Sure it will pull back. No trajectory is smooth. But the question you need to ask yourself is will it pull back to 35 from a high of 50, or to 15 from 25?
Or just say screw that and dollar cost average a set amount with each paycheck. When it jumps up spend a few. If it falls, just enjoy the discount when make your buy and spend your USD. |
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What if it just doesn't go down again?
that's what she said
Long time no update. How's the sky look for your vantage point? I'm seeing deep conflict in general but not sure how bitcoin fits in. /offtopic |
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I'm selling when I see a relatively large price drop hopefully just before the crash.
You and everyone else  I'm no expert here, but shouldn't one be buying on the large price drops and selling on the increases? Sure, but in case one only has BTC on exchanges, one can better seel at the beginning of the drop and buy back at the bottom. Of course, if you can get USD/EUR to your exchange quick enough or are prepared you can hold and buy. Just make sure your trigger price is valid or you will end up chasing the train. I had 1000 btc when we passed $2 the first time and quite a bit less the second time. Shorting in this market can be a bitch. |
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...If you attempt to "change the fundamental rules," you won't end up with 51% control of Bitcoin. You'll end up with 100% control of FedPal. In that scenario, I'll stick with Bitcoin.
Agreed, but who will constitute Bitcoin's mining and processing power, if the largest miners keep getting "nationalized"? And how many people besides you will stick with Bitcoin then? I will keep mining bitcoin, and the network will automatically adjust to however much mining power there is. As for who would stick with bitcoin, everyone would, because in such a situation all coins accounted for before the fork would be spendable twice: once on the continuing bitcoin chain, and once on the new FedCoin chain. |
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Having (being bored, I guess) participated in this poll, I found the irrational speculation about the price of Bitcoin in two years to be quite meaningless.
To challenge the "intellect" of the people in this tread who know how Bitcoin works, I propose we start speculating on when (month, year) the transactional fee will exceed the block reward.
In my humble view, at that time the average individual-mining-profitability will stop determining the price of the Bitcoin. Instead, the average pool-profitability (solo-miners included) will start determining the price of Bitcoin.
And of course, in time, the transaction fee will exceed the pitiful BTC 25 (or who knows, BTC 12.5? BTC 6.25?) one gets as a reward to solve a block, hopefully reaching the astronomical figures everyone dreams about.
How about 1% transaction fee, and how many transaction could be included into a 1MB block? Everyone should be able to calculate this simple problem. I am sure the people in the know will celebrate that moment like their is no tomorrow!
But hopefully, at that same moment, the Network would have gained good, solid substance and the market-maker traders will decide to join and start playing yo-yo with the (proper size this time) market.
Methinks, good for them.
Too bad for the pigs, though, they will get slaughtered again.
Nothing new under the sky.
Usually when you want to talk about something completely unrelated to the OP you start a new thread. Instead, you seem to have called this thread pointless and are attempting to start a new topic in its place. |
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Socialism/communism is .....
A totally undefined term which apparently you are using as a scapegoat for some kind of your own personal difficulties. You'll know it when you smell it .... as to my personal difficulties, lets just say they have more to do with Euler than what you seem to be trying to smear me with. I smell it here in the US, the supposed king of capitalism. It smells like government guarantees of loans. In other words, publicize losses (government bailouts), privatize profits (fewer and fewer people are getting wealthier and wealthier). What we need are strong local communities and weak central government. If the politicians have the power to bail out the banks at the expense of the populace, they will do so when the bankers come screaming that the sky is falling. We need to take this power away and bitcoin will play a role. It may be large or small, but it will play a part. |
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Yeah. If there's a major split, the <1MB blockchain will probably continue for a while. It will just get slower and slower with transactions not confirming. It would be better if there is a clear upgrade path so we don't end up with a lot of people in that situation.
You are assuming miners want to switch. They have a very strong incentive to keep the limit in place (higher fees, lower storage costs). |
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TOR has been surviving for longer than SR, and not going anywhere. So if SR itself gets busted, someone replaces it. I fully expect cartels to wake up and amazon.com the SR eventually.
I agree SR would be quickly replaced, but I doubt the cartels would be so direct. Most buyers don't like the idea of supporting these violent organizations, so they need a couple layers of obfuscation so they can feel like they are buying from some guy who grows in his basement, even if that's not true. |
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Sorry, i didn't realize it was unclear. I'm simply trying to build a rep on my nick for the WOT, or here on the forums so that i may buy/sell/trade in the future without the hassles i'm experiencing now. Every one had to get their start some way, i'm asking for some tips to work towards getting a positive reputation.
Seeking to build rep is a mark of a scammer. Normal people want to buy and sell goods and services. Just do that, in small amounts at first, and every successful trade will earn you a bit of trust from whoever you trade with. Earning a reputation takes a huge amount of time, and it can be lost in an instant. Focus on the trades you want to make or the services you'd like to use/provide. If you're an honest person trust will take care of itself. |
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How would a Manufacturer of goods pay in bitcoin?
