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Oh well. Bears are growling, bulls are mooing. As long as we are not oinking we are all going to be fine.
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If you look at price of gold in real term i.e. taking inflation into consideration, then the picture is not too rosy, but yet not quite a collapse. At the same time this is a pair trade and therefore there is no expectation that both sides of the trade perform spectacularly.
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The things will really change once people get routinely ridiculed by their peers for not using Bitcoin and saying various BS like Bitcoin is ponzi etc... you just wait.
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Declare war on Bitcoin and drone anyone who ever heard read or said or wrote word Bitcoin. Send the drones to take out every computer that ever was spotted on Bitcoin network. Damn.... I am missing out on a brilliant career in government.
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That is fine. If you do not trust anyone at all and nobody trusts you, you then will not be able to accept or send any ripple payments. However, if some entities could still trust you, this would enable you to send payments and then accept payments within some limits.
Trust just like risk is not something binary. Risks could be very small, so small that it is unwise to not ignore it. It is like refusing to exit ones house because there is a chance that one can be hit by lightening. The same is with trust. It is not reasonable to refuse to trust some modest amount of money to some reasonably trustworthy entity if it enables your participation in an important market.
In any case if you say that you trust no one and you have made a single trade ever on any Bitcoin exchange or held any amount of money in any financial institution then you are less than honest here.
I think you simply do not get what ripple as money is, I mean the concept itself. You do not see the forest behind the trees yet.
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So if this is the case...why not just use the current monetary system? Same setup basically. Based on debt and trust of the government that the paper they print their name on is worth what they say it can buy (i.e. $5 dollars worth etc.).
Banks are using ripple-like system for interbank money transfers for decades. It is called SWIFT. This is one of their greatest assets. All ripple does is democratization of that idea by bringing it to anyone willing to use it. Power to the people. Take it or leave it. |
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http://www.youtube.com/watch?v=Xbp6umQT58ASometimes farmers experiment. They chose a barn and change something there. For example, farmers introduce a new feeding system. Then they see whether it increases yield or not. This is exactly what is going on in Cyprus. If it works well this practice, it will be adopted in other farms/barns. If not, a more inventive system will be tested.
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One would be Gresham's Law where "Bad money drives out good", in that all the world's fiat (the bad money) drives the good money into hiding.
I am not an economist or philosopher but I will be bold enough to disagree with Gresham on this one. If the above postulate was indeed true then we all would be using Zimbabwe dollars and I would be filthy reach because I have 100 000 000 000 000 Zimbabwe dollar bank note pinned on my cork board. If I am mistaken and misunderstand things, please explain how. |
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What is interesting to see is how fungible Euros are. By this I mean what premium black market will dictate for German Euros vs Cypriotic Euros.
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The thing is Russians are leaving along with their money. Medvedev might cancel the double taxation treaty and then there will be no reason for any wealthy Russian to stay on Cyprus.
Some might say "big deal", but this will turn Cyprus back into a fishing village it used to be. Germany has destroyed Cyprus as an offshore tax heaven. I am not sure if they will be able to recover. No more Tiffany shops, fish&chips shops only after that.
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It is just market fucking with payment processor of Avalon that is trying to dump BTC.
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Didn't you know? BTC is unobtanium.
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Another all time high, delivered to you by Proudhon. Nicely done!
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I do not think anyone read what posted beyond your second paragraph. Either get a better idea or move to another forum.
That's a bit harsh, all I'm asking for is constructive criticism and help if the idea is viable. Sorry, but truth hurts, particularly if I deliver it. Constructively, in your second paragraph there are keywords: "Not quite a cryptocurrency", "centralised", "for-profit". So fail. Nobody read beyond that. Hence the constructive feedback ends here. |
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I do not think anyone read what posted beyond your second paragraph. Either get a better idea or move to another forum.
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SBC, thank you for such a comprehensive post.
Indeed, back in Jan 2011 I had a great idea to start a UK/GBP exchange, but after a day of research I decided to move on.
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tl;dr
sgbett: you punk, are you feeling lucky, go ahead and short then.
lol
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meanwhile they are nibbling 73 wall, once it get thinner they will do a little stampede.
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