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Yeah it's not a competitor at all. It's not a new currency, it's just another way to send Francs around.
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But weren't there other resellers that did the same thing a while ago...
One other re-seller was accepting BTC. But this is news because Kim Dotcom just tweeted it to a quarter million followers, and will certainly talk about it more. This is him finally endorsing bitcoin, which the world has been waiting for. |
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In all my countless hours watching the price, I have never seen such a strong increase after a sharp fall like that. We hit a new high only a couple hrs after the plunge?!
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I'd say that's a perfect response =)
As long as they know Bitcoin is growing and customers increasingly ask for it, they will give it serious consideration.
With that said, I doubt any large company will touch Bitcoin until some legal precedent is set. Once set, they'll jump in quickly.
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It's the market finally catching up with the organic growth & big speculative news we've seen over the last few months. Just look at google trends, the casino announcement in the US, wordpress etc.
I disagree. This is not the market catching up. This is something else. Feels like a classic bubble brought on by irrationality. I hope I am wrong. It feels to me like someone "knows something" and is accumulating in anticipation of some major announcement.. If I had to make a completely unsubstantiated guess.. I'd say some major online gambling site is going to start taking bitcoins soon, and the insiders are stocking up in anticipation of the major price spike they expect this will cause. Sigg Very possible. |
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Back in September, I knew it was going to spike shortly after the New Year due to all the ASIC's coming out. I originally guessed the end of January back then, so I guess I wasn't too far off. Even guessed it would be $25~. Buyers are trying to get some last few coins before ASIC really hits the pools. And miners aren't selling, cause we all know it going even higher than $25. Difficulty is going to go up 20 fold, and everyone's going to be selling off their videocards and/or switching over to Litecoin. You "might" see a surge in LTC in the coming months. I already anticipated this awhile back, and bought a ton. So hopefully both my Bitcoin and Litecoin are soon going to worth a whole hell of a lot more.
Why do people keep saying this?? ASIC has nothing (or little) to do with the price of bitcoin. It does not change supply. Even if people were buying coins to purchase ASIC's, those coins are being sold for USD. The only real effect ASIC can/should have on the market price is that they make the network safer. This fact alone doesn't justify a doubling of the btc price though. There are lots of reasons why the price is high right now, it has nothing to do with ASIC's or mining in any way. |
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Bets below the minimum are not returned.
Consider your 0.001 bet a donation to the house.
This is done not to be sneaky, but to discourage ddos and network spam. Rest assured that far more than these little "donations" are reinvested in the Bitcoin community in various places by SatoshiDICE. |
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From what I know your bet will receive an instant response provided:
- all the inputs to your bet are confirmed
- you add a suitable fee to your transaction
The "advanced" part of the SD website says: The best way for you to ensure your Bitcoin bet is returned to you quickly, is for you to include the standard fee of .0005btc in your payment transaction. This helps it get noticed by the network faster, and SatoshiDICE picks it up, calculates it, and returns it to you faster
0.0005 BTC is more than the required fee for lots of transactions, and way less than the required fee for others. I don't know whether the website is accurate or not, but if they instantly process all bets with a fee of 0.0005 or more then they're asking for trouble. I can construct a bet that requires a much bigger fee than that, and so will take a long time to confirm. It would be good to hear the official position on how they decide which bets to process immediately, and to have it explicitly stated on the website. I can confirm that some bets will not pay out until a confirmation occurs. However the criteria we use for this is proprietary and we intentionally do not describe details about it. To be sure, this is slightly more draconian that when SD first launched, but this has been a learning process. The threat of double-spends is real, and we're continually trying to achieve the most efficient balance between risk for the house and convenience for players. I will say that I've been extremely happy with our ability to stave off double-spends, and I greatly appreciate that people often bring new rumors or strategies to my attention. There's not a perfect solution to the trade-off, unfortunately, though there is a long-term project in the works that will very nearly solve this problem. I need to update the site text, for sure. Thanks for the reminder, sometimes you get blind to the stuff you see every day  |
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The site is very slow on me right now, bet counter/betcoins won/bets tab, do not show up
This was another problem we got fixed yesterday, had to do with long polling agent. |
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Though the comparison to the previous record of 32 makes me greatly uneasy (as that was generally accepted to be a pump and dump),
The 2011 bubble was most certainly not a pump and dump. People use this term too carelessly. The 2011 bubble was a simple speculative bubble that burst, plain and simple. Pump and dump requires that some parties know the value to be nothing (or very small) and yet they intentionally work to bid up the price in order to "cash out" and let the thing crash down. I think the speculators in 2011 were genuinely speculating... meaning they were trying to figure out the proper price of a Bitcoin, and massive potential of this system caused that price to bubble further than it should've. People realized Bitcoin was very valuable, but perhaps not so valuable yet, and so the bubble popped. Honestly I think people use the term "pump and dump" so often because it's catchy and allows them to over-simplify a huge number of market variables into an "evil intention" of a few. |
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The price of Bitcoin isn't some random number. It has to do with physical goods tied to the use of the Bitcoin.
Not exclusively. It has properties similar to gold as well. How many physical goods do you guy and sell directly with gold? I think it's a common misconception that the success-case for bitcoin is tied exclusively to its utility as a means of transaction. That's only half the equation. If bitcoin, like gold, is only really ever transacted as a major settlement (as opposed to day-to-day transactional) currency, it can still be hugely successful. That said, I think bitcoin's near-ideal transactional properties will cause a real consumer economy to develop around it eventually, but the point is that that doesn't *have* to happen for bitcoin to have considerable value. +1 |
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I think one thing is apparent - if it IS a bubble, then it is less bubbly than the ~$30 bubble in 2011. The economy is far more advanced now.
I think the proper price of Bitcoin right now, all things considered, is $10-$50 per.
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My first thought was "I wonder if HE was the whale?".
He wasn't. Wouldn't it be possible in theory for him to be the whale and for you to be unaware of the fact? Yes, in theory. Incredibly unlikely though |
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I saw on the S.DICE thread earlier today that Erik's recent "dumps" were a result of a large S.DICE private investor cashing out by selling to Erik, and Erik passing on a part of his shares to the market. My first thought was "I wonder if HE was the whale?".
He wasn't. |
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It sounds like Erik fucked up. I think he should just take responsibility for the mistake, apologize, and move on. This will damage his reputation for further issues.
I did make a mistake, which was to post the shares on the market without any warning. I apologize for this, and won't do it again. The lesson I learned is the market doesn't like surprises, even good ones. This was my mistake, and I'm happy to take responsibility for it. Yet it was not a mistake to post shares at the price I posted them at. Some people were mad because they're own worth "on paper" dropped for about 48 hrs. I wonder if people who were upset about that should perhaps stick to mutual funds. S.DICE shares are going to be volatile, please don't be in the market if you're not ready for that. And please don't have a time horizon of 48 hrs., that's a recipe for investment disaster. To all those who thanked me for the inexpensive shares, you're welcome. And thank you for being mature and rational about how values and prices work. |
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