Hard work doesn't mean too much by itself. I know people in China who are working their asses off everyday, for ~$100-200 dollars a MONTH. They probably work harder than 10 of you combined. Are they rich? Of course they're not.
The really important thing is knowledge, and having a correct understanding of how the world works. And then you'll need some work, hard work even, and a bit of luck, but you will succeed if you try enough times. As long as you have the knowledge.
Which is why IF Bill Gates, warren buffet, *insert most selfmade rich people here* were too lose all their wealth and contacts, they can probably become rich again given enough time. Perhaps they won't become as rich as they were, because they got really lucky the first time. But they'll be a lot better off than the average person for sure.
What type of knowledge tho? I know people that know a lot of things, but they aren't pricessely right. Then I look around, and all I see footballers, boxers, celebrities, making millions, then the occasional guy that creates a viral videogame and becomes rich overnight over google adsense revenue and whatnot. |
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Seems all dated back and part of wiki leaks but that is sure heck a lot of coin to old in wallet and never spend any in that time maybe saving for a future whos ever it is Well it's still recieving a lot of coins, the most recent transactions are a week ago. I googled and couldn't find much, I saw the address being mentioned in the chinese subforum. |
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I've considered buying an electronic wallet like Trezzor before but
a) I don't have enough BTC to care that much
b) Im paranoid about electronic devices and trust more a BIP38 (a paper wallet with a password) than something thats prone to failure, needs updates etc.
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@OP, Yes, i have more than 1 btc, but sadly not even a small portion of what i once had remained. Are you asking about 1 btc as a some form of 21 million people club? Because owning one bitcoin today makes you one of 341,830 , and not one in 21 million. You can check exact statistics at ondn.net:800/search. It's interesting to see that smaller amount of people hold very large portions of bitcoins, similar as to what is happening in fiat. Interesting how many people lost a large share of their money in gambling.
Amounts can be deceiving, because people often talk about how much btc they lost, but not how much that btc was worth at the time. I lost over 200 btc gambling, but it wasn't worth much at the time tbh. cheers I think he means 21 million from the total ever mined coins. In the future there will be 21 million (-the lost coins). The question is, what do you think the final supply will look like considering a ton of them will get lost forever? |
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Just like the cell phone, cryptotech is slowly integrating into our every day lives. Now that even the banks are starting to look at it, I think it won't be too long until wide spread adoption begins. The so called "killer app" will actually just be when the first major bank allows direct trade of bitcoins<->fiat. It has to happen because of game theory!
I'm not 100% with this, but I've been wondering whether the big financial institution that moves first might be the big payment processors (VISA/Mastercard/Unionpay). They have less to lose from adopting bitcoin directly, and they will know that less well informed consumers will trust their brand. And speaking of brand trust, think about the developing situation with capital controls around the world; this does affect brand perception for these companies, because their product cannot be used in a growing number of nations. They would be wise to begin innovating some kind of hardware wallet or bitcoin denominated card payment system, otherwise there is a risk that some critical mass of consumers begin to (however irrationally) associate the failure of fiat based cards with the payment processors themselves. "This VISA card crap is useless round here, cash and bitcoin seem to be the thing" They will move but only when its 100% tested that the blockchain could deal with their current % of transaction volume. At this rate it will take several years since apparently the 8MB increase every 2 year on the blocksize seems the most liked method. |
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You could connect a few more points imho.  Ahaha fantastic reply! You made my day.
However, OP you should see this other chart (BitStamp market):  Frotunatelly I've sold few bitcoin at 305 dollars.... Which means you are losing money because you will most likely not buy back and miss the higher prices in the future. Moral of the history: Do not sell unless 100% needed, otherwise you are most likely losing money unless lucky as f*** to buy back at the right time. |
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See what coming? The fairly steady rise from $220 to $278 in the last month and a half?
Yes, there was a little bit of a freakout last weekend due to over-reaction to the Greek crisis, but that has corrected itself and we seem to be back where we should be.
