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Bitcoins

Discussion in 'General Chat' started by helloworld, Nov 18, 2013.

  1. helloworld

    helloworld Membership: VIP

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    Average price is $600

    The price on MtGox is low cause you cant cash out.

    Whether gox will return to normal is anyone's bet. I'm tempted to buy in at gox and wait to see if they sort their shit. But hard to say
     
  2. Chris.C

    Chris.C Membership: VIP

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    I hate to say "I told you so", actually no wait... I love getting to say "I told you so".

    ;)

    To be fair, if this hacking issue can be resolved quickly, there is a chance that BTC prices might bounce back in the next couple of weeks, and they might be good buying right now.

    I still think the longer term outlook for BTC is poor, but if you have high risk tolerance, a liking for alternative investments and a short time horizon with solid trading guidelines you operate to - now might be your chance.

    I, for one, won't be investing.
     
  3. helloworld

    helloworld Membership: VIP

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    I haven't lost anything so it's no skin off my back.

    If you can take the risk getting in on mtgox is the way to go but very risky. The price everywhere else is still 600-700 so we will see.


    I think it's to early to start boasting
     
  4. Chris.C

    Chris.C Membership: VIP

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    HAHA I was just having a bit a of a laugh. I'm sure BTC coins will survive this event. I just found it funny that the priced plunged 60% because of one hacking...

    That's like the equivalent of the Australian dollar plunging to $0.40 because there was a bank robbery at one of the ANZ branches.

    I'm not calling this the end of BTC. I'm not even saying BTC prices won't go up from here. They probably will.

    But I'm sure if a hacker just made himself an easy $2.7M hacking some bitcoins, more hackings will follow, and who's going to keep their life savings in a medium that isn't secure.

    What's worse is I doubt most governments will been keen to catch the BTC thieves, because they have a vested interest in seeing the currency fail...

    :rolleyes:
     
  5. snoopy

    snoopy Membership: VIP

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    Given the price is down 50-80% depending on the exchange how can that be no skin off your back?
     
  6. helloworld

    helloworld Membership: VIP

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    It's 30%-35%. The exchanges are not the only places to buy and sell.

    I will make this is as simple for you as possible, Snoopy.
    If you buy 10 apples for $10 and sell 5 apples for $100 what is remaining ?

    It's not real until it's cashed out. Just like any other commodity - shares, domains, a house.
     
  7. Shane

    Shane Membership: VIP

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    That's just something that stockbrokers tell you to make you feel better.

    The loss is very much real, it just hasn't been crystallised yet.

    For example I have a couple of small mining stocks in my SMSF which have dropped like 90%. I haven't sold them yet, but as far as I'm concerned that money is lost.

    Sure the ATO don't consider the money as lost yet, but in reality, I know it is...
     
    2 people like this.
  8. snoopy

    snoopy Membership: VIP

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    Price on Mt Gox (formerly largest exchange) $275 USD, Price elsewhere, $600.

    So how does that make for a 30-35% fall?

    The largest exchange is down 80% and the rest have halved.

    You've been talking for weeks about prices on exchanges now you'd like to start talking about prices somewhere else?

    It is real when the price changes, "not selling" doesn't change this. It is stockbroker talk as shane said.
     
  9. helloworld

    helloworld Membership: VIP

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    I'm not a stockbroker. However I have played my fair share of poker and yeah same rules apply.
     
  10. Chris.C

    Chris.C Membership: VIP

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    Summary of yesterday...

     
  11. FirstPageResults

    FirstPageResults Membership: VIP

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  12. findtim

    findtim Membership: VIP

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    on a different note views of this thread are up 1000% at 1220 views :)

    tim
     
  13. Ash

    Ash Membership: Trader

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  14. Alex

    Alex Membership: Community

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    Anyone heard of dodge coin?
     
  15. snoopy

    snoopy Membership: VIP

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    Now down to $182, down 85% from the peak ($1242), seems to have been mostly falling for a year or more.
    http://www.coindesk.com/price/
    Would expect a lot of bitcoin startups to fold over the next year or so.
     
  16. helloworld

    helloworld Membership: VIP

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    It's certainly dropped in the arse over the past 2 months or so (also declining over the past year). I assume there are a lot of people who got in at the top end who have been selling en masse. Several mining operations have shut down. I read one datacenter is suing a miner for $5million on unpaid server fees.

    My credit card numbers were stolen recently. The hacker bought up products on second life. I guess that is where the real money is hah
     
  17. Chris.C

    Chris.C Membership: VIP

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    Ouch... this shakeout will no doubt test the faithful.
     
  18. DnEbook

    DnEbook Membership: VIP

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    I dropped into the bookshop in fitzroy today and they have a sign up for them but have not done a trade in a while she said, the lady also mentioned they got in early and grabbed at 8 cents? I asked how much they go for now and she said 272, i thought she meant $2.72
     
  19. snoopy

    snoopy Membership: VIP

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    Bit weird that the lady in the bookshop would have been buying at 8 cents, good luck to her if true. Even $100 worth would now be would 200k USD.
     
  20. DnEbook

    DnEbook Membership: VIP

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    i guess timing is everything, interesting she said that was in the shops name, but she has her own separately from the shop