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interesting interview indeed, move this to press section?
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Maybe youre not seeing the whole picture here. If something like is not done, Bitcoin will be just a bubble, like it is now.
If bitcoin works as digital gold, it can easily go up in price a lot more without being a bubble. It wont be able to access the real world (street stores, supermarket, drugstores, cafes, whatever you like). The transaction delay is too much, even 10 minutes for 1 confirmation, is a lot of time. Transfer must be instant for purchases on the go.
Agreed, if bitcoin wants to be used for point-of-sale transactions, a convenient instant system needs to exist. Thats why it would be great if more Mt. Gox come around and be regulated by a Central Authority with a reserve in USD or whatever the likethat claims that that bank is trustfull and so is "green address", it can have reputation like bitcoin-otc or something like that.
Backing with USD is a terrible idea. Bitcoins do not have a fixed USD value, how could you possibly back it with USD? What happens when USD crashes in value? What you want to have is proof that the 'central bank' really holds the bitcoins. This can easily be done by making publically showing account balances (in an anonymized way, such as hashing your username or whatnot), and comparing this to publically known cold wallet balances. I'm trying to make this work in my country, and go to stores to make them accept bitcoin, but theres no chance they'll make their claim just sit there waiting for the transaction to be confirmed. Am I the only one that thinks 10min for a confirmaction is a lot of TIME?!?!?!
As mentioned above, I agree instant verification systems are needed for point-of-sale. I think you are wasting your time going to brick-and-mortar shops at the moment. Allow the system to grow on its online services, online purchases, online finance & gambling, anonymous transactions and store of value merits. If a sufficiently trustworthy company/system for POS arises, all the better. |
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Nice summary of bogus arguments. You keep believing your stuff Mr. Fool, I ll keep believing mine, we'll see who smiles the most in the end. PS: guess who is winning at the moment  |
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Can't we just send them more hamsters?
Only so many hamster you can stick in one hamster wheel. What is this hamster reference I see all the time? |
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the mere fact that all those news agencies are talking about Bitcoin is fantastic. who thought we'd see this so soon?  +1, never thought I would see bitcoin mentioned on national television this soon. |
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Quadruple digits would make me a very very happy man  , and I guess I am not the only one here . We're gonna need a "Counseling for the Newly Wealthy" thread pretty soon A few more months like this will do the trick . |
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I think people are just trying to cool the rally. It literally would harm Bitcoin for the price to rise at this speed (weekly doubling) for much longer, because by the time we hit $10,000 (next month!) all sorts of shit is going to start breaking and the ensuing chaos will break even more stuff, then giant crash. I don't think this will happen, but that's because I don't think we will go up at this insane pace for much longer without big pulbacks.
Coinbase is already toast, and Gox will likely be soon. The infrastructure needs a little time to adapt.
That said, a run to triple digits this month wouldn't alarm me much. But if the pace didn't slow after that I'd be worried.
what currency are you talking about? Bitdimes  Yeah I meant quadruple digits. Quadruple digits would make me a very very happy man , and I guess I am not the only one here . I wonder if we would go that far this bull run though... I am still bullish for the coming weeks. 2 months from now: not so much. |
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Don Laughlin, the 81-year-old billionaire and founder of the Riverside Resort and Casino in Las Vegas, is also placing his bets on cryogenics for everlasting life. He is a future customer of Alcor, a Cryonics preservation facility is based in Scottsdale, Ariz. Upon death, his body will be cryo-preserved at minus 360 degrees following his death until he can be revived and cured of any health problems. He plans to take his money with him: His assets would also be frozen.http://money.cnn.com/gallery/magazines/fortune/2013/04/04/live-forever.fortune/2.htmlHa. What the point to live forever if noone knows what they live for? By that reasoning you should shoot yourself in the face. |
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Not a straight line so exceeding exponential growth. It'd be interesting to see what function would fit that. Geometric growth?
log scale is starting to look exponential, so I am thinking y = (a^b)^x |
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Announcement:
Dear Customers
As you all know, we temporarily changed our commission rates a few days ago.
