I suppose this is more evidence of mind-boggling incompetence at Mt. Gox. Imagine a bank (or any other company) just "losing" a quarter of their assets for a couple years.
Audits are a pain, but they are our friend.
This is exactly why regulation is a good thing. It's funny how so much of the community wants everything to be completely free and unregulated until something goes wrong, then straight to the cops and the courts! Can't have it both ways people. |
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Is there an android app that lets me do an in-app purchase for buying bitcoins?
With my google wallet.
I don't know that you'll ever see it purchasable with Google wallet. I would assume Google would view Bitcoin to be a competitor. |
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It's scary how relatively few coins can still move the price significantly.
It's still a very low volume/illiquid market in comparison to other investments. |
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Inviting constructive criticism, please dont post one line replies that hold no meaningful points.
So the question is, how do we picture Bitcoin as a decentralized revolution when a very high number of coins are hoarded by early adopters which results in quite the opposite. To me, the whole mining system looks like bull. Its like giving away lots of coins in first come first served basis. A currency shouldn't be given away like this, it will only lead to concentration of the wealth to a low percentage of people. This means that the original satoshi idea was flawed.
Its right that we are experiencing something completely different than traditional fiat and we cant predict how things are going to be, but i dont see bitcoin expanding beyond a - gambling, trading and speculative niche market.
First off, Bitcoin is a proof of work, there's no giving it away. Second, how else would you have it done? It's no different than the early days of the gold rush, the miners who got there first got more shiny rocks than those that came thereafter. The only other alternative is something like Ripple where everything is pre-mined and given out a small bit at a time but then you have a central authority doing the distribution. I don't see any way to make distribution perfectly fair. Life isn't fair. |
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That's their own words. It should at least get the gears to start moving in their head.
Haha! You think they're thinking? I think you're wrong. I'm talking about his friend, not the Fed. |
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Will you allow physical inspection of your mining rig?
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What do you mean by "government mandate" for source of value for fiat? Do you mean that governments attempt to control the value of their fiat vs another (i.e. China devaluing their currency, etc.)? Or do you mean that fiat is backed mainly by faith?
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You don't only need early adopters for such statement, you need early adopters who cared at all about they wallets through all of this time. Some people might have mine a lot of bitcoins in 2009 for fun and forget about them .
I guarantee this is the case. While 21 million will be mined, I'm sure a lot of those early coins are gone due to loss of the private key. How much we'll never know but I think it's more than people realize. |
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Hey guys, This is my first post here and I'd like to show you guys a project I've been working on that is pretty relevant. I've been working for a few months on writing software that analyzes the history of bitcoin transactions and finds patterns in the rise and fall of prices. The software then predicts future prices based on these patterns, and it has a surprisingly low average error (~1.35% for prices within 24 hours and ~2.62% for prices within 5 days). Well anyway if you are interested you can learn a lot more about the project on this website, which displays charts showing the predicted prices: www.btcpredictions.comThe data is automatically updated every hour on the hour. Let me know what you guys think, I would greatly appreciate any feedback! This will be interesting to keep track of over a longer period of time. How long has the model been up? |
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I would image most of these high frequency trades would be off-chain. Similar to Gox or any other exchange, it's more or less an internal movement.
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Any news is good news at this point. I found out about Bitcoin when a guy lost several hundred thousand due to a hack. This was several years ago. The smart people will do their own due diligence and go just beyond the words of a single story, right now it's more about getting the word out regardless of how that is construed. |
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It's a foolish statement people make because an early adopter in any business or technology is going to be might become rich. Even if the very earliest of adopters put out little monetarily, they still needed the foresight to see Bitcoin's potential and Bitcoin had to succeed. To sum it up simply, if it were easy, everyone would do it.
I agree, but you left out an important point. If Bitcoin never took off, how many people would be complaining that they were not early adopters? Here is my suggestion for anyone who is upset that they are not a wealthy early adopter of Bitcoin: create your own coin (crycoin perhaps?) and be the earliest adopter and make billions of dollars. I figured the success of the tech was implied. Also, early adopter is subjective. I recall people complaining when they had to pay $50 for a BTC when "early adopters" only had to pay $1. Then people complained when they had to pay $100 when "early adopters" only paid double digits. It's an ever moving target when these people should realize that even today, you can still be an early adopter (assuming Bitcoin continues its trajectory). |
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I'll need to remember this link for the zillion, "no one uses Bitcoin they just hoard it" threads. Thanks OP.
