So despite the pretty nice bounce back from the trendline, the new highs for the month, you still believe it's a fake breakout ? And all that without Bernanke annoucing any QE  Time to cover your shorts cypherdoc  Dont forget the USDX making a new low... And silver up 3%  |
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There's already solid competition in namecoins, litecoins etc. And namecoins aren't a currency. Then what are they ? Can you give me some ? |
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Invest in Africa/Asia/South America, Stockpile natural ressources (oil, precious metals, rare earth metals, ...). They already started doing so
And do you think the trade imbalance will stay like that for 20 years ?
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So despite the pretty nice bounce back from the trendline, the new highs for the month, you still believe it's a fake breakout ? And all that without Bernanke annoucing any QE Time to cover your shorts cypherdoc |
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Reading this thread makes me realize how weak people are in game theory and statistics. organofcorti : Thanks for defending Maths  |
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A nice half an hour 3% swing in silver  |
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GPUMax is also THE thing that convinced me pirate could be the real deal and why I took the plunge with BTCST. GPUMax laundering money? Dude, you must be lacking imagination or something. GPUMax can be so much more profitable than a simple laundering machine, I really don't see the point of building all this to "launder" a couple of coins each day. I'm still hoping that this BTCST fiasco don't affect GPUMax.
Pretty sure it's not the best place to ask that, but does anyone have heard about someone ready to lose 10-20% (feel free to correct, just a guess) to get clean coins, and using gpumax to do that ? I always wondered about that... Not asking names, just asking who is the kind of person who could use it ? Does anyone have an estimate about how much coins went through gpumax since it opened ? Because let's suppose that pirate borrowed coins, used gpumax to get clean ones, and now go into bankruptcy (hiding the coins obviously), then i might think he's really clever. |
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I'd be more worried if we see GS keep rallying before the Hole speech.
its not though. bad sign for the inflationists. If you listen to what Jim Rickards says, nothing will come out of Jackson Hole. Bernanke will wait for the decision of the german constitutional court, and annonce whatever form of QE on the 13th Is he right ? I have no idea EDIT : talking about Jim Rickards http://www.bloomberg.com/video/should-the-u-s-return-to-the-gold-standard-wsDVrOKATTqyTaG5yBY1kQ.htmlAnd for those who didn't, i really advise reading his book Currency Wars |
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the /GC futures matches your chart.
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  I disagree (Funny that our charts reflects our long term view) Anyway, we should know soon enough EDIT : My chart is gold spot market, yours is GLD. Where can we find the comex one ? |
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Again, not that important of a drop. This week correction represent about 30% of last week rally.
Important point might be that the upper resistance of the downtrend starting last year might become a support (~1650$ today). Sure, too early to say if it'll hold, but it clearly was the support today.
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Don't underestimate the possibility for dollars to be replaced with Ameros |
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Actually, a story about a ponzi scheme in bitcoin may not be so much of a bad publicity for bitcoin. You can argue it's a definite proof it has value And it's a good occasion to debunk the fact that bitcoin in itself is not a ponzi. Also, attracting people from ZH might be a way to make the community less susceptible to scams. Pretty sure the average ZH reader would reach the good conclusion when he'll see 7%/weeks. I've read the comments in the competing currencies posts, it seems to be getting better (except if all the commenters come from here ) Anyway, seems that the Tyler who responded on twitter is not confident about bitcoin. Maybe for now a better way to introduce bitcoin on ZH is through contributors (Thanks John Aziz if you read this) |
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I agree that it's probably a good investment, and I also would like to see projects like that grow.
But don't you think investing in BTC is better at this point ?
If coinbase take off, then btc will also take off. The opposite is not necessarily true
Thoughts ?
