I agree with the prior post.  You need to hire an engineering CTO or project leader to make this technically succeed.  You are asking for a very diverse skill set.  A quality project leader is going to want 6 figure salary + equity and a budget.  A budget because s/he'll be HIRING other consultant engineers to handle the diverse aspects of this project.  There ARE people who could do this solo, but they are rare and already working in great jobs...

And yes you should repurpose an existing BTC ATM for your first release even if it is not beautiful.  This will dramatically reduce schedule and risk.

My experience is that Bitcoin infrastructure improvements do not seem to significantly affect the price, short term.  It takes an external event -- 2011 media exposure, Cyprus, China media exposure.  So the timing is very difficult predict.

Don't worry that all this amazing news about BTC -- ATMs deployed, positive US testimony, fortress ETF, (EDIT: overstock, tigerdirect & gyft) etc -- has had little or no effect.  When the next fiat shock comes BTC will be ready!

http://online.wsj.com/article/BT-CO-20140131-708113.html

theres always the awesome beaches of ubatuba just a few hrs away and some interesting mtns btw them if you hike... too bad you didnt post this 2 weeks ago I really would have appreciated exchanging some btc for brl...

I think that the best answer to this silly and often-stated criticism is to affirm that Bitcoin is not really meant for the kind of apocalyptic situations that cause people to dig bunkers, and stockpile food and weapons.  The kind of situation we never been previously witnessed.  Instead, it diversifies your investment portfolio during political-economic meltdowns, such as during long periods of high (10-25%) inflation, or a period of hyper-inflation.  These events have occurred many times throughout the world and is happening in Argentina right now.

So the above argument simply avoids the fight by saying "Not applicable", but at the same time reinforcing why Bitcoin IS valuable.

And I always follow this up with the observation that if the imaginary apocalypse was a significant depopulation event that left infrastructure more or less intact (disease for example) the ratio of gold per person would rise greatly.  That is, you could probably just wander through empty affluent neighborhoods picking up lots of jewelry.

What if it goes to $550 but MISSES $600?  I mean maybe there are no bids at 600 exactly?  And what do you mean by "Bitcoin"?  Do you mean the market cap of all bitcoins or a single coin?  And what currency are you using?  You know, some other countries (Brazil for instance) use the $ symbol.  

Sheesh, come on.  Be precise.  Not that I want to bet or anything  





I'm just (laughing at) the precision police.

yes in early 2012 talking seriously about 100 dollar coins was laughed at like rpietelia 300k was in mid 2013.  lots of miners were saying "btc will never get above the 10.   im selling everything I mine to you forum suckers lol!"

...Jr. (junior) means their father has the same name.

The truth is that anyone can say anything here and its unverifiable.  This is why I tend to say nothing about my personal investment decisions.   However, in this case the Goat is not trying to sell us anything.  What's his purpose for lying?  Photoshops of somebody else's Lambo is a LOT more time consuming than point & click.

So I tend to take him at his word, but at the same time don't really care.  People who think net worth is like a score on a video game and this forum is the leaderboard are deluded and I feel sorry for them.  

At some point your quality of life and the ability to push your interests across the local, regional or world stage are what's important.  Who do you pick?  The pre-marriage Bill Gates who spent all his time accumulating billions through a software monopoly (let's ignore his later philanthropy), or Elon Musk who left Paypal and is now building electric cars, rocket ships and is proposing to revolutionize city-to-city public transport?

 

Peter just read the forums a bit more; this is a well trodden path.  The is a great idea on the surface, but fundamentally when you grind a dungeon (loot monsters, etc) you are not contributing anything valuable.  Its supposed to be "fun" to play a game, so why would the company pay you for it in real money?  In other words, you will never loot monsters for btc.

OTOH, BTC works well for in-game purchases and players-2-player sales of virtual goods.   These (and other all-digital) transactions are plagued by CC fraud because there is no home address the physical goods get sent to where the cops can go knocking.  So you steal a CC, buy a virtual item, transfer it to another account and sell it for cash or simply use it in the game.  When the inevitable chargeback hits the original purchaser and the virtual item are long gone.  The company gets hit with the bill.  This is a big reason why these goods were universally banned from ebay AFAIK. 

BTC is the perfect solution to digital good purchases because it cannot be charged back.  So the person who loses the money is the person who lost the BTC in the first place.  The pain goes to the person who needs an injection of responsibility.  And of course its much harder to steal BTC as compared to a credit card... you can't crack a sales exec's laptop (or target) and get 1 million card numbers...

You could consider Life a one way death trip.  But AFAIK you are correct the radiation exposure may speed things up a bit.  I thought it was manageable though by hiding underground/ in a special compartment in the spaceship during peak times.

So 40 people 10 days.  Let's assume 100k average salary which I think is probably high.  So (40*100k/365 days per year) * 10 days is kind of the amount of money spent on this effort -- although in practice how productive would those people have been doing other stuff right after xmas?

But I digress.  Total cost = 109k.  So in the FIRST DAY revenue (124k) was greater than development cost.  Anyone know overstock.com's markup?  Retail varies widely from 100% down to clearance items at 0%, but internet stores tend to be on the low side.  Let's just make up a number.  Say 10% markup.

So 12k profit, or ~10% of the cost to develop the feature was paid back in one day.  That's some pretty amazing numbers, regardless of what happens tomorrow.


PS: to all you people who think that people buying stuff will crash the price.  I generally hate to be so blunt but you are freaking morons, even if you are just saying it because you are short.  If enough product was sold to even depress the price it would be the top financial news item worldwide.

Maui 

1 or 2 days lending at bitfinex can make 1 year of interest payments so I doubt that is the issue.  more likely cant get loan... banks do ask what 4 u know.  and not risk of not making payments but of losing it all if they cant unwind insolvent positions.  happened in april had to be bailed out by big investor iirc.  also could be that they ARE doing so as much as possible.

with institutional investment price may decouple from search terms.

ty!  and yes I did google for it b4 posting.  looks like btc is FAR from dead in china.  makes sense given what we've heard about their other store of value options.  even if its not money in china if its money elsewhere investing still makes a lot of sense

whats this huobi 5k rumor?  link?

OMFG, salt + lambo... might as well just burn a da vinci 

I think that the situation here is much more complex than you and BitFinex give it credit for.  There is both the demand for BTC loans (bear) AND the people filling those loans (bull) to think about.  Why would someone fill a loan at something near 0% interest?  To provide BTC on the ASK side without actually selling any.  I.E. to keep the BTC price down...


I can't tell if people are getting liquidated, but I can provide one data point which is that some BTC loans are closing pre-term while USD loans remain outstanding...

The near ATH bids on Gox, and significant USD leverage on bitfinex is making me think that the rest of the world is seeing the China news as a buying opportunity not a calamity.  And this is not untrue; China was not a significant player until a few months ago and so this news should not affect the long term situation.  Even more interesting its now CLEARLY legal to hold BTC if you are Chinese.  Granted, it may take an international trip (not far, to Hong Kong for example) to get some.  But if what we are hearing about the lack of savings opportunities in China, this might actually make a lot of sense for those people who would be buying significant BTC quantities anyway.

In other words, the announcement may have simply converted the country to a bunch of very long term holders.


tl;dr; So I'm now seriously considering that this pop might reverse itself very quickly... and adjusting my portfolio with that in mind.

because it could pop up less than it fell.  Same reason (but inverse) ppl don't wait for the weekend to buy.