Well, there is both a) a company that has bought massive amounts of BTC (I'm assuming they already bought them and they did it in the last weeks), thus creating big buying pressure (they are paying +150k coins to buy SD); b) a huge amount of BTC changing hands.

IMO the most likely outcome short term is down, both because a) the buying pressure of that big investor is gone; b) a small part of the BTC that changes hands will be sold

Obviously we can't know if the buyer already had hundred of coins bought sub-dollar, or if he has been buying during the last weeks, or maybe he didn't finish to buy yet; so this is just wild speculation, if it seems too bearish for some I invite them to share with us possible bullish scenarios for the short term; mid to long term I assume we all pretty much agree that a big investment on BTC real economy is bullish.

When will people realize that we had very good news for the last weeks, but still the price goes down because price is driven by price action itself?

Not really, property rights can also be enforced by individuals (as in the middle ages), but its true that for anarchists modern governments are only a construction in order to defend the privileges and the property rights acquired by the capitalists. Thus, in a capitalist society "the wealthier ruler", and modern states are just a tool of the wealthier (practical example: who do you think rules America? Obama, or the economical powers behind him?)

To understand all this you should read:

The Capital, by Karl Marx, which is the work in which the meaning of capitalism was defined. Not having read this work and discussing politics (and specifically capitalism) is nonsense.
What is the private property? By Proudhon

Now let me add a point I made in the past and that I think its relevant to bring up when discussing with US folks that basically never thought of even discussing the legitimacy of the capitalist system and thus private ownership of means of production:

If you are interested in the practical aspects of work organization in collectivist anarchism and specifically in anarcho-syndicalism I recommend you Anarcho-syndicalism: Theory and Practice, by Rudolph Rocker.

The system was tried and was efficient. Main principles: self-management, direct worker control, integration of agriculture, industry, service and personal participation in self-management.

Quoting Chomsky:


Answering to your question, if a community needs specialists to build something (for example, a water depuration plant), they would just take the decision horizontally and do the work. Each community would interact with others through local assemblies federated regionally, and this way they would coordinate complex work that required highly specialized workers.

In the practical example of the Spanish experience, the anarchist community was roughly 200k to 300k inhabitants in Aragón and 1,000k in Catalonia, and they could pretty much cover their needs internally as those were highly industrialized regions. When they didn't, they just interacted with the Republican Government and other non-anarchist groups on a free association basis.

I will quote something I wrote in another thread and that may anticipate more questions:


*The Mutual Aid (Kropotkin)

Let's see:



A couple of facts:

1) this could be HUGE news for BTC because is a very big investment, and if the company/investor is a well established casino with deep pockets this might be a huge boost for BTC real economy (yep, Silk Road and gambling are REAL economy). This will probably have an impact mid to long term.

2) there will be a HUGE amount of BTC changing hands very soon. This will probably have an impact short term.

This is the speculation subforum and we are speculating. So much hate for the "bears" is amusing.

Last but not least, if you think that Frozenlock, Blitz of myself "lost the bull run" earlier this year you really lack reading comprehension skills. I personally didn't turn a bear until the very end of May when we peaked at $130ish, and in fact if you look at my post history you will see that I sold at $129ish at the very beginning of June - until then I still hoped for "the correction" case, while I acknowledged a possible bubble deflation process, until that very moment I wasn't sure it could only go down so I held. Plus, +60% of the proceeds of that early June sale were immediately reinvested in BTC related ventures, and only 15% went to recouping initial fiat investment and securing a little profit. Just aprox. 20% of the proceeds of that sale are "waiting for cheap coins", while I still hold a paper wallet with a very healthy amount of BTC as a long-term investment. And for the record, I never shorted BTC, and probably never will as a matter of principle.

If you think the above makes me a despicable bear that deserves to be hated, then maybe you have a denial problem like other hot-headed perma-bulls. The trend is down since April 10th, the highs have been lower, and selling at triple digits has been undeniably a profitable move. The most likely scenario is the price will keep going down mid term (with plenty of bull traps on the way), and if suddenly goes consistently up there's still plenty of room to buy back at a profit.

I guess that the Satoshi Dice buyer has been loading up coins for the last weeks. +150k is a huge amount.

