I think it will have detrimental effect on btc price when and if Paypal starts accepting bitcoins. Paypal, like Western Union, faces an agonizing future where BTC becomes the mainstream payment option. Paypal's only options at this time are:
1. Delay and postpone the inevitable mass adoption of bitcoins
2. Co-opt and integrate bitcoins and become another bitcoin processor
They are doing whatever they can do to prolong Option #1 right now. Option #2 is painful to them because it means the loss of their hugely profitable business model.
You're wrong. PP essentially becomes the trusted 3rd party escrow service although it doesn't use those scary terms. |
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don't forget bail-ins.
and then pension raids.
those will be coming too. all in the name of propping up debt based speculative investments.
Just the thought of this makes me so bullish on bitcoin that I can't see straight. The eBay/paypal news is nothing compared to what the Europeans are about to pull  Exactly. This almost hurts my face it so bullish. Yikes. Bitcoin ATMs + ETF (easy ways in) + ongoing merchant adoption + fiat debacle --> bitcoin tornado! RIP RIP(PLE)  Sorry! |
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So will negative ECB interest rates make consumers run to BTC? Or it is too small to matter...
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From that link: This loan is made in good faith, is not guaranteed and is provided on a best effort basis. First time that I see a contract where one party is only required to do a "best effort" to comply.  On the other hand, I had never heard of "2-year profit-only shares" before the Neo & Bee operetta, either.  he can buy a Ferrari and come to show it off and talk about his millions but can't honor his debts, this is just disgusting. IANAL but contract may not even be valid. It could be argued that Goat didn't receive any consideration because the pirate pass thru was worth 0 at that pt. |
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People loaning money in bull markets never stop to amaze me.
Clearly they think BTC will not appreciate more than .5% per day. However I think that the risk profile of money on an exchange is higher than BTC in a wallet and I do not think that these people are taking this into account. |
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It will take at least two more days.
but probably not more than 5
Time required for apple news money to hit the exchanges? |
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Stop posting
At least the other people that disagree had their big boy pants on. What was your point again? You know this chart stuff is an art right? You know some people like Rembrandt and some people like Picasso? Tell me about your favourite indicator and why it's so good. Be sure not to say anything that everyone disagrees with though, the consequences could be unthinkable. You'll never be in the cool gang unless you say the right words. So tell me to stop posting again. See if it works as well as the first time. You're right. Someplace in the pacific would be better. I'd be interested to see if it matters? Do the candlesticks change completely if centered around different TZs? If yes a lot of math needs to be applied to integrate an average worldview. |
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Breaking news! Mathecat desperately trying to justify his bad decisions! Read all about it in wall observer.
PS: bye bye mat the train has left the station
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This one may or may not have something to do with apple terms of service.
correct. No that might have been the trigger to buy all at once but fiat had to be on exchange... a couple million. |
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Let's talk about what's driving the action. I think that the last few weeks have been all about whales getting in (and the few bitcointalk traders that were still short). Whales and institutions have longer memories; they've been watching the situation since the last bubble. I think that the general public has yet to move... not enough news stories to trigger the fever.
WRT recent action, that at 665 after a 4 hour run from 630 was NOT positioned for short term gains. And it was way too close to the action to be an attempt to bolster the price. Those coins are going into someone's cold wallet... it may have encouraged some subsequent selling action but the trend is that we are chomping thru supply, whether by buying ask walls or luring the sellers into a bid.
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But it doesn't make a heck of a good unit of account, because it's too volatile. For a unit of account, you want something that a lender will be happy to be paid in, or a debtor happy to pay, when an account comes due in a month or a season or a year. (Note that "lender" includes the idea of "savings account holder" and "debtor" includes the idea of banks borrowing money by offering people savings accounts... )
To be happy about that, the lender *AND* the debtor would both need a much firmer idea about what the value of a bitcoin at that future date will be. Without that knowledge, you just don't get a common view of the world where the lender and the debtor can both be happy about their prospects of paying/getting paid when what they owe is measured in these units.
This argument has been made since about 2011. Give it time... it will stabilize over time, probably to somewhere between the actively-managed currencies and gold. And it doesn't make a heck of a good store of value, for pretty much the same reasons. In a store of value, you want something that will allow you to get your value back out, undiminished, at pretty much any time, without worrying too much about fluctuating rates. The fact that people who "stored value" at $1100 last december only could get out about $600 today means that BTC is a failure as a store of value over that term, as compared to $USD. A good store of value is necessarily low-risk, and when we use BTC to store value we're exposing ourselves to a fairly substantial risk.
