Quote from: myrkul on April 11, 2013, 10:28:56 PM

And the "bitcoin bubble" could never kill cryptocurrency. Are we seeing some irrational exuberance? Yeah, probably. But 10, 20 years down the line, when shit has settled down some, the fortunes lost - and made - will be seen as they are: simply the cost of any new technology. There are always going to be those who see something like this and think, "Holy shit, this is the best thing since pancakes!" And it is, make no mistake about it.

But if you sell your house to go "all-in" on something this new, don't be too surprised when you need to ask to move back in with Mom. Get rich quick schemes never work out as planned.

I tend to agree with this.

However, I did see a thread where some guy was discussing whether to turn everything in his 401K (or wotever it is) into Bitcoins. Worse still, was the volume of nutters who were agreeing that this would be very best possible course of action he could take. Hopefully, he never actually done this.

I feel bad for my noob brother who has lost the lion share of £10K. When he first came to me with serious queries about how to buy Bitcoin (after 2 years of disinterest on the subject), Bitcoin was at $45. I recommended that it would be a very risky investment and that he should stay well clear. Then, as we all know, the price rose to around $150. This time, I strongly recommend that he didn't invest but since I had made him miss out on already massive profits, I had to concede that although I knew it was classic speculative bubble of the worst kind, I had no idea where it may stop. Since my advice already cost him 200% profits, this time he never heeded my advice. By the time he bought his Bitcoins (4 day delay for cash transfer at MtGox), he paid £120 each. In the following couple of days, the price rocketed to around £200, then down to £70, then back to £127. I strongly recommended that he get out as soon as a good opportunity arose, but as they say, 'bulls get rich, bears get rich, pigs get slaughtered'. Quite probably, had he bought in at $45, he would be in the same position today, much like my friend 'deathcode' from whom I (along with many others) suffered much patronising and condecension, on the grounds that we doubted his beliefs as to what the driving forces behind the exponential rise of Bitcoin were.......

.....still, he got his motorbike at least!