silver leading:  |
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so true: “This is a political, careerist power grab on Ben Lawsky’s part and he needs to be held accountable for distracting the bitcoin community from productive efforts. Every minute spent arguing about government regulations is a minute not spent innovating and pushing the world forward.”
“Ben Lawsky thinks he has a right to interfere with the natural evolution of block chain technology. He and everyone like him need to be shown the error of their ways, and held accountable for slowing our progress.”http://www.coindesk.com/new-york-bitlicense-views-inside-bitcoin-industry/ |
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Bitcoin is experiencing waves of up and downs all the time, as Gold. But in the case of Gold those waves remain at the same levels. Bitcoin gets to all new heights. I think it's better to stick with our favourite crypto-currency!
Yep, bears have to try harder. In order to get any true selling going they have to get it to below 554. |
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of all the alts, Dogecoin is one of the dumbest. money is not a game. it will make ppl not only happy, but very sad. looks to me like all the fun has worn off. now it's time for the pain and sorrow. Couldn't agree more. Those that manage to discover crypto only to invest in DOGE .... well, they should be a little ashamed of themselves. MOST of the ppl investing in crypto currencies are going to lose money. |
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of all the alts, Dogecoin is one of the dumbest. money is not a game. it will make ppl not only happy, but very sad. looks to me like all the fun has worn off. now it's time for the pain and sorrow. |
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watching youtube videos of cpu miners back in 2011 gave me the same sense of inevitability: That even if someone wanted to bring down bitcoin, they’d have to outdo these guys and the dozens of other operations like this around the world. The decentralized nature of it all… that this is just one operation among many, run by different operators in different countries around the world. This really drove home that bitcoin can’t be killed by decree. Make it illegal in one country and people like this will keep hashing away in others.http://www.thecoinsman.com/2014/08/bitcoin/inside-chinese-bitcoin-mine/The first Bitcoin mining video I seen in 2011 was Mike Caldwell with his FOUR 5970's mining. I never seen CPU mining on youtube ever in 2011. You got links? maybe not. i started looking at them sometime around Jan 2011. many of those videos aren't on youtube anymore. but you're right, the gpu revolution was starting about that time. |
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Break out the lube, boys  when traderCJ speaks, _________ . |
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watching youtube videos of cpu miners back in 2011 gave me the same sense of inevitability: That even if someone wanted to bring down bitcoin, they’d have to outdo these guys and the dozens of other operations like this around the world. The decentralized nature of it all… that this is just one operation among many, run by different operators in different countries around the world. This really drove home that bitcoin can’t be killed by decree. Make it illegal in one country and people like this will keep hashing away in others.http://www.thecoinsman.com/2014/08/bitcoin/inside-chinese-bitcoin-mine/ |
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I want to see it touch $250 Comparing the price of altcoins to fiat is broken and wrong. The only thing that matters is if you're better off holding Bitcoin or the alt, and to determine that you compare the alt/BTC exchange rate. Otherwise you'll end up in situations where the altcoin appreciates 10x vs the USD and you think you've done well, but at the same time BTC appreciated 100x so you've actually lost 90% of your purchasing power. i can't find a charting program that will allow me to draw a support line connecting the lows of April and Nov 2013. looks broken to me. anyone?  |
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I won't declare Litecoin dead until it clearly has deviated from its long-term pattern: http://www.cryptocoincharts.info/v2/pair/ltc/btc/btc-e/alltimeThat would mean a BTC mania with no corresponding LTC/BTC mania. It's going to die eventually, the only question is whether or not they get another pump out of it first. I'd say it's very premature at this time to expect LTC to die. Not saying price is gonna go up but if it's still maintaining it's overall trend lines then that alone tells me LTC has a long ways to go. It would be nice to see some things happening along the lines of development. can u show us your trendlines? |
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Cypher, I thought you believed that bitcoin could serve as a sort of reserve currency that enforced discipline. If central banks hold gold on the asset side of their balance sheets, why can't they one day hold bitcoin?
