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Saw it at $600 today and sold mine too. Made enough to pay rent, not to mention the other odd things I've gotten with my BTC over the past 2 years... it was fun

Saw it at $600 today and sold mine too. Made enough to pay rent, not to mention the other odd things I've gotten with my BTC over the past 2 years... it was fun, but I think I'm done with it. I'd also like to know who is buying IN at this point. Anyone on HN have some insight?

BlackDeath3 13y ago
I bought about a week ago. Of course, it was at $315 then, not ~$600. I'd like to buy more, but I'm not made of money.
- TrainedMonkey 13y ago
  If I were you I would be very carefully looking at who is buying those things. If there is no large institutional holder or significant amount of new users - current bubble is another speculative bubble (who could have guessed?). TL:DR bitcoin always went through successively larger bubbles. Without very hard evidence I would believe that current price is result of bubble as well. Also, is there a reliable way to short bitcoins?
  - mcdougle 13y ago
    yeah it's looking a lot like it did in April.....
  - BlackDeath3 13y ago
    I realize that it's all speculative and likely bubbling and all of that. The difference is, not only do I treat this as an investment/speculation (and it's not like I'm betting my life savings on BTC), but I also understand (to a certain extent) and believe in the technical merits of it. I'm not just in it for the rising value (although I'd be lying if I said that wasn't enticing), but I actually want to see this succeed.
  - wuliwong 13y ago
    What does "result of a bubble" mean?
    - TrainedMonkey 13y ago
      Means people are buying bitcoins not for their inherent value, but rather in order to sell them later at a higher price. When this happens everyone is waiting until value top's off. Sooner or later moment comes when some portion of holders decides to sell. Other people see price dropping and try to sell their bitcoins as well causing bubble to burst and price to drop significantly.
- plainOldText 13y ago
  How about buying Litecoins? Less than 24h ago it was 1 LTC/$4, right now 1 LTC/$7. You could have almost doubled your money in less than 24h. People say the Chinese market is driving the LTC prices up. And LTC is not even on MtGox. Imagine how much the prices might go up when it will. :)
  - BlackDeath3 13y ago
    Really? Damn! I was thinking about buying a couple of days ago. I think I actually will do that. Assuming you've bought some yourself, where would you recommend buying?
    - plainOldText 13y ago
      Deposit btc to btc-e.com. Buy litecoins using bitcoins. Then store them offline in a wallet. :)
      - BlackDeath3 13y ago
        Any advantages that Litecoins offer over Bitcoins? As long as I pride myself on being somebody who bought into Bitcoin for more than its fiat value potential, I may as well be consistent and understand Litecoin as well.
        plainOldText 13y ago
        From a technical perspective see here: https://litecoin.info/Comparison_between_Litecoin_and_Bitcoin https://litecoin.info/Comparison_between_Litecoin_and_Bitcoi...
        BlackDeath3 13y ago
        Thanks for the link! Coin mining is really the only application that has ever made me regret not owning an AMD GPU.
davidw 13y ago
Greater fools: http://en.wikipedia.org/wiki/Greater_fool_theory http://en.wikipedia.org/wiki/Greater_fool_theory
dan1234 13y ago
I bought 0.1BTC last Wednesday for £25.85. I thought I might have overpaid for it but, at the time of writing, it's now worth around £40.
cbr 13y ago
I'd also like to know who is buying IN at this point. People who think bitcoin has >2% chance of becoming a major world currency? http://www.jefftk.com/p/bitcoin-exchange-rate-as-a-prediction http://www.jefftk.com/p/bitcoin-exchange-rate-as-a-predictio...

BlackDeath3 13y ago

I bought about a week ago. Of course, it was at $315 then, not ~$600. I'd like to buy more, but I'm not made of money.

TrainedMonkey 13y ago
If I were you I would be very carefully looking at who is buying those things. If there is no large institutional holder or significant amount of new users - current bubble is another speculative bubble (who could have guessed?). TL:DR bitcoin always went through successively larger bubbles. Without very hard evidence I would believe that current price is result of bubble as well. Also, is there a reliable way to short bitcoins?
- mcdougle 13y ago
  yeah it's looking a lot like it did in April.....
- BlackDeath3 13y ago
  I realize that it's all speculative and likely bubbling and all of that. The difference is, not only do I treat this as an investment/speculation (and it's not like I'm betting my life savings on BTC), but I also understand (to a certain extent) and believe in the technical merits of it. I'm not just in it for the rising value (although I'd be lying if I said that wasn't enticing), but I actually want to see this succeed.
- wuliwong 13y ago
  What does "result of a bubble" mean?
  - TrainedMonkey 13y ago
    Means people are buying bitcoins not for their inherent value, but rather in order to sell them later at a higher price. When this happens everyone is waiting until value top's off. Sooner or later moment comes when some portion of holders decides to sell. Other people see price dropping and try to sell their bitcoins as well causing bubble to burst and price to drop significantly.
plainOldText 13y ago
How about buying Litecoins? Less than 24h ago it was 1 LTC/$4, right now 1 LTC/$7. You could have almost doubled your money in less than 24h. People say the Chinese market is driving the LTC prices up. And LTC is not even on MtGox. Imagine how much the prices might go up when it will. :)
- BlackDeath3 13y ago
  Really? Damn! I was thinking about buying a couple of days ago. I think I actually will do that. Assuming you've bought some yourself, where would you recommend buying?
  - plainOldText 13y ago
    Deposit btc to btc-e.com. Buy litecoins using bitcoins. Then store them offline in a wallet. :)
    - BlackDeath3 13y ago
      Any advantages that Litecoins offer over Bitcoins? As long as I pride myself on being somebody who bought into Bitcoin for more than its fiat value potential, I may as well be consistent and understand Litecoin as well.
      - plainOldText 13y ago
        From a technical perspective see here: https://litecoin.info/Comparison_between_Litecoin_and_Bitcoin https://litecoin.info/Comparison_between_Litecoin_and_Bitcoi...
        BlackDeath3 13y ago
        Thanks for the link! Coin mining is really the only application that has ever made me regret not owning an AMD GPU.

davidw 13y ago

Greater fools: http://en.wikipedia.org/wiki/Greater_fool_theory http://en.wikipedia.org/wiki/Greater_fool_theory

dan1234 13y ago

I bought 0.1BTC last Wednesday for £25.85. I thought I might have overpaid for it but, at the time of writing, it's now worth around £40.

cbr 13y ago

I'd also like to know who is buying IN at this point. People who think bitcoin has >2% chance of becoming a major world currency? http://www.jefftk.com/p/bitcoin-exchange-rate-as-a-prediction http://www.jefftk.com/p/bitcoin-exchange-rate-as-a-predictio...