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Your "experiment" won't be that accurate because you are asking lenders to lend to a complete unknown. Few will do that compared to other situations.
Give us a name and address, facebook account. Prove FB by posting "bitcoin hunger games" on your wall.
Or prove you control a bunch of coins.
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If the market is so bullish right now, how do you explain the bid/ask distribution?
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The exact timings and wordings here are fascinating... as an uninvolved observer I think that people who both invested in Pirate and hedged with Matthew had better find each other, figure out how much is outstanding, and figure out how to hold the line. Or you'll get a double-tap as Pirate buys back your debt at pennies on the BTC and Matthew walks off with a technical win on the bet.
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when you say risky, i assume you mean from a gov't attack or attempt at making Bitcoin illegal. read this guy blogdial, one of my favorites: http://irdial.com/blogdial/ here's my favorite quote: "Bitcoin will see regulation as damage and it will route around it." I agree that bitcoin should resist gov attacks, or attempts to make it illegal. Depends which/how much gov, but I'm confident with that. But be realistic, it would hurt the price a LOT. Other risks I see is hacks. How confident are you that you'll NEVER get hacked ? Trust me, it's not as easy as it sounds. I have a master degree in computer science, though not an expert in security, and I know it's definitely possible. Stuxnet was a good example that any computer, connected or not to the Internet, is a reachable target. And the higher the btc price go, the more exposed early adopters will be. You can use paper wallets, etc to put your bitcoins "offline" (with the only "online" risk being a crypto-crack). I've heard about deflationary fears, but I just don't get why there is this concern what with the QEs etc. Is it because people are paying down mortgage debt and foreigners are hoarding USD? What about all the govt debt? Is there really any forecasting services that can accurately estimate how much debt people will retire? Thx! |
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I think he's saying that the cost of a BTC * number of BTC has to be higher than the operating costs of the exchange and that as volumes increase this operating cost also increases.
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Cut the caffeine!!!  I think you traders are faking yourselves out here... I see no 100, 60 or even 40k gox sell, just some jumpy traders dumping on the smallest rumor. |
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...thank you for that infomercial on the dangers of Ponzis, HYIPs and in general any opaque-too-good-to-be-true investement. Now back to our regularly scheduled program... a PBS documentary showing what happens when unbacked, unlimited, chargebackable, provinicial currencies meet a cryptographically secured, limited, one-way, global currency. Its gonna be an epic show |
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last output transactions was binary encoded messages eventually? take a look!
0.01010101 = 01010101 = "U"
Those were sent to the address... someone's just screwing around. Today somebody sent 0.00001337 BTC. yeah, message is finished. special end sign!  Except the binary codes all came from the same address, and were close together. The leet transaction was a few days later from a different address. Likely not the same sender. starts with "So Ilong " 0.001 = [space] EDIT: message is "So long and thanks for all the fish..ENITLAVO RUOY KNIRD OT ERUS EBMOC.YRTNAPCTBSNIOCTIKCIUQ " unfortunately the important part is encoded!!  update two messages: 1. message "So long and thanks for all the fish. 2. message " QUICK IT COINS BTC PANTR. COM BE SURE TO DRINK YOUR OVALTINE." Be sure to drink your ovaltine is probably a reference to: http://en.wikipedia.org/wiki/A_Christmas_Story |
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I think it means that whoever was putting up those huge ask walls a few weeks ago is now a script kiddie
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tick tick tick... nobody is budging until pirate makes his move and time is running out!
apparently he started to pay back few small accounts, but i cant seem to find anyone confirming that There is atleast one confirmation in the paid back thread. The payment however came from GPumax mined coins and not the BTST fund so sadly it does little to quell either side of the 'debate'. http://blockchain.info/address/1PSf86KnLuzM7Ris5kDhTEZwooR3p2iyfVmoney came from there I know about these tiddlywinks... I'm referring to the market as a whole. My guess as to the "stability" at just under 10 is that everybody is waiting for pirate. Buyers are waiting because they think he may attempt to crash the market. Sellers...well I dunno... ask side is steeper then its been in a long time but for some reason is not moving. Could "someone" be a big part of that ask sawtooth pattern? |
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tick tick tick... nobody is budging until pirate makes his move and time is running out!
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Seems very interesting!
But it sounds like the balance is not held in BTC which is not optimal. If the conversion happened upon demand the card holder could keep his/her "checking" account in bitcoin. However, if you guys are true to your namesake and the card can be instantly "loaded" then its not too bad, the card holder could just estimate the cost of groceries et al and load the card just prior to checkout from a phone wallet.
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It's really difficult to reduce the volatility when we can't move USD in and out of the market very quickly. The same goes for arbitrage. These drops wouldn't be so bad if it didn't take days for people to move fiat into the system to establish a floor. Otherwise, we need more people with big pockets to keep fiat floating on the exchanges doing nothing, just waiting for a big drop.
Its not deep pocketed players we need for that but exchanges we trust to not get hacked... |
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S&P and Moody's entire business model is easily corruptible. They are Banana Republic ratings agencies, and I hope that individual investors continue to realize what a sham they are (they are regularly paid the companies whose securities and debt they rate).
