By magic?
The question is, is the growth of the price of bitcoin fuelled by speculators?
Answer that as "no" and you probably feel quite safe buying bit coins for speculation. Answer that as "yes" or "I don't know" and you should be weary of buying bit coins for speculation.
No magic involved - if you want to absolutely pedantic about it, here's the reasoning: Current legacy market price for gold - $1,544 per/ounce (USD) Current USD Valuation of Bitcoin: 29.15 Percent change needed to equal the green toilet paper valuation: 51.967% Seeing how a lot of people see $100 USD to bitcoin coming soon, and a $1,000 USD to bitcoin not much after, it isn't out of the realm of possibility. |
|
|
|
o ur just in denial admit it bitcoin will crash panic bubble sell sell dump etc etc
Here, let me translate that into something called 'english'. "Oh, you're just in denial. Admit it, bitcoin will crash in a panic-fueled bubble, everyone selling and dumping their holdings, etc.." I don't deny it is satire. I don't deny that markets crash. I don't think this market will crash, but even if it did fall in value, I have my strategies in place to deal with it. Long term, I believe in the future of bitcoin, even if it is full of people like you who can't articulate their thoughts and criticisms properly, like adults do. Keep trying, even statistically speaking you may assemble something resembling a coherent sentence by chance. |
|
|
|
From the Deposit Funds page on TradeHill:
"TradeHill has over 50 deposit and transfer methods in over 20 currencies thanks to our global network."
That statement is simply ridiculous. They have three methods- Dwolla, Liberty Reserve, and bank transfer.
Well, if you are going to be a stickler - the current active methods are: BTC - direct bitcoin transfer CLP - Chilean currency bank transfer INR - Indian bank transfer PEN - Peruvian bank transfer USD - bank transfer international USD - bank transfer domestic USD - Dwolla USD - Liberty Reserve So, I count eight - four happen to be other currency methods. Given their list, they are trying to partner with other systems to offer these services in the future. Also, I haven't seen any threads here about how TradeHill is taking too long to confirm funds and/or withdrawals. I'd say that is positive. |
|
|
|
That site is funny. Because it's completely true. Everyone here knows it, they just don't want to admit it.
While the humor is entirely subjective, I'd disagree with it being 'true' and everyone 'knowing it'. All I know is bitcoin will outlast that site, by an order of magnitude. But if it keeps people from posting two-liner troll posts here, hey, go for it. Satire is an expected outcome, especially when a new idea is introduced. |
|
|
|
Just wondering since I have a significant (to me) balance of USD at Mt. Gox. What are the risks to take into consideration here?
All depends on your personal risk-taking tolerance. Some people keep hard currency at home and some in the bank, others just operate off of cash, and still more convert theirs into bitcoins and encrypt their wallet on a USB drive. You just need to consider what is tolerable, and act accordingly. |
|
|
|
|
When it comes to bitcoin, I'd say 1 bitcoin is equal to one ounce of gold. We just haven't reached that point just yet.
|
|
|
|
|
I can see how you are optimistically trying to create a situation where the old and new can peacefully coexist, but frankly, I wouldn't mind if every large bank died in a raging fire. (Metaphorically.)
The old system is just that, old. It is time to move forward and leave the creaking and corrupt system behind.
|
|
|
|
how do i forward a port
Never mind the crass bullies. Tell me the model of your router and I'll assist. Update: Looks like he removed the insult, which is really how it should've been in the first place. Glad you got helped. |
|
|
|
Hi TraderTimm! thanks for your thoughts. I probably did not express myself properly - what I am trying to say that although the currency can be used to buy and sell goods and services that is not the main current use right now. If it did become a security that was used and trusted to store value instead of speculating (an ideal scenario) at that point it would change (this is what I view as the upside).
I agree with your concise summary, was also explaining the rational behind it.
I was not considering a trailing stop, just risking an amount i was more than comfortable in losing and I am not convinced if it is applicable in this sort of market (where there are dramatic price jumps both up and down as liquidity dries and relatively small orders move the market in big swings).
What do you suggest as the optimal strategy if you thought that there was a price ceiling at X and owned Y BTC?
