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2341  Economy / Speculation / Re: Odd years (2009, 2011, 2013) = Good & Even years (2010, 2012, 2014) = Bad? on: June 28, 2014, 04:53:37 PM
Could well be that there is a pattern but I believe it is not an odd/even year pattern.
2342  Economy / Speculation / Re: Will BTC rise from the ashes? on: June 26, 2014, 09:27:21 PM
We are in the dispair phase. It will rise again but will take some time.
2343  Economy / Speculation / Re: delete on: June 13, 2014, 09:13:51 PM
yes delete the last 48hrs of bitcoin movement  Tongue
2344  Economy / Speculation / Re: Cex.io on: June 13, 2014, 07:55:22 PM
2345  Economy / Speculation / Re: Are we still on for July? on: June 13, 2014, 07:54:22 PM


This poorly print-screened chart shows where BTC crashed to $85 from ~$127 due to Silkroad being shutdown.... this was right before the last bubble.



Yes this could be the beartrap that means MooOOoonTime!!!!!
2346  Economy / Speculation / Re: Who will mine the last Bitcoin? on: June 11, 2014, 10:50:57 PM
0b100101010000001011111001000000000

thats your starting block reward in satoshis
every 210k blocks bitwise shift it right (i.e. drop the rightmost digit)
thats your new block reward

eg 8th operation in approx 25 years or so...

0b1001010100000010111110010 = 19531250 satoshis = 0.1953125 BTC

and finally after 32 operations in approx 2136 you are left with
0b1
the last block reward is 1 satoshi

the final bitwise shift in approx 2140 leaves you with zero

even the most cursory review of blockchain reward mechanism would lead to the understanding that fees become more important than block reward long before this happens.

if people read just half as much as they posted this place would be half as spammy and 4 times smarter.

+a billion or so Smiley
2347  Economy / Speculation / Re: Bitcoin listed on Yahoo Finance on: June 11, 2014, 10:10:51 PM
Just looked at BTC-e and a big red candle ... where are the green candles Huh
2348  Economy / Speculation / Re: If Bitcoin became the world (Reserve) currency on: June 10, 2014, 11:50:25 PM
Nice discussion going on Cheesy

Fiat is an IOY for product it has no real value and should be rare and hard to obtain for it to work as an IOY.
The value of fiat is based on work that must be exerted to obtain it. (going to work)
The problem is that the supply is not limited thus creating inflation.
If fiat loses value you can get less product for it and visa versa.

The same can be said for bitcoin, it can also be an IOY for product. The same applies, it is rare and hard to obtain for it to work as an IOY.
The value of bitcoin is based on work that must be exerted to obtain it. (mining)
For bitcoin the value is truly limited and deflation will occur.
If bitcoin loses value you can get less product for it and visa versa.

etc. same applies for gold


Why can Bitcoin be an ideal reserve currency?

quote wikipedia "
A reserve currency (or anchor currency) is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves, and that is commonly used in international transactions. Persons who live in a country that issues a reserve currency can purchase imports and borrow across borders more cheaply than persons in other nations because they need not exchange their currency to do so. According to economists such as Valéry Giscard d'Estaing, a former French Minister of Finance and president, a reserve currency gets certain benefits called the exorbitant privilege.[1]
"

Bitcoin has sufficient quantities.
Bitcoin has international transactions.
Bitcoin makes nobody an issuer, all are equal.
Bitcoin can be trusted since nobody controls it.

The only problem is that bitcoin is not equaly distributed and thus wealth is not equally distributed. But then again neither is gold.
2349  Economy / Speculation / Re: 647-650-653 on: June 10, 2014, 09:59:23 PM
647-650-653

first numbers makes 666, influence by Satan himself
second numbers make 455, last resistance level
third number makes 753, next resistance level

Tongue
2350  Economy / Speculation / Re: We're not going anywhere, until the 51% question is answered on: June 10, 2014, 09:57:35 PM
2351  Economy / Speculation / Re: Steadying out at $650 on: June 09, 2014, 03:24:36 PM
We are somewhere in week 3-4 after a trend reversal. People need to give it time...
Give it 5-6 weeks and we will be enroute to the moon Smiley
2352  Economy / Speculation / Re: This forum is full of future millionaires on: June 09, 2014, 12:02:59 PM
bitcoin price can, and probably will surge, main reason is more and more spread, and the fact on hard cap of 21 mill btc.
and dont forget one thing also; every day there are btcs sent to wrong adress that will never be claimed, they are lost for good, making the supply even smaller, and then there are wallets lost/destroyed and so on..
when another halving happens, its gonna storm money, so sticking to crypto seams pretty smart, even with those price drops we see now and then

cheers

Bitcoin can be divided to a single satpshi and o think there is enough satoshis for everybody. Smiley

If 1 satoshi becomes $1.000.000 we can always edit the client to allow nanosatoshisi transactions, there is no theoretical divisability limit to bitcoin....
2353  Economy / Speculation / Re: A solution to volatility. on: June 09, 2014, 11:59:29 AM
Daytraders cause Zeno's Paradox. Before Bitcoin can get to 100 it must first get to 50 and before it gets to 50 it must get to 25 etc. As Bitcoin price goes up, it becomes unaffordable for some to buy a whole Bitcoin. Add to that the market manipulation that causes very high volatility at even the smallest fractional levels. Many people feel the solution is to name fractional amounts so they feel like the integer amounts on the left side of the decimal. It's really a false paradox.

