landstuhltaylor
Registered User
- Feb 2, 2009
- 680
- 272
My buddy told me about this when it was in the low double digits.
I feel like a ****ing idiot.
Even after them grabbing Silkroad guy the prices have tripled.
My buddy told me about this when it was in the low double digits.
I feel like a ****ing idiot.
A British man inadvertently threw out $7.5 million worth of bitcoin when he tossed his obsolete hard drive in the trash last summer.
The system is now straining at the seams. Its computational underpinnings have collectively reached 100 times the performance of the world’s top 500 supercomputers combined: more than 50,000 petaflops. Bitcoin’s success has revealed three weaknesses in particular. It is not as secure and anonymous as it seems; the “mining” system that both increases the Bitcoin supply and ensures the integrity of the currency has led to an unsustainable computational arms-race; and the distributed-ledger system is becoming unwieldy. Will Bitcoin’s self-correcting mechanisms, and the enlightened self-interest of its users, be able to address these weaknesses and keep Bitcoin on the rails?
Lost ~40%-50% of its value overnight
Down to $550 a share. Buy now!!!!
To be fair, the Chinese cannot really be blamed for the collapse. It has been clear for weeks the currency is in the midst of a huge speculative bubble. Speak to Bitcoin enthusiasts and it soon becomes clear that they while they think that Bitcoin will revolutionise online payments, they are mostly buying it in the hope of selling it off for a profit later. A few drug users aside, no one appears to be buying it as a way to buy things. Such demand could only reverse.
Lost ~40%-50% of its value overnight
Do you know WHY it lost so much value?
http://www.economist.com/blogs/schumpeter/2013/12/bitcoins-collapse
Unless an actual, popular use for the currency is found it's not going back up to where it was a month or so ago