|
Futures markets? Are there any?
|
|
|
|
...
If you dig Bitcoin you are smarter than average....
I hope so! Well at least the vigorous rebuttals in the comment section help to restore my faith in humanity!  |
|
|
|
i think the point was to capture the Wall St skyline in the background. i think the cold made him a little freaky.  Some sort of "Hell freezing over" allegory? |
|
|
|
...a house worth about € 400,000 and has a mortgage to about half that value....
How's that one performing? Any positive returns on the mortgage yet? |
|
|
|
awesome! I think this is the kind of post that is being referred to.. Present company excluded of course  But basically there seems to have been a lot of "sophisticated trolling" lately where e.g.: new members discover a serious flaw because... "miners will lose income over time due to lost coins/money supply deflation" or... "OMG the whole system will go down in flames due to off-chain transactions!" Their concerns might be genuine but it's freakin' annoying, and the assumption that 'we' (older members) were all too dumb to discuss the basics is slightly insulting. |
|
|
|
|
Unlike "silver", the "Bitcoin" brand has not matured yet and still has plenty of room to be stretched.
|
|
|
|
Traders and speculators love it. MtGox loves it too. Imagine how much they made in trading fees over the last few hours.
Everyone else should hate it. A 30% crash and bounce back within a matter of hours? Not good at all for anyone looking to seriously use bitcoin to run their business...
Let's not forget that 'real' businesses also increase market depth and provide diverse arbitrage opportunities. BTC/USD exchange rate price spikes up? -Keep the price of your merchandise somewhat "sticky" instead of tying it to the dollar. Call it a "sale" and dump extra profits onto the exchanges. BTC price tumbles on one particular exchange? -Restock cheaply, if possible. -Call it a "sale" even though you've been forced to increase the sticker price (maybe keep it somewhat sticky to stay competitive). When customers are enticed by the sale prices, what do they do have to do? -- Obtain more coins! Thus I think it's a "chicken and egg" situation. If there were more businesses, they would drive down BTC volatility. |
|
|
|
As I thought, criticism of Bitcoin is Taboo - now its official! Well obviously it's not necessary if the criticism is legit. But point taken |
|
|
|
This (or a similar) template has probably been done before, but a fresh wave of n00bs is coming so we need to revisit and save our strength! We have to use the power of cutting and pasting! The complexity of various replies I've doing lately suggests this template is not quite there yet, so let's work together to patch this thing up! Your post/thread attempts to criticise BITCOIN on
( ) economic ( ) technical ( ) philosophical ( ) emotional
grounds. Your criticism has no merit. To help you learn from your mistake/s, additional details regarding the nature of your error are presented below:
( ) Your arguments/conclusions are incorrect due to bad input data.
( ) Your arguments/conclusions are incorrect due to missing or incorrect input variables.
( ) Your arguments/conclusions are incorrect due to bad processing.
Specifically, your logical fallacy is:
( ) Black or white (you're either with us or you're with the terrorists)
( ) Special pleading
( ) Loaded Question
( ) Burden of Proof
( ) Ambiguity
( ) The Gambler's Fallacy
( ) Bandwagon
( ) Appeal to Authority
( ) Composition/Division
( ) No True Scotsman/Appeal to Purity
( ) Genetic
( ) Begging the Question
( ) Appeal to Nature
( ) Anecdotal
( ) The Texas Sharpshooter (cherry-pick data)
( ) Middle ground
( ) Strawman
( ) False Cause
( ) Appeal to Emotion
( ) The Fallacy Fallacy
( ) Slippery Slope
( ) Ad Hominem
( ) Tu Quoque
( ) Personal Incredulity
(thanks to: yourlogicalfallacyis.com)
( ) Your premise relies on
( ) Metaphysical
( ) Spiritual
( ) Theistic
( ) Emotional
argumentation that is unfalsifiable. Please try to come up with a logical rebuttal.
