Gee, I just realized how crazy this is going to be when/if the ETF launches. If this can be manipulated this easily, you should see how the wall st. guys push around gigantic market cap stocks within like 20 milliseconds just before another wall st. guy announces a downgrade. Bitcoin will get blown to bits the moment those guys even start to take it seriously.
who says wall st guys aren't pushing bitcoin around right now? There is already a Bitcoin ETF, you can short or long but needs EUR100K for an account and minimum trade is EUR10K |
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Isn't this still just the ASIC manufacturers selling off their coin. They can't allow it to drop too low or they'll kill their profit margin.
No, it isn't, but thanks for asking. |
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Bitcoin is a store of value and a means for exchange, two of the functions of money which are not separable.
[Not to be confused with legal definitions within a body of law that have similar sounding names.] |
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Well , in term of number of transactions , we're back to 2012 ... cimpochi to the rescue?  Not surprising. More anecdotes: At these exchange rates, folks are not spending them and so almost all my orders are USD. The BTC buys less silver now than they used to. Had a lot of orders when BTC was >110, more than I could take and clear so I had to limit the BTC sales. Now it is all USD. |
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M-Pesa seems more like a rivaling currency than anything else. It already has millions of transactions daily and growing fast, bitcoin is becoming a gamblers paradise. http://en.wikipedia.org/wiki/M-Pesa. i wonder how high the fees are? Users are charged a small fee for sending and withdrawing money using the service.
You pay a fee of R2.45 each time you transfer money to another registered m-pesa customer (About USD$0.25) There are over 2000 m-pesa outlets. You’ll find them at: Vodacom shops Vodacom 4U stores spaza shops community containers all Nedbank branches selected retailers anywhere you see the Vodacom m-pesa outlet sign http://www.vodacom.com/personal/services/m-pesa/aboutm-pesa |
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Lol, I still don't know why they say they have to 'trust hackers', why not just actually go and read the sourcecode if you actually think that nobody would have pointed something like that out by now its open source for goodness sakes.
Also what the heck is it with the term 'hacker' anyway, its like they want to tag him as evil for no reason whatsoever.
You forget...To news people, a hacker is someone that either knows what source code is, or can read source code. We are like aliens to these people. |
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It was not ignored. I agree that there is very likely a flaw, or more than one.
I am however hoping for some substantiation of what you mean by "entire methodology is flawed", or a mention of the flaw to which you refer.
He posts "alternate charts" for inflation (which are just the CPI with an arbitrary constant added....which is why his charts have the same exact curve but at a higher percentage level) which he says is necessary because CPI doesn't account for food and energy (which we know is bullshit). Here are is adjusted chart for reference:  When he misses such a basic fact about how CPI is calculated, and then proceeds to produce new "correct" charts and a website to spout bullshit on how the US Gov misrepresents statistical data, how could you possibly trust his word on anything else related to inflation? Or anything having to do with statistics overall for that matter? I don't believe that you are actually too dense to understand how this destroys his credibility; I think at this point, you are just arguing for the sake of arguing (or at least I hope so). It is simple. He fully explains the methodology used behind the calculations in his charts. These methods are clearly explained on his website. It is factual, then that you misrepresent his methods. We can proceed to the following conclusion, which fortunately, you have provided us. I don't believe that you are actually too dense to understand how this destroys his YOUR credibilityIt is less arbitrary than it seems. What he does is subtract the "adjustments" that have been made to the CPI over the decades which were added to show a lower inflation number. The adjustments were added in order to cut USA entitlement spending, which is indexed to CPI. Sure, the original adjustments, and also subtracting them, could be called arbitrary. They are what they are. The information is useful in both forms. Fundamentally, neither of these metrics are perfect indicators of inflation, the shadowstats numbers are just showing what the CPI would show without the budget-saving adjustments. Democratic presidents can more easily cut entitlements because they get buy-in from their opposition and those loyal to them more or less follow along, so Clinton and Obama have an easier time cutting the CPI. The Bush folks had an easier time increasing spending. This principle shows the political perversity of party politics. It is easier to go against one's political base to get things done. "Former White House Chief of Staff Erskine Bowles and former U.S. Senator Alan K. Simpson suggested a transition to using a "chained CPI" in 2010, when they headed the White House’s deficit-reduction commission. They stated that it was a more accurate measure of inflation than the current system and switching from the current system could save the government more than $290 billion over the decade following their report. "The chained CPI is usually 0.25 to 0.30 percentage points lower each year, on average, than the standard CPI measurements." Whether the reason it was adopted was more because it was "more accurate" or that using this accounting trick improves the government picture "more than $290 billion over the decade following their report" can be left to your own imagination. US$290 Billion pays for a lot of SEC agents. If one of the companies SEC agents regulate tried such an accounting trick, would the result be as easily accepted? |
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SEPA is bank to bank transaction. Why is it needed for this? Seems like it would be an additional unnecessary step if the deposit is made to the bank account of the coin seller.
