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How are all the bitoin fanbois feeling today?
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How are all the bitoin fanbois feeling today?


Nov 29, 2017, 3:55 PM

Down close to 20% today after hitting $11,000.

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obed converted his to canadian currency***


Nov 29, 2017, 3:56 PM



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One analyst:


Nov 29, 2017, 3:56 PM

"There's no fundamental value to any of this stuff and it's all based on ... supply and demand at any point in time," says Leigh Drogen, a former trader who now heads Estimize, a six-year-old company that collects and publishes financial estimates for data such as earnings.

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This is a pretty sobering article:


Nov 29, 2017, 4:08 PM

https://seekingalpha.com/article/4127443-bitcoin-big-short-moment-approaches

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He's saying its value is based on supply and demand?


Nov 29, 2017, 4:21 PM [ in reply to One analyst: ]

That's kinda econ 101, no?

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I think it's based on the "block chain" and "mining" of it***


Nov 29, 2017, 4:30 PM



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It all seems pretty odd


Nov 29, 2017, 4:24 PM [ in reply to One analyst: ]

But, I mean, does any currency have a "fundamental value?"


My girlfriend works for the Chicago Mercantile Exchange, and they just decided to start offering Bitcoin futures. She tried to explain the whole thing to me, and I'm not sure I really got it. It does seem like an awfully flimsy, potentially volatile way to value a currency. Almost sounds like a video game. Also made me wonder who in the world would come up with something like that.

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actually a rumor that it was Elon Musk who came up with it


Nov 29, 2017, 4:36 PM

https://www.theguardian.com/technology/2017/nov/28/as-bitcoin-surges-in-value-elon-musk-denies-hes-its-mysterious-inventor

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It's like a ponzi scheme, except with money


Nov 29, 2017, 4:36 PM [ in reply to It all seems pretty odd ]

The more people buy in, the higher the value, the richer the people get who got in on the ground floor. ANd just like any ponzi scheme, they always fall apart at some point.

It's like the old pyramid schemes the fraternities used to run at Clemson. They would prey on the new freshmen who moved into Johnstone. Buy in and you will make $$$. The more people you get to buy in, the more money you make. In the end, the fraternity pulls in a few grand and others are lucky to break even.

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