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Hopefully this encourages other exchanges to add similar security value in order to remain competative. Overall this should help lift the image of bitcoin trading.
Well done! (and best of luck)
I agree. More openess at the exchanges would be a huge boost to confidence in bitcoin. Competing exchanges should force greater security and transparity. |
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Got a pretty good sampling so far. I personally use windows installed on a second hard drive. I only turn on that hard drive when I want to move coins.
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I don't really care for the http://nerdr.com's tone. Everyone affiliated with Bitcoin is "driven by greed" according to the post. But that's true of any business venture. |
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Gox is back on Bitcoinmonitor.com
Wow, look at all that red. Wow, look at all that green. Green? by green, i think he means money. |
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Gox is back on Bitcoinmonitor.com
Wow, look at all that red. |
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In order to sustain that price over a year period, NEW money would have to be injected in excess of $39 million per year.
Where does this money come from? Your premise is incorrect. For every BTC created, dollars and other currencies do not need to be "injected" to support Bitcoins current valuation. The market cap of BTC is $106 million according to Bitcoinwatch.com at the moment. This does not mean that $106 million of currency has traded hands. If you were to add up all the currency from every exchange (and on IRC and in the forums) you would not get $106 million after accounting for people trading in and out of the market. Whenever BTC are created only a small portion of them are sold for currency on the exchanges. Many miners hold or trade their BTC. In short, only a small amount of currency needs to be brought in to sustain current valuations. I hope that helps explain why monetary injections will not be a problem. |
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Lol, the CNBC reporter thinks that Bitcoin is primarily based in the UK and Europe.
I know. There are a couple more fuck ups in that video. But that is what you get for watching mainstream media. Yeah, I don't blame them though. Took me weeks to get gather all my knowledge about Bitcoins. So I don't hold it against them for a few small errors. Also, great find. Thanks for posting it. |
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Lol, the CNBC reporter thinks that Bitcoin is primarily based in the UK and Europe.
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Executive summary:
1.) "I took advantage of an extraordinary event that turned out to be initiated by a rogue sell order, not legitimate trading."
2.) "Can I keep it? Look, here's why."
No, sorry. To allow the trade to stand would legitimize the attack, is that what you really want? (Besides bitcoins and dollars, I mean.)
+∞ |
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I don't know why but a majority of the precious metals community really don't like bitcoin. They don't understand the revolutionary impact it can have. I think its because they are focused on things intrinsicly and since bitcoin isn't physical they disclaim it right away.
I understand where you are coming from. My theory is that they feel threatened by Bitcoin (whether they know it consciously or not.) Consequently, they lash out at it. It is very similar to the internet in the early 90's and TV. Local TV stations would regularly have news segments hyping up "pedophiles on the internet". This negativity was simply because they knew that the internet would take away their viewership. |
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18,907.12000001
+ 0.02
--------------------
18,907.14000001
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I think first you have to understand the nature of money and why people use it; then you can understand bitcoin. It's quite an educational process and there's a long way to go. I've been teaching people a lot about currencies and I've made them money in the markets. They listen to me about bitcoin because they respect me. They listen to me the same way a 4th grader listens to a Phd. Interesting but very confusing!  So I'm not discouraged that I didn't get in a year ago (more bummed). I'm still going after this aggressively now and will teach people about it the same as I did with the metals. What will keep people from this now is the cost of rigging and understanding why they would convert fiat to bitcoins to spend. Why not just spend the fiat? That's the challenge. +1 On topic: I personally own some gold coins that were given to me as presents back when gold was a lot cheaper. I'm thinking selling them to buy more Bitcoins  |
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I was reading Money A History edited by Jonathan Williams today for fun. This passage on 17 th century goldsmiths first lending against their gold deposits stood out (my emphasis in bold): In 1676 an anonymous pamphlet was published on the Mystery of the New Fashioned Goldsmiths or Bankers. The writer deplored the goldsmiths’ move into the ‘unlawful practices’ of lending money at high rates of interest, claiming that they would charge double or treble interest for discounting bills of exchange, according to whether ‘they found The Merchant more or less pinched’. Such men surely could not be trusted, and the writer hoped that ‘people will suddenly come to their wits, and begin to examine why a Goldsmith-banker should be better Security than another man, or fitter to be trusted for ten times more than he is worth… So the modern advent of paper lending initially received a great deal of backlash. Sound familiar? |
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@bituser, how do you feel about missing out on 0.5 BTC?
