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If you mean conferences ....
The excuse usually given is that its for entrepreneurs and business owners.
They garner financial benefit from it by meeting others in the industry, therefore they pay to attend.
A lot of the Bitcoin conferences have not been for enthusiasts/hobbyists.
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More specifically my question is this:
Banks don't care about decentralization. They only care about saving on expenses. Bitcoin is cheaper. But its also open source. What's stopping them from simply making their own bitcoin network without miners, and taking advantage of the cost savings? Giving themselves power over the code. The ability to customize it just for CHASE or BofA. The CEO of paypal said he bought bitcoin just to "see how it works". Maybe he wants to learn the ins and outs so they can make their own.
Obviously this has been discussed before. Bitcoins' unique trait is its mining. Its a powerful system. So here's the question: What is it about miners that is so necessary? Especially if the organization does not care about decentralized trust? And if mining is irrelevant to CHASE or Western Union, then what incentive do they have to use Bitcoin at all? Couldn't banks and PayPal just make their own non-mined version?
We need to understand something: Financial institutions see the value of "cryptocurrency".
Using an online ledger, created by anyone (not just Satoshi) to transfer value anywhere in the world for free.
Sounds a heck of a lot like Ripple doesn't it.
So they sit down to their first meeting.
The first comment out of the guys mouth is: "Lets get this going in our company"
Will anyone really say "We have to use Bitcoin"?
Why?
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I would go out on a limb and say that at least 80-90% of the people here that have 15k or more invested in BTCs.
If the polls taken here are to be believed (and they could be as they were anonymous voting), 80-90% of people here own less than 10 BTC. Very, very few own more. But that doesn't have to matter much, if 1 BTC hits $100,000. -B- |
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I decided to buy anyway. When it dipped to $635 last night for a quick second.
How did you manage that? I was watching Wally The Wall Guy push that market down towards support line and it took a 500 BTC market order to touch the trendline at $635 with a flurry of smaller orders taking Bitcoin right back to $640s almost instantly thereafter. I guessed that 500 BTC followed by the small market orders into Ask Wall at $640 was indeed Wally The Wall Guy? Sorry I didn't clarify. Nor was I being exact. I was sitting here sweating with Coinbase and Bitcoinwisdom on my screen, trying to decide when I should pull the trigger on 6 BTC. With Clevelander Hotel guys words ringing in my head, I saw Bitstamp dip to something like $640, and as always, Coinbase overcharges, so they were at about $642. Then Bitstamp dropped to $635 or whatever the number was... and I bought on Coinbase at that moment. I think I got $639 on Coinbase, and with their markup im sure it equaled about $641-ish. But it was "when bitcoin was going to $635" in general. Anyways you're right, it wasn't but a minute or three later that it was back up again. My last two personal "predictions" have been dead on (the $680 crash and now this). But its nothing more than dumb luck. could you Elaborate and specify this announcement? What you see from Jeff on his Facebook is all I got. Plus a hint from him that it related to a major business announcing that it "plans" to incorporate bitcoin. I assume in the future. He said: "I only have minor details and can't release the name of the company until it's public. It's that big." He said he didn't have details yet on how they'd be incorporating it. Sounds to me like there may be more than one "way" for them to use it, which implies its a business that does many types of commerce. Geez. What if its Western Union? Im sure its not. All they do is talk sh*t. But to be honest I am not convinced it will affect the price much. If I had to pick even one announcement in the history of Bitcoin that should have shot us to the moon, it would have been Ebay/PayPal, and the price didn't even budge. As always, BTC is long term. People screwing with the price for now, and speculators. In the meantime the foundation for a solid value is being built with all these announcements. -B- |
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Low volume  The dynamic with bitcoin is that relatively low-volume periods add confidence to the concept as a whole...
