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nothing to say.... just... nothing.
the silverbox update (comparison from the beginning of this thread, March 13th, 2012, gold=1690, nasdaq=3055, Bitcoin=5.4):
Bitcoin is 670.00 (796.96 btcChina in USD). Gold is 1269.00. Nasdaq is 3983.00
Bitcoin: 12307.41% (14658.49%)
Gold: -24.91%
Nasdaq: 30.38%
Gold Diff: 16424% advantage Bitcoin
Nasdaq Diff: 9417% advantage Bitcoin
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triple play   |
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When the music stops your fiat won't be able to buy farmland, gold, silver or Bitcoin for ANY price  |
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Zerg, 500 is a milestone.
absolutely but must wait 6 more hrs... sorry! slackin the silverbox update (comparison from the beginning of this thread, March 13th, 2012, gold=1690, nasdaq=3055, Bitcoin=5.4): Bitcoin is 542.00 (555.82 btcChina in USD). Gold is 1286.00. Nasdaq is 3985.97 Bitcoin: 9937.04% (10193.04%) Gold: -23.91% Nasdaq: 30.47% Gold Diff: 13090% advantage BitcoinNasdaq Diff: 7593% advantage Bitcoin |
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Zerg, 500 is a milestone.
absolutely but must wait 6 more hrs... sorry! |
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Many people whine when the cards don't go their way and engineers are absolutely a huge pack of whiners! And finger pointers, esp. when their "baby" is being hurt! This is the human condition. Yet many engineers who have spent time in startups have a great appreciation of the role of capital. Others maybe not so much. At the same time I think you're saying that a lot of engineers would have no idea how to get Bitcoin from $1 to $400. To simplify, they'd just figure adoption would occur because everybody would read Satoshi's white paper. "Nerds have no idea how to apply what they hath created" does not quite have the same panache... but is more what you are saying I think. I think around 2011 you were a lone financier in a pack of engineers and so you've got some serious battle scars. WRT updates... its always the engineer who does the work! And the manager who wants the goddamn waste of time daily meetings! (Yes my team is going through release crunch right now)... Just kidding in fact it may be terrible but 100x vs 105x is a whole lot in dollar terms but just another increment when posted. Can you imagine a 5x increase in Jun 2012!!! I should make you a google docs spreadsheet... I try to do updates either at significant ATH or when I see the thread start to roll off the bottom of the first page... |
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But people who do computer science have natural language, math, CS, and probably a half dozen different CS languages with semantic differences (procedural, functional, rule-based, document layout). To a greater degree (still pretty small for many) their minds are flexible enough to think in multiple frameworks.
Frankly, this is why cypherdoc's comment "the nerds do not know that which they have created" pisses me off. We know. Its the economics professors and media talking heads who were endlessly reporting and blogging negatively about Bitcoin. Before 2013 99%+ dismissed Bitcoin. But of that 1%, most were engineers.
But the "nerds" also know that, like daylight savings time the real world at times makes changes beyond the control of any system no matter how elegant. "We" know that bitcoin is awesome but at the same time we know what we don't know and can't control. So while I've been saying that bitcoin could become first global exchange currency I've been saying it quietly :-)
Yet how many of the nerds who found bitcoin in 2010 or 2011 sold off all their bitcoin holdings when they were up 10%, and completely missed benefiting from the big rises in price? Selection bias. Since the vast majority of early adopters were nerds, it is incredibly likely that those who sold would also be nerds... there will always be a few. I never said ALL nerds understand what was created.. |
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He said Bitcoin is rat poison.
Too old imo.
Munger's quote. On the face the quote seems very negative but he could be saying that finance is infested with rats and bitcoin is going to clear them all out. Especially since it does have that potential. I mean it was a very interesting choice of analogy out of infinite possibilities... this is a very clever guy and he's not about to drop a stock market tip on TV for free when he has paying customers that deserve his insight. Most likely he doesn't care one way or the other and just said it for laughs... |
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This is the dilemma for 99% of financial guys out there.
Their "education" on economics is actually working as a stumbling block to their ability to grasp and accept Bitcoin.
They think they know everything, therefore something that doesn't fit the mold is automatically nonsense.
