I find it quite funny that just after the great mccorvic-Mosper debate there comes several other posters to provide evidence to the case.
Dargo, jubalix, Spaceman_Spiff all pondering the issue of bitcoin increasing value and adjusting their behaviour with the purpose of not losing bitcoins in this situation.
I am fully confident they are all just trolling and saying stuff they don't really mean.
Actually, I only read the last comment before replying. I missed The Great M-M Debate of '13. I totally meant what I said. That being said, its possible that some people will think: I won't spend my bitcoins, they will be worth more in the future. But unless converting fiat to bitcoin and buying stuff with bitcoin subsequently is more expensive than buying it with fiat (thus, in absence of a better price with bitcoins), they are acting stupidly. More experience in dealing with bitcoins will generally diminish stupid behavior (somewhat). |
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Hello, I am well versed in the ability to follow bitcoin transactions in the blockchain. As well as a user's ability to further obfuscate by masking their IP address or splitting their bitcoin transaction to multiple addresses.
But what about bitcoin to litecoin? I only thought about this after converting some on a different exchange just to check it out.
specifically I bought bitcoin with USD on mt gox where my identity is known to the mt gox operators. I then opened an account on vircunex, same IP address but no id verification necessary. I generated an address in my new brokerage account and transferred the bitcoins in mt gox to an address at vircunex. This transaction is recorded in the blockchain, but it is from one exchange to another and I suspect this is how it looks on the blockchain. So far, I don't believe that anyone could tell the origin of the bitcoins or the funds used to buy those bitcoins from the blockchain alone. I don't own a wallet.
Continuing, now on vircunex I bought litecoins. Can anyone continue tracing bitcoin once they are converted to litecoin? Can the origin of those litecoins or the funds used to purchase those litecoins be determined? This is where my knowledge gets murky.
Continuing, litecoins cannot be redeemed for fiat on vircunex, but they can be transferred to an equally anonymous account on btc-e, via generating addresses and coupons. on btc-e they can be redeemed for US dollars.
this wasn't intentional, just wanted to diversify and play around with cryptocurrencies for the experience as well as check out arbitrage opportunities, but then I noticed the ability to remove capital from the more regulated financial system while remaining liquid and digital.
would like to discuss how one would trace this with crossreferencing blockchains or something.
If you wanted to trace this moneyflow, they would have to get the data from the exchanges I guess. |
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I owed $15 to this girl I am hooking up with, and she was excited to get 0.3 bitcoins instead! She said she was gonna use it to pay for her kids to go to college (mostly jokingly lol) This must mean we are in a bubble  ok, that's almost as bad as that investor who, in 1929, was getting his shoes shined and the fricken SHOE SHINE BOY was talking about stocks and such. guy went and pulled his investments immediately. crashed happened the next day or something. i forget who this was. one of the big names. I don't think the analogy works with bitcoin. Our goal has been to push adoption in order to push main stream acceptance and usage. I find it strange that all of a sudden we are trying to act shocked, SHOCKED, that people we talk to about bitcoin continuously start to show interest in bitcoins. People talking about bitcoin is not a sign of a bubble. People being interested in bitcoin is not a sign of a bubble. It's a sign that bitcoin is doing what it is supposed to be doing. My problem with that theory is that much of the recent gains are due to a recent rash of good news. What happens when there is bad news? Granted, the good news is real news, but it's been decidedly pro-Bitcoin for weeks. We are due some bad news, like a major exchange hack. We are, IMHO, beyond a price point that is justifiable with the current size of the actual bitcoin economic activity alone. Hype leads to speculative bubbles. We all know this. What we don't know is how long we can ride it before sentiment turns sour. What happens to the European banking panic when the asinine deposit tax proposal in Cyprus goes down in flames? Or there is a compromise that doesn't spell the worst? The sudden influx of Euro denominated wealth cannot be maintained. Once the pool of risk adverse Europeans (an irony, I know) has all moved the greater part of their deposits into Bitcoin (or gold/silver/whatever) who is going to be left to support the bid wall? Can that bid wall be supported by Argentines and Iranians evading capital controls? I doubt it. That's what Bitcoin is good for, but it doesn't really matter so much what the exchange price actually is if Bitcoin is only being used as a workaround for a bottleneck in the fiat currency system. How bout the fork? That wasn't good. I don't think europeans are driving the rally atm, euro bitcoin price was somewhat lower than usd bitcoin price. |
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On a side note. I think bitcoin is now being posted about more than silver on ZH --> WTF?
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I am nervous, quite nervous, by old-time market standard the bubble has become way too hot to not bust, but again, this kind of growth is already beyond what could be expected from the old-time markets, so who knows.
