By the way, THIS proved to me that this market is too volatile to be in it other than with long bitcoins.
There's too much speculation and I am affraid bitcoin is just that: a purely speculative instrument, and a very profitable one. Nothing else. Scattered poker games, transactions but no real economy. Wake me up from my hibernation when we have some killer app or interest in BTC as store of value.
it's all there. just stop trading for fiat unless you want to gamble a bit. it's a trader/speculators wet dream. 10 cans of redbull per day and refresh button
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http://www.zdnet.com/why-dollars-are-better-than-bitcoins-and-always-will-be-7000022986/The ideologies and my responses:
Distributed currency - Who cares? What's the real advantage to that? No government or bank controls it - OK. Again, so what? Transactions are anonymous - Not true at all but why should that matter unless you're doing something that requires anonymity**? Use cash instead. followed by After all that, here's what I really think of Bitcoin and the whole Bitcoin frenzy:
Bitcoin was an experiment—an anonymously created project and that's all. Bitcoin is interesting from a purely esoteric point-of-view not a practical one. People will fall for just about anything that they think is anti-government. People will fall for just about anything. Just about anything can be used as currency. Being distributed is no advantage. Being P2P is no advantage. Not being controlled by a bank or government is no advantage. Bitcoins are susceptible to theft and hacking. Bitcoin transactions are not anonymous. It's mostly hype and ideology. The hype is derived from a clever marketing plan perpetrated to artificially raise the value of something that has no value. Is more akin to cigarettes in prison rather than a real world currency. Just because people are jumping on the bandwagon doesn't make it something you should get involved with***. It's OK with me if people use Bitcoin, however, don't try to pay me with it. I don't care if there are Bitcoin vending machines. Cigarettes used to be sold in vending machines too. The perceived value is too volatile for a real currency. Bitcoin is a bad name. It should have been Bitbucks or Bitbux. Bad call. Just because you like it, doesn't mean anyone else has to. I don't like bubble tea either, so what. In ten years, Bitcoin will be one of the things you laugh about. If you have to purchase a currency in order to buy stuff that you can buy anyway, there's something screwy about that. i will refrain from making obvious comments about the author
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sam is "busy quitting his other, more important job" *or* working on a new scam
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regardless of all else.... why would people buy from BFL. only newbies who are dumb should be buying anything. i can't believe that one firm bought 1 million from these jokers
this big buy is absurd in itself, worse even with BFL. Someone has a lot to learn from chinese inversors. what do you mean by this? the buy was from canadians
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Boxman, you sound like you know what you are talking about. just want to make a few small corrections/explain better. 1) you are making an assumption that btcchina allows people to buy and sell to themselves. any non amateur platform wouldn't allow that. not sure if they do but i would doubt it. 2) just like you said mtgox price is fake since people only buy btc, i'm stretching to say bitstamp is fake since most people use it to cash out of mtgox. the "true price" would be somewhere between mtgox and bitstamp.
3) you are correct people can't arbitrage well at moment. once ltc is enabled on most of those exchanges the prices should be much more closer to each other.
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each country has their own laws
Sure, but unless you live in a tax free country (or a country that doesn't impose tax on bitcoin gains), or you don't plan on reporting, then how to weigh the tax implications? I just wanted to run over a simple case study with simple numbers. I don't plan on making many trades a year, maybe a couple of big sells and the rest as small periodic buys. I'm weighing in on whether or not it's worth trying to sell before a big correction, but my understanding, it would have to be a big correction for it to be worth trying to pin point it. each country decides how to tax differently. FIFO, LIFO, Weighted Average, Capital Gains, buyback periods, exemptions, long term holding, short term holding, currency appreciation laws, currency appreciation exemptions, etc. it's more complicated that you may think and i recommend you talk to a professional in your respective country.
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BTCChina price = fake, because 0 trading fees, selling to oneself is encouraged, easy to mass manipulate price and fake high volume
MtGox price = fake, because USD (and EUR) can't leave there. All withdrawals take >2 months, so you currently can NOT get your money out. To get any currency out, one has to convert (BUY --> higher price) to BTC. (recent rumors have it that even BTC withdrawals are grinding to a halt). One could say that due to the inability to withdraw MtGox USD, "MtGox USD" as a currency is worth less than normal USD you can move around the globe in a day or three.
Bitstamp price (358 at moment of writing) = okay at the moment (fake because people are using bitstamp to cash out hence driving the price down), only healthy market (along with BTC-e) currently.
BTC-e price (347 at moment of writing) two factors:
a) Currently USD/EUR at BTC-e is 1.315, actual value is 1.335. BTC-e USD's are worth more in that sense - 1.335/1.315*347 = 353. But this is only because I'm European, and will cash out in Euros.
b) LTC market is really big there. Due to switching from BTC to LTC and back, arbitrage bots will suppress the BTC-price a bit compared to other exchanges (a few dollars) lowest volume of all the exchanges. prices also down for those trying to cash out
I don't see too much weird going on here. people in different countries can value BTC differently and hence different prices. also, as mentioned because different deposit/withdrawl methods and different locations of exchanges it is an amazing arbitrage opportunity if you can make it work.
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regardless of all else.... why would people buy from BFL. only newbies who are dumb should be buying anything. i can't believe that one firm bought 1 million from these jokers
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So what is the summary of all this? Are we in confirmed scam territory?
correct. sam said that shares were cheap at .003 and that by end of oct we would see that. he knew that that was BS!!! it's lost 99% of it's value. so yes, fraud at minimum.
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i can't figure out why ken is more tightlipped than hashfast or cointerra - it's not like they don't have some kind of NDA in place too. really weird that he's unable to say anything regarding stages of chips and production.
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each country has their own laws
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There would be a line of surprised buyers with tons of papermoney below 100 200
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you do know that those charts mean nothing if they aren't logarithmic. i hope you know what those are.
going parabolic in log = madness "starting to" like when btc went from 10 to 250+ we are at the 30 stage now
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maybe you should state price? if you say 4btc per share i'm sure you'll get a few people to sell
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you do know that those charts mean nothing if they aren't logarithmic. i hope you know what those are.
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no bears in china. you should know that
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$80 difference between btc china and btc-e!!! people can make a killing with no exposure to long term prices.. crazy if btc china had litecoins i'm sure that the gap would be smaller
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i guess the strategy of 0% fees really worked! imagine if all the exchanges did 0% fee for a month..
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