Half-true article on the history of money. Szabo did it better, but this is more entertaining. http://www.zerohedge.com/news/2015-02-21/why-does-fiat-money-seemingly-workBy contrast, in a fiat money system in which interest rates are administered by a bureaucratic central economic planning agency the signals sent by interest rates to entrepreneurs about expected future consumer demand and the true cost of capital are continually falsified, and thereby encourage malinvestment of scarce capital. Phases during which the supply of credit and money expands strongly and malinvestments proliferate are known as “economic booms”, and everybody loves them. When a boom turns to bust and the liquidation of malinvested capital becomes necessary, few people are aware that the preceding boom is at fault. And so the cry for more monetary and fiscal intervention arises, which lengthens and deepens the malaise by putting malinvested capital on artificial life support. A near-textbook explanation of Austrian Business Cycle Theory. In Austrian economics, the capital structure of an economy is key. Booms and busts are caused/amplified by distortions in the market rate cost of money (interest). The fact that these distortions are intentionally caused by Central bankers implementing Keynesian policy is why Austrians and Keynesians have such animosity towards each other. The bitcoin economy is currently experiencing a bull market in the fiat asset class due to deflation/ credit contraction in the fiat world. Central banks have hit the zero bound (interest rates can't go below zero or people will just hold onto their money) and have also resorted to outright counterfeiting (quantitative easing), but the consumer still won't spend. They tools they used to boost aggregate demand merely pushed demand forward and now there is little else they can do. The bitcoin bear market looked at from the other direction is a fiat boom that will inevitably bust, but Keynes was right about one thing: Markets can stay irrational longer than you can stay solvent, which is why leveraged speculating is so dangerous even if you get the fundamentals right. Interesting posts, it's stuff like this I come here to read. |
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pretty pathetic bear raid attempt by the greedy noisy, bearpig trolls ... seems like it had to be done though as price was breaking out sideways so they are getting extremely desperate now, as we can tell from the synchronised hating fest that seemingly came from nowhere in time for the quietest time of the market ... chinese NY over tomorrow and fiat starts hitting the exchanges again, need to paint the tape for that
The beartrolls are scammers of the highest order. Worse than neobee or a host of other failed or scammy bitcoin ventures and are just as fraudulent in trying to scare emotionally or financially weak people out of their coins. At least the outright scams asked nicely instead of using fear or emotional engineering. They lie about their objectives and try to obfuscate the truth by making it seem like their motivations for posting are out of moral duty to save fools from losing their money when in fact they are not ethical agents, just greedy book talkers or seriously confused dipshitsThe short term price movements mean little in the face of what bitcoin has done in a very short time. Amateur hour is pretty much over. Stronger hands that are capable and ethically motivated are gearing up the engines and the real crooks are looking to game or exploit this experiment (which is expected and necessary). However bad the first wave has been (Hello MagicalTux!), they did bootstrap a whole transparent world value ledger and multibillion dollar value economy to this point and must be lauded for their fearlessness of living on the lunatic fringe that also happen to be the spearhead of innovation. Here's to the ones crazy enough to think they can change the world. TL;DR for newbies : Trollbear trader scammers want to cheat you out of your chance of a decent future stake in the most exciting technology/economy shift since the internet itself. Don't be stupid and put yourself at risk in the short term markets and risk another gox, wait for legitimate and secure exchanges or even better just spend them directly when it is ubiquitous. Do this instead FTW!:
1. Buy as much as is comfortable and healthy for your budget at as close to the bottom of long term bear cycles as possible.
2. Put duplicate private keys in cold storage in multiple safe locations and forget about them for a while.
3. learn and grow as an individual learning about economics, ethics, business, blockchain tech, etc. and develop your self discipline so when you have a lot of wealth you can use it wisely instead of what often happens to lottery winners, successful thieves or scammers, or other instantly rich, soon to be poor folks who often get very sick from not knowing how to handle all the stresses and temptations of managing wealth.
