They are busy manipulating the market to buy cheap coins
They bought the coins when the BTC was trading against the USD at $100. Why should they buy more , especially at $800 levels? An intelligent person would be doing profit booking right now. |
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i'm not kidding http://c-spanvideo.org/clip/4476585bank of america ALONE made 245 trillion dollars in wire transfers, and that is just from 1 bank.... go figure. bitcoin can become several orders of magnitude bigger than it already is. That is difficult to believe. The total revenue for the BoA was $ 83.33 billion in 2012. How much do you think the wire transfers account for out of this figure? And the global remittance for 2012 was around $ 514 billion. Only a small fraction of it was wired. |
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that's actually really interesting, I always thought he had so many computers because he was so passionate, I guess that makes a lot of sence
Nope.. atleast in the beginning the hash rate was extremely low. No more than 10 computers were used for mining at any given point of time during the first month. Mining picked up only in mid-2010. |
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btc-e trollbox  ? Perhaps they banned him over there (they do that frequently when trolls go over the line) and he decided to come here and post instead. Back to the topic, there is still huge demand for the BTC in China, as evident from the buy orders which are there for everyone to see. |
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I disagree, for BTC to ever be a legitimate currency, Things must be sold for BTC irrespective of current dollar value of BTC.
As long as people are basing their BTC purchases off a exchange rate, BTC will always be just a secondary currency.
OMG... that is a horrible argument. BTC pricing is possible only when the demand for BTC is stable (may be by the year 2140?). Right now the BTC prices are not stable, and therefore we should use a stable currency as a base. |
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Where the fuck are these damn trezors anyway? They're starting to make BFL look reputable and even in that instance, I still got my miner sooner than I expected in the overall scheme of things. Moreso, these trezors were vouched for by industry hot shots.
God knows whether this is a fraud or not. Anyway paying $900 (at today's rates) to pre-order a Trezor was just crazy. |
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wait are you sure there were multiple people out there mining at the very beginning?
I agree that the first block was mined by Satoshi on 3rd January 2009. But a few days later, people were posting in blogs and forums about mining BTCs. So in the first month, there were probably dozens of miners. |
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from air , and there is plenty in their heads
Good one. I am asking this for the past many days and those who supports this measure are not ready to answer me. Very basic question... but so far I've got no answers. |
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I wonder what would happen if Japan started bullying Russia over disputed islands of South Sakhalin which were taken by Russia after the WWII. Formally they are still at war without peace treaty signed between the states...
Those small islands (or rather two small islands plus a few rocks) are completely worthless. On the other hand, valuable gas deposits are located near the Shankaku Islands (the reason for current problems). So there is no chance of a conflict between Russia and Japan. And Japan bullying Russia? Really? If Japan provokes Russia the latter will sweep the floor with the Japanese. Russia is having the largest number of nuclear weapons in the world. They are having the best Inter-continental Ballistic Missiles. They are having the best air-defense system in the world. The Russian regular army alone numbers more than a million, with millions more in the reserves. China is having just the manpower. Japan is having the technology. Russia have both. |
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Do you know about the consequences if such an incident occurs? More than a hundred million people will lose their lives. World economy will collapse. Large number of people (perhaps including you) will lose their jobs, inflation can hit three-digits, there will be shortage of food and medicines...
You obviously didn't see the comic I linked to. And you seem to have also missed the "edit" (which was already there when you answered), in which I say pretty much the same thing you do, in not so many words...  Lol... my apologies. Didn't checked the link although it was there by the time I replied. |
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Your question is really the only valid argument against this proposal. Also the only factor one ought to consider it not feasible.
OK... Tax revenue and all other revenue received by the Swiss government is much less than the 188 billion USD required for this plan. So from where the remaining money will come? |
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Do you know about the consequences if such an incident occurs? More than a hundred million people will lose their lives. World economy will collapse. Large number of people (perhaps including you) will lose their jobs, inflation can hit three-digits, there will be shortage of food and medicines... |
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How can you invest in the Winklevoss EFT right now? It's not public yet right.
On another note, one of my biggest concerns is that someone like Winkelvoss or Max holding a shit ton of BTCs will sell them all and cause the overall price to plummet. But I think there's still a long way to go before they would consider doing that.
I think there were some more initial investors besides the Winkelvii for the ETF. I don't think they'll sell their coins in the short term. They have clarified it many times. The coins will be held on for long term. |
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Does anybody here knows how many coins were premined?
None. The mining started on January 01, 2009. Not a single coin was not mined before that date. And dozens of people started mining on January 01, so we are sure that nothing immoral happened. |
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I did however sell some on localbitcoins at $800 a piece when the price was $1200.
You sold your coins for 67% of the actual rate? That's horrible. We had one vendor in Bitmit, who would mail banknotes in exchange for BTC, for a paltry 4% commission. Even after taking in to account the postal charges, the seller would get 94% of the going rate. Also, there were a few buyers in Localbitcoins who paid using Western Union. They paid 90% of the going rate. |
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I tried my luck with short selling the day before yesterday and got my fingers burned. I am never going to do it again.
BTC is a wild currency. No one can predict when the prices will go up or down.
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I am using BTC-E for a year now and never had any problems. Still some people spread false rumors, because it is owned by Russians. And BTC-E is the place where you get the cheapest BTCs.
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One wallet with 980.000 BTC might just be a time bomb.
There is no BTC wallet with 980K coins. The richest wallet contains 144,341 BTCs and is tagged as DPR Seized Coins. In my opinion, Satoshi is not possessing a large number of coins. He created the BTC for ideological reasons. Stashing up a large number of coins will be against his morals. |
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The consensus here is that volatility is bad only when the price is falling.  Exactly. Many of those who had lost money yesterday when BTC came down from $1,200 to $700 were the ones who gained exponentially when BTC rose from $100 to $1,200 in a matter of few weeks. So take the long term price movement: $100 to $700, that's still extremely good net gains for me. |
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Both the Max Kaiser and the Winkelvoss twins gave BTC much needed publicity a few months ago and Bitcoiners should not forget that in all of a sudden. Those who had invested in the Winklevoss BTC ETF are currently sitting at 600% net gain, despite yesterday's crash. So no hard feelings towards them.
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