We may be at the start of a bubble but I think it's very unlikely that we're in a bubble now.
It's time to have me some HONEY. Let's call this one the OCTOBER FEAST. There's enough honey for everyone! Don't forget to bring a big spoon. |
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I would also say that Bitcoin is backed by The People, i.e. you and me and everyone else who accepts and pays in Bitcoin.
And by the mighty hand of vigilante hackers -- the big guns of online world. |
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A decentralized exchange would be awesome, but there are many hurdles to jump.
How more decentralized can an exchange get? We already have the most decentralized one: i.e. earn BTC <---> spend BTC? |
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Emus For Bitcoins
Your eccentric, Libertarian uncle recently passed away and mentioned you in his will. You and your cousins (Contestants) are gathered together to hear the details. His emu farm was the only thing of value he left behind and your uncle made provisions to leave it to only one descendant. You must present a business plan to the executors of his estate (Judges) outlining how you would not only maintain but grow the business accepting only bitcoins as a means of payment, according to your late uncle’s wishes. Assuming that the farm is currently only breaking even but has a good line of credit at the local bank, has no assets to speak of (other than the physical property and the emus) but no significant debt either, convince the Judges that you have the best plan to honor your uncle’s memory.
Seems like this contest will be a great way to explore the other side of bitcoin -- you know, the less technical one. |
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Sergei Mavrodi, the founder of MMM, didn't pimp bitcoin, he ponzied it. As these blog posts seem to suggest (in Russian), Mavrodi wants to become a market maker for BTC <--> FIAT trading. But unlike Mt.Gox, Mavrodi would not use bid-offer spreads -- he would just specify an initial price for each share of MMM-2011 (i.e. his version of BTC), and then keep increasing that price at a steady rate (high enough to provide attractive returns to current investors). |
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i would never put my support behind even THE most brilliant if i never met them and had a chance to evaluate their integrity.
Are you saying then that you've met Satoshi Nakamoto? |
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i'm not sure you can disentangle the technical from the personal issues here despite what we'd like to think. integrity does play a role. this is supposed to be won by the best solution, not the best person. Just sayin. I second that! |
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Seems to me, it would have a bigger bang if "ebay of bitcoin" was organized as the very first open source project where every contributor would get paid in BTC.
And I'm not talking about a bounty-type pay either. I'm talking about an actual pay for performance and skill set combinations, and without any references to the going exchange rates.
Simply allow interested professionals state what they are willing to accept for an hour of their time, and then have a project lead make hiring decisions based on the relevant info (including pay).
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My main point about BTC is that it's no gold — it's perishable gold (it's value decays when it is being hoarded).
Where's the expiration date that erodes the stored value? When it comes to BTC, there's no such thing as a stored value. BTC has a " carry forward" value, which decays when hoarded. But that's something I will discuss at some future date. Right now, I just want me some real honey... Where are the real honey bees at?! I can already smell that $4.00 hive... If only it was up on the trees. Volatility in the exchange rate helps to mitigate the tendency to hoard by cultivating an uncertainty about future value. So, the two tend to self regulate one another. Not if hoarding is assumed to produce deflation in the long-term by making BTCs hard to come by. |
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For purposes of use as a currency Bitcoin is superior to gold.
In order for gold to be transmitted it either requires an abstraction layer, which adds cost to the transaction, or it has to be transported physically, which also adds to the cost of transacitons. As well, an abstraction layer also makes gold vulnerable to fractionalization.
No argument here, if we stick with "use as a currency" as premise. |
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My main point about BTC is that it's no gold — it's perishable gold (it's value decays when it is being hoarded).
Where's the expiration date that erodes the stored value? When it comes to BTC, there's no such thing as a stored value. BTC has a " carry forward" value, which decays when hoarded. But that's something I will discuss at some future date. Right now, I just want me some real honey... Where are the real honey bees at?! I can already smell that $4.00 hive... If only it was up on the trees. |
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An exchange rate is merely an expression of one currency's value relative to that of other currencies.
But when it comes to BTC-denominated commercial transactions, BTC's value is still nonexistent (or near zero).
To say an exchange rate is merely an expression of one currency's value relative to that of other currencies is nothing but tautology, it completely ignores the mechanics of how the exchange rate gets to be that way. If you have any interest at all in quantitative finance that is not something you get to ignore. What mechanics does it ignore? Are you trying to point out that an exchange rate can be used to speculate on the future value of a currency? Because I don't discount that. My main point about BTC is that it's no gold — it's perishable gold (it's value decays when it is being hoarded). |
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When it comes to currencies, don't the exchange rates follow the value?
Without the latter, it's about BZZZZ, BZZZZ, BZZZZ... GOLD, GOLD, GOLD!!!
In this case the 'value' as I think you mean it is interdependent with the exchange rate. A higher volume of exchange, with a higher exchange rate is accommodative of a larger set of 'purchases' than a lower volume of exchange with a lower exchange rate. A lower exchange rate makes Bitcoin less valuable because the maximum size of purchase that can be made is limited by the liquidity of currency exchange as a whole. A higher exchange rate, with more exchange volume can accommodate larger purchases without causing a crisis of liquidity, this makes Bitcoin more valuable on the basis of it's utility as a currency. An exchange rate is merely an expression of one currency's value relative to that of other currencies. But when it comes to BTC-denominated commercial transactions, BTC's value is still nonexistent (or near zero). |
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bitcoin is indeed quite UNDERVALUED right now, on the long-term.
What gives you that idea? Or do you not believe in perishable gold? the text you clipped from my quote answers your question...  Not completely... some details/assumptions would be nice. |
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Quote from: arepo on Today at 08:38:27 PM
bitcoin is indeed quite UNDERVALUED right now, on the long-term.
What gives you that idea?
Or do you not believe in perishable gold? Ummm dude can't you even do simple division? Hmmm... let me see here.... nope, still nothing. Let's see what you got? |
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bitcoin is indeed quite UNDERVALUED right now, on the long-term.
What gives you that idea? Or do you not believe in perishable gold? |
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Supply and demand for bitcoins does not give BTC its value.
But supply and demand for goods/services denominated in BTC does.
P.S. Don't make me pull out the wizard hat again... Your honey is fake!
Then what makes the exchange rate go up when dollars flow into the market/decline when they go out? I wasn't referring to the exchange rate. You referred to the value of Bitcoin, which can be expressed, even if only by proxy, by the exchange rate. From the standpoint of making quantitative decisions about the 'value' of Bitcoin the exchange rate has to be considered. This is affected by supply and demand. When it comes to currencies, don't the exchange rates follow the value? Without the latter, it's about BZZZZ, BZZZZ, BZZZZ... GOLD, GOLD, GOLD!!! |
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Supply and demand for bitcoins does not give BTC its value.
But supply and demand for goods/services denominated in BTC does.
P.S. Don't make me pull out the wizard hat again... Your honey is fake!
Then what makes the exchange rate go up when dollars flow into the market/decline when they go out? I wasn't referring to the exchange rate. |
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Looks like the day when I first came across a beehive in these woods. |
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