To Bitcoin Forums,
As a valued & longstanding forum member, and member of the wider bitcoin trading community, I feel it is my duty to step in if I see the bitcoin price at an incorrect level.
Based on this moral duty, I wish to inform you that the incorrect upwards price movements of the last few days have caused me to renew and actually - given the unanticipated insanity of the rise - add to my short position.
I truely feel that through the actions of morally concerned peoples like me we can bring this price back down to a sensible, rational and acceptable level. That would be in the range of $100-200.
Of course, our actions will not go unrewarded, and so I invite you to join me in this quest for true and fair pricing.
Sincerely
abs350
Your an idiot. By acceptable level you mean acceptable for "you". But still here we are replying so your topic goes to the top and you get the attention and visibility that you want. Fortunately i don't think anybody that isn't shorting like yourself is stupid enough to believe you. |
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> 75 but < 150
How long do you plan to Hodl for? Long term.... 3-4 years i believe. Its my major investment but i won't cry if i lose it all. If it goes mainstream i'll be using it to barter and buy things and by that time my holdings will have more value. If it runs beside fiat as a commodity with more value then i win there too. Until then i'll just get $500 AUD a week more until my holding reaches around 200 BTC. I'll likely stop at that. |
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You'd need to log into the site to be attacked.
Kinda funny that the database leak was from btcinfo or something but its a blockchain.info site.
Moderators should really strip the links from those topics... i understand the whole not remove scams etc but leaving vulnerable links especially when this is the hotspot of bitcoin activity really doesn't do much for bitcoin itself.
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Whilst out shopping for weekly groceries i was thinking over the fact we've hit 13,500,000 mined coins now and what this holds for the future. I started thinking but not in a negative way how important adoption was by date "x".
Lets propose for a minute that the miners with farms are using this purely as a money venture and that there is no care for bitcoin outside what they can mine and dump i.e. as long as cost of miners and power < profit from coin = win. At the same time the miners are important for our transactions to keep the network strong.
So i got thinking... is there a day x where adoption/market saturation should reach a certain point to ensure the future strong growth? This day x i'm assuming would be a point where minimal coins enter the market because of costs and reward per block. If mining becomes more unfeasible and people leave the game if we don't have the adoption and use in the market would it be in danger?
Would it be harder to foster a growing bitcoin market if less coins were entering the market for new adopters to acquire? I'm assuming coins at $2000 would be less attractive to the market as new people would compare it to fiat and feel more comfortable with that due to costings?
Just some ramblings related to coins left to required market adoption. Thoughts?
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Exactly 43 days ago i bought my first bitcoin  , thats my highlight |
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1.35 crore.
Each new block is a milestone towards killing the inflation monster.
Almost 2/3 of the total coins to ever be mined are out there. Should be an interesting next few years with all the costings and diminishing gains. Interesting times ahead. |
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Invest everything you can afford to lose if you believe in cryptocurrency and hold. As others have stated don't expend more than you can care to lose and only if you believe in it.
I've personally dropped around $53k or 1/4 of my total wealth in it as my major investment. If i lose it all tomorrow i won't be poor or cry. But i do believe in it as a future technology. I'm holding eager to see what the future will hold (4+ years). If i do sell at any point it'll be to ride the waves to increase my current holding.
This is going to be big long term.
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Something that has always bothered me about bitcoin is that it is messy when it comes to denotation. If this really is the currency of the future, it's not nearly as easy for consumers to identify a value as it could be. For example, when you're discussing 87 hundred millionths of a bitcoin, you could write it as 0.00000087BTC or 87 satoshis or 0.87 microbitcoins. That's four different ways to denote the same value and I'm not even sure that they match!
I propose a simple way to denote Bitcoin. Suppose that we consider the total of all currency in the blockchain as 1.000000000000000000BTC instead of 21,000,000BTC. In this scenario, if someone were to own 70% of all bitcoins, it would be denoted as 0.7BTC instead of 14,700,000BTC. One result of this system of denotation is that the first digit (preceding the decimal) becomes practically irrelevant. What I mean is, all transactions and balances would be denoted 0.XXXXBTC, making the first digit essentially irrelevant in the sense that it would always be zero for normal uses.