The whole rise was because of Greece hype. Also Chinese stock market crashing. The amount of wealth lost greatly exceeded the greek debt amount, and there was a lot of frenzy buying coming from china. but that hype has died down, showing how thin the market really is. I'm surprised we havent gone back down to or below the $250 mark It's kinda funny. The amount of Chinese stock lost in a day was near the entire Bitcoin's marketcap. If anything, this could tell you how insanely undervalued Bitcoin is. Once all that fiat starts flowing in into the Bitcoin ecosystem we'll have some unparalleled shit going on. This is a game of moving fiat into Bitcoin and there's a lot more fiat out there that wants to get into Bitcoin than people wanting to convert their BTC into fiat. |
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The marketcap is tiny. UBER has a bigger marketcap than Bitcoin. Of course it's going to be manipulated. This will change once the volume is bigger.
The overall lecture is positive tho. We are holding well at near 280 right now. Don't forget people was complaining about low prices being stuck at 240 like a week ago.
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EBay Inc. last year fought to keep hold of PayPal in a contentious battle before reversing course. As it plans to spin off the fast-growing payments unit on Friday, the e-commerce company may wish it had held its ground.
The company’s second-quarter results, its last as a united entity, tell a story of two online giants headed in seemingly opposite directions. While PayPal can point to double-digit revenue growth and a slate of recent acquisitions, eBay is beset by shrinking sales and is jettisoning assets. http://www.wsj.com/articles/ebay-revenue-rises-as-earnings-top-expectations-1437048364Time for eBay to man up and start accepting Bitcoin directly through their in-built interface. Be the pioneer and make Paypal look like idiots in the future. Now it's their chance to shine. |
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Right now there's a lot of wait-and-see.
I don't think Bitcoin will rise much higher than it has - at least not sustainably - until mainstream investment places and fund managers are satisfied that Bitcoin is able to scale to at least thousands of tx per second.
Meaning, we not only need to make the block sizes bigger, but we also need to develop new technology. Side Chains, Fractalized blocks, or ... whatever. But right now it's not taken very seriously because, five transactions a second? And with a 20Mbyte block it'll go up to maybe a hundred? Don't make an investor (or a broker) laugh, that's not even a good attempt at a payment system that could get off the ground in a serious way. And so it gets dismissed.
Bitcoin could go above its current value, and stay there, only if the scalability issue gets addressed in a credible way.
The possibility that Bitcoin could take over all of the business of Visa/MasterCard is laughable. It took BankAmericard nearly 60 years to grow that kind of worldwide user base. PayPal, on the other hand, could be replaced with a superior system within 20 years or so. It would only take 100tps to replace all of the volume of PayPal. I doubt investors are laughing at PayPal. Blocksize will not need to be increased by much to handle PayPal sized transaction volume. There are problems here that tps increases can't solve even with no cap and the highest grade nodes in every third house around the globe. As I mentioned above, Bitcoin needs to be a superior system in the minds of the current users of PayPal/Visa to steal away their customers. Where are the proposals for fraud protection, auto rental collision damage insurance, travel rewards, flyer miles, roadside assistance, cash back rewards, signature rewards, merchant discounts, etc. Bitcoin ease of use is about as different from Visa as a horse drawn carriage is to the automobile. Ease of use needs drastic improvements before Visa will need to start fretting. To think we can increase the tps rate and magically say, "ok, we're equal to Visa now just drop that plastic and come on over and use Bitcoin" is a child like mentality. We need service companies. What is important is: 1) The market should require that the money they produce (the money extensions) should have the name bitcoin, not bitcoin backed pesos and the like. That is to avoid a devaluation. (Hey, now I get only a half bitcoin for my Instapay bitcoin, wtf!! That is a big red cloth to customers). 2) The market should require that they are readily redeamable. You might lose trust in them, or want another supplier. For this we need the maximum transaction per second number that the blockchain could possibly provide. 3) The market should require that they are fully backed. Could be cryptgraphic proof of reserve, but i fear that could be a lie. Anyway, if a service company disappoint, there will be no way to save them by abusing the money system. If the public wants to save such company, it will have to be through taxation or loaning (with a nonfucked interest rate, good luck with that). I think the market will go for private insurance. Isn't that a bit the same as saying "it is laughable to argue that Amazon in a few years could be big... it took Barnes and Noble 80 years to be a big player...". ... I want bitcoin to be a big player with millions of transactions per second, but that is still not enough. If things go as planned we should be about paypal level in the next decade.  But we should aim for total world domination. Bitcoin must deprecate all other payment methods, to the point people feel stupid using them. We must make them feel as if they are still using paper mail when we got email. Bitcoin's ultimate goal is #1 electronic global transaction, anything else is being a pussy. All or nothing. |
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Im not sure about it. In terms of privacy, what sort of connection would it make with your address? how does this show up on the blockchain? does it use a randomly new generated address to pay each time HD style or a fixed address? because on that case it would be pretty much useless. Who want to pay with the same address every time plus have that address linked to your real data? No one wants merchants to know how much money you've spent buying and whatnot.
