I'm trying to decide if it would destroy bitcoin entirely, or make it even more valuable. any thoughts?
initially it would plummet and then recover rapidly i think many americans would sell thinking they could not cash in their now "illegal" assets but the international community would buy like crazy if the prices dropped |
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I have to somewhat agree with the OP. With pirate's BTCST in place if you bought 10k bitcoins at $5 and you invested 100% of that with pirate you would have 20k bitcoins by now.
I believe much of the ramp could (not necessarily is) but could be a biproduct of people wanting to buy btc low and as the USD price rises not only do they get more bitcoins but each bitcoin is worth more USD.
Unsustainable in my opinion.
Just my take...
someone on another thread calculated that they would need $10,000 a month to retire comfortabley on they then calculated that by giving pirate 379 BTC the compounding interest in a very short time would equal retirement if thats not crazy enough for you ,heres another one : if pirate continues to pay this interest for about 18 months he will have paid out moe than all the bitcoins in the world INCLUDING the ones that havent been mined yet and wont be mined for years |
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Why does anyone want 20000 bitcoins? What can you do with them that is worth that much money? If I had 20000 bitcoins I would sell them for dollars which and pay some bills.
Maybe he's going to buy 20000 bitcoins then sell them for dollars and pay some bills. Oh right the solution to paying bills is: USD -> BANK -> DWOLLA -> MTGOX -> BTC -> USD -> MTGOX -> DWOLLA -> BANK -> PAY SOME BILLS  maybe theyre not those kind of bills  |
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So like a service that you would pay bitcoin to and they would issue you your usps stamp or ups shipping label?
a company like fedex accepting BTC would be nice ...... |
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my old landlord took his retirement early and bought up all the deserted buildings he could in the late 80s for peanuts
he renovated them all into condos and then the E.U property boom kicked in and prices of real estate skyrocketed
3-4 story townhouses he converted into 6-12 unit condo buildings ,he made convenience stores and coffee shops below many of his buildings
in the next 17 years he ended up owning half the city centre
even then he still wore old clothes ,drove an old shitty car and could be seen dumping garbage and painting walls himself even when he was about 65 and a millionaire god knows how many times over .....
its actually the pretentious people who are showing off the illusion of wealth that i find are more pre-occupied by dress than the people who actually have $hitloads of wealth and dont need to prove it to anybody
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changing Bitcoin in an other currency might be always a problem because it's anonymous and there is now way for authorities to track the source of the money down...
if anyone has amassed 100,000 -500,000 btc and tries to cash out ,i would imagine there would be some serious explaining to be done how could authoritys prove your coins either did or did not come from a business which was illegal by its nature or illegal because it didnt pay tax every year like every other business is supposed to ? could you just say you mined them all when mining was easy ? now I'm understand why early adaptors try to keep their hoarded coins clean! maybe they want to avoid trouble if they want to cash out sometimes in the future... When you release an address into public, I don't think anything stops people from sharing that address to people not registered in the forum and performing any search on it. From that to Google indexing the addresses, I don't think that's a big step. If you really need anonymity, just do as it's said: one address per transaction, and if you really need your coins not to be tainted, use a mixing service.
that's the number 1 way to get tainted coins  Imagine standing in front of a tax auditor or a judge in 5-10 years trying to explain that you give you coins to a man you met on the internet called Pirate and he gave you back 3400% interest but the business he did with them was confidential its all fun and laughs until you get your assets and accounts frozen as "suspicious " .........at some stage bitcoiners are going to need to buy big ticket items like homes etc and i have no idea how the law is going to interpret " internet play money " being changed into millions of real dollars but i expect it wont be smooth sailing and a shitload of regulations will probably be introduced in the next few years |
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They are SR tokens  |
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changing Bitcoin in an other currency might be always a problem because it's anonymous and there is now way for authorities to track the source of the money down...
if anyone has amassed 100,000 -500,000 btc and tries to cash out ,i would imagine there would be some serious explaining to be done how could authoritys prove your coins either did or did not come from a business which was illegal by its nature or illegal because it didnt pay tax every year like every other business is supposed to ? could you just say you mined them all when mining was easy ? |
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There is indeed huge potential for bitcoins, it can potentially become an international alternative currency with same volume use of any of the other currency's and when or if that happened early adopters would indeed be doing very well, but so would the whole world at that point as they would no longer be having their wealth stolen.
