Ive been trying to figure out why this happened, but I just made a shit ton on Litecoin today .... Now should you hold or sell on Litecoin?  I dont know what to do! |
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It's inherently classist. Only those with access to moderately high levels of technology can spend or receive it. Only those with access to exceedingly high levels of technology can "mine" it. Heterosexual, middle class or higher white males are disproportionally represented in the demographics of bitcoin users. Bitcoin only serves to uphold the current kyriarchal socioeconomic structures by making sure the privileged become more privileged.
And it's a terrible idea. You spend more on your parents' electricity bill and replacing burnt out GPUs that your parents buy for christmas and birthdays than you actually theoretically make.
Bitcoins are basically just this weird attempt by lolbertarian children to make their own currency and play stock market and dodge taxes.
Absurd. Poor people in africa with smart phones are already conducting electronic transfer of funds to eachother, either with bitcoin or local currencies just like it. Do some research. Bitcoin is the Great Equalizer. The very opposite of what you have presented. The 6.5 billion other people with no access to bank accounts will, for the first time, be able to hold and transfer money. |
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Its a total bummer to see my portfolio $ amount based on Gox then have to log into Coinbase and see it like 30% less.
Is that just the nature of the beast ? What a huge loss to take ...............!
Also, does Coinbase have sell limits? Can only sell 50 BTC per day or something?
Is it really as simple as pressing the sell button and waiting for the deposit into your bank account?
I feel like I know absolutely nothing about this part of the process. I have only bought in.
Surely there are things to consider when the dollar values are monstrously huge?
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Why isn't everyone crapping their pants right now like me?
I've crapped my pants daily ever since 200 Thats good to know. Im running around my house texting people. |
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Why isn't everyone crapping their pants right now like me?
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$600 is sooooo back when I was eating the egg portion of my breakfast ...
I've already moved on to the cereal .... wtf ...
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But as I said, it's rising too quick, same as when the west discovered bitcoin in 2011 causing the first bubble.
I think you are correct in saying this is bubble. Yawn. Says the guy on the dev team of a competing cyrptocurrency. Why are humans so simple ... / predictable / basic / obvious ... |
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And its at $620 shit is eventually going to collapse though. Nothing exponential lasts forever, and it will most likely crash at some point.
Once again, you're making the error of comparing Bitcoin to stocks. Bitcoin is not a stock. It doesn't follow the same rules. |
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Thanks everyone. Just wanted to open a discussion on it (apparently, again). Let me play devils advocate here, and respond as I would see a "Regulator" responding to your comments. I would expect a regulator to say the following:
Response 1: Don't use Bitcoin Reason why invalid: Bitcoin's ultimate evolution is the full replacement of fiat. It needs to be prepared for that, now, even if there are other choices. It will never get there if there are *zero* consumer protections in place for it. This isn't a valid response. Response 2: Its the same as cash Reason why invalid: Cash is not used in online purchases, so comparing this to an in-person hand to hand exchange of cash is an invalid response to this issue. Except in rare cases where wires are required to pay, which is basically: Almost never. This needs to be compared to visa and mastercard because visa and mastercard are exactly what Bitcoin is supposed to replace. It never will, if it has zero consumer protections. Response 3: Human history didn't include chargebacks Reason why invalid: Human history also didn't child labor laws. Or planes. Or condoms. Invalid response. Response 4: This has already been discussed. Reason why invalid: I requsted that you tell me what the solution was. Response 5: Merchant reputation will suffer Reason why invalid: Granted, but this is not a solution, unless there was a worldwide database of easily retrievable merchant reviews that everyone on earth had access to. Since there isn't, this isn't a solution. Plenty of shop owners I know who operate under the reputation radar. The world isn't that connected yet. Response 5: We're going to have consumer protection, and it wont require altering Bitcoin protocol to include chargebacks Finally, a valid response. What is the change being implemented, and when will it be implemented? I hope folks in the BTC development realm are aware that this is going to be the biggest issue, and its coming very soon. It needs to be tackled before its even raised as an issue. Response 6: "Bitcoin is a protocol. If you want to build a traditional online bank or payment service that does chargebacks on top of it, nothing is stopping you." Thank you. This also addresses the original concern. |
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I posted this on the Bitcoin Foundation Forums tonight. Figured I'd post it here too, to get more feedback.
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Consumer protection is a huge issue in the world of merchants processing payments. I am a merchant with about 30,000 customers. Thankfully my mother raised me right, and I never seek to defraud a customer. But I do have disagreements with customers. Often. Bitcoin in its current state, rendering consumers with no recourse in a dispute, puts consumers at risk. I hate chargebacks. The system in place by Visa and Mastercard is appalling, offensive, and downright unethical. The burden of proof is never put on the customer, even though they are the ones making the claim, and nothing I do to dispute a chargeback matters. The money is forceably removed from my bank account, on their whim, without telling me, and without my permission. Yet still, there is the other side of the coin, and despite seeing this issue raised several times, nobody seems to address it.
Bitcoin puts all the power in the merchant's hands. Obviously that can be a bad thing. More importantly, nobody is going to allow it.
