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17 comments

1 BusyMonster  Wed, Feb 26, 2014 8:40:39am

What is not a surprise is that Dudebro Dollars are mostly for crooks and con-artists, and I am not going to mourn the collapse of this Dumb Dudebro Idea. Good riddance.

What else did these guys expect? They created a money system for criminals, on purpose, and then are shocked when nobody trusts it. Who fucking knew?

2 No Country For Old Haters  Wed, Feb 26, 2014 8:44:08am

Article is misleading. Bitcoin dropped based on the news, and is now back up to $550. Every one of these dramatic crashes has been an investment opportunity when the value quickly rebounded.

3 Skip Intro  Wed, Feb 26, 2014 8:46:24am
Investors buy bitcoins with dollars, euros and other real currency.

I’ve never understood why people who claim to hate fiat currency only accept that as payment for their imaginary currency. The same goes for “goldbugs”.

It’s just never made any sense to me at all.

4 Skip Intro  Wed, Feb 26, 2014 8:52:22am

re: #2 No Country For Old Haters

Article is misleading. Bitcoin dropped based on the news, and is now back up to $550. Every one of these dramatic crashes has been an investment opportunity when the value quickly rebounded.

An investment opportunity in what?

5 First As Tragedy, Then As Farce  Wed, Feb 26, 2014 9:26:34am

re: #3 Skip Intro

I’ve never understood why people who claim to hate fiat currency only accept that as payment for their imaginary currency. The same goes for “goldbugs”.

It’s just never made any sense to me at all.

I won’t be part of your bogus fiat currency system!

*invests life savings into bitcoin*

6 No Country For Old Haters  Wed, Feb 26, 2014 9:31:03am

re: #4 Skip Intro

An investment opportunity in what?

In Bitcoin. Any time you can buy low and sell high it’s an opportunity, and this cycle has repeated several times.

I think BTC should fail and be replaced with crypto currencies with no windfall for early participants, but I can see that profit can be made in a market that has been pretty predictable for ages.

7 calochortus  Wed, Feb 26, 2014 10:13:36am

re: #4 Skip Intro

An investment opportunity in what?

In the “greater fool” theory. (I may be a fool to pay this much, but somewhere out there is a greater fool who will pay more.)

8 Skip Intro  Wed, Feb 26, 2014 10:14:50am

re: #6 No Country For Old Haters

In Bitcoin. Any time you can buy low and sell high it’s an opportunity, and this cycle has repeated several times.

I think BTC should fail and be replaced with crypto currencies with no windfall for early participants, but I can see that profit can be made in a market that has been pretty predictable for ages.

I guess the trick is to make sure the entity holding your “coins” doesn’t go belly up. All of those people who lost their $300 million aren’t getting much out of the bitcoin bounce.

9 Jayleia  Wed, Feb 26, 2014 10:31:04am

re: #2 No Country For Old Haters

You know what else had dramatic crashes?

No, not Hitler.

Enron, WorldCom, Global Crossing, Pets.com…and the list goes on

10 BusyMonster  Wed, Feb 26, 2014 10:33:28am

re: #2 No Country For Old Haters

Article is misleading. Bitcoin dropped based on the news, and is now back up to $550. Every one of these dramatic crashes has been an investment opportunity when the value quickly rebounded.

Um. One of the major exchanges just shut down for good. MT Gox?

So, investments, eh? Not for me.

11 Ace-o-aces  Wed, Feb 26, 2014 11:06:49am

This is why a lot of Bitcoin boosters want some regulation, since it brings stability and confidence.

12 RadicalModerate  Wed, Feb 26, 2014 12:02:13pm

To me, virtual/digital currency is just another commodity that professional (and many times unethical) speculators artificially inflate in value then subsequently crash to get maximum profit.

It happened in the 1920s, 1980s, and late 1990s with the stock market, the 1970s with silver, in the mid-late 2000s with gold, petroleum, and mortgages.

In each of these cases a very small number of people got very rich at the expense of the public.

13 No Country For Old Haters  Wed, Feb 26, 2014 2:04:27pm

re: #8 Skip Intro

I guess the trick is to make sure the entity holding your “coins” doesn’t go belly up. All of those people who lost their $300 million aren’t getting much out of the bitcoin bounce.

My tiny fraction of a bitcoin is safe in my wallet. It’s not normal to have a 3rd party hold your coins.

14 No Country For Old Haters  Wed, Feb 26, 2014 2:08:27pm

re: #10 BusyMonster

Um. One of the major exchanges just shut down for good. MT Gox?

So, investments, eh? Not for me.

It’s the black market sites that you need to watch, rather than a single ridiculously named exchange.

The real crash happens when the black markets change to another medium of exchange.

15 sizzzzlerz  Wed, Feb 26, 2014 8:28:32pm

buying 80’s junk bonds from drexel would have been a better “investment”.

16 wheat-dogghazi  Thu, Feb 27, 2014 2:39:42am

The LA Times article was click-bait, IMHO. As of now, 10:30 UTC, Bitcoin was trading in the mid- to high $500 range, and volume is still pretty high. Doesn’t sound like much of a collapse.

When a brick-and-mortar bank goes belly-up, does that mean the banking industry is on the verge of collapse? Is an automaker goes bankrupt, does that mean the auto industry is on the verge of collapse?

Get real, LA Times.

17 Fairly Sure I'm Still Obdicut  Fri, Feb 28, 2014 3:52:15am

re: #16 wheat-dogghazi

But are they actually trading at that value—can you get actual cash for them?


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