SELL SELL SELL!!! Force the Chinese to sell even lower! Then in February you can buy back cheap because the Chinese will no longer be around to drive the price back up.*  *Note: This is not serious investment advice, but merely musings about the political claptrap. |
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I think what MPOE-PR is trying to say is that Bitcoinia has seen more than its share of vaporware and we have grown tired of these announcements. There are now more credible avenues for press releases than posting on a forum.
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Near-term bitcoin could definitely go down to $250-$300 with the current pressure from governments and banks.
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Bitcoin is a:
1. Financial Protocol - like HTTP, Bitcoin is a language that allows exotic financial transactions
2. Store of Wealth - like a commodity, Bitcoin can be bought and sold with its value determined by scarcity
3. Currency - Bitcoin is fungible and can be exchanged for goods and services.
In its infancy early adopter stage, Bitcoin is like an ugly little tween. It's no longer a child, and has barely begun puberty. Nation states can't see what Bitcoin will look like when it is full grown. They see it as one or two of the above functions, but not the potential as all three come to maturity. Remember that kid in Junior High that everyone picked on? Many of you are probably working for him now.
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Popularity contests are exercises in political punditry. Anything developed in Bitcoinia benefits us all by increasing its utility and value. There are other awards that can recognize Bitcoin developments if they so choose. Certainly Bitcoin developers deserve statues built in their honor, but just by participating in the great Bitcoin experiment, we are all winners.
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Could we build an automated laser network server and launch it to the moon?
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If the OP is correct then why doesn't gold move 10%+ per day?
If the OP is correct then why does silver (a market which is about 5% that of gold) have daily volatility about 800% of that compared to gold (silver's relative beta is 8.0 compared to gold).
Larger markets are less volatile markets.
How do you think the exchange rates between major currencies pairs have so little volatility? Any guess on how huge the forex market is? Got a guess. I will give you a benchmark. The world GDP is $75 trillion .... got your guess now (you probably aren't even close) scroll down.
It is ~$1,800 trillion. That's right 1.8 quadrillion dollars annually to stabilize a global economy of $75 trillion. There are no small stable markets ever. Small and stable never go together. Bitcoin even at $10B is tiny compared to even silver ($550B) and silver is considered highly volatile as a "small" market compare to gold which is nearly 16x larger (~$8,000B) or 800x larger than Bitcoin. When Bitcoin is 800x larger it will take tens of billions of dollars to move the market a couple % and as result outside of huge events it won't move more than a couple percent.
Good questions all. The answer to all of them is simple. Bitcoin is a 24/7 global market with instant transfer of assets. It doesn't matter how big the market base is. There are no capital controls and no market cool-down periods. Show me another market like that anywhere! All of your examples fail that test. Bitcoin is a 24/7/365 roller coaster theme park, Baby! edit: Having said this. We must be diligent to use the tools of math to find our own "realistic value" of Bitcoin. Rolling averages help with that. |
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The reason I posted this is because people are seeing this China decision as bad. First China declares Bitcoin legal and start a buying frenzy. Then they declare it illegal and start a selling frenzy with a Chinese New Year deadline. All I'm saying is let's sit back and watch Chinese investors devour themselves and lose their entire investment. Wouldn't that be fun? This may be sardonic and a little ironic, but it's also a prudent investment strategy to take advantage of your financial "enemies" in the spirit of Tsun Tsu.
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Take no prisoners. Don't buy their bitcoins. Force them to sell for next to nothing. That will teach them. What? I have no idea.
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Here you can see this happy speculator of buying mass domains in 2000+ is happy to see something hit. July 17th 2011
http://web.archive.org/web/20110717063635/http://www.bitcoins.com/
BitCoins "for dummies" (as myself)
Etiquetas: BitCoin Bitcoins new
"BitCoin is a digital currency generated and earned by any PC, connected into the bitcoin network, that guesses an "almost impossible" code. Then, you can buy goods or trade them for cash. People trust in BitCoins because they are "inviolable", "unforgeable", and with "no government manipulation".Notice how he states "BitCoin". "Believing in them since 1998"  |
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omg it's the code that our alien overlords/progenitors have programmed into us!
