Poked around and set up an account. The "Pay Now With Bitcoin" button is there -- but for some reason it didn't work for me. I sent them a note about it, might be just some implementation kinks they have to iron out. It would be pretty cool to buy restaurant food with bitcoin - the higher the BTC price goes, the less bitcoins I spend! I'm sure at even these levels you could feed yourself pretty well with 1 BTC. (~$93.00 as of this post.)One hell of a way to fight food inflation  |
|
|
|
|
My guess is the Yen implodes first, then the debt-contagion rattles around the world with stops at all the major financial centers.
I think May the fireworks start for the US Equities - and beyond the standard "Sell in May and go away" investment truism.
Just call it a hunch...
|
|
|
|
|
The cost of making one dollar or one us-minted coin is not equivalent to a miner running until they find a block.
Your core assumptions and math are deeply flawed, especially in light of ASICs, which pull ~600 Watts and churn out more blocks than their predecessors, GPUs.
Bitcoin is the currency of the future, not the currency of a fantasy-novel.
|
|
|
|
Here's a spoof site I created to demonstrate what these scams usually look like: http://www.dinkypage.com/165306It uses the common red bolded fonts - crazy claims and usual devices like limited time, etc... Doesn't look much different than the short-con that is being run here. If you see anything like that, it is a sign to run away. |
|
|
|
|
This is much like the ad-copy one finds for guaranteed trading systems and never-fail "indicators" that are sold to newbie traders. The promise of profits, ease-of-learning and "autopilot" earnings with zero effort. The problem with this is, if it was worth that much - why even sell it?
I don't buy the "500 people using it won't affect me" crap, either. That is also a common line used to rationalize the "value" of the system while still maintaining that it is unique and "special".
It isn't. If it really worked, you'd get a few trusted people to slam the hell out of this technique and share the spoils - not schlepping your "product" with large bold red fonts on forums.
Entertaining ad-copy, but its the usual appeal to insta-riches that raises all kinds of warnings.
|
|
|
|
|
I'm having trouble enjoying this - he obviously doesn't understand how difficulty governs the hashpower thrown at the network. I'm actually stunned he can't figure that out.
|
|
|
|
|
An engineer can't be an economist - they have to build things that work, not get paid even if their bridge falls in the water.
As you can tell, I don't have a very high opinion of people who use obfuscation and psuedo-science as a "profession".
|
|
|
|
|
I still don't see how they can avoid a cascading debt-bubble from taking the whole thing down.
I'm very wary of any debt-oriented system. Microloans with risk exist in other parts of the world, but they're not enabling whole chains of debt issuance, its meant for smaller applications.
|
|
|
|
|
The ones naysaying bitcoin will also be the same complainers when we're over $100 again.
It takes a lot of guts to have your own opinion, especially one that is counter to everything you've learned about the society you live in. They're just nodding along because the rest of the bobbleheads are.
We get some of the same mental-reinforcement here in the form of "Bitcoin will never go down" kind of arguments, but at least in that case the market is the ultimate arbiter.
|
|
|
|
|
I'm actually quite relieved that we had the correction. My charts looked insane, even on the log scale. Even if Mt. Gox hadn't had sky-high lag, or the halt, I think it would've happened just as a natural correction after such an unprecedented run-up. I say this because my proprietary indicators peaked on April 9th - at a level similar to when we had the massive rally in 2011.
It also spurred Mt. Gox to upgrade their systems, and drove business to other exchanges - decentralizing the risk of having too much in one place. I look forward to the possible start of the London exchange that Kieser mentioned a bit ago. The more we have online, the better.
|
|
|
|
|
I was sitting in the trading channels for bitcoin the night before advising people cut down their positions. The exponential and pretty much meta-exponential (showing up on the LOG chart) movement was enough. The professional traders in the channel expected it.
What is silly is that Tyler now likes Bitcoin as a pageview-driver - so of course he'll put up topics within the hour and keep hammering home the 'faults' of our decline. The joke is on them really, they've all been trading Bernanke pumped up markets so long, that when the Dow has a 100 point down day, Tyler jumps all over it like its the signal the great decline has arrived.
(I should know, I've been reading his site for nearly three years.)