( ) Your arguments/conclusions are incorrect because your understanding of certain concepts is flawed or incomplete in one or more of the following areas:
( ) supply and demand
( ) competition, monopolies
( ) money, currency, cash, fiat, commodities, history of money
( ) theories of value, bubbles
( ) inflation, deflation, CPI, money supply
( ) ponzi schemes, pyramid schemes,
( ) early adoption, FX plays, trading strategies
( ) FOSS: free and open source software
( ) structures: centralised, decentralised, headless
( ) cryptography
( ) data storage
( ) networking
( ) computer languages
( ) chaos, dynamic equilibria
( ) crowd psychology
( ) Game Theory
( ) laws
( ) people
( ) Your general criticism has been suggested before. Please use the search function to find out more about:
( ) Bitcoin versus ponzi schemes
( ) Lost coins
( ) Actual weaknesses
To successfully criticise BITCOIN in future, we suggest acquiring more knowledge of the subject matter in question. We wish you BEST OF LUCK in your re-education.
|
|
|
|
....... What would happen if there wasn't a limit on the number of coins created? My gut feeling is that anyone reading this with more than a handful of bitcoins is going to get very angry as they see their potential pension pot disappear in a cloud of zeros and ones! Any feedback? A constant coin creation rate can be expected to eventually reach an equilibrium of sorts with the rate of coin loss and thus a ready steady total amount of active (not-lost) coin. I'm guessing you've already had an inkling along these lines. (One can reasonably expect this to be the case as long as the mining rate wasn't ridiculously high causing hyperinflation and completely destroying bitcoin) As for people getting angry for even mentioning, yep, I'd bet on it. Lol. If it's so important to compensate for estimated coin loss, why don't you make an alt-chain that implements it your way? Even if your alt-coin struggles at first, people will eventually start to feel the pain from all that unwanted deflation and they will come flocking to your idea. |
|
|
|
How could I forget?! This thread is the perfect opportunity to fine-tune our template!.... Your post/thread attempts to criticise BITCOIN on
( ) economic (v ) technical ( ) philosophical ( ) emotional
grounds. Your criticism has no merit. To help you learn from your mistake/s, additional details regarding the nature of your error are presented below:
( ) Your argument uses certain terms incorrectly.
( ) Your arguments/conclusions are incorrect due to bad input data.
(x ) Your arguments/conclusions are flawed due to bad processing.
Your logical fallacy is:
( ) Black or white (you're either with us or you're with the terrorists)
( ) Special pleading
( ) Loaded Question
(x ) Burden of Proof
( ) Ambiguity
( ) The Gambler's Fallacy
( ) Bandwagon
( ) Appeal to Authority
( ) Composition/Division
( ) No True Scotsman/Appeal to Purity
( ) Genetic
( ) Begging the Question
( ) Appeal to Nature
( ) Anecdotal
( ) The Texas Sharpshooter (cherrypick data)
( ) Middleground
( ) Strawman
( ) False Cause
( ) Appeal to Emotion
( ) The Fallacy Fallacy
(x ) Slippery Slope
( ) Ad Hominem
( ) Tu Quoque
( ) Personal Incredulity
(thanks to: yourlogicalfallacyis.com)
( ) Your argument fails to take into account one or more input variables.
( ) Your argument uses
( ) Metaphysical
( ) Spiritual
( ) Theistic
( ) Emotional
rambling that is UNFALSIFIABLE.
