The bitcoin is now at $350.00

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indyman87
indyman87 Members Posts: 1,132 ✭✭✭✭
in The Social Lounge
During the summer it was at about $100.00.

https://www.mtgox.com/
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  • black caesar
    black caesar Members Posts: 12,036 ✭✭✭✭✭
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    I've heard of this, but school me on how this works ...
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  • Jabu_Rule
    Jabu_Rule Members Posts: 5,993 ✭✭✭✭✭
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    It has a lot to do with the Virus (Ransom-ware) going around locking peoples files and charging them $300 dollars in Bitcoin to unlock them. It's artificially jacking up the price and the expense of peoples personal data. Backup your data daily and disconnect the backup drive. That virus is a scary site.
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  • CracceR
    CracceR Members Posts: 4,346 ✭✭✭✭✭
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    damn i wish i woulda invested in that coin when it was like 1$
    but i only really learned about this bitcoin ? this summer
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  • indyman87
    indyman87 Members Posts: 1,132 ✭✭✭✭
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    black caesar wrote: »
    I've heard of this, but school me on how this works ...

    It's just a form of digital currency that was created by an anonymous person. In the beginning it was mostly used by underground sites like the Silk Road.

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  • black caesar
    black caesar Members Posts: 12,036 ✭✭✭✭✭
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    @Sion What's your take fam?
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  • CracceR
    CracceR Members Posts: 4,346 ✭✭✭✭✭
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    Sion wrote: »
    I also want to point out, that BitCoin won't be the last of it's kind..... when properly utilized the internet grants complete nobodies incredible power to create things out of thin air. There will be social communities that will create their own currencies and try to live off it with their own online "governments" to look over it. Either way I still wont touch it unless it is "backed by full faith by the American government in service of the American people - in ? we trust". I've seen and read about too many of these things falling apart and costing whole families fortunes and reversing the fortunes of many more - rich and poor SMMFH. Remember the tech bubble ? GREAT EXAMPLE and BitCoin in no different.

    but if u would have invested back when it was less than a dollar u coulda made alotta damn easy money with bitcoins by now

    http://news.yahoo.com/norwegian-man-buys-flat-forgotten-24-bitcoin-investment-174651722.html
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  • indyman87
    indyman87 Members Posts: 1,132 ✭✭✭✭
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    CracceR wrote: »
    Sion wrote: »
    I also want to point out, that BitCoin won't be the last of it's kind..... when properly utilized the internet grants complete nobodies incredible power to create things out of thin air. There will be social communities that will create their own currencies and try to live off it with their own online "governments" to look over it. Either way I still wont touch it unless it is "backed by full faith by the American government in service of the American people - in ? we trust". I've seen and read about too many of these things falling apart and costing whole families fortunes and reversing the fortunes of many more - rich and poor SMMFH. Remember the tech bubble ? GREAT EXAMPLE and BitCoin in no different.

    but if u would have invested back when it was less than a dollar u coulda made alotta damn easy money with bitcoins by now

    http://news.yahoo.com/norwegian-man-buys-flat-forgotten-24-bitcoin-investment-174651722.html

    zje0av.gif
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  • indyman87
    indyman87 Members Posts: 1,132 ✭✭✭✭
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    That could've been me I read about it around the same time but didn't invest. This article says it still might go up but I definitely don't have 300 dollars to invest.

    http://www.businessinsider.com/bitcoin-price-2013-11

    This is because Bitcoin has no inherent value. Its adherents refer to it as a "store of value," but Bitcoin is only a "store of value" because, right now, its price keeps going up. Unlike gold or dollars or other things that have widely accepted utility, Bitcoin's price is determined entirely by what someone else is willing to pay for it. Right now, because Bitcoin's price is going up, and Bitcoin is in relatively short supply, people are willing to pay $340 for it. And the ever-increasing demand for Bitcoin will keep driving the price up until people don't want to buy or hold it anymore.

    Another article says that it's vulnerable to be seized by malicious miners.

    http://www.technologyreview.com/view/521521/bitcoin-vulnerability-could-allow-malicious-miners-to-seize-control/

    But Bitcoin may not be quite as secure as everybody thought. Today, Ittay Eyal and Emin Gun Sirer at Cornell University in Ithaca say they’ve discovered a flaw that allows any organised group of Bitcoin miners to take over the currency. And they say that some groups today are already big enough to do the job.


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  • Jabu_Rule
    Jabu_Rule Members Posts: 5,993 ✭✭✭✭✭
    edited November 2013
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    I actually was on my way to buying some when they were around $20. I was probably gonna only get one anyone because i didn't really look at it as an investment then. The company i was getting them from wanted a bunch of info from me to prove my identity so i chilled. The only other way to do it would have been to mine them using your computers resources to calculate the algorithms that produce rare numbers which represent bitcoins. It would be something you would have to invest time in and you would have had to have a really strong computer to see results quickly. Still, none of those factors made me enthusiastic. Ah well. I still enjoy what i have and my skills and ingenuity will earn me more for a relatively comfortable life.










    tears2.jpg
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  • A1000MILES
    A1000MILES Members, Writer Posts: 13,287 ✭✭✭✭✭
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    So...It would cost me like 1500 dollars to get an eighth off silk road now...? that ? , b...
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  • Jabu_Rule
    Jabu_Rule Members Posts: 5,993 ✭✭✭✭✭
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    A1000MILES wrote: »
    So...It would cost me like 1500 dollars to get an eighth off silk road now...? that ? , b...

    lol. It's not a dollar for dollar conversion. Currently $1 equals 0.0031btc.
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  • StoneColdMikey
    StoneColdMikey Members, Moderators Posts: 33,543 Regulator
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    @sion what can i invest in for a college student like myself
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  • ReppinTime
    ReppinTime Members Posts: 4,760 ✭✭✭✭✭
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    Sion what your portfolio lookin like ?
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  • SneakDZA
    SneakDZA Members Posts: 11,223 ✭✭✭✭✭
    edited November 2013
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    hey @Sion I got a couple for you (nh)...

