Bitcoin did not appear in 2014. Neither did the dollar. WTF does that have to do with anything?
And no, I'm not looking for advice or insights, don't be absurd. I consider eradicating idiocy my noblesse oblige.
U don't even need to thank me.
How noble of you  It has to do with Bitcoin buying power having appreciated by several orders of magnitude against the USD since its inception. That would show that demand does indeed supercedes supply and therefore the inflation of Bitcoin is not comparable to fiat currency inflation. Idiot. |
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No, you're wrong. Bitcoin's price, in relation to USD, has fallen by two thirds this year, while the supply has increased by ~9%. Basic supply/demand equilibrium suggests that the demand has ... decreased  2014 is not going to help you much longer. Use it at your dishonest convenience while you still can  |
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Anyone with a rudimentary understanding of Bitcoin would realize that Bitcoin is not a deflationary, but an inflationary economy currency. Bitcoin's money supply is currently inflating at 10% a year.
Anyone with a rudimentary understanding of Austrian economics would realize that it has been kicked to the curb by modern economics. Some parts of it were incorporated, others simply left out to rot--so that passing children could point their fingers and laugh.
Anyone with half a brain would realize Bitcoin's inflation is not comparable to fiat currencies inflation. Anyone with a rudimentary understanding of history would realize Austrian economics has been kicked to the curb by incumbents who profit from Keynesian system. Yeah yeah yeah. Fiat's buying power has TRIPLED relative BTC in the year 2014. "We just never had a chance to make it work, IF we did, it woulda been awesome!" Sure. Show me some product  Bitcoin did not appear in 2014. I'm not sure what is more tragic, your short-sightedness or the fact that you literally spend hours on this forum trying to convince yourself you are right. A quick look shows me you average 40 post per day on this board this month. If, as you have mentioned earlier, trading is not a cooperative game, then why are you here? Surely not for trading advice or insights. Your insolence and high horse approach is certainly not helping anyone reconsider their interest for Bitcoin as well. So what is your purpose here? Why are you so obsessed with Bitcoin. |
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Anyone with a rudimentary understanding of Bitcoin would realize that Bitcoin is not a deflationary, but an inflationary economy currency. Bitcoin's money supply is currently inflating at 10% a year.
Anyone with a rudimentary understanding of Austrian economics would realize that it has been kicked to the curb by modern economics. Some parts of it were incorporated, others simply left out to rot--so that passing children could point their fingers and laugh.
Anyone with half a brain would realize Bitcoin's inflation is not comparable to fiat currencies inflation. Anyone with a rudimentary understanding of history would realize Austrian economics has been kicked to the curb by incumbents who profit from Keynesian system. |
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AMAIK Bitcoin isn't based on SSL3 Doesn't matter, he still likes to spread BTC die day FUD and Ripple shit... I said nothing about Ripple. so you agree on the FUD part |
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You guys do realize that mining is coupled with the price, right?
Difficulty always lags behind the price.
Mining profitability always trends towards barely profitable.
Just a rough estimate, if the current network was made up of all S3's, it would be valued at about $100million. I would consider us currently in the tad too profitable range. We should be at around $300 or even less. Since price is up, you can expect the difficulty to continue gradually rising. But it can't rise instantly overnight. Miners have to be built, bought, shipped, setup, and turned on. Let's say our current difficulty supports the current price of $400. If we saw an increase to $800, expect another $100mil in mining equip to be added. If price stays up and no new equipment is added, expect miners to start selling everything they make since mining would be too profitable. It's a rubber band effect that always leads to mining being barely profitable. There are too many variables to really go over them all. If price goes up, just remember we need a network to support it.
True Miners mostly sell directly to the market. If the price bubbles it means more people will attempt to make a profit through mining. Miners will get pissed because they can't mine fast enough to feed the market. Cloudminers will be understocked. The market will shoot up since nobody can supply the coins, only those willing to sell. Price will go to an ATH before people realize the price is insane. Then we go back into a bear phase to blow off. Price therefore can go to 5 digits if it wants too. Even worse, if the price bubbles miners do not sell, creating much more scarcity in the market. Right now an enormous amount of the demand is being satisfied off-market by miners. In a bull market, miners hold onto their coins for obvious reason therefore demand turns to exchange and price shoots up. |
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Bitcoin compares to fiat base money; notes and cons. Some important traits of bitcoin is better. Some are not so good. What can we do? Anybody can produce bitcoin notes and coins, and back them with real bitcoins. Even better, we can make cryptocoins and notes with hidden secret keys, they don't need backing. Not possible for fiat.
