If Bitcoin was created and owned by a corporation instead of being a grass-roots open source project, things would be different. Obviously it would fail going that route, but I beg your forgiveness for this one indulgence. If Bitcoin were a corporation and it had premined half the coins and then released the currency as a stock it would be valued quite differently. Granted, this corporation would have to sell you all of your mining equipment (at a discount of course) and take pre-orders. They would spend a great deal of money advertising this act. The press would then herald such a bold move as revolutionary and the hype cycle would begin. Bitcoin would become the next MasterPal. It would leak to the press that the IPO would be valued between $500-1000 per Bitcoin for anyone that just wanted to jump in at the outset instead of buying the mining gear themselves. They believe that the mining gear will likely generate a profit initially, and will also play cool video games when they are not mining. Excitement mounts as the IPO release date nears.
Finally, the mining equipment pre-orders are filled. The IPO buying frenzy begins with Bitcoins selling for $800 or more. Then the hype fizzles. Scandals emerge about how the mining gear is manufactured by children of unwed mothers in Antarctica. The stock plummets and Bitcoins drop in price to $140, then to $50, and finally to $2. People claim that Bitcoins are just overpriced tulips and comic books that you can't buy anything with. Fans however know better. After the prices bottom out over the course of two years, it begins to once again climb. The corporation that created Bitcoin has gone bankrupt long ago and is now replaced by a grass-roots open-source organization that innovates Bitcoin into something even beyond what had been intended by the corporation that invented it.
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NPR was "hacked" by fake news reporters. FUD.
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MtGox would be smart to follow this path. Let BTC-E, Bitstamp, Virtex, and the other small exchanges bear the brunt against the 50 cent army.
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That's kinda like asking someone who works for a living, "where did your work go when you get paid?"
+1 Plan BTC
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It beats working.
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We need a closed exchange open only to brokers to eliminate day trading.
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Everybody Wang Jun Tonight!
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if Obama wants to take my bitcoins away from me, he got to pry it from my cold dead thumbdrives!
He'll have to extract them from my m-of-n brainwallets with multiple decoy nested cipher keys. Hell, he couldn't even crack my buried keys.
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I keep mine with the envelope and original duct tape they were sent on for future ID purposes. Cassies are purely a collectable investment for me.
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Every time Bitcoin goes up in price there is a new wave of FUD.
"First they ignore you, then they laugh at you, then they fight you, then you win." - Mahatma Gandh
BTW, nice quote n8rwJeTt8TrrLKPa55eU
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10 minute lag at mtgox.
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Yawn.
Heard this shit before.
Sell off + lag = 2 hour bounce.
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I'm thinking the correction / swing this week will be pretty big. I got out at $113.50. Have I lost some opportunity? Yeah. On the other hand, I made six times my initial investment in less than 2 months.
Sure beats the hell out of the.25 percent I'd get if it were in a bank!
I got out at $113.89 with 1/3 rd of my stash. We will get back in by Saturday under $110. Just might make a run up to $150 tomorrow first. BTC China just hit $145. If there is that much of a spread, why not use LR for arbitrage?
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Is anyone attending this or are you all too busy spending your newfound wealth?
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OK, so now we need a million dollar bitcoin page. IIRC this has been done a couple years ago.
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Say PayPal makes a PPpenny- they mint 51% all right away and then open up mining to the miners with the same difficulty/rewards type situation as a newly birthed crypto$. They allow early adopters to see good rewards but retain majority ownership of this economy. Then PP is basically who is backing this and it is a "backed" currency.
You will see the premined coins in the blockchain. Who would think it was fair other than their cronies?
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I take it all back. Go Litecoin! Viva la Bitcoin! Drive on Namecoin! There is more than enough room for all of these currencies and more to go to the moon!
I think it would be a death knell for MTGOX to adopt other currencies, but it won't hurt Bitcoin a bit. In fact it would open up more serious exchanges and brokerages to the Bitcoin market.
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I take it all back. Go Litecoin! Viva la Bitcoin! Drive on Namecoin! There is more than enough room for all of these currencies and more to go to the moon!
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