4. Have a long term vision and set goals for it, filling in the short term steps and details along the way.
5. Profit and enjoy your wealth and life with people who love you properly, building good things to exchange and taking on challenges to the benefit of yourself and your fellow humans.
 Best. Post. Ever. There's still the risk that we crash and burn, but losing my $50 invested in bitcoin (now, $53  ) is worth what I've learned so far. This ride is gonna be really, really fun. Thanks, glad you found value in it. It's nice to see you are managing your risks comfortably, it makes for a much more enjoyable ride.  |
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bitcoin has a controlled amount , there could be a million kg of gold undiscovered.
Not really. the gold resources that were not mined yet, are already identified and are scarce as well (that is why gold is one of the precious metals). Also the ore quality is decreasing, so it costs more to get the same amount of gold. Not really. Asteroid mining is now within the realms of becoming viable. The gold resources there will dwarf anything seen on this planet. Once the transport mechanisms have been developed for recovery the gold is imminently more accessible, i.e. it is basically there in a pure form waiting to be "picked up". Viable? What does this exactly mean, can you elaborate a bit? Asteroid-mining pops up from time to time as a "game-changer" in the press, but the fact is for now there is nothing mature enough to affect the price of gold. We may use this as an argument once this becomes a real possibility, for now it is a bit off-topic, I am afraid. Point being, you said gold was scarce and this is incorrect. More correctly it is technically inaccessible, for now. Viable means economic to retrieve in this context, if that was not obvious. There is now an identifiable technology development path towards retrieving gold from asteroids, do your own research on this if you do not believe me, I don't have time to lay it all out for you. Time and costs to becoming viable will only decrease from here onwards. All right. Being involved in the gold market much longer than I am in Bitcoin, I would still stick to my claim that gold is still a scarce metal until proven otherwise. Yes, potentially there is gold beyond Earth that one day, in 20, 50 or maybe 150 years can be explored. But for now, it is only a remote possibility with no real influence on the price. It is scarce and incredibly difficult to get gold off planet for the foreseeable future. However, gold's majority of use case at the moment is as money. That has been fine but there is now a much better money than gold with some of the attractive qualities of gold that threatens to take over a large portion of that use case demand. I'm sure as time goes on it will retain it's lesser decorative, medicinal, industrial, and superconductor uses and will remain valuable in those regards. The Rhino super villain character from the '70s Spiderman animated TV show used to absolutely go nuts for the stuff!   |
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I came here 2 years ago knowing nothing, and grow everyday learning.
Yeah it sucks for those that bought at the top, but IMO, I think we could see it again. The question is, how many of those that did jump in then, held? I dont think there are many left in that category.
That's the most important thing and something no one can take away short of giving you brain damage or the like. Even those who bought at 1000.00 are learning something valuable about their decision making abilities. |
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pretty pathetic bear raid attempt by the greedy noisy, bearpig trolls ... seems like it had to be done though as price was breaking out sideways so they are getting extremely desperate now, as we can tell from the synchronised hating fest that seemingly came from nowhere in time for the quietest time of the market ... chinese NY over tomorrow and fiat starts hitting the exchanges again, need to paint the tape for that
The beartrolls are scammers of the highest order. Worse than neobee or a host of other failed or scammy bitcoin ventures and are just as fraudulent in trying to scare emotionally or financially weak people out of their coins. At least the outright scams asked nicely instead of using fear or emotional engineering. They lie about their objectives and try to obfuscate the truth by making it seem like their motivations for posting are out of moral duty to save fools from losing their money when in fact they are not ethical agents, just greedy book talkers or seriously confused dipshitsThe short term price movements mean little in the face of what bitcoin has done in a very short time. Amateur hour is pretty much over. Stronger hands that are capable and ethically motivated are gearing up the engines and the real crooks are looking to game or exploit this experiment (which is expected and necessary). However bad the first wave has been (Hello MagicalTux!), they did bootstrap a whole transparent world value ledger and multibillion dollar value economy to this point and must be lauded for their fearlessness of living on the lunatic fringe that also happen to be the spearhead of innovation. Here's to the ones crazy enough to think they can change the world. TL;DR for newbies : Trollbear trader scammers want to cheat you out of your chance of a decent future stake in the most exciting technology/economy shift since the internet itself. Don't be stupid and put yourself at risk in the short term markets and risk another gox, wait for legitimate and secure exchanges or even better just spend them directly when it is ubiquitous. Do this instead FTW!:
1. Buy as much as is comfortable and healthy for your budget at as close to the bottom of long term bear cycles as possible.