Tiresome. If you cherry-pick your dates you can do pretty terribly for fiat currencies, bonds, stocks, real estate, art... etc. Everything. Safest thing to do if you have near term commitments is to use the same unit of account. That is, if your loans are in Euro, price your salary in Euro. And the idea that someone wants a stable value is BS. Nobody complains when their "stable" investment appreciates dramatically. The fact is that there IS no good store of value, so if you really want to do this diversification is the only choice. |
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Good thing we slowed down. Turning on the afterburners too soon will flare out early
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It is a much more lucrative and "safe" vehicle for scams than the classical ones -- stolen credit cards, counterfeit cash, phony viagra, nigerian heirlooms, penny stocks, ponzi funds, ...
Wrong. Do you even have any idea how profitable just credit card fraud is? The credit card fraud in a single year alone absolutely dwarfs the entire bitcoin ecosystem. That is utter bullshit, please stop repeating it. I had the numbers somewhere that I cannot find now, but from memory: commercial payments through credit cards amount to over 7 trillion dollars a year, so 11 billion dollars of fraud is 0.2% of the total. In comparison, Bitpay claims that it processed 100 million dollars of payment last year; even if you multiply by 4 to account for other bitcoin e-commerce outside Bitpay, that is still less than the MtGOX heist alone. Even if you leave MtGOX out (since, technically, it may have been "embezzlement" rather than fraud), the KNOWN scams and heists in 2013 add to several million dollars at least. So, KNOWN bitcoin fraud must already be at least 10x worse, in percentage of total e-commerce, than credit card fraud. The problem is that he either willfully ignores the poster's specific content or unconsciously allows his bias to view certain posts as a launching pad for his FUD. In this case the prior poster did NOT say that CC fraud as a % of total CC payments is > BTC fraud as a % of total BTC transactions, which is what Jorge refuted. He simply said that the total CC fraud amount (11 billion using Jorge's #s) is > BTC ecosystem, which by Jorge's own estimate is 400 million. So they are in fact in violent agreement :-). |
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unlikely, price would diverge between bitstamp and other exchanges where fiat removal is possible.
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LOL, I've never understood why people get into pissing contests in a message board of all places. WTF do you get out of it? You'll never see these people IRL unless you specifically make an effort.
If you asked me to prove some huge PM sale in public on the internet of all places, I'd be like "whatever". You guys chatting about sackloads of silver/gold, lambos, etc. ARE only accessing these forums through TOR or VPN, right? And be careful about verbal leakage like Missouri, Hawaii, etc...
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Its sad to see all this effort go to waste. Ripple, NXT, ethereum. If you premine > 1% (and those should be unspendable for 5 years; think stock option vesting) or you close source then no matter how good your ideas are I don't give a sh*t. We don't need another proprietary payment network. Go sell your stuff to Visa or MC.  PS: You probably would have done just fine by being an early miner of your own coin... |
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Even though PMs may garner some gains in the next 5 years, it will pale in comparison to the valuation crypto has overall in the same timeframe
Peter Schiff doing a 180 is a clear sign of things to come.
he hasn't done a 180, yet, he's just using it as a utility i bet he's lying about that. i bet he's had an epiphany and now is trying to accumulate. the least risky way to do that is to sell a service or a good and i think that's what he's concluded. his business is ideally set up to do this and i think they realize they need to hedge their previously strident opinion on Bitcoin. i bet a year from now he'll be singing a different tune. i bet a year from now he will be singing a different tune too, but i honestly do not think he knows it yet. i think he might be to the point of, "lets give this a shoot" if he was in btc he would be silent about it until he had all he could buy, then he would be talking about it non stop. He is in sales, so he has to sell the narrative. He's covering his reputation. A year from now if BTC fails he'll say "I never recommended it, just accepted it for convenience". If BTC succeeds his song will be "I've been supporting Bitcoin since early 2013"... |
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This is one of the larger reasons I love bitcoin. From the devaluation of fiat currencies to the borderline criminal remittance fees charged to impoverished nations, Bitcoin has the capability to dissolve much of the exploitation of the less fortunate.
Yeah, it's an industry where bitcoin could grow massively, but I only hope it isn't capitalized on by unscrupulous people who will start charging ridiculous fees to transfer the coins back into fiat. Its ok if that happens. It will drive people to find ways to NOT convert to fiat... |
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awesome! He's hedging his personal reputation here which is the first step to conversion. If BTC fails he'll just say "I only used it as a payment network". If BTC succeeds, he'll say I started supporting Bitcoin May 2013... we'lll probably see cautiously positive statements from him in 3-6 months (depending on the progress of the price).
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