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I'm no lawyer, but I think they would have to outlaw barter, which would have a lot of other consequences. If they specifically outlawed Bitcoin, then say hello to Bytecoin!
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Progressives are raving on Twitter about how Bitcoin is a ponzi scheme founded upon faux-libertarian economics. Apparently the UK Serious Fraud office is looking into Bitcoin. A German lobbying group wants none of it. It keeps only getting better and better. How are things going to pan out. If you were a power-hungry government seeing Bitcoin as a threat, what would you first do to see to its destruction? Make it taboo in the eyes of citizens (a threat to freedom, etc.)? ...or raid households that seem to be running a Bitcoin node?
I have a feeling in my gut that things are about to get really exciting.
They are complete fools. The more they Tweet about the Forbidden Fruit, the more it will consumed. Everyone knows bad publicity is still publicity. I think it's hilarious that they are so up in arms over a currency that has a market cap that is less than $100 million. Far more is laundered and exchanged for illicit goods with U.S. dollars and other currencies. |
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I do not know if this has been proposed before. I think that such a feature would help us build a legal framework around bitcoin, and promote bitcoin as a threat to the current banking system, but not to governments. This is an impossible goal. The foundation of the modern state rests on central banking and control of the currency. Likewise, central banks are dependent upon the state to get people to trust their currency and enforce legal tender laws. A threat to the state is a threat to the central banks and a threat to the central banks is a threat to the state. |
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Someone correct me if I am wrong (I have not read this entire thread), but the fallacy here is that AfterBurner is equating the size of the Bitcoin 'society' with the size of the Bitcoin mining 'society'. Bitcoin mining will from here on out always be a niche enterprise within the Bitcoin 'society', dominated by those with the time and expertise to compete for mined Bitcoins. Everyone else is a speculator, entrepreneur, or trader. The number of people using Bitcoin outside of mining will be a much larger and limitless number of people. Hence, the total size of the Bitcoin 'society' is potentially many times larger than the size of the Bitcoin mining 'society'. I don't see a problem here.
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Difficulty does affect price in that it knocks down the amount of Bitcoins being generated for a given period of time, causing a restricted supply to be imposed. If 15 blocks per hour are being generated, that's a lot more Bitcoins being potentially sold in the short term. After the next difficulty increase pushing that back down to 6 blocks per hour, the short term supply goes down from miners who sell their Bitcoins right away.
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when is the next show? we ARE in first place. I expect a show on bitcoin now.
Get ready for a segment on 'Get Out of My House': another mainstream political bullshit scheme. |
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I'll restate what I see as the goal of The Bitcoin Project: To give us control over our finances by establishing a stable, secure, global, "democratic" currency. Gavin, no matter how you try to dress things up to paint Bitcoin in a mainstream light, this goal is completely and utterly counter to the goals of political and financial elites. Bitcoin is undoubtedly inimical to governments as we know them. Could governments exist in a world where Bitcoin was the world's dominate currency? Sure, but certainly not in the form that we know them now. A worldwide widespread adoption of Bitcoin would raze entire multi-trillion dollar institutions run by a relatively tiny minority of bankers and politicians. This fact alone makes Bitcoin patently radical for the average 'citizen'. To sum up, there is no getting around the radical nature of Bitcoin, period. I think the real question is whether or not bitcoin will appeal to the majority of people who are happy with our current financial system. I don't think it is a matter of them being 'happy' with the current financial system. I think it comes down to whether or not they are more happy using Bitcoin. People's personal self interest can trump their outward 'public interest', and it does all the time, even with politicians. People who claim to be environmentalists still drive cars. People who are outward complete socialists pay the minimum they legally can on their taxes and even engage in tax avoidance. The list of things people do which violate their public ideologies in day to day private decisions just goes on and on. If Bitcoin appeals to someone's private interests in a significant way, their beliefs about the current financial system won't matter at all. All they will care about at the end of the day is whether nor not Bitcoin gives them significant 'value' over state sanctioned currencies. To me the biggest hurdles of Bitcoin are: 1. State meddling (e.g. going after Bitcoin exchanges) 2. Network effects of existing currencies (it is not clear whether Bitcoin can ever uproot state sanctioned currencies within our lifetimes). Bitcoin wins on the technological front, hands down. And it is only a matter of time for its infrastructure to mature and blow away all legacy banking systems on just about every feature. The viability of overcoming the network effect of existing currencies is the big unknown. If it proves too strong, Bitcoin will remain a niche currency for decades at least. If it is a lot weaker than we expected, Bitcoin will flourish. |
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I'm in California and I did a locked in rate transaction with bitcoin4cash at $1.44. It took about 2 weeks for bitcoin4cash to receive my cash and I received all of my coins at $6+.
