If I want to obtain Bitcoins I have basically two options. I can purchase them from someone who already has a supply (previously mined bitcoins), or I can purchase hashing power and pay for electricity in an attempt to find block rewards. Either way, I'm trying to obtain bitcoins and either way it has an effect on the exchange rate.
The only coins that affect the exchange rate are those put up for sale. The block reward, which tries to happen every 10 minutes, are coins that are up for sale. This is a common misconception. Those coins are only "up for sale" when they're put on an exchange and their sale is advertised or immediately executed. Think about it. Coins going into a hoard have no effect on the market price. Coins not up for sale are not part of the economy. Off-exchange sales have an indirect effect on market value, but I don't think you're arguing that. I'll say it again: As far as the current market value is concerned, coins going into a hoard might as well not even exist.If a coin is being hoarded, it isn't being put up for sale. I don't see how you can argue that this doesn't affect the exchange rate. |
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If I want to obtain Bitcoins I have basically two options. I can purchase them from someone who already has a supply (previously mined bitcoins), or I can purchase hashing power and pay for electricity in an attempt to find block rewards. Either way, I'm trying to obtain bitcoins and either way it has an effect on the exchange rate.
The only coins that affect the exchange rate are those put up for sale. The block reward, which tries to happen every 10 minutes, are coins that are up for sale. |
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Mining is buying bitcoins.
No, its creating bitcoins. Which these days means buying or renting mining equipment. The mere act of mining does not change the price in any way. Or is mining gold the same as buying gold on the market? The 2016 block difficulty adjustment attempts to keep the supply of newly found bitcoins steady. If I want to obtain Bitcoins I have basically two options. I can purchase them from someone who already has a supply (previously mined bitcoins), or I can purchase hashing power and pay for electricity in an attempt to find block rewards. Either way, I'm trying to obtain bitcoins and either way it has an effect on the exchange rate. |
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With me gone also my coin will disappear, nothing of my stash value will left for my family, it is both fascinating and scary
That's awfully selfish. You do know that there are multiple ways to make sure your family will have access to your bitcoins should you die. |
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Bitcoin mentioned on criminal minds tonight, that makes 4 TV shows this week talking about it. Maybe we'll see the Friday surge again like the past 2 weeks.
I saw it mentioned on Blacklist and Almost Human. Besides Criminal Minds, what is the other? Person of Interest Well after the Simpsons did it you had to see this coming. The Good Wife was first, ages ago! |
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Bitcoin mentioned on criminal minds tonight, that makes 4 TV shows this week talking about it. Maybe we'll see the Friday surge again like the past 2 weeks.
I saw it mentioned on Blacklist and Almost Human. Besides Criminal Minds, what is the other? Person of Interest |
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So... I mined and never put any downward pressure on the exchanges. Quite the opposite, I removed (through evil hoarding) coins from circulation.
No. You didnt apply any preasure in either direction. Upward pressure is buying. Hoarding is pressure neutral. Mining is buying bitcoins. |
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Whether we all agree or disagree is irrelevant, he is his own man and he can do whatever he wants.
+1 |
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And besides, it's only a matter of time before we get confirmed news from sources that the governments of the world will imprison anyone who holds bitcoin. Really, I'm just looking out for myself.
Indeed. It's a good thing you got rid of that hot potato before you had to actually pay someone to take it from you! We all know that is coming sooner rather than later! |
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FTFY. Proudhon has so many bitcoins he likes to be generous and throw away a few in good fun!  |
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You are getting old little buddy.
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Then, be honest and send it back to him, the price didn't yet cross the 1000$ on bitstamp/btc-e.
In 2013? Of course it did! |
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It's up to miners to determine how much steady income, management interface, email alerts, etc., are worth to them.
Let's not forget the issues surrounding network centralization and what that may do to confidence in Bitcoin itself (the hand that feeds). We should also keep in mind that mining directly to an address you control has the advantage of requiring no third party trust. Many of us have been around long enough to see miners lose revenue because the traditional pool they mined on was hacked (I'm not suggesting this would happen at BTCGuild, only that it is not beyond the realm of possibility). I do hope the miners consider all of these issues when choosing how to deploy their hashing power. |
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Why always "talking book" when someone expresses an opinion...
Generally, on this specific subforum, it's a valid assumption. |
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I've though about the term "intrinsic value" for several years now. Anyone who is honest with themselves should realize (I hope it doesn't take several years, like it did for me) that "intrinsic value" is bullshit.
Value requires a relationship. You need A to first observe B for value to even exist! B can never have value without something like A to actually assign it value.
Everyone using "intrinsic value" should consider using a more appropriate term, like industrial value, alternative value, multifaceted value, or perhaps onion value (layers).
When it comes to money, these other values are actually a hindrance because they can influence the object's value outside of it's use as money. These forms of money (commodity money) were useful at first, when trade was not global and technology didn't allow man to step outside the role of hunter/gatherer. In today's world, we humans specialize, and we need specialized tools to achieve our goals. Bitcoin was designed from the ground up to be pure money, and that is a feature, not a bug. Bitcoin is money specialized. Arguably, so is today's fiat (specialized money), but fiat has a massive drawback in the fact that it is controlled by a few, to the advantage of those few.
it seems you dont like the idea of intrinsic value and do away with it because you know that bitcoin doesnt have it. If that is what you take from my post, I must have severe difficulties conveying meaning with the written word. |
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Lol... well you are stupid if you pay, i think there are servies online that can handle such bets, but doing so just in a forum seems stupid.
Anyone who thinks Proudhon is stupid for keeping his word is a man not trust... or make bets with. A man is only as good as his word. You should write that down. All I have in this world is my balls and my word and I don't break them for no one. Do you understand? |
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Is he trolling or he might be right?
He is playing a character. That doesn't mean everything he says can't come true. I wouldn't bet against Bitcoin though. |
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But I knew he would do it.
+1 |
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This is the only active forum I know and I needed to vent my anger, hope you guys don't mind.
I was walking home with my slightly retarded older brother when this bald guy with dirty clothing and clothing in a laundry bag on a bike that goes through the trash. He suddenly started riding his bike slowly behind us and dragging his feet so we can hear that he's behind us. He started saying softly, "Go back to Hong Kong... Go back to Hong Kong..." My and brother are Chinese nationality but are born in America. I told my brother to go ahead of me and go home. That dude started dragging his feet again. I turned my head slightly, so that I can see him in my peripheral vision and he would snicker and laugh whenever I did it. After my first head turn, he started dragging his feet louder and I turned around again and he started snickering. I have brass knuckles in my pocket for self-defense, I wanted to hit that guy so bad. (Brass knuckles are illegal in New York, so I didn't want to get into trouble). What would you guys have done? Is it legal to hit someone for racial/ethnic slurs directed at you and mentally retarded brother? This happened in front of cameras and it would of shown that I initiated the attack.
I would have avoided conflict at all costs. Enter a public store or something. I would certainly not let someone follow behind me. Of course, I wouldn't be in NY where I am basically not allowed to carry a firearm for self-defense. |
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