Bitcoin - Part 2

[Brian-M]

Really ? Let's look at BTC's long-term history: goes very high in a couple of years, then drops 80% value in one.

Oops.

I don't see how that's relevant for long-term investment, that's more of a mid-term perspective. Someone who bought Bitcoin just two years ago would still be looking at a 1000% profit even at current prices.

It hasn't been around long enough to judge its suitability as a long-term investment.

 

[jhunter1163]

Too many people are too ideologically invested in this for it to totally fail. And the use of it for such transactions will keep it at some value. But it just isn't a game changer in itself.

Tulip bulbs still have some value. Doesn't mean they weren't a bubble.

 

[Belz...]

I don't see how that's relevant for long-term investment, that's more of a mid-term perspective. Someone who bought Bitcoin just two years ago would still be looking at a 1000% profit even at current prices.

And someone who bought BTC just a year ago would be looking at a 80% loss.

 

[psionl0]

Did I make a prediction regarding time ?

No, you were careful not to say anything falsifiable but if we have to wait 100 years before we know if what you say has come to pass then you haven't said anything meaningful.

You might think you have come up with a thoughtful analysis of bitcoin but you are simply repeating what every other bitcoin opponent has said throughout this (very long) thread. Like these other posters, you are posting out of ignorance. Examine the block chain then tell us what bitcoins are being used for.

 

[psionl0]

No because they don't lose 20% of their value in 24 hours regularily.

Really ? Let's look at BTC's long-term history: goes very high in a couple of years, then drops 80% value in one.

Did the goal posts just move? And since when were you into cherry picking data points?

 

[Belz...]

Did the goal posts just move?

If they did it wasn't by design. I was responding to two different claims.

The fact of the matter is that a good long-term investment is in values that increase semi-reliably over the course of years and decades. BTC isn't like that.

And since when were you into cherry picking data points?

I don't follow.

 

[The Don]

No, you were careful not to say anything falsifiable but if we have to wait 100 years before we know if what you say has come to pass then you haven't said anything meaningful.

You might think you have come up with a thoughtful analysis of bitcoin but you are simply repeating what every other bitcoin opponent has said throughout this (very long) thread. Like these other posters, you are posting out of ignorance. Examine the block chain then tell us what bitcoins are being used for.

If no effective replacement for bitcoin comes along then it'll continue to have utility and value.

eta....

btw most of them are merely being hoarded.

 

[psionl0]

Tulip bulbs still have some value. Doesn't mean they weren't a bubble.

A couple of posts just to refresh your memory:
http://www.internationalskeptics.com/forums/showthread.php?postid=9658553#post9658553
http://www.internationalskeptics.com/forums/showthread.php?postid=9659045#post9659045

 

[Andy_Ross]

228

 

[jhunter1163]

$229 now. Seems to have stabilized, at least a little bit.

 

[psionl0]

$229 now. Seems to have stabilized, at least a little bit.

No, prices are still bouncing around and 20% daily fluctuations seem to be the norm.

 

[wrs]

$229 now. Seems to have stabilized, at least a little bit.

Depends on your timeframe, the collapse continues in the longer term.

 

[Belz...]

Of course it does. Nothing surprising there. Don't worry, it'll hit 150 any time now.

 

[psionl0]

Depends on your timeframe, the collapse continues in the longer term.

.......... until it doesn't.

 

[Belz...]

Are you expecting BTC to go back up significantly ?

 

[jhunter1163]

Are you expecting BTC to go back up significantly ?

I think it's much likelier to get to $150 than to $500, much less $5,000.

 

[Andy_Ross]

218 at the moment

 

[dudalb]

Wonder what impact the conviction of the owner of Silk Road on criminal charges will have on bitcoin, since Silk Road was a big bitcoin promoter.

 

[psionl0]

Are you expecting BTC to go back up significantly ?

I'm not making another prediction but I wouldn't dare short them. Neither would anybody else here - in spite of their confident predictions of an imminent demise.

 

[Almo]

Just curious... how do you short BTC? Through one of the exchanges?