One way to think of this is that you had a sure (almost) 0.5 in your hand, but then you gambled it all in order to get 0.65 (you gambled 100% to get a 30% return).
I don't feel bad at all. As I said in my earlier post, I would always offer 0.5 BTC during a normal game. I only offered the 0.65 BTC as I figured you would want to see fadisaaida's reaction. So really this experiment is somewhat invalid. The true experiment is between strangers who don't know anything about each other. By discussing the game first and by having witnesses, the outcome is altered. examples :
1. hah ( if i accept then i will look like a fool with my previous statement
fadisaaida listed this as one of his reasons for not taking the 0.35 BTC. But in the true experiment, he would not have taken a stance and could not be seen as a hypocrite for taking the low-ball offer. Just some food for thought. |
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Please change your name to Alex Beckenham.
That would be too confusing  |
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Implementing this plan would not be too difficult. In fact, it has already been done before in Brazil with the Plano Real (Real Plan, in English). Basically, the Brazilian currency, cruzeiros, was suffering from hyperinflation of up to 1200% per year. So they made spending reforms and an imaginary currency called Unidade Real de Valor ("URV"). Everyone was forced to list the prices of their goods in URV. Each day, the government listed the exchange rate between URV and cruzeiros. Say, for example, that milk costs 1 URV. On a given day, 1 URV might be worth 10 cruzeiros. A month later, milk would still cost 1 URV. But that 1 URV might be worth 20 cruzeiros. Finally, all the cruzeiros were exchanged for URVs (which are now called "reals"). A country could use this same method with Bitcoins instead of URVs. Also see the NPR Planet Money podcast. |
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Okay I'm going to put up 1 BTC to try this for real.
This Ultimatum game offer is for Bituser and fadisaaida.
Bituser, I will give you 1 BTC if you and fadisaaida can agree how to split it.
You can make ONE offer to fadisaaida only, right here in this thread (no cheating via PM!).
If fadisaaida accepts, I will send the coin to both of you based on the split you propose.
If fadisaaida declines, neither will get any coins from me.
Ok, I'll bite. Normally I would offer a 0.5 to 0.5 split (because i am conserative with money and want the best chance to take something home). But I assume Alex Beckenham wishs to test fadiaaida... I offer 0.35 BTC to fadiaaida and 0.65 BTC to myself.he offer me 4 out of 10 ---> probably i will reject it.
I assume these are in dollars. So by your first post, you should "probably reject it". I am curious what you will pick . |
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Economy cannot reasonably work when there is constant deflation. No one is motivated to invest and take risks.
How can we know without trying? We have never had an economy where the main currency is in constant deflation. None of them are motivated right now to use Bitcoins.
Ironically, the constant deflation will convince them to sell things in BTC. If the situation does not change soon, the bubble will burst and there will be a lot of upset users and Bitcoin 2.0 with different rules will appear...
This "Bitcoin 2.0" already exists. Its called Ven and trades $1 = 10 Ven. Despite being introduced to the masses thru Facebook in 2007, it does not have the stellar growth rates of Bitcoins. |
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can you explain the chart please?
The price in the top chart is declining during the period from the middle of the 27th to today the 29th. Meanwhile, in the bottom graph, the Moving Average Convergence/Divergence (MACD) is rising (the green bars are going from negative to positive over the same time period). Normally price and the MACD move together. When they diverge and move in different directions, this indicates a reversal is imminent on whatever time period you are looking at. The divergence is suggesting that the price of a BitCoin will fall over the next few days. (Note that if the divergences were switched, the price would be expected to rise.) Also note that this is only one indicator and is not 100% accurate. It is just one of the tools technical analysts use. |
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