Another is not quite ready yet, but when the payment protocol work Gavin is doing completes, you could drop the messaging micropayments and use real messages (with words!). A public commitment to do that work when it's feasible would be great to see.
Would this allow people to send a message without having any payment along with it? |
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I think the buyers will take the opportunity to buy at this stage. We could see a mini-runup to about 11-12 during the weekend, even higher, as the sellers cannot easily respond due to the bank holiday.
Smashing the supposed support of 10 for good, will not take more than 1-2 weeks, imo. It will offer an ultimate resistance to the price during any subsequent dead cat bounces later down the road.
Looking at the past few price changes, I think we might see a spike back to 13 just before the price drops below 10. See that? Do you see that? The price just spiked up to 13.3, just like I said it would! Am I amazing or what? Yeah, you are so amazing. Although it was particular to the big one. In other exchanges 13 wasn't breached, and it didn't give support anyway. Now we are back to 11, because the cold-blooded panic sellers have again taken the upper ground. My asks were filled and I am happy. I guess since it did not yet drop below 10 my prediction was only half correct.  |
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If yes then they have to register as MSB or how? at Federal level or/and each state level too? or how?
There are not very many companies that are registered as money transmitters. Western Union, Moneygram, Amazon Payments, ADP Payroll, Blackhawk network (gift card issuer), Google Payments, Green Dot (Moneypak issuer), PayPal, Sigue (took over money transmitting role for Coinstar), Skrill (Moneybookers issuer), Travelex (travel foreign currency exchange), Xoom. (and maybe a dozen smaller names as well.) The reason so few are money transmitters is because each state has its own laws, many require bonding or minimum capital requirements, etc. - http://www.law.cornell.edu/wex/table_financiali.e., don't expect any "redeemable code" issuers like Mt. Gox, AurumXChange/VouchX, BITSTAMP, BTC-E, etc, to become licensed money transmitters. And if any then do happen to become licensed, then don't expect the instrument to be used anonymously for amounts larger than the $500 range. I would think these MtGox codes would fall under the same situation as a gift code. Almost every retailer around the country issues gift cards, they are not all registered as money transmiting businesses. Why would MtGox be any different? |
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Down we go some more, we hit 10.5 today. Those single digits are just calling to us, who wants to push the price down that last little bit?
I think the buyers will take the opportunity to buy at this stage. We could see a mini-runup to about 11-12 during the weekend, even higher, as the sellers cannot easily respond due to the bank holiday. Smashing the supposed support of 10 for good, will not take more than 1-2 weeks, imo. It will offer an ultimate resistance to the price during any subsequent dead cat bounces later down the road. Looking at the past few price changes, I think we might see a spike back to 13 just before the price drops below 10. See that? Do you see that? The price just spiked up to 13.3, just like I said it would! Am I amazing or what? |
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You could buy stuff at websites like bitmit.net (sor of like a bitcoin Ebay)
You could invest in companies at one of the bitcoin stock exchanges (mpex.us, btct.co, bitfunder.com, etc)
If you have a friend who you owe money to you could ask them if they will take it in BTC.
Or you could just use bitcoins as a method of storing your savings. Put money into bitcoin now, then later if nobody is selling what you want for bitcoins then you just exchange them back into USD or whatever currency people are using. It is a better financial strategy to save up for things instead of buying them using credit now.
You could use bitcoins to bet at sites like bitbet.us
Or just use them for speculation! The bitcoin market is one of the most volatile markets around, if you know what you are doing you could make a bunch of money trading them!
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There are about 0.0015 BTC per human being on this planet at this time. Therefore, by buying 1 BTC you are depriving 666 human beings from owning their fair share of bitcoins. Evilness of those who hoard thousands of BTC is simply despicable. Mu-ha-ha.
I am not depriving anybody of anything. They can buy those mB (millibits) from me later on. |
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One bitcoin is currently about enough to buy one barrel of oil.
1 mB (one millibit) is about equal to one US dime.
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And "millie" is certainly easier to say than "bee-tee-em", much as the latter's grown on me.  I don't get the logic for BTM. mBTC sounds way simpeler to me. Bitmill sounds easier to say IMO. "Millicoin" I still like milliBits, I am going to abreviate them mB from now on. Who is with me? The USD currently sells for about 10.5 mB. |
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This whole double spend at a POS thing... not exactly the easiest thing to do, surely?
I mean, your standing there at the cashier paying for your coffee and at the exact same instant, you spend the money elsewhere. How whould you even do that?
Right. The person would literally have to be sending out a transaction to other nodes at the exact same time the sent out the transaction to a node you see. I think if you wait a couple seconds and watch the person, you should be pretty safe. If somebody is able to go through the effort of programming a custom client that simultaneously broadcasts transactions to multiple points in the network, they would not expose their creation for just a couple dollars worth of possible profit. There are other, more profitable ways in which they could direct their energy. |
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What aspecially amazing about this article...
CTRL+F -> drugs -> 0 Results
CTRL+F -> weapons -> 0 Results
CTRL+F -> silkroad-> 0 Results
CTRL+F -> criminals -> 0 Results
CTRL+F -> launder -> 0 Results
There is a sort of offhanded reference to being able to do illegal things near the end of the article, but he pretty much glosses over that aspect of bitcoins. |
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I just never liked the name Bitcoin. Its one of those words that gets old fast and ever more irritating, like moist. Adding geeky metric prefixes doesn't help. Can't we tap into scifi literature for better names for these denominations? Even Quatloos has a better ring to it! Maybe it's just me.
