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Been looking into bitcoins for a while and ended buying some not too long ago. Anyone here in the bitcoin scene?

You are not alone , i recently got a little amount via BTC

I have a friend who bought 15 back when they were about $7. Sold out at $1150 each

Their great if you got into them really early. Now it's a never ending rise and crash worse than the stock market. They crash every 3 months or so and then rise up again. The question is what happens when no more can be made?

What do you mean what happens? It works just like any other stock market

Mining will go on FOREVER, even after the cap is reached. Once all coins are mined miners instead mine blocks that are comprised of the total of all transaction fees since the last block. So as long as the currency gets used mining is still possible. However with advent of stupidly powerful ASICs mining is pretty elitist at the moment.

Once the currency gets more use in the real world it will begin to stabilise. During the gold rushes in America, the price of gold fluctuated all the time depending on supply and perceived value. That's what's happening to bitcoins. Once it becomes more stable more people will use it, and the more stable it will become.

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And regarding an investment, if you bought $100 worth two years ago you'd see a 33500% return on your investment. You'll never see that in the stock market

(2013-12-06, 02:57 PM)Tom K. Wrote: [ -> ]And regarding an investment, if you bought $100 worth two years ago you'd see a 33500% return on your investment. You'll never see that in the stock market

Yes, but the stock market offers about %10-15 return over periods of 10 years or more. We don't know what Bitcoins will offer in the long run as we have a very short time span to look at and a currency with no real body to keep in check. While government currencies rely a government and its economy at least it has some sort of backing. Bitcoin is 100% perceived value(I don't want to get into the debate that so is the dollar).

I'm not saying don't invest. All I'm saying is it may be to late to expect the returns you're using as an example.

Also having a block comprised of transaction fees means there isn't anymore actually being introduced thus a finite amount(being recycled to create the illusion there is still more to be had). It's not like the dollar where the actual amount of money out there can grow beyond what we've seen before. This doesn't happen willy nilly because of inflation but as population has increased so has the actual amount of dollars out there.

Bitcoin, in my opinion, has always been that type of investment of risk in which you literally are supposed to throw in what you don't care about.

Bitcoin has risen so much in value and original investors have received such a return because of the recent hype of Bitcoin. This is not to say that Bitcoin won't gain more hype and continue to go up (To the moon). This is to say that Bitcoin has difficulties (wouldn't call it limits) on the amount of hype it can receive, in my opinion at least.

We still live in a world where, for example, only around half of the Americans actually have investments within stock, and that number is going down, not up. So assuming the fact that 50% probably would not be interested within investments and also assuming the fact that Bitcoin is not easily acquired for the non-technological; there is definitely difficulties (wouldn't call it limits) that concur within the Bitcoin economy.

Bitcoin goes, generically against banks. It's purpose is based upon removing the interaction of the middle men (bank). The only issue is, Bitcoin can only be received via actual fiat and where is most of our fiat stored. Welcome to the banks.

The moment these issues have proposals and new innovators combat these issues and work upon those proposals in the moment we have more individuals gaining interest and investing within bitcoin; which at that time, should increase the value of bitcoin.

As said though, don't expect to have the same return. It's kind of like the dot-com boom.

As for myself. I am still shooting myself in the foot because I was there when it was $10, didn't purchase. I was there when it was $100 didn't purchase.

Were at $1,200, and I'm waiting for $900 to purchase.

(2013-12-06, 03:10 PM)Alex Smith Wrote: [ -> ]

(2013-12-06, 02:57 PM)Tom K. Wrote: [ -> ]And regarding an investment, if you bought $100 worth two years ago you'd see a 33500% return on your investment. You'll never see that in the stock market

Yes, but the stock market offers about %10-15 return over periods of 10 years or more. We don't know what Bitcoins will offer in the long run as we have a very short time span to look at and a currency with no real body to keep in check. While government currencies rely a government and its economy at least it has some sort of backing. Bitcoin is 100% perceived value(I don't want to get into the debate that so is the dollar).

I'm not saying don't invest. All I'm saying is it may be to late to expect the returns you're using as an example.

Also having a block comprised of transaction fees means there isn't anymore actually being introduced thus a finite amount(being recycled to create the illusion there is still more to be had). It's not like the dollar where the actual amount of money out there can grow beyond what we've seen before. This doesn't happen willy nilly because of inflation but as population has increased so has the actual amount of dollars out there.

Of course expecting 33,000% in the next two years is a little silly, but at the same time the stock market could have another economic crash. Also fiat currency has little to no value. It's all perceived. The value of a house in dollars is only what somebody is willing to pay, the same as the value of one bitcoin in dollars. Ever since dollars moved away from the gold standard it has been based on perception. Inflation doesn't really solve anything because the only way to keep people going with inflation is to increase wages negating the inflation. That's the idea behind bit coin. By having a cap you don't need inflation. Also, considering you can go down to 0.000001BTC for a transaction instead of $0.01.

Finally, the blocks being made of transaction fees is exactly how normal money works, instead of using a brand new dollar bill each time they cycle through many hands in the economy.

Just bought some yesterday, having fun today

Everyone on Reddit is either happy about today's loss or sad about it.

Personally, I'm kind of happy and willing to buy more at 650 right now because of the chance it could go back up to $1100.