M1 is the the term you are looking for total quantity of currency in circulation (notes and coins) plus demand deposits denominated in the national currency held by nonbank financial institutions, state and local governments, nonfinancial public enterprises, and the private sector of the economy, measured at a specific point in time. National currency units have been converted to US dollars at the closing exchange rate for the date of the information. Because of exchange rate movements, changes in money stocks measured in national currency units may vary significantly from those shown in US dollars, and caution is urged when making comparisons over time in US dollars. Narrow money consists of more liquid assets than broad money and the assets generally function as a "medium of exchange
I don't completely disagree (or agree) but will say that bitcoin doesn't really fit precisely into any of these big-M definitions all that well because they were made up with fiat in mind ... for example we can say that there are exactly 10.XX million bitcoin units in existence. Though looking at it philosophically, lost bitcoins are not really in existence any more than bitcoins not-yet-mined are. |
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"Total" implies adding all the values which is clearly not what's being done.
That is exactly what is being done. If a bitcoin trades at $65 then the total dollar valuation (TDV) is the sum total of each bitcoin that exists at the trade value of $65. Or am I misinterpreting your comment? It isn't because not all bitcoins market at the same value. Bitcoins that have been destroyed, for example, have no value because they are not of any use. The term "market capitalization" is therefore better than "total dollar valuation", because market cap includes those assets which have low or reduced value (e.g., the market cap of a company includes unreleased and dead shares). Exactly. Try buying all bitcoins at $73 or selling all at $73. It just doesn't work that way. So multiplying the current price times the number of coins (and which number do you use for that) is nothing more than producing a number which might vaguely track with the market. And what do you do with that number anyway? Bear in mind that it doesn't take account of velocity either. Don't get me wrong, it's cool to hear that the number is going up but it's not a good number to attach any real significance to. |
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Ooh, I found one.  |
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Hey, Just wanted to share photos of my setup of Avalons.  I hope you will like it.  I do not know for sure but aren't they designed to be horizontal? Maybe do some searching but I thought the Dr. told people that. As far as I understand, as long temperature is in right range, it doesn't matter how you place the unit. In fact this is standard ATX case with PSU at the top, so I think vertical layout is fine. I have no idea but you might want to check up on what minor miner said. I mine (trivially) with a passively cooled video card and it has bent and sagged from the heat and weight in my tower case. Conceivably it could be a mechanical requirement. (Again, I have no idea but for what those cost/generate, I'd be sure to check if it were me). |
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Due to an apparent anomaly in the space-time continuum, my motorcycle arrived this morning. The problem is that it's red instead of blue. How do I go about rectifying this? Do I have to wait for the warranty to become valid?
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Congrats. Here is a picture of my BFL ASIC setup in return   |
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I have to say, the extremely high price for batch #3 is a bit sketchy. Maybe it's legit but I think mining is simply becoming a less attractive pursuit. I won't be buying one.
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No.
1)It will not change the overall rate of production of bitcoins
2)The price of bitcoins is not directly related to mining in any case.
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I don't like that term either (though it may be a legit market term for all I know). "Total" implies adding all the values which is clearly not what's being done.
Maybe "Market Value Product" or "Calculated Exchanged Value" or perhaps even "Big Meaningless Number"
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my family is not interested in btc I did explain them btc buyed casascius coins and silver btc coins they did not want to buy in last years no interested on mining rigs even when difficulty was like 200k
I just wish someone had told me about it sooner. I guess I'd heard of it around but never looked into it. Then when I did, I picked up a GPU to do a little side mining and would have gone more all-in on that if ASIC wasn't "just around the corner" (F-you, BFL). Luckily I managed to dump a little fiat into it. |
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All I'm going to say is 'too big to fail' is failed capitalism in practice.
You misspelled corporatism. |
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I'm never selling. I'll just wait until the price stabilizes then use it in normal trade. In fact, I just spent a few BTC yesterday but I'm trying to replace them now...
Yea, the advice I am starting to offer is first acquire the btc THEN spend it as opposed to spending it and catching up. Well, it was an opportunity I wasn't expecting and it was only 3 1/3 bitcoins. Unfortunately, I didn't realize how hard it was to just buy bitcoins at short notice, the ones I bought previously were just by arrangements with individuals. It's all good though  I'm now switching to buying small amounts of bitcoin in a regular basis. There's all the usual regrets about not getting in earlier of course but it is what it is. |
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I'm never selling. I'll just wait until the price stabilizes then use it in normal trade. In fact, I just spent a few BTC yesterday but I'm trying to replace them now...
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Easier to bend into cool shapes, duh!
It's hard to light a cigar from a silver round. |
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How often do you check the verification docs?
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What might be cool would be to allow for attaching some lightweight mesh to allow for a degree of RF shielding.
I'd be totally for doing this to my main PC. The case is from when I moved to the US in 2000 so it's getting a bit old and it would be ideal for sitting under my printer. Way too many projects already on my plate though.
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Much obliged. Limits are an unfortunate side effect of dealing with money; and its mostly to do with fraud. Where money is involved someone eventually tries to take advantage, sadly  We've added a fairly straightforward verification system if you want to go the extra step and verify your account; that provides 100 GBP base rate. I should add that our system is pretty flexible and we can accommodate personal limits for repeat customers with which we have established a few smooth transactions (just contact support@speedybitcoin.co.uk). New features; yep - they're in the pipe - list as long as my arm  Basically, the ethos from the outset has been to try and do one thing (Buying BTC) really well, rather than a multitude .... less well. However hopefully as we grow you'll start seeing a range of great new features made available! Thanks again for your candid feedback To be honest, if I were at home and not at work, I'd have all the verification stuff in already. The confusion with buying bitcoins could probably have been alleviated with a couple of shortcuts or "buy bitcoin" labels. It was not immediately obvious that the bank reference was where to click to get the info for that (it is in your instructions but who reads those? ) |
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Having a prod around the site a bit more, some of my concerns have been alleviated. It would be nice if you had some way to show what kind of exchange rate could be expected though I know you can't guarantee anything given that you check several exchanges.
Great thing was that I was able to deposit funds quickly. I've registered with two exchanges today to replace some BTC I spent but my funds would either not be registered in good time or I could find no way to actually deposit funds online. With your site, I had BTC in my wallet within 5 minutes of completing the registration process.
The £20 limit for unverified users is unfortunate but understandable.
I do wish you had a few more exchangey features but I think you've done what you set out to do in a pretty solid manner. Thumbs up.
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Can't work out how to deposit GBP!
Edit: Worked it out. A little confusing.
Exchange rate seems to be reasonable but not easily seen. Got £43.82 at 20/03/2013 17:57:00
In all, I'm a little concerned about the lack of information and transparency of this site. It's nice and clean otherwise though.
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