Yep, it's just you  |
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This is a misunderstanding of the rules of probability. For systems like this, past results have no bearing on future results. The expected profits for April are not related to what happens in March. (With the caveat here that since this is a business things are a bit different. If we actually get a loss for the month, then that would be carried forward into April, but if it just breaks even then April is unaffected.)
To get a better grasp of this, lets assume that when you have a child you have an equal probability of having a boy or a girl. I already have two girls, what is the probability that my next child will be a boy?
Answer: The probability of having a boy is 50%, the same as it was for the first child.
Of course statistically this is known as the Gambler's Fallacy. Yes we could stay above expected profit forever since each win/loss is independent. We could also stay below the expected profit for an infinite amount of time. As a practical matter expecting a large amount of independent die roles to ultimately be closer to the expected probabilistic outcome rather than further is how all casinos generate money and long term why you can't beat the house. In the long run profit will return to the expected value based on expected probabilities. You are still wrong. One does not expect the future outcome to trend back toward the expected value set several months ago, one expects the future outcome to follow the trend line starting at today. As an example, lets say we are going to flip a coin 20 times. At this point we predict 10 heads, 10 tails. We then flip the coin ten times, and despite probability we end up with 10 heads. What you are saying is that you expect the next 10 coins to come up tails, putting us at the original expectation. What I am saying is that for the next 10 coins I expect 5 heads and 5 tails, so my new expectation is we will end up at 15 heads and 5 tails overall. |
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Why is the price dropping so much? The dividend from the last two months decreased but not by that much
Because there will be no profits this month, which means no dividends. Price will probably fall below .003 where can we follow current monthly profit/loss? Dooglus usually does daily updates here: https://bitcointalk.org/index.php?topic=80312.1080Even though the month is flat, we're still above the statistically expected profit overall, so we might be in for a few more flat months. This is a misunderstanding of the rules of probability. For systems like this, past results have no bearing on future results. The expected profits for April are not related to what happens in March. (With the caveat here that since this is a business things are a bit different. If we actually get a loss for the month, then that would be carried forward into April, but if it just breaks even then April is unaffected.) To get a better grasp of this, lets assume that when you have a child you have an equal probability of having a boy or a girl. I already have two girls, what is the probability that my next child will be a boy? Answer: The probability of having a boy is 50%, the same as it was for the first child. |
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100 BCT = 1 BTC
Are you trying to have all the dyslexic people loose all their money? I never liked BTC (we should be using the abbreviation XBC) but BCT is just plain horrible. |
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This is a serious question, and honestly I need a serious logical answer to this.
The run up in price was attributed to the Euro Disaster.
However, is it possible... that SOME of the increase in price is due to Sanctions on Iran or North Korea or Both? In other words is it possible that some politician is going to stand up demand super regulation because he or she believes (or pretends to believe) that this is due to bypassing of sanctions, next thing you know we as the bitcoin community are being blamed for nuclear weapons?
It's an honest question. I am just looking forward into potential threats, and this one sits high on my list.
The think in Cyprus didn't really kick in until the price had already started rising, so there must have been something before that. I highly doubt there are many people in either Iran or North Korea using bitcoins to circumvent sanctions. However, politicians never let facts get in the way of their agendas, so I would give it above 99% chance that at some point within the next couple years some politician in the US is going to mention bitcoins and sanctions in the same sentence, just like some US senator already conflated bitcoins and Silk Road. |
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Down we go some more, we hit 10.5 today. Those single digits are just calling to us, who wants to push the price down that last little bit?
I think the buyers will take the opportunity to buy at this stage. We could see a mini-runup to about 11-12 during the weekend, even higher, as the sellers cannot easily respond due to the bank holiday. Smashing the supposed support of 10 for good, will not take more than 1-2 weeks, imo. It will offer an ultimate resistance to the price during any subsequent dead cat bounces later down the road. Looking at the past few price changes, I think we might see a spike back to 13 just before the price drops below 10. |
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Is $70 the new $12?
Are we stable around $70? Or do you feel the price will drop off again? Or perhaps this is a stepping stone, and It will break new records this week?
Just curious what others thoughts are..
I think $70 is the new $8. Remember back in 2011 when the price rose to $8 and sat there a day, everybody thought it had peaked, but then it jumped again? |
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Down we go some more, we hit 10.5 today. Those single digits are just calling to us, who wants to push the price down that last little bit?
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And "millie" is certainly easier to say than "bee-tee-em", much as the latter's grown on me. I don't get the logic for BTM. mBTC sounds way simpeler to me. BTM is 3 letters mBTC is 4. Bitmill is easy to say, and many sites already incorporate it - it also is precisely the same thing but less scary for non-metric familiar users. IMHO the bitmill/BTM is here to stay We don't say Litermill or metermill, it is milliliter and millimeter. The best way to do it is say millibit, or officially, the millibitcoin. The abreviation could be changed to mB if you think mBTC is too long. |
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Just to give us something to compare to, I looked up the financial statement of Visa: If I am reading it right, in 2012 they had expenses of 2.47 billion dollars, revenue of 10.42 billion dollars, leaving 7.95 billion dollars profits. http://www.marketwatch.com/investing/stock/v/financialsThe 118 million per year to miners seems like a lot for a network so much smaller than Visa? I would be surprised if bitcoin was 1% as big as the Visa network, anybody know a good way to measure it? There can't be a accurate comparison until the transaction fees are the primary source of income for the miners. At the moment all income is skewed because of the mining reward being mostly about the Bitcoin release still. Work out how much is coming in per day/year from the transaction fee and then compare to VISA. Right, the revenue of VISA should be compared with the amount miners get from the transaction fee. A better comparison would be to compare the block reward to the amount all the banks around the world spend each day on their computer systems and security systems. Any idea how to estimate that amount? |
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