Wow PoS difficulty is really taking off  Good for Novacoin and the users. Bad for me personally though  |
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Ya I've trying to tell ppl the same thing . I don't really consider something selling for 250 then 1000 then 650 in less than 3 months a big crash. It's a matter of perspective. It's just as valid to say the price has tripled in less than 3 months.... uh, how is that a crash exactly?  I'm even hearing out the 'big bitcoin crash, haha, oh you know bitcoin , it crashes all the time' kind of news stories in mainstream media.It just makes me laugh. If we go to down to sub 300 , that would be a crash. |
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I don't thing so.
Could this happen? Ya sure, happens all the time. I lost over a 1000 bucks myself to the fuck-head Ukyo, who absconded with millions of dollars in BTC. He was treating users' deposits as his own personal wallet and gambling with money that was not his to do so with.
But Gox? I think it is simply incompetence. They showed this many times over their history. Good riddance to Gox (though I do hope everyone gets their money out okay).
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I'd recommend buying a heavy duty, quality power supply, like my Seasonic 1100W
It is totally worth the bigger up front costs for three reasons off the of my head:
1) you wouldn't have this problem, and you'd have room to expand
2) the much greater power efficiency translates into $$$$ savers for miners that are going 24/7
3) feasibly the thing could last you the next decade or more. While every other compnent in your PC will be hopelessly outdated, in the year 2024 (wow is that only 10 years away, that's crazzy) your new 512gigahertz core i19 will likely still be compatible with your ancient powersupply, and because it is seasonic I think it will still work as well.
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IT's been shown time after time that centralized exchanges are the biggest weakness in the world of bitcoin, and the most easily shut down by the governments or scam.
They are the weak link in the bitcoin infrastructure. It is almost a shame that bitcoin is P2P technology shackled to centralized exchanges.
How many exchanges have gone under, been shutdown, or been scams? Or hacked? Gox just locked up withdrawals. I lost money to Ukyo/ Bitfunder who gambled users deposits away.
I WAY rather trust software of a decentralized exchange than some exchange in Belarus that may at any day close.
Decentralized exchanges / colored coins are the only way to go. I think they are inevitable. But the good news for folks who don't care for them: centralized exchanges will still exist. So if you choose to go the more risky route of using a centralized exchange over a decentralized one, you will have that option.
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Coming To A Country near you. This will happen a lot more in 2014, just wait and see.
And folks, keep in mind much of the same thing happened in America, in 2008. Read up on it, tons of documents were destroyed in the few days before the shit hit the fan. (Okay so it wasn't a fire, but same situation. Documents are destroyed, deleted and purged 'by accident' all the time). And you can't really audit a bank that controls such a big piece of all the currency ever made. In many cases there wasn't even documents in the first place, or the documents were forgeries / made up after the fact.
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I think a lot of it has to do with the difficulty and cost of 'going to go buy some stocks'. For securities and related, investing in BTC stocks is a piece of cake and costs little (in fees).
For day-trader types, another really big thing: the vast majority of 'real life' trading is done by computer algorithms in transactions that take less than a second to calculate. Correct me if I'm wrong (not an expert) but I believe trading alt-coins on currencies is much more closer to the fun and past idea of stock trading as an activity than is done by humans, for day traders. As in, you can see the bid and call board, and react to changes. You can't really do this if you are not in the finance industry and don't have a lot of capital to work with (as I know). And the volatility helps as well.
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Pretty amazing if your name is Ukyo / Jon Montroll, and you treat all of your customers' deposits as going into your own personal wallet. Not to mention the other exchanges that vanished suddenly.
To be serious though, I'd imagine the profits are massive. If you get big, you'd have to spend a lot on hardware, and you should be spending tons on security analysis and other good developers, but even after those costs are taken away, it has to be wildly profitable.
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Sometimes there isn't any one particular reason.
It may help to look at the market price as really only a measure of confidence in something. A lot of folks lost confidence today. Not that many though. Not a big deal.
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Because, the media is the powerful method of sculpting public opinion.
That's why its power was recognized in American governance as the 4th estate, the fourth branch of government behind the legislative, executive and judiciary, and given protections as such.
You have to control the discussion, otherwise people get other ideas.
Like how in America there are only 2 political parties that are not much different. If you set up the discussion in framing of only these two parties with no talk to any other of the other 1000s of political positions, then you have effectively removed any other political consideration out of the predominant political discourse for the nation.
Looks at the owners of the media conglomerates in any given country. You'd be hard pressed to find any of them that were not directly involved in governance as well, with enough political interaction to improve their positions and further their greed and power.
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That's a really cool idea and all, and good on the dude for making it, but I don't know if it'll be really necessary (for the cost).
I think eventually people when come around to the idea that bitcoin itself is worth paying for items in, and it doesn't matter so much what bitcoin sells for against USD.
Said another way, I think eventually prices wouldn't be pegged against the unbacked fiat currencies, instead, the prices will just simply be in bitcoins (as opposed to how much bitcoins are worth at that particular second if they were exchanged for fiat to buy item, instead of bought directly.)
