Bitcoin weirdness

04-11-13, 12:37 PM

Fiat currencies aren't backed by gold. Which is probably just as well, considering that the current gold bubble is likely to burst soon...

04-11-13, 01:26 PM

Quote:

Bubble: Likely, since the bitcoin was at just $10 in January. The question is: If the bubble bursts, will it dive BELOW $10 or not? My guess ist: no.

Yet what happens if a trading house like the one you mention shuts down the bitcoin business?
If more follow todays move by mtgox in stopping trade and it extends then they become worthless.

Chuck U F4rley · 04-11-13, 03:38 PM

Quote:

Fiat currencies aren't backed by gold. Which is probably just as well, considering that the current gold bubble is likely to burst soon...

Well, most nations still do have a gold reserve which, for all intents an purposes, is worthless in relation to the total amount of money in circulation. And that's what I wrote.

Quote:

Yet what happens if a trading house like the one you mention shuts down the bitcoin business?

That's the question, isn't it? The historic low for BTC last year was 7$something, which is why we should be good if a crash (which I am still not sure is coming, although it sure seems likely) does not go below say 10ish. Me personally? I'd be thankful for a little cooling of the market, because even although I made a ****load of cash in the last few weeks, I hardly believe this to be sustainable. Too much trust might just be as bad as too little, it seems. Then again that probably is the same for all other types of currency in theory, be it fiat or virtual. Just ask the Cypriots how much they trust in their banking system and the ability to get cash at all times at the ATM right now.

04-11-13, 04:08 PM

Chuck. At what stage did you offload all your bitcoins?
How far will you expect it to fall before you convert cash back into bitcoins again(if you intend to do the gamble again)?

Chuck U F4rley · 04-11-13, 11:24 PM

I offloaded at 130ish €s. I assume it'll go down to the twenties. Or maybe that's hope only? Assumptions rest on at least some hard data, right? ;-)

Ride the elevator again? Not sure, I think I might, but... that depends on my whims and my spare time at the time of the next bubble really, since I have a job and a family and a life that takes precedence. :-)

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04-11-13, 12:37 PM	#1
AndyJWest Stowaway Posts: n/a Downloads: Uploads:	Fiat currencies aren't backed by gold. Which is probably just as well, considering that the current gold bubble is likely to burst soon...

04-11-13, 04:08 PM	#4
Tribesman Stowaway Posts: n/a Downloads: Uploads:	Chuck. At what stage did you offload all your bitcoins? How far will you expect it to fall before you convert cash back into bitcoins again(if you intend to do the gamble again)?

04-11-13, 11:24 PM	#5
Chuck U F4rley Watch Join Date: Jun 2009 Posts: 25 Downloads: 2 Uploads: 0	I offloaded at 130ish €s. I assume it'll go down to the twenties. Or maybe that's hope only? Assumptions rest on at least some hard data, right? ;-) Ride the elevator again? Not sure, I think I might, but... that depends on my whims and my spare time at the time of the next bubble really, since I have a job and a family and a life that takes precedence. :-)