|
i tend to agree with op. btc not so great for making small internet purchases since there is a market for inclusion in the blockchain and the lack of space will eventually drive the transaction fees up. it could be ok for storing wealth in theory, but we already have gold for that. where it really shines is for serving the markets that we traditionally think of as being served by western uninion, bank wire transfers, fedwire or SWIFT. basically for sending reasonably large sums of money frictionlessly internationally for things like remittances or clearing between financial institutions.
|
|
|
|
no guts, no glory.
to make huge returns, you have to take huge risks. how could something be risky of the idea is already widespread?
that's like saying show me a square with only 3 sides...
EXACTLY IT IS WIDESPREAD NOW ANSWER THIS QUESTION: Tell me an investment past or present(not a stock) that costs $200 or less that anyone could buy that made that person a millionaire. The only caveat is that the investment had/has to be a fully disseminated idea that the world knows/knew about. So in other words the person got in AFTER THE FACT and made millions off of a $200 investment. I find the fact that because somebody can not tell you an unrelated investment opportunity to return 5000x you take that as proof that what you are saying is right very strange indeed. SEEING NO ONE CAN GIVE ME AN EXAMPLE SHOWS THAT ITS A PIPE DREAM. ITS NOT STRANGE BECAUSE EVERYONE ON HERE HAS THE BELIEF THAT A $200 BITCOIN IS GOING TO $10000. SO SHOW ME AN EXAMPLE OF THIS IN THE PAST WHERE ORDINARY PEOPLE ALL OVER THE WORLD GOT RICH BY INVESTING IN AN IDEA THAT THOUSANDS AND THOUSANDS OF PEOPLE KNOW ABOUT. bitcoin is unprecedented. it may be the case that if you asked this question again in 10 years the answer would be bitcoin, and it would be the only correct answer to the question. |
|
|
|
So,
Like 150 a day after difficulty goes up, 180 2 days later, heavy volume on MTgOX.
Is this not worrying anyone?
Who is injecting all this money anyway?
Is the ASIC producers in China trying to keep the value up to sell the miners?
It's looking like quite a bubble. And so far there is very little "Technical Analysis" type chart formatiations in the past. Maybe the daytraders are taking over?
We are losing stability here, I think.
I'm worried about how fast BTC is climbing in price because I need more BTC and now I can't get them. First time I've legitimately been in a "panic buy" type situation. i know the feeling. i set a nominal goal for myself denominated in btc and started buying in at 20 dollars. then the price just started going up and up and up and it felt like i was on an escalator that was increasing in speed while also increasing in the rate of increase in speed. i did finally manage to reach my goal though, it ended up costing me 4 times as much as initially expected it, but over all i'm WAY up on the investment and now its over and cool as a cucumber, just sitting back and watching the show. |
|
|
|
|
ok so you are trying to argue that bitcoin probably isn't a get rich quick scheme anymore. well yea that's probably true, but it also might not be.
|
|
|
|
|
people who bought in at 100 are doing really well and they didnt get their coins for pennies. why do you need to make millions? whats wrong with making hundreds or thousands?
furthermore the market is still tiny, there is huge room for growth. angry birds is a well polished slingshot game and its franchise is valued at 7 billion dollars, bitcoin is a revolutionary currency and payment mechanism and its valued at 2 billion dollars. there is still every possibility that people who sink a few thousand dollars in today could make millions off of that investment. m2 money supply is something like 2 trillion dollars. lets say 1/2 that wealth flowed into bitcoin and you invested 5000 dollars today, that would net you $2,495,000 in profit.
|
|
|
|
hardly anyone in the world uses bitcoin..... why would prisoners?
for all of the reasons mentioned in the OP... prisoners have WAY more incentive to want to use btc than average joe, so we should expect to see them adopting before random people. so saying other people dont use them why would prisoners is a little silly. Sorry have you ever been in jail? I have and feel you need to know 2 things: 1. Unless you are very lucky and the librarian is exceptionally generous, you will not have Internet access. So buying cigarettes with Bitcoin is not going to happen. 2. If you known to have something worth over £100 in the morning, say a lump or a mobile, by noon you will have made a choice between having teeth in your head and having that goodie taken off you. If you were going to jail, would you want anyone to know you have a Bitcoin and that all anyone needs to do it poke you in the thigh and they will have it transferred to their wallet? Or would you want someone to get a lump of hash to you? no i have certainly never been in jail. 1) ok in the video i linked they were clearly using smartphons with 3g or 4g not the librarian. of course you might be right, i already conceded that what we see in the video may be an isolated event. 2) that was one of the advantages i listed for bitcoin. if you are storing wealth in cigarettes, as i understand it the standard prison money, than its apparent to everyone that you have wealth. you never need to tell anyone how much bitcoin you have or if you have any. this is one of the advantages bitcoin has over cigarettes as money. For the record, I should never have been in jail either. It was a wrong place wrong time thing and never got to trial. notice my deliberate use of "some prisoners are criminals" anyway sorry to hear that, we have all suffered at the hands of the state, some more than others. |
|
|
|
|
it seems like the first application may be as a prediction market like in-trade. then more complex autonomous corporations could utilize the data from this prediction market to make decisions that would otherwise be far to complex for an algorithm.
|
|
|
|
Hell, even an influx of only 1% of the worlds GDP over the course of a few years would create a 'bubble' so large that our heads would be spinning in euphoric delirium.
