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Bitcoin is not having a war against anybody. Bitcoin does not give a shit what these people do.
Imagine the man at work, he does not notice the petty squabble of ants around his feet, neither does he care if the red ants or the black ants kill each other first. He just goes on his way. Bitcoin is as this man - the politicians and criminals may squabble back and forth but they make nary a dent in the blockchain before bitcoin flicks them off into the dustbin of history.
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I tried out bitfunder and btct, but have consolidated all my funds over on btct for a couple reasons:
Notifications: with btct I get an email every time I buy, sell or get a dividend. With BitFunder I only knew if my orders had been filled if I load the site, log in, click a couple links to find the transaction history. At the very least a message should show up when you load the site which shows your activity since your last visit.
Charts: Your current charts seem to load slow and do not really give very good information. Instead of having the x-axis have one equally spaced point for each trade, the x-axis should be time and the points should be grouped according to the time.
Minimum withdrawal: I also think this is a bit high, especially since the price of bitcoins went up a factor of ten since you originally set the minimum.
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It does feel like this bubble is wearing off and you can start to see the winners that'll stay for the long term...
Winners: Bitcoin, Namecoin, Litecoin, ripples(maybe). Did I miss any? |
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Would this (theoretically) allow people to deposit and withdraw USD to/from BitStamp via Dwolla? Or does BitStamp's ripple gateway only support BTC?
Yes, that is the idea here. If I set up the gateway, then you would send Dwolla USD to my Dwolla account, I would then send USD/PeterLambert to your ripple account. You could then exchange the USD/PeterLambert for USD/BitStamp (I would set up liquidity within Ripple to allow people to do that 1:1), You could also directly trade the USD/PeterLambert for BTC/BitStamp. You can currently withdraw either USD or BTC from Ripple to BitStamp. Going the other way, anybody who trades to get USD/PeterLambert could send them to me and I would send a Dwolla transaction to their account (or to the account of whoever they want to pay using Dwolla). This would also allow people to easily invest dollars into companies on BitFunder. The whole transaction [Dwolla -> GateWay -> Ripple -> WeExchange -> Bitfunder -> Company] can happen in a couple minutes. I would clarify this with Dwolla though.
Yes, before anybody sets this up they would want to clear it with Dwolla. |
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But they can also be used as a currency similar to bitcoins, and some people are hoping to use that similarity to make money on the chance that XRP prices go up, so the speculators have inflated a huge bubble.
ok 1 - why would ripple want to associate themselves as a currency? they will be shut down in a heart beat 2- so people think that ripple will blow up enough to fulfill 100 billion ripples, and each ripples does 1000 transaction, ok i seriously give up on this 1 - They are making the currency because they think it solves some problems in the ripple system. Their goal is to have many people running the servers so the network will not be subject to government shutdown (sort of like how bitcoin is not afraid of government shutdown). 2 - people are not speculating that the ripple network will be used for 10 quadrillion transactions, they are speculating that the ripples they get will be sellable for more money than they bought them for. The destruction of a very small quantity of ripples over a person's lifetime has less to do with their exuberance than the fact that the total supply is finite (kind of like how people say "there will only ever be 21M bitcoins, therefore bitcoins are deflationary"). What people who are speculating like this are not taking into account is that OpenCoin holds billions of ripples, and anytime they want they can release them and push down the price. It is kind of like how everybody "knows" Satoshi is sitting on like a million bitcoins, and anytime he wants he could flood the market and drop the price. But even if Satoshi does still control all those bitcoins (if he has not lost the private keys for all of them) that is only 10% of the total currency, and once he did it the market would absorb those and just keep going. But Ripples, on the other hand, nobody knows how many have actually been given out and how many the creators are still holding. There is some amount floating around right now, and they are going for about 0.125 mB, OpenCoin could dump enough to double that float, and then double it again, and then double it again, and then double it again, each time crashing the market price of ripples. So, in my opinion, investing in ripples is extremely risky, even more risky than bitcoins. Hope that helped. |
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i'm either being a retard here and i'm missing something or this ripple thing is stupid
ok so
if each ripple is essentially just a transaction, why is the price so high?
there are 100 billion ripples which is basically 100 billion transactions, why do people think that this is a limited amount of ripples which will increase in value when
liberty reserve has only done 55 million transactions in its lifespan
it doesn't make sense unless people actually think that on average the whole population of the human race will end up doing just under 20 transaction each
to invest in ripple is pretty much betting that everyone will use it, everyone
so why is the ripple price going up?