2. Put duplicate private keys in cold storage in multiple safe locations and forget about them for a while.
3. learn and grow as an individual learning about economics, ethics, business, blockchain tech, etc. and develop your self discipline so when you have a lot of wealth you can use it wisely instead of what often happens to lottery winners, successful thieves or scammers, or other instantly rich, soon to be poor folks who often get very sick from not knowing how to handle all the stresses and temptations of managing wealth.
4. Have a long term vision and set goals for it, filling in the short term steps and details along the way.
5. Profit and enjoy your wealth and life with people who love you properly, building good things to exchange and taking on challenges to the benefit of yourself and your fellow humans.
This deserves it's own thread and sticky in the economics section. I'm surprised I haven't seen any of your other posts around. I'll see you on the moon Thank you Lythos, I'm mostly pretty quiet but just felt a need to use my words in the trollbox today to express myself more assertively in the face of all the negative trolololoing. Moon? We're shooting to explore another dimension, glad to have you along. |
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pretty pathetic bear raid attempt by the greedy noisy, bearpig trolls ... seems like it had to be done though as price was breaking out sideways so they are getting extremely desperate now, as we can tell from the synchronised hating fest that seemingly came from nowhere in time for the quietest time of the market ... chinese NY over tomorrow and fiat starts hitting the exchanges again, need to paint the tape for that
The beartrolls are scammers of the highest order. Worse than neobee or a host of other failed or scammy bitcoin ventures and are just as fraudulent in trying to scare emotionally or financially weak people out of their coins. At least the outright scams asked nicely instead of using fear or emotional engineering. They lie about their objectives and try to obfuscate the truth by making it seem like their motivations for posting are out of moral duty to save fools from losing their money when in fact they are not ethical agents, just greedy book talkers or seriously confused dipshits
The short term price movements mean little in the face of what bitcoin has done in a very short time. Amateur hour is pretty much over. Stronger hands that are capable and ethically motivated are gearing up the engines and the real crooks are looking to game or exploit this experiment (which is expected and necessary).
However bad the first wave has been (Hello MagicalTux!), they did bootstrap a whole transparent world value ledger and multibillion dollar value economy to this point and must be lauded for their fearlessness of living on the lunatic fringe that also happen to be the spearhead of innovation. Here's to the ones crazy enough to think they can change the world.
TL;DR for newbies : Trollbear trader scammers want to cheat you out of your chance of a decent future stake in the most exciting technology/economy shift since the internet itself. Don't be stupid and put yourself at risk in the short term markets and risk another gox, wait for legitimate and secure exchanges or even better just spend them directly when it is ubiquitous. Do this instead FTW!:
1. Buy as much as is comfortable and healthy for your budget at as close to the bottom of long term bear cycles as possible.
2. Put duplicate private keys in cold storage in safe locations and forget about them for a while.
3. learn and grow as an individual learning about economics, ethics, business, blockchain tech, etc. and develop your self discipline so when you have a lot of wealth you can use it wisely instead of what often happens to lottery winners, successful thieves or scammers, or other instantly rich, soon to be poor folks who often get very sick from not knowing how to handle all the stresses and temptations of managing wealth.
