What the hell are you doing here Adam? Adam你他妈的在这做毛？  |
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My advice is to take long term short position in USD. Hold as little USD as possible, always borrow when you need it, coz there is too much outta there and it will always be cheaper when you return the loan!
I dont agree, loans have much higher interest than inflation. But hold as little USD as possible is good advice Well, that depends on where you spend you borrowed USDs, those who have borrowed to buy bitcoins must be feeling really good right now |
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My advice is to take long term short position in USD. Hold as little USD as possible, always borrow when you need it, coz there is too much outta there and it will always be cheaper when you return the loan!
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BTCChina现在还好了，以前问题更多，不涨不跌时一个鸟样。提现延迟算啥，早年间还有下单都要排队的，等排到自己，早就不是下单时那个价了。。。
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Nobody interested in discussion? |
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I think they couldn't block it but they could make it difficult to use. I wouldn't mess with the Chinese government if they banned it.
I expect the price would fall by at least 75% if 20% of the world and the 2nd biggest market was cut out!
CCP has banned VPN sales for firewall-crossing purposes for years, yet the market is now more prosperous than ever. |
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payment service is NOT free, without your investment, miners get NO income Well that's not quite what I mean. What I'm saying is that there is a service bitcoin provides. Which is to transfer money from anywhere to anywhere else in the universe which is reachable via internet. Yes there is a fees attached to it, but that's not what I meant when I said "value". I know it's not what you meant, but you pretty much had everything you need for the answer: such a service as you said must be paid for to retain a guaranteed degree of quality, that's why the investments are not for some certificates that are worthless. |
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Well, if the Party decides to outlaw Bitcoin it would be very easy for them to block it. The Great Firewall of China would simply block the network. Much easier then killing it then it is in the rest of the world.
As long as the pool operator is outside China(which is pretty much the status quo), it doesn't matter much, or the Chinese could just outsource everything.... |
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It could be seen that botcoin is/does have certain characteristics of such That's why I want to find a solid reason why it isn't. One of the things that stands out is the fact that in a Ponzi scheme you're really exchanging certificates that on their own are worthless. But bitcoins aren't. You can use them to do actual capital transfers from one place to the other in a secure and open network. The transaction is guaranteed by the network as it's included in the global distributed ledger. I think that even if tomorrow all the "conmen" cashed out, this use case for bitcoin would still be important and hold value for people. You essentially answer it yourself, payment service is NOT free, without your investment, miners get NO income and they will shutdown(fees are until now pretty negligible, min tx fee is only about 7 US cents), so by buying bitcoins you are actually paying for a useful service, as every coin ultimately comes from mining, that's why it's in no way a Ponzi scheme. |
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They are not going to ban bictoin now because they don't believe in bitcoin. Once bitcoin reaches 10-100k$, they will start to act. Here is what the central bank vice governor had to say: http://stock.sohu.com/20131122/n390574896.shtml (use google translate) Interesting, thanks for link, heres a Google Translate copy paste (sorry for bad formatting, don't have time to fix  ): Central bank vice governor responded Bitcoin hot: characteristic, enlightening but does not recognize its legitimacy
Trainee reporter Zhang Yueguang intern reporter Zhang Shuo Beijing reported Rounds bitcoin finally ushered in the regulatory position. November 20, People's Bank of China Deputy Governor Yi Gang's first talk in a forum bitcoin. Yi Gang said that from the perspective of the People's Bank, near impossible to recognize the legitimacy of Bitcoin. But he also believes that bitcoin transaction as a sale and purchase behavior on the Internet, ordinary people have the freedom to participate. In addition, Yi Gang also noted bitcoin "very characteristic", with "inspiring", individuals will remain long-term concern. Yi Gang stand behind the Bitcoin market in recent weeks China's rapid hot from the three largest bitcoin trading platform BTC China, okcoin and Fire credits displayed network data, in November before the 20th day average bitcoin trading volume has more than doubled over the same period the previous month growth. November 19, Fed Chairman Ben Bernanke sent a letter to the U.S. Senate Homeland Security and Governmental Affairs Committee