For all the new trolls 6 years late to the Game of Bitcoins: How does it feel to have missed out on the <$3 price?

People weren't ready for bear-whales gift last time.

Okay I see your point, but you have to have some subsidy to bootstrap. It is on a predictable trajectory, so the math is known. Whatever projections you can design without a subsidy should be easy enough to adjust with a known math function.

Of course not. I am saying you will be excluded from purchasing bitcoins until the panic buying ended at a much higher price, unless of course you already have a contractual agreement to make OTC purchases.

I was just making test case for falsification there, not a position.
Bread (or more often corn) can have a "subsidy" attack and it is done often by governments.

Unless Bitfinex goes offline when the next breakout begins. Then you will be stuck with fiat. These unregulated exchanges tend to do that during panics.

What evidence would you accept as a reasonable indicator of a bubble soon to collapse?

Bankers calling the Winklevii boring. 

Maybe you don't remember 2008? The bubble was growing much slower then than now. Unsustainable growth is the predicted cause. Maybe the OP is wrong, but I would hardly call it random.

Maybe so, but don't expect Keynesians to just throw in the towel. They will entice BTC owners with wonderful exchange rates. They will offer insurance. They will offer miners Quantitative Easing. All the while they will be hoarding BTC for reasons of National Security.

Maybe you didn't notice that I was agreeing with you in the point that people will chose a 1:1 if they have a choice. Your magic wallet not may not exist if the cryptofiat is not exchanged outside of legal channels. All I'm saying is that we should expect states to ban 1:1 pegged cryptocurrencies at first.

I don't see any businesses selling pirated songs or movies, because only the legal ones have value. I don't see Americans using Pesos. Nobody will sell a currency if it is not liquid enough to use in a brick and mortar store. Just like every other foreign currency, you will be asked to leave it at the border.

If a centralized organization to put  a face on Bitcoin was a good idea, then Satoshi Nakamoto would have come out to promote it.

Unsupported because stock markets never crash?

Exactly. A state would choose a sidecoin as (dare I say) cryptofiat. They would exchange for BTC at the border.

I could see that if they use the sendmany command or some multisig scheme. Perhaps raising the 1 meg blocksize cap will encourage acceptance of more outputs and larger fees.


I suppose I should have asterisked more. I would actually prefer if Bitcoin became a reserve currency in most jurisdictions. It would be a better store of value and be more portable than a local derivative asset.

I've been thinking about this awhile. It's the whole dynamic functioning of a peg versus a one shot static relationship with Bitcoin that has me so intrigued. I hope the altcoin folks are flexible enough to adapt their coins to take advantage of Bitcoin's additional security. I'm sure if there were any premined altcoins that used proof of burn, they realize they were a little ahead of the game as long as they can sell them. Perhaps even Proof of Stake is adequate security for a destructive chain.

At least he had a house to sell. Most of the trolls here still live in their mother's basement.

In fact, the more efficient miners become, the better they will be for heating your home. Soon mining gear companies will build water heater and steam plumbing interfaces because they will be profitable.

Here's why I think TBF has been less than successful and how it can be improved:

A Bitcoin Technical Organization is not like IEEE, EFF, or Linux Foundation. It's also not like a for-profit corporation. It is a Think Tank. There are too many political and economic factors to consider and address. As a Think Tank, it must focus on projects that meet at least a general mission statement. Bitcoin itself is not a political statement because it is simply math. While some of it's properties can be argued to support some political agendas, Bitcoin itself has no political power whatsoever. It is a tool that can be used equally by any political entity simply by building clients that reflect the desired qualities. Bitcoin can be anonymous or it can be completely verified, depending on the infrastructure you develop for it. Bitcoin is what you want it to be.

A Bitcoin Think Tank will find solutions for developers that provide incentives. That means even central banks that want solutions and have the means, should be given the opportunity to have their needs addressed by the expertise a Bitcoin Think Tank can provide.

Up until now, these efforts have created a schism between developers over loyalties to financiers or ideologies. Developers have to put aside their differences and understand that we all benefit from thinking as a One Blockchain, than multiple competing chains. It was the evolution of Bitcoin 2.0 technologies that made us realize we could all use the same programming language and operating system, yet run completely different applications. Anyone that contributes to open source projects will benefit from new ideas flowing from the greatest minds in financial theory.

I propose that several Bitcoin Think Tanks are organized with whatever ideologies their leadership wants to offer. After all, volunteer organizations are only as good as the people that roll up their sleeves and work. They don't need elections. They don't need consensus. They offer results or they fail. Their financial futures can be dictated by particular interests, but somehow I don't think our best and brightest are all that motivated simply by money. This is a revolution. We need Generals, not Politicians. This isn't a popularity contest. If you believe in what we are doing and have invested in ourselves, then we all have not only the incentives, but also the moral compass to create the best new financial system possible.

To the Central Banks:
You have the opportunity to join us or die. If you join us, you can have access to the most powerful and efficient capital aggregation tools imaginable, and they can be designed to optimize your infrastructure. Bitcoin and its derivatives can offer unparalleled security, privacy, and flexibility to meet with your customers needs and compliance standards.

To the Venture Capitalist:
You have the opportunity to invest in the Next Big Thing and hold a stake in your investment simply by owning Bitcoins. Even if you invest in a project and somehow it fails, you still benefit from the successes of others.

To the People:
You have the opportunity to educate yourselves about the greatest business and career opportunities of a lifetime. Take advantage of learning about these technologies and become a member of these fine educational organizations.