I just find it funny that a decline in bitcoin is the "end" but they are rabidly waiting for a decline in the "real" markets, year after year.
|
|
|
|
|
The common trope of "what if < insert deep-pocket villan > buys up all the bitcoin" has been around for a while. This isn't new, or even that original. It also ignores a few things - such as the prior run-up that is still in everyone's minds. I've been warning about this one since yesterday, as things seemed to be getting out of hand.
It doesn't make any sense to blow money on a market, when you could be doing other things - like DDoS or covert penetration of centralized systems.
But everyone loves the "manipulator" meme too much, it will never die until the currencies we trade bitcoin for do.
|
|
|
|
|
My personal thesis is we need a correction at some point. I think we're near one now. The next 24 hours for me will be illuminating.
If we do achieve some crazy valuation like $1,000 - I'll have to reconsider, but for now I'm very apprehensive about a chart that looks insane on the LINEAR scale and the LOG scale.
The trader inside me is saying "cover and hunker down". I'd recommend you cover what you're comfortable with, because it is getting very nutty out there.
|
|
|
|
|
At least you'll be able to blow-out your account that much faster. Might keep the panic-stricken and utterly green traders from adding to this crazyness.
|
|
|
|
What you talkin' about?  It's all abuzz(ok, maybe I exaggerate in that regard, it was in Veckans Nyheter) in schools this week with Veckans Nyheter. Sida A, fråga 6. Side A page 6 for all social science students. Gymnasium and folkhögskolor, possibly more that I don't know about. For Swedish BTC press you can also check http://www.bitcoin.se/press/Appreciate your coverage of such stories - thank you for the translations! |
|
|
|
|
I think we get one more push higher before it becomes untenable. We're really close on a few things that I'm watching - and not having a substantial decline to even things out is worrying.
|
|
|
|
http://www.zerohedge.com/news/2013-04-07/rethinking-money-bitcoin-quadrupling-cyprusExcerpt: Since the beginning of the Cyprus debacle (followed by Russia's call for repatriation of all offshore capital and then Japan's willful debasement of their currency), which appears to have awoken many to the fact that banks and politicians can't be trusted , the 'price' of the virtual currency Bitcoin has quadrupled - touching an incredible $162 this morning. While most people believe the only way to 'spend' this currency is on drugs or blogging sites, Liberty Blitzkrieg's Mike Krieger points out there are in fact hundreds of places (growing daily) where this as-yet unregulated store of wealth can be spent. However, what is really driving this surge in demand for a different kind of 'money' is the wholesale loss of faith in the status quo - nowhere is this clearer than in the words and actions of the people of Cyprus and this devastating clip capturing the thoughts and feelings of ordinary Cypriots after their bank accounts were frozen. "Nothing has started yet... everything is going to fall down like dominoes because people don't trust the banks."
And yours truly will be there battling the troll hordes. Come and bring a keyboard if you can.
|
|
|
|
|
Taxing land is probably the biggest rip-off since banks began. Ridiculous. "I own my house, but I have to pay a LAND tax every year."
Yeah, you 'own' your house, and the banks/govt 'own' you.
|
|
|
|
This was too stupid, I had to write at least a short blurb in response. What a collection of financial muppetry. You'd prefer an actively debased currency over one that has a fixed issuance? Are you ill?
Just for posterity and google-indexing sake - I'll leave this here:
World currency purchasing power, in Bitcoins
1 Japanese Yen will buy 0.0000664 BTC
1 Pound will buy 0.009772 BTC
1 Euro will buy 0.008163 BTC
1 Canadian Dollar will buy 0.00625 BTC
1 US Dollar will buy 0.0063 BTC
The whole world is sliding into the debasement/debt abyss, and you recommend holding on. Completely mind-boggling...
I have no words for the article I just read, except - give me that time back. |
|
|
|
|
Economists have a sweet gig. They can be as wrong as they like, as often as they'd like - and they still get paid. If they were predicting the weather they'd be run out of town.
Economists engage in psuedo-science quackery backed by impressive looking formulas that mean jack squat. Bernanke, a celebrated economist, missed the housing market bubble, among other things. If you can't extract from the data the impending doom amounting to trillions, what business do you have saying you've got anything 'nailed down' when it comes to predictions?
They're just as bad as Jim Cramer when he told everyone Bear Stearns was 'fine'.
|
|
|
|
|
Show Posts
