eye opening interview on bitcoin's current state from futurologist Vinay Gupta... https://bitcoinmagazine.com/18000/bitcoin-is-teaching-realism-to-libertarians-an-interview-with-old-school-cypherpunk-vinay-gupta/especially these snippets.. Many bitcoiners would rather not see Wall Street involved at all, in order to preserve Bitcoin’s promise of freedom…
Well, that kind of utopian vision, unfortunately, is total horses*t for Bitcoin. There are three problems: natural monopolies, cartels, and power law distributions of wealth.
Bitcoin-mining is specialized by groups with heavy technological capability and enough financial strength to get custom hardware made. These miners have now pooled their computing power together because it evens out their earnings, effectively minimizing their risk. In the case of Ghash, this even puts them perilously close to the 51% point for control of the blockchain. This is cartel power.
Meanwhile, the distribution of bitcoins seems to replicate the current situation where 300 billionaires control the same amount of wealth as three billion poor people. This is partly because of early adopter dynamics and the increasing hardship of the mining process, but there’s also some evidence that power law distributions of wealth is just what happens in unregulated economies. This is a point many libertarians would argue against… but we’re doing the experiment right now, and there’s every indication that the basic structures of libertarian economics do push into that direction.
And then you have the Bitcoin Foundation, which is emerging naturally from the Bitcoin environment simply because it has established an economically efficient configuration. By paying the technical priesthood of Bitcoin known as the Core developers, the Foundation has created a huge amount of centralized power within a system that didn’t really start with any, which has now effectively turned it into a natural monopoly. And once you have a monopoly, it looks like a state. No wonder that the Bitcoin Foundation looks so frightening.I've no idea why any of that should be a surprise to anyone. It takes money to operate in BTCland so those who have more of it will naturally veer towards dominating it if they so choose. Not so sure about the Bitcoin Foundation lording over everything though. Enough people regard it as a seedy joke already. I don't think it would take much for a more viable setup to leave it behind, if a need was felt for it. |
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how much was the transaction fee? 0.35%? Am I wrong there?
You are correct. If I remember rightly it'll fall in increments as time passes. |
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I have to break out my LTC cold wallet just to deposit enough there to troll! Unacceptable.
They should probably institute something similar to post here. The impressively dedicated trolls' paymasters would happily cough up. You could keep raising the price until there was no one left but them. |
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Would be nice if not was the "Former" CEO :-)
He'd become 'former' very rapidly if he'd said something while in office. I wonder how many finance professionals there are who have some opinions to share on this subject but have to keep it under their hats. |
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Yes, but why 2020? 2016 is more likely. If we are to repeat 2011-13 story...
It'll still take a long time for the average personage to - figure out what BTC is, have enough places incentivising its use, and them actually taking the plunge. Maybe 2016 will offer a fresh wave of speculation but I would've thought 2020 is more likely to give an idea of what 'real' adoption is like. |
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Worth more than diamonds because limited supply, just like my grammy's farts and Bitcoin.
My grammy's farts are worth more than both painite and Bitcoin tho, 'cos grammy is dead and only a single fart, hermetically sealed in a Mason jar by qualified rarereologists, remains.
Sucking farts fresh out of my grandma's ring piece is one of my happiest childhood memories. There's no goddamn way I'd ever let anyone else suckle on her guts for less than two million dollars. She only had so many to give per hour. |
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A very interesting question.
Price aside, someone from 2010 hearing all of that would assume it meant that large chunks of the public had embraced it. The reality is that they haven't even started to warm up yet.
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Thankfully I don't have a wife. If I did then I wouldn't tell her about it and I'd only be using my own play money.
If you start potentially throwing your collective future down the toilet, then a spouse has the right to boot your balls through the top of your mouth. My sympathy is limited.
Well what if it pumped to 10k? Then she'd probably be sucking his balls not booting them  Absolutely, but there's always a chance of it going massively wrong. Provided they're not informed from the get go and the loss of the money invested isn't going to impact their future, then you look like a hero if it pays off. If it doesn't then there's nothing to be thrown back in your face. If my beloved told me she'd put half the house deposit into BTC then I'd be shopping elsewhere the same night. |
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Thankfully I don't have a wife. If I did then I wouldn't tell her about it and I'd only be using my own play money.
