Monday, June 6, 2011

Backordered Damn it!

OK, So I purchased two 6950s for bitcoin mining. The website stated that they were currently in stock, and I had paid a little extra for the shipping. However now that I go to check on the order it says they're back ordered. So all I have to say is I hope the difficulty doesn't double by the time I get them. I may go on new egg today and see if I can purchase them and have them sent. Otherwise it looks like I'll be stuck waiting. Price of bitcoin went down a bit to about 16 something but now we're back up to 18.9. I wonder if we will see $100 for a coin. In my opinion I might have said this before. I think $10 a coin seems reasonable at the moment, but people horde them. I suspect in large part because this is new, people can speculate easily, there is no regulation, it's untraceable, you can launder money, and the world economy is inflating its currencies in order to maintain stability. Which is the complete opposite of what bitcoin is, which is deflationary. So expect a big run up, then a massive sell off/collapse of the bitcoin. Although we have till 2030 to see how that works out, or unless they outlaw it.

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