If they are going to pay NOW, the buying should have been ended. I would be more worried by a sudden lack of buying pressure than for massive dumps from shareholders.

Nevertheless, I guess Erik will dump a little. I bet he could use at least $1M in dirty fiat

Ahhhhh.... I love the smell of big red candles in the morning

I really invite you check the SatoshiDice statistical analysis thread, you will see how incredible were the profits during the bubble inflation, people gambled like there was no tomorrow. Tens of k's of BTC profit per month.

If this buyout is true is probably the biggest investment ever in the Bitcoin economy, and its not pure speculation. Its big big news, guys.

Have you read the SD statystical analysis thread and looked at the monthly profit charts? Big losing strike from 9 to 14 July. Variance. And still BTC77,239.51 total profit so far. At the beginning of 2013, total profit was at aprox. BTC32,000.

Do the math and let me know again.

Short term? down. But pretty excited for this news overall, if its an established casino it could be a global boost for BTC.

Check this then (very interesting thread to follow): https://bitcointalk.org/index.php?topic=80312.1560

Example of how is it going this month so far.





[/quote]

Well, SD is the absolute market leader. 50% of the transactions on the blockchain are theirs. That has a value. But still I agree that 120k btc is crazy money, and 350k its pure madness (totally unbelievable IMO).

The buyer may well be an established online casino. That would be actually good news, SD needs some big improvement.

Its also possible they have been accumulating, the BTC sum they need is big.

SatoshiDice is no small fish.

Well, some action at last. "The Great Coin Distribution" is approaching.

Anarcho-Syndicalism is anti-capitalist, which simply means that there is no private ownership of the means of production.

Anarcho-syndicalism and what Rothbard called "Anarcho-capitalism" are in opposite sides of the spectrum.


Anarchism is a revolutionary doctrine that advocates for the abolition of both the state and the private ownership of the means of production. Workers self-manage and control the means of production in an horizontal, non-hierarchic way. No state and no bosses.

The above is not true for the Rothbardian, capitalist interpretation of anarchism, which advocates for the abolition of the state only, while maintaining the private ownership of the means of production. From an historic point of view, "anarcho-capitalism" is pretty much an oxymoron, two words that cannot go together. For the original anarchists, in order to reach the people's liberation abolishing capitalism was as necessary as abolishing the state.

Nice manual for the prototypical pump&dump scamcoin.

Fools and their money are soon parted.

The founders of anarchism were basically for two types of non-capitalist economy: Mutualism, which is a kind of anti-capitalist free market (Proudhon) and anarchist collectivism (Bakunin).

Other "sub-genres" of collectivist anarchism are a) libertarian communism (Kropotkin) and especially b) anarcho-syndicalism, which we could say that is the most structured, practical and systematic way of organizing economy in a collectivist anarchic society, and the only that was "empyrically tested" (Rudolf Rocker, Diego Abad de Santillán, etc).

The collectivist criticized the mutualist, but they always cooperated as the very strong and basic common point was a fierce anti-capitalsm and anti-totalitarism.

The only mid-sized experience of an anarchist society (Aragon and Catalonia, Spain 1930-1938) had an economy based on collectivist anarchism strongly influenced by the CNT, and thus basically anarcho-syndicalist (BTW, Chomsky is a big fan of anarcho-syndicalism). This spanish experience worked extremely well until it was crushed by the collusion of state communists of the KPSS and the fascists. Nevertheless, the sample is relatively small (it was a community of hundreds of thousands of inhabitants, but not millions) and the timeframe quite short (only 7/8 years).

Quickly found this, but there were other reports of the same problem in different threads, including screenshots: https://bitcointalk.org/index.php?topic=242856.msg2577090#msg2577090

I have mixed feelings, from one side I'm 99% sure of Gox's honesty, but I'm also sure they are just a bunch of amateurs... And the fact they either keep silent or spread bullshit makes me think the situation is much worse than it seems.

I'm very tempted to buy BTC at the current price with all my Gox fiat, send them to a paper wallet and come back in September. If Gox is having problems to find banks to work with, probably the other exchanges will follow soon.

BTW, do you know if Bitstamp worked with LR at some point? It seems that Citibank is using that excuse to bounce Gox's wires.