    What's your opinion on buying TSLA ~20 shares to start and NXST ~10 shares to start in the next few days. This is for a Roth IRA so relatively long term. After those i'm thinking about doing another 5k in that account but with probably an index fund and then maybe some random stable companies.

    After that I want to do another account that's a little more volatile with about 5k to start and still a mix of Tesla and Nexstar but then the rest being ETF's and companies less stable than the IRA (but I still want to be relatively passive with it and not being doing trades all the times or sweating and getting ulcers).

    Is that a decent abstract strategy to start with? and also do you see any warning signs with Tesla or Nexstar?
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  • traestar
    traestar Members Posts: 6,030 ✭✭✭✭✭
    edited November 2013
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    chart.ashx?t=TSLA&ty=c&ta=1&p=d&s=l

    chart.ashx?t=NXST&ty=c&ta=1&p=d&s=l

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  • traestar
    traestar Members Posts: 6,030 ✭✭✭✭✭
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    And to answer the bitcoin news, I gotta find another wallet vendor since Instawallet closed down. very hard to start bitcoin right now because "people" are trying to sabotage the architecture.
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  • Swiffness!
    Swiffness! Members Posts: 10,128 ✭✭✭✭✭
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    Vast majority of bitcoin owners are ? speculators. Speculators ruin everything. We should hang them all like Lenin said.
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  • LUClEN
    LUClEN Members Posts: 20,559 ✭✭✭✭✭
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    I'm glad I stocked up
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  • SneakDZA
    SneakDZA Members Posts: 11,223 ✭✭✭✭✭
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    Sion wrote: »
    @Sneak Dissa

    I remember at the roundtable 2 weeks ago I spoke with some of the most illustrious value investors in the world about Tesla & they all seem to come to conclusion that it is horribly overvalued (it's selling at 31x it's net worth SMMFH), and the worst part is.... according to their financial statements they have not turned a profit in 7 years yet STILL SMMFH. Tesla is creative no doubt and the "cool" car of the moment, but it's like what I said about people not realizing the best buys may actually be right under their noses - as we learned from GM & Ford the automotive industry is NOT easy, especially with China and the East now becoming prominent markets. Tesla is trying to get market share in a place that is already dominated and conquered by companies that make better cars which lead me to my next point -- why not just invest in BMW, Fiat or Volkswagen ? BMW just did record numbers and it's still fairly priced in addition to being extremely profitable it's also well run, not to mention they also own Rolls-Royce (they also partly own licensing on Bentley) another extremely great company that's a status symbol one will never be able to replace, BMW is also extremely well run and produces the best motor engines for airplanes out of all it's peers (bet you aint know that LOLOL). Fiat owns Porsche, Ferrari, Maserati, and much much more, plus they're profitable and incredibly well run. If you want to be more diversified Fiat might be the better choice it's also cheaper too. When the fad of Tesla dies so will your money but not with BMW or Fiat. BMW and Fiat have more money than Tesla and better technology to build the same cars but better:

    This is what Tesla has to compete against - not just electric cars and economically viable cars (which BMW and all the others can do too) but this type of technology fam:

    http://www.youtube.com/watch?v=kTYiEkQYhWY


    ^^^ now you tell me - would you invest in a century old PROVEN company that has doubled revenue in a decade, makes billions of dollars time after time consistently and is CHEAPER or a 10 year old ECO-car company that hasn't turned a profit in 7 years that is trying to rise on the hype of George Clooney driving their cars ? It's not a hard decision fam, the growth in China is real with 2 cars in every garage - for the affluent most of them are Beamers, Rolls Royces and Benzes. So it's up to you.....

    Thanks for writing all this. I did get the feeling that tesla is way overvalued and in a sense i guess it's the same as what you wrote about bitcoin investing which is basically you're gambling on getting out before the inevitable bust - i just had the impression that it would continue to rise at least for a while - in that case would an option make more sense? I'm still trying to wrap my head around options.

    And yeah I also agree that the debt load makes Nextar a risk - but I had no idea they were overvalued that much. A lot of the other picks i have in my watchlist are a little more conservative... i'm currently watching (but not necessarily considering) AT&T, Pitney Bowes, Disney, Ford, Kimberly Clark, Exxon, Procter & Gamble, Dollar General, Vanguard IT, AbbVie Inc (ABBV), Vanguard High Dividend Yield (ETF), iShares Russell 1000 Growth Index (ETF) and Wells Fargo.

    I'm going to look into the ones you mentioned of course... right now i'm not in any huge hurry to do buying since my knowledge is limited and i'm trying to assimilate as much as i can and watch as many different symbols as i can for a while to get a good sense of things.

    I work for an investment bank so I have access to a lot of people, tools and info but I want to get my foundation built before I start picking their brains (also I have to be careful about violating some random sec rules i don't know about).



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  • aladdin1978
    aladdin1978 Members Posts: 4,609 ✭✭✭✭✭
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    I see anonymous talking about this on Twitter but I have no ? clue what it is
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  • indyman87
    indyman87 Members Posts: 1,132 ✭✭✭✭
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    aladdin1978 wrote: »
    I see anonymous talking about this on Twitter but I have no ? clue what it is

    Can you post a link?
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