We do not have credit or debit cards. We don't need them for remote payment. Are there something with cards that is better? In that case, the market will supply bitcoin credit or debit cards, and they will be just as good.
We can't lose this!
Exactly what use would I have for bitcoin notes and coins  |
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That's a different argument. Clearly BTC is worth more than my shitcoin. I simply pointed out that Bitcoin's inelasticity is, in itself, an insufficient reason for Bitcoin to succeed.
But money doesn't have to be elastic. And Bitcoin's inelasticity is absolutely the reason for its current and future success. |
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These threads always get a good laugh out of me. As if everyone out there was spending their bitcoins at these merchants. In reality, the volume of bitcoins used for such transactions is so negligible it should not even be mentioned in the same sentence as "selling pressure". In fact you are right, you should not be concerned with Bitcoin's use as a currency at this stage. All we need people to do is hoard it. btw, merchants are scammers http://nakamotoinstitute.org/mempool/everyones-a-scammer/
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At this time, no one is investing $2 billion into bitcoin b/c otherwise BTC prices would be going through the roof. $2 billion is more than 40% of bitcoin's current market cap.
Even attempting to currently invest $500 million into BTC would probably have a very considerable upward pressure on BTC prices. I am NOT sure how such an investment of let's say $500 million would be able to be hidden or to NOT cause upward BTC price slippage.
Let's say that the company is a $2billion company, and they decide to invest 10% into bitcoin (that would be fairly aggressive), then that would be $200 million. Still I would find it difficult to hide or NOT to cause upward BTC price slippage with that amount. So maybe they are investing 1%, which would be $20million? Still bullish, but possible to hide, in my humble opinion.
You have to consider that most transactions are occuring off-market currently. Several things point to an immense OTC market that could very well satisfy million dollars interest while having little to no impact on exchanges prices |
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Pelase, remember, this is THE QUALITY TECHNICAL ANALYSIS thread.
Thank you.
1. Still coming off a bubble. 2. There are 650,000 BTC ($221,000,000 USD @ $340) stolen MTGOX coins being sold off not so slowly 3. The mining community is done. They cant compete with the big guys. Centralization 4. 3600 bitcoins are created each day. @ $340 USD that is $1,224,000 that needs to come in to the market each day just to stay @ $340. Analysis this I know from first hand big players that are buying directly from miners like crazy. I am talking about billion budget entities.. How much of their billion dollar budgets are going into BTC? .1%, 1% 10%? Makes a difference, no? probably enough to accumulate off-market as long as possible Based on a lot of what I am reading, I get the sense that there are quite a few entities that are engaging in a form of accumulation while attempting to hold off on affecting the market price (or to affected it as little as possible so that they can continue to accumulate). Seems an interesting balancing because I am sure that some of these entities, such as Tim Draper's nearly 30k accumulation of coins, may be getting anxious to pump up the BTC prices in order to be resting clearly in the black, rather than in the red. I'm sure such rich entities who believe in BTC enough to accumulate large amounts are not too concerned with near-term profit. They are going to milk the cow until the very last drop and only then will they drive up market demand. Of course I do not claim they have total control over this market and certainly some other forces increasing market demand could suspend their accumulation. My impression is that they are very wary of driving the market up since the moment we enter a clear bull market, miners and large holders will cut off their supply line and keep the coins for themselves. |
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Pelase, remember, this is THE QUALITY TECHNICAL ANALYSIS thread.
Thank you.
1. Still coming off a bubble. 2. There are 650,000 BTC ($221,000,000 USD @ $340) stolen MTGOX coins being sold off not so slowly 3. The mining community is done. They cant compete with the big guys. Centralization 4. 3600 bitcoins are created each day. @ $340 USD that is $1,224,000 that needs to come in to the market each day just to stay @ $340. Analysis this I know from first hand big players that are buying directly from miners like crazy. I am talking about billion budget entities.. How much of their billion dollar budgets are going into BTC? .1%, 1% 10%? Makes a difference, no? probably enough to accumulate off-market as long as possible |
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Pelase, remember, this is THE QUALITY TECHNICAL ANALYSIS thread.