I think you've stumbled upon the biggest reason we cannot predict bitcoin. There has been no precedent and unlikely to be one ever again. +1 Imagine if gold had been invented (or magically sprang into existence) 4 years ago... (and no bitcoin available) |
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Speaking of the effect of time zones on trading, here is a gif showing the effect of time zones on internet usage. I think the bitcoin trading probably sees a similar effect.  SourceP.S. - If you are like me, you might have a hard time seeing the night and day shifting across the GIF. It's easier to see in the reddit post I sourced this from. I think that's because it's smaller, maybe. Cool gif, apparently americans don't surf the internet as much in the late evening as europeans and asians do? |
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I owed $15 to this girl I am hooking up with, and she was excited to get 0.3 bitcoins instead! She said she was gonna use it to pay for her kids to go to college (mostly jokingly lol) This must mean we are in a bubble I think you mean it jokingly, but that is really the height of bear logic. X happens, therefore bubble. I think he means that when everybody is positive about a certain asset, that tends to mean it is in a bubble. |
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hype BS  Yes, sure, maybe there's an increased volume from Europe but I'm much more inclined to think it's a minority trying to get in on the action of the recent price rise rather than people actually scrambling to get their wealth into a safe heaven. Bitcoin although I think it may one day be is not a safe heaven yet. Indeed. Bitcoins traded a bit higher in dollars today than in euros (probably also because of the round number psychology barrier), so the euro purchases aren't the driving force at the moment. |
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So funny looking at bitcoinstore.com a little while back.
You can buy a decent screen for 3 bitcoins, feels like everything is on sale... My sense of value hasn't caught up yet.
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another 400% and that's it, right?
or 4000% 400 for the short-term |
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The end must be near.
another 400% and that's it, right?
Haha, you could actually be right on that one |
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I am not telling anything new here, but you realize you can just buy extra bitcoins when you spend them, right?
No because as soon as you part with some coins, for sure price will zoom up 50%! The trick is to buy them before you spend them  I know, I know, my bitcoin-fu is strong  . |
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I was hoping for some stability but it looks like there's plenty of people out there willing to pay $60+ at the moment if people will sell.
It's crazy isn't it ?In January I don't think anyone could have seen this in their wildest of expectations. Indeed, I was expecting crazy upmoves, but not this soon, and not this fast. Honestly, I get the feeling that bitcoin is now 'acceptable' as an investment to make. A bunch of people just started pouring their money in. We could go well over $100 before this thing goes into a real downtrend (for a while). |
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I also disagree on the central bank risk. They won't want an alternative scenario that does not require them (unless they are all heavily invested into bitcoin themselves, which is an option too ) |
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The http://bitcoinstore.com/ front page's counter puts them at 12% of the needed goal of 850k in sales during the first quarter, the goal is needed to keep them at their current pricing. It is by far the most ambitious push for bitcoins mainstream acceptance we have so far seen. I myself have bought 364$ worth of sdd hardrives. Recieved them and am pleased with how everything went. Im browsing to find something more I could use as we speak, but I can only do so mch. If you care about bitcoin, have some and need any electronics now is the time to act. The counter currently stands at 110,964 / 850,000$. They are beating all or nearly all their competitors in prices, simply because their profit margin stands at what normally goes to creditcard companies. Seeing the counter as low as it is makes me sort of feel ashamed for this community. We really can and most certainly should do better. [disclamer: the poster is in no way more affiliated with bitcoinstore than being a customer, who cares deeply about their venture succeeding.] The time to act is now. deeply concerned - Isokivi People are not about to start spending btc when it is going up like this...! or until it stabilizes I am not telling anything new here, but you realize you can just buy extra bitcoins when you spend them, right? |
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My animal urges are being tickled. I am starting too feel like ... Another indication that my brain is going into primal mode  |
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My animal urges are being tickled. I am starting too feel like I bought way too little at the start. If history is any indication, this means we'll have a big sell-off soon  . I don't think we are quite there yet though, but I suspect we will be in a couple of days. |
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I read a post somewhere of an entrepreneur in canada that wants to sell his house for bitcoin.
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I'm waiting until I have money to BUY...which will be soon.....
But the value keeps going way up making the coins more and more expensive.
With the trend going higher and higher, would you buy coins now with the way things are, or is the value going to go back down?
That is something you'll have to figure out for yourself kalinka. I know it eases the nerves if someone else tells you what to do, but it is a false sense of comfort. If you like the idea of bitcoin, and you think they will be worth more in the future, buy some. If you think they are overpriced, don't. If you are unsure, it might be a good idea to commit yourself to gradual buying of fixed amounts of fiat per month/week/whatever, to rule out short-term price swings. |
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we be 'splodin'
All bid and no ask makes Bitcoin a lol boy.
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