Buying and holding a core position in bitcoin has proven to be a good strategy given the current price trends. This should be tempered with defined stop-loss points. (ie., if I lose 10% of my position I go flat and perhaps stick with mining, if possible.) I think it is premature to expect a given price ceiling at this point. We really don't know what 1 bitcoin will be worth in the future. All we can really do is track price and act accordingly to our trading plans. |
|
|
|
Okay, I get what you are saying. The problem is your parent post topic subject line. "Proof of Work as Currency Unit, no block chain required" - is a bit contradictory. Mining pools rely on the block chain or else they'd have no work to do  A better title would be: "Monetizing Your Hashrate - Trading Hash Capacity In a Secondary Market" Good luck, I think the more direct way of either mining or buying bitcoin outright is a bit easier. |
|
|
|
Some people have been concerned about powerful pools with >50% of the CPU power, so I added a log of reorg events: http://blockexplorer.com/q/reorglogIf someone with a lot of CPU tries to reverse transactions, it will appear in that log as several sequential blocks being replaced. A few non-sequential replacements now and then are normal. This is extremely useful. All it needs is a dedicated website "Block Watch" and a alert level associated with it Thank you for providing this. |
|
|
|
Oh, well that is good you came through with what you really wanted to say. I suggest making sure you have port 8333 forwarded via your router to your internal network address, it speeds up things a bit. |
|
|
|
|
The reason the term "bubble" is popular is because the central banks are actively participating in creating one. The other comments are right that a speculative 'mania' is often the driver for rapid appreciation of price. This however doesn't account for actively growing markets with sound fundamentals. Many technology companies could be mis-classified as 'bubbles' in their early years, because their initial stock price didn't fully reflect the markets they would be participating in.
Bitcoin isn't a 'bubble'. Bitcoin is the true face of unfettered currency. Welcome to the future.
|
|
|
|
This is a fast moving upward spiralling self fulfilling style market where money is chasing a limited supply of a security, which behind it has no intrinsic value and is not actually actively being used to trade goods and services (although it can be and might be in the future, it is not now - I am aware that there are some sellers of real goods but not in the context of a £75m mkt) So to summarize without run-on sentences: 1. "The market is trending up" - yes, correct. 2. "It has no intrinsic value" - you may want to become better educated on what currencies are, and trade in general. 3. "Not being actively used to trade goods and services", "no wait, it is - but it is a smaller market compared to <whatever>" - Please slow down and compose your thoughts when posting. This is a contradictory statement. The size of this burgeoning market really doesn't have much relevance, except when trying to predict future growth. As for your strategy: A more concise summary would be: "I'm selling 25% of my remaining stake at 300% price change intervals."Good luck with that, despite your fears of "falling to zero", you have no mention of a trailing stop or money management other than what is stated above. |
|
|
|
The bottom of my bitcoin client says 0 connections 0 transactions 0 blocks. It wont download any blocks either. Could someone help me out? My address is 19mWPgy6WBA8JzKjTYe5T3mSpz92Lczk6W
Well, after reading your message I immediately phoned my friend at one of the top ISPs in the country. They agreed to point their routing tables to your address - so your connection may overheat a bit, but that is okay. The glowing orange wire in your broadband modem is just sterilizing all the ones and zeros, and killing all the viruses. I also called the police to make sure they knew you would appreciate any spare change they found, while frisking criminals and such. Not being content with that, I called every major postal service in the world and had them start forwarding helpful bulk mail to you. This should enable you to construct a fan to cool down the orange broadband wire in your home. Please let me know if you need any more help. I accept payment via my address below. |
|
|
|
|
The only thing that dictates value is us. Not the politicians, or their cause-of-outrage-dujour.
Bitcoin will only fail if we decide collectively to let it fail.
I don't see this happening.
|
|
|
|
|
Politicians are already irrelevant.
They just don't know it yet.
What keeps the wheels turning in this country? The flow of money. What do politicians do? They enact laws that primarily deal with monetary policies, whether it be for financing projects (pork barrel or otherwise), real estate or employment.
Time to wake up guys, bitcoin undercuts them all. Every. Single. One.
What if we had elections and nobody voted, because they had the means to support themselves, make transactions with merchants and just be able to live comfortably?
I know, you say, basic services are needed. Someone has to take out the trash, police the streets, teach our children, etc..
Guess how those could be funded? It wouldn't even be a tax anymore - you'd just contribute directly for the services you needed according to where you lived. The best part - it would be a market deciding this, not the whims of some corrupt, overpaid politician.
This is where we are headed, make no mistake.
|
|
|
|
|
I'm in it for the freedom.
Unfortunately, freedom in our society means having enough currency to live comfortably. This is the same in many parts of the world. Somehow, through the actions of billionaires and over-paid executives, we've gotten into this 'guilt' syndrome when it comes to wealth. It is okay for a celebrity to have millions, but no-no-no, not someone just wanting to live in a modest house and perhaps tend a garden when they feel like it.
I see bitcoin as payback for every abusive fee, every shortsighted policy, every time someone with control over the monetary system
took advantage of the regular joe/jane just because they could. This is the great equalizer, folks, make no mistake. If I were you, I'd inform anyone you care about exactly what bitcoin is and what it could do.
Stand up and say 'no more'.
Bitcoin, or nothing.
|
|
|
|
|
Too late, parent poster.
The Wall Street Journal online posted a story about bitcoin. All we can do is point people at the resources to understand it. Any suggestions to regulate behavior are antithetical to bitcoin in principle anyway. Freedom to spend, but we can't talk about it? Doesn't make sense.
Just let the market do its thing, it is the best promoter we have.
|
|
|
|
|
Show Posts