Specifically, your criticism indicates that your understanding has flaws in one or more of the following areas:
(x ) supply and demand
(x ) competition, monopolies
(x ) money, currency, cash, fiat, commodities, history of money
( ) theories of value
( ) inflation, deflation, CPI, money supply
( ) ponzi schemes, pyramid schemes,
( ) bubbles, early adoption, FX plays
( ) open source software
(x ) structures: centralised, decentralised, headless
( ) cryptography
( ) data storage
( ) networking
( ) computer languages
( ) chaos, dynamic equilibria
( ) crowd psychology
(x ) Game Theory
( ) laws
( ) people
To successfully criticise BITCOIN in future, we suggest acquiring more knowledge of the subject matter in question. We wish you BEST OF LUCK in your re-education.
 |
|
|
|
"Wave Three" OMG! I stirred the tea leaves again and now it looks like the last bubble was only 15/7 = 2.14:1 after correcting for the long-term exponentially increasing support level. Bubble mode started around Jan 13th, bottom at $13.5 support level currently at $17. 17/13.5 =1.259 support level daily growth = (17/13.5)^(1/46) = 1+i = 1.005024 bubble growth 33/13.5 = 2.444 bubble daily growth = (33/13.5)^(1/46) = 1+i = 1.0196 or almost 2% daily growth net growth: (2.444/1.259)^(1/46) = 1.0145 So the bubble will pop when the net total growth reaches 3.46 times whatever the support is on that day. After doing some logarithms and stuff to find out when the bubble will pop, the price will reach (2.444)^( )*13.5 = 5.34*13.5 = $72.  |
|
|
|
Does proudhon have a twitter feed I can follow? Not that I even know how to use twitter, but it's the principle of the thing! |
|
|
|
But the last wave is usually the strongest.
The May-June 2012 bottom looks like the restart of wave 1 to me. So that means we're only on Wave 3 now? That would make the top around... previous peak: $15/$7 re-based to $18 18 * (15/5) * 1.618 = $87 ?!?!  sunnuva... jebus! I mean, I totally expected that |
|
|
|
Ahh yup. We're talking about 2 completely different problems here. Things like the size of the whole block-chain, download times, propagation times for new blocks -- those technical challenges can all be readily solved/improved. But this thread alludes to an Economic feature built-in to Bitcoin. Namely, if nobody touches the design, and Bitcoin usage keeps growing, miners should (if they're smart enough  ) learn to manage Velocity and help dampen speculative bubbles and make the charts much less embarrassing. It only dawned on me recently: one of the reasons the BTC exchange rate has always been so volatile is because there has been too much spare capacity in each block. This allowed small miners (less than 1% hashing power) to effectively break the market for transaction fees. Instead of working smartly to maximise profits, they just brutally accept as many transactions as possible, which cranks velocity up to 11, and leaves all the other miners stranded and unable to slow things down. Obviously the pools can try to adjust transaction rates... but they would only be able to influence very fast spikes and dips. All the longer trends would be firmly in the hands of... you guessed it: anyone reckless enough to fill up a whole block with free transactions. Now that Bitcoin has grown so much that the spare capacity in each block is no longer "dangerously" big and exploitable by rogue miners... some people are talking about drastically increasing the block size, and some are suggesting making it dynamic but out of the hands of miners "because they can't be trusted". You seem pretty sure that increasing the blocksize will kill Bitcoin - sure enough that you don't provide any poll option for it happening and not creating a catastrophe.
Any particular reason you feel that way?
Hmm, I guess I should have been more objective and less driven by emotion when creating the poll. Does the above answer your question? (Can you tell that I'm a panic-buyer/seller? ) |
|
|
|
What does "miners hoard more" mean? Not enough info.
I understand that hoarding isn't a very precise term and I wanted to avoid complicating the question (although I may have failed at that ). E.g.: a miner creates 5 bitcoins per month. They usually immediately sell 4 of them and add 1 to their retirement/savings account, but this month they've decided to only sell 3 and keep 2. |
|
|
|
|
rLq7nBzXMrb19CBVM5UmFk9D9txTHW62X3
|
|
|
|
Damn, I knew I should have stuck '[poll]' in the title. The forum would only let me edit the question but not the thread title. Oh well. In other news, how's it going everyone? |
|
|
|
Any relevant comments or questions welcome.
|
|
|
|
|
Show Posts
