price will stop rising when gox verified queue shrinks
Here is someone with a brain!  |
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IN all seriousness - it makes sense to have an organisation like this - even if its only task is to turn up to nice events and eat the food!  If we don't have one, it will be created by someone else - and they might not have the same agenda! |
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This is how governments work. This is a set of rules the US is thinking they can use to regulate Bitcoin. The most important one being the very last one 12As our response is not in the form of an administrative ruling, the substance of this letter should not be considered determinative in any state or federal investigation, litigation, grand jury proceeding, or proceeding before any other governmental body. It basically state, nothing in this document has any legal status. However, if enough people start following the rules in the document, then they will create some rules to match what they suggested in the first place! My advice is to read it, find the holes, and make sure you do things that way so you don't get caught out when these rules finally come in in a few years. Oh, and keep quiet about what you are doing, and why! |
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All that is happening now is that the real price of bitcoin is being worked out by the market. Obviously its worth more than a dollar, and its worth more than a average hour of labour. Its currently worth a day of labour, but will it soon be worth a week of labour? The OP is focusing far too much on the dollar value, and not on the idea that a free market is all about working out a fair value for the information available. You will always have greedy people, but the sensible thing to do is focus on what makes your life better, and don't try and manage other people's lives! If they get stung, its their problem! |
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Thanks for your feedback - obviously nobody actually knows what is going to happen - but I do notice how so many people really rate PPC - Is PPC going to be the Ubuntu of crypto currencies? But with a valuation going from 10c to $100 - guess we are just going to have to wait! |
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MtGox UK bank account was closed with Barclays
Barclays own PingIt
One would suspect they don't want a virtual currency competing with their own.
Absolutely. Bitcoin is a competitor for the banks on at least two fronts: 1. loss of transactions: much faster and cheaper for people to do themselves via Bitcoin. 2. loss of bank balances: since the banks don't offer Bitcoin accounts, they lose out on lending capital as well. Not true on either point. 1. Within the UK we have free and instant faster payments. For transfers abroad, given the cost of converting to and from BTC on either end, it's cheaper to use banks and services such as transferwise. 2. Banks do not depend on deposits in order to lend, only on capital. People removing their GBP from their accounts in order to buy BTC does not affect the bank's capital and therefore its capacity to lend at all. People borrowing and lending in BTC p2p market is equally threatening to banks as p2p lending in services such as Zopa, i.e. not much if at all. Utter crap. Can you please contact Lloyds Tsb and tell them to stop charging me whenever I transfer money to a bank in a different country then? And whilst you're at it, tell them to stop charging businesses (my own included) to stop charging me for using card services (so my customers can use debit/credit cards). And thats 'internal' within the UK. You'll have to get in touch with Natwest and Barclays and Lloyds, and whichever other banks that I don't use. Because apparently these major banks (and I suspect RBS and Bank of England also) don't realise that according to you its 'free' and 'instant' to use debit/credit cards. Can you also ask them wtf is up with a debit/credit card charge taking 3-7 days to go through since it's 'instant'. And .. ye ... IF I'm transferring £1 million into btc, then the 0.6% transfer rate IS gonna be a bit more costly than £10, but if I was transferring £1 mil, tbh, I wouldn't care about a £10 charge .. On point 2 .. you really think that a bank with 0 capital would not effect their capital and their ability to lend to suckers ..? What planet are you on? Seriously ... trolololol much? If I had a billion £ in a bank (or 100,000 people took out £1,000) and took it all out to change to btc, you bet your ass they'd notice and it WOULD affect their capital. To be fair, maybe you just have lack of understanding of economics, either that or you're a blatant troll. Well said! The banks in the UK have everyone by the short and curlies. They also have no moral compass in their charging methods, when they see a customer has no choice or when they see that they are losing customers, they have no incentive to 'be nice'. They will charge for everything they can get away with - and as PPI claims have shown, they will charge for things they can't get away with too! While I initially wanted to get into bitcoins because I could see me making some money out of it, the more dealings I have had with the financial industry, the more I just want to buy and sell exclusively in alt currencies. The banks can see this happening too and so we are just going to see them getting even more difficult when it comes to moving from bitcoins to fiat and back again! Come the revolution etc! |
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It seems to me that while it can be possible to forecast the behaviour of rational behaviour, it isn't possible to forecast every possible irrational behaviour that makes up real world attempts at breaking the system. That is why sometimes it makes more sense to just let the coin out into the wild and wait to see if it does get broken - then fix it. Its like having a focus group without group think! |
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Ever think how funny it is that BTC founder(s) remain anonymous and it is getting major corporations support - no change from the status quo - the rich win?
