The reason is simple:
ASIC devices are only use for BTC mining purpose , they will depreciate its value over the time and with no residual value, not like GPU miners they can sell its graphic card if mining is not attractive for them. this equal to set a exit barrier for those new ASIC miners. the only things for them to recovery their investment is to maintains BTC price at acceptable level by act rationally when BTC price is under their expect profit range ,( limiting their supply to the market), util the market adjust price level at what they expected.
I think BTC price are determine by factors below:
legal factors.
mining investment.
people's trust.
Since ,the development of ASIC we will see a more stabilize price ever. People never stop investing in BTC, this is the truth so far, KNC pre-order sold 8562 units. no matter what the currency they used to pay, we should assume all those cost paid to KNC will as a indirect investment into the BTC world, thus the ASIC mining will further increase the price of BTC. further more , not only KNC, there are BFL ,ASICMINER and so on. payments made to mining rigs manufactures are far more than what we thought , may be more than the money paid to the online exchange.
If no government intervention or other related bad news in the future, we should expecting another BTC price increase ,because of those ASIC devices are start mining . That increase is coping to the market trend and based on people's rationality , if anyone ask me , what the BTC price are backed ? I will say that BTC price is backed by every currency investing into mining and those payments made to its reflect cost.
PS: The rights to issue money should not below to government , it should below to its users which are people.
Welcome to debate with me , if you feel that assumptions above are not rational and are false.
The problem with you starting assumption is that about 60 000 coins are traded every day at major exchanges. This doesn't even include OTC and in-person deals. In comparison, miners currently provide an average of 3 600 new coins per day. Therefore, miners withholding or selling coins cannot have any significant effect on the price. |
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BMO shutdown can you explain this to me please
Briefly, for a while Virtex had a deal with Bank of Montreal to allow for cash deposits: you log into your Virtex account and announce the deposit, then you walk into any BMO branch with Virtex' account info, and deposit cash. Now BMO decided not to allow this anymore, presumably because it's too much work for their tellers, and no profit. |
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I dont even know what Bmo means
You will never know. |
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Banks don't like doing anything that involves using a teller, they will drop you if it's too much work for them and not enough gigantic profitz
Too bad we don't have HSBC cash deposit machines like they have in Asia/Europe. Walk up, dump in cash and choose account #'er to credit it to. Next day it's there.
This makes sense, and likely explains the BMO blockade. |
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Once upon a time there was a village where one rich man who had ten breads while the rest of the village was poor and starved. The rich man said to the poor people: "listen, I will share one bread with the rest of you, that should keep you satisfied" the villagers responded: "one bread wont feed us all" The rich man said "Oh, that is no problem, the bread can be cut into 20 slices". But The villagers responded "that is not enough, we are thousands of starving people" The rich man then said "that is still not a problem, because each slice of bread can be divided into hundreds of crumbles - and if that is not enough for you, each crumble can actually be divided into billions of molecules"
Stupid story? Well it is exactly the same logic that a disturbingly lot of people here believe can solve the problem of the limited supply of bitcoins.
Reported, with a request to burn after reading. |
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To my fellow Canadians,
What are your thoughts on the recent shutdown of BMO accepting deposits and does anyone have any information on the new format?
I appreciate any feedback, Thanks!
Not worried. Virtex took the full legal route, they pay taxes (gst is included in the fees), and this government seems very much ok with bitcoin businesses. BMO had their reasons, I don't care. Been transferring money online between my bank and virtex without any problems for over a year. Thanks for the feedback niko. I have not verified my cavirtex account as I have been doing deposits at the BMO branch. I guess i buy OTC or sit tight until they open up another cash deposit avenue. I see. Try localbitcoins or even kijiji, too. I have not tried virtex cash deposits in a long time, so I can't provide any information. Good luck! |
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Whatever you do, you are setting a legal precedent. No lawyer can currently provide a sound advice, as there is not much out there to base the advice on. BTC businesses should pool resources to prepare for legal fights.
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To my fellow Canadians,
What are your thoughts on the recent shutdown of BMO accepting deposits and does anyone have any information on the new format?
