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Bitcoin exchange rate tops $1,000 for first time ever

By Shawn Knight
Nov 27, 2013
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  1. Digital crypto-currency starlet Bitcoin reached the $1,000 mark for the first time ever overnight as the virtual currency continues to soar in popularity. The value of Bitcoin has doubled in the past week alone and is up around 4,000 percent...

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  2. davislane1

    davislane1 TS Evangelist Posts: 1,600   +629

    I have no intentions of investing in a virtual currency, at least not until after the Bitcoin bubble bursts. Same goes for other more legitimate assets. Once it tanks and the holy trinity of speculative finance (those who made big profits, those who took huge losses, and those who only had opinions) has done its usual song and dance, then I'll consider taking a position in Bitcoins. That is, if they haven't been declared unlawful by that point.
     
  3. Burty117

    Burty117 TechSpot Chancellor Posts: 2,537   +330

    I tried mining Bitcoins recently, turns out it's not that easy :( it's a shame, would be good money xD
     
  4. wastedkill

    wastedkill TS Maniac Posts: 1,192   +246

    Mine a alternate currency then lol
     
  5. ikesmasher

    ikesmasher TS Evangelist Posts: 1,979   +391

    UGH if I had just purchased TEN when they were worth a buck a piece.....UGH
     
  6. cliffordcooley

    cliffordcooley TechSpot Paladin Posts: 6,406   +1,594

    I have a feeling you would have to sink 10 (at least 5+) grand in a system to see a positive balance in return profit. The sad thing is it wouldn't be a one time expenditure either, as you would need to keep your machine faster than the "Average Joe". If you are an average Joe such as myself, your only option would be buying low and selling high.

    After the incident with the banks showing their a-ss and the courts recognizing Bitcoin as a currency, I have a sneaky suspicion Bitcoins will only grow in value for quite some time. The only thing left is for governments to start taxing Bitcoin transactions and the death of the banking system as we know it.
     
  7. I bought 44 bit coins when they had their first spike earlier this year for $105 each. My wife said I was stupid but now she wants to go on faction with them. Good thing she doesn't have the key to my wallet!
     
    negroplasty and AnonymousSurfer like this.
  8. cliffordcooley

    cliffordcooley TechSpot Paladin Posts: 6,406   +1,594

    Hahaha, thats funny!

    Good luck keeping the key secret.
     
  9. VitalyT

    VitalyT TS Evangelist Posts: 1,973   +587

    Looks and sounds like just another bubble waiting to burst at any moment.
     
  10. Timonius

    Timonius TS Guru Posts: 587   +34

    And then there's the cost of energy to run your mining rig. Based on calculations someone else pointed out, if I set my current computer to mine 24/7 throughout the month I might make a fraction of a BitCoin worth $20-$30 and my energy used would definitely cost an extra $30 or more for the month.
     
  11. AnonymousSurfer

    AnonymousSurfer TS Maniac Posts: 346   +18

    I heard about Bitcoins on 11/21 when they were $795/1?. 3 days later they were $849/1?. I definitely plan on investing but I am waiting for the price to drop dramatically before I do that. There has to a time when it dives in price.
     
     


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