Current number of bitcoins: 9.464M
Current bitcoin price: $7.68 USD
Current price of all bitcoins: ~$72.68M
I should have aimed for next year....
It's not impossible for it to happen by December 31st, 2012 |
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Due to lack of miners, even with merged mining, it was necessary for a number of blockchain-based currencies to retreat from the blockchain type format for now until their transaction volume is large enough for transaction fees to attract enough miners.
-MarkM-
Could you once again name these other currencies? Ones I actually has blockchains up and running for include britcoin, botcoin, CDN, GMC, GRF, NKL, UNS and CZB. They were run quietly using addnode and no IRC but still it became obvious that as soon as a connection port got leaked any large mining farm could attack them too easily. -MarkM- So...then they are all in like a premine stage? |
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Due to lack of miners, even with merged mining, it was necessary for a number of blockchain-based currencies to retreat from the blockchain type format for now until their transaction volume is large enough for transaction fees to attract enough miners.
-MarkM-
Could you once again name these other currencies? |
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yeah that's right because if there isn't sufficient money flow by then inside the BTC economy it wouldn't be worth it. In fact all block reward adjustments are already factored in.
That doesn't mean that the price can't increase... the thing is you wouldn't be buying BTC if there were a unlimited number of them wouldn't you. The block reward reduction is just the means to accomplish this.
There is much too much cash in our current monetary system that even a fraction of that comes to bitcoin, the price will go up quite a bit. Hopefully not too fast How is my statement unrelated to your bolded statement above??? Money flow in terms of BTC is unrelated to the exchange rate, it can be expressed in the total transaction fees. They have to be able to compensate for the block reward reduction at some point. This is what I was referring to. Anyway to your argument, yes that's true but ultimately that can be said of gold, silver and any sort of collectibles too. Thats why I hold silver too =) |
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yeah that's right because if there isn't sufficient money flow by then inside the BTC economy it wouldn't be worth it. In fact all block reward adjustments are already factored in.
That doesn't mean that the price can't increase... the thing is you wouldn't be buying BTC if there were a unlimited number of them wouldn't you. The block reward reduction is just the means to accomplish this.
There is much too much cash in our current monetary system that even a fraction of that comes to bitcoin, the price will go up quite a bit. Hopefully not too fast How is my statement unrelated to your bolded statement above??? |
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yeah that's right because if there isn't sufficient money flow by then inside the BTC economy it wouldn't be worth it. In fact all block reward adjustments are already factored in.
That doesn't mean that the price can't increase... the thing is you wouldn't be buying BTC if there were a unlimited number of them wouldn't you. The block reward reduction is just the means to accomplish this.
There is much too much cash in our current monetary system that even a fraction of that comes to bitcoin, the price will go up quite a bit. Hopefully not too fast |
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Not really, the thing is BTCinstant is refusing to play on the market, hoping to sell the BTC they got from processing BFL orders off the exchange. People buying BTC to pre-order BFLs stuff is what brought us here. (There was something about if they sell they would bring down the price to the 6s again.)
The block reward will halve to 25 BTC in December. In my opinion, this is the main cause of the increase of the price. Go ahead buy then... (I could go on over extents how the price of all bitcoins ever to exist is already factored in in the price but you won't listen) So then the reward halving from 25 to 12.5btc is already factored in right? Because its prior knowledge to it occuring right?....that's what I thought...lol |
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I agree that price movements currently are no where near a "bubble". Looks like a solid base and we will back and fill from here slowly and rise slowly as we approach block reward halving and possibly network hashrate increase.
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Seems topped out to me. Anyway this was never a good indicator for various reasons. Use technical analysis of the charts and you will find that the price of bitcoin isn't topping in the long term. It just made a new high and the formation of the price pattern show it will keep grinding slowly op...back and fill, back and fill...etc |
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wall at 7.7 is dying  8k left... I think we're finally going to hit $8. Yeah I saw someone bought like 5k bitcoins in one order... I think there is a lot of money (fiat) in the exchanges that has not shown its face in the buy order book yet. |
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This is an interesting experiment. BTW what do these companies do?
At time of my last post, DeVCorp was finalising a loan of 1,000,000 DeVCoins at just under half a percent per day, compounded hourly. This was a refinancing arrangement for secured debts that had been denominated in GMC and GRF scrip and paying interest of about 1% a day, compounded hourly. The debtor's credit is still very good, in fact better even that it was back then, so even if no payments were made at all (due to their natural preference for first paying off completely their higher rate loans) the fact that they would now owe about 2520776.55 is actually a good thing; holders of DeVCorp shares would actually would prefer that. Indeed it would have been nice for DeVCorp to have been able to provide a larger loan. It was felt though that it would be wise to keep some funds handy to actually buy shares in the event some of the debtors arrange to "go public" since obviously any operation able to pay off such high interest loans is going to be quite the earner once all its loans are paid off. -MarkM- Not exactly sure what you said or what you are doing...honestly... |
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Here are some helpful tips when doing a bitinstant moneygram transfer/deposit: 1. Make your zipzap amounts in differing amounts by $1 or so. Any multiple transactions with the same amount will be flagged and unable to be processed. 2. Bring your ID with you. They will ask for it. 3. Speak clearly and verify all account #'s and amounts twice. 4. When paying for it make sure the cashier selects the correct account # associated with the amount you have specified with zipzap and moneygram. 5. Be patient the first time. This process at first is cumbersome but once you get all kinks out it is actually a rather awesome and fast way to get money to a bitcoin exchange. |
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uh oh, these threads again
Aaah yes, reminds me of the good old times about 14 months ago - up Up UP  Wasnt Bruce who said "up up up"? lol |
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So i'm trying to deposit funds into my exchange account through say a 7-11 and I fill in all my information correctly and I get the following message:
"We are sorry but we are unable to accept this transaction at present. Please double check your transaction amount is within limits or try again later.
Contact support if you have any queries."
I thought this was supposed to be a simple process?
Seriously, there doesn't seem to be one solution that works in transferring money anywhere concerning bitcoins.
This is very frustrating...
And yes I have the correct amount to deposit (within the limits specified on their website).
read below
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Never. Even if I knew the entire system was about to fail, I'd still keep 1 BTC.
Let me guess because it keeps you warm at night? |
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I deposited $100 about 5 days ago...and still not in my account.
They are horrible on being prompt.
I'm considering using another method to acquire bitcoins. 5 days is waaay too long for an ACH transfer.
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Sure, its just that an asset is an asset. Once the capability is in the code, which asset pair it is used with is of no importance to the code. Plus of course the ideal is to "do this right", in such a way that the only risk lies in whether the tokens you play with in the Open Transactions server will turn out to actually be convertible into "real assets" such as actual bitcoins, actual devcoins, actual groupcoins, actual litecoins, actual namecoins, actual iocoins, actual ixcoins etc. That risk exists regardless of why one bothers to use such tokens instead of using assets directly, but properly speaking the counterparty of that risk is not the server but, rather, the issuer of each type of token. It just happens to be the case on my server that I have not yet allowed anyone else to issue assets on my server, due to not wanting to be seen as an enabler of issuers of fraudulent/scam assets, issuers plannign to fly by night with the actual assets etc etc. So if anyone has tokens on the server they already have the risk. The question then is would they like to loan out tokens to earn interest? -MarkM- You have a point. |
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