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That's great. Anyone from Bitcointalk there? or was it outside the means of people from this forum? How was the meetup organized? there was recently a bar meetup and open air exchange with 30 people
I was there. At both. Also, there is a meet in Santa Monica Wednesday July 10. http://www.meetup.com/Los-Angeles-Bitcoin/events/123784402/ |
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I believe the important functional difference that is relevant to a legal analysis is that if you have a prepaid card denominated in dollars, you do not have actual dollars. You have the value of dollars that you can reclaim at some later date. If you have BTC in a wallet on your system, you have the ACTUAL BITCOINS. Nobody is guaranteeing to let you pay in the future for some unidentified product. No third party is required to have a quantity of currency on hand to guarantee that.
The purpose of regulating "stored value" in the legal sense is to prevent some dishonest or incompetent outlet from selling a bunch of prepaid cards for their services, then going belly-up and leaving people holding a bunch of worthless prepaid cards. This is why companies usually do not manage the prepaid cards themselves, but some large entity that specializes in meeting all the regulatory requirements does it on contract.
I think if someone actually does start selling prepaid cards that just happen to be denominated in BTC, those cards will be subject to "stored value" regulations. (I doubt the Casascius "physical Bitcoins" would qualify for this because, again, you are getting the actual Bitcoins themselves, albeit on a different physical medium.)
The tricky part with the coins is that the virtual currency value could be removed from the coin by spending it even without the coin. The coin holds a copy, another copy could be held by the maker. Whichever is spent first takes the value. So, where are the "actual Bitcoins"? |
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If he is who he appears to be, he's one of our heroes.
Or at least for those of us old enough to remember BITNET.
Still, I found the exact picture used in the profile in a Google Images search. This forum doesn't verify you are who you say you are when you sign up. Plus it's unusual for someone to actually use their real name. It wasn't always unusual to use our real names online. |
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good morning, Expanding demand and growing widespread adoption has forced the hand of regulators. Bitcoin is defined as an open sourced project which presents a number of challenges and opportunities. We are working around the clock to address many of these issues especially relating to the blockchain integrity. If you have any questions i'd be more than happy to answer them for you.. Ira
Who are you  good day, check out the projects we are working on. Happy to help anyway I can..Ira And I'm still stuck on the "who are you" part. Who is this "we" you keep referring to? Looked through the link in your profile, but did not see your name anywhere on that website, unless your profile name is not your real name. Keep in mind that this community is VERY skeptical of newbies since they tend to turn out to be scammers more often lately. If he is who he appears to be, he's one of our heroes. Or at least for those of us old enough to remember BITNET. My former company, Infonet, was also a founding member of the Internet Society. So, either he's one of the good guys, or wearing the mask of one. |
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My point was about the e-mail is that it should be changed esp now he is aware of the false trust issue it makes.
The funniest part of this dialog, is Goat saying that he trusted smoothie MORE because the email " info@info.com".  |
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It looks like in the new proposal, bitcoin-broker will also need to act as the guarantor for the 2nd tier. Just in case the seller does not transfer the bitcoin, bitcoin-broker will have to do so. (And use up the sellers' deposit).
How you manage to insure your capability to be that guarantor is up to you, but the more visibility you give to it the better.
If you are using a deposit as the guarantee, that also gives you some risk as the deposit holder (not to be hacked, robbed, etc). In the end, the guarantee is only as good as the trust placed in you (buyers can not see the deposit, we have to trust that you have it).
It can be a very good model. Holding deposits might have some other risks and maybe some benefits. It is good creative thought.
Since you offered it for opinions, personally I like what you are doing now and would like to see it more solid and improved and grow before making changes to the model that make new things or more complicated for you. Many business fail from trying to do too much. If it is very well inside your comfort to try it, then go for it.
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good morning, Expanding demand and growing widespread adoption has forced the hand of regulators. Bitcoin is defined as an open sourced project which presents a number of challenges and opportunities. We are working around the clock to address many of these issues especially relating to the blockchain integrity. If you have any questions i'd be more than happy to answer them for you.. Ira
Who are you good day, check out the projects we are working on. Happy to help anyway I can..Ira Welcome aboard, good to see you here. |
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As a boardgamegeek, I appreciate this effort.
Thank you
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You guys are ready to see the deniers use the next rebound as a "See, you bears were wrooong! To da mooon!" ?  No. Don't have any predictions. Even whales can't fight the leviathans. The price goes where they want it to go. |
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I can't believe a small sell wall at 70.00 is holding this upward trend at bay That's because it's not an uptrend why ppl would buy @70 when most of the ppl predict 50's? that's a huge difference and it seems the trend is showing to this direction... "Most of the ppl" are usually wrong. |
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