when gold was at it's peak as a world reserve currency, it free floated btwn individual actors/players on the global scene. it wasn't housed in CB warehouses. there was some centralization in gold warehouses/exchanges back then but it could be freely redeemed to cross international borders so as to bring a country's balance of payments/and interest rates into line. if banks lowered interest rates too low, everyone supposedly would know about this, and then withdraw gold from the abusing country. |
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I keep saying that central banks get one final kick at the can: they can "sell out" by purchasing bitcoins with newly-created fiat until all confidence in fiat is lost. Central banks would still have a big pile of coins to continue with monetary policy.
I wonder how many coins they could get if they started doing this today. I'm guessing a good chunk - 1/3 of all in existence at least. A lot of people would sell their coins before it was clear who was buying them. And then it would take a bit to realize the CB's intention. It would take some very high prices before everyone knew what was happening. Over $100k, I'd guess. We could hit $10k and nobody would even suspect it was any different than previous bubbles. the risk for them doing this would be enormous. reputational risk would include a market perception of fear of Bitcoin and lack of confidence in USD. it would be a clear signal that they believe their future is doomed. just "being in the game" would not facilitate monetary policy manipulation which is the raison d'etre for their existence in the first place. if ppl found out they were doing this, everyone and their mother would pile in driving the price even higher to stratospheric levels. i suppose they could find a proxy buyer to accumulate coins but if they accidentally pick a Snowden-type, they'd be screwed. CB's aren't smart investors as far as i'm concerned. look at Gordon Brown's faux pas. during the noughts, CB's in general were selling gold for the most part. the recent buying by Russia and China, i believe, will go down in history as yet another mistake. no, i think the CB's, especially the Fed, are "all-in" with fiat. that's not good; for them. Cypher, I thought you believed that bitcoin could serve as a sort of reserve currency that enforced discipline. If central banks hold gold on the asset side of their balance sheets, why can't they one day hold bitcoin? If our world is truly going to transition from fiat to cryptocurrency, would this not be a natural step in the process? To me the relationship between central banks and bitcoin is a high-stakes game of chicken--viewed together as a cohesive system, it's in their best interest to ignore bitcoin; but viewed individually, it's in each CB's best interest to support bitcoin sooner than all the others if the end game is inevitable. In a bitcoin future, I also think they'll still be able to conduct monetary policy (albeit to a reduced extent). They'll be able to lend from their huge bitcoin reserves when the economy slows, and increase the interest rate on those loans when the economy improves. The beauty with bitcoin is that if they make poor decisions, their reserves will dwindle right alongside the notion that "wise men at the Fed" make better decisions for the economy than the free market. the other thing is that the Fed represents the ultimate in monetary corruption. they are the banks Mothership. Bitcoin is a poison dart directed at this heart of the problem. for them to adopt Bitcoin as an asset and then claim they have any role in a future monetary system based off it is anachronistic. The Chairman represents the ultimate form of centralization. i've posted many times on here how the interest rate decisions really are made by him/her. the board is irrelevant. the banks like it this way so that they have to keep only 1 phone # in their rolodexes. yes, they still use them. how many direct phone calls, the content of which still remain a secret, went btwn the primary dealers and Bernanke during the crisis? dozens, if not hundreds. they really need to go. |
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Not picking it up before USD 2.
