BitCoin - Intellectual Fraud or a Stunning Idea??

So, what really is BitCoin???

  • stunning, refreshing, extremely innovative idea

    Votes: 38 49.4%

  • intellectual, mathematical and computational masturbation

    Votes: 13 16.9%

  • media to waste electricity and computing power

    Votes: 5 6.5%

  • Only aim of idea is to make profits for innovators

    Votes: 17 22.1%

  • No wonder only a Japanese can come up with such an imaginary, illusionary, delusionary, grandeur ide

    Votes: 4 5.2%
  • Total voters
    77
The strange economy of selling mining machines, or a goldpick is worth more if you pick gold with it instead of selling it:

"With no other manufactures shipping an ASIC unit you have no incentive to actually sell them to customers. BFLs 4.5GH machine was supposed to cost $150. At current price and difficulty it will get you about $30/day in BTC.

Now further consider that on a $150 unit their profit margin may be half of that. So in 2.5 days of running the machine themselves they can make as much as they could selling it to you. They are better off running the machines themselves and not actually shipping units until other manufactures do. Avalon can ship a few dozen units to show they are doing something but they have no reason do ship more. They can just manufacture them and let them run to make money. Once difficulty rises a great deal they might start shipping units."

Someone has paid 50K on Ebay for a high hashrate miner, and people called the deal stupid, but once the numbers were looked at, the machine pays for itself in 120 days... (assuming BFL hasn't shipped yet and BTC's price stays up)

Now that is some good investment with a breakeven in 4 month....
 
Quote from DeeDeeTwo:

Actually, that may well be the difference between trailing and future revenues.

If it's not... there is not much point getting involved in these exchanges.

I specifically pointed to a detailed, realistic 11 page model...
Which only a few smart lurkers noticed...
And why I have a policy = people with 5,000 or 10,000 poasts go staight to ignore.
More...

Your grammar is compelling.... as compelling as your math.
 
Alright, let's move this market. From now on I will be always in either long or short with my position. I bought in at $95, I am selling it right now at $128 and shorting it too. (on MtGox)

I put in a limit buy to cover and also to buy at $115, so if it reaches 115 I will be long again....

Virtual playing a virtual money. Who said life wasn't wonderful????
 
Quote from Pekelo:

Alright, let's move this market.
More...

Sure enough, once I went short, the price started to climb higher faster. :)

The supposed reason for that was Paypal saying that they might accept bitcoins for account funding. Anyhow, we reached the price range that I expected (140-180) although I thought we would have one more dip before it does...

Now the old (before the crash) strategy seems to be working, buy any 20-30 bucks pullback....
 
Quote from Pekelo:

Sure enough, once I went short, the price started to climb higher faster. :)

The supposed reason for that was Paypal saying that they might accept bitcoins for account funding. Anyhow, we reached the price range that I expected (140-180) although I thought we would have one more dip before it does...

Now the old (before the crash) strategy seems to be working, buy any 20-30 bucks pullback....
More...

Do you have a link for the paypal thing? It is a rumor or is it confirmed?
 
Quote from Pekelo:

I thought we would have one more dip before it does...

Now the old (before the crash) strategy seems to be working, buy any 20-30 bucks pullback....
More...

Note this isn't a market call even if you are right the point is those levels don't have specific fluctuations to mention.

Paypal's <u>a good thing</u> if it happens.
 
He didn't say it for sure, but "they were thinking about it". Just google "paypal bitcoin":

http://thenextweb.com/insider/2013/...hinking-about-including-the-virtual-currency/

"So I’ve been spending a lot of time looking at it, and it’s truly fascinating actually: the way that the currency’s been designed, and the way that inflation is built in to pay for miners, and all that is truly fascinating. I think that for us at PayPal, it’s just a question whether Bitcoin will make its way to PayPal’s funding instrument or not. We’re kinda thinking about it."
 
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