held a hearing, said the Fed has no right under the direct supervision of virtual currency that bitcoins and other virtual currencies "may have long-term future," and Affirming "cautious blessing" attitude. Affected by this, the day Bitcoin currency topped 8,000 yuan. Currency "roller coaster" caused trading volume surged into November, bitcoin currency began to dramatic changes. November 1, the major trading platforms bitcoin given a purchase price of about 1,250 yuan Bitcoin, and the 10th this figure rose to 2,000 yuan in the vicinity. More exaggerated, 18, 19, two days, bitcoin currency starts rising from 3,000 yuan, and reached its highest point in the 19th after the 8000 yuan down quickly, the day to close at 5,200 yuan. The 20th bitcoins continue to decline, as of press time reporter, the currency basically stable at around 4,300 yuan. Rapid ups and downs in the Bitcoin currency, while the volume of transactions each trading platform also risen sharply. Largest trading platform BTC China October average daily trading volume of 18,474.2 Bitcoin, and November 20, 2011 before the data is 56,273.3, up 204.6 percent. 18,19,20 three days, the average daily trading volume of 96,373.2 platform bitcoin, which is a breakthrough in the 19th day of a 10-million mark. In addition, the trading volume came in second, three of okcoin and Fire currency net growth even more shocking. okcoin and Fire credits online daily average trading volume of only 6036.84 and 4943.16 bitcoins, these two figures increased to 30,645 this month and 33699.7, an increase of 407.6% and 581.7%, and the 19th volume of transactions also two platforms have exceeded 60,000 bitcoins. According to the domestic top ten trading platform published data, the 19th domestic bitcoin total market trading volume of about 250,000 bitcoins, even according to the day's closing price of 5200 yuan currency to calculate the date of the transaction amount is also more than 1.3 billion. Reporters also learned from 8,000 yuan in bitcoin began to decline after the peak, the platform now been found in the case of centralized mention, investors show some sidelines. Currency network, for example by fire, the 19th volume of withdrawals platform more than 30 million yuan, 20 and 21 days reached 40 million yuan. I hope the introduction of regulated trading platforms mentioned Yi Gang's statement about bitcoin, told reporters that a number of platforms is good news for investors. Preceding a platform CEO believes that the People's Bank does not recognize the legal status of Bitcoins is expected, but Yi Gang said Bitcoin is an Internet trading freedom, does not directly interfere with the description of bitcoins in China's development has been the tacit approval of the regulatory authorities. On the other hand, recently Bernanke's statement also showed similar views. Bernanke said the Fed is only entitled to manage its distribution, liquidation or assignment of physical currency products, and regulatory banking institutions and have no rights under the direct supervision of virtual currency. Therefore, the Fed temporarily not formulated for bitcoin regulatory scheme should provide them with a relatively free market. But one day might be able to "promote a faster, safer and more efficient payment system formed." But the above platforms CEO said that for the trading platform, the central bank recently no regulatory bitcoin not his wish. As Bitcoin trading platform opened lower threshold, as long as the introduction of third-party payment site erection can be realized transactions, there is no specific regulatory bodies involved, as the hot bitcoin will emerge a large number of competitors. More importantly, because Bitcoin is a virtual currency based on market confidence, once densely adverse trading platform, "foot" and other phenomena, currency Bitcoin will do great damage, and thus undermine the entire market order. He further introduced, in addition to trading platforms, but also spawned a number of domestic bitcoin-based downstream industries such as bitcoin gaming etc. These formats have actually exceeded the scope of financial regulation, but great risks to participants . In fact, BTC China market analysis on the pages with bitcoin betting sites advertising. According to this site, data show that the current players have been involved in bets over 70,000 bitcoins. (Edit ZhaoPing) Author: Zhangyue Guang Zhang Shuo
This is about the best response you can get, unless you are really(really?) expecting a central banker to acknowledge the legitimacy of an alternative currency. |
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Nice contrast:  Well, at least copper's up Well, at least we know silver would not fall to 3, or 4-5 for that matter. |
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Can the pools adopt a stepwise approach to the problem? I.e., increase the blocksize by 5-10k a time, shouldn't have a noticeable influence on the propagation time, then wait to increase further only until other pools also catch up.
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You should skip when you see an article from a newspaper name itself as "Wall Street Daily".
