Bubble bursts on e-currency Bitcoin

[jes]

Bubble bursts on e-currency Bitcoin

Many saw it coming, but that didn’t stop the Bitcoin bubble from bursting

 

[LazyLion]

Many saw it coming, but that didn’t stop the Bitcoin bubble from bursting

some people will never learn.

 

[krycor]

So the Winklevoss twins lose again bahahaha

 

[cerebus]

So the Winklevoss twins lose again bahahaha

Biggest losers in history of tech? Possibly

 

[hawker]

That $54 level is still probably more than what they were bought for +-$30 (which bitcoin traded at for quite a while).

 

[rward]

Poor reporting.

Bitcoin has suffered crashes before:
In late-2011, the bitcoin price crashed from $30 to below $2 in what many would consider a "bubble".

On friday, bitcoins were AT THEIR LOWEST, $54, but were averaging $80.

As Hawker pointed out, people that have been in bitcoins for a while BOUGHT (or mined) between $2 and $35.


The current selling rate ($100) is 300% to 5000% ABOVE that. Not bad for a years investment.

 

[Axis]

Good time to buy bitcoins

 

[Garson007]

They should create an e-currency that has inflation built in. Maybe something like give all users an extra coin every 30 days or so.

 

[Progenix Oj101]

Crappy article is crappy. Bitcoin is constantly see-sawing up and down.

 

[moose007]

I don't understand how someone can randomly create a currency and it can have any value whatsoever.

 

[AlmightyBender]

I don't understand how someone can randomly create a currency and it can have any value whatsoever.

Currency is not supposed to have value. It is supposed to be a means of exchange. In this regard what the currency actually is is arbitrary as long as it has certain characteristics, which you can Wikipedia.

 

[HavocXphere]

Currency is not supposed to have value. It is supposed to be a means of exchange.

In order for the exchange to work, the currency must have value - or at a very minimum perceived value. Not sure where you get the "not supposed to have value" angle from - Krugerrands have actual value and can act as a means of exchange. Bitcoins do not have actual value yet they can act as a means of exchange.

If you insist on the no value angle though I'd total willing to buy all property for a million HavocX dollars though - those definitely do not have value (yet).

I don't understand how someone can randomly create a currency and it can have any value whatsoever.

The value of money is arrived at by mutual agreement. i.e. If everyone says XYZ is worth something then it is worth something because at least one of those who agree will be willing to give you say an apple for one XYZ. The sht hits the fan when that consensus breaks down - i.e. people lose confidence in this agreement that it has value.

 

[firepoi]

I bought some at $12 each, still in the green

 

[Crowley]

They are going for $120 each now so nice ROI.