The solution is simple. Use the gold model. Only allow whole bitcoins to be sold. Precious metal markets sort of work this way. Sure you can buy gold by the gram, but you pay a lot more so it's not something you do frequently. Gold is best bought by the Troy Ounce at a minimum. Bitcoin can also be sold in fractions, but there should be a premium to do so. This will reduce the day trading that causes the huge fluctuations that makes it feel like Bitcoin is not increasing in value. Buying a whole Bitcoin may also become an exclusive goal for the rich and attract them faster. This way, fractional amounts will not be worth gambling on the markets.

This is of course only a thought experiment and impossible to implement without strict government regulation anyway. However, it behooves the exchanges to consider this proposal because it would likely serve to increase transactional revenue as Bitcoin will have less volatility and greater appeal to conservative investors.

This will also incentivise vendors to accept Bitcoin because they will accrue fractional amounts without paying a premium and can sell them at a premium.

You think we should kill one of the biggest advantages bitcoin has over gold?

+1

Actually doing what OP suggests makes bitcoin equally worthless as a currency as gold.
If OP wants to solve Zeno's Paradox I would suggest using a different measure like millibits or satoshi, just to mindfuck people.

That said, volatility attracts traders and trading evolves a market and brings it to maturity. As the price goes up and bitcoin adoption increases volatility will be suppressed anyway...
2354  Economy / Speculation / Re: The downfall of Bitcoin on: June 09, 2014, 10:16:22 AM
Anyway I know people say that kind of Braveheart shit like "I'll buy 10K BTC if it goes to $300"
But when it crashes they are like "I'm not buying it's never going back up again!!!"


In my opinioin it is all about the question why it crashed.

If....
Unsolvable flaw in the system: Don't buy BTC
Solvable flaw in the system: Buy BTC if you think the solution/fix will work
Whale getting out: Buy BTC

My 2 satoshi.
2355  Economy / Speculation / Re: Who wishes they had bought bitcoin when it was $540 or so? on: June 09, 2014, 12:35:44 AM
I did buy a tiny bit at 540.
I regreted it because it went down afterwards.
But I'm happy I didn't sell, because I would have missed the bottom most certainly.
Hodling!

So, out of curiosity, when will you sell? You're sitting on some nice gains right now. You holding out for $1000? $10k? $1 million? Just curious what some of the hodlers are eyeing for a sell price. Tongue

$10k to $100k hope for the latter.
2356  Economy / Speculation / Re: This forum is full of future millionaires on: June 08, 2014, 01:27:43 PM
Every publicly exposed bitcoin thief seems to be walking around completely unharmed and they often have tens of thousands of coins or more and a very compelling reason to be slaughtered.

You may not want those who are around you to know though just for the sake of a quiet life.

True I was expecting Mark Karpeless to be the first person to be killed by a Russian drug lord that had BTC in MtGOX...

Anyway, even though it's fun to say you have a lot of bitcoin, you wouldnt want your life to end before you get to spend it.


P.S. I do think Mark should pay for his incompetence but I do not believe he should be killed for it. I luckily had $0 in MtGOX.
2357  Economy / Speculation / Re: Ghash.io reaching up to 47% hashrate (now down). Can it reach 51%? on: June 08, 2014, 01:21:32 PM
Why would Ghash.io want to go past 51%? It's like comitting financial suicide.
Yes you can steal coins if you go past 51%, but BTC will go into instant panic sell and crash since the trust is gone.
If you only get 0.5% of all minted coins you're getting filthy rich already....  Cool

That said if they cross 51% or even 99% who says that they will abuse the system? I must say it would make me uneasy....

I also think many miners would shift to a different miningpool just to save bitcoin...
2358  Economy / Speculation / Re: Dat volume on: June 08, 2014, 01:11:12 PM
We are only in the trend reversal stage and we possibly haven't hit the bear trap yet.
It will be a while before we go to da moon and beyond.
2359  Economy / Speculation / Re: This forum is full of future millionaires on: June 08, 2014, 01:09:14 PM
I have 22.5

I am aiming for 100 by 2015

The first rule of bitcoin hodling is we do not speak of the bitcoins we hodl.

Why?
Let's say you have 22.5 BTC and BTC becomes 100k or more. You will possibly become a target for hackers or gangsters, people kill for less...

Just some stupid advice ....
2360  Economy / Speculation / Re: Where is the weekend rally? on: June 07, 2014, 10:08:12 PM
A weekend drop is usually what is to be expected and as long as that is not happening, I'd say we're good  Wink

We should have a bear trap somewhere before the full lift-off so keep calm and HODL or BYU MAOR but do not SODL!!!
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