Good observation. I used to work in finance and noticed this, too. Whenever explaining anything from the area of economics, the last people to grasp the concept were people who studied economics - because they have had their heads filled with a lot of bullshit concepts during their edumakation, preventing them to see things for what they were, because there were just too many (mostly bogus) concepts getting in their way. To be fair they were followed by people like lawyers and psychologists, who thought they understand and know everything and were mostly a pain in the ass to deal with. I had the easiest time with people unsullied by "higher education" or people from computer science or engineering backgrounds. Actually it's quite fun to watch. Even highly intelligent and knowledgeable gold bugs and Austrian economists are taking their time in understanding Bitcoin and are only slowly, one by one coming around. And that's the worthwhile minority of economists. The guys who swallowed all of that Keynesian stuff? I gather they'll be among the "laggards" which adopt BTC, together with my grandmother and my autistic nephew. hahaha this is brilliant! +1 For two people to understand each other, one of them has to essentially start thinking like the other. My experience is that certain people -- the sort who you know have a PHD because they tend to work that fact into the conversation every few weeks -- are unwilling to think in other ways. They force you to cross the divide, start thinking like them and explain the concept using their terminology and framework. This is exactly Schiff's problem. He cannot imagine that Gold's intrinsic value irrelevant to the price of gold and is actually a liability for commerce whereas Bitcoin both HAS an intrinsic value and it is advantageous for commerce. Analyze a few of his shows from the context of cognitive framework and you'll rapidly lose all respect for his intelligence and predictions. A person who can only see one cognitive framework will only be right IF the world follows his framework -- but the existence of other frameworks essentially disproves that possibility. But people who do computer science have natural language, math, CS, and probably a half dozen different CS languages with semantic differences (procedural, functional, rule-based, document layout). To a greater degree (still pretty small for many) their minds are flexible enough to think in multiple frameworks. Frankly, this is why cypherdoc's comment "the nerds do not know that which they have created" pisses me off. We know. Its the economics professors and media talking heads who were endlessly reporting and blogging negatively about Bitcoin. Before 2013 99%+ dismissed Bitcoin. But of that 1%, most were engineers. But the "nerds" also know that, like daylight savings time the real world at times makes changes beyond the control of any system no matter how elegant. "We" know that bitcoin is awesome but at the same time we know what we don't know and can't control. So while I've been saying that bitcoin could become first global exchange currency I've been saying it quietly :-) |
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US and Europe want to go down but China says NO!  |
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10+ years ago I went to Peru to go kite surfing with a friend. We got searched on the way home. Nothing was found of course. For this travel I got "redlisted". At that point, I had traveled internationally exactly twice in 20 years. This "redlisting" meant I was unable to use curbside checkin. And a manager had to be called during every normal checkin -- he would show up eventually and clickety-click for another 5 minutes sometimes talking on the phone before letting me through. My bags would be searched EVERY TIME. This went on for YEARS. Even when I traveled with my wife and 2 young children.
FOR YEARS
Finally, when Congress forced the TSA to clean up the list due to searches of 12 year old girls, etc this treatment magically disappeared. I am an American citizen, and not recently arrived. One of my ancestors founded a town in eastern Massachusetts.
There is no possible way Bitcoin will survive redlisting. Redlisted coins will RARELY be cleared. Its easy to redlist someone/something, but its a career ending move to clear the wrong person.
A hidden, secret NSA redlist is not good and we should use technologies to promote fungibility... the Snowden revelations have shown that our constitutional rights need to be enforced via technology because they are not being enforced by due process.
But a notice appearing in your wallet is death to Bitcoin. (Judge asks: surely you SAW the notice why did you ignore it). It is ILLEGAL to knowingly spend stolen money, buy stolen goods, etc. If the wallet says the money is stolen and you spend it you are an accessory (IANAL). And a notice is a very small step away from automatic enforcement.
Of course Bitcoin will instantly fork. But the existence the "blessed" version will encourage lawmakers to make the other one illegal (or exchanges illegal anyway).
P.S. I think Mike Hearn must have sold :-) he's looking for a good entry point
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Just crossed 100X purchasing power compared to GOLD! the silverbox update (comparison from the beginning of this thread, March 13th, 2012, gold=1690, nasdaq=3055, Bitcoin=5.4): Bitcoin is 424.00 (415.00 btcChina in USD). Gold is 1267.00. Nasdaq is 3947.00 Bitcoin: 7751.85% (7585.19%) Gold: -25.03% Nasdaq: 29.20% Gold Diff: 10373% advantage BitcoinNasdaq Diff: 5977% advantage Bitcoin |
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 WTF?! Bitcoinity cracks me up!! |
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14 hours later i'm still locked out of my gox account due to some bug where OTP magically appeared on my account and gives me invalid code when i don't have one set up. I found in the service section someone else has this issue.
I missed the sell at 390 and rebuy at 360.
I also had fiat i wanted to buy back into at 365 mark with, which totally flopped.
14 hours later, I still can't access my account still and watching the price float upwards. Support ticket hasn't even been assigned. How much money have these guys made off me and others? Unacceptable.
As soon as they fix whatever is locking my account (will probably be days) i'm going to market buy, withdraw everything and specifically email them to shut down my account.
Furious. B*stards.
always have multiple avenues into and out of this market... I do, 70% on stamp. Soon 100% will be in my block chain.info wallet. good move. I admit its really tempting to trade these rises and dumps on gox but also dangerous... |
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14 hours later i'm still locked out of my gox account due to some bug where OTP magically appeared on my account and gives me invalid code when i don't have one set up. I found in the service section someone else has this issue.
I missed the sell at 390 and rebuy at 360.
I also had fiat i wanted to buy back into at 365 mark with, which totally flopped.
14 hours later, I still can't access my account still and watching the price float upwards. Support ticket hasn't even been assigned. How much money have these guys made off me and others? Unacceptable.