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ok, if you want to quibble about the definition of infiltration; someone infiltrated the usb stick. but i appreciate all your comments and paranoia. never hurts to be suspicious and on guard.
the good thing about having been a so called early adopter (if last Feb 2011 can even be considered that) is that there were more security discussions going on back then. i've always been very paranoid with my wallets ever since and have never trusted or gotten involved with any online wallet or bank/exchange scheme. from the beginning i created a live session cd offline wallet and refused to touch it since. there were some great discussions about usb stick vulnerabilities as well with regards to autorun malware. any usb stick i might use to access that wallet will never have been exposed to an infiltrator. i also have other means of connecting to the internet via VM's, etc. one of the later benefits of using Armory is focusing on how these offline wallets work and what the objectives are to minimize exposure to a hacker. i think it would be pretty hard to get malware onto my usb stick.
you still didn't give me any examples of private wallet hacking that have been verified as legit. i haven't heard of any except for the server based ones and allinvain. and i'm sure its been tried ad nauseum. how high does the value of Bitcoin have to go for this increased hacking activity that you're calling for to kick into high gear? seems like it would have been worth it at many points here along the way.
That's a question you should ask hackers But there is for sure a number for which it's true. I agree that it's not really a problem right now (and iirc some where not convinced that the allinvain case was legit). It has for sure been tried already (there was a trojan a few months ago which purpose was to steal wallet.dat files, before encryption was coded in the satoshi client), but I'm not convinced the people who tried were trying really hard, or were the most competent. I do think that the method you're using right now is the best one available, and that is what matters. Being among the most protected minority is the best solution, even if it's not perfect (nothing is). And I'm sure there will be even better methods in the future, like specialized hardware. |
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how many Bitcoin wallets have you heard of being hacked? private ones, not those on servers like Bitcoinica. allinvains wallet doesn't count either as it was an open mining wallet hooked up to a pool server.
Stuxnet, as i understand, was incredibly sophisticated developed by the US gov't and required an infiltrator that installed the virus on the Iranian computer probably with a usb stick. that won't happen to me anytime soon.
About Stuxnet, I don't think it required an infiltrator, it required a human mistake (in this case an infected usb stick plugged in a computer). If it was indeed an infiltrator, why infect so many computers around the world ? About btc, I agree, the risk is quite low presently, but so is bitcoin valuation. The higher valuation goes, the higher the risk. How sure are you that any interaction with your btc-only, never connected to the Internet laptop is secure ? For the case of usb stick, you cannot trust entirely the results of an av scan. When av companies discovered stuxnet, it was already in the wild for at least a year as far as i know. I agree this all sounds paranoid, but that's an important quality to have in computer security. Anyway I'm just saying that it's part of the risk inherent with btc, and that it shouldn't be underestimated. |
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when you say risky, i assume you mean from a gov't attack or attempt at making Bitcoin illegal. read this guy blogdial, one of my favorites: http://irdial.com/blogdial/ here's my favorite quote: "Bitcoin will see regulation as damage and it will route around it." I agree that bitcoin should resist gov attacks, or attempts to make it illegal. Depends which/how much gov, but I'm confident with that. But be realistic, it would hurt the price a LOT. Other risks I see is hacks. How confident are you that you'll NEVER get hacked ? Trust me, it's not as easy as it sounds. I have a master degree in computer science, though not an expert in security, and I know it's definitely possible. Stuxnet was a good example that any computer, connected or not to the Internet, is a reachable target. And the higher the btc price go, the more exposed early adopters will be. |
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I agree the momentum is deflationary, and I agree that further QE will have severe unintended consequences. But further deflation will also have severe consequences.
The thing is History tells us that politicians nearly always choose inflation facing this choice, thus my opinion wrt precious metals.
Regarding PM/BTC, I won't deny that it is so far the best bet, and it will probably be long term. But I'm sure you won't deny that it is a very risky bet. Which is why I feel better having both, with a lesser fiat amount of BTC. Honestly, if I had more than 20% of my savings in BTC, i wouldn't sleep so well
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I already told you that you made a good call on gold last summer, but would you really qualify it as a collapse ? It sure looks more like a correction for the moment.
As with you being one of the few to say that btc will grow more than gold, you're pushing is. BTC being such a dwarf market compared to gold, it's was obvious to many that without any real issue, btc was going to explode compared to gold.
I still think that you should rename this topic "Gold correcting, Bitcoin exploding", but I understand that we disagree on gold.
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Our sun is supposed to run out of hydrogen in 5 billions years (5e+9), so you have a solid 1/5e+22 chance to find it before it happens at this rate |
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