4. Have a long term vision and set goals for it, filling in the short term steps and details along the way.
5. Profit and enjoy your wealth and life with people who love you properly, building good things to exchange and taking on challenges to the benefit of yourself and your fellow humans.  Aggressive expressions like that when confronted by the light of reason are often a result of sexual dissatisfaction or extreme butthurtness. Sometimes it is a lashing out due to feelings of powerlessness. Which is it for you?? |
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pretty pathetic bear raid attempt by the greedy noisy, bearpig trolls ... seems like it had to be done though as price was breaking out sideways so they are getting extremely desperate now, as we can tell from the synchronised hating fest that seemingly came from nowhere in time for the quietest time of the market ... chinese NY over tomorrow and fiat starts hitting the exchanges again, need to paint the tape for that
The beartrolls are scammers of the highest order. Worse than neobee or a host of other failed or scammy bitcoin ventures and are just as fraudulent in trying to scare emotionally or financially weak people out of their coins. At least the outright scams asked nicely instead of using fear or emotional engineering. They lie about their objectives and try to obfuscate the truth by making it seem like their motivations for posting are out of moral duty to save fools from losing their money when in fact they are not ethical agents, just greedy book talkers or seriously confused dipshitsThe short term price movements mean little in the face of what bitcoin has done in a very short time. Amateur hour is pretty much over. Stronger hands that are capable and ethically motivated are gearing up the engines and the real crooks are looking to game or exploit this experiment (which is expected and necessary). However bad the first wave has been (Hello MagicalTux!), they did bootstrap a whole transparent world value ledger and multibillion dollar value economy to this point and must be lauded for their fearlessness of living on the lunatic fringe that also happen to be the spearhead of innovation. Here's to the ones crazy enough to think they can change the world. TL;DR for newbies : Trollbear trader scammers want to cheat you out of your chance of a decent future stake in the most exciting technology/economy shift since the internet itself. Don't be stupid and put yourself at risk in the short term markets and risk another gox, wait for legitimate and secure exchanges or even better just spend them directly when it is ubiquitous. Do this instead FTW!:
1. Buy as much as is comfortable and healthy for your budget at as close to the bottom of long term bear cycles as possible.
2. Put duplicate private keys in cold storage in multiple safe locations and forget about them for a while.
3. learn and grow as an individual learning about economics, ethics, business, blockchain tech, etc. and develop your self discipline so when you have a lot of wealth you can use it wisely instead of what often happens to lottery winners, successful thieves or scammers, or other instantly rich, soon to be poor folks who often get very sick from not knowing how to handle all the stresses and temptations of managing wealth.
4. Have a long term vision and set goals for it, filling in the short term steps and details along the way.
5. Profit and enjoy your wealth and life with people who love you properly, building good things to exchange and taking on challenges to the benefit of yourself and your fellow humans.
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NotHatinJustTrollin you are also obtuse and now ignored as well. I don't care when you got in. I know I got in much, much earlier because I was ahead of the curve in many ways and still am. You are here too much and protest way too much to be doing for anyone's benefit but your own. Suck it bitch.
 Thanks for illustrating |
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It's not clear that the reversal has happened yet but the price has been very stable for the last 30 days.
Are you sick?! That's a far too reasonable statement for the typical Bitcoin bull. I'm not a bull although sometimes I get carried away thinking the value will rise before it's time. I'm a full fledged member of the Bitcoiner Society Of Distinguished Gentlemen and Ladies. We don't give tribute to animal spirits being the pragmatists that we are. |
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Normally: "BITCOINERS ARE SO AND SO!"
When called out about it: "I wasnt talking about you".
Why waste time on trolls and people prone on making bullshit generalizations and are only here to say "bitcoins be total failure"?
Are you crying, too? No, he's expressing incredulity at the ultimate sucking of some of the trollish beings that flock here here like you. I think you just automatically assume that everyone one here has lost money because they bought in within the last year and is afraid of the big bad bear. If those who already bought higher didn't already sell earlier, the most logical thing to do now would be to either sell and walk away for good, or hold and buy more at the point where we see a clear reversal of the bear trend. It's not clear that the reversal has happened yet but the price has been very stable for the last 30 days.  |
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Bitcoiners getting even more sensitive ...
