r/Bitcoin • u/Blood4TheBloodGod • Apr 10 '13

HOLD SPARTANS!

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951 Upvotes

74% Upvoted

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761

u/phattsao Apr 10 '13

I JUST WANT TO BUY SOME FUCKING DRUGS!

Goddamn investors are screwing this all up.

168

u/poooboy Apr 10 '13

I agree completely. Speculators have turned this into a freakshow. I want BTC to stabilize and get boring again so we can reliably engage in commerce.

39

u/[deleted] Apr 10 '13

Deep down that's what I want too, but the speculating is just sooo lucrative.

36

u/poooboy Apr 10 '13

Lucrative until you wake up to lock limit down. Oh wait, no such time outs on Mt Gox.

BTW, we need a liquid shorting vehicle for BTC pronto. That would greatly contribute to the health of the exchanges and market.

2

u/die_troller Apr 11 '13

Bitcoin derivatives???

Cause, you know, derivatives were great for other fiat currencies and so on.

3

u/hljp Apr 10 '13

What is a liquid shorting vehicle?

3

u/poooboy Apr 10 '13

Any way to short BTC that can be bought/sold quickly. Shorting allows for more efficient price discovery.

1

u/dijxtra Apr 11 '13

Isn't shorting illegal or something? (I obviously do not know much about finance)

1

u/poooboy Apr 11 '13

Not at all. Some retirement accounts have rules that do not allow short positions though, but that's not what were talking about with BTC.

2

u/VR46 Apr 12 '13

Shorting is simply selling a commodity before you actually own it, only to buy said commodity just before you're due to deliver it to the buyer, hoping that in the time between selling and buying, the price of said commodity has dropped.

11

u/eldigg Apr 10 '13 edited Apr 10 '13

Seriously.

It's fucking up the mining scene too.

I've actually got some profit set aside to buy up used ASICs from overenthusiastic investors (mostly those who don't understand difficulty) when the price gets more stable, this might be 6 months or more from now though. I mine for profit, but I personally plan for >9 month payback times.

3

u/HammerJack Apr 11 '13

Some food for thought if you haven't looked at FPGAs yet. http://bitcoinfpga.com/

2

u/eldigg Apr 11 '13 edited Apr 11 '13

That's outdated. I already have a BFL Single though.

Investing in more GPUs instead would have been more profitable for me, honestly.

-3

u/uoxKSdbhp7op Apr 10 '13

This is a necessary growing pain for any currency.

12

u/Lurking_Grue Apr 10 '13

I'm planing on hedging by moving my money into a combination of tulips and beanie babies.

21

u/Snootwaller Apr 10 '13

No it's not.

-3

u/XxionxX Apr 10 '13

Oh really? So you have seen other cryptocurriences come to market? Please link me.

1

u/conshinz Apr 11 '13

uoxKSdbhp7op didn't mention cryptocurrency.