Perhaps this isn't the greatest buying moment in history *but* if one holds the longest point of view then it is good enough. Cost averaging in over the course of a few months or even longer would be wise.
Buying at $900/BTC or so and then losing it all is the same as buying it at $400/BTC and doing the same. Zero is zero either way. Only the young (with time to recover) should invest more than they can afford to lose; they might have to endure living in their parent's basement a little longer. The poor (if they can find a way in) could invest some modest amount (if they can do it without starving to death) in the hopes of hitting it big; personally I think this is a better move than buying regressive lottery tickets -- perhaps the allure of the immediate thrill of winning a lottery is too much to overcome.
Never sell unless there is some overriding issue; e.g. significant others need "proof" that one can indeed get out. Hunger qualifies as an overriding issue but then it is called spending as opposed to selling.
Transitioning from a buy-and-hold-until-it-goes-to-zero-or-to-big position to the take-profits-as-desired position is the one I am grappling with. I truly used funds that I can tolerate losing altogether; nothing has changed even though my investment is worth ~7x now. I firmly believe Bitcoin is going big. Why in the world would I take profits now? Where would I park the profits to keep them safe from US dollar inflation which I believe is coming soon?
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So this is more of a miners issue right? How are orphan block rewards handled now? What I mean is if I solve a block and get the reward and go gamble it at satoshi dice immediately does this "attack" somehow nullify that block reward afterwards and basically I succeeded at a double spend? Or the block never hits the blockchain and the "attack" is designed for me to waste my hashing power?
As I understand it, the block reward cannot be spent right away. There have to be a certain number of blocks built upon it, 6?, before it can be spent.
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instead f trying to get new people to buy bitcoins. get merchants to accept bitcoins. i know someone in michigan who was looking to spend bitcoins and all they could find in their city was 1 foodler restaurant.
so they didnt want my bitcoins, same story for many other states, but seeing as your michigan based and my friends story involves michgan. i thought i should mention it. people wont truly take bitcoin on all of its merits until its usefulness is more appealing to them. at most all they would do is find a method to cash out your bitcoin, keep the fiat and never look at bitcoin again.
try getting merchants to accept bitcoin. then when family and friends use bitcoins and see its benefit they are more then likely wish to continue using it.
So far only one person I gifted wanted to cash out; I bought back the Bitcoin I had given them happily. All others are holding for now. The Bronx Deli http://www.bronxdeli.com/ owner is my friend; I'm the one that sparked him into having his business accept Bitcoin recently.
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I propose; 0.01 BTC = Bitcoin penny 0.05 BTC = Bitcoin nickel 0.10 BTC = Bitcoin dime 0.25 BTC = Bitcoin quarter I give away Bitcoin pennies to friends/family willing to take a moment to create a Bitcoin wallet to encourage them. I am a member of the Michigan Bitcoin Consortium https://www.facebook.com/groups/MichiganBitcoiners/. There I proposed we contribute to a pot; 1 Bitcoin nickel each. The pot goes to the next person to spark a local business into accepting Bitcoin.
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I just got the following; from a suspect domain, not address to me appropriately, terrible syntax and grammar -> phishing. -----Original Message----- From: Dzach [mailto:amacodisuf@contractor.com] Sent: Thursday, December 19, 2013 10:42 AM To: Administrator Cc: AOL Users; Webmaster Subject: CampBX security update Hello, Following a hack our domain name (campbx. Com) we ask you no more on this url you connect Now please you connect you only on http://campbx.euThank you to immediatly checked the balance of your account, contact us if you suspect withdrawal was made last last 6 hours Support CampBX
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If a truly free market can be manipulated by rumors then so be it. It seems like modern life has created folks that can't take the heat anymore. Grow a backbone. Relax and enjoy the ride; or panic if you prefer. It's a free market, unlike fiat which can be price-fixed. Can China or anyone for that matter manipulate the exchange rates of Bitcoin? Heck, I know for a fact that I can personally. All I have to do is enter a buy or a sell (or both) and the exchange rates will tend to be attracted. This should come as no surprise. If you are a believer then be clear what you believe in. If China denies/resists what you believe in then they just miss out *if* you turn out to be right. Bitcoin is "An idea whose time has come!" http://en.wikiquote.org/wiki/Victor_Hugo
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Can you point at an example?
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I would like to go through the steps of a trial recovery just to be sure. That would compromise the backups, right? So, a fresh set of fragments would need to be generated and secured, right?
Is it possible to imagine a trial recovery process that doesn't compromise the backups?
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One good dip perfectly timed for my next purchase would be appreciated. Who can arrange this?
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Suppose there are 10 things. Things 1 through 9 just happened to be bought at $1 each. According to those trades, the market capitalization is 10 * $1 = $10. But, how much is the last one really worth? Suppose the seller regrets selling the first 9 so cheaply. So, they sell the last one for $100 and just so happens to find a buyer. Now based on the last/latest sale, the market capitalization is 10 * $100 = $1,000 *but* only $109 have changed hands.
