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Not that shit again.
You can't use those for anything else than buying at amazon. They are prepaid vouchers, nothing more nothing less.
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I think that depends on the price of Bitcoin. I'm pretty sure they leveraged their way into the rally to remain profitable, but now that's over it might go down pretty quick. To be honest I am surprised they even got that far as producing two of their low end products. Might have been assembled with a skillet and toaster oven technique... At this rate.. oh well.  |
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Single core processor speed as well as hard drive sizes have not significantly improved through the recent years.
That isn't really true afik. Even so hard drive capacity grows faster than moores law. It is just that it has become unfeasible to use hard disks in the way they were used before. In the past it was possible to re-write and re-read hard disk many times in their lifetime. But since transfer speeds are increasing one exponent below that, mostly linear this becomes a bottleneck. The ultimate death of the hard drives will not be that they can't be produced with higher capacity but that they can't be filled and read back two times before they become unusable. SSD memory grows even faster still, but it too has some issues in that regard. It grows to the power of three where bandwidth grows to the power of two, not as bad as the 2:1 relationship with hard drives, but still. The other issue is that the rapid growth in capacity is facilitated by storing more information in a single capacitor which makes them less reliable. All in all increasing capacity should outperform the growth of the blockchain for quite some time. And after that I doubt that bitcoin will still be relevant. It should still be around but exponential growth should be over. And what sense does make a limited amount cryptocurrency make for sustained exponential growth? None, it has to either hit a ceiling or fade away. So ... SSD and bandwidth grow slower than bitcoin transactions? Or quicker? To all those people talking about pruning or any such optimizations: what we are considering here is growth rate not file size so please stop talking about pruning. My arguement is that the blockchain will grow faster than bandwidth / storage, making the P2P model invalid. Only people with valid arguements about growth should continue to post in this thread. The last time I checked it was lower, but that was a few months ago, before the rise in popularity in satoshi dice. What really bugs me though is that storing the blockchain isn't rewarded in any way, while a hard drive costs about the same as a gpu. All in all I do think that eventually Bitcoin will be superseeded by another cryptocurrency, not a fork like those altchains but a re-implementation from scratch, |
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There never was a "2013 bubble", not yet at least. Nothing there in the monthly chart. Sorry. Lalala I can't hear you.
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my version is this one: the bottom line is not a straight line it's a curve so now i see the bottom at 22 USD it worked really well for me at the last touch of the line ;-)  That makes sense actually but it isn't really a clear trend.... Drawing this curve afterwards is easy but make it such that it actually predicts the bottom is much, much harder. If the slope of the curve asymptotically approaches zero it could be possible to hold true. If not it could just become worthless again. Finally asymptotic laws trend to break down into chaos quite often, especially if they are tested near it's limits... *I replaced your chart on imgur so that GotBitCoins can see it. (Get a more sane browser though!) |
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Sorry, that just did fit too well.  |
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Hey y'all, how'd you like to buy a Bitcoin?   |
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I'd say yes and no.
I think the more inflated the bubble gets the more trivial can the trigger be to pop it. If this current one is pumped back up again, yes it can go to ridiculous heights, but it could also pop because of something equally ridiculous like a unfounded rumour. You see if somebody is irrational enough to buy in during the end of the bubble they will also sell just as easily.
In short: People subject to panic buying are subject to panic selling.
If I had the resources to do such a pump & dump on that magnitude I'd do just that: Prepare two unfounded rumours about Bitcoin one positive one negative. Spread the positive rumour to inflate it and expose the positive and spread the negative one to pop it.
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ok well that was kind of lazy of me.
Take that microsoft stock for example. This was a change over a long time period and in the long run bitcoin might look like that too. This was fueld by real growth and real sales. (Duh, it's Microsoft, they still have contracts with about every OEM, business software producers and hold a near monopoly in that field still.
Yet, in case of Microsoft I think they are over the peak, but I am sure there are better examples than that.
The peak you are seeing is actually the .com bubble which took many casualties and microsoft was one of the winners. In terms of bitcoin the bubble is fueld by the many upstarts which come and go with a few successful remaining. Overall I think the valuation of Bitcoin will more resemble the nasdaq than microsoft.