No, no, no, you don't quite get it yet. A ripple is not a transaction, a ripple is 10000 transactions. If ripples were only ever to be used as transaction payments, then you would be correct. But they can also be used as a currency similar to bitcoins, and some people are hoping to use that similarity to make money on the chance that XRP prices go up, so the speculators have inflated a huge bubble. |
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So I was wondering if anybody would be interested in using a gateway for moving between Dwolla and Ripple? I thought of this after selling some of the free XRP I got in the giveaway, the money trail went something like this:
Ripple XRP --> Ripple BTC/bitstamp --> Bitstamp BTC --> CampBX BTC --> CampBX USD --> Dwolla USD --> my bank
We could cut out a few steps by setting up a gateway with a Dwolla account, then the transfer would go:
Ripple XRP --> Ripple USD/MyGateway --> Dwolla USD --> my bank
This seems like it would be a nice way to connect Dwolla to the Ripple network.
I am not sure if the person running this would have to be licensed as a US money-servicing business(MSB)? They would also want to clear it with Dwolla as well.
Any thoughts or ideas?
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Maybe not everybody updated?
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Could we fix the typo in the thread title please?
It is quite possible that the price could dip down into double digits. Bitcoins are currently inflating at over 10% per year, that is a great reason for the price to go down.
Price seems to be correlated with adoption. If a bunch of people get tired of bitcoin or move onto something else the price could plummet. Down past 90 is only a 30% drop in price. Looking at the historical price chart that seems perfectly feasible.
That is not to say I personally think double digits are probable, but I admit they are a possibility. I think the most probable movement is a very slow rise over the next few months, we might get up to 150 by the end of the year.
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People who want to get coin have 2 choices, either mine or buy.
You forgot the other ways to get bitcoins: work for them or scam other people for them. |
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As said one million times. BTC act much more like a commodity.
I believe something else will compliment BTC in the future. BTC being the gold to save, something else being the cash to spend.
But why would anyone abandon the existing Gold/Silver etc for Bitcoin if it acts as a commodity only? Bitcoin is better than gold. Try to buy some gold today and sell it in a month. When you buy it you have to pay over spot price and when you sell it you get back under spot price, this can be several percentage points, losing more money than just holding inflating USD. Buy bitcoin and sell it in a month, you might pay 0.5% transaction fee at the exchange, or if you are a bit more patient put in a limit order and get it a bit below spot price and sell it a bit above spot price. |
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Are we allowed multiple entries?
Yes, you can enter multiple entries. I will update rules. @SgtSpike: You forgot to add a bitcoin address. @acs26: You call that happy? It is downright depressing! |
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it ends when people stop buying them. So far that hasn't really happened, especially with cryptsy now out there.
You mean people are actually buying these crap coins? I guess there are people willing to gamble on anything.  |
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Go to Economics subforum. Look at the top of the list, there are two stickied threads about deflation. Read them please.
Nobody knows if the price will go up tomorrow. Bitcoins are currently inflating at over 10% per year. The price could slide down to 0 if nobody wants any bitcoins.
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Hey Everybody, let's try something different!
The contest is over now, but you can still post your poems with an address. Send tips to the poems you like.
Poetry Contest
How creative and poetic can you be, BitcoinTalk? Post your poems for a chance to win at least 100 mB!
Make them happy, make them sad, write about bitcoins or write about something different, just write a poem, post it in this thread and you will be entered to win the grand prize.
Rules:
The Overall Best Poem will win the prize of 100 mB (0.1 bitcoin) (plus any tips from other readers). Depending on submissions, additional prize categories may be added (funniest, most eloquent, best love poem, most creative, etc.)
I will select my favorite submission in one week, so the judging will happen on Thursday, June 6th 2013. Anything posted by the time I read to the end of the thread will be eligible to win.
Judging will be done by me. Posting of a poem shall constitute acceptance of these terms and nobody is allowed to complain about my choice of winner.
Poems must be your own original work.
Multiple entries are allowed, but users will only be eligible to win in one category.
Poems can be in any form, language, whatever you want. I only read English, so I doubt any other language will win, but you can go ahead an post it if you really want.
Along with your poem, post a bitcoin address. Anybody who likes may send tips to the poems they like. Tips sent will in no way affect the selection of the prize winner.