Example: would a bed springs manufacturer who takes spools of metal and runs it through machines to create springs pay for raw material and sell it`s products in bitcoin? If so at what price?
Ask metal supplier for bitcoin address, select send bitcoins, enter address and amount. The price would be set by the supplier, same as it is with fiat. Also, would the Company that purchases those bed springs to cover them up
with material before selling them to the furniture stores for bitcoin, pay for material in
bitcoin as well as pay its workers in bitcoin? at what price?
Maybe. Although having the entire supply chain and output chain in BTC has some advantages, each interaction can use a different payment method if they wish. Again, manufacturer/supplier usually sets the price. I think we have a very long way before bitcoin replaces fiat money  Duh. However, business to business payments are taking place today in bitcoin. Additionally, a very small group of people do earn a portion of their wages in bitcoin. Personally, I've done several programming jobs for bitcoin. |
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We will eventually hit the limit, and the limit will be raised. People running old versions will get disconnected from the network new block chain and continue on the old, causing confusion as to which chain is the official "bitcoin" chain when that happens. The only question is how close we will come to a 50% network split. It would be good to reach some consensus well in advance, so that this is minimally disruptive.
FTFY |
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i think we'll see a correction before crossing 32$. IMO the rise is too fast.
a scenario like in mid-august 2012 looks quite possible.
Agree, but wasn't that mini-crash triggered by something like the Bitfloor hack? Or Trendon selling stolen coins ? The correction of mid-august was not a market correction IMO.. It was 1 btc scammer unloading tons of stolen BTC.. Market knew it, quickly recover to real valuation ! I hope he sold them. The possibility of those thieves and scammers retaining significant bitcoin holdings down the road bothers me. They own about 18-20% of all the bitcoins. Still better than the USD. The USD scammers are printing more and more as we speak, devaluing the savings of honest workers. |
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The answer is that even if wages were paid in Bitcoins, they would not be a fixed quantity of Bitcoins. If wages are paid in a commodity whose value fluctuates a lot (such as Bitcoin), it would make sense to try and define the amount in terms of a fixed amount of purchasing power. One way to do this is to use a commodity price index for a basket of commodities.
Bitcoin, in conjunction with contracts using commodity price indexes, can thus come fairly close to what Hayek envisages in The Denationalisation of Money. Bitcoin on its own can't.
Though the large fiat currencies lose lots of value over time, they're not all that volatile, normally only losing a few percent of their value per year. Wages defined in these fiats thus tend to lose a few percent a year in value in real terms automatically. This tends to be manageable because of the smoothness, lowish annual rate of change, and ability to negotiate new rates from time to time. Bitcoin, gold, or anything with a fixed amount in existence, is unlikely to be suitable for fixing wages in directly, because their value will naturally be more volatile.
Sure, tying bitcoin to commodities via contracts would certainly stabilize bitcoin prices. However, I don't see why it has to be tied in with wages. We need actual commodity producers and consumers trading commodities for bitcoin and bitcoin for commodities. Once this is happening, bitcoin can be used to specify wages. If you tie the wages directly to the commodities, you have a whole lot of people interested in increasing the price of commodities without actually wanting to consume them. You'll get manipulation and false signals all the time and things will be way more volatile than they need to be. |
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I'm selling when I see a relatively large price drop hopefully just before the crash.
You and everyone else I'm no expert here, but shouldn't one be buying on the large price drops and selling on the increases? That's what I do, but the herd will stampede. |
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Haha oh wow, I never thought of using the "buy bitcoins" search term. Thanks for sharing! This shows much more than "Bitcoin" trends alone. I'd not interpret too much into the "sell Bitcoin" term though, since anyone who has bought on an exchange doesn't need to ask Google how to sell. I interpret 'sell bitcoin' as used in phrases like "should I sell bitcoin?" That seems like a dumb thing to ask google. |
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I'm selling when I see a relatively large price drop hopefully just before the crash.
You and everyone else |
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It is, you know!
The market has been nursed since 4.50-5 to get confidence back. If nobody had taken over the market, we would have been messing around $7-15 still.
While the concept might seem scary, all markets have this kind of giant operators behind them with vision and cash to catch the tumbling baby and we are greatfull that they are there and willing to take on such an enormous risk. Everybody here has earned some moneypaper profits because of them.
FTFY |
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The protocol will be upgraded this year to support usernames/email instead of 31 random characters.
huh? I would like a source/more information on this please  He's referring the the payment protoco[1]l Gavin is working on. It's not going to change bitcoin, just add some convenience on top. 1. https://gist.github.com/gavinandresen/2217885 |
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500 pages... sheesh. Crazy speculators!  The worst part is I've read 90% of the posts. Yeah, me too. I don't even speculate...  I speculate, but I don't trade on it anymore . I just dollar cost average a bit with each paycheck and spend a small part when it rises. |
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500 pages... sheesh. Crazy speculators! The worst part is I've read 90% of the posts. |
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