"This is actually good news!" |
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A friend who is the marketing manager for a major hotel / events chain in Miami (they hosted the Bitcoin conference attendees at the Miami conference, including the Ethereum team, etc) posted on his facebook this week that there will be a significant announcement "monday" related to another major major business accepting Bitcoin. He feels the current price will be a thing of the past. EDIT: since he posted it publicly, here you go: https://www.facebook.com/jeffturgeau.clevelanderI challenged him pointing out that the Paypal/Ebay announcement was pretty friggen huge, and the price didn't really go anywhere except up 20-30 dollars. Sometimes people say the price will skyrocket, but they don't necessarily have good judgment on that, and it doesn't happen. They think it should go up, but other things are at play and it barely moves, even if the news is good. We've seen that *a lot* recently. I decided to buy anyway. When it dipped to $635 last night for a quick second. -B- |
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We started going up 2 weeks ago and we're just about 50% higher. It's good, it's nice but look at the charts. February 1st was way higher. So we're lower than where we were at 2014's start. Of course money can be made on price swings or bubbles but looking at the bigger picture, seems nothing fundamental changed. Not that many new people buy bitcoin.
If we were to repeat last bubble, a 9x increase in 2-months timeframe, we should be at 4500 this summer. But I think chances for this to happen are very slim. Too much new money have to be poured into and not that many newcomers into bitcoin yet.
I am very curious where the price will be on July 2nd. I'll have to do a big decision then and a powerful Bitcoin might help me. A good price will be 1000 zone. Based only on last bubble, where price double first time in about 1mo, we could be there by my due date. But this might be also the end of a mini-bubble, deflating from 680s to 400s again.
Keep in mind, February's price wasn't real. Now everyone knows it was fake. Bubble caused by Bots. Did they even prove that it wasn't really "China" pushing the price up? I keep hearing conflicting information. That doesn't matter though. The point is the price was not real. Whether it was speculation or bots or china. Now ... the price is likely much more "real". Much more substantial. The industry news (wait until you hear the announcement coming next week...) is getting better and better. Maybe 50% increase now has a lot more meaning than February's price. In hindsight at least. -B- |
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I kept telling people not to overanalyze his words but then I saw the interview in written format.
And he intentionally says "Digital Currencies" twice, when asked directly about Bitcoin.
Digital currencies is way more syllables, and much harder to say than just "Bitcoin". So the fact that he intentionally used that phrase .... twice .... means he was resisting saying Bitcoin.
it wasn't until the interviewer asked him point blank how long before Ebay PayPal incorporate Bitcoin?
And still even then he didnt answer directly. He said "There will be use cases for Bitcoin ... like remittances ... transfer of funds ... you'll see Bitcoin in a lot of these markets" (accurate paraphrase)
He didnt answer the question, nor did he state that Bitcoin is going to be the digital currency PayPal uses.
When asked if he owns any, he said yes just to see how it works. A necessary step to creating your own digital currency.
Not trying to be a debbie downer, but CEO's talk very intentionally most of the time, and he never once said Ebay / PayPal would be using Bitcoin itself.
-B-
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China rumors have lost their power over the price of Bitcoin.
That's what happens when you overdo it, in too short a period of time, Chinese people.
-B-
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I have long thought positive thoughts when it comes to Bitcoin. In theory it's a really good thing.
A few recent events have started to shake my belief slightly, for the following reasons:
- Although there is more acceptance, there doesn't seem to be a growing 'mainstream' acceptance. It is still too difficult to use and way too difficult to understand for the vast majority of people.
- There's no incentive for buyers to use Bitcoin. Why spend one's fiat to buy Bitcoin to spend on a product when one could just spend the fiat directly? By buying Bitcoin to buy a product, one will likely be paying more in fees via companies such as Bitpay and losing out on any sort of 'buyer protection' offered by credit card companies.
- Too many clones and copies are diluting the market and causing even more confusion among 'ordinary' people that don't understand the difference.
- Talk of impending financial collapse in the US and the collapse of the dollar at first would appear positive for Bitcoin. When one takes into account the likelihood of civil unrest leading to martial law and the internet kill switch, suddenly a hoard of Bitcoins look less like the smart move.