My questions is, "How much fiat has changed hands so far in the exchange of Bitcoins?"
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I say don't ever sell until you have no choice, i.e. you have a need/want that you can't fulfill any other way. Use all other resources, e.g. US dollars, before touching your stockpile of Bitcoins.
Alternatively, create an investment profile for yourself (or get help) and then adhere to the diversification ratios chosen; rebalance occasionally (not every day!).
Attempting to time the exchange rate is not a healthy endeavor.
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So, how would we detect such attacks? What should our response be? Or are we thinking we're ok as is? Maybe the default behavior could be configured to be selfish and that way a selfish attack wouldn't be able to gain. Hmm, then the non-selfish algorithm would look like an attack. Ah, the mining software should detect the current situation and adjust the algorithm to selfish or non-selfish to maximize earnings.
Or, have I completely missed the point and need to pay closer attention?
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Help us understand; who took your picture? Hmm, perhaps it is a camera with a timer?
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I have never gotten a single Bitcoin via mining and have absolutely no intention of ever trying. Well, I did run the default miner for a few minutes just for fun/learning. I have never purchased a single item using Bitcoin yet; I have given some gifts of Bitcoin away (only one has been bought back). I was the spark for a local retailer, The Bronx Deli http://bronxdeli.com/, beginning to accept Bitcoin. I brought in $10,000 (USD) (~1-2% of my total net worth) of non-retirement funds through a few different exchanges (to learn about them), fully prepared to lose it all in a flash (still am). A couple of days ago, I sold BTC1 just to appease my wife, family and friends; they wanted proof that I could get out. I'm a small number of days away from getting in $25,000 (UDS) of Roth IRA, i.e. tax-free growth, via SecondMarket & Equity Institutional after which I will draw out some more non-retirement funds to rebalance -- my mid-term target is to get back my original $35,000 (USD) (after taxes, fees, etc.). The longer Bitcoin goes without a fatal flaw the greater the percentage of my net worth will be in Bitcoin but I won't be abandoning USD anytime soon. I will not be attempting to time my ins and outs. Anyone, including the OP, that thinks they can reliably and accurately predict corrections/crashes or anything else is deluding themselves although I sincerely appreciate the postings (they make for entertaining/thought-provoking reading).
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Ah, a case for escrow.
Send me the money and the picture and I will make the exchange.
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Newcomers are numb to the wild swings; they want in now despite the swings. They hope they catch a dip but won't wait very long to try to time entry. Old guys bringing more in are content to enter at any price on the way up. The transition from non-retirement funding to retirement funding via SecondMarket and eventual the ETF are causing an inflection point up. The slope of the curve will become steeper up until the funding influx is over and a more steady state is reached.
This is the time boys; get your money in now. Keep it in until you are obliged to retail it out after you exhaust your non-Bitcoin resources. Do not attempt to time the dips and rises or be prepared to under-perform. Yes, of course, a few will get lucky timing but it is just that luck. Ignore their claims of a charting theory or some other voodoo junk. Everything looks like a perfectly predictable chart in the rearview mirror; past performance is not a reliable indicator of future performance.
This is a fundamental shift in the world. People will always gravitate toward freedom and liberty and Bitcoin is the most free and liberating currency (er, thingie) ever.
If there's a fatal flaw found then either the developers will correct it quickly enough or the whole thing goes to zero faster than most can get out; sorry. So, stay diversified (which is clearly contradictory to my early missive; sorry).
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Shortly after the $US/BTC exchange rate exceeds $1,000/BTC the idea to switch to mBTC (or whatever it gets called) will push to the front of people's minds again. $1/mBTC will look very enticing. The exchange rate will continue to be volatile with 10% swings in 24 hour periods not uncommon but we will see $2/mBTC in 2014.
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Bitcoin offers superior financial utility than gold. Releasing gold from the somewhat artificial duty of store of wealth will lower the price for things done better with gold http://geology.com/minerals/gold/uses-of-gold.shtml. Prediction; the price of gold will mostly drop as the exchange rate of Bitcoin goes up. Times of unrest will see both gold and Bitcoin rise but as more and more people learn to trust Bitcoin they will flock to it instead of the relatively inconvenient gold. We are fast approaching the $US/BTC exchange rate of $1,000/BTC where the switch to mBTC (or whatever we end up using) will sweep through and reset attitudes. $1/mBTC will look very inviting and surges to new highs will follow. I've been giving gifts of Bitcoin. Not long ago I was giving 200mBTC (at the time worth about $25 US). Now I'm giving what I call Bitcoin pennies 0.01BTC (worth about $8 US); A) I'm giving to more people and B) I expect they will be worth plenty enough soon to spark interest.
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