I kind of get where you two are going but why was he so scared of a rise in USD prices if so ?
"The greatest thing that could hurt me is a sudden spike in BTC price" - so he does anything to avoid that rally to $10 by Dec by dumping as much as he can onto it.
Makes sense, no ?
No. He isn't scared of a rise, he is scared of a sudden spike. He has brief time periods (a few hours) where he has traded BTC for enough USD to rebuy the BTC + a profit. If it spikes during this exposure, he loses BTC. |
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I love pirate and all BUT the only thing I don't like about him and his operation is that he does not seem to believe in BTC ( refers to them as "pet rocks" ) and also I think he is the only one preventing BTC going to $10 soon by dumping as much as he can ...
Thank God he is preventing another pump and dump. |
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@miscreanity
You only offered an alternative to hyperinflation that is arguably as painful. What is stopping deflation? If the banks just keep holding the free money and not lending it, there will be deflation no matter how much is printed and the same banks benefit from the rise in purchasing power. Yes, eventually things will be too cheap to pass up and we will have inflation as they race to lock in their gain. But IMHO things have a quite a distance to fall before they can be considered cheap. China is idling production and Americans are learning to do more with less. It will be a while before we dive headlong back into consumerism.
That's the thing - the banks aren't just sitting on the funds they get from central banks. If they could withstand it without being completely wiped out of existence, they might endure deflation, but they are not currently capable of doing so because they're so leveraged that a fraction of a percent decline in their core asset holdings would bankrupt them. What we see in the markets may be deflation, but banks are today's 1st class citizens receiving special favours. Inflation is being actively pursued right now in an effort to squeeze assets out of existing ownership and into the beneficiaries of inflated funds. It's a leveraged futures market style liquidation at a much greater scale. While nearly everyone is looking for the one giant crisis event that can be pointed to as 'it', the path is being built incrementally with inflation being ratcheted into place - more like beachfront soil erosion than a bomb blast. ... blah blah blah, I've heard this story 1000 times ... tl;dr - inflation is already happening; we just can't see it yet because of games being played with the markets. Show me some evidence of the bold... Every market I've seen has moved at least several percent in the past few months (including the USD). Who went bankrupt? |
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@2112, what do you think bitpay does with their BTC? - they will dump them on exchange partially or in full unless they came up with some algos and backing funds to slowly sell them off without disturbing exchanges much with high volume
They use bit-pay so they either sell them all or they sell a percentage. exactly. in case they're going to have large btc volume - it will effectively lower btc price short term when they sell. i'm not betting on it rather seeing it as more probable event Oops, I misread you. My "they" was BFL, yours was bit-pay. |
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@miscreanity
You only offered an alternative to hyperinflation that is arguably as painful. What is stopping deflation? If the banks just keep holding the free money and not lending it, there will be deflation no matter how much is printed and the same banks benefit from the rise in purchasing power. Yes, eventually things will be too cheap to pass up and we will have inflation as they race to lock in their gain. But IMHO things have a quite a distance to fall before they can be considered cheap. China is idling production and Americans are learning to do more with less. It will be a while before we dive headlong back into consumerism.
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@2112, what do you think bitpay does with their BTC? - they will dump them on exchange partially or in full unless they came up with some algos and backing funds to slowly sell them off without disturbing exchanges much with high volume
They use bit-pay so they either sell them all or they sell a percentage. |
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Stephen Gornick, to show that scarcity in itself is not enough to provide value I need only point to SolidCoin or other Bitcoin forks.
SolidCoin was not scarce... its supply was manually controlled. There are several forks with nontrivial value, but network effects cause bitcoin to be far more valuable. If bitcoin fails in a way that these other forks address, or DNS gets grabbed by the ITU or similar, namecoin or another fork will gain value. |
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Seems like you could just yank the HTML of the wiki page and count <li> tags, keep historical records and whip up some charts. I have zero time, but any old PHP wizard should be capable of that, right?
