I'll be down to around 65% by then. dollar cost averaging out, in increasingly smaller amounts of BTC. Will hurt me in the perfect endgame (1 bitcoin worth millions) will benefit me in catastrophic failure scenario.

Anywhere inbetween I get bonus money to spend(or invest elsewhere) with whilst I wait for the paradigm shift! Life goes on eh.

As I understand it options are (as the name might suggest) optional, once the contract expires the potential profit/loss can be calculated and the parties involved are credited/debited accordingly. Without ant BTC necessarily changing hands.

The 'option' part is that with the gains or losses, you can optionally trade the underlying equity involved with the gain (buy) or less (sell).

So BTC options are likely to happen whether you like it or not.

1. Failing to finish setting up a mining on my desktop when i first heard about it (late 2010 ~25c a coin) started got distracted, forgot about it and ended up paying $1 a coin when i finally bought in in feb 2011
2. Bitcoinica

I'm just thinking out loud here. I wonder what percentage of the worlds wealth do the central banks currently own?

If you can own a bigger percentage of the total number of bitcoins (through infinite buying now, and massive investment in mining so you control the vast majority of hashing power... you collect the majority of mining rewards and ultimately end up being the cheif beneficiary of anyone using the system through transaction fees)

I doubt the fed is stupid, so they know the dollar has a limited shelf life, taking all their soon to be worthless dollars and switching them for bitcoin now isn't such a daft idea...

In the BTC deflationary endgame. The more you own, the more you benefit from deflation? The more hashing power you own, the more of the transaction fees are headed your way.

Effectively you'd be getting richer faster than everyone else... just like the good old dollar days

What if Satashi Nakamoto is the US govt?  

8 bits in a byte yes, but the 8 digits we are talking about represent a decimal number. 8 digits needs 27bits (with room to spare & 28 if you want it unsigned).

Agree 9 would have been better (and would have fit inside 32 bits). nano bit is very cool name

could have made the whole thing 18 digits and multiplied everything thing by 10! I'm not sure the satoshi is going to be small enough!

I couldn't do direct GBP withdrawal either, I tried all sorts.

Eventually I was able to set up direct withdrawal to my bank account (natwest) using euros. Gets a little trim from commissions but what can you do. I am hoping it won't be too long before I can dispense with having to buy fiat

Why so it does. I switched to mBTC and now instead of lamenting how few coins I have left, I am now overjoyed that I have thousands!

I know for a fact nothing has changed, but the chimp brain is strong in this one!

Interesting to get a view from outside of this 'slightly biased' forum



A notoriously cynical cohort, the numbers back that up. Interesting that in a 'geek' crowd there are still 12% of people who havent even heard of it!, and a huge 32% just don't even care!

the cat! its dead jim!

hehehe

I agree the chart applies, but you are nowhere near paradigm shift.

Do a spot survey of everyone you know IRL and come back with a percentage of people that know about bitcoin.

I could probably think of a few hundred people I know, and as far as I know *none* of them know about bitcoin, unless I told them. Any one of them, if they found out about BTC would almost definitely speak to me about it because they know I am the nerdy one.

Media Attention is just kicking in, I suspect insititutional investors might be taking it seriously. If anything the bubble to 32 was the first sell off.

Until you grasp the relative numbers involved 21million coins vs XX trillions of dollars (not billions) you are always going to come up short when you guess the end game exchange rate.

I approve of this thread!

Agreed! Hence, hedge with a little fiat, in case it all goes tits up. That will always be a non-zero risk, because of the nature of cryptography.

If it all plays out well then the person who ignored risk will do better than me, but I don't mind because I will do alright.

If it goes to the wall, that person will do much worse than me. Some people will do much, much worse. Yeah, that's right, *2* muches. Think on!

EXACTAMUNDO!

I used same logic, as there was no negative cost basis (I have more fiat now than when i started, and a chunk of coins stashed away). I voted for the market value now. e.g. If I sold up I would have that amont of dollars, but Instead I choose to keep that amount of dollars in BTC

I think his GCSE Economics held up well

Exactly right, volatility is to be expected. Be <a href ='http://www.fooledbyrandomness.com'>antifragile</a> with your strategy.

If anything I thought anti-bitcoin-guy had it written all over his face that he had a wallet full of them

Look, Dave, I can see you're really upset about this. I honestly think you ought to sit down calmly, take a stress pill and think things over.

I know I've made some very poor decisions recently, but I can give you my complete assurance that my work will be back to normal.

I've still got the greatest enthusiasm and confidence in the mission. And I want to help you.

Well call me crazy, but I'm going to "hold", and who knows I may even go crazy and you know "buy". You see how that works?

It's a complex strategy, I know, I can see why you aren't getting it.

Its right up there with the other widely derided strategies such as dollar cost averaging. Another proven to be effective, but ignored by everyone because it doesn't show how much smarter they are than everyone else, strategy. Although of course you don't call it a strategy. Oh no, strategies have to be super clever...

Taking profits? I don't take profits. I hedge against catastrophic failure by converting small amounts of bitcoin to fiat at a set multiple. Formulaic, guaranteed income. A bit like dividends - theres another unfashionable ignored and hugely profitable aspect of investing. Oh I used the I(nvesting) word instead of the T(rading) word. Guess that reveals my dim wittedness.

Emotion will defeat you. Stick to the plan. Kiss.

One small point: You still never acknowledged the fact that one of your cornerstone points in your initial TA about there being no buyers after a sell off was a glaring and incompetent error, based on your ignorance of what actually happened.

hint: gox was shut after a hack.

anyone that simply held through it all, remained unaffected.