If you start potentially throwing your collective future down the toilet, then a spouse has the right to boot your balls through the top of your mouth. My sympathy is limited.
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This one's mine. I'm pleased not to have gotten one with gold spillage. Mine arrived to the UK a couple of weeks ago. Sucks for those who've been waiting a long time.    A very satisfying buy overall. |
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If BTC really did become a globally used system 10,000 coins would make you galactically, ludicrously rich. There'd never be more than 2100 people on the planet who could have the same amount, obviously a lot less when lost and Satoshi coins are taken into account.
By 2020 we'll have a much clearer idea of where it's all headed. If it does look like it'll hold a decent fraction of world value then 50-100 would make for a very, very sweet life. Owning a whole coin would be beyond the reach of all but a relative few.
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Nightmare: Nalle Puh (guess its a bit Sci-Fi thrown in there)
I had to google that and the main result was Winnie the Pooh. This is confusing. |
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One thread to make fun of one guy. No matter if he's really mentally ill or not, this is one of the most disgusting thing I've seen lately. This forum became a shithole for sadistic adolescents. Why don't you kids go out and beat up some hobo or torture animals for a change?
Because they'd have to get up, get dressed and scrape the encrusted sperm and faeces off themselves. |
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It's interesting how little price speculation there is on this thread. I think that bodes well for solid future foundations.
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I know nothing of this super bowl apart from when breasts fall out of clothing.
It would be fun to have a price rise for once so I'll go with whatever result can supply that.
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We manage a treasury of bitcoins, dollars, euros, Canadian [dollars], and pounds. Constantly we're managing our portfolio to make sure we have enough of each currency, so we are always in the markets trading... It's interesting today in the markets, I would say a year ago, or maybe a year and a half ago, the markets did not have enough liquidity. We couldn't have sold a million dollars worth of Bitcoin in a day without dramatically moving the markets. But things have changed. There's a lot more participants now. We can move a million dollars a day and you wouldn't even notice that we're trading just because there's a lot more volume and more buyers and sellers in the market.
We also have a lot of hedge funds that want to accumulate Bitcoin positions, so when we have these huge spikes we also have some off-market opportunities to sell those. You'd be surprised at how many Wall Street firms are starting to accumulate Bitcoin positions that aren't talking about Bitcoin yet. There's a lot going on behind the scenes, as well as some private family wealth funds and things like that.
Pah. What do they know? I put my faith in the repetitive jpeg posters and embittered doomsters on here. Our future is unquestionably in their hands. |
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This bear market may be still a long way before it's over, I'm not saying ten years, but definetely another year or a bit more is definitely possible. When the halving will come, a good sell pressure will be released from the market and at that point so much opportunities and infrastructure will be available.
I don't think miners are much of a factor in sell pressure. If they're well organised enough sales will be on the OTC market. The sell pressure is dumpers looking for short term profits. I'm not so sure that'll be going away any time soon. |
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I will just say this. All speculation about the prices going over 1000$, are pure speculation and very less possible. If it was so, I am sure people would be hoarding bitcoins right now, for that 500% profit in less than 2 years.
It's human psychology to be scared of hoarding when something's plunging. Those with balls of steel who take the big risks are the ones who make out like a bandit, or crash and burn. No one gets rich buying at peaks and selling when it plummets but that's what an awful lot of people do. That follows a natural cycle of emotion which most find impossible to look beyond. It'll be the same old story until BTC finally arrives at a decent-sized place in the global economy or it becomes a whimsical memory. |
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No idea. The BTC space is evolving so quickly that I think factors far beyond the halving will be defining what the price is up to. Its economy might look very different to how it appears now.
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You would come across a lot better if you dropped the insulting attitude BTW
... just dressing for the occasion. I didn't create the cesspit this place has become. Do you think that will help ? I don't Not disagreeing about the amount of drivel and trolls in here though  He's just riding the mood, you big poo head. |
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