Egan Jones is more like the business model I would be looking to bring to Bitcoin. In my book, those guys are heroes. They have been around for a long time, and remain uncorrupted against their alleged competition, because of the business model that they chose to adopt (i.e. their business model is buy-side driven, whereas the other ratings agencies are sell-side funded). The investing public can petition us to rate a security, and I can contact the security issuer and tell them that I have a bunch of investors lined up, but they want to see more than a business prospectus and feel-good idea. Investors wouldn't have to pay for the rating unless the business or individual agreed to be rated. There are other services I will be offering in conjunction to a straight ratings agency that will provide investors with some insurance against scamming and poor business models.
This is where many scammers will fade away. A lot of them can talk a good game, but if someone were to go through and dissect their operations, the holes are pretty obvious (If I were asked to rate Pirate, for example...). If they refused to allow their business to be rated, I would actually post up on our ratings page that the business in question issued a refusal or we received no response from them, including screenshots of the conversation, if applicable. Our ratings would be based on whether an investor or buyer would be able to obtain any sort of recourse in the event of a collapse or fraud, on top of the potential gains/losses from operations, and whether the business idea really is a good and viable one.
This still seems like a traditional ratings agency to me. And potentially limited by opinion "whether the business idea really is a good and viable one". But you are certainly correct that anonymity has been a bit of an Achilles heel for legal uses of bitcoin. It is very important that the underlying protocol support pseudo-anonymous transactions but just because the capability is there does not mean that you as a business *SHOULD* be anonymous. I have been thinking about this a lot and about how the unique properties of bitcoin can be applied to the problem. While traditional expert-opinion based ratings will always be a part of the equation, you may want to consider the advantages the bitcoin system offers and provide services on top of that for cooperating companies. As a simple example, it should be possible to generate real-time P&L statements instead of annual/quarterly if a company is willing to divulge its addresses. Bitcoin and the open company http://effluviaofascatteredmind.blogspot.com/2009/03/thoughts-on-gpl-open-company-concept.html concept seem to go hand in hand. And it would be possible to put an overlay database and network protocol on top of the blockchain data -- for example one that allows users to "rate" blockchain transactions. As in all ratings systems this sort of network is hamstrung by the same authenticity issue that is elegantly solved by proof of work in the blockchain. What I mean is that it would be very easy for someone to create N addresses and M artificial transactions to create artificial ratings. However, there are many methods that can be used to ferret out these fakes. For example, a network analysis ought to show a scale property whereas the greater bitcoin blockchain network may have different topology. Additionally, ratings could be weighted by metrics calculated from the rater's prior activities -- for example "bitcoin days" (loosely: account balance * time you've held them), how long the rater has been active, transactions to other well-known companies, and the rater's own rating. A combination of these techniques might be used in conjunction to produce a pretty accurate analysis. And finally, companies who are not willing to provide complete disclosure could register with essentially an "information escrow" service, providing only that company detailed information. Then that "trusted" 3rd party (that would be your company) could perform the real-time calculations, providing the public with details like daily/weekly money flows (and customer ratings) but every specific rating/transaction would remain private. |
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Very few newbies are tolerating the hours required to download and verify an entire blockchain. There are lite clients but look: http://www.google.com/search?q=bitcoinNobody sees them when they first google Bitcoin. They just get the bad client that is on bitcoin.org. Until users google Bitcoin and get an easy-to-use experience, Bitcoin sales will be slow and the price will not go above $15. I am a quick learner but it still took me forever to figure Bitcoin out. Now I see why my client wants to invest in the currency but, still, the software sucks. Yes, "marketing" will always be an issue because first off "bitcoin" doesn't get 2.7% of every txn so there is no money for it. And secondly, putting a light client on the bitcoin.org page would be kind of like the FED endorsing visa vs. mastercard -- the currency should not endorse a particular vendor solution. Regardless, thanks for your persistence! Are you an investment advisor? How did your client learn about bitcoin? |
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amazing how a small purchase of 500 btc, as in got to have them right now, will push the price up such a nice little bump percentage wise.
(too lazy to do the math. i guess 3%)
Sure, but the price isn't moving in that direction. not....yet  Eventually, sure. But we're probably at the early stages of a major correction that will last for months. Retouching $2 is still not out of the question. I hope others are appreciating the irony of Proudhon's bear being up for the ENTIRE BULL market, and now what one DAY after he changes it we have either a major correction or the start of a bear market! Its a new contrarian indicator! |
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, thx for the correction!
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That will be some major slippage! Probably selling now would make sense, but I'm going to hold tight because I'm in for the long haul... On the bright side, this guy just transferred 1M valued in USD and it cost him 0.01022427 BTC or about 10 cents. Beat that, banks! |
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Is taking off again! $200k to $6 atm. Haven't seen that in months. In fact, the entire orderbook is looking like December... I wonder where this one stops. $10 anyone? looks like it took a pause after getting to $15.40 Stage separation |
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possibly he had already bought the mining equipment. At that point there is very little choice. Unless you think "dollar loss" means that operating expenses > BTC mined...
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