- The expectation of massive growth in the price deters use of Bitcoins. I made the mistake of paying 2 Bitcoin for something a year ago to pay the equivalent of 30 Euro, if I had kept the 2 BTC I would have had closer to 1500 Euro.
- The only reason the authorities aren't taking it seriously is because it isn't big enough to do any real damage. Once it is, who can honestly say that the US/China/Russia won't shut Bitcoin down. Pah!! Shut Bitcoin down? That's impossible.....well, no, not really. If they impose enough of a penalty for dealing in Bitcoin, the majority of people won't touch it with a barge pole, and certainly any large investors won't come within 100 miles. The extreme end to this scenario is that they force ISPs to block P2P traffic. I don't know if or how that would work, but governments are NOT going to give up their power without a fight.
- Lastly Bitcoin itself has nothing special to offer when compared to all the other copies other than it was first, but, so was Myspace and where is it now, and where is Facebook?
Don't get me wrong I am not a Bitcoin hater, I hold Bitcoin myself and I do hope that I am wrong, but these doubts are (IMO) real and quite worrying for the long term.
1) Merchant adoption has to come first. That's the stage we are in. Once that has gone mainstream (which it is right now), people wont need to use fiat to buy. 2) Hopefully second phase will be people getting paid in Bitcoin, and merchants creating incentives to buy with Bitcoin. This will require ease of use to go up. Usability is the #1 target of current startups. Once its easy to acquire and spend, 3) There can be alt coins out the ass. Nothing matters except infrastructure, adoption, and commerce. 10 million alt coins without these don't dilute Bitcoin one iota. In summary, you're expecting too much too soon. Give it time. Bitcoin isn't "fully evolved" right now. Not by a long shot. That should be obvious. -B- |
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Maybe I'm looking at this too simplistically but it seems to me that if they continue to be in business, they are continuing to generate some revenue, and there's every reason to believe they are slowly (at least ABLE to be) paying people back and unlocking funds.
As long as this exchange stays online, something must be happening. What is happening?
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Looks like Vircurex has stolen some of my litecoins. I'm surprised this hasn't gotten more attention.
It was a calculated risk on my part. Its one of the oldest exchanges and so I had some faith in them and took a calculated risk so I could do some trading.
It was hardly my life savings, but it still pisses me off.
You mean your frozen balance has decreased and is still frozen? -B- |
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My friend: 256 LTC .... frozen. Ignoring emails from him requesting unfreeze.
-B-
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The issue of consumer protections is the next big innovation space in Bitcoin on the horizon.
Its being discussed at length at Bitcoin conferences, and solutions are being provided which will match existing consumer protections in purchases.
-B-
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In the past I would have said it's time to sell at least some BTC Why would you *ever* sell something, under *any* circumstance, that's obviously going to be worth tens of thousand of dollars? Because you want a couple bucks now, at the expense of $40,000 later? This logic completely escapes me. The most conservative estimate involved Amazon and Western Union equivalent. With zero other use in the world for Bitcoin. And that put it at $40,000 per coin. Do you really believe that's the fullest extent of Bitcoin market cap in the next 10 years? -B- |
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I've been listening to these all week on the Coinsider This Podcast. Every one I listen to is full of incredibly important information. I hope that everyone in the industry reads this forum so hopefully this will reach all those entrepreneurs, investors, etc who didn't get a chance to attend the conference. These are podcast gold. Lets keep the information flowing through the community. Thanks to Coinsider This for attending and posting these. Panel Discussions # 1: www.coinsiderthis.comPanel Discussions # 2: http://www.coinsiderthis.com/page/2/Patrick deserves donations for flying all the way there and getting this content for us. Donation link is on the home page, right sidebar. -B- |
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Please do not feed the trolls
Why do you bump the thread??? It was almost on page 2. Let it go. |
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I jailbroke my iPhone and have had the Blockchain app on it, but this will be a relief. I don't like having to jailbreak. As expected, tons of things just stopped working properly.
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