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If you're a PM-bug and you don't become highly enthusiastic when you find out about Bitcoin you must either: 1. Lack the (technical) know how to understand why Bitcoin can make the claims it makes (primarily regarding security, fungibility and security) and not believe these 2. Not really understand WHY you're a gold bug in the first place 3. Be so indoctrinated and entrenched in your believes it takes more than reason to escape them I hope most are of the first category (because that is at east a valid reason) but am afraid 2 and 3 are much more common IMHO category 1 is the most common, most of those in category 2 and 3 end up also in 1. Rpietilla is one of a few PM bugs I know to be fluent in math. |
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I hate to burst everyone's bubble ...
The Federal Reserve was created in 1913 to manage the U.S. money supply, and at this time, the U.S. was on a gold standard. Fractional reserve banking will make it possible for the Federal Reserve to manage the bitcoin money supply (with possibly limited success), but not in the way the author suggested.
I predict that the Federal Reserve will be managing the bitcoin money supply within 10 years.
That would be the biggest fail of bitcoin so I will personally make sure that this will never happen. I think you're all misreading what "managing" means. The fed doesn't have to buy all the bitcoins, or process transactions to "manage" the supply. The fed will just need to decide what tools they have available. They could issue bitcoin bonds the same way they issue dollar bonds, cuz what's the fricken difference? Just one random thought, but to say the fed is managing the bitcoin supply in 10 years shouldn't be written off as quickly as all the replies here have done. I believe it's a longer discussion. You are exactly confirming what they said up there. Without the 8000 tons of golds confiscated from the Americans, I doubt their bonds would have been worth so much. The Federal Reserve can manipulate the bitcoin supply by changing the reserve requirement. Try to collect these reserves from people like me, who don't need banks. Without the banks, FDR is obsolete. |
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I hate to burst everyone's bubble ...
The Federal Reserve was created in 1913 to manage the U.S. money supply, and at this time, the U.S. was on a gold standard. Fractional reserve banking will make it possible for the Federal Reserve to manage the bitcoin money supply (with possibly limited success), but not in the way the author suggested.
I predict that the Federal Reserve will be managing the bitcoin money supply within 10 years.
That would be the biggest fail of bitcoin so I will personally make sure that this will never happen. I think you're all misreading what "managing" means. The fed doesn't have to buy all the bitcoins, or process transactions to "manage" the supply. The fed will just need to decide what tools they have available. They could issue bitcoin bonds the same way they issue dollar bonds, cuz what's the fricken difference? Just one random thought, but to say the fed is managing the bitcoin supply in 10 years shouldn't be written off as quickly as all the replies here have done. I believe it's a longer discussion. You are exactly confirming what they said up there. Without the 8000 tons of golds confiscated from the Americans, I doubt their bonds would have been worth so much. |
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Current problem here is that Bitcoin price moves signifcantly more rapidly than fee amendments. In the last 72 hours, the price of one Bitcoin on BTC China peaked at circa 1,100 USD. Moving one BTC with the minimum fee of 0.0001 BTC would cost you 11 cents. Amazon pay less than that to process a credit card transaction.
What's the problem? That the value of your holding increases thousands of dollars while you have to pay an additional fee of only several cents per transaction? The Amazon example is red-herring, the cost has already been included in the price of the goods, either willingly or unwillingly, and dollar never fluctuates as much. Sometimes I feel that it's not only the Wall street bankers who are snobbish and stingy. |
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I think maybe pools should advertise a "guaranteed to process given available space" fee level? Lots of people may prefer to pay quite a bit more than being kept in the unknown, which is infuriating.
The min fee (0.1 mBTC per kB) should be fine. Comparing the memory pool to recent blocks almost all paying tx are included in the next block. The issue is more people creating tx w/ unconfirmed inputs and people creating tx w/ no fee (and any fee < 0.1 mBTC is considered no fee). Still pools DO need to start making blocks large. 150KB (0.3 tps) isn't going to cut it. Bitcoin growth is essentially halted until pools start expanding block size. I figure that creating fee tiers may help improving the user experience for many, and help motivating the miners to create large blocks as well(the about 7 U.S cents min fee is embarrassingly low, in the sense that you don't even dare to call it a service you paid for and I can't figure out what people are up to when they choose to pay lower), but such policies are guaranteed to create an uproar in a community where many takes everything free for granted. |
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Try to find an alternative which would even consider to send any amount for you for just 7 U.S cents.
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I think maybe pools should advertise a "guaranteed to process given available space" fee level? Lots of people may prefer to pay quite a bit more than being kept in the unknown, which is infuriating.
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