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kinda like paypal in its early days.
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$24  Wait, I thought 23.99 was stated to be the final top? How is this possible?  ridgemont is an idiot? |
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i never used to watch this thread. but then i realized how fun it is.  |
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Seth gave a great list of good developments for bitcoin. Now obviously not all bitcoin projects will succeed (I'd bet against Coinbase and the bitcard), but that is true of any economy. So long as enough projects succeed, bitcoin may be in good hands.
In the past bear market, I thought that there was a good chance (say 1/10) that BTC could go down to zero. I felt that the bear market would cause people to lose so much money that the community would be destroyed and it wouldn't recover. However now it is pretty clear that won't happen.
I'm still skeptical because with a market cap of $250 million, if we have a money velocity of 4 - then we should we be doing $1 billion (or 43 million BTC) in trade each year. I don't see that happening yet. Instead we have a lot of money sitting around and speculation that doesn't do anyone good.
i don't agree. at this stage of the game, its important to have a smoothly rising price from speculation to encourage more merchants to enter the fray. i don't understand why alot of ppl expect/expected Bitcoin to have all elements of a successful new currency in place from day one. its an evolutionary process of which all the components will come together with time.
I'm not sure what monetary velocity makes sense. If BTC was mature, my guess is the velocity would be 4-10 (as it is easy to transfer). However in an immature and rapid growth economy you just need to have an expectation that the velocity will reach 4+ in the near future.
...
Another possible cause for a BTC price decline is that interest rates in developed economies could return to historical levels thus encouraging investors to move their money from BTC into bonds that provide a low-risk and positive rate of return. Currently if you have your money in a US bank or ten year treasury you get paid less than the inflation rate (and lose even more money after taxes).
it seems to me you're out of step with one component of that process. for interest rates to rise, bonds have to sell off, liberating a huge sum of fiat money. where might that go? a good chunk of that could go to Bitcoin to fuel further price rises. of course, at some point, as the Bitcoin prices and interest rates top out together, then you might get the shift back into bonds from Bitcoin. but that could be a long time from now and at much higher Bitcoin prices. |
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Beware, WalletBit will also take a 0.89% fee for a simple deposit of BTC in a wallet hosted on their server !
yes, and they contributed to jacking up my attempted pre-order of batch #2 for an Avalon b/c of a site malfunction after getting up at the crack of dawn. seriously pissed me off. Dum(b)as BitPay charges 0.99%. I don't see anyone complaining about that... cypherdoc The Avalon pre-orders from Saturday can be completed and you can preserve your place in the order queue but Avalon has decided its only fair if you pay the same as everyone else paid at the time. This has nothing to do with WalletBit but I do agree its fair. Refunds have been offered to anyone who doesn't want to pay the same as everyone else and you can have an equal chance to compete for orders once they open again. If you don't like it, then you need help beyond what anyone here can offer. i don't understand what this means. i'm happy to pay the $1500 per Avalon if i only could. but most ppl were getting charged $15 that morning. some decided to consider it a deposit but most like me were confused and decided not to pay an incorrect amount for fear of losing it into a black hole which given how the order process was so screwed up is not an unreasonable action. are you saying my order is still in the queue and available for me to reserve with a full payment? |
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I find the best way to introduce it to new businesses is as a new payment network.
The Bitcoin network is one that provides secure transactions anywhere in the world with (virtually) no chargeback risk. It is revolutionary because it allows anyone to create an application, wallet or tool within the network. That will in turn work with anything else in the Bitcoin network without any restriction. It uses digital tokens called Bitcoins which can't be counterfeited and get their value from their scarcity.
Another big advantage is the built in identity protection. When you are making payments through traditional payment networks the act of making payment exposes you to the risk of fraud. If I was to display my credit card number it would most certainly be compromised and my identity could be stolen. Bitcoin addresses are secured with banking level security (don't bother explaining SHA-256 unless they ask) so they can be displayed with zero risk of being compromised.
Why should they care about some digital token payment network they might wonder? The best part is they don't have to because companies such as WalletBit provide seamless integration into their business. We for example provide automatic risk free conversion to local currency for as low as 2.75%. It doesn't cost them anything to get started and they don't need any special equipment (think credit card machines, etc).
That is at least the general approach I take.
Beware, WalletBit will also take a 0.89% fee for a simple deposit of BTC in a wallet hosted on their server !
