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how many mastercoins are there total?
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im paying hero members a couple of dollars to help me corroborate and carry over my bitmit identity and reputation. pm me for more info.
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why would the bible say anything about bitcoin? it was written by frightened confused superstitious primitive bronze age nomads as a way to explain what was at the time unexplainable due to the fact that they had not yet invented science. its like asking, i wonder what cave men thought about space travel... probably something but they would hardly be authoritative...
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maybe i fit your criteria. i truly believe that cryptocurrency is the future but im on the fence about whether that will be bitcoin. on the one hand bitcoin has network effects, on the other it has some serious flaws. when these two factors collide with each other its really hard to say which will win. part of the reason why im in bitcoin is because if some other crypto is the one that will win in the long run, than bitcoin will be the way to get into it.
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tbh yea you dont want to miss the train, i understand that, but i definitely wouldnt go all in at this price. maybe half if you are feeling frisky. this bubble will pop, they always do, and you will prob be able to buy in at somewhere between 500-800 if you are patient.
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Thanks guys. I get it now..
Isn't 0.00001 like, 1.22 cent? Surely, I would be, being cheap?!
Also, I think for online currencies to really kick off, there will have to be A LOT of work completed to make this accessible for the layman.
I've experimented with 0.00001 and it took ~ 24 hours for me. Blockchain.info's ewallet service makes the process pretty simple. Orders of magnitude simpler than paypal for example. |
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There was no transaction fee to my knowledge. I just went to 'send payment', put in the address from cryptsy, and pressed send. That was that. Where was I meant to send the transaction fee, wheres the box to put in the transaction fee? how much is the fee? All these questions are confusing me!
And is the 0.9 returned because I originally had 1 btc and its not been divided?
I'm sorry for my ignorance.
no worries man. since you didnt give any monetary incentive to record your transaction to the guys who record transactions you are going to have to wait for someone charitable to come along. it will probably take a day or two. for future reference you need to go to: settings > options > main > pay transaction fee: and change the value to something higher than 0 if you want your transactions to confirm faster. 0.0001 is about what you need inorder to be guaranteed a spot in the very next block. |
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at those rates, we'd have multiple trillionaires holding BTC. that kind of seismic wealth redistribution would really upset the wealthy elite i'd think.
simple math: 1% of 30 trillion is .3 trillion, or 300 billion dollars for the market cap... so isn't that only about 12x present day value of BTC if the market cap is $300 billion? then again, we have to add that amount to our current market cap, but that wouldn't even be enough. there may be something wrong in my math though.. feel free to correct me anyone.
your math seems right to me. yeah, so i don't know where he got that $2.8M number, but it doesn't seem right. not sure. i looked up the 30 trillion number and that number seems right. even the whole 30 trillion devided into 21million is only 1.4 million. He is active on these forums, maybe he will stop by here and weigh in. |
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I think the error is in saying "Just 1%", which IMHO is more than would be allocated to bitcoin even at it's prime.
If you have an offshore account you have some wealth. You won't be putting a large % of your cash into bitcoin. Let's say you'd be ok with 3% of your offshore wealth in bitcoin.
Then, assume that only 2% of offshore accounts would actually do so. 2% is a reasonable adoption level.
So now you have 3% of 2% of offshore wealth in bitcoin, which is 0.06% of that 30 trillion dollars. That would be about $168k/BTC.
You can revise what you feel is more realistic, but your equation should account for (level of adoption %) x (% allocation in bitcoin given adoption).
The reason they would want to allocate their offshore reserves in bitcoin is so they DONT have to keep them offshore. |
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at those rates, we'd have multiple trillionaires holding BTC. that kind of seismic wealth redistribution would really upset the wealthy elite i'd think.
simple math: 1% of 30 trillion is .3 trillion, or 300 billion dollars for the market cap... so isn't that only about 12x present day value of BTC if the market cap is $300 billion? then again, we have to add that amount to our current market cap, but that wouldn't even be enough. there may be something wrong in my math though.. feel free to correct me anyone.
your math seems right to me. |
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perfectly safe and will work just fine.