It's the raw transaction for our universal cryptocurrency address. |
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Het Mr tallyman, tally me some Bitcoin.
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Clearly Canada is creating an electronic currency called MintChip. It is not PoS but they will make it so in their next version. You don't really expect states to use Bitcoin (or colored coins) anytime soon?
It's not about whether or not governments will experiment with Piece of Shit e-currencies. I'd ask what you mean by, "Bitcoin will be the reserve currency based on the basket of world cryptocurrencies" but I already know the answer since we've talked about that before: you believe governments have the magical ability to dictate exchange rates just because. right. The magical ability is called threat of force. |
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Every state will have their own centralized PoS coin and Bitcoin will be the reserve currency based on the basket of world cryptocurrencies. You will hopefully be able to trade them openly. Free states of course will allow Bitcoin to be traded directly.
 Clearly Canada is creating an electronic currency called MintChip. It is not PoS but they will make it so in their next version. You don't really expect states to use Bitcoin (or colored coins) anytime soon? |
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Every state will have their own centralized PoS coin and Bitcoin will be the reserve currency based on the basket of world cryptocurrencies. You will hopefully be able to trade them openly. Free states of course will allow Bitcoin to be traded directly.
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So we reach the conclusion that the only known path to consciousness is the natural path e.g. the human brain, which would be more related to biology rather than computers, perhaps an artificially grown brain hooked up to a machine which is still something humanity is unlikely to see.
Consciousness is not the physical brain. We actually don't know what consciousness is. We can only assert with a degree of certainty what it is not. Indeed, it is not the physical brain itself, but if we damage it, an individual whose brain is damaged nevertheless loses consciousness... Saying that the brain is not consciousness is like saying the music you are hearing is not generated by your mp3 player. Much of the information may have external origins, but the hardware itself produces the actual experience. Yes, it is generated by the player, but the music is not the player itself. That was the point proposed ("consciousness is not the physical brain") and I agree with that assumption... Consciousness falls into what I consider emergent complexity. Memetics is also related going back to Jung's Collective Unconscious. |
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So we reach the conclusion that the only known path to consciousness is the natural path e.g. the human brain, which would be more related to biology rather than computers, perhaps an artificially grown brain hooked up to a machine which is still something humanity is unlikely to see.
Consciousness is not the physical brain. We actually don't know what consciousness is. We can only assert with a degree of certainty what it is not. Indeed, it is not the physical brain itself, but if we damage it, an individual whose brain is damaged nevertheless loses consciousness... Saying that the brain is not consciousness is like saying the music you are hearing is not generated by your mp3 player. Much of the information may have external origins, but the hardware itself produces the actual experience. |
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Blah blah, Nucoin3, blah blah Nucoin4.
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Thanks for the links.
I've replied to your post about statistical escrow. What's this "even more insane" something of yours? :-)
I'm experimenting on testnet with multisig transactions. I'm trying to nest them. Hopefully, I'll have a working example to show in Austin this weekend. When I try to explain it on IRC, I get blank stares and guffaws. I'll just muddle through the protocol. It works on paper, but until I can show it on the blockchain, it is just a crazy notion. so... how did this go? I misunderstood how the keys are handled with multisig. The keys are hashed to create the inputs. I would need to re-use one key from a transaction to link to another. Essentially creating a logic path of outputs to be used as inputs for other multisig transactions. It could possibly still be done, but would require some extremely complex math to fit the nested transactions together as a multi-level multi-sig transaction. The idea would basically create a decentralized credit union where depositors would secure funds and allow loans as groups. But that is overthinking it a bit now. |
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That's a great letter! While I don't dislike Erik, some folks don't like his gambling background and may not respect his opinion. People like Peter Schiff will look down their nose at Mr. Vorhees and ignore attempts of discourse and may even resort to mudslinging. Schiff will come around one day when his wealth has dwindled sufficiently. He will then and only then sing the praises of Bitcoin so loud that once again he will only hear the sound of his own voice.
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