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Bitcoin is NOT a currency!
In it's simplest form it is just payment rails. Stop thinking about is as currency and what is left to regulate?
If a merchant selling a pair of jeans for $250 accepts a 1 bitcoin and customer 2 weeks later asks for a refund with a value of a bitcoin going up to $300. Is he going to get 1 bitcoin back or a value of the jeans he bought? Naturally, the value, which means 3/4 of a bitcoin at the time of the refund. So, how does it make bitcoin a currency. ITS NOT!
What do you think?
Man is it that hard to understand? He would get the same value back. ALL currencies fluctuate, the thing is Bitcoin does it a ton more since it's new. If you bought those jeans in gold, and gold fluctuated, it would be the same thing. A currency is a currency if it's accepted for exchange of goods and services, that's all, the rest is mental masturbation. |
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Yes, and not just 1
I have a the same 30 Bitcoin I bought back when they were cheap. I plan on holding them forever. I would think most people on here own at least 1 bitcoin. With 30 Bitcoin you've already make it. Most of us are still trying to make 1. Ideally, we all want to be on the 21 Bitcoin club and hold on those like there's no tomorrow. That's how you win the game. |
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I think it will reach again back to the days when bitcoin price was 200$.
Current price is dropping fast: $275
It won't reach $200 but will stop at $250 for 2-3 weeks. It's not crashing but don't know what's the reason of this drastic fall. I dint find a single website which explains the reason why bitcoin prices rise and fall. Well i am curious too what is that that makes bitcoin price rise and fall. I just speculated that so it can happen maybe Bitcoin market cap is small enough that whales can easily swing the prices up and down like yo-yo. They just need good excuses like Greece and China. They play on your fears and reap profit. Don't believe anyone who say that natural market forces are at work. If the natural market forces are responsible for the natural waves in bitcoin prices, how do you account for the past 18-months slide in spite of many good news and mainstream adoption? Whales love shorting bitcoins. It's a natural fit for them. For you, the small shrimps, you're nothing but food for them. Of course whales can play with the price because the marketcap is tiny, the point is, if you aren't buying BTC this cheap you are insane in the membrane, insane in the brain. If you are here for the long term, then who fucking cares if you buy at 50, 100 or 300. If you are here for 10+ years as you should if you aren't a huge idiot, you'll see your massive gains and your hard work paying off at the end. Only a clueless moron that doesn't understand what Bitcoin means to the world would argue otherwise |
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Im not waiting for BTC go to any lower, it's a huge risk to keep waiting for the ideal sweet spot, if you have to buy do it now, it's better to lose what, 100 or 200 euro, than lose 1000's of 1000's of euros in the future because you lost a ticket to the moon.
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I don't see them as risky, I see them as insanely hard workers (to the point of being unhealthy), just obsession with wealth and making money and working and working, and then as someone mentioned they seem to obsessed with superstitious stuff.
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Inequality is unavoidable, the distribution will always be uneven naturally unless you artificially alter it, and we don't want that right? Those that come first and take the bigger risks benefit the most, it's how it rolls. If you already own BTC you are ahead of a lot of people and in 10 years you will not be complaining about it when you are rich.
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EVERYTHING that is accepted in exchange of goods and services is a currency. The legitimacy of a currency is mostly it's network effect (how widely it is accept). Now, BTC is a new currency, and constantly growing, and it has special features that no other currency has, which makes it special, and objectively superior to all other currencies we've seen. But, dollar is still the king of network effect. In the future, we have to aim to get as much people involved in Bitcoin, it's the only way to go.
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With the SAFE project a global meshnet will be posible to the point we don't need ISPs. Kim Dotcom is also working on a decentralized internet. And in any case, if they wanted to shut it down the Bitcoin whales would launch satellites to keep running it.
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