Recaptcha uses a system where they give captchas mixed with a scanned text a computer can't read. Ten people or so have to give the same answer for the scanned text or it won't be accepted so one person putting the n-word won't get it erroneously put into an ebook. This can work for mining bitcoins. It can make it so mining isn't dominated by whoever is rich enough to buy the best hardware.
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Well, there is the COMPLETE bullshit practice of the exchanges double tapping the funds on both sides of the exchange. Why anyone would submit to this ass-raping is beyond me. I will delete my fucking coins before an exchange gets a piece of both sides of them.
And then there's all these tradebots. Who runs them, Mt. Gox? I don't know how they make a profit trading right near the edge of transactions unless they have no transaction fees, so probably Mt. Gox is doing it.
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Well I'd take normal selling cars on the internet and do it in a bitcoin only website. I'd do it entirely to promote bitcoins.
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True. Bitcoin needs more commerce, not more day traders.
If I had the money I would start an online business selling cars for bitcoins and I'd sell them cheap too to generate interest.
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I'm also guessing that there are 10-50 people that have 50 000 bitcoins each or more (the early early adapters). This group have a big impact on the price as well. If just a couple of them decides to cash out, the price will drop substantially.
I think a lot of them sold and it's people like satoshi buying back that is keeping the price from plumetting.
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I'm considering it might be worth it to simply not buy anymore bitcoins because they're going to keep falling especially during the cold weather season.
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Either way, this is excellent news for me. It means that mining *should* remain profitable for me for quite some time, as other people seem to have higher variable costs than I do. Especially in the winter, but even in the summer with A/C, as long as the price is over $7, I'm still making money.
We need Australia in the market now because it's winter for them during our summers.
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Merchants need to be selling for btc BELOW their cash/credit prices, otherwise it just doesn't make sense.
This would make sense since there's no cost associated with taking bitcoins like with a merchant account.
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The price of bitcoin in its infancy is irrelevant because it had a totally different userbase. It used to be a very small group of people doing it as a nerdy project. Now we have several orders of magnitude more participants, and they have markedly different motivations from the original group (!!!$$$get rich quick$$$!!!). It's a totally different market after the wave of publicity in May-June
Yes, people making linear charts are just dead innacurate. People need to see bitcoin frenzy this summer as like a gasoline fire.
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awsome you posted the same pic twice in two different threads. Welcome to my shitlist Hey you just proved your charts are wrong because you refuse to take criticism.
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Now, that doesn't mean bitcoin still won't go down, though, but this hasn't been tulip mania just yet.
Unless you can buy most things with these coins, they are a bad investment. Tulip mania.
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Yeahh when bitcoin surged up, it hurt the overall economy. Gradually, coins are making their way back down. Then they won't jump so much.
Obviously when a market gets smaller the volatility goes down.. No. People keep selling all their stored up bitcoins so people need new money to buy them or the price drops. Coins won't stop being generated. There's not enough people buying coins as an investment. You really can't buy hardly anything with them and so the only option is trade them for cold card cash.
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I find the hostility towards it very amusing and that all the naysayers come up with comparisons our the fiat money world even more so. Since I am the one who has drawn this trend lines you deserve at least some explanation: These lines will obviously be broken at some point but when is irrelevant since you cant put a real world value on the entire potential supply of USD. Alot of emotional detachment is needed to view this trend with a rational mind. So to make it easier for you just replace the USD with bytes of computer memory, if you think about it a little you know what I mean
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That real sad part is that Bitcoin has never enjoyed any real stability. It took off way to fast, and unfortunately couldn't handle the pressure from the trolls/bears at the top.
Yeahh when bitcoin surged up, it hurt the overall economy. Gradually, coins are making their way back down. Then they won't jump so much.
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Bitcoins are dropping because they're stablizing at maybe $1 per coin. Then they will hold at this price over the long term and we can have a real economy instead of a roller coaster ride!
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However, the main reason is that there are way too many miners dumping thousands of bitcoins on the market every single day. buyers of bitcoins are few and far between, why buy when most people mine them for free anyway. The buyers of bitcoins can not afford to pay all those thousands of miners to mine.
I think the price needs to drop until mining is a waste of money. Only then will miners save their coins instead of sell them. People need to mine either as a hobby or as a multi-year investment. Right now people are building expensive custom chips just to mine coins. All you people who mine, if the price climbs up, will you mine more? No, you will mine far far less because it will be the rich folks with their super expensive mining rigs getting all the coins. The only way you will mine more coins is when the price drops to worthless and you save them for a year before you sell them -- that's how you make money... you see people have to think it's not worth it to mine. Right now people think mining pays off so it's not worthwhile to mine.
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Miners you SEE... YOU CONTROL THE PRICES!!! PULL ALL YOUR SELL ORDERS NOW!!
You need money to control the prices and early adopter money is in coins so they must sell coins at a loss to manipulate the markets. They have done this but are running out of money and that's why the price is continuing to fall.
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I think the people buying all those coins trying to hold up the price are the early adopters who got millions of coins. But they weren't rich and all their money was in coins so to get money, they have to sell their coins and like the guy who put up a bidwall at 6.66, he bought thousands of coins at that price, but if all his income was in bitcoins, that means he had to sell them for cheaper to be able to buy less coins back at a higher price to try to prop the price up. Every time an early adopter sells their 10,000 coins, they need to find investors with $70,000 to pay for that or the price collapses. There are millions of coins stored by early adopters and there's nowhere even near the amount of money willing to buy them. If there were bitcoin shops, sure it would be good but like I said in https://bitcointalk.org/index.php?topic=41905.0 bitcoin shopping is too cumbersome for the layman.
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For the people who own thousands of these coins, they were crazy if they did not sell some of their bitcoins when the price was over $30.
I think many tried to and that's why it quickly dropped from $30.
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