Ah, the worry of storing physical gold in the house when going on cross country vacations, a problem I know all too well. Viva La Bitcoin.
Get a bunch of cans of paint. Empty one. Put gold in can. Put in garage. No one is going to think your gold is in there. Or do something similar. Using a safe is overrated. |
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[JackBlack]Buhbye[/JackBlack]
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who said it was going down? The people who were saying that difficulty follows price. It hasn't caught up to the price yet. |
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I'd love for someone to tell my why speculation is bad.
I sense a thread derail coming, but yeah I don't see why speculation is so bad. Apparently that's because both of you aren't aware of how much of it is going on, at least I hope that is the answer. Before I write a 10 page history on this I'll test the waters: do you think that there is any amount of speculation that would be 'too much' or is it fine to have 50 times GDP of a country flowing in and out of that countries capital markets annually? No, I don't think there is the concept of "too much". Maybe you can explain why. Even just a short summary. I don't know if the Tobin tax is a good idea but the problem it addresses is huge. When you try to buy or sell securities, hypertrading is a way that allows the big players to find the maximum price you are willing to pay. They do it by placing and cancelling sales 1000s of times per second when a new buy order appears. The effect is that us peons always pay close to the max we are willing to pay while the Goldman Sachs type institutions pocket the difference between that max and the price the security could be acquired at. Its thought that transaction tax to eliminate those trades would be helpful. If it provided a buffer for the "too big to fail" banks, so much the better. Personally I'd worry that the exchange would simply take place somewhere else. I don't know if the tax would work. So the problem is someone else makes money? Oh noes, how horrible. I pay what I am willing to pay, how horrible. |
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I'd love for someone to tell my why speculation is bad.
I sense a thread derail coming, but yeah I don't see why speculation is so bad. Apparently that's because both of you aren't aware of how much of it is going on, at least I hope that is the answer. Before I write a 10 page history on this I'll test the waters: do you think that there is any amount of speculation that would be 'too much' or is it fine to have 50 times GDP of a country flowing in and out of that countries capital markets annually? No, I don't think there is the concept of "too much". Maybe you can explain why. Even just a short summary. |
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Paying 3 players in a 5 player tourney is awful.
Winner take all! Or if you must, 2 players paid, 60%-40%.
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Eventually speculation will drive the price to the "proper" value, and then the value won't change terribly much (or at least there will be no expectation that it goes up that much), then people will spend more. Assuming there's anything worth buying with it.
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Yes, for those who wonder - a proper order book fills at the best bid/offer. "Stub" bids and offers way off the market price don't get priority if there is something resting higher or lower. I sincerely doubt there was nothing between 15.50 and 3.00. Has to be some kind of problem we don't know the details about yet.
We don't need this, honestly.
No way, after the hack Mt. Gox is 100% secure and no bugs. |
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Guys, these current enthusiasts can't build garbage. Again, NO BUSINESS SENSE. Nobody wants to spend coins right now because of this. We need the enthusiasm and businesses to come at the same time.
We need to market Bitcoin to INNOVATORS.
The problem is anyone with sense wouldn't bother putting effort into going after such a small opportunity. Bitcoin should initially focus on things it is vastly superior to for all people, not just those who ideologically want it to succeed. |
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I'd much rather see a 5000 BTC bounty on more usable clients, including smartphone clients and/or a "high value" app like a professional web based casino, a predictions market, or something else that US money is dying to get into but can't.
The problem is 5000 BTC bounty is a drop in the bucket for most of those things. |
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I'd love for someone to tell my why speculation is bad.
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I'd just like to say I guess I'd be a libertarian if I had to label myself and don't really buy into the left right paradigm of things.
Anyways I brought up the topic of bitcoins to her and she said she's heard of it but its not a viable currency because there is nothing backing it.
I asked her what was backing up the dollar and she said gold. lol. She was amazed when I said.. um no its not.
This is someone who is hardcore into the democratic party in minnesota, her mom is in the congress there.
I just thought it was interesting how oblivious some people are about the money system, even the ones who are totally immersed in it.
That is all.
