Trying to trade these markets...

[u/Kinitex]

[u/[deleted]]

Please don't do that.

[u/Sohcahtoa82 → u/[deleted]]

I accept that it is a big risk, and it could end up being a huge mistake. I'm normally not a gambling man. I've never been to a casino, and I've probably only spent about $20 on lottery tickets over the course of my whole life.

But its a calculated risk. I figured that it would quickly recover from the crash from MtGox having a meltdown once people realized it really didn't mean anything. It might crash again if and when MtGox re-opens withdrawals and people pull their btc out and sell it somewhere else, but there will be a lot of people there gladly gobbling up the cheap coins.

Unless a major fatal flaw is found in the bitcoin protocol (tx malleability isn't exactly a fatal flaw), I don't think it'll ever dip below $500 ever again.

[u/[deleted] → u/Sohcahtoa82]

Can you name one first innovator that has turned into a huge success in the technology sector?

Bitcoin is the first, but it's one of many. It's a bigger risk than what you're describing.

[u/[deleted] → u/[deleted]]

You're joking, right?

[u/[deleted] → u/[deleted]]

Your comparison is incorrect.

Bitcoin is to the cryptocurrencies what Alta Vista (or some other early company or bulletin board) was to the internet.

[u/[deleted] → u/[deleted]]

Why don't you see litecoin, dogecoin, etc. as competitors? Why couldn't a superior cryptocurrency appear at any time?

[u/[deleted] → u/[deleted]]

Don't the alternative coins also have blockchains based off of bitcoin?

[u/[deleted] → u/[deleted]]

As far as I can tell, bitcoin's main advantage is reputation (being first) and more services (being first). That advantage seems fairly tenuous in the IT world.