That will get you the table of contents as well as a few other things you don't want. Counting <a> tags with class "external" should get you pretty close. So, yeah, in many languages this could be done in 5 lines. You'd miss out on some of the restaurants that don't have a link, but it wouldn't be too hard to special-case those. |
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It only takes 2 words to explain why inflation was the old boss and deflation is the new:
Baby boomers
As they retire and trade their assets for fiat to live on, there are far fewer people to buy them up. When they started saving for retirement, they were all competing to buy limited assets. Unfortunately, many economists have become convinced that this transient market behavior caused by a population boom is a new paradigm brought on by technology. Of course, expanding debt has also come into play as they attempt to keep this zombie limping along. Excessive debt can be handled in two ways: inflate it away, or deflate and deal with the defaults. If you were the one holding the levers as well as the debt, with a backdrop of boomer-driven deflation tendency, what would you shoot for? Oh, and if you shoot for inflation, most of your currency is held by foreigners who will dump it and cause a hyperinflationary meltdown.
To me it doesn't look like old Ben has too many options he can actually accept the consequences of.
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Hi, what happened to the dividend payment this week?
Thanks!
I sold all my shares, so he decided to quit paying out  . |
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If you call a coding offer "trolling for money" and not having any takers after a few days "unsuccessful" then sure...
When it is in response to a call for volunteers, absolutely. |
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I'll do it for a BTC commission   This guy is doing this of his own free will... he's looking for other volunteers... he's not looking to pay people to do something that he's doing voluntarily. How the heck does that make sense? I was replying to this: Oh, and the best thing would of course be, if someone could actually write a prog that counts the entries automatically and keeps them up to date, making me redundant I will write a professional-grade multi-platform script to automate it for a commission... Heh, fair enough. My comments still apply. He can't pay for it, but if someone donates it, that'll help this effort. If he doesn't have money to pay others to do his work, what makes you think he has money to pay to automate his work? For one thing, it would be a one-time investment. For another, it doesn't have to be him who pays. Remember when the community pooled funds to pay some guy to retype the entire FBI report? Also, unsuccessful trolls are unsuccessful. The one trolling for money is the most unsuccessful troll. |
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Wait, you're not the normal poll guy...
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but why sell at 6.7 if you can at 7+ A bird in the hand is worth two in the bush. |
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Oh I see. Well Putting a big sell order up like that discourages me from buying, because it will take a lot of "work" to tear down the wall. Which means following the path of least resistance is downwards a bit. But then again from what I've seen the past two weeks walls can come and go and I even saw a buy wall get sold into so what do I know.
Surely it's nicer to buy knowing you'll be able to buy at a definite price into that wall? Would you rather buy without the wall and as you buy see the price continue to go up so you end up buying some of your coins at a higher price? That depends on the volume you are looking to trade. |
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Hey waltmarkers, take your shit elsewhere. Tons of other members have had NO problems creating their own threads to cry and whine in, so take a queue from them and DO THE SAME. If you don't have a BTCST Investment DIRECTLY WITH PIRATE@40...fuck off. I don't have a problem with it. I thought my view would make people more comfortable than a ponzi. As far as I can tell, he's no more or less exposed to risk than the man selling $500K in diamonds a week for cash to a repeat buyer. Note I said in my first post, if Pirate has a problem with my guess of what he's doing, I'd happily edit / delete any / all posts. your theory does make sense, ignore that idiot Thanks for taking the time to read the history before running your mouth. Lots of people have skipped the hard research and spread FUD, which is why bitlane is making an ass of himself. Forgive him, he's just tired. |
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Does anyone have up-to-date information on the correlation between cost of mining and bitcoin price? How much does it cost to mine 1 bitcoin? How has that cost changed over time?
Do people generally think there is a connection between mining cost and bitcoin price, or is that not considered to be relevant?
Thanks!
http://blockchain.info/charts/miners-revenue |
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I forgot to mention I stuck a silver Bitcoin in the bag too... Hope you didn't throw it away with the bag... and if you did, then yay for increasing the value of silver.
I wan't too excited about my prize until I saw the silver bitcoin. Now I'm happy. Still, that was some expensive shaving cream . |
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