would pirate have loved ripple  Of course, I can foresee some epic scams based on Ripple. Just check this thread: https://bitcointalk.org/index.php?topic=145896.0People is just granting trust to anonymous people on the interwebz like there's no tomorrow. Yes, this is just for "test" purposes. But if the system does not change radically, the incentive to build a huge network of trust is too big for scammers. They will think about this as a money Facebook, with the particularity that being trusted allows you to create money out of thin air (which is actually the business model of the "old" banking system). Thus, we will see huge scams, spirals of debt collapsing, and the only thing reliable in the Ripple system will be XRP's - anyhow, we all knew that fiat money is shit, and that's why we love Bitcoin - isn't it? I'm testing Ripple hard, and finally I understand it. What I really can't get is how it's possible that all XRP's have been premined and controlled by Opencoin. That's a joke. Do we know how many XRP's have been "given away" until now? How many Ripples will OpenCoin hold to? 50 billion? 30 billion? That's some crazy shit if you ask me. They just removed one of the best things in Bitcoin - mining - and they introduced the very first characteristic of a scam coin - premining. |
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Volume at Gox is so small it is almost scary
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These OpenCoin guys are geniuses. They create a system that reproduces the old banking system in a distributed way - you do not hold any real asset, only debt, with all the negative incentives that this produces (and which Bitcoin was designed to address).
Then, they launch their own cryptocurrency, which is the only real asset you can hold inside the Ripple system - so the logical step for users is to value Ripples more, as it is "real" money and not "paper money" or debt.
Anyhow, I see many flaws in Ripple. Its complicated, and gateways will for sure abuse the trust they were given. People will think this is Facebook, they will start to trust each other, and as soon as they realize they can create money out of thin air... Well, you can imagine what will happen. And we all know that debt based systems collapse.
Again: Ripple is everything Bitcoin is against. Bitcoin was designed to make you free and independent. With Ripple your money is still in the hands of your "trusted gateways" and their fractional reserverve.
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rUb33mHBwdkr476JrYXVDUXiAeq9UKouLb
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Somebody just dumped +BTC3k
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Its Sunday, not much to speculate.
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Super low volume, even for a weekend.
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Good times for buyers at Bitstamp. Way too many coins in there for the fiat in the order book.
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I seriously doubt any domain seizures will occur as the US bank account seizure has nothing to do with mtgox.com or bitcoin. From the feds' point of view, money was sent from Dwolla account A to Mark Karpales' Wells Fargo account; then from Mark's Wells Fargo account to Dwolla account B. Case closed: Mark's Wells Fargo account is operating as a money transmitting business, entire enclosed within US borders, and can be seized for lack of a license. Why he didn't sign up for a license is beyond me.
DHS is specifically targeting MtGox, though. Right now they are doing it through the most convenient means, through shutting down bank accounts. I highly doubt they are going to stop there, though. IMO, If they cant take down the exchange through seizing accounts, they will do it in court. This is also going to set a precedent on how they handle the other exchanges dealing in the US as well. http://arstechnica.com/tech-policy/2013/05/feds-reveal-the-search-warrant-that-seized-mt-gox-account/evolve, I'm with you. Mostly out of laziness, I had all my trading funds on Mt Gox. That's just too much risk. The recent events left me a bit rushed, so I temporarily pulled things to a local wallet. After spending a few days, I decided to throw a little into CampBX. Their splash screen sent me the message "We get security, and we're gonna play by the rules in the USA". I also read between the lines that they have a strong management team behind them. A smart elevator pitch on entry to their site. A marketing campaign to compel viral growth. My first impression, they're at least giving off the appearance of professionality. I guess time will tell. Yeah, it's clear quite an important amount of coins left Gox. |
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Look how the coins vanish from the order book  Still the dilemma is there to me. Are BTCs disappearing from order book because Dwolla/DHS or because people unsure where the rally will end this time? Probably is both things. And at the end of the day, what's the difference? Coins are disappearing from Gox quite fast, and not as many are appearing at Bitstamp. On the other side, fiat is near ATH ($23M). |
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Look how the coins vanish from the order book |
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Breakout. I concede this is going differently than 2011.  VICTORY  (choo choo motherfucker!)
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It seems like Bitstamp clearly doesn't give a shit right about now...
It looks like the gap between mtgox and bitstamp will widen increasingly until in a few days or weeks when/if mtgox pulls through and isn't shut down, and the dwolla-reaction BTC rushes back in, bitcoin blasts off whilst mtgox suffers a major correction. Damn I wish I had a USD bank account for the arbitrage LOL. WTF ? Were you seriously expecting MtGox to be shut down ? They are not in the US, US law doesn't apply in Japan. Get real. Well, the truth is that Japan is not Russia - I mean they would pretty much do what the US says. Still, I do not think that there is a big risk that Gox will be shut down in the next few days. There's always been a risk of exchanges being shut down. Bitcoin undermines the status quo of the powerful, thus an attack/hostile attitude from Governments is expected from the very beginning. Actually till now we had too "friendly" attitude toward Bitcoin, but is foolish to believe that the FED won't fight back cryptos at some point. That said, is also foolish to overreact to the Dwolla situation. The chance of Gox being shut down today is pretty much the same of Gox being shut down two weeks ago. If it happens, will happen suddenly - without prior notice. That is one of the many reasons why Bitcoin is a high-risk investment, everybody should understand that the Bitcoin thing is a gamble, because of many aspects of it. |
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Did you buy back my friend? I have to quote something that fitty posted a while ago and that really made me crack my ass laughing: I'm a bear in denial.
There is nothing worse then a bear sitting on the sidelines, pockets full of fiat, feeling lonely because everyone left him behind. Good news is, there's no shame in buying in, long term looks fantastic, a little bumpy in the short term, but there are enough cool gifs in this thread to keep you happy (and a few charts with lines n shit). |
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My wife has dementia and I've had to quit work to take care of her full-time. We get by, just barely, on our fixed income. The most frustrating thing about our situation is the "requirement" that we NOT exceed the maximum allowed income for her to remain qualified for Medicaid. This would include any money in a savings account. Bitcoin seems to be an ideal way to build a savings account without the worry of saving cash in our house. Would a laminated paper wallet be the best way to secure it?
Bitcoins are not good for a "savings account". Especially if you cannot afford to lose that money. This is experimental software. It can go south. It can be replaced by better software. Many things can go very bad with Bitcoin, you would just be gambling with very much needed savings. Just don't do it. |
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is it normal that the $118 wall is showing up in all currencies on mtgox? I got the impression each currency had its own exchange
No, otherwise other currencies would have a too small liquidity. |
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hmmmm, I trade on bitstamp, this smells a bit funny...
any new announcements re dwolla etc?
Nothing new, but there are definitely interesting moves, especially after we had that kind of news. We can see a lot of BTC leaving Gox, a lot of BTC reaching Bitstamp (but not as many as are leaving Gox), and still the gran majority of the fiat is at Gox - and increasing. |
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Fiat on the Gox order book super close to ATH ($23M)
BTC on the Gox order book vanishing very fast
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Fuck, a whale just removed BTC10k from the ask side Insider information about Gox to be shutted down soon? Ok, I know, that's just braindead FUD, but at the end of the day we need a little FUD on this thread  |
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