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A PCI-E extender cable.
Drugs.
Hosting.
That's about it.
I have the problem that many folks have: I AM HODLING. I feel bad spending any bitcoin. It's almost the complete opposite of fiat for me, which I know is liable to crash any day, so I spend it as much and as fast as possible for goods.
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You should write a book.
I recommend the title "How to Write A Forum Post That No One Will Bother Thinking About Because It Looks Like A Waste of Time", by gfgdg01, the First.
1) Big fonts, check
2) A post that is a link with no description, check
3) "Don't bother replying" message, check
4) Unexplained statements, check
Really, write that book man !
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Dogecoin completely baffles me.
I just don't get it.
Maybe I'm getting old or something.
It's like all the other copy-coins....without any of the benefits.
But it did teach me a valuable lesson: marketing really is really important.
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How about EvilApple coin?
The logo can be an evil zombie mirror-world Steve Jobs (without a goatee).
Or a 'AppleIsNotCool' coin? Oh who am I kidding, all the apple iBuyer-whatevers people would be all upset.
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I don't see the connection.
Even if ukyo lost a his coin to TF, what does this have to do with the confiscated deposits on weexchange? Or am I missing something.
If you are supposing that because Ukyo lost his personal money, he seized customers' deposits to cover that, I don't how see how this any different from him not losing money in investments, and seizing his customers' deposits to buy a fleet of sports cars . Both are just as wrong and equally illegal.
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Hopefully this The Final Goxing.
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heh, check virtex orderbook for the lulz
Buying BTC
Created Amount Price Value
Feb. 6, 2014, 12:13 p.m. 0.0500/0.0500 849.10002 42.46 CAD
Feb. 6, 2014, 12:13 p.m. 0.0500/0.0500 849.00002 42.45 CAD
Feb. 6, 2014, 12:13 p.m. 0.0500/0.0500 848.90002 42.45 CAD
Feb. 6, 2014, 12:14 p.m. 0.0500/0.0500 848.80002 42.44 CAD
Feb. 6, 2014, 12:14 p.m. 0.0500/0.0500 848.70002 42.44 CAD
Feb. 6, 2014, 12:14 p.m. 0.0500/0.0500 848.60002 42.43 CAD
Feb. 6, 2014, 12:14 p.m. 0.0500/0.0500 848.50002 42.43 CAD
Feb. 6, 2014, 12:14 p.m. 0.0500/0.0500 848.40002 42.42 CAD
Feb. 6, 2014, 12:15 p.m. 0.0500/0.0500 848.30002 42.42 CAD
Feb. 6, 2014, 12:15 p.m. 0.0500/0.0500 848.20002 42.41 CAD
Feb. 6, 2014, 12:16 p.m. 0.0500/0.0500 848.10002 42.41 CAD
Feb. 6, 2014, 12:16 p.m. 0.0500/0.0500 848.00002 42.40 CAD
Feb. 6, 2014, 12:17 p.m. 0.0500/0.0500 847.90002 42.40 CAD
Feb. 6, 2014, 12:17 p.m. 0.0500/0.0500 847.80002 42.39 CAD
Feb. 6, 2014, 12:17 p.m. 0.0500/0.0500 847.70002 42.39 CAD
Feb. 6, 2014, 12:17 p.m. 0.0500/0.0500 847.60002 42.38 CAD
Feb. 6, 2014, 12:17 p.m. 0.0500/0.0500 847.50002 42.38 CAD
Jan. 31, 2014, 8:38 a.m. 2.5726/2.5726 847.50000 2180.28 CAD
Feb. 6, 2014, 12:18 p.m. 0.0500/0.0500 847.40002 42.37 CAD
Feb. 6, 2014, 12:18 p.m. 0.0500/0.0500 847.30002 42.37 CAD
that my friends is the Canadian equivalent of Willy... hahahahaaa
This slicing of orders is common. Here is my understanding of why people do that: If you post a single bid for 21 BTC @ 800, some other jerk may post his bid for 21 BTC @ 800.01, then you will not get anything until hs bid is filled. If you spread your bid into 21 bids of 1 BTC @ 790, 791, 792, ..., 800, 801, ..., 809, 810, you will ultimately pay the same amount, but now the jerk cannot get ahead of you by bidding just one penny more. If he posts 21 @ 810.01 he will lose a lot of money, if he post 21 @ 800.01 you will gobble up 10 BTC before he gets anything, if he splits his order too at 790.01, 791.01, etc. you both will get served together. So, splitting seems to be a better strategy than lumping, very roughly speaking. Does this make sense? Thanks. Yes it does make sense, and never thought of that before. |
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Gox should purcahse all of the FBI's coins in bulk.
I still don't really understand what that company was thinking. They had a golden goose, must have been making a fortune, but really screwed the pooch. Like hire another 5 customer services guys would you not, if you are profiting multi-millions a year and are the global leader (at one point).
The company leadership is either incompetent, or they did not pay the right people the right bribes are paying the price.
Anyways. Are we crashing right now?
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