If you put the market cap of Apple into bitcoins I think each bitcoin would be worth $550,000.00 roughly.
On a more conservative level lets just say bitcoin will eventually hit a market cap of 1 billion thats $100+ per coin.
is there anyone who wouldnt cash out if the price suddenly became $100+ per coin?  I was tempted to sell them all when we hit $11 but that could be the new floor so i didnt sell any .........yet |
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There have been some signs that US Federal sees Bitcoin as a problem. When the US and its supporters have a problem, they usually call upon the CIA. The CIA has destroyed several organizations, groups and economies (foreign and domestic) internally through manipulation of key members, suppliers and so forth.
Have you suspected any CIA activity directly or indirectly in Bitcoin-related affairs?
Clearly this is the CIA probing to ascertain whether their infiltration has yet been detected/suspected. its pretty much 100% guaranteed important people are watching bitcoin with articles like this being printed : http://www.newscientist.com/blogs/onepercent/2012/08/silk-road-bitcoin-illegal.html |
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is there not the icaan or some asscoiation responsible for ALL web domain re-sellers ? if the chinese registrar allows them to operate after being reported they should be fined or suspended from being able to sell domains |
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And then you have companies like Intersango openly inviting Big Brother to regulate Bitcoins.
and then you have the people that think because Bitcoin is semi anonymous companies on the fiat/Bitcoin interface (exchanges) can some how avoid following the regulations of the country they operate in related to fiat monies.... face the facts keep it in Bitcoins or prepare to deal with legislation, nearly all countries now have AML/KYC type legislation I know you don't care if people operating exchanges go to jail to protect your anonymity - just curious as why you would think they would want to... afaik it isn't a very profitable enterprise ask zhou tong if holding other peoples deposits of BTC and cash is a profitable enterprise or not |
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if you state the paypal as a gift it can not be charged back by paypal staff
unless a stolen or unauthorised credit was used ........which are in plentiful
supply on sites in the dark web
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If one *legally* had $200,000 in USD paper, how would such a person get it across national borders? Might be easiest to buy $200k in coins, move to the new country, then repurchase the USD.
I think the issue might be getting around the currency restrictions which are in place in some South American countries. Buying OTC means there'd be no record of the cash entering the Bitcoin system or of the Bitcoins being withdrawn - and no concerns about KYC/AML requirements. And no worries about moving the market. Assuming you can find someone who can buy/sell that many without running to MtGox to offset it. Nonsense If you buy 200k$ of bitcoins you move the market, no matter what. The fact that it's OTC means nothing if i sell my friend 19k btc (200k$ worth) ive been hoarding offline and then he hoards them offline ,the market will not be swayed from that transaction |
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the real mtgox should report it ASAP
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40.6% of nodes in the usa ?
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All I care about is the new and shiny coins in my account later today I hope Payb.tc makes money off of it ! good for him.... we're both making money !!!  |
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Transaction fees may need to go up in the long run to maintain network hashing power.
Just to make sure it is clear how it works. If there is more network hashing power than is supported by the current level of the block reward compensation plus the transaction fees, then that excess capacity will go away (i.e., unprofitable miners will stop mining), and an equilibrium will be found. Yes the block chain still generates fine. But people may start feeling insecure if it's getting a lot easier for some entity to launch 51% attack. Thus the network would be under pressure to raise transaction fees to increase hashrate. Even if people don't think 51% attack would become real, I think if there is a competing altercurrency gaining hashrate users may start migrating to that currency so there is going to be market pressure for bitcoin to raise transaction fee so as to maintain its lead in hashrate. so far ,alt currencys have all been crap the usual complaint about bitcoin is that the first miners got hundreds of thousands of coins almost for free (milllions of dollars worth at todays rates ) people making alt currencys want to get that position for themselves but i dont think it will happen |
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there is probably miners and hoarders in every country /major city
put some ads up online and someone will probably contact you
bring your laptop to starbucks and buy them from private sellers etc
face to face is easy when nobody trusts the other persons
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More Smoke ,More mirrors ASAP |
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