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Seriously, this just seems awkward. The way the bitcoinica thing has been handled, I couldn't support anything organized by anyone who (mis)managed that mess.
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Maybe this will get the market to reverse. This is for you adam.
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This is...I don't even know what to say.  |
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Pffff, wow. That was lame. Come on wall guy, grow some balls.
if it's gonna just crash and die, what are you doing here? Trying to encourage the wall guy to speed up the inevitable.  |
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Pffff, wow. That was lame. Come on wall guy, grow some balls.
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So as (if) BTC continues it's long turm trend of exponential growth agaisn't the USD. You would say that it's overvalued, represents a bubble and will eventually collapse somehow.
Yes, it is overvalued, in a bubble, and will eventually collapse...again. |
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My point is that more funds were stolen by the hacker than what Zhou has promised to return.
The hacker needs to refund the total amount that was stolen ASAP.
But then his hacking will not have been profitable. But seriously, I was trying to make a similar point, and I hope you end up getting as much back as possible whether voluntarily or from the lawsuit. I wish you the best of luck. You've done a tremendous amount of good for the project and it's really shitty to see you get screwed like this. |
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Hi all and sorry for the wait.
I can confirm that as of last night all the funds Zhou promised to retrieve (approx. $100,000 USD and 20,000 BTC) have been returned to Bitcoinica, LP's MtGox account. The receivership and liquidation process is underway and I'll post updates here as things move forward.
Best,
Patrick
Ok, so 20kBTCs almost covers Roger Ver's bitcoins. So that's one down, almost. |
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Awesome. <gets ready for new lower low>
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2.6Ghz, 8GBs RAM, 512GB SSD. I'll ship it anywhere in the US for $2700 in BTCs.
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Is this a bubble? Will there be a correction?
If you are buying as an investment, then you take what comes with investment -- a risk of loss. Those who buy bitcoins as they need them for making purchases aren't exposed to exchange rate risk, they buy bitcoins and they immediately use them to complete the purchase of goods or services that they needed the bitcoins for. So whether or not this is a bubble means little for them. Nobody knows the future though. The metric that should be closely watched is the transaction counts. They have been rising. - http://blockchain.info/charts/n-transactions-excluding-popularNow the amount of currency to accommodate that level of activity might only be ten million USD worth of bitcoin though (a wild guess). So that would value bitcoins at a $1 each to support Bitcoin's current economic activity. So anything over that is for the most part speculative value. Could it go to $20, or $100? Sure. But until the transaction volumes (and underlying bitcoin amounts) gets sufficiently higher, it is still 90% speculative. Aaaaaaand, if, through a major pump, the price does reach $20, or $100, it will come crashing right back down. There won't be enough bid volume to sustain the selling at those levels and lots of profit takers will be competing against each other to get out. It won't be pretty. |
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Not going to happen. I doubt we'll ever see $100 BTCs much less BTCs selling regularly for thousands of USD per BTC. Not in 20 years, not in 100 years. Just think about how much bid depth you'd have to have to absorb even 1000BTCs at $5000 without slipping, say, 10%. At just $100/BTC you'd have to have somebody with a single $100,000 bid at 100$/BTC not get any slippage.
The price might make another go at the previous all time high, but just like the pump and dump that induced that high last time, it won't hold there but momentarily because there simply is not, and probably will never be, the necessary depth to keep the price up. I'm confident we haven't seen the last of single digits, and we'll probably still be seeing single digits years from now.
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I'd prefer selling it all together. The C2D E6300 easily overclocks to 3.0GHz with this heatsink and fan. Could make an inexpensive home server. Let's say...11BTCs for the whole lot, and if you buy it all together I'll toss in an old HDD and PSU to get you closer to a full machine. All you'd need is any PCI-E GPU, and you'll be up an running.  |
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Did btccharts change? Seems like a lot of options were removed. I can't get zoom out to get a wider view anymore.
Edit: Oh, I see. You have to pay to get all the options now. Fair enough.
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Is anyone seriously hopeful they'll get something back at this point?
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Your image didn't show up in your post for me. Here's a re-link in case that's the case for anyone else.  So, in other words, you think we've got some catching up to do. In other other words it's time to majorly overcorrect! So, $300 or $3000? Edit: Oooooooorrrrr...$9000! |
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Your image didn't show up in your post for me. Here's a re-link in case that's the case for anyone else. So, in other words, you think we've got some catching up to do. |
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FYI, After chatting with a lawyer friend of mine on this topic, we determined that nothing good will come out of this for Rep Mark Warden unless he starts requesting information from all donors. A "best-faith effort" to keep in line with campaign financing laws will not be sufficient. Even if he gets by it legally, he will be subject to accusations of foreign influence and shady financing practices. As such, I wrote the following email: On Sun, Aug 12, 2012 at 12:19 AM, etotheipi wrote:
Dear Rep. Warden,
I am inspired by your willingness to try Bitcoin in your fundraising. I just donated 5 BTC with the hopes that you will succeed and help make people aware of Bitcoin.
However, I wanted to warn you that I see no way for you to embrace Bitcoin this way without high legal risk. I believe it is in your best interest to require identifying information for all Bitcoin donations, lest you be accused of accepting foreign donations and excessive donations.
The fact that one person can send you 1000 different transactions of $100 each without submitting identification will be the reason that legal challenges to your fundraising will succeed. Best-faith efforts to follow the law will not be satisfactory. I think it is worth the inconvenience to your donors to give Bitcoin every chance to flourish in this environment.
Similarly, if you do receive donations that you cannot identify within 30 days or exceed the limits, you should send those donations back to one of the sending addresses.
For that reason, here is my identification for my donation:
...
Thanks for supporting Bitcoin, and the best of luck in your campaign!
Surprisingly, I got a response back in less than 24 hours: Alan,
Great advice. I sensed that there would be some unintended and unexpected legal land mines with this and basically I'm leaping before looking.
I will definitely add something to the site that requests the donor's name, address and employer. At my state level, I'm required to ask for the information, but not necessarily confirm it.
Thank you for your donation! I really appreciate your generosity.
I am fascinated by the BTC concept and want to see it succeed.
For liberty... and competing currencies,
Rep. Mark Warden Nice job etotheipi. This is very cool. |
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This gave me chills: Definitely not for the faint of heart, those skilled and experienced venture capitalists entering the arena will be playing with fire. This is not a game of targeting an app and throwing seed money at developers located in Silicon Valley or Silicon Alley. Nor is it like catching the social media wave or jumping on the mobile payments bandwagon.
Bitcoin is the quintessential disruptor for not only does it disrupt established primary-level players in the field of payments, like VISA, Mastercard, and PayPal, but it disrupts the very nature of monetary authority. Bitcoin is disruption within supreme disruption. |
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