Quote from: ChanceCoats123 on April 13, 2013, 05:49:54 AM

Quote from: MatTheCat on April 13, 2013, 04:18:25 AM

Quote from: vvic on April 13, 2013, 04:11:36 AM

ehh, wtf, people. What's with this "OMG! BITCOIN CRASHED" whining? Right now it is $92.78/BTC1 on BTC-e. Bitcoin is still the most expensive currency in the world. Show me other currency that is worth at least $50/unit. Besides, Gold is dropping in value too. So what?

Some people will have lost a lot of money.

Most people on here are no longer quite as rich as they used to be, as their utterly 'obscene Bitcoin' profits have shrunk to merely 'obscene' profits.

Now that sentiment has turned negative, I would imagine that save for a dead cat bounce or ten, that Bitcoin is going to trend lower over the next period of time until some stability and trust has been restored.

Of course, what the hell do I know, I never seen the bull explosion coming so I dont know what makes me qualified to the near term future in Bitcoin now.

No valuation becomes a profit or a loss until you exchange back into the currency you started with. So if you bought coins at $250 each, then you haven't lost any money, or become "less rich" unless you sold those coins for a loss. So no one has done anything but declined in value. Which, as we have clearly seen, can climb quite quickly.

I've never really understood this train of thinking. I understand continuing the gamble, but that doesn't mean you aren't down.

"My IRA only declined 50% on PAPER, so I haven't lost anything because it could increase 1000% tomorrow."
"I've lost 50% of the CasinoCoins I came in with, but if I keep playing, I haven't really lost anything unless I cash out at a loss."
"I've only lost my coins with Pirate when I write it off, so if I never write it off, I'm never down."

If you consider BTC as having no "real" USD value until you cash out, it would make sense that in accounting, you should immediately consider all BTC buys total losses. Anything else seems like denial.