesting are;
They are untraceable and as such are used extensively for illegal transactions. The “amazon of drugs” works using Bitcoins, money laundering services, etc.
They used to be “mined”. You used to be able to generate your own bitcoins using software, something that boggles my mind, as someone who doesn’t know much about it. (Encase you were wondering, its not worth doing this now as cost of power to generate a BTC > value of the BTC itself)
It amazes me that 9/10 people I know who are taking economics and want to go into areas of finance do not know of the Bitcoin. It’s a economists dream.Last edited by GottaLovePhysics! :); 22-06-2012 at 11:26. -
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Re: Anyone following the Bitcoin inflation??I knew about bitcoins a year ago It just confused me and fascinated me bit coins is only super UBER UBER nerds know of and lets keep it that way.(Original post by GottaLovePhysics! :))
For those who do not know what Bitcoins (BTC) are, its a form of currency that’s quite unique. Look it up online, it’s very interesting!
A month ago when I brought around 303 BTC they were worth £1000 exactly. (At rate 1BTC = £3.2)
Now they are worth £1280! (1BTC= £4.24)
Its absolute insanity!
The value of the Bitcoin continues to rise and shows no sign of crash. I wish I had invested more in this venture because a return of over 28% on small investments in such a short space of time is almost unheard of.
Bitcoins are also fascinating for other reasons. The main two that I find interesting are;
They are untraceable and as such are used extensively for illegal transactions. The “amazon of drugs” works using Bitcoins, money laundering services, etc.
They used to be “mined”. You used to be able to generate your own bitcoins using software, something that boggles my mind, as someone who doesn’t know much about it. (Encase you were wondering, its not worth doing this now as cost of power to generate a BTC > value of the BTC itself)
It amazes me that 9/10 people I know who are taking economics and want to go into areas of finance do not know of the Bitcoin. It’s a economists dream.
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Re: Anyone following the Bitcoin inflation??Indeed this is deflation, not inflation. And bear in mind that something that fluctuates 28% upwards in a month can do the same in the other direction. Volatile investments aren't as unusual as you might think.
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Re: Anyone following the Bitcoin inflation??and yes the economics guy is a noob lol. Inflation is when the price of goods/stock increases thus money decreases.(Original post by ilem)
Pretty sure that's deflation since the currency is gaining in value rather than decreasing in value! -
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Re: Anyone following the Bitcoin inflation??The fact that you own bitcoins is incredibly worrying in itself.(Original post by GottaLovePhysics! :))
For those who do not know what Bitcoins (BTC) are, its a form of currency that’s quite unique. Look it up online, it’s very interesting!
A month ago when I brought around 303 BTC they were worth £1000 exactly. (At rate 1BTC = £3.2)
Now they are worth £1280! (1BTC= £4.24)
Its absolute insanity!
The value of the Bitcoin continues to rise and shows no sign of crash. I wish I had invested more in this venture because a return of over 28% on small investments in such a short space of time is almost unheard of.
Bitcoins are also fascinating for other reasons. The main two that I find interesting are;
They are untraceable and as such are used extensively for illegal transactions. The “amazon of drugs” works using Bitcoins, money laundering services, etc.
They used to be “mined”. You used to be able to generate your own bitcoins using software, something that boggles my mind, as someone who doesn’t know much about it. (Encase you were wondering, its not worth doing this now as cost of power to generate a BTC > value of the BTC itself)
It amazes me that 9/10 people I know who are taking economics and want to go into areas of finance do not know of the Bitcoin. It’s a economists dream.
Seriously what do you use them for. As far as I know their use does not extend into the realms of morally acceptable transactions. -
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Re: Anyone following the Bitcoin inflation??Very true, which is why you need to make sure you follow it carefully and have a reliable exchange if things go wrong.(Original post by ThePants999)
And bear in mind that something that fluctuates 28% upwards in a month can do the same in the other direction. Volatile investments aren't as unusual as you might think.
I never claimed to be an economics guy. I have never studied it in school nor do I intend to in the future. I have been pw3nd it seems by your mighty correction and I apologies.(Original post by Akbar2k7)
and yes the economics guy is a noob lol. Inflation is when the price of goods/stock increases thus money decreases.
Why is it worrying?(Original post by cyfer)
The fact that you own bitcoins is incredibly worrying in itself.
Seriously what do you use them for. As far as I know their use does not extend into the realms of morally acceptable transactions.
It depends where your morals lie. A couple of examples:
All the “moral” currency holders and transactions like MasterCard, visa, etc all blocked funding to wiki leaks. Bitcoin allowed funding to continue. If you believe in freedom of funding outside of your governments opinion then you will see this as moral.
If you feel that your government should also not decided on what drugs you put into your body, then Bitcoin is the currency of the free man. However, if you disagree with this then you will see Bitcoins as your enemy. -
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Re: Anyone following the Bitcoin inflation??That's a burlapsack worth of coins. What you planning to do with that sort of change?(Original post by abcdefghijklmnopqrstuvwxyz)
currently got around £37,000 worth of bitcoins -
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Re: Anyone following the Bitcoin inflation??Yeah. That's not a good thing...(Original post by GottaLovePhysics! :))
They are untraceable and as such are used extensively for illegal transactions.
p.s.
Last edited by Lunch_Box; 23-06-2012 at 00:32. -
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Re: Anyone following the Bitcoin inflation??taking 50% to a vegas trip(Original post by GottaLovePhysics! :))
That's a burlapsack worth of coins. What you planning to do with that sort of change? -
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Re: Anyone following the Bitcoin inflation??Remember that Bitcoin miners have a dangerous working environment; some poor guy got heat stroke and minor brain damage:
http://www.zdnet.co.uk/blogs/500-wor...jury-10023013/ -
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Re: Anyone following the Bitcoin inflation??You've been looking at bitcoins for a month and conclude that the value of bitcoins are continually rising with no signs of crashing?
There's too few bitcoins in circulation that I would imagine a few people probably control the value of bitcoins. The fact that they are anonymous means they won't ever be accepted as a real currency, and they will probably won't ever just keep rising consistantly.
People can and have hacked them before, which caused the major crash of bitcoins. Also huge drug scams have caused other minor crashed I believe. Plus drug sales have caused minor rise in prices.
I personally wouldn't 'invest' in bitcoins because I think its pretty much gambling.
Edit: http://gawker.com/5805928/the-underg...rug-imaginable
Check the correlation with the date of the gawker article and the sharp rise in value of bitcoins. That shows how much influence silk road has on the value of bitcoins.
http://www.dailytech.com/Inside+the+...ticle21942.htm
Also when it was hacked, and the price dropped, and kept falling.Last edited by DudeRugs; 23-06-2012 at 03:22.
