You are shorting Bitcoins? Hahaha... What's your business?
It's not my business, but something I do on the side as a sort of hobby. Just made another nice short from 805 to 785.  Shorting bitcoin is so easy as of late. Bitcoin needs to learn its place. Much easier to hold from $100 to $1000. I guess you enjoy the challenge of risking unlimited losses. Seriously, bitcoin should learn its place?!? Where do you come from? Bitcoin is a decentralised peer to peer network. It's everywhere. No government can stop it without damaging the Internet and even then bitcoin will still exist. You cannot stop something that is essentially a protocol. It is bigger than government because people choose to use it. Once people understand that bitcoin is a transaction system that does not rely on third parties, why would they want to rely on third party fee clippers? |
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Don't worry anth0ny, you'll be a millionaire one day and deisek there will continue to be a wage slave. His kids are going to say: "you what? You thought bitcoin was a bubble? Is that why our family is poor?"
It may not be that fun though... Deisek, this might well be the last chance for you to buy btcs for less than $1000. You'll be kicking yourself... |
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I apologise to all the wage slaves who have missed out and are still missing out. It's too bad you're missing out on the biggest monetary revolution in your entire lives. Don't miss out wage slaves.
Hey, don't diss employees. Every society needs a peasant class. True. Let's hope in the future society will have more middle classes. |
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I apologise to all the wage slaves who have missed out and are still missing out. It's too bad you're missing out on the biggest monetary revolution in your entire lives. Don't miss out wage slaves. Buy some for the kids and grand kids. Sure, keep spreading FUD but don't let your offsprings pay the price. They deserve better.
lmao, I am actually self-employed and short bitcoin from time to time.  You are shorting Bitcoins? Hahaha... What's your business? |
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I apologise to all the wage slaves who have missed out and are still missing out. It's too bad you're missing out on the biggest monetary revolution in your entire lives. Don't miss out wage slaves. Buy some for the kids and grand kids. Sure, keep spreading FUD but don't let your offsprings pay the price. They deserve better.
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Same with Facebook shares. What if Zuckerberg sells all of his shares at ones. The price would go to zero, so the stock market price is crap.
Crappy example.. Governments and big banks have an incentive to crash bitcoin hard and get it to capitulation levels when you least expect it. A founder obviously doesn't. LOL. Bitcoin is bigger than government. It is the INTERNET of MONEY. Hahahaha... You stupid fool. If bitcoin was bigger than the government, your sorry ass (and that of your bitcoin-propaganda spreading foolish friends) wouldn't be excited when the government is having a hearing, or when Bitcoin is getting a little tiny bit of media attention. I bet you get a hard-on when Obama mentions ''bitcoin''. ''Bitcoin bigger than the government.'' HAHAHA, YOU FOOL! You just keep doing your job wage slave. Hahaha! How does it feel? Going to work paying off the mortgage. Enjoy it while the rest of us buy more bitcoins. Lol. |
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If you don't want to be productive, then just shut up and don't say anything
Uh-oh, you are kind of guest here and now you tell me to shut up, lol. I'm glad I was able to amuse you. Don't worry anth0ny, you'll be a millionaire one day and deisek there will continue to be a wage slave. His kids are going to say: "you what? You thought bitcoin was a bubble? Is that why our family is poor?" |
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Same with Facebook shares. What if Zuckerberg sells all of his shares at ones. The price would go to zero, so the stock market price is crap.
Crappy example.. Governments and big banks have an incentive to crash bitcoin hard and get it to capitulation levels when you least expect it. A founder obviously doesn't. LOL. Bitcoin is bigger than government. It is the INTERNET of MONEY. Hahahaha... |
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@porcupine I respectfully disagree. You may have underestimated the human propensity for greed.  |
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Bitcoin's market cap is total bullshit. Just a small fraction of all bitcoins can severally crash the price. In most traditional markets this is not possible at all.
And vice versa. Let Wall Street make it "traditional" in 2014. Long live the Winklevii bitcoin trust! |
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Just a minor update, we are meeting with the seller for a technical overview today and tomorrow - assuming all goes well, there is a fair chance we could close and make a formal announcement in next 1-2 weeks.
Regarding alt-coins, my personal opinion only is that non of them serve any actual true purpose outside of speculation. That said, I have commissioned my team to investigate the work effort involved on bringing on the somewhat more popular and hardened coins into CasinoBitco.in. This team will be researching the financial, technical and legal implications associated with this initiative and I will make the best business judgement regarding any next steps, putting aside my personal opinions.