I appreciate any feedback, Thanks!
Not worried. Virtex took the full legal route, they pay taxes (gst is included in the fees), and this government seems very much ok with bitcoin businesses. BMO had their reasons, I don't care. Been transferring money online between my bank and virtex without any problems for over a year. |
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I would never delete private keys from a wallet, unless I backed them up first. There is no good reason to destroy a key, and there are good reasons to keep them.
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Need to have it opened up as fast as possible to make a transaction but at this rate it is like 10hrs away.
The best way is to fire up your out-of-sync client, go to the console, and unlock the wallet, then dumprivkey [address] - import this key into one of the thin clients or into an online wallet, and you can spend your coins. |
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What's my privacy on this board? I'm not concerned about threads that I post in, but what about the threads I only watch? Who has that information? Is this board's meta-data encrypted?
The best way to counter surveilance state is to make everything public. That way nobody can have an unfair advantage based on exclusive access to information. You can start by sharing your watchlist here. |
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Moderators should get paid. I see no problem here, especially not an eight-page problem.
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Too bad the opening few paragraphs are such a turn-off.
Overall, the article provides a nice overview of the diverse Bitcoin ecosystem, from clueless Dunning-Kruger idiots, to those who actually understand at least parts of how Bitcoin operates, how governments operate, and how businesses operate.
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I don't support qt supporting this
Without knowing your reasons, I agree. QT should be kept lean and simple. |
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Pffbfbbfb what the heck is going on, Since when can the bitcoin wallet system----- OHHHHHHhhhhhhhhhhh I am so fucking stupid
If the 7btc and 11btc are in the same wallet.dat, Then there will not be a "refund transaction" we'll call it, of 4btc the 7 btc address will be depleted to zero, and the 11btc address will lose another 7btc to complete the full amout, Leaving you with 4btc in your 11btc address.
It will always deplete the smaller btc amount address first (from what i've experianced from using the bitcoin-qt wallet, This is not fact)
This is completely wrong. Question from OP is a good one, and different client software deals with it differently. It has nothing to do with Bitcoin protocol. The issue of fragmentation/consolidation has been on developers' minds, just search the project development board. |
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Just a reminder to all the newbies... Its really not a good idea to do bitcoin transactions on windows. Get a netbook, put linux on it, and use that to do all your bitcoin related things. Its really the only way to really be safe with all the windows keyloggers ( and apparently clipboard manipulators ) that seem to be running rampant still.
Been running wallets and miners on Windows, transacted significant sums, for several years now... Never had anything stolen. Also, when I use Linux, I do not suffer from the false sense of security, especially because I am not proficient in it. What happened here has nothing to do with Windows, but with a yet unidentified malware that somehow found its way to this guy's computer |
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the only problem with sampling 10 exchanges is that each exchange seems to follow (like sheep) mtgox.
That's the very problem OP's proposal is meant to solve. Besides arbitrage and MtGox's still-dominant market share, another significant part of the reason the other exchanges follow MtGox in a sheeplike fashion is that MtGoxUSD is the price everyone watches, and that's partly because there is no convenient way to see a nice weighted average price for all the exchanges. This is something bitcoincharts should implement. |
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So for an app, let the user specify a withdrawal address.
Or make it perfectly visible and clear that user must send coins from address he owns, with some explanation on what it means to own address. Yes to both. I think letting the user specify an address when signing up is the best practice. The second solution is fine, except it limits the users in what wallets theyvuse every time they send you money. |
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The only thing that's up is the bitcoins are in the address I posted and from what people have posted on here, they are gone. I think there was something in the Armory Wallet installation, because I've yet to have any issues with that stuff until today. Normally I do double check addresses...however I did not today since it was a new wallet and I had no reason to doubt there being an issue. Wrong!!
Sucks to because it was quite a bit of mining on 4-5850s to get those over the course of the last 6 weeks...
Again if anyone has suggestions let me know...however I do think they are gone...
Regarding my system...ya it's getting re-imaged for that exact reason..
Would you mind sharing what you had installed, and where you got it? Mining software, clients, widgets...? |
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