This irrelevancy allows the decimal-preceding digit(s) to be used for an alternative purpose: indicating the number of leading zeros post-decimal. For example, to express a value of 0.034% of all bitcoin, the denotation of 0.00034BTC would be shortened to 3.34BTC because there are three leading zeros post-decimal. A few more examples:
1.4BTC = 0.04BTC
7.667BTC = 0.0000000667BTC
0.18BTC = 0.18BTC
14.2215BTC = 0.000000000000002215BTC
4.901BTC = 0.0000901BTC
The digit preceding the decimal point is atypical in regards to value when using this system of denotation. 12.87BTC would be worth a lot less than 5.87BTC, despite the fact that 12 is greater than 5, while the digits following the decimal would function as normal (5.87BTC is less than 5.91BTC). This initially seems very peculiar, but it has a useful effect.
In this system of denotation, a greater starting digit ALWAYS indicates a smaller value. If you saw an item listed for 0.00000001BTC from one vendor and 0.0000000099999999BTC from another vendor, how quickly could you figure out which option is cheaper? With the proposed system of denotation, the answer is obvious. You can be absolutely certain that 8.99999999BTC is cheaper than 7.1BTC because 8 is greater than 7.
With the current way microprices are listed in bitcoin, it is very easy to mistake the value of something by a factor of 10 because it only requires the presence of one additional zero. This is a huge problem for a currency with irreversible transactions. For example, suppose an item costing 0.0040506708BTC is accidentally or criminally listed as 0.040506708BTC, a value ten times higher. How many consumers would notice the difference?
In the proposed system of denotation, the actual price would be listed as 2.40506708BTC and the accidental/criminal price would be listed as 1.40506708BTC. A false price would be obvious to the consumer. The example also demonstrates that the proposed system allows for much greater divisibility without increasing confusion. If the currency were utilized by ten billion people who frequently used micro-transactions, divisibility beyond satoshis would become critical and the proposed system accommodates this elegantly. A single satoshi is about 15.47BTC in the proposed system, and a thousandth of that would be 18.47BTC. In our current system, these values are 0.00000001BTC and 0.0000000001BTC.
We need to consider how prices in the real world are denoted in bitcoin if we want the real world to use them. To me, it's laughable to think that Wal-Mart is ever going to list candy bars as 0.00000075BTC ($0.75 in the scenario that bitcoin are worth a million dollars.) So many pointless zeros are required! The proposed denotation (13.36BTC) is much more reasonable. Not only does it require five less digits, but it also combats accidental/criminal price misunderstandings.
Finally, the proposed system of denotation expresses a more meaningful value. 14,700,000BTC is essentially meaningless, but 0.7BTC can be interpreted as a value equaling 70% of all bitcoin. All transactions and balances could easily be interpreted as a shares or percentages of the total network with the proposed system. To me, this seems much more like the pricing system of the future than what we are currently using.
Let me know what you think and if you have any questions!
Your proposed system seems to just adjust the current holdings people have to sound larger. I personally think there is nothing wrong with the current system. 21 million max bitcoin is fine. People tend to know this as the upper maximum and comparing that to the current holding of satoshi's or bits people have is fine. Bitcoin is something new its a different system. We shouldn't try to match it to an old failing currency system just because its what people are used to. Sometimes a new start is good. Satoshi's are fine as is and the concept of holding 1BTC as 100,000,000 satoshi's is fine. It doesn't adjust the way of thinking for people that have been with bitcoin from the start. There are more important things than denomination to discuss. Adoption is more paramount than how to represent it. We need to get out there and spread it and get more involved. The masses will decide if 100,000,000 satoshi's per bitcoin is too hard to deal in sales once we get that mass adoption. |
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one could also ask:
Is Bitcoin actually just a Pump and Dump?
Hehe, yes. It's just a whale play, because a payment system with this liquidity = complete rubbish. Say you want to transfer a 3million USD via bitcoin, buying/selling that small of a volume will destroy most exchanges. 3 Million won't cause any harm this days i think. 30,000 coins @ 9 million USD total didn't cause any harm. Just a what was it 6 day feeding frenzy? |
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The amount the BTC price matters varies depending on how well I am doing financially. If I am in a position where I need liquid cash, then BTC price is very important because I want as much $ as possible. I own gold and silver too, they are both long term "store of value" holdings that I will only dip into if I need to. I watch those prices carefully too.
I'd love to see a world where you can do all you spending with btc, it would drive the price up so high and no one would need to "cash out" ever, but that world is a long way away, if ever, so until then, we watrch the price.