It probably won't go that low. LTC spiraled last year until $1.50 while BTC was flat, then it followed its big brother upwards in November. The historical price connection between the two biggest coins in crypto is hard to deny--a rally in BTC usually means a rally in LTC. Yup +1 I have my buy orders set at 0.009 LTC/BTC and I plan to at least triple my BTC invested from that point even if it does survive by some miracle, LTC will always be relegated to a trading tool for BTC. we still can't buy anything with LTC and scrypt mining is an unsolvable problem. with that in mind, i don't think it has a chance. Sure you can buy things with it, but the number of merchants isn't nearly as big. I do believe there is a giftcard service although I haven't tried it. After using it for awhile I do like the faster confirm times. As a trading tool to transfer value between exchanges it is useful, so for instance a LTC arbitrage bot might be more profitable deposits confirm much more quickly. Still, in the short/medium term it will rally with Bitcoin barring unforseen problems. this is a good site. look at the all-time chart of LTC:  the unforeseen problem is already here. is this an all-time low? looks to me like the BTC/LTC relationship has forever changed to inverse. |
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I keep saying that central banks get one final kick at the can: they can "sell out" by purchasing bitcoins with newly-created fiat until all confidence in fiat is lost. Central banks would still have a big pile of coins to continue with monetary policy.
I wonder how many coins they could get if they started doing this today. I'm guessing a good chunk - 1/3 of all in existence at least. A lot of people would sell their coins before it was clear who was buying them. And then it would take a bit to realize the CB's intention. It would take some very high prices before everyone knew what was happening. Over $100k, I'd guess. We could hit $10k and nobody would even suspect it was any different than previous bubbles. the risk for them doing this would be enormous. reputational risk would include a market perception of fear of Bitcoin and lack of confidence in USD. it would be a clear signal that they believe their future is doomed. just "being in the game" would not facilitate monetary policy manipulation which is the raison d'etre for their existence in the first place. if ppl found out they were doing this, everyone and their mother would pile in driving the price even higher to stratospheric levels. i suppose they could find a proxy buyer to accumulate coins but if they accidentally pick a Snowden-type, they'd be screwed. CB's aren't smart investors as far as i'm concerned. look at Gordon Brown's faux pas. during the noughts, CB's in general were selling gold for the most part. the recent buying by Russia and China, i believe, will go down in history as yet another mistake. no, i think the CB's, especially the Fed, are "all-in" with fiat. that's not good; for them. Cypher, I thought you believed that bitcoin could serve as a sort of reserve currency that enforced discipline. If central banks hold gold on the asset side of their balance sheets, why can't they one day hold bitcoin? If our world is truly going to transition from fiat to cryptocurrency, would this not be a natural step in the process? i do think Bitcoin could easily serve as a reserve asset. and they can hold Bitcoin on the asset side. it's just that gold already went thru it's 10-11 yr bull market with it's peak in 2011. China & Russia are trying to add gold to their asset side but i think they're living in the past. there's no need to have 2 reserve currency assets. the internet now enables seamless communication of money whereas gold/silver never did. with such a super-money as Bitcoin, gold and silver are doomed, imo. sure, i suppose there could be a transitional, interim period where both fill that role but i think it's dangerous to ignore the peak in 9/2011.
To me the relationship between central banks and bitcoin is a high-stakes game of chicken--viewed together as a cohesive system, it's in their best interest to ignore bitcoin; but viewed individually, it's in each CB's best interest to support bitcoin sooner than all the others if the end game is inevitable.
In a bitcoin future, I also think they'll still be able to conduct monetary policy (albeit to a reduced extent). They'll be able to lend from their huge bitcoin reserves when the economy slows, and increase the interest rate on those loans when the economy improves. The beauty with bitcoin is that if they make poor decisions, their reserves will dwindle right alongside the notion that "wise men at the Fed" make better decisions for the economy than the free market.
i see no way for CB's to conduct monetary policy via Bitcoin. the protocol replaces them and their functionality and they know this. it's a do or die situation for them. |
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Not picking it up before USD 2.
It probably won't go that low. LTC spiraled last year until $1.50 while BTC was flat, then it followed its big brother upwards in November. The historical price connection between the two biggest coins in crypto is hard to deny--a rally in BTC usually means a rally in LTC. Yup +1 I have my buy orders set at 0.009 LTC/BTC and I plan to at least triple my BTC invested from that point even if it does survive by some miracle, LTC will always be relegated to a trading tool for BTC. we still can't buy anything with LTC and scrypt mining is an unsolvable problem. with that in mind, i don't think it has a chance. |
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