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Good news for BTC, but sorry to see so much suffering ahead.
Is it really? Presumably if there's less wealth, then the value of each Bitcoin would be less as well. unless that less wealth transfer to bitcoin and it's scarcity takes the value upwards That's a transfer of wealth, not a destruction of wealth. Well the people holding US stocks/bonds or dollars may have their wealth destroyed. Completely separate from that, bitcoin could increase in price, which would create wealth with people that own bitcoins. Rise is price relative to what? Dollars? You just said people holding dollars will have their wealth destroyed. If that's the case, Bitcoin rising against dollars isn't really wealth creation. |
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Good news for BTC, but sorry to see so much suffering ahead.
Is it really? Presumably if there's less wealth, then the value of each Bitcoin would be less as well. unless that less wealth transfer to bitcoin and it's scarcity takes the value upwards That's a transfer of wealth, not a destruction of wealth. |
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I don't really think the Ukraine will have a major impact in the grand scheme of things. Russia owns something like 1% of treasuries and it will hurt them more than the US if they were to sell. What they'll likely do is move the treasuries offshore to prevent the US from freezing their assets.
As for tapering, it might happen but if/when the market reacts badly enough, the Fed will give in as they always have. The whole economy is addicted to cheap money, it's no longer a stimulus, it's an entitlement. When we do reach that edge, it will be a bad one, but we're not there yet. This game can go on for quite a while yet.
Ukraine is not the reason, but it might be a kickstart for the game to fall apart, the match lighting the fuse. Why do you think selling will hurt Russia more than the US? And do you have a statistic of which country holds what percentage? Would be interesting to see. I absolutely agree, the world is addicted to cheap money like a heroin addict, and withdrawal symptoms will be BAD. They will be forced to raise QE again at some point, but by then the addiction will be obvious and confidence will go down the drain. Why would it hurt Russia more than the US? It's simple economics, if you dump treasuries (increase supply) while demand stays constant, price goes down. So Russia would lose money by dumping their treasures, which would have a nominal impact on the US because they are not major holders of treasuries. Their holdings are about 1%, you can do a google search if you want links. Russia has more play in hurting Europe by shutting off the gas (as they've done in the past). Unfortunately for Russia, most of the EU has now prepared for this disruption since the last time by increasing reserves and once again, shutting off the gas will hurt Russia as well. Putin has already weighed all of this out, he knows the consequences and is obviously moving forward. Could this be the start of something major? Maybe. Like I said, wake me up when he invades a NATO country, all this is is a tiny peninsula in Ukraine (not even the whole country) that wants to be independent anyway and is majority Russian to begin with. |
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It's not even really the Ukraine. It's Crimera, which is a small peninsula in southeastern Ukraine. So even if Russia does take over Crimera (via force or vote) it's not the entire Ukraine. This is more about whether Crimera wants to be independent or part of Russia, it's a different situation than the monetary shock they had in Cyprus (which I think did impact Bitcoin).
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I was curious to where money came from... I googled where does new money come from a year ago and a bit.. The red pill has flipped my view of everything upside down.
Do you guys think the game will come to an end? I sure hope it does but I do feel horrible for people that thought food, shealter, water and security where worthless and that paper was something of extreme value. A bunch of my frineds think I've lost my mind and refuse to believe the Bank of Canada, FED, etc are privately owned... Even better was when I was told "there is nothing to worry about america could just pay all it's debt off with gold!"
You can start by sending them to the Federal Reserve's own website. The Federal Reserve System fulfills its public mission as an independent entity within government. It is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. http://www.federalreserve.gov/faqs/about_14986.htmThat's their own words. It should at least get the gears to start moving in their head. |
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It's a foolish statement people make because an early adopter in any business or technology is going to be rich. Even if the very earliest of adopters put out little monetarily, they still needed the foresight to see Bitcoin's potential. To sum it up simply, if it were easy, everyone would do it.
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I'm failing to see the correlation between Bitcoin and Facebook overpaying to takeover another company.
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