What major corporations ? CNN, CNBC, NBC? Western Union, Bloomberg? Just a few.... I read on IRC as this exploded speculation that the real developers of BTC were well connected quant fund managers working in Wall Street/London etc. - and our "Japanese friend" is a spokesperson for a group of sophisticated and well connected devs - hence the widespread media coverage, and is part of a feeling among corporations and politicians to move the world to a SINGLE digital paperless currency. Why not a single mention of Litecoin in the press when on percentage terms it rallied MUCH more? Simple rule of the main stream media - Simplify and exaggerate Bitcoin is the shorthand term for all crypto currency. Starting to talk about Litecoin, PPC etc is far too complex for the average reporter, never mind Mr and Mrs Average consumer - so they just ignore them. Its like Linux is the term for open source, even if its BSD or even Windows based! The technical truth is irrelevant to the media! The origin of Bitcoin was just an experiment and I very much doubt it was a plan of the super elite. They don't do things like this. What they do is wait until its already accepted, then they pounce, because they have time on their side. |
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I am very interested in seeing if its possible to forecast the value of these alt coins acurately, seeing we now have a guide in the way that bitcoin has gone sky high? I don't want to do a poll - I was just hoping to find out why people think that their valuations are accurate? For instance: Litecoin will be $40 by the Dec 31, 2013 because it should have enough spending infrastructure to justify that price. PPCoin will be at $5 by the Dec 31, 2013 because it has the potential to be more useful than bitcoin, but still won't have the infrastructure to prove it. DVC might be worth 1c by the Dec 31, 2013 because enough projects will be using it to make it easier to imagine how a niche crypto coin would work. What do you think? Are these similar to what you think, or do you have different ideas? Please share! |
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This is the most insane thread I have read in years.  While I am very impressed that he is honest enough to share his opinions on the world, it is a shame he doesn't have the intelligence to realise how stupid his opinions really are. I am proud of being white and northern European with a gene history going back almost 1600 years. However, I am perfectly happy that a black person is just as right to be proud of their colour and genetic history. Where it all falls apart is when someone thinks they are superior to another because of a colour - especially when it comes from a person from a nation of inbred goat herders who are known for marrying their sisters! (ok, so I made up the last bit, but bet I could find more people who agree with me, than who agree with the OP's views!) Anyway - there is very little point in carrying on with this thread - except for entertainment purposes! |
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Google isn't great for finding data about what people are searching for outside Google.
You won't find the Chinese there because they use Baidu
India tends to use one of 30 different search engines.
You also need to check out Abacho.es for Spanish info and Kngine for Arabic info
I wonder if its possible to search where IP addresses coming to MTGox are from?
That might give you a better answer?
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I have had an interest in this market since Feb 16 - my investment has grown x 10 in that time. I feel as if Im in a bubble - however ....! Imagine you were a gold nut and its 2003, you are seeing gold going up in price, and nothing is stopping it, its got to eventually, but its now 10 years later, and the bubble still hasn't popped - what makes you think its not 2003 for Bitcoin too? We have a tiny handful of people on the exchanges. How many visitors does MTGox have in a day? 500k people - from a worldwide audience? That can grow by at least ten times before its about the same as the audience for a big online game - it needs to grow by 1000 before it starts having the influence of a social media giant. The bubble really isn't here yet - we have a good 18 months more before the game starts getting serious! I would love to just buy what I want to in bitcoins, and avoid the banks all together, but that can't happen yet - it will happen in a few years and that is when the price will start to stabilise. If it doesn't, it will crash big time. However, for now, just enjoy the ride! |
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I think this is an attack from an ideological background - maybe from the middle east.