Thank you.
1. Still coming off a bubble. 2. There are 650,000 BTC ($221,000,000 USD @ $340) stolen MTGOX coins being sold off not so slowly 3. The mining community is done. They cant compete with the big guys. Centralization 4. 3600 bitcoins are created each day. @ $340 USD that is $1,224,000 that needs to come in to the market each day just to stay @ $340. Analysis this 1. High volume bottom has been established. Up 30 odd % since. 2. This is speculation. 3. Mining as an industry is thriving. Competition amongst industrial miners still exist and will ensure decentralization. 4. You have no idea how many of these are sold on the market. Recent reports suggest larger scale miners are either holding them or selling them OFF-market. Try and come up with better FUD next time How old are you? "FUD"?? Character attacks are not going to dig you out of your hole |
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If you think cryptos will be really big, it's time to move to a jurisdiction that does not tax capital gains of individuals.
this. if these scenario unfold I'm pulling a Erik Vorhees and expatriating myself some place me and my BTC will be left alone. |
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Pelase, remember, this is THE QUALITY TECHNICAL ANALYSIS thread.
Thank you.
1. Still coming off a bubble. 2. There are 650,000 BTC ($221,000,000 USD @ $340) stolen MTGOX coins being sold off not so slowly 3. The mining community is done. They cant compete with the big guys. Centralization 4. 3600 bitcoins are created each day. @ $340 USD that is $1,224,000 that needs to come in to the market each day just to stay @ $340. Analysis this 1. High volume bottom has been established. Up 30 odd % since. 2. This is speculation. 3. Mining as an industry is thriving. Competition amongst industrial miners still exist and will ensure decentralization. 4. You have no idea how many of these are sold on the market. Recent reports suggest larger scale miners are either holding them or selling them OFF-market. Try and come up with better FUD next time |
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I agree completely, Satoshi needs to do something with those coins, it would be the single biggest boost to Bitcoin. Here is what i recommmend: 1. Make Goxed account holders whole and any other bitcoin disaster where addresses and accounts are known (yes I was Goxed 2. Announce the ultimate give away. Using a well thought out strategy, pay out all remaining Bitcoins to current holders, excluding largest 10% of addresses. Price would sky rocket! Price would drop- millions of coins will be put on the market. Basically what will happen when Ross's next stash gets auctioned off  yeah cause that's what happened the last time the 30k got auctioned off right There will be slightly more this time around And there will be more buyers as well. These coins are not going to hit the market. |
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I agree completely, Satoshi needs to do something with those coins, it would be the single biggest boost to Bitcoin. Here is what i recommmend: 1. Make Goxed account holders whole and any other bitcoin disaster where addresses and accounts are known (yes I was Goxed 2. Announce the ultimate give away. Using a well thought out strategy, pay out all remaining Bitcoins to current holders, excluding largest 10% of addresses. Price would sky rocket! Price would drop- millions of coins will be put on the market. Basically what will happen when Ross's next stash gets auctioned off yeah cause that's what happened the last time when the 30k got auctioned off right |
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interesting insights, thanks for the link |
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not only for the banks but also for the government.
in a bitcoin universe the government can't use the inflation tax, it actually has to ask for money from the people.
imagine the government had to ask the population to pay 1 trillion dollars for the iraq war, thats 3135$ per person.
who would send that money to the government?
Those that works in army industry. fine, let them have the bill then |
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If you keep saying it lambchop and wish hard enough, perhaps it will become true!
Back in reality you are for the first time in a few months on the wrong side of the market.
It's already true. Bitcoin has already been banned, or regulated to the point of losing its appeal to the original investors. It has turned from Rocky Erickson to a lame classic rock cover band. From outlaw's money into a scammy copy of fiat--with extra scam, none of the perks, and plenty of lulzy incompetence.  Remember, it's never too late to give up on your dreams! why are they not selling then? |
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