Bitcoins Plunges

[allyorbase]

everyone buying bitcoins when they are cheap will bring the value back up again

It's not that simple.

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[Bisjac]

not to be nitpicking, but bitcoins are decentralized
there is no "they" controlling everything

there is lol

the trade freeze was purposeful to hopefully wait out the panic. it wasnt a "crash" because of traffic lol

[allyorbase]

there is lol

the trade freeze was purposeful to hopefully wait out the panic. it wasnt a "crash" because of traffic lol

Although MTGox controls nearly 80% of the market, there is still 20% that isn't frozen, and people are still able to transfer bitcoins during this freeze. The market isn't frozen, only a single market site is.

[Port]

there is lol

the trade freeze was purposeful to hopefully wait out the panic. it wasnt a "crash" because of traffic lol

MTGox is not everything

[Bisjac]

yet they alone exploited the whole system for their own greedy gain. and it worked.

it looks like the bitcoin experiment has failed. there will always be bankers or brokers that will cheat and control it all.

[TeslaCoil]

People actually made tons of money off of this.
I understand your gripes against it as a legitimate currency, but as a quick investment, it seems to work quite well.

In regards to USD, trading fake money for more fake money is a bad investment. But hey, it's a nice side hobby. I mean, it's really the only thing in the states that you can pay with. Not saying that Bitcoins are bad or the use of US currency. I'm just saying that making it a life support investment goal will bring you down crashing.

They are Unlike precious metals, which have a strong intrinsic value. When it all comes down to the nitty gritty, it's metals like gold and silver that come out on top for trade and purchasing when things get bad. Why? Because they always retain a good value. Leaving the gold standard was the biggest mistake for the states.

[allyorbase]

yet they alone exploited the whole system for their own greedy gain. and it worked.

it looks like the bitcoin experiment has failed. there will always be bankers or brokers that will cheat and control it all.

MTGox hasn't been exploiting it themselves; they've been allowing people to exploit the economy, though. But it's a free markets, that's a big thing with bitcoin, and noooo it hasn't failed. It's still 12 times what it was last december.

In regards to USD, trading fake money for more fake money is a bad investment. But hey, it's a nice side hobby. I mean, it's really the only thing in the states that you can pay with. Not saying that Bitcoins are bad or the use of US currency. I'm just saying that making it a life support investment goal will bring you down crashing.

They are Unlike precious metals, which have a strong intrinsic value. When it all comes down to the nitty gritty, it's metals like gold and silver that come out on top for trade and purchasing when things get bad. Why? Because they always retain a good value. Leaving the gold standard was the biggest mistake for the states.

Bitcoins aren't fake money in any sense. If it's so fake, how did it a few days ago have a value of $260? There's nothing fake about that, some people really made some profit. If you say bitcoins are fake, then every other currency we have is fake, currency retains value because people give it value.

[Bisjac]

lol if the bitcoin experiment was working, then it's value wouldnt be compared to any currency. but there you go, so concerned over it's value to the USD.
the USD is crashing if you havnt noticed. a bitcoin "costing" more then it use to dosnt mean a thing. the goods and services people recieve with bitcoins is a very very pointless minority.
no, people exchange back out to USD. meaning the bitcoin is fake if it cant barter on its own. people dont trust it enough. its a toy to trade till the fad is over.

how much was a car in 1951

[allyorbase]

lol if the bitcoin experiment was working, then it's value wouldnt be compared to any currency. but there you go, so concerned over it's value to the USD.
the USD is crashing if you havnt noticed. a bitcoin "costing" more then it use to dosnt mean a thing.

how much was a car in 1951

It's not that it was costing more, people were /paying/ more. Also every currency is compared to each other; most currency, including the currency I use, is directly dependent on the USD. 

[Port]

MtGox is open again. MtGox Live is under really heavy load right now.

[TeslaCoil]

currency retains value because people give it value.

Let me rephrase then. It is true that the value is given. I should say that it's a fiat currency. Fiat currency is a type of currency that is more susceptible to failure. Bitcoin is tied to the internet, the government takes away the internet, your bitcoins are useless unless the system comes back up. The same could go for the US dollar as well, since it's paper, the feds can print more of it on a conveyor belt and slowly suck out the value of the dollar as a whole. I'm more or less trying to state the obvious in a complicated way saying that Bitcoin is a useless currency in the long run, and can fail more easily than a precious metal.

[Bisjac]

the price dosnt reflect it's success.

just like any commodity, the faster something grows, the more of a sellers market it is.
then when people realize there isnt a demand for the value, it crashes. meaning the number didnt match the spending power and it is fake.

mtgox became a bank. but you guys thinking bitcoins is some kinda amazing anti fiat revolution havnt seen it yet. you fell down the same road as the USD, cept much much quicker.
ironically the only value bitcoins has is related to the dieing USD lol. so keep thinking high numbers = good.

[Katamari007]

Lol saw it coming a mile away

[Bisjac]

a real successful currency would be a LOW number compared to other currencies. not higher lol.
and that currency would also have MORE buying power, regardless of small number size.

when you brag about having lots of value, yet it can still only buy what usd values it to buy. then it is fake and has failed lol