...it must be dumping time.
Calling people out for sucking has nothing to do with sensitivity. You are obviously a bitcoiner too or you wouldn't be here trying to talk your book. Did I quote you? Who else were you talking about? I see no one else in recent postings who could be falsely construed as a "sensitive bitcoiner". Most seem to be enjoying the show and the dump has been frankly pathetic so far. C'mon bears, YOU CAN DOOO EEET!@@ Today I really saw a lot of oversensitive crying bull posts, you didn't? No, I didn't. I must not have as much time to view all the posts as you BTW, How's that dump coming along  |
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Bitcoiners getting even more sensitive ...
...it must be dumping time.
Calling people out for sucking has nothing to do with sensitivity. You are obviously a bitcoiner too or you wouldn't be here trying to talk your book. Did I quote you? Who else were you talking about? I see no one else in recent postings who could be falsely construed as a "sensitive bitcoiner". Most seem to be enjoying the show and the dump has been frankly pathetic so far. C'mon bears, YOU CAN DOOO EEET!@@ |
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Bitcoiners getting even more sensitive ...
...it must be dumping time.
Calling people out for sucking has nothing to do with sensitivity. You are obviously a bitcoiner too or you wouldn't be here trying to talk your book. |
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NotHatinJustTrollin you are also obtuse and now ignored as well. I don't care when you got in. I know I got in much, much earlier because I was ahead of the curve in many ways and still am. You are here too much and protest way too much to be doing for anyone's benefit but your own. Suck it bitch. Come back when you can logic |
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Can't wait for the cascading long squeeze once we drop below 220. With more than 50.000 coins long this is going to be fun to watch !
Big candles are exciting! Whoever is going to try it had better have a strong stomach for risk!!! Manbearwhales only need apply. |
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Spoken like a true Bitcoiner...
What do you expect? When you walk into a BITCOIN forum and start slinging shit and preaching the virtues of paper money like any common Mormon, Jehovah's witness, or slickster scumbag salesman. What else would you expect Mr. Fonzerelli? I'm not in the "fiat is fucking great" forum am I? I don't respond this way to legitimate discourse on bitcoin and welcome contrary opinions or evidence. Maybe, since it's a BITCOIN forum and not a "fiat sucks" forum, you should welcome people that talk about BITCOIN and bring arguments to the table whether these arguments are pro BITCOIN or not (especially if they aren't, since it's not supposed to be a cult, or maybe it is?). Edit: oh, and yes, that warned you about this mess in advance too What mess? Can't you read? I'm up thousands of percent. Three years ago I was only dreaming of 100$ bitcoin. I've been through many of these cycles and I embrace them. I don't always know what the market is going to do but my wealth, knowledge and life experience has grown exponentially along with the price in a short time. Life is good.  Bitcoin has been crashing upward against fiat since inception and I do rest assured in a bit of my own schadenfreude in knowing how butthurt all you trolls were that you didn't get in when I did.  |
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Spoken like a true Bitcoiner...
