Quote from: Sepp on August 06, 2011, 10:23:05 AM

Quote from: Opsamk on August 06, 2011, 10:05:20 AM

I sold all my bitcoins when it was $13. I made a profit of $600 but now it's not economical to mine anymore. I am selling all of my equipment(or refunding) for the amount I placed into the investment. This was a good run but bitcoin is falling apart on many fronts. I will keep 67btc in my wallet for now but im done.

Maybe I haven't understood anything yet, but to me it seemed that bitcoin was supposed to be a means of payment, an electronic form of money.

You are treating it like it was an investment, some financial product that is somehow miraculously supposed to grow.

Those two uses of money are actually incompatible. When money is used for payment, it needs to circulate. When it's used for investment, it needs to be fixed. Money can't do both at the same time.

Exactly, I got into bitcoins only for the mining however. I had no intention to trade it like stocks.