Best to buy bitcoin at $x and spend it when its either at what you paid or higher. I'm personally holding it long term for the day of mass adoption. If i sell in between its to ride the waves and increase my holdings in bitcoin. You have to berieve!!! |
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There are 7.1B people in the world. The number of people that will actually be able to acquire a whole BTC is staggeringly miniscule.
So get them now while you still can, hold them for years, and you'll be the new 1% -ers of the future.
This is what get's me up each morning But surely everyone in the world won't own bitcoin right? Lets be more realistic and speculate that for now 10%-20% of the population would hold some. I love bitcoin but the possible stats shouldn't be drawn from the 100% adoption scenario. There are poor people in the world who i suspect don't own paper money and trade in goats and crops so even fiat doesn't have 100% adoption. We don't need 100%, not even close. Even 10% is a wildly high number. Even 13 million(0.1%)people can't own one coin. The amount of people that will have 1 coin will be very very small. I buy portions every paycheck. I agree we don't need 100%, personally i think 30% would be amazing, all i'm trying to say is it would be more beneficial if people calculated values based on 10-30% of something in existence rather than going the whole hog and calculating at 100%. Its not realistic to use 100% . Thats all i'm getting at. Its more meaningful for estimates if the percentages are realistic . |
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There are 7.1B people in the world. The number of people that will actually be able to acquire a whole BTC is staggeringly miniscule.
So get them now while you still can, hold them for years, and you'll be the new 1% -ers of the future.
This is what get's me up each morning But surely everyone in the world won't own bitcoin right? Lets be more realistic and speculate that for now 10%-20% of the population would hold some. I love bitcoin but the possible stats shouldn't be drawn from the 100% adoption scenario. There are poor people in the world who i suspect don't own paper money and trade in goats and crops so even fiat doesn't have 100% adoption. |
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Edit: zero at the moment, just sold at $412, and very glad I did. Look out below.
Why you don't HODL them ? because if you do so then you would probably have to sell at $290 or $190 or $90 before lose everything, remember $1000 $800 $600? they are all gone, you won't see them anymore in this downtrend At the end if you believe in bitcoin, the price doesn't metter  . sorry but the price does matter in the real world unless you are trolling others to hold "price down doesn't matter, however price up does of cause matter that's why you should hold" permabull? Don't think price matters if you are not intending to sell and envisage a world of pure bitcoin payments. In this case a bitcoins a bitcoin value wise. I still don't understand why you make so many alts when people keep calling you out. |
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Anyone know where i can get a metallic trezor? i thought they made them? plastic and rubber seems tacky to me so id prefer some metallic and durable feeling
Sweet I'm in too! Can't get metallic ones anymore. The casing for those alone costs $300+ I would of paid it  |
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Anyone know where i can get a metallic trezor? i thought they made them? plastic and rubber seems tacky to me so id prefer some metallic and durable feeling
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Do they pay the fines with real money or just invent some like loans to repay ... i've always wondered that. |
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This upswing is not sustainable.
Surely it is as adoption grows. If it wasn't we'd still be at $1 back when people were saying that. I have no doubt one day a bitcoin could be $10,000 USD i'm not talking 1 or 2 years or short time but as adoption grows over maybe 5-10 years sure. I just expected slow growths and not huge explosions. Adoption is the key and getting it out to people for awareness.. i think that tipping bot thing for reddit is awesome. Just wait till tipping hits facebook and youtube. |
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The market is controlled by traders with large bankrolls, not small-time bitcoin enthusiasts. Some people or a person with a large bankroll is buying a lot, for whatever reason - it's really as simple as that.
Most of the buying is originating from OKCoin, which is only natural, considering it's the largest and most liquid exchange.
So if they buy big surely later they aim for a profit or they have a plan for the coins right? Its at $543 AUD and rising fast still... this morning it was $439... Thats crazy in 24 hours! |
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I mean i'm loving that the fiat conversion represents action for bitcoin but its making me nervous as since getting into BTC 40 days ago its never been this fast... usually hovers up and down slowly clawing up but i just about fell out of my bed this morning when i stopped the iphone alarm checked the winkdex said is that right ... checked btcmarkets.net (aussie exchange) and went ok $70 change. And its still going up.
I don't want it to stop but i'm wondering whats causing the sudden boost? I'm not that knowledgable in all things world wide on bitcoin so anyone have any sources that indicate the sudden change reasons?
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