EDIT: Here's what your poll looks like as of t=35min:
Leftmost bar is 0-5BTC. Rightmost bar is 100+BTC. Oh look, now we know basically nothing about the two most interesting ranges.
EDIT2: As of t=44min: http://www.wolframalpha.com/input/?i=bar+chart+154+21+26+15+... ... Pretty hilarious.
Where's my "just here to say I bought bitcoin before it was cool" option?
Don't care about Bitcoin and absolutely sure I cannot predict what it will do in the future. It's outside of my focus.
But perhaps I just screwed up the poll.
The odds of a cryptocurrency catching on the way Bitcoin has are very low. Buying BTCs (or other cryptocurrencies) back in the day would be like investing in penny stocks.
EDIT: For the record I agree with you - there's no point in looking back and saying "I should have done that!"
Right now there's a good chance we're in a bubble. But that doesn't remove the fundamental value behind Bitcoin.
It's equally probable that people are going to laugh their heads off in a few years that people were selling their coins at $300. I mean it was ridiculous to us that the $30 coins were selling at $250 in April.
I am actually surprised there are so few people who posted on the poll with 100+ Bitcoin.
I sometimes invest on Just-Dice and plenty of people have thousands of Bitcoin to throw around, a lot of these people are developers with a passion.
Unfortunately I can't count myself in that bracket.
I sold 5 coins at the first peak of $31/BTC. Thought I was pretty damn sly for getting out ahead of the following crash ($8/BTC). Joke's on me! I've now lost out on $1230 and counting.
And if I was you, I'd do myself the favor of not torturing myself about what could have been.
Incidentally, I also developed a Bitcoin Twitter ticker. If anyone would like to keep up with hourly prices via Twitter, I suggest that you check it out.
I fixed up my house with a Lowe's giftcard bought with btc:
And that's the point - the exchange rate has no underlying fundamental except supply is limited and demand is unpredictable. If you're unsure whether you should get some, choose a figure you don't care about and just buy some tiny amount. You might get 0.01 btc but you won't care if it goes down and you will if it goes up.
Admittedly I'm not sure I'd follow my own advice because the price always seems insane. $280? Madness. But much easier than getting emotionally invested in the whole mining route, which for the majority is destined to fail since you have to be on the leading edge of performance to make anything.
If I were to do it now I'd probably buy a tiny amount now and a bit more if it drops a lot. No amount I'd care about.
I've tucked mine away, took it off mtgox ages ago and no wallet on my computer. Don't care if it hits 0, it was only $30 anyway. It's either a new thing or a bubble, but this feels less stupid than a lottery ticket.
At first I thought a deflationary currency was the future. The more I think about it, the more I think bitcoin is just the first step on a bumpy road. I don't see the point anymore in buying bitcoins to then buy goods/services. What always ends up happening is that someone somewhere hogs them and waits for the price to go up. I'm then stuck to buy at a premium, every time, unless I had a stash of coins to begin with, something which most potential adopters don't have. I'm also not convinced that the early adopters should get a bonus from having mined so many coins when it was easy. I don't have a silver bullet, but I think this problem could be fixed by a new cryptocurrency. Either dampen the bonus to early adopters or remove it entirely. This should be a goal of crypto-anarchists, I think...
Or maybe I'm wrong and we'll be seeing a lot of trade going on with different denominations of one BTC in the near future. Maybe people don't care to give a premium to early adopters.
Interesting read. Related, with babies: http://www.pkarchive.org/theory/baby.html
I sold 5 BTC this week @ $220 each. The next day, it reached $280.
I suck at this.
539 said they own bitcoins
205 want to
404 said no way, bubble
now I have a coin, some anachronistic blinking doo-dads, and a slightly firmer grasp on my own ubuntu box and btc as a whole. had fun to boot. I did buy a usb hub for 50... but now it holds my blinking doodads!
I withdrew my funds from Mt Gox over a month ago. Still waiting for it to arrive back in my account. The price of bitcoins has risen significantly since :(
A couple of years ago, I was trying to get others to invest in my mining operation. Then it tanked, I shut down and sold the rigs, and eventually cashed out - I let the 15 or so coins I had climb back up to $7 or so before I sold. If only ....
Put this on a bootable usb with ubuntu or something and run it against the drive in question. Let it run overnight, and in the morning, you may find yourself with a windfall.
Here's the thread with more info: https://bitcointalk.org/index.php?topic=25091.0
After it runs, it will create a wallet.dat file that you will load with bitcoin-qt. If it works and you have the private keys, I would recommend exporting them into a better format, like an electrum or armory wallet.
You'll know if that happens, though, since the technique will obviously be used on the largest wallets first.
Side note: interestingly, right now, the largest wallet appears to be Dread Pirate Roberts' seized bitcoins held by the FBI.
The address is literally RIPEMD-160(SHA-256(public key)), plus a 4 byte checksum. To receive coins to that address, the sender publishes the amount they are sending and that address, they never see the public key.
When the owner of the address wants to send bitcoins from it, only then do they publish the public key, along with a transaction signed by their private key.
[^] There is a known quantum attack against SHA256 that reduces the brute force search space from 2^256 to 2^128, but that wouldn't really break the Bitcoin protocol. The ECDSA quantum vulnerability, however, would make ECDSA essentially useless.
Sorry to hear that.
One potential solution to your problem is to do something like: sell Y% of my coins everytime the price increases by X%. An example would be sell 20% after each 50% rise (semi bullish plan. I also made those numbers up, don't consider them as specific advice).
The prevailing experience is that yes, you can transfer, but you may have a 4-6 week wait.
It's a much different story these days. You can transfer $100K out of a brokerage faster than you can get $100 out of Mt. Gox.
I am slightly ahead day trading but the gain was not worth the risk I took.
I fully understand the risks involved. Heck, my Economics degree makes me 1% more qualified than most people here to talk about how bubbles work.
If I'd bought BTC, I'd have been more worried about technical problems. I don't claim to understand the system in depth, but I know that crypto-fails happen all the time.
If an exploit is ever discovered, I wonder what we'd do with all that surplus bitcoin mining hardware?
Case in point: Most US $100 bills circulate in the black market. Most paper currency circulating in the USA has traces of cocaine on it.
But don't confuse physical currency with fiat currency.
Electronic transactions, direct deposit, wire transfers, credit card payments, etc., denoted in fiat currencies are the norm.
The reason Bitcoin and physical currency carry a stigma is both can be spent or received anonymously: which is perfect for illegal transactions.
Bitcoin can feel like a cult sometimes, something I am ashamed of.
Also telling everyone to buy just a little reeks of pump and dump.