I would NOT recommend doing business with them. yes, and they contributed to jacking up my attempted pre-order of batch #2 for an Avalon b/c of a site malfunction after getting up at the crack of dawn. seriously pissed me off. |
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The biggest BTC bear has to be pirateat40; however he defaulted on his massive BTC short position six months ago.
I posted this in mid-July. Within two months the bear pirateat40 (well, more likely his business and trading strategy) had been shot, skinned, gutted, grilled and eaten for lunch. and look at my post, right under the OP. overpay? |
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how can there be bears in this market? look at the past year for bitcoin
bears are only bears for several reasons,
1) they follow bitcoin and have no money so hate the fact that others are gaining from it,
2) bad at trading and always make losing decisions while holding their position would have yielded more profit,
3) want to buy in at a lower price
not to discredit lucif i dont follow his line graphing i just think the whole idea of it is bogus my image is just someone throwing darts around the current price and then connecting the dots after the fact and then relaying that information on, same premise of line graphing, Fortune telling and we all know how real Ms.Cleo was at the low low price of 1 dollar per minute
also agree with the post above for credible bears there are none cause how can you have lost within the bitcoin market if you bought 1 year ago and buried your laptop in the workroom and then come back today to find out its 10X its value?
in relation to the article,
DOJ did a very good job at stopping torrenting and peer to peer file sharing im sure bitcoin will be as easy to put out, Ban BTC in the USA? its going to take a friggen century to get something like that passed as a serious law considering it takes simple ones decades,
Price to 0? Sure thats definitely possible as well.. considering some of the most profitable businesses in BTC are only raking in serious money and are not just making their livelihood off bitcoin, as long as people rely on BTC as part of their income the price will be above 0.00
This article seems to contradict the statement of yours that I've bolded: http://torrentfreak.com/bittorrent-traffic-increases-40-in-half-a-year-121107/I doubt that tactic would be successful edit: Unless I misunderstood and you were being sarcastic have you ever heard of sarcasm? |
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yes
lucif
proudhon
adam
ElectricMucus
sublime
i'm probably missing a few.
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Currency de-valuation means de-valued relative to other currencies. It doesn't affect people who deal only in that currency beyond the price of imports going up.
That doesn't sound quite right. Taking the idea to its logical conclusion, if there was a single one-world currency its issuer could simply print trillions of it every day and it wouldn't affect the people one bit because they're all inside the currency bubble and there are no imports. Devaluation can also mean relative to commodities, in which case you can argue that since marginal productivity stays the same in real terms wages would stay the same in real terms, and so it basically would be equivalent to a tax on savings plus partial debt jubilee. In reality, it's usually somewhere in between the two scenarios. Mike is incorrect b/c he doesn't take into account how ppl who have control of the devaluation process (the Fed and banksters) take advantage of the printing press for their own gains at the expense of others who are forced to use that same currency. b/c they have unfair knowledge as to when, to what extent the QE's take place, as well as first access to the free money, the devaluation process is unfair to non financial sectors and creates distortions in risk assets (stocks, bonds). this knowledge comes from the fact that they know the Fed will always be there to bail them out. only recently, with the advent of the internet and communication, has some of the populace caught on to these shenanigans. to a conservative, rational thinking investor, these acts would appear mind boggling. all you have to do is look at the suppression of Libor as just one example. the major intl banks artificially suppressed interest rates to take advantage of those who correctly reasoned that the at risk assets were overvalued and therefore sold or shorted these assets to protect themselves. but by further driving up the value of these risky debt assets with the continued suppression of Libor interest rates via currency devaluations they created heretofor unimaginable distortions in the prices of these dodgy asset. they thus pushed losses onto other parties instead of taking them themselves. they made huge amounts doing this. there are numerous examples where this is being done which is why you're seeing ppl dive into Bitcoin. |
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the silverbox update (comparison from the beginning of this thread):
Bitcoin: +342%
Gold: -1%
GPL: -23% silverbox long
Diff: +343% advantage Bitcoin and growing
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Bourne need to hide his money in a swiss bank account, but you only need to hide your asset in a mini private key, and even better a brain wallet password Bourne would've just memorized the whole private key (they're not that long, anyways). go ahead, tell me that you have your's memorized. i'd be impressed. |
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don't be scared; be happy.
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