I had a similar experience this weekend. I was talking to my brother about bitcoin, when my grandparents overheard us and asked about it. After a brief explanation they decided it was a scam, since nothing was backing it. I ask them what they think is backing our currency. Their response - gold... I'll give old people some credit on this. When they actually learned this, it probably was true. |
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Wooo, 4 bitcents!  Better than nothing I suppose...  It's more than you would get for interest at a normal bank account. At a bank you get your deposit back. Not anymore. Lol... Either way, if needed anyone could put up their shares for .74999999 BTC per share, atleast until the IPO shares have sold. Doesn't matter, the math is much different when you are buying a depreciating asset expecting to get revenue and one that holds value. If it holds value, you don't need much interest for it to be a good deal. If it's depreciating, you need to make up the depreciation AND make interest on top of it. You better be getting way better than a bank account's interest rate! I'm not saying it's a bad investment, there are plenty of good investments that are on depreciating assets. And I was unaware that banks no longer gave deposits back. Good to know! |
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It's sad that so many of you kids can't have an intelligent discussion. Oh well.
My fault for looking in the wrong place.
At any rate, I've never seen a more textbook case of "shoot the messenger".
No one is finding fault with anything I said -- just me personally.
Hey, I'm sorry if your life is stressful, if your mining profits have gone down, if you don't know what to do at this point -- but don't blame me. It isn't my fault.
Matthew
I think your OP was excellent. |
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Wooo, 4 bitcents! Better than nothing I suppose... It's more than you would get for interest at a normal bank account. At a bank you get your deposit back. If you store USD in a bank account your returned deposit will have less purchasing power than your initial deposit thanks to inflation. If you get less purchasing power back from your bank, I don't think that really counts as getting your deposit back. What's your point? You are still comparing apples to oranges. For this to be profitable, you need to make back your initial investment first, then you can start talking interest. It might happen. This seems to be much better run than the dishwara mess. Of course, if you can find someone to buy your shares, more power to you. But that is far from a guarantee. You are investing in a business that becomes less profitable every day. That's not a bad thing, it just means your calculations of value need to account for it. |
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Wooo, 4 bitcents! Better than nothing I suppose... It's more than you would get for interest at a normal bank account. At a bank you get your deposit back. |
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Or you could just use your myb.tc ID when talking on the phone. But clearly, an easier way for people to pay merchants face-to-face is needed. I suspect smart people are working on this problem as we speak.
I thought about using Bitbills and giving them my myb.tc ID for change. I'm thinking of some system where I could just walk into a place, spend money, and leave. Not carry a laptop, scan a QR code with my phone, send it to my computer, wait for the owner to check the exchange rate, and then send Bitcoins. There's this great thing called cash for that. |
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I only skimmed through, but two BIG things missing:
1) How will you make money?
There are plenty of space where money could be done. The easiest one is a fee on any conversion. Let's imagine that the merchant wants 10€, you are able to provide that for 0,76btc but you ask 0,77 or 0,78btc. This would be transparently included in the ticker sent by the bank to the merchant. There is also opportunities to make paying services, like guarantee on escrow. This sounds a lot less like a bank and more like a payment processing site. 2) How will you follow regulations of wherever you set up shop and whoever you do business with?
That's a question for a lawyer. But I don't see any major difference with Paypal. Basically, it's a decentralized Paypal system, nothing more. How are merchants using Paypal handling that? I believe (I may be wrong) that they only have to care about that when the withdraw money from Paypal to their bank account. If it is indeed the case, it would be exactly the same here. Anyway, I don't really care about that at this stage because it is currently still a legal problem. Asking about laws at this stage is just like asking Bittorrent creator's about how they would fight piracy at a stage when nothing of their protocol is implemented. It's a big question. PayPal has to follow a ton of regulations. It's expensive to do this. I looked into almost the exact type of business and it turned out to be not even close to profitable compared to the work needed to get up and running. The model is flawed because it's only appealing to people who won't accept many Bitcoins as payment (meaning you make very little commissions), and that if someone wants to actually accept Bitcoins it's quite easy for them to do this. There is such a limited market of people buying things with Bitcoins by choice over fiat currency (only when it's essential to use Bitcoins), it's a losing business proposition. But it's a cool idea, and maybe 5-10 years from now it could be profitable, but it's so early now it's like trying to design a spaceship when no one has ever sailed the Atlantic. |
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People use ChatRoulette?
Do we write bitcoin.org on our wangs?
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