The chart would be more entertaining if it actually showed the bitcoin exchange rate. Up up up up - boooom down.
Inb4 coins crash like hindenburg, several people end up with fat bucks and 99% of participating retards overflow to so-called blogosphere with complaints of how nobody did anything to stop it and how they now have to go by eating glued sawdust and drinking sewage.
Yeah, it's getting out of control. People need to take a fucking investment course. Bitcoin has a huge expected return, but that's only because it has a tremendous risk (variance). The two tend to go up and down together, e.g. riskless t-bills have yields that barely keep up with inflation. But you really need an entire portfolio, not individual assets! If you want something as risky as bitcoin, then go make a Vanguard account and look at their mutual funds. The bottom line is that capitalism fucking works. If you're beating the market in the short term, you're just getting lucky. In 10+ years, your luck will run out and you'll be back with the rest of the market.
Was a correction, not a crash. Just saying, its bounced 50% in like 4 days. Edit: obviously I don't advocate investing in it, I've done really well with it but I wouldn't use funds I can't afford to lose, its a bit of fun and sometimes bitcoins are useful when I need to buy hard drugs and assassins.
Next think I know, emp community will go full on russian federation and become involved in delayed wire and ponzi. ffs have some money savviness.
People only use bitcoin to try to get rich as if they were playing the stock market. It really is only a small amount of people who use it as currency. With the silkroad down, you can't buy your grilled cheeses anymore with said bitcoins anyway, so the only thing you can use them for is giving donations to pirate parties. btw have the maximum bitcoins been mined yet or are there still left to mine, and how profitable is it to mine bitcoins?
It doesn't matter how you get the asset, be it from mining or otherwise. Holding the asset is the investment part. So it's a shitty idea either way.
Damn, the networking club in my uni was selling $65 desktops with mediocre specs (intel duo e6000 or something). If I constructed a (mediocre) super-computer out of seven of them, I could've mined me some bitcoins.
You won't mine yourself any bitcoins now. The people who mine them now are shelling out thousands of dollars (if not tens of thousands) on high end ASIC machines.
now we just wait for NASA to decide that if they're not going to go to space themselves anyway, they might as well try to ride the coin to the moon. ie: six sextillion gigahertzbyterams computers mining 2000 coins per second
The idea of people buying AISC-based devices to invest in something that's already incredibly high-risk seems hilarious to me.
I don't get it. I never understood what bit-coin was in the first place, and now the news is going ape shit over it.
I know, right? There's no "winning" with this shit. A specialized mining machine lowers the cost of the coin, so that increases the effective return when you sell your coins. But you trade those increased returns for mining risk! Like I said in an earlier post, increased returns always comes with increased risk. You can't win.
You're forgetting the best part about ASIC devices though: They're going to be damn near worthless in the aftermarket. The hell are you going to do with an ASIC designed specifically to mine Bitcoins once it pops? At least if you bought a bunch of mid-range stuff, you could try and sell it off later or repurpose them into a Beowulf cluster if you can find a use for it, but ASICs have no use once their primary purpose is gone. The real winners here are the ones making the ASIC chips though. It's like back during the goldrushes, when the people who made all the money weren't the ones rushing for gold, but the ones selling food and tools to prospectors.
Wow ok that is pretty funny. It would've made sense if companies just bought a lot of high end graphics cards cause you could still sell them for a pretty penny afterwards, or like played video games with them afterwards. Or you could like do some serious Folding@home and get all that protein research done.
Nigga, there are so many possible fucking combinations of protein structure, you would be lucky to get one right. It's apparently one of the things that humans are much better than computers at.