65,320 usd/btc |
|
|
|
hardly anyone in the world uses bitcoin..... why would prisoners?
for all of the reasons mentioned in the OP... prisoners have WAY more incentive to want to use btc than average joe, so we should expect to see them adopting before random people. so saying other people dont use them why would prisoners is a little silly. i think you vastly overestimate prisoners' privileges and access to things that would facilitate the use of bitcoin yes this seems likely |
|
|
|
hardly anyone in the world uses bitcoin..... why would prisoners?
for all of the reasons mentioned in the OP... prisoners have WAY more incentive to want to use btc than average joe, so we should expect to see them adopting before random people. so saying other people dont use them why would prisoners is a little silly. Sorry have you ever been in jail? I have and feel you need to know 2 things: 1. Unless you are very lucky and the librarian is exceptionally generous, you will not have Internet access. So buying cigarettes with Bitcoin is not going to happen. 2. If you known to have something worth over £100 in the morning, say a lump or a mobile, by noon you will have made a choice between having teeth in your head and having that goodie taken off you. If you were going to jail, would you want anyone to know you have a Bitcoin and that all anyone needs to do it poke you in the thigh and they will have it transferred to their wallet? Or would you want someone to get a lump of hash to you? no i have certainly never been in jail. 1) ok in the video i linked they were clearly using smartphons with 3g or 4g not the librarian. of course you might be right, i already conceded that what we see in the video may be an isolated event. 2) that was one of the advantages i listed for bitcoin. if you are storing wealth in cigarettes, as i understand it the standard prison money, than its apparent to everyone that you have wealth. you never need to tell anyone how much bitcoin you have or if you have any. this is one of the advantages bitcoin has over cigarettes as money. |
|
|
|
hardly anyone in the world uses bitcoin..... why would prisoners?
for all of the reasons mentioned in the OP... prisoners have WAY more incentive to want to use btc than average joe, so we should expect to see them adopting before random people. so saying other people dont use them why would prisoners is a little silly. |
|
|
|
|
i was thinking also that if it became a problem than the prison could probably call up the phone company and "politely request" that they block all transmissions originating from the general location of the prison.
|
|
|
|
I think they would have to wait until after he is found guilty. Even then, I hope the keep it.
Please note that it's not a choice, they MUST be sold. Or destroyed in some particular cases. So no, they cannot "keep" them. What do you mean they can not keep them? If they decide that that is what they want to do, who is going to stop them? I mean maybe you could say it would be politically unprofitable, but thats definately not at all the same thing as saying they have no choice. they have most of and the biggest guns in the world, they can do what ever the hell they please. |
|
|
|
Pretty slick, I see they have cards on there for Hyatt etc. Might be worth trying. I live outside of the US but am curious to see if the cards for such international companies would work over here if bought on egifter.
please let me know how that turns out |
|
|
|
arklan, if wages for manual labor are falling in real terms (after adjusting for inflation), it's because the value of manual labor is decreasing, not because we have consistent inflation at around 2% per year. Sure, that's bad for people doing manual labor, but it's not due to inflation.
factoring for inflation is an extremely difficult to the point of being an art more than it is a science. you really cant draw conclusions like this. though i think the conclusion is probably correct and i think you could find other ways to make better arguments for the fact that labor is decreasing in value. such as machines reduce the demand for it and things being equal a reduction in demand for a thing decreases its price. |
|
|
|
I have a friend in prison since 1993. He justs laughs when people bring up the internet. He has never used it. Has no idea how it has changed the world. My understanding is that the prison uses it's own internal computer network that is not connected to the outside world. Occasionally, people do smuggle in cell phones, but that is pretty rare. As for bribing guards, they will trade favors with the gay inmates, no bitcoins needed. If you had a bitcoin wallet, the best thing would be to just sit on it, keep your head low, read a lot, wait till you are out, and enjoy spending your greatly appreciated bitcoins.