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That's kind of a chicken and the egg problem. Here is one simple (naive) scenario of what could happen: Somebody owning a datacenter -> webhoster -> e-commerce site -> producer of 3D-Printing supplies -> producer of hard-disk hot-swap cases -> datacenter. If such a closed loop supply chain is provided prices can become more and more independent of the exchange rate. I am very sceptical this will ever happen with Bitcoin though  |
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Right, but if I were a stock trader I'd short Microsoft. Surface & Windows 8? nooooo! ActiBlizz? They fabricated the biggest disaster yet with DiabloIII |
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Lol rename this thread to "reasons to hate bitcoin so the price goes down so I can buy cheap"
You should rename your post to: Reason to not take smoothie serious when posting in the speculation forum.  Get a hold of yourself, I know you can post something insightful, yet witty. |
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This thread— clownshopped josh and all— has almost nothing to do with custom hardware. Shame shame.
Well in a sense, in it's own way - it's about of whenever BFL actually has anything to do with custom hardware. |
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Let's face it: Bitcoin is not something people have to believe in for it to work. Bitcoin is a working technology that can be used to build quite profitable businesses on. People just using it to pay without speculating on future exchange rates is not a problem for Bitcoin at all.
Except one thing: It is in the best interest of bitpay to have volatility as high as their system can handle in order to make it unfeasible to accept bitcoins directly. You can also argue that anything that might hurt Bitcoin in the long run (e.g. too high volatility) is diametrical to Bitpay's interests. I don't really buy the "Bitpay is manipulating the market to hurt competition" argument. Lets say "a certain amount" of volatility. You do recognize that they do play the market with their clients funds? The thing is: We can't know what volatility would be without them doing it. And finally: They do increase volatility in a sense that they contribute to the hype. Now if you want to ride that hype it is clear that you actually like that. What you have to consider though is that real adoption takes place, albeit at a slower rate. That is sites accepting bitcoin directly, for donation proposes. What I am suggesting is that without bitpay we would already be seeing more of that plus some stuff actually priced in bitcoin. |
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do not trust statistics you didn't forge yourself.   and the recent price drop is rigged of course. Any gold bug will tell you! It's because they're getting rid of the those funny gold certificates, and get the real stuff instead. Well, not exactly. That drop is very real. The issue with actual gold is, gold futures can also include gold which isn't mined yet. The next thing is gold is close to it's hubbert peak so that selloff here comes from a record supply of gold along with a exponential speculative demand due to the expected decline in supply in the next decades. Of course those estimates can be bullshit and gold is really a bubble. |
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Let's face it: Bitcoin is not something people have to believe in for it to work. Bitcoin is a working technology that can be used to build quite profitable businesses on. People just using it to pay without speculating on future exchange rates is not a problem for Bitcoin at all.
Except one thing: It is in the best interest of bitpay to have volatility as high as their system can handle in order to make it unfeasible to accept bitcoins directly. They admitted to playing the market with their clients funds before (for ex, "short squeezing pirate), and it would be easy and more profitable for them to continue doing it, both from a profit perspective and for maintaining their business model. If it just were for using them for merchant payments there are other ways this can work, without a payment processor. Using pre-generated adresses from an offline wallet is as secure and as easy to implement. |
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MtGox and BitPay are pretty big, attackable targets to attack if someone wanted to hurt Bitcoins, don't they?
I think the most risk comes from the inside of those ventures. They both operate without oversight and have a near monopoly. There are so many things that can go wrong, ticking timebombs. The other thing is BFL which is as shady as ever which actually may serve as a premature trigger. |
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My five cents.
All this bubble only exists due two companies: MtGox (which is moving its funds to democracy fortress) and Bitpay.
All "adoption" is based only on these two, as no one will accept bitcoin directly due to its current volatility.
If something will go wrong with either MtGox or Bitpay... Everything will disappear in just one moment.
"Wordpress accepts Bitcoin" and (real) "Wordpress accepts Bitpay" is really two different statements. And looks like most people mislead them.
+21000000 |
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I do. Do you understand mine?  Shit looks much like Gold actually.  too bad you can't sell it. |
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This thread has so much potential for.... FML, I can't wait... So the Israeli terrorists (state-backed terrorists) are saying that Bitcoin can be used by non-state-backed terrorists, and are therefore bad?
Sweet.
/thread I agree that the article is outrageous, anything can be used for crime, but explain how the Israelis are terrorists? They get murdered by Nazis and finally get (back) a homeland (that they used to own) and since then have been bombed, missiled, invaded, kidnapped, etc. Sure, like any nation they have made mistakes, I'm no Isrealophile, but I'm not sure that their largely (maybe overzealous) self-defense is terrorism.
Their homeland? Weren't the Palestines living their at the time. I sincerely dislike nation states in general, but Israel tops the list. In my eyes Israel today is like Nazi Germany is 1940. I can't believe it took that long.  |
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