Sometimes customers deserve to get their money back: Yes, customers can contact me directly to request a refund. But what if I disagree with them? What if the merchant is dishonest? There are plenty of mom and pop shops out there who don't answer to anyone. What recourse does the consumer have?
"All transactions are final" is short-sighted, and its going to come back to bite Bitcoin in the rump. Soon. Regulators will be the first to ask this question. They may even ask it on Monday. I believe this is Bitcoins biggest weakness. As much *positive* as there is about Bitcoin, if we want to send consumers running the other direction, tell them they're toast if they ever need to get their money back. Do we want to alienate the consumer public? This issue is the only thing about Bitcoin that gives me pause. More importantly: If we don't think the banks, the media, and those who stand to lose the most aren't going to jump all over this *very* issue, then we are sadly mistaken. Zero consumer protections is not acceptable to anyone with a rational mind. This topic needs to be thought about, and a solution needs to be provided.
Disclaimer: if there is already a solution, please feel free to make my entire post moot, and correct me with it.
Kevin
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Wish making dressed up as cogent analysis. Embarrassing and ridiculous.
So have *all* of your analyses thus far, which, by the way, have all been completely, dead, wrong. |
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in trading in the last few years regarding to the US financial markets, this is what is known as BTFD - buy the f*cking dip
this is because the fed always pumps up any decline with new POMO money to send the markets right back up.....
right now bitcoin speculators have also been BTFD - because it has worked every time in the past - until it doesn't. Unlike the US markets there is no FED backstopping bitcoin. So when BTFD eventually doesn't work with bitcoin it will be brutal IMO. You are going to have a big decline, then everyone will BTFD, then instead of rallying there will be an even bigger decline as the new longs bail, plus buy orders pulled as those even lower become skeptical of BTFD and steer clear.
But lets see how it plays out, love it!
Why do you feel comparing Bitcoin to stocks is even remotely valid? I love hearing all these stock guys comment on the various Bitcoin articles, mocking it, and informing everyone what Bitcoin is going to do next. The best wealth management advisor I know in Southern California recently told me that in 25 years experience, he has never seen anything like this before. Yet financial guys just *love* to try and smack all their "know how" onto bitcoin, as if there's something to compare it to. Thus far, every. single. one of them. has been wrong. I would steer clear of trying to apply any past-known principles of stock trading to the Bitcoin market. Bitcoin is not a stock. It is not a commodity. And the trading that goes on is based on an entirely different premise. |
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The public needs to know this.
More than *three* people have told me recently they "missed out" on the Bitcoin thing because "Bitcoin is $550 now and too expensive".
Nobody realizes they can buy partial coins.
I realize this has been discussed already but I want a thread front and center on the general forum, so that people researching bitcoin see it and internalize it.
I truly believe if the general public doesn't realize they can buy 0.005 BTC and still make a profit, they wont buy at all, and that is going to adversely affect the success of the market.
Right now is when the general public is thinking of hopping on board.
How can we get the word out?
The exchanges must update their websites as soon as possible to make buying BTC in partial amounts a more obvious thing.
Im going to PM Olaf from Coinbase about this right now... i think its severely important for continued purchases.
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Me . I own 125,000 BTC.
Can we be friends? Im not kidding. |
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As the price continues to rise, I wonder if larger wallets will be targeted by those among us whose mothers didn't raise them right. Is it a feasible concern that larger wallets will be targets as Bitcoin reaches $1000+ ? Do you think such individuals will look at the "Bitcoin Richest" list and look at those wallets with 500 coins in them, and ignore wallets with 10 coins?
Therefore split all your wallets into many with only 10 coins?
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Thanks for moving this to "Speculation" ... But this isn't a speculation thread. I don't see any speculating going on. I see declaring  |
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How does this make you feel?
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I am SUPER bummed that Plan B isn't back. They were the podcast that had witty and fun banter about what is happening "today" with Bitcoin. They addressed all the latest news articles, current price, etc. That was a fun show to listen to. I emailed them and got a reply from Drew that basically stated they don't have any plans quite yet to return. I wrote him back begging them to return LOL. Drew and whats his face are pretty funny.
Lets Talk Bitcoin is the only one left and its absolutely the best for really grasping whats going on with Bitcoin. Not so much "latest news" but (especially with Andreas) its worth a listen. Twice a week. I can't recommend it enough. Everyone here should be listening. Seriously.
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I joined over there because I support the concept of Bitcoin. I'm not even aware of any nasty drama going on, aside from this whitelisting somethingoranother. I just wanted to participate in an organization that relates to bitcoin. Just like im planning to start going to local Meetup groups related to it. My only issue with mirroring the site is that they require first and last name. And im no bigwig. Just an average guy who values his privacy (cough! privacy cough! bitcoin). I wouldn't prefer that my first and last name get indexed in google pertaining to Bitcoin. If there's any way to set a robots.txt noindex, so google doesn't index the mirror that would be cool. As for mirroring it itself, I don't mind at all. I think everyone is entitled to see whats being discussed. As someone pointed out, there are almost no posts there on a daily basis. Maybe 30 a day max? im only guessing. One new thread per every few days in the "General" forum. Its definitely not some "meeting behind the curtains" at all from what i see.
Any way to do that thing with the robots text though?
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