Are you saying he gave you the higher rate even though you locked way low at $1.44? If so, that would be heroic of him. He honored the contract to give me the fixed amount of bitcoins I purchased at the locked in rate, so yes. |
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Madhatter had an outstanding reputation here, and he needs to come clean with the community to have any chance of rebuilding his reputation.
Madhatter had an outstanding reputation here, and he needs to come clean with the community to have any chance of rebuilding his reputation.
I did one cash-in-the-mail transaction with him, it went thru eventually, but it took 4 weeks to complete, luckily there was no wild price fluctuation during this period. I was nervous at the time however, after all mails from US to Canada usually don't take that long. Just wondering, did anybody else have same issue? I'm in California and I did a locked in rate transaction with bitcoin4cash at $1.44. It took about 2 weeks for bitcoin4cash to receive my cash and I received all of my coins at $6+. |
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I'm obsessed and euphoric. After giving it some thought, I think it is inevitable that Bitcoin will carry the day and bring down the banksters. It's exciting to watch it in real time.
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Wouldn't it be easiest, at the moment, to have accounts and balances at each exchange. Then if you saw an opportunity, you could take it without waiting for transfers.
Yes, this is the way. It takes bitcoins to make bitcoins  Have ready money in multiple spots and buy the underpriced coins, move them to the better market and sell them. It will also in the end help regulate price. You would have to get lucky enough for blocks to be generated fast enough before the price changed. |
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Wouldn't it be easiest, at the moment, to have accounts and balances at each exchange. Then if you saw an opportunity, you could take it without waiting for transfers.
No, because the only way to profit 'risk free' is to get the funds over to the other exchange before a price change takes away the opportunity. |
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Has anyone explored or engaged in arbitrage across different Bitcoin exchanges? Suppose on Bitcoin exchange A, you can sell your BTC for $5.50, but on Bitcoin exchange B, you can buy BTC for $5.30 each. So you buy up all the BTC you can on exchange B, transfer them to exchange A and sell them all for instant profit. The problem is what about the confirmation time? The opportunity could dry up quick in the time it takes to transfer the BTC to exchange A. Perhaps some arrangement could be made with someone who already has BTC on exchange A?
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I believe that the current rise in price is extremely bad for bitcoin as a whole. I don't view it as a bubble at all. I see it as a wall. The problem is that almost the entire BTC economy is based on BTC vs. USD (or other current currency). Who cares how much a bitcoin is worth if sites are simply adjusting the price of their goods for sale in BTC to the current value of the dollar. It doesn't ever have to stop going up. It simply means that today a gallon of milk is .5BTC and tomorrow it could be .25. so if you go to buy .5BTC today it is 4USD if you go buy the BTC tomorrow it could be 8USD but the value of the milk hasn't changed. (Admittedly, I am not the best at putting my thoughts into sentences.) The reason it is bad is that the seller of actual products, the ones who will help balance this whole thing out, that take the biggest risk right now because they have to pay for their product in USD... As the value of BTC increases, so does their risk in accepting it. For example, Biddingpond.com, how do I set a reserve price in BTC today for a product I want to sell. Today it may be fair. Tomorrow it could look ludicrous. Even worse, how do I bid on anything until the last minute? I know people snipe auctions anyway, but why list something for a week then. It would be crazy to bid until the last minute. I am no economics guru.  Just posted this to see if I am missing something here or if my thinking is correct. Please educate me if I am wrong.  Dafishman Your critique would apply to any free floating virtual currency and does not apply to only Bitcoin. You want Bitcoin to be 'stable' in price before it has caught on to the extent to make that happen, but Bitcoin cannot be stable in price leading up to the point when it will be stable in price. At a minimum it would have to gain in price tremendously to become stable. Chicken and egg problem. |
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A high bitcoin price does not increase the production of bitcoins. Demand could shrivel away, but that's not how bubbles usually pop. Once the bandwaggoning by normal people who don't get it or care to begins there is no stopping.
I agree 100%, aniway i've had a sell signal and for now i'm happy, sold at 7.72$, i day trade with an hourly chart, waiting next buy signal, do any of you guys daytrade or just holding bitcoins for long term? Long term. I'm 27 and Bitcoin is an integral part of my retirement plan. |
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It's not possible to know if something is a bubble before it pops, especially something anonymously traded like Bitcoin. It could be that new, enthusiastic people with lots of money to drop are discovering Bitcoin at the same rate the price is increasing.
Actually, some metrics can be used to detect a bubble. For instance, the U.S. housing bubble was getting obvious towards the peak because housing prices were getting ridiculously out of line with average income. What metrics one would use to detect a Bitcoin bubble, I have no idea. |
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There were some legitimate points in there. Too bad the analysis was tainted with the author's ideological slant. |
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