Great news. Thanks for the updates. Much appreciated! |
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If the FBI had any brains they would be hanging on to those coins, which will be worth billions one day. Imagine how many years of department funding that would be. But they've got procedure to follow...
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woah... 100 shares @ 0.39 and 64 @ 0.38. I'm following the money...
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Weird. Share price rising again to 0.5 Btc.
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Two parts to that, the first part is there is a lot of delusion that bitcoin will solve all the evils of the world. I find it interesting, Marx and Lenin believed if the bourgeois class were replaced by working class all would be equal and well with the world. Instead they got Stalin and mass starvation and world wars. Not so easy to figure these things out in advance.
On the other hand, what we have now is a tiny group of people with absolute power and infinite wealth. There are some (many) good things that arise from this but also serious abuses and in the big picture we are all stuck working for them like plantation slaves without the chains. I don't know that bitcoin can change that, but maybe it is a step in that direction. As it is, the real power wants to buy an army to topple a democracy, they write a check. They want to take over and exploit a natural resource, write a check. They want a law passed to give them anything they want anywhere in the world, they write a check. And the more checks they write the more debt there is and the more powerful they become, because they wrote themselves the laws that said they would be the creditors, and all others would be the debtors.
A little known open secret swept under the rug in 2008. When oil clipped $140 a barrel, the few central banks who own the system decided to break the market. They shut down letters of credit to somewhere between 80-130 countries, literally overnight. Now you cannot call Kuwait and order a supertanker full of crude cash-on-delivery. they won't send it. Letters of credit work like escrow through the banking system and all nations are stuck with it (by gunpoint, mostly). So overnight 2/3rds of the world's oil buyers were locked out of the market and a few months later the price of crude was trading in the 30's.
Not to say bitcoin would prevent the concentration of power either. But as is these creditors own money, the idea of money, and have granted themselves infinite resource. It will end badly and if there is an alternative to playing their game, I will take it, on principle, because fuck them.
I really enjoy reading your posts Mr jballs. They are informative. Are we delusional about Bitcoin? Perhaps. However, in my view, Bitcoin offers the possibility of a hard currency + capitalism. You know, like Germany through the 70's and 80's as it was rebuilding its economy. Even now, the Euro is technically still a hard currency zone, though Draghi is trying his best to subvert that. Germany's response is that you cannot breed a competitive economy based on bailing everyone out. They have a point. You're also right that Bitcoin is perhaps a step in the direction we all want to head towards. One of the key features of Bitcoin that I favour is the transfer of seigniorage away from corruptible human entities to a predictable protocol. Therein lies the hope and of course the fantasy of a better world. And you're right, we can't go on in a world where central banks have the power to control money and direct it towards political purposes (whether good or bad). They can't help themselves, which is why a trust less system, such as Bitcoin, is required. Humans now have the potential to move forward based on decentralisation and agreement on open protocols to prevent the kinds of corruption that occurred in the past. |
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But thaaanos, we can calculate the cost that transaction fees add to the price paid for goods & services. And it's not really that much. Someone will certainly chime in and claim that it is - but it's not.
So the potentially newest buyer of bitcoin (let's call him buyer n + 1) has to ask himself why he's willing to be buyer n + 1. He's only going to trade his fiat for bitcoin if he believes that bitcoin will be worth more later than it is now. Higher relative to what, you ask? Define it however you want - it just has to be more.
The idea of trading your dollars for bitcoin won't go mainstream unless bitcoin proves that it is a competent & safe store of value. And it better continue to do that really quickly, specifically by convincing new fresh cash to pump into the buy side of the market. If this doesn't happen, the "value" of bitcoin either stays the same, or goes nowhere. If it goes nowhere, will people trade their fiat for bitcoin simply because bitcoin promises, let's say, roughly 3% in gains from no/lower transaction fees? It's possibly, but incredibly unlikely.
N + 1? More pseudo maths from economics. Frankly just annoying when you could have easily said "new person". GTFO! Moreover, the analysis itself is crapola: the "Bitcoin Bet" is as follows - will more people want to transact directly with one another without relying on a third party? Yes or no? If yes, Bitcoin economy expands then all the above pseudo analysis is total rubbish, as is most of economics itself because the assumptions are totally unrealistic. GIGO! Further, bitcoin is deflationary. No one can make more bitcoins so it will always appreciate relative to fiat as long as the bitcoin economy keeps expanding. And why will it expand? Because of the Bitcoin Bet. |
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If you don't treat bitcoin as currency, then you self defeat. It would make sense to price goods at bitcoins, if you are not going there then you are going nowhere.
