Damn! Why doesn't the market just do what I think it should do. What a deeply irrational market!
[ElectricMucus, all the time, on every topic]
I don't expect the market to be rational, I'm just pointing out what would happen if it is. |
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Nah I'm here for the comedy.
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No TA
With Silk Road down Bitcoin now has now no practical use. Buying stuff over Bitpay has no practical advantage over other methods and it's volume is negligible if you exclude ASIC sales.
Bitcoin is now 99% concerned with itself, that is either mining or investing, any sensible individual gonna look for a exit in the following months. Then you true believers will be finally on your own.
It's now a pure financial bubble.
Have fun!
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The effect is US Americans get health insurance even if they haven't voted for it.
Thank god. And its cheaper for me and all my friends. And yes, I am self employed and make over 250k a year. Does your mum know you are at the PC? Have you done your homework yet? Don't worry your mum gets it too. That is such a childish response. Are you worried about what you mum thinks about you? My mom loves me unconditionally. I don't know if that is because free health care or not. Probably has nothing to do with it, but if it does: It will get better for you soon. |
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The effect is US Americans get health insurance even if they haven't voted for it.
Thank god. And its cheaper for me and all my friends. And yes, I am self employed and make over 250k a year. Does your mum know you are at the PC? Have you done your homework yet? Don't worry your mum gets it too. |
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The effect is US Americans get health insurance even if they haven't voted for it.
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Sure it can happen, but first people would change their trust lines accordingly once they become aware of a fractional reserve strategy of a counter-party and they would also do it if external circumstances change. You can't really protect against world-changing sudden events which take place so fast on its own that you can't react. But if people can react there is a chance a crisis can be averted.
I'm fairly certain that such a scenario would be less likely to occur than a run on the remaining exchanges should gox bite the dust.
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What's a zachope run?
If you are asking me how ripple can supply liquidity better than mtgox or localbitcoins, it's because almost everybody can be a gateway, it's much easier than running an exchange so less points of failure. As of localbitcoins there are at least some insurances that IOUs are represented by real money because liquidity is determined by trust lines which function as some sort of decentalized financial assessment. Not perfect, but certainly better than nothing.
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Sounds like Mt. Gox, Bitstamp, Coinbase or any other BTC exchange for that matter. What prevents them from doing the same? Seems your issue is short sighted. You're trying to lump Ripple -a payment network- with a gateway. How a gateway operates is completely up to the gateway and it's completely up to the users if you wish to do business with that gateway. For example, I lost faith in Mt. Gox and thus will not do business with them. I need to know that my fiat IOU's at Gox are redeemable and as we can all see, they are not. So it's an easy fix...stop doing business with Gox. It's no different in Ripple. Same common sense principles apply. Ripple just makes this clear. Not to mention, we don't have to wait a freaking hour for a single transaction to take place.  I'm noticing a recurrent theme among ripple enthusiast that ripple gateways are the same as bitcoin exchanges. Gateways != Bitcoin exchange It's more like Bitcoin Ripple gateways ⊂ Bitcoin exchanges. |
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If mtgox goes down Bitcoin is going to fractional digits. It's holding almost the entire accumulated worth (fiat money) Bitcoin derives it's value from and no way to compensate for it. The only way around that is ripple mass adoption or something similar which could supply liquidity very quickly. In that sense Ripple would save Bitcoin.
On the other hand you "if the gateways go down" would be the equivalent of every single exchange shutting down.
Kindly tell us approximately how much fiat is stored at Mtgox. Also, please tell us how much fiat is stored in the other exchanges combined as well as transactional exchange averages from Localbitcoin. Please back this opinion up with some actual data, so that we can understand exactly how much of the "almost entire accumulated worth (fiat money) Bitcoin derives it's value from" is actually stored on Mtgox. Thanks. Can't wait. Should be enlightening. You are asking me for data I can't access, is that your argumentation tactic? There was just above 20M USD in the order-book on mtgox and it's safe to assume that's still there. I don't think there is a significant amount more on it, what's really happening is anyones guess. Orders on localbitcoins or OTC do not represent actual money nor bitcoins. Especially in cases where stupid people do the thing "if bitcoins drop to XX I'll buy XXXYY worth" they do not have actual money anywhere but just put it in there just to have the option to do it should they come across the money by then. They would be quite reluctant to pay even those prices without the price fixing taking place on Gox. With ripple on the other hand there is a better chance of actual liquidity since its trust lines require participants to well be honest about their financial situation. May my answer inspire critical thinking rather than a religious experience. |
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If mtgox goes down Bitcoin is going to fractional digits. It's holding almost the entire accumulated worth (fiat money) Bitcoin derives it's value from and no way to compensate for it. The only way around that is ripple mass adoption or something similar which could supply liquidity very quickly. In that sense Ripple would save Bitcoin.
On the other hand you "if the gateways go down" would be the equivalent of every single exchange shutting down.
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ok, I'll bump it when it gets shut down.
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I'm no lawyer, and you aren't either. This is ridiculous.
My job here is done.
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Second Market are thinking they found a loophole and ran with it.
There's no loophole. If you're regulated properly, you can trade Bitcoin all you want. They are selling a financial product, not trading Bitcoins. |
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No, I can do anything what is not forbidden. ... this is how new inventions works
That's what mtgox thought too btw, see where it got them. It is forbidden and I already told you why. |
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i thought there was a difference, SM is only open to accredited investors
They don't suddenly become accredited for an entirely different financial product. But Second Market are thinking they found a loophole and ran with it. |
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Brave words, but not much else. If they were relevant then why do you think the Winklevoss did file for a permission? Financial products are subject to regulations and procedures and I can't see how these second market guys have done that. If it were that easy the Winklevoss would probably have done it already. Winklevoss selected choice 2. (they think, they are gov) SM selected 1. :-) (they feel they can buy/sell bitcoin) You can't select. Selling a financial product without approval is illegal. Oh and I will tease you guys when this shit blows up and laugh non-stop, just wait. choice 1. is winning strategy Just like robbing a bank is. Except bank robbers have a higher success rate. |
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