good to hear from someone one with some relevant first hand experience. perhaps what is described in that news report was an at least mostly isolated event. also in that video I'm pretty sure they were using 3g or 4g not wifi. |
|
|
|
yesterday i read this article ( http://www.coindesk.com/groceries-bitcoin-egifter-walmart/) claiming that i could now buy groceries from walmart with bitcoin and so i decided to try it for myself. Well I just got back from walmart, and i have to say the experience couldn't have been more positive. Everything worked perfectly and instantly, no waiting around during any stage of the process. The website was clean, easy to navigate and doesn't involve any sign up process if you already have a face-book or google account (this is a big selling point to me, i hate filling out forms). There were no fees either, just direct bit-stamp rate to usd conversion. Idk what else to say other than it was a real pleasure, the whole process is so fast and painless you can do it while waiting in the checkout line. For miners or people who take payment in bitcoin, i highly recommend using this service instead of liquidating your holdings. this really does make bitcoins functionally almost as liquid as cash. |
|
|
|
Ok so first some evidence that inmates have access to the internet, thats pretty important. http://www.wsmv.com/story/22080698/inmates-party-display-drugs-and-cash-in-facebook-posts-and-video ok so now if we established that inmates have access to the internet, why do they not use bitcoin? - traditional money has been cash or cigarettes, both can be confiscated by "the man" bitcoin can not be confiscated.
- cigarettes and cash take up space and space is at a premium in prisons. hiding places are difficult to find. bitcoins dont occupy physical space.
- bitcoins allow prisoners to engage in commerce outside of the walls of the prison, something markedly more difficult with cash or cigarettes. this would make it much easier to get contraband into the prison.
- sometimes its difficult to meet face to face with people in prison, regimented schedules and what not, bitcoin allows you to transfer wealth to someone that you are unable to contact face to face
- some prisoners are criminals, probably not most, but probably a higher proportion of them are than in the general population, theirfor extortion is a risk. if someone can see your large pile of cash they are likely to threaten to harm you inorder to acquire it. with bitcoin you could hide how much wealth you have making extortion less likely.
- bitcoins could allow prisoners to bribe guards or the people who decide whether you get paroled more easily than trying to hand them a pile of cash
well ill go ahead and post this up for now. if i can think of something i missed than ill add it in later. if anyone else can think of advantages that i missed let me know and ill add them to the list. so what are your theories? why arnt prisoners using bitcoin? you could say "well they are just dumb" but they are smart enough to use facebook blockchain.info isnt that much more complex. |
|
|
|
And the nice thing about the entrepreneurs, that we the savers are in supporting the value of bitcoin, is that if we make the wrong decisions, our prosperity will evaporate and we fall back to the ranks of the wage-earning masses, as we deserve.
The sweet thing about bitcoin is that you don't have to convince anyone that it is good. You just put your money where your mouth is and bitcoin will win the argument for you. I remember discussions like this with colleagues in 2011, where I was like "but shouldn't you buy at least a few, there is so much upside and you can only lose the money you buy for", and they were like "I just don't believe in the idea", "But surely it has *some* chance of succeeding?", "No". That was around $5, at $10 I could taunt him, after that it became too cruel to mention. I have said that there is a risk in NOT investing too. That said, I did not purchase that low, unfortunately. My husband and I were worried about being associated with the negative aspects of Bitcoin and there was no regulation back then. That said, I believe it is still a great time to buy even at $200! We are just scratching the surface of what it can and most likely will become. Just this morning my husband and I were discussing how "old money" really is not involved yet. We were thinking about the Bernie Madoff scam. How much money did people throw into that? We looked it up and there was over 50 billion that went through the fund. Granted it was a pyramid scheme as we know, but think about it. What is the cap on Bitcoin right now? 1 billion or so? Let' say that the Bitcoin Investment Trust by Second Market, or some other fund that comes along, starts getting some of the numbers like the Madoff fund (that was only in America BTW and not world wide like Bitcoin) and the old money holders start to see the growth potential? The price of Bitcoin will just start going through the roof! Hang on people. It will only get more fun from here I believe.  probably a good observation in the long run but expect a VERY bumpy ride. |
|
|
|
I Don't see much in the forum about the multi billion pound chinese firm accepting bitcoin or about e-gifter a walmart .
But the bitcoin markets are definitely shouting about it $177:00 per bitcoin from £110:00 in a week is serious price movement .
I posted couple of ees ago that when we broke $150 that $170 ish would come quickly but I honestly never meant this quickly .I was thinking more in terms of months ,quick not days/a week .
If anyone was thinking of trading in bitcoin ,now I would use the previous $150 ish level to buy and be selling at $170 ish ,kinda start buying in at a sell off Entering at $160 and adding below that level ,then unwinding at $170 ish .
Buy when price is going down ,sell when it is going up.
Unfortunately human nature is to do the exact opposite .
Warren Buffet said something to this effect and I have never forgot it .
i hate these bubble like moves. i cant help but have the feeling that atleast in the short term this price is not for real. lets home im wrong. |
|
|
|
|
Show Posts
