We are happy to report that https://bitbargain.co.uk (a fiat<->btc marketplace) told us that they successfully used TLSNotary in an unusual case where bank lost the buyer's payment. Even though https://bitbargain.co.uk processes ~300 trades per day, twice a year they'll have a situation where there is no way to resolve a disagreement between reputable parties. Using TLSNotary the seller showed to the BitBargain staff their online bank's statement page (with a cryptographic proof) without revealing their bank's login/password. Good times. So the buyer proved they had actually made the bank transfer using TLSnotary also? And seller was able to prove he hadn't received (yet) because bank had lost the payment. Interesting that a bitcoin-centric system for removing trust has been used to prove legacy banking error ... good work. |
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The first one caused a drop of ~70 USD on its announcement (~2014-06-11) which was reversed when it was known that one bidder had bought all the coins (~2014-06-30). The ssecond one (announced ~2014-11-17, result known ~2014-12-09) did not have any clear effect although there was a ~25 USD drop on the day before the result became known (a leak perhaps?). Auctions are good, rich dumb guys buy all the btc, they hold it, less coins in circulation, btc bagholders win long run.
It depends... Those coins are now out of the active market, whether open (exchanges) and OTC (off-exchanges). The auction will take a lot of dollars out of the pockets of people who would otherwise buy bitcoins in the market; so it will put a negative pressure on the price. If the coins are bought by long-term hoders, the effect will not be immediate; simply there will be less money around in the following onths. If the winners are short-term speculators, the drop may be immediate as they offer the coins for sale. (On the other hand, perhaps there are people who are not buying BTC now because they hope to get a better deal at the auction. If they do not win the auction, perhaps they will start buying from the market.) ... wrong, this a "Buy the news" moment, because all the psychology that you meticulously detail here with great effort has already been priced in awaiting this announcement. Only a few slow beartards traders will get caught expecting any drop ... that's all folks, next stop 2 fitty. |
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I'm glad someone who is a strong bull backed me up on that, so it can't be brushed off as "bear bitterness" or whatever. I don't get bitter about price, but I do get very annoyed by ignorance and bigotry.
... except when it is beartard pig trolls carping on incessantly about the imminent demise of bitcoin? |
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It seems like the government of the USA is slowly starting to hunt down illegal Bitcoiners:  http://www.coindesk.com/bitcoin-atm-shutdown-regulation-vermont/"The agency has asserted that those involved with the machine were “knowingly engaging in a money service business” without a license, and as such, could face up to three years in prison. The $85,000 estimate includes a fine of $10,000 as well as $1,000 per day in administrative penalties." wow, that is the biggest steaming crock that I've heard in while ... and illegal machine that swaps pieces of paper for digits?? Really? is that what the world has come to? What next, clandestine BTMs tucked into backs of shops behind curtains like speak easies of the prohibition era? Ffs if this doesn't scream totalitarian facism what does? |
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A great application for bitcoin is to provide a funding model for tor P2P relay nodes. WIth bitcoin there can be a market for those willing to pay for anonymous traffic. This is not possible with fiat, because it is easy to trace the source of funds, but bitcoin provides a fully anonymous solution from payment through the end service. So lebing's point on using bitcoin was partially right, you just can't do so with a centralized service. This is the logical outcome, eventually there will be no such thing as ISP's, it will back to the truly distributed architecture original envisaged. The medum term outcome has been distorted by the lack of a resource allocation mechanism, i.e. internet money, for the market to correctly price and pay for network traffic, private or otherwise. If the packets encoded their own transport payments within them, so to speak, then the relays do not need this massive out-of-band billing and payment contraption that has globbed onto the internet and created opportunities for all the corpro-facist mahem we witness today, AT&T, WorldCom, ComCast, NSA, Google, etc. |
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the sweat from the fiat bag holders is so palpable it's almost dripping out the bottom of my computer ...
this slow grind higher must be torture sitting on interest and red short positions, worrying about a violent breakout movement that stops you out altogether?
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So I have this small pile of cash and I'm afraid I may be a fiat bag holder. If you understand that every USD debt is effectively a short on the dollar, the market is saying that dollars are a shitty investment.
don't be a fiat bag holder (FBH) ... when the musical chairs fiat pyramid game stops there won't be enough bitcoin chairs for all the beanie babies, mixed enough metaphors for the trolls? |
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most hdd are first loaded with windows at the factory so if the firmware is infected anytime before linux is installed then it will still be in the firmware, unless special efforts are made to reflash the hdd firmware before installing linux.
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My line I always say is apple could poop into a brown paper bag, slap the apple logo on it and people would line up and pay $600+ for it because its "apple". No, people would not line up and pay $600+ unless they also called it iPoop. The logo alone would not be enough to convince people. Actually, didn't they call it iPay? |
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lowbrow...idiots...lazy and stupid...
A regular libertarian charmer, this one.  truth surrounding money is often far from charming ... usually quite ugly. |
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probably last time we will see sub-230 ... ever.
looks like retrace is over and a slow climb back to 280-300
Remember kids...the cultists are clueless. wow, just shoot me now ... i missed the pullback low by $2. hint: there is no "bitcoin cult", except in the emotional soup of the sour grapes bears and fiat debt-slave Stockholm-syndrome victims minds. |
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when people finally learn to get their coins off the exchanges or lose them to 'hacks' ... then the real fun begins.
every exchange will get hacked because they are all pigs, it's like playing russian roulette leaving your coins on exchanges, where's the fun in that? would you trust a pig to look after your lunch for you (or your ID)?
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looks like retrace is over and a slow climb back to 280-300 ... quite bullish action to see the quick retrace after long, slow climb ... the sawtoothing begins.
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new rules .... bulls make money, bears make money, pigs get hacked.
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i think they keep shorting ...
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looks like there is still plenty of cash in the sidelines
sounds familiar, probably last time we will see sub-230 ... ever. |
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I'm starting to think it's either a new resonance of freedom of thought and innovation, or another few hundred years of the dark ages.
I fully expect to see one or the other outcome within my lifetime. (Next 50 years)
schmadz nails it ... these are the stakes, no less, I concur. |
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 buying bitcoins is logical, fiat is illogical. |
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