The Ecuadorian ambassador to the US wrote a letter to the editor of the WSJ the other day that talked about this. He made it very clear that the currency would not be similar to bitcoin. He kind of implied that it would look more like paypal.
From what I can tell the currency would be backed by some asset to give it value, and the government would essentially act as a central authority to keep track of who owns how much of the currency.
 Sounds like a clueless bureaucrat. How can PayPal be similar to a currency? |
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bitcoin does not need sponsorship, just like dollar does not need sponsorship. its for businesses such as bitpay, coinbase, overstock that should sponsor sport events for their business benefits.
the only reason dogecoin done a sponsorship is not due to it being deemed as a useful 'currency' (lack of actual merchant acceptance), but most see dogecoin as holding a bag of crap. and those holding the bag of crap would do anything to try passing their crap onto anyone they can. and would do anything to get noobs to buy into their crap
Yup no need for sponsorship. There are far more effective marketing activities that Bitcoin could engage in, if it was decided that promotion was even necessary. Sponsorship, in fact produced negligible returns that are almost impossible to quantify/account for |
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Paper money will continue to survive for longer than we all think because of powerful vested interests
paper money is key to the fiat paradigm and its pseudo-solution to the counterfeiting/double spending problem
It will survive for a long-time, but perceptions of it will change. Right now, people value paper and digital money equally. However, very soon I predict society will prefer digital money and paper money will be considered, like cheques and eventually die out naturally |
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Inb4 fallling spreads his doomsday messages
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I understand bitcoin. I'm saying, it is just as likely to hit $5,000 or sub $100. Bitcoin will never be adopted massively. because the masses and bitcoin are oxymorons. Modern banking institutions aka the govt's will never have it where bitcoin can be adopted massively.
Sure bitcoin can be mass adopted when/if the bankers buy entire network and own bitcoin. And take over the miners. The era of exponential growth might just be ending nowadays, or at least for a long long time...
And lol at anonymity argument, it's not anonymous anymore.
No you don't, and you just reiterated that fact. When you say it's likely to hit sub $100, you just lost all credibilty to those who understand why bitcoin is so valuable and that it is insanely undervalued at the moment. When people realize just how difficult and costly it is now to mine bitcoins, they would've bought as much as they can afford. If bitcoin were to fall below $100 it would've done so long ago, but it hasn't because of natural market resilience. You don't have to go far, let it fall sub $400 and watch how many buy orders going in that price will almost immediately go up again. I guarantee you there's no chance in hell you're going to be able to buy bitcoins below $400 now. when bitcoin at the $1000 bubble, people said $500 is impossible, well we found out even $400 can be broke Where are your sources? You were not even a member when Bitcoin was $1000... , you can deny this and claim people thought $500 is possible when they were posting train&moon&whatever at $1000 bubble i do remember one topic was laughing at people who hadn't bought at $1000 when the price was $1150 or something and telling them the train was leaving we now know bitcoin can drop to anywhere So basically you are just talking crap like usual.  |
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I understand bitcoin. I'm saying, it is just as likely to hit $5,000 or sub $100. Bitcoin will never be adopted massively. because the masses and bitcoin are oxymorons. Modern banking institutions aka the govt's will never have it where bitcoin can be adopted massively.
Sure bitcoin can be mass adopted when/if the bankers buy entire network and own bitcoin. And take over the miners. The era of exponential growth might just be ending nowadays, or at least for a long long time...
And lol at anonymity argument, it's not anonymous anymore.
