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Bitcoins implodes

Discussion in 'General Software' started by Easy Rhino, Oct 19, 2011.

  1. Easy Rhino

    Easy Rhino Linux Advocate

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    Last edited: Oct 19, 2011
  2. erocker

    erocker Super Moderator Staff Member

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    Lol, not surprised.
  3. Damn_Smooth

    Damn_Smooth New Member

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    Can't say that I didn't see that coming.
  4. pantherx12

    pantherx12 New Member

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    Still have a peak value of $30 per bit coin is damn impressive, I'm certain some people probably made a decent amount of cash from that considering a prophit could be made when they were not even worth $1.
  5. W1zzard

    W1zzard Administrator Staff Member

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    told you so
    yogurt_21 and mediasorcerer say thanks.
  6. BrooksyX

    BrooksyX

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    ha finally. Kinda wished I got in on this when I used to live in my campus dorms. Flat rate electricity that is included with all the dorm fees. All I would have had to pay for was the hardware for it.

    Oh well, better spend your coins now before they are worth nothing.
  7. jasper1605

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    Glad I found out about this really late in the game, so it was already on the downhill slide.

    I wonder if it will pick up again after it "bottoms out" or if it will just fade away?
  8. Easy Rhino

    Easy Rhino Linux Advocate

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    it's going to fade away. after it got hacked people ran for the hills. put your money elsewhere.
  9. LAN_deRf_HA

    LAN_deRf_HA

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    I remember telling people how moronic it was to continue after the prices started free fall but they were just like "no fuck that guy, buy now buy now!"

    Idiots spending money on nothing. It was nice experiment nothing more. It's flaws were uncorrectable and that was apparent form the beginning. Virtual currency can work but this implementation was bad. All this accomplished was to show us the wrong way to do it which may help future attempts.
  10. PVTCaboose1337

    PVTCaboose1337 Graphical Hacker

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    I'm glad I sold all of my Bitcoins for $35 each during the super craze of buying during that one day when it was sky high.

    Bitcoin being dead will also kill off all forks: IE solidcoins, IxCoins, etc. Anything based on the bitcoin philosophy is pretty much flawed it seems.

    However, I do not doubt people will stop using these, in fact i would bet people are going to buy a ton if they hit $1 again, and it might spike, but for the most part, yeah BTC is worth so little it is not worth mining for now.
  11. Easy Rhino

    Easy Rhino Linux Advocate

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    yea i think you will see a little spike in it soon since any news of bitcoin seems to attract investors.
  12. erocker

    erocker Super Moderator Staff Member

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    Fixed it for you. :toast:
    mediasorcerer, theJesus, qubit and 2 others say thanks.
  13. arnoo1

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    in the first place you're a idiot if you change your real money to virtual money!
    just ,my opionion
  14. qubit

    qubit Overclocked quantum bit

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    I new the whole thing was a bit of a sham, so I'm not surprised that this has happened.

    I am surprised that you can't post to that other thread though. You would normally just get a warning and you simply click yes to post.
  15. W1zzard

    W1zzard Administrator Staff Member

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    real money is virtual money too, except you get a piece of toilet paper with a pretty picture and a serial number on it
  16. qubit

    qubit Overclocked quantum bit

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    What about Euros? Aren't they 100% virtual with no real-world counterparts. Only difference is that this is administered by the banks.

    EDIT: No it isn't, before I look completely clueless. :laugh:

    http://en.wikipedia.org/wiki/Euro
  17. W1zzard

    W1zzard Administrator Staff Member

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    qubit says thanks.
  18. PVTCaboose1337

    PVTCaboose1337 Graphical Hacker

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    Exactly. Oh wait no.

    http://bitcoincharts.com/charts/mtgoxUSD#rg180ztgSzm1g10zm2g25

    Yeah people are selling. Read the bitcoin forums. Panic. People are all saying to stay in, or buy, while those people are actually selling. Derp.
  19. Easy Rhino

    Easy Rhino Linux Advocate

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    good for you bud, good for you.
  20. DannibusX

    DannibusX

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    Yeah. Most definitely not surprising.

    Watch actual currency do this soon in the US and UK.

    Actual currency backed by nothing. Love it.
  21. Neuromancer

    Neuromancer

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    Exactamundo.

    I am anti-bitcoining. But when I did look into it, (and I notice it is not on that graph) just early this year.. It fell from $8 to $.10 the moment I was looking at it. the next day was up to $15.


    I think bitcoining should be illegal, I think Folders should be getting paid at least for their HW/Electrical investment. (IE rented CPU cycles?) And I think that those that want to fold/crunch for charity should be given tax breaks based on their PPD.


    However I also think that the stock market and insurance companies should be illegal too. Or AT LEAST have the same restrictions put on them that casinos do. (not available everywhere gotta be 21 etc).
    Exeodus and f22a4bandit say thanks.
  22. f22a4bandit

    f22a4bandit

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    Reminds me of Enron to an extent.
  23. xenocide

    xenocide

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    There's nothing wrong with the Stock Market or Insurance, it's when people start gaming the system via derivatives and other nonsense that it becomes an issue.
  24. Easy Rhino

    Easy Rhino Linux Advocate

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    there's nothing wrong with derivatives. they are just another way to approach the stock market.
  25. douglatins

    douglatins

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    Like this was ever going to work, I LOVE THE IDEA, no conversion tax etc, but not really trusty

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