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"If you moved just 1% of the cash balances from off shore tax haven bank accounts, which currently hold estimated 30 trillion dollars of value, if you move just 1% of that into bitcoin you are looking at 2.8 million dollars per bitcoin" That was a quote from trace mayer from ( http://www.youtube.com/watch?v=TZwmgeeFB-E&t=7m15s) Is this right? Can anyone point out a flaw in this reasoning? That 1% figure makes 2.8 million dollars per bitcoin sound oddly conservative and saying 2.8 million dollars per btc is conservative makes me feel like i sound like I'm out of my mind. What do you guys think? |
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Can't help but feel this way
as crazy as it sounds. you might be an early adopter. "If you moved just 1% of the cash balances from off shore tax haven bank accounts, which currently hold estimated 30 trillion dollars of value, if you move just 1% of that into bitcoin you are looking at 2.8 million dollars per bitcoin" -trace mayer |
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Uh sure, I still don't really know what you want me to do. I have a bitmit account, I think it's +5, tell me what to do. Are you PAYING me? o.O sorry but i dont recognize your name. thankyou for the offer though. |
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You do realize that bitmit is closing in 22 days right? Just asking.
i do. that is why i am trying to salvage my valuable reputation that i worked so hard to establish. |
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The linked post is from 2011, and is not very good. It includes complicated steps that are more likely to result in you losing bitcoins. There are two strong ways to store your bitcoins:- On a securely generated offline paper wallet (for savings)
- On a dedicated secure computer only used for Bitcoin running Bitcoin-Qt
Notice I did not say virtual machine, web wallet, copy your wallet all over the place, etc. Here is how I would configure this secure dedicated bitcoin computer: Get a desktop PC, it doesn't have to be anything special. Use a hash-verified ISO Linux distribution CD or DVD image (kubuntu 13.10 32 bit is a good choice). When installing, wipe and create a manageable partition, such as 100GB, on that computer and install the OS. Choose the option to encrypt your whole hard drive, and create a user name, both using a strong and long password you will not forget. Now, get the official binary of Bitcoin-Qt, download it from the http://sourceforge.net/projects/bitcoin/files/Bitcoin/ official repository. Verify the expected hash or signature of this file independently on a normal computer or with communication with others vs your copy. I'll help you out here: 84543f10de5e82ce6e88dd5a501db37c6327edf79a2a04f29199c24843e71f63 *bitcoin-0.8.5-linux.tar.gz
Now set up your wallet securely. First create the ~\.bitcoin directory yourself, and put a bitcoin.conf file there, with these options to lock it down and make a more secure wallet backup: server=0
keypool=1000
paytxfee=0.0001 Run bitcoin, and encrypt your wallet with a different password than the above you also won't forget. Let it catch up on the blockchain (days). Now, we must backup that wallet securely. We are talking about "your house burns down", "your computer is stolen" securely. You must never store the backup wallet.dat on any computer or device that will touch the internet besides your wallet PC; buy a new flash drive for this, or burn a CD from your secure computer. Restart your computer before creating a backup to ensure Bitcoin is not running or accessing the wallet.dat. You must also backup the passwords for both the hard drive encryption and username, along with the password of the wallet. Too many people have forgotten their passwords and lost coins. As you created these, you should be able to write them down. Paper password backups should be stored securely (think safety deposit box), and separately from the secure PC or location of wallet.dat backup media. Advanced Level: TEST YOUR BACKUP Send your new secure PC wallet 0.001 BTC and see that it gets there. Great? Now wipe the hard drive and do it all again! Okay, that's extreme, but imagine the hard drive dies and you must restore your wallet - it must work. Plug in a different cheap hard drive and do all the steps above to install the OS; then restore your wallet backup and spend your test bitcoins. Your backups must work. After verifying that you were able to re-create the OS and restore your backup to spend bitcoins, the second hard drive can be another type of backup you can store securely, or if not, you should wipe it with manufacturer's "erase disk" utilities. i really don't understand the part about not letting your backup wallets touch the internet. If its well encrypted on a computer with a fresh linux install, no additional software and every port locked down except 8333, how on earth could anyone ever unlock your wallet? you should be able to post it publicly here on the forums with bold letters "this is my wallet" and have 0 concern. I scatter copies of my backup wallet over the internet like seeds to the wind. That just seems smart to me, but maybe I'm missing something. |
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a jolly roger, silver bullion, ammunition. jesus in retrospect, from that list, you would ACTUALLY think i was a pirate. Arrrrg.
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I have very hard time trying convincing my dad to put some money into Bitcoins. The biggest issue so far is my ignorance.  Basically, all i need is an answer to a question- where is the value in bitcoin? In its utility. It can be used for trustless escrow. Trustless money transfer. Trustless trusts (lol). It can be used for moving money fluidly between political jurisdictions. It can be used for storing wealth in such a manner that it can not be confiscated. It can be used for moving wealth in such a manner that it can not be confiscated (i.e. avoiding this situation http://www.huffingtonpost.com/2013/04/04/ton-gold-bullion-hidden-car-switzerland-border_n_3017140.html) Man this list can go on and on. |
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