No you don't, and you just reiterated that fact. When you say it's likely to hit sub $100, you just lost all credibilty to those who understand why bitcoin is so valuable and that it is insanely undervalued at the moment. When people realize just how difficult and costly it is now to mine bitcoins, they would've bought as much as they can afford. If bitcoin were to fall below $100 it would've done so long ago, but it hasn't because of natural market resilience. You don't have to go far, let it fall sub $400 and watch how many buy orders going in that price will almost immediately go up again. I guarantee you there's no chance in hell you're going to be able to buy bitcoins below $400 now. when bitcoin at the $1000 bubble, people said $500 is impossible, well we found out even $400 can be broke Where are your sources? You were not even a member when Bitcoin was $1000... |
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I am going play devil's advocate and suggest Coinbase While you do not have control over the private keys, it really is very newbie-friendly. The chances of Coinbase turning out to be a scam is a lot lower than a newbie making some kind of mistake and losing their coins I'm pretty sure that Coinbase is not a scam, so that is not a risk. Also, their deposits are insured against theft, so that is not a risk. However, there is a relatively high risk that Coinbase will go out out of business and you lose will your money. It's a start-up, and start-ups go bust all the time. There is also a relatively high risk that someone will steal your password and drain your account. It happens frequently, and their insurance doesn't cover it. Yes, all this is true. While new people hear the word "insurance" and think that everything is protected, it is Coinbase itself that is protected. The one way that most people lose their coins (a compromised log in), is the one thing that is not covered. Coinbase does offer many ways to protect your account (mainly 2FA) and warnings to users when their account is not employing a recommended level of security. They also offer a "vault" service that gives an additional level of security. Interesting discussion. I surprised that Coinbase are getting away with saying 'Coinbase insures all bitcoin held in online storage' on their homepage. It is quite misleading when the main risk factors are not insured... |
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Could a mining farm of this size be enough to create a 51% attack or is there really that much hashpower that this is nothing? Mind you I haven't really checked bitcoins current overall hashrate
Not enough power for them alone to create a 51% attack. They would need to partner with other farms to do so. |
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People will all think the same and try to get in earlier than the other people. Ergo no spike.
Yup. The question is: How far in advance is this knowledge priced in? |
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Good post. Yes the conclusion is basic. But you explained it well, like the subject of the post described
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I am going play devil's advocate and suggest Coinbase While you do not have control over the private keys, it really is very newbie-friendly. The chances of Coinbase turning out to be a scam is a lot lower than a newbie making some kind of mistake and losing their coins |
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...we'd have to compare prices on january 1 to whatever it'll be on december 31. if i recall correctly, we started the year out in the 900's.
Yes, we can all agree how important it is to evaluate Bitcoin's performance by selecting the correct arbitrary start and end dates, which should naturally be based on the position of the earth on its revolution around the sun. After all, one should always measure new technologies like Bitcoin by finding the oldest and least relevant technology one can think of, and applying it without thought or reason. /sarcasm Really, guys? I expect more intelligence from my fellow Bitcoiners. You disappoint me. Forget the dates. Dates don't matter - study the patterns.  I dislike the 'you are here' charts. The reality is that no one knows what is going to happen. While there are some patterns, they never lead to accurate predictions. And more often than not, patterns and TA is manipulated to support a trader's pre-determined mindset. Having said that, I remain bullish for the rest of this year |
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I'm much worried about the downtrend, I can't see its endline.
You never can  |
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3 , 2, 1 KABOOM!!
i dont have time for this, but it sure looks like moon any second now....
Haha <$500 to $5k in one very large buy  When Wall Street gets in we can easily see this kind of movement |
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Nice work. Get a faster printer though |
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I would love to 'attend'. Let me know if there is anything I can do to help organize or promote it
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Although public sentiment to Bitcoin is much more positive these days, I still feel like Bitcoin is seen as 'insecure'. I think over the next year or so, Bitcoin will receive more recognition for its security benefits
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In theory the price shouldn't affect the adoptability of bitcoin, yeah it would be great if it reaches $1000 again any time soon but I think more focus should be put on building services and infrastructure to enable world wide adoption.
In theory it shouldn't. In reality, when the price is sky-rocketing the news reports it and the main-streamers want to buy in |
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What has this got to do with Bitcoin?
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