If you would like to help fund this or future contests, send bitcoin donations to: 1HboPPSM9UDanTm75Q1LY6W7bNjnv8gzHP
---
If you start reading this thread after the prize date, you can still contribute and possibly receive tips if your poem is good.
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BitFunder.com
BTCT.co
MPEX.co
bitmit.net
bitcointalk.org - I have bought stuff in the marketplace section or sold services.
bitbet.us
satoshidice.com
bitvps.com
namecheap.com
wordpress.org
Some of these sites even have volumes on them so you can see how much people are actually using bitcoins.
Oh yeah, I almost forgot the Silk Road, but I don't have their website memorized, you can find it somewhere on the TOR network.
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Just thought I'd ask some opinions- could companies who are not directly involved in mining or developing bitcoin infrastructure raise capital on bitcoin exchanges? I mean, if a company had considerable bitcoin denominated assets and was actively engaged in growing the bitcoin ecosystem, could it trade on bitcoin exchanges? Would there be investors who would invest in such companies?
I ask because it seems like most of the stock being traded on bitcoin exchanges are mining bonds, and I don't see how these can be good long term investments considering the continually increasing difficulty. I know a bunch of fiat is being put into bitcoin startups right now, but I am not seeing any really solid companies that are soliciting bitcoin from investors. I guess this is really only relevant for people like me who have no interest in holding wealth in fiat and still want to make medium to long term investments in non-mining businesses. I am sort of envisioning bitcoin exchanges as forming a parallel economy that can minimize our contact with "old world" of dollars and euros. It's my personal belief that it is more beneficial to everyone if wealth moves, and I don't want to hoard bitcoins hoping that the value will go up- I want to use them to support meaningful businesses that are in line with my political and philosophical ideals, regardless if the value goes up or down.
Maybe someone in this forum can point me towards such opportunities, because it seems like the venture capitalists with the really big money are getting all the action right now. Are there any crowdfunding platforms that are working with bitcoins?
Clearly you need to do more reading if you think only mining securities are valid. Take a look at what is offered on MPEx: two gambling sites and a stock/option exchange. No mining assets. If you look carefully at BTCT.co, you will find some non-mining assets there. The AsicMiner thing is kind of an exception to mining, because they are actually making the hardware (and selling it), so mining is only a portion of the company. You can also look at BitVPS, BTC-BOND, ESECURITYSABTC, and GOLD as other non-mining assets (also, the pass-throughs to the MPEx assets). There are others on BitFunder as well, and I think IBB listed on CryptoStocks. Of course, be very careful and do your own research before investing into anything. The reason there are so many mining assets is because they are easy to set up and can be quite lucrative for the operator, basically they are having people buy them a mining rig for free. Wether they are actually good for investors can be debated. |
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Sounds like somebody was reading something backwards and thought the address was getting money from satoshidice, when in fact they were sending to satoshidice and losing. FUD fail. |
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I found this poll very telling. http://www.talkgold.com/forum/r391492-.htmlLiberty Reserve is just the latest in a string of centralized operations which has gone down due to the fragile nature of a central authority. When asking which system will replace LR. Of the six options only Bitcoin is decentralized and it only has 22% of the vote. I guess when the next central authority, and the next one after that and the next one after that fails then "maybe" the masses will realize that any central authority no matter how well run is fundamentally flawed. From the comments there: What's needed is a instant transfer, non-reversible, simple enough processor interface similar to LR, but running on an open source software/peer network basis like Bitcoin. Is anything like a peer to peer-based stable processor around? Or an open source script/plugin for Bitcoin that could emulate the simplicity of LR transactions between direct parties, using the already existing Bitcoin system? Sounds like he is looking for Ripple? Bit Coin will get the place. The network is decentralized and it is not possible to seized.
The big problem : it is not user friendly as LR, and because of that most people will confuse. Besides, the price are very high.
I don't think he understands the difference between price (the price on one unit does not matter) and fees, which are quite low for Bitcoin. |
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Bearish price indicator: (You may want to dig deeper to get actual statistical data)
As Ripple gains wider acceptance and usage, it will increase the M2 monetary base of bitcoins (that is, M1 is what is on the blockchain, M2 is M1 + all credit accounts denominated in bitcoins (Not sure if I am using the right M#s, somebody could check that?)), the rising money supply will decrease the price.
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