what did you expect?
I kind of expected this, because I know that even skeptics will come to appreciate how brilliant Bitcoin is when they bother to learn in detail about it. |
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Peter, what is your opinion here:
Should complementary off-chain solutions develop organically on their own merits, taking loading off the Bitcoin blockchain, or should Bitcoin be crippled in the hope and expectation that complementary services develop around it faster?
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It appears that the serious money is now getting into Bitcoin. Playtime is over.
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Wall.....in rubbles
it was pulled. you guys are fast too... as soon as the wall was pulled the price jumped $8 before I could buy There was a sell of 2500 (nibbled down to 2407 at 122.9) and 350 at 122.89. A pair of top callers who were both eaten in the 6k spike. |
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$125 didn't last long, a few minutes...
The ass is being ripped out of the ask wall.
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Heh. This is what's called a correction. You'd expect a deflationary currency to correct upwards  HAHAHA Brilliant! |
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While there is some seriousness going on, I will just paste this for reference with some search tags: MARKET TOP BUBBLE BURST PEAK TULIP MANIA CRASH WARNING SIGNAL http://bitcoincharts.com/charts/mtgoxUSD#rg5zig30-minzczsg2011-06-08zeg2011-06-11ztgSzm1g10zm2g25zvThe 2011 peak was characterized by a 60% climb in one day, 30% crash, recovery the next day, followed by a long decline. Plenty of time to take profits before reinvesting. History does not repeat, but it does rhyme. Keep an eye out for a similar bout of irrational exuberance... |
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I can't even tell whether or not this guy is actually talking about Bitcoin.
+1 If his incoherent rambling passes muster as "currency analysis" then god help his fx investing clients. |
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Someone just sold 6000 coins and could not even be bothered to drip-feed them out at 100 a time. So got about $2.50 less each, wasting $15k. Crazy.
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I would think this may repeat itself, but the poor showing by the bears today almost has me wondering if they really are tapped out for a while. It's crazy I know, but I didn't expect us to have such a solid footing over $100 already.
The risk is not from the bears that exist now, it is from all the bulls which turn into bears when the price has risen "enough". Your crystal ball is as good as mine when putting a $$ tag on that one... |
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35k bid wall at $90  |
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i just bought some which means we are bout to go down big time. I'm just not good at making money this way
Anyone buying in at $100 needs to have patience and just sit on their holding and give it a chance. Based upon 2012 growth rate, the target fx rate for end of 2013 was $50. Now maybe it will be $500 instead. However it just may dip back to $50 first. I hope not, but if it does, don't panic! |
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OK, so it doesn't work if you pick those particular numbers. How about if doubling the difficulty gave you 4x the space then? Or more?
Maybe, though, if you make it so that you get super-linear reward for linear effort, then everyone will try to make their blocks as large as possible. Lateral thinking is always welcome, but any change which makes you think "hmm. That could have unintended consequences..." requires a great deal of analysis and prototyping before getting near live. Maybe an interim solution for an interim situation?
Plan A: simple increase of block size limit based upon median size of recent blocks (or similar approach) Plan B: optimal block sizing algorithm OR infinite size allowed. Either case with whatever incentives are determined to work. Have plan A ready for a new release, at least by the time 500KB blocks are common. Plan B can simmer in the background until a version is demonstrably better than the simple plan A implementation. Only then do it. |
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Short, but very nice open letter from Chris Powell, the secretary of the Gold Anti-Trust Action Committee. Full title: Is bitcoin a better hedge, freer from government market rigging than gold?http://www.gata.org/node/12403It is great that the fierce defenders of gold and silver have an open mind about Bitcoin and even see it as a similar store of wealth. |
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I think Proudhon is so rich in BTC that he finds a perverse joy in making predictions against his own interest. And if then indeed goes down, hey... He was right  My theory is that proudhon made 100x his money by buying at 5c and selling it all at $5. Now he hurts from kicking himself so much. |
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Real-Link, What makes you so sure those big transactions aren't real-world purchases of products, or inter-wallet transfers?
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The US money supply supports the $15 trillion of the US GDP for example. And that GDP is a significant multiple of the monetary base of $600 billion or so. The same holds true of other currencies around the world ... With Bitcoin it is very different indeed. Transaction value ... is much lower for Bitcoin than the outstanding value of the currency is.
Beyond the obvious error where he writes "monetary base of $600 billion" (M1 is $2.6 trillion), he is simply wrong. U.S. GDP is about 5.8 times M1. Bitcoin transaction value is about 10 times the Bitcoin M1 (109.5 million / 11 million). Of course, GDP is a small part of total transaction value, but at least Bitcoin is in the same ballpark. According to this Wiki article, the "montary base" is not M1, but M0, which is smaller than M1 but no longer reported by the Federal Reserve. http://en.wikipedia.org/wiki/Monetary_baseYes. The Bitcoin monetary base is purely M0. The effective monetary base for the US is more like $10tn supporting the $15tn GDP.  Zerohedge has this in a current article: http://www.zerohedge.com/news/2013-03-31/visualization-modern-fractional-reserve-banking-and-how-cyprus-fits |
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Congratulations Luke!
Can't see clearly your screenshot, what hash rate are you getting at present?
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