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Bitcoin currency

Bitcoin currency

Bitcoin is an experimental new digital currency. Bitcoin uses peer-to-peer technology to operate with no central authority

Is Bitcoin a game changer?

By JohnLast 2265 days ago Comments (9)
http://business.time.com/2013/04/12/the-real-significance-of-the-bitcoin-boom-and-bust/

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1 billion vanished in 7 hours! Brutal! Bitcoin market some days ago as within just hours went from 229 to 266, the next 7 hours suffered defeat, even unseen since the craze bubble in Amsterdam on the East India Company, tulips and stock market crashes in Paris and London by 1720.

From $ 226 to $ 105 and if the market capitalization is it reached $ 2 billion, then about $ 1 billion in heaven. By MTGox main market which traded currency announced that the decline is due to problems in handling the large number of transactions.

What is going on?

In this article they have an interesting view on the problem. Provided that some insiders are expecting 1 bitcoin to reach in the future $10 000, $100 000 or even $1 000 000 the current fluctuations are really insignificant.

But still this is a great story to follow. When guys I mentionned this on this forum, this may have been one of the best speculations in your life. Anyway from technical perspective this market is much more prone to analysis by the methods of technical analysis than the traditional markets and currency markets. 

However on the other hand a bulgarian technical analyst states that the bitcoin is very risky and he gives some decisive arguments. 

As in 2011 the question arises, what  would do the merchants who accept payments in Bitcoin? If you make a deal with currency you have no idea if you would be in profit or loss only minutes after the deal.

For the customers pops the question - Buying a product, you may wonder whether you would acquire it ten times its value in other currencies, or extremely profitable.


In this case, it is difficult to hedge on both sides, especially in retail. Thus, the issue of Bitcoin currency touched again to trust.

So a new market arises and technical analyst Karadjov makes his technical estimates:

"Wrote on Apr 08 Bitcoin - where?!, I gave a level of $ 195. Exactly $ 195 turned, dropped to only $ 176, but it went to $ 266, before yesterday's debacle. It is difficult to give just any performance, but in my opinion the currency will drop to at least $ 41 if not much lower. Do not forget that it was also much lower, below $ 2, in a very recent past."

 

Comments

  • jaguar1637 2265 days ago

    This is due to an DOS attack from hackers (hired by governments ?)

    but, the bitcoin is going to raise up

  • JohnLast 2265 days ago

    Yeah while Governments are engaged in Currency wars  there is a room for game change.

    Is Bitcoin A GAME CHANGER?  That is the question!

  • JohnLast 2265 days ago

    http://dealbook.nytimes.com/2013/04/11/as-big-investors-emerge-bitcoin-gets-ready-for-its-close-up/

    Look, an year ago this was a completely under ground thing. With friends we were discussing it but it was under - ground stuff, something like if the anonymous were starting a currency.

    Now real big status quo media are paying attention to it.

     

  • zkogan 2265 days ago

    I think we must wait what Warren Buffet or Richard Branson say :D They have that 100% business intuition

    That BTC gain quite astonished me some days ago.. I knew that BTC is the main criminal currency nowadays with billion++ deals every now and then in darkpools... But that 1000% (or more!) rise in a week - that was hilarious :)

     

    If things get real for BTC, I'm sure some banks like JPMorgan or Goldman Sachs will do what they did to forex and stock market - plunge their arbitrage-market maker robots on their super-fast servers, and suck BTC dry, making it harder and harder for people to trade/exchange it :(

  • JohnLast 2264 days ago

    The thing about bitcoin is that you can get into it by being a miner. With some guys we were thinking an year ago to make it. And if we have done it the gain would be astonishing. So when I see how this has exploded and we actually missed the opportunity I do not have very positive vibrations at all.

    Another way to use this is to offer services on the net and get paid in bitcoins. That is a possibility too.

    The time Warren Buffet will get into this it will be too late. Anyway Buffet always invest into businesses he understands and is quite conservative. So I do not think his name will be on the list, Winklevoss Twins' interest is what intrigues me.

     

  • jaguar1637 2264 days ago

    The problem is which configuration to use for mining bitcoins...

    the price of the new graphical ATI dedicated for this job, is expensive

  • JohnLast 2264 days ago

    I think that it is needed to have something you can use for other purpouses. For example to optimize trading models. I share information but I am nowhere close to implement this for myself.

  • JohnLast 2264 days ago

    I think that it is needed to have something you can use for other purpouses. For example to optimize trading models. I share information but I am nowhere close to implement this for myself.

    This is a forum where everything is discussed.

  • zkogan 2264 days ago

    About mining: the complexity of hashes needed to get BTC blocks is doubling every two weeks or so... Now people use some FPGA videocards, some small hardware companies already have "mining rigs" running it for sale :) 

    As of now I read it mostly is profitable if running in a big BTC pool with a mining farm (like 8 or more PCs one on top each other) 24/7, and more people start saying "BTC mining is dead" :( Other ways of mining (scalar CPUs maybe? I don't know the nature of BTC hashes) or acquiring BTC are needed..