No, a couple sales per minute on a special day does NOT make a payment system worth $12-13B. That's like a fucking Girl Scout cookie stand.
Only thing you might want to add is that this is not just a payment network. We are in the midst of a land grab for real estate in a protocol that creates more opportunities than we can possibly fathom. I swear to all that is holy I am not a fan boy.  |
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ATH tonight?
Depends on where... Highly likely in some places and somewhat less highly likely in others. |
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Holy crap, massive buy on bitstamp pushes it to $1.15 mBTC
Looks like a gox/stamp fight :-)
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Now that bitcoinity.org defaults to mBTC, do you plan on doing the same?
+1 Or at least make it an option ... +1 +1 |
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Mils have been used in several countries for thousandths of a currency unit  Really thinking Mils will be the "spoken word" term. It is the shortest that includes reference to the unit. |
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Wow. Bitcoinity.org switched to mBTC as default!  bullish as fuck!!!!!!!!!!!!!  <Obligatory murmur from the crowd> |
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Howdy troll thread. Look, you got me to type something!
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I vote for mBTC, short and simple
It is inevitable
In spoken language perhaps "Mills" mBTC and "Mikes" uBTC would work best. mBTC is great for the screen but perhaps not so good for spoken language. |
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Bitcoin was at $13 to start the year, now we're at $1,100.
Conservatively:
2014- $50,000
2015- $150,000
2016- $400,000
My 0.02 mBTC
I hate math. Can 2014 be the year of 10k and 2015 be the year of 100k? I even erred on the side of low versus high! |
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New goal. When you think it'll happen? GO! Mu |
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it has popped twice, one from $900 to 500.. and just yesterday from $1200 to $800. why do people not see this? it was a crash, but it inevitably rebounded.
thats just too fast tho, they are called bear traps once the bubble pops for real, we will have a few months of consolidation at low prices( like 50% lower than the ATH), much like the bubble pop from 266, only longer. its going to take longer, because the market is growing and its taking more and more Capital to move the market either way. As much as I think you are being rational about this. I doubt it is going to stay flat for months at this point. Looking at the growth of wallets in the various providers as well as the room to grow on bitpay (their volume was tiny based on where they will get with all the new shopping integrations) we are still in the hot seat. I was very happy to see steam getting blown off though. We were in dire need. If we can keep venting off pressure we will find our new center (much higher it seems). i have no idea, really i thought it would pop at like 800 it didn't, and the TA still looks bullish, so i have to agree we should go higher, i think 3000$ will see alot of resistance maybe to much and then we'll have cheap coins at 1200-900$ for a few months. I strongly believe that nothing not even bitcoin can simply go up forever. but ya, I can't see into the future, anyone guess is as good as mine. This is why it is absolutely fascinating to watch and help grow this thing in my own little ways. Humble and proud to be part of it. 3k does seem like a pretty big hurdle and nothing grows forever (heat death of the universe is a bitch :-)). That said, some of the thinking is that with enough money/liquidity it will become highly valued by those who want to move millions/billions around. I can't see it solving that problem at 3k when a thousand coins can cause a big drop at 1k. |
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I was very happy to see steam getting blown off though. Where do you think BitPay got the dollars to pay the merchants for all that record high sales volume they processed this weekend? I bet your guess is right... I also bet part of the run up was people holding/retaining/buying in preparation for black friday. |
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We adapted to using cents. And then we all got rid of them because they weren't worth anything.
MicroBits and MilliBits.
I think we can get used to it. Heck, call them millis and micros. Or maybe Mews. "Can I have a latte?" - "8 and a half Mews please." .... lol.
I'm totally ready for paying by bitcoin. Have only done it a couple times, but it makes more apparent that my money stash is just numbers. That reality is more apparent in the crypto currrency world. I find it easier to detach myself from it, and be more objective about purchases.
Anyone else reflect on how spending in bitcoin changes how they view wealth? Does it make you feel more like life is a video game?
Go for one syllable. "Mill and Mike" |
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it has popped twice, one from $900 to 500.. and just yesterday from $1200 to $800. why do people not see this? it was a crash, but it inevitably rebounded.
thats just too fast tho, they are called bear traps once the bubble pops for real, we will have a few months of consolidation at low prices( like 50% lower than the ATH), much like the bubble pop from 266, only longer. its going to take longer, because the market is growing and its taking more and more Capital to move the market either way. As much as I think you are being rational about this. I doubt it is going to stay flat for months at this point. Looking at the growth of wallets in the various providers as well as the room to grow on bitpay (their volume was tiny based on where they will get with all the new shopping integrations) we are still in the hot seat. I was very happy to see steam getting blown off though. We were in dire need. If we can keep venting off pressure we will find our new center (much higher it seems). |
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I have shifted my view that friction between markets does not matter. I now think it is actually desirable.
I have come to the same conclusion. In linear systems theory* or dynamic feedback control, friction (or the D term in a PID controller) tends** to increase stability margins. In other words, friction makes the system more reliably converge to its equilibrium point with less over-shoot/under-shoot. I believe there are two equilibrium points for bitcoin: 1 BTC > $100,000 (globally recognized money) and 1 BTC < $100 (niche currency). From a game-theory perspective, I believe the $100,000+ point is the stronger equilibrium. Everyone has the chance to risk, say $500. If we settle at the upper equilibrium point you've vastly multiplied your investment, if we settle at the lower equilibrium point, well the loss was small. I expect all rational actors to eventually invest at least a small amount of money in what seems like a positive expected-value gamble. *yes I know bitcoin is not a linear system**"tends to" perhaps should be "always"Not to over quote an old favorite but still... This is Nassim Taleb reasoning at it's best. Coordination is not going to happen and these markets are going to continue to froth at the mouth and move in a variety of directions "seemingly trending up." The system is now even more "antifragile" and is forced to move towards the macro economic view as a result. Now we have three :-). |
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Cas' model is terrible if you don't really trust the person issuing the coins.
It's even worse. Even if you don't doubt Cas' integrity, there are other ways in which your private key may be compromised, such as a bug in his RNG or a gag order from NSA to transmit all private keys to them. I think I actually have these covered. I was RNG-paranoid from the start, so all my keys were generated via output of purportedly_secure_RNG xor output of SHA256(salt + n), where salt is a long string I mashed on the keyboard and didn't record, and n is an incrementing number. Order form NSA can't compel me to transmit keys I didn't keep. period... I see keeping the keys as a bigger threat to my safety than any possible good that could ever come from keeping them. so while (consistent with theory) I can't prove I didn't keep the keys, the case that it's in my rational best interest to not have kept them (or to destroy them presuming that I had) only gets bigger as time goes on. I trust you Mike, mainly on external observations. a. I have seen your reputation grow for years in this community b. I have personally met you and thanks for the free coins! c. While you seemed interested in profit I believe you have no desire to have to flee the country and be pursued for fraud and etc... d. There have been plenty of opportunities for you to abscond with all the private keys and you have not. |
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Hopefully we can get some folks to do speechifying (like Max). This makes it easier to justify the trip :-).
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I had several wealthy friends tell me to cash out at 200 in April. It was painful to watch the bubble slowly subside to $100 but I held.
I have learned that if you truly believe in something just stick with it. Don't let the naysayers or doom and gloom types stop you.
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Someone needs to take the air out of the balloon. Will no one dump just a bit to keep this under control?
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