I sold exactly 70% of my BTC holdings over the past week and pocketed
deep into 6 figures. Now, a week later that 30% is worth almost 6 figures again. BTC touched $900 briefly tonight on mtgox before crashing back to $600.
This is the craziest thing I have ever seen. The volatility is outrageous, but good god can it make money. I bought $500 bucks worth almost 3 years ago purely out of interest in a new technology and in three years that $500 returned well over 50,000%. This is the wildest market I have ever seen and I have spent my entire adult life studying financial econometrics.
Pay attention to bitcoin, folks.
Quote:
Originally Posted by The Stig
I have quite a bit in bit coins. Though why I have them and why you have them are two completely different reasons.
You have to realize why bit coins were invented. Bit coins are an electronic and completely anonymous currency. Mostly used by people who frequent the dark corners of the Internets  |
That is one reason it's useful, but the other utilities are now being recognized and valued. The cheaper transfer of wealth than any fiat-based service can offer, inflation safeguards and no central control are all very desirable to those in markets with manipulated currencies like China, Argentina, etc. There is a lot of potential in this technology.