The lag on MtGox engine was eating our profit in big chunks and we even ended up some days making a small loss (we much more prefer to make a small profit than a small loss!). We understand MtGox has to deal with their own increase in users as much as they can, and this is in no way a critic of their service.
As a matter of fact the lag, which can sometimes arrive to several minutes doesn't allow us to promptly execute the orders coming from our customers and when this is originating a loss we prefer to take it in order to keep our customers happy.
We understand our success depends on this and we don't mind ending a day having made no money, but with the certainty of having put another brick on the wall of our community.
In other words we prefer to focus on the long term, even if this is sometimes painful.
To make a long story short ,despite our arrangement the situation kept getting worse on the MtGox side (yesterday was a really painful day) and thus we are obliged to make a further small adjustment as follows:
-10% of generated lending interests (no change)
-0.5% of the whole amount of trades made on Mtgox (no change)
-0.1% of the whole amount of trades made on Bitfinex (this was taken down to 0% a few days ago on a marketing effort that happily paid back, keep reading below...)
Last but not least we are proud to announce that the amount of transactions made on our platform is increasing by the day.
They are still a small percentage of the total (pushing 20%), but we keep believing in the fact that our customers will soon realize that we offer a better service than any other trading platform at a fraction of the cost.
We promise we will keep them as low as we can, as we want you to be as profitable as possible with us
:-)
That's all folks, more and more news are on the pipeline.
Stay tuned and let us know if you have any questions.
Back to coding.
Raphael
Bitfinex Team
Hope you are able to implement another exchange soon. This gox lagging is dangerous, and I want bitfinex to thrive, its an awesome free-market idea. |
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In this month alone, over 57,000 new accounts were created! WTF.  |
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Redeeming BTC by mtgox code gives the message in USD instead of BTC. The actual transferring is correct though, cool instant system.
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Is it me or are those links not an explanation at all? |
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I'll just leave this here. Picked a hell of a day to do it on! http://www.youtube.com/watch?v=gG53ATWPJ_QBut yeah, the whole time I'm thinking why are you being stupid and selling x coins at $120 when you could've easily sold higher. Or, oh no, price is now $115, I'm going to sell NOW! Probably will blame it on Gox lag. Oh well, for those who were prepared, "cheap" coins for them. Hahaha, that scene with Bob from 'Fight Club'! I just love the pics that the bitcoinity guy choses . |
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I wouldn't call it a mistake, but I started investing $4k dollars in mining equipment and a similar amount in buying BTC directly when BTC was at $8 back in mid last year... If I invested all 8K in BTC directly, I'd have way more coins! I am betting some people on this forum would give their left nut to have made a 'mistake' like that. |
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sorry to interrupt the gox-hating, but has anyone noticed how much press we got today?  Lol, no. I've been obsessed with MtGox. Is it good press? I'm afraid to look. Just starting to check them, I see the word bubble a lot in the title.. Then again, all publicity is good publicity, especially for an asset that only .1% of the population owns at the moment.... |
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sorry to interrupt the gox-hating, but has anyone noticed how much press we got today? |
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Fuck no, give me a dip, I want my coins back ! (only a small percentage for dip trading, I am not so stupid to sell a large amount)
You bailed on the rocket? But you were steering the damn thing! Now me and Chalkbot are flying into the sun with no pilot. You're the only one with thumbs for God's sake! Haha, Spiff will always find himself in these types of situations. That's just what the guy lives for! I'm sure he's clinging to the tail fin of the ship right now, planning his death-defying stunt that has him return to the cockpit with 500 dead bears in his wake. Personally, I think the sun might be a giant shining bitcoin, so I won't stop smiling no matter what happens! Spaceman Spiff returns to the cockpit with the bounty for zapping the not-so-dreaded bearosaurs of the planet Incredulia. Mission accomplished, our hero high-fives his trusted cockpit-mates and relaxes for the rest of the rocket's journey. |
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So who else made some money on the dip? I made a bit, but not nearly as much as I could have if I hadn't chickened out and rebought some coins only slightly below what I had sold them for. The peak went a lot higher than I had thought, feared the dip might not go quite as low because everybody would be waiting to buy on the dip. |
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