I am aware of DDoS attacks having effected a lot of networks this week. An ISP I deal with has had an issue which is forcing their entire network to be running at peak, which seems to suggest that we are talking about botnets which have yet to be picked up by the anti virus packages.
I guess it doesn't help that a lot of bored kids are still on Easter holidays, but that might just be the UK.
Anyway - lets see what next week brings!
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I read it a few years ago - its about 1000 pages too long! So it was a bad book? I never read it myself, nor do I have any interest to. As Roger Ebert said, no good movie is too long, and no bad movie is too short. Therefore, if you thought it was too long, then it was a bad book. Fiction is to enjoy. If you think the book was too long, then you didn't enjoy it, clearly. Which begs the question, why did you bother finishing it? Life is short. Spend it on books you might enjoy. I despise the idiot movie critics (or book critics) who claim a movie or book needed editing - i.e needed to be trimmed, cut, etc. Such individuals are not writers or filmmakers. What they mean to say, is not that the movie or book was too long, but that it was simply bad and unenjoyable. For if you were enjoying a book or movie, why would you not want it to continue? Your response shows why you may be intelligent, but are not educated! Reading a book all the way through is how books are meant to be read. I guess the same is true for movies. If you stop half way through, you are disrespecting the author who put a lot of effort into the work for my enjoyment. Plus, as has been pointed out, you can only review a work once you have it all. I enjoyed the book, I was glad I read it all, but in my opinion, I think I would have been able to rewrite the book, keep the story complete and still make it enjoyable for the reader in about 300 pages! For anyone interested in what its all about, its basically an explanation of the free market through the story of a world becoming too regulated over time, through the eyes of regulators, inventors and business people. Its summarized as what would happen if all the inventors disappeared from society? |
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The DDoS attacks are a western finance industry phenomena!
It seems that its possibly a middle east based attack on all western financial institutions - they probably don't know the difference between bitcoin and wall st. Its just a shame bitcoin infrastructure isn't built linka normal banking one!
Read about it on a security website earlier today - wish I could find the link!
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Why not work on the idea that as soon as a coin has a market value greater than $20M or so, it automatically gets its own sub forum? It would make life easier in the long term as alt coins are just going to keep coming! |
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I tend to agree - however, one of the great things with open source projects is that new people can take over a project once the previous person has done their thing. Its one of the myths of life that the same person who has the idea, is the one best suited to running that idea all the way through to cash cow status! We are all good at something, and awful at other things - and its knowing when to hand over the reigns is a skill in itself! I hope P2PCoin takes off - oh, and I do hope it starts getting called P2PCoin too! Or maybe P2coin, as that sounds really cool |
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Actually, it isn't as difficult as some say! Firstly,you host the website within a data centre that can handle stupid levels of traffic - like Amazon Web Services Secondly, you split your requirements into manageable goals - list what it is you like about MT Gox, and what you hate, and clarify what you want to do to make it better. Me? I want no delay regardless of load. What it looks like is not that important if it makes me money! If you want an exchange to start with, here is an open source one to use as a template. http://gitorious.org/intersangoThe first rule of being better than your competition is to start doing something - Think of Google, it has a great search engine, but everything else it does is just ok - but if it hadnt put all that effort into the search engine, the rest of the stuff would never have happened! Oh - and as a final piece of advice - don't ask for advice - just get on and do it the way you think it should be. If it sux, people will tell you, but if you are trying to build it by committee you will never get anywhere! Best of luck! |
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Refreshing with some ideological input in between all the price hype.
Nice to be reminded about why we got into this in the first place!
Must read that book.
I read it a few years ago - its about 1000 pages too long! The story is interesting, but the dialogue is awful - far too many monologues! The whole story could have been written in a fraction of the words, and it would still have got the point across! However, I fully agree with the OP - Who is John Galt? |
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