What do you expect? When you walk into a BITCOIN forum and start slinging shit and preaching the virtues of paper money like any common Mormon, Jehovah's witness, or slickster scumbag salesman. What else would you expect Mr. Fonzerelli? I'm not in the "fiat is fucking great" forum am I? I don't respond this way to legitimate discourse on bitcoin and welcome contrary opinions or evidence. |
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Anyone else notice that NOTLAMBCHOP is an obtuse tool? A jerk off like that should just do us all a favor and terminate it's own pathetic and hollow existence? I'm not angry like you always accuse your voluminous detractors of and it really won't bother me if bitcoin price goes lower...even single digits. I'm a hodler and a bad trader but the potential upside is fucking enormous for holding bitcoin. I'm willing to take big risks. No one is getting more of my coins (that I spent cpu power to acquire ) until I'm fabulously wealthy. I just think you suck and I feel really sorry for your family and all the others who have wasted their precious life force looking at your manic keyboard shitflow. Please eat a cyanide pill or pull a Robin Williams, death isn't so bad and life is troublesome.  P.S. ..and no, I haven't been reading your posts lately Lamby. You are eternally ignored and dead to me but I do see your handle all over the place during regular business hours still and it's just pathetic. Sad really. If you've seen a few of your useless posts and constantly regurgitated images, you've seen 'em all. On second thought, as far as killing yourself, I am pretty sure you could turn it all around and become a valued, productive member of society again with a little hard work and perseverance. |
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CNN: Breaking the bank: Bitcoins hit Africa's money transfer traditions http://www.cnn.com/2015/02/17/business/bitcoin-africa-unbanked/Transferring cash via a bank or a Money Transfer Operator (MTOs) like Western Union or MoneyGram can be costly. According to the Overseas Development Institute, the average charge to transfer $200 to Africa using traditional money transfer services is 12%. If you send $200, you pay $24. The ODI added up all the transfers that happen in a year, and found remittance fees cost the African continent $1.8 billion a year.
What if that money could be spent on things, rather than fees?
As Bitcoin is a virtual peer-to-peer currency -- designed to operate on the border-less internet -- the costs of transferring money can be radically cheaper than traditional methods, and the process is much quicker.
"Bitcoin can greatly alter the remittances industry and beyond," says Michael Kimani, who heads the African Digital Currency Association, a Kenya-based group launched last May to promote digital currency technologies. "From seven days [for a transaction to clear] using banks & PayPal, down to 20 minutes speaks volumes." A laudable intention, and I hope that international payments and remittances will be much, much cheaper in the future. However, bitcoin as a remittance mechanism has a problem: it does not actually send dollars to the Zimberians, it only shuffles Zimberian patacas among Zimberians. This is what happens then: https://np.reddit.com/r/BitcoinMarkets/comments/2vypy9/if_i_was_looking_to_sell_big_or_relatively_big/Hi guys, I'm from a Bitcoin startup in the Philippines [ReBit] and we have services that range from payment processing, remittance, prepaid cards, and even new order book exchange.
Our business has been growing steadily and we've found ourselves needing to trade out big amounts of BTC for fiat on a consistent basis daily, which we have so far been able to do using our own contacts. Increasing volumes of incoming BTC is making it harder and harder though. [ ... ] Some comments on that from the premier Skeptic Tank: https://www.reddit.com/r/Buttcoin/comments/2w1f4g/rebit_having_problems_finding_bagholders_in_the/Yes, those are legitimate challenges to overcome in using bitcoin for remittances. The fact is though that there are people looking to overcome those challenges and provide a valuable service. It is undeniable that this is an industry ripe for disruption with a lot of profits to chase. Wider adoption is needed in order to get us to a point where btc-btc remittances are all you need. You don't even need a third party for that. |
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Bitcoin and Litecoin Can Now be Traded Directly With JustForex http://finance.yahoo.com/news/bitcoin-litecoin-now-traded-directly-125200897.htmlUnlike other Forex brokers, JustForex provides direct cryptocurrency trading not using CFD or binary options. The company offers 9 financial instruments for trading on live accounts such as BTCUSD, BTCEUR, BTCCNH, BTCRUB and also LTCUSD, LTCEUR, LTCCNH, LTCRUB, LTCBTC. Trading cryptocurrencies with JustForex is beneficial because it gives some advantages which are not offered by other brokers:
- One of the highest leverage on the market for bitcoin and litecoin - 1:5;
- Wide choice of deposit methods, among which is deposit via Visa/Mastercard with 0% fee;
- Commission which is only 0,25% for opening a trading order;
- Trading with one of the most popular and comfortable platforms, MetaTrader 4;
- International regulation by IFSC and the safety of the client's funds. |
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