Nope that was pure speculation, but I am not arguing that there is no elitist capitalism, I am arguing that bitcoin is designed to distill it and crystalize it, not Kill it.
I'm sure Btc or derivation of will eventually be dominant. At present it is not, but it's no big deal. Things can be priced in baht and I pay in USD or Btc, no one is getting defeated there. As I see it, debt based fiat is the real problem. Btc will go a long way to fixing that due to it being deflationary and strongly so over the next few years. Get on board Thaaanos before you get really left behind! |
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From wiki:
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An economic bubble: A bubble is similar to a Ponzi scheme in that one participant gets paid by contributions from a subsequent participant (until inevitable collapse). A bubble involves ever-rising prices in an open market (for example stock, housing, or tulip bulbs) where prices rise because buyers bid more because prices are rising. Bubbles are often said to be based on the "greater fool" theory. As with the Ponzi scheme, the price exceeds the intrinsic value of the item, but unlike the Ponzi scheme, there is no single person misrepresenting the intrinsic value
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In the case of bitcoin, the "subsequent participants" must pay both the old participants, as well as miners electricity bills. Since the bitcoin transaction are still mostly free today, value created by those transactions is not directly captured by the system. They are by giving up FIAT for bitcoins. If Fiat is irrelevant then why all the fuss about bitcoin getting higher? Higher relative to what?
What I just fail to see is the "Revolutionary" part of bitcoin, it would be more honest to claim bitcoin crystalizes Elitistic Capitalism
That's right if Elistic Capitalism did not already exist, Bitcoin would have a flatter wealth distribution. The advantage of Bitcoin is that it will be difficult for people to perpetuate their financial advantage via asset price inflation by creating extra monetary units via fractional reserve banking. I am reading it over and over again, and I can't get a thought straight, your arguments keep me derailing and shortcircuiting. Re point 1: I believe Bitcoin appreciating relative to fiat indicates the expansion of the Bitcoin economy. Even if Bitcoin is the dominant financial system, it would still make sense to price Bitcoin relative to other fiat currencies. Re point 2: Elitist Capitalism (and vision) is what allowed the Winkelvii to acquire 1% of existing bitcoins in the first place. Without their financial advantage, that acquisition would have been a lot more difficult. So, Bitcoin will be relatively unequal to start with. However, over time the Winkelvii cannot maintain their financial advantage without spending monetary units of Bitcoin. Whereas under a debt based fiat system, they could take out a loan and invest in ever appreciating asset prices, and thus perpetually maintain their financial advantage over ordinary workers. |
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What I just fail to see is the "Revolutionary" part of bitcoin, it would be more honest to claim bitcoin crystalizes Elitistic Capitalism
That's right if Elistic Capitalism did not already exist, Bitcoin would have a flatter wealth distribution. The advantage of Bitcoin is that it will be difficult for people to perpetuate their financial advantage via asset price inflation by creating extra monetary units via fractional reserve banking. |
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Which leads me to your "oh all these coins are pyramid schemes"... but first I will add my mom doesn't have a basement... let me help you grok this. CAPITALISM IS A PYRAMID SCHEME. All of it. You know why stocks boomed from 1950 to the 2000's? Because the world population went from 2 billion to 6 billion. You know why it is crapping out here? Because we cannot extract resources fast enough to downline the 7th billion with the gross excess required to feed the pyramid. Stock market IPOs oar pyramid schemes. Fiat money is pyramid scheme, decaying at fixed rate to guarantee loss to holders. Credit/debt is the ultimate pyramid scheme, requiring exact exponential growth and unavoidable collapse. This is fact. Social security, that's just a ponzi scheme but the differences aren't that significant. There is very little in modern society that is not absolutely dependent on growth. The rate of growth and collapse vary, if it is too short is a disallowed pyramid, if it is long enough it is an allowed pyramid, if it is a genefration r more it is often a legally mandated pyramid.
Think that was all I had to say. Good luck getting out of your shitbox.
Cogently explained. And on an inflationary fiat planet, the existence of a deflationary alternative that can't be killed is a good thing. I can only hope that more people will come to appreciate the inherent unsustainability of credit based systems. |
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