As soon as they fix whatever is locking my account (will probably be days) i'm going to market buy, withdraw everything and specifically email them to shut down my account.
Furious. B*stards.
always have multiple avenues into and out of this market... |
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cheers guys
and tbh i don't want to go to college. i'm a capitalist at heart, and i hate school.
I've stored the coins in electrum wallets on usb sticks.
college isnt like the school you are in now at least not in most ppls experience. try it ev3n if u become btc millionaire! Very few end up not liking it... now all school is is classes, but in college the rest of the time is hanging w your friends. and if that still doesnt sound fun to you then trust me by 18 or so kids actually start to grow up and college is so big you'll find friends and never see the assh0les... its like 4 yrs with friends and without any parents :-) |
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Recovery key doesn't help. The master key is encrypted with your recovery key and bootup usb. Thats the key used to decrypt the data, and its not stored anywhere except the drive itself. I think I was one of the last ones to successfully withdraw from gox, thankfully pulled out all I needed to buy my house before the withdraw problems started.
Although it was at an average of $120/btc, missed the 266 bubble and this runup... Would have been way better off with a mortgage.
You can talk about sellers remorse in a couple of years. Still got plenty more. Besides, remorse is the 5000btc wallet lost to a corrupted bitlocker partition, or close to that lost to pirate. Jesus Christ, I can't imagine. Truly no way to recover that partition? Sent it off to 4 data recovery companies. Almost all datas intact, but the bitlocker metadata (including master key) are corrupt... 256 bit AES key I wouldn't give up if I were you. Obviously you can't brute force a 256 bit AES key. But you MIGHT be able to brute-force an algorithm to fix whatever corruption happened to the metadata... I'm not an expert but at the very least it seems plausible. For 5000 bitcoins, I'd hire an expert and get a few Amazon GPU clusters going. If you're not into the idea of trying out of pocket, maybe you'd be willing to crowdfund to give it a shot? I'd be interested. Metadata dosen't matter too much, the key is part of whats corrupt. Would me far more cost effective to attempt to brute force the silk road coins I'm just speculating that most of the information is still there, that maybe only a few bits are wrong, or that something is bit-shifted, or whatever (again, not an expert). It seems much, much less computationally intensive to try to repair the key than crack a wallet blind. The first few entire sectors of the drive are unreadable. keep the drive. There's a big difference between "unreadable" by some temp college kid who just runs a program that reads the disk and repairs the FAT and unreadable when doing so would be worth $50M (for example). |
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Huh, last week did indeed score a tall green, and this week will also. On Friday I sold a BTC5 casascius for €1,470. When the buyer came back with the money, the price rise had already eaten my 5% margin over spot. The following day it had eaten the BTC1 physical premium. Then it crashed 29% and is already pretty much back where it was. Well done.  The saddest thing on the Earth are bitcoin speculators who have sold out (at a profit, or loss, doesn't matter) and can't bite the bullet to buy back significantly higher. So now they spend their time in agony and attack old and new adaptors alike in forums and Facebook. I acknowledge the fact that Bitcoin has technical issues and it may have to be reengineered sometime in the future. But from an investor's point of view, every uncertainty can be mitigated by not investing 100% of your assets into same thing. As bitcoin's rise averages over 1000% per year, it is ridiculous to think that it would be risk or volatility free. typo: adopters not adaptors, but I agree, it is sad to read these people embarrassing themselves. I think that even if other coins do emerge to address some of the problems with Bitcoin (like 10 minute settlement time, representation of other commodities), Bitcoin will still exist as a reserve and large value settlement currency... so long as Bitcoin is quite valuable there will be inertia to changes to protect the existing value from being lost due to bugs. But when/if some other crypto currency starts to eat into Bitcoin's value, its features will be incorporated Bitcoin... |
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The delay showed right now by trading.i286 is 51 minutes, but I believe it's larger. That's because I placed a tiny buy order, to test the delay, and after 53 minutes it still didn't show up. This sucks. I am getting pissed off. Time to rest and wait for return to normal.  Gox is amazing. I guess it is a hidden blessing as really, they are the basis for other exchanges popping up. A demonstration that Bitcoin is a Hydra, or to refer to a book that is mostly rehashing ideas well-known since the Ancient Greeks, it is "Anti-fragile"...  |
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But if I bought on BTC-E couldn't I just immediately send my BTC to Bitstamp and sell?
yes but by the time you've run your money around the block and earned 5%, Bitcoin has appreciated by 20% (or 100%). That is, your money spends 99% of its time in fiat form but Bitcoin is appreciating exponentially. Nobody puts 100% in BTC so why not arb with the money you hold in fiat, you ask? The problem is that the risk profile is not the same as your other fiat investments. Its likely more on a level with BTC itself because if the exchange crashes they'll likely take ALL your money not just the BTC. And the exchanges are not insured, in a foreign country, etc. Its like having USD on bitfinex... do you really think that if bitfinex gets cracked and loses ALL its BTC they'll return your USD before declaring bankruptcy? But sure some people are arbing which is why the prices are somewhat aligned... and that's how BTC flows to China... |
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