$60.00000000001  |
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I can't speak on the black market number because most measurements of the black market are very difficult to verify. However we can measure worldwide GDP and the supply and demand for currencies presently, and can represent them in USD.
If all 21 million Bitcoins were in circulation (which they are not, and over a million may simply be "lost") today, and only 1% of the World's GDP transferred through Bitcoin, the value of a single Bitcoin would be ~$2200/coin. These are using all the most conservative estimates, because we're obviously not at 21 million Bitcoin, and we're probably still a long way from 1% World GDP, but I do think that target is attainable in the next year, and, given the success of Silk Road, could be attainable within one year, we just can't measure it as legitimate world trade.
Wow. If you sincerely believe that's attainable and likely, then I hope you're the one buying lots of bitcoins right now. Also, I'll sell you all my bitcoins right now for $100/BTC so you can still make an absurd profit. Just because he says that for the future doesnt mean he wants to buy now at a future predicted price. I'm buying 50btc on halloween from a guy (cant remember his name) on October 31st, 2012. The deal is set. But I'm not going to give him anything until that day. Just like he isn't going to give me anything until then. Call it "bitcoin futures" lol  Edit: the price is at $11 per btc. But only on that day. |
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Exactly here: https://bitcointalk.org/index.php?topic=82849.msg915349#msg915349The only thing that would affect my profits would be a huge spike in price over a very short period of time. At this point I really don't need to know when things will affect my operation because I'm able to hedge my risk with how it operates. If I saw something coming that I felt would cost me more than I'm willing to lose, I would take the necessarily actions to limit the loss, but like I said... it's just a profit loss. Like I've said before and my lenders know, if I had to take a large loss to cover coins... One, they wouldn't know about it (I still owe them the coins) and two it wouldn't be enough to put me in a pinch or cause me to run to Antarctica. So as far as my lenders are concerned the only thing they need to trust is me. Trust in one man...can be a bad thing. Does the word decentralization resound in anyone's ears from Satoshi's creation? |
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Non-ASIC will need something to mine in the near future.  It may be a slower transition that you might think. This is all dependent on how fast BFL delivers preorders. |
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Just another random thought and warning:
Those who have BTC on deposit with Pirate might be too comfortable because they have been receiving payouts weekly. Don't get too comfortable. Just like gold and silver, if it isn't in your possession, you dont own it.
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It is a legitimate topic of discussion for the speculation board because if pirateat40 does get caught up in a short squeeze, he is a big enough player that it will have an impact on the price at least in the short term.
Here is a helpful tip: 1. Withdraw your money and profits with him (if you have any with him) ASAP. 2. Don't sell below $10 in the short term. |
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Pirate who?
My friend, that's the attitude....forget about him. |
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This is how he will win (be successful in his "scheme")....
The mere fact that there is so much discussion on what pirate is or isn't doing just shows me that he has gotten what he wanted....you guessing and speculating. Thus he can more likely predict the sentiment of the overall forum and make moves based on that.
Perhaps we should stop talking about him and focus on getting bitcoin noticed by more businesses and people...more mainstream.
This is what will make bitcoin successful, not whether or not Pirate is running a ponzi or not. Worse things have happened already and bitcoin is alive and well..
I suggest we let him do what he does and focus on fundamentals in terms of "speculation". Pirate's operation is not a fundamental in the big picture of bitcoin. Perhaps money laundering/ponzi over time will have an affect on bitcoin but it will not make it successful alone (Pirate's operation).
Anyone who needs to come on IRC and type comments about what they are or aren't doing in the bitcoin trading market has an agenda. Period.
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Pirate was stating that selling 10s of thousands of coins would not be possible without his lenders. Maybe some got scared to actually loose their coins if pirate just sells them all? Of course, some people just saw a demonstration of what exactly their coins are being used for i.e. for selling them on mtgox. Not withdrawing it from pirate (if anything is there) would be at least unwise given the circumstances. Sold all my pirate bounds  He said that a price jump was bad for him so I'm running away with my profit. Where exactly did he say this? |
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The mere fact that there is so much discussion on what pirate is or isn't doing just shows me that he has gotten what he wanted....you guessing and speculating. Thus he can more likely predict the sentiment of the overall forum and make moves based on that.
Perhaps we should stop talking about him and focus on getting bitcoin noticed by more businesses and people...more mainstream.
This is what will make bitcoin successful, not whether or not Pirate is running a ponzi or not. Worse things have happened already and bitcoin is alive and well..
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I cant help but notice the sunglasses in your avatar....just like RS/Notyep.....HMMM
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Here's some psychology for you.
#1) People don't like to believe that some regular guy can just ask for a whole ton of BTC, receive them, and start manipulating an entire market.
Counter-point to #1) It is absolutely possible for this to happen, both mathematically and based upon market psychology.
#2) People don't like to believe that some regular guy can make at least 7% a week. After all, most people here aren't making 7% per week, especially if you're not investing with Pirate or a pass-through.
Counter-point to #2) It is absolutely possible for this to happen. I've made 2000% in about 8 months from trading alone. That 2000% doesn't include mining profits, product sales, or service sales. Nor was it a full time job. It was day trading. And it was only on two exchanges. And neither was Mt. Gox.
3) People don't like to believe that one guy manipulating the market is even possible.
Counter-point to #3) Yes, it really really is. Bitcoin is a small community and only a small % of all Bitcoin users are actively watching or trading on the markets at any given time. All you need is capital and balls and you can make the market your bitch.
4) People don't like to think Pirate can do this by himself.
Counter-point to #4) He's not. He's supported by his lenders and his buyers. He's found a niche between markets and there are many people involved. But, he is the central node of pass-through capital. As such, he can manipulate/control the market, but to believe he is doing it alone is a mistake. It's because so many people are involved that he can make 7% happen quite easily.
Seriously, why is it so hard to believe Pirate did this?
Why does it matter? The price is higher than 2 months ago... |
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Jr. Member what do you mean, "these low prices will not stand"? "these prices will sit down" |
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What's the total pledged so far?
∞ x yours Yeah u make like I plan to mine with this thing. I'm actually curious how much garnered support exists. More than the bounty ... Wtf are you talking about? lol |
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is their going to be a 40K wall at 11, or will it take 40K bitcoin to go from 11 back to 9
sure take a chance and wait.... say i was a early GPU miner, and i had been holding 40,000K bitcoin
i'd sell now, is their no one left with 40,000BTC?
Sorry that you sold. Looks like you're buying in higher.. This guy isn't very good at inciting a rally
Panic buyers learned their lesson yesterday. So did panic sellers. Trend still up.. I didn't sell I'm just thinking " poor guy he keeps trying to buy bitcoin, and the price keeps going up on his bids give the guy a break! sell him some bitcoin " Lol i dont think he is actually wanting to buy... |
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I'd love to know your intentions on bidding so much for the domain -_- Speculation...you should try it....it is fun! |
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12 h/s on HTC Envy Edit: Wont let me set the miner as a service so cant do it in the background yet. lol i wonder what my iphone would hash at....damn...i guess i gotta wait until its built for ios. By then I might have mined half a ltc  lol... |
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Also... 20806 blocks to go!
ah, i remember when my clock still looked like 7:30 getting late now. It's almost midnight Cinderella! |
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12 h/s on HTC Envy Edit: Wont let me set the miner as a service so cant do it in the background yet. lol i wonder what my iphone would hash at....damn...i guess i gotta wait until its built for ios. |
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