We have a missed communication on the word "enforced". I meant the government would honor and not change any convertibility into gold, not force people to use the currency.
That wouldn't need any force at all... thus no need for it to be "enforced". I think we agree if you replace "enforced" with "honored". |
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fine, then you essentially want a true 1:1 gold backed currency. how do you know if a bank issuing notes actually has all the gold as a reserve? how will you ensure that people will actually care? we've had all that before. history repeating. another problem is that today's gold supply is largely controlled by the elites already.
Good points. I agree totally. But that doesn't equal socialism.  It does because the government enforces the gold standard and gives itself a monopoly over what is money which allows them to grow more easily and faster which eventually leads to socialism. You have a misunderstanding of what exactly a gold standard is. A gold standard is the opposite of the government saying what money is, because people already view gold as money. If a gold standard is enforced then the government is restrained from growing by inflating the money supply. If a gold standard is enforced, it is exactly the government saying what money is. If no standard is enforced, it is the opposite, and other options like silver and bitcoin can be used by subgroups within the population. |
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someone made a buy order on bitcoinica for 9000 bitcoin -i did see that order a bit above- at $4,97 base price that means about 4.95 mtgox price
squeezing 9000 bitcoins is a awesome opportunity
Define squeeze. If the price is taken low enough, Mr. 9000 will either cut his losses, or if taken even lower, he will be force liquidated. |
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@guruvan I mostly agree. < 3 is out of the question and likely < 4. All I'm saying is we're not quite wound up enough for 7svile yet.
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nice title. can't wait to see your evidence.
Yes. Chart me please. |
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Total Time Spent Online: 31 days, 28 minutes
I need a break...
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Also you ever think maybe the long wait times are because they mine on your guys units for a month after they build them to get some extra profit  That might have been the cheekiest comment I've read on BCT.com Think about it though gigavps claims he ordered "a couple" rig boxes they could have them built in a week then hold on to them and mine on them for a couple months and make a extra $4500 per rig box per month before they send them to him. Not saying BFL is doing this but its possible. Quality control testing to ensure it operates smoothly... |
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Holy shit! Did you guys see that sally (sideways rally). It's gonna be intense. |
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I'm expecting the breakout to happen soon. Meaning that we will break $5.4 - $5.5 and then test $7.2 fairly soon after that. Breakout downwards would be very counter-intuitive taking into account that Bitcoin has had the biggest news coverage in over 6 months. And that coverage has been overall fairly positive I believe.
However I've seen the market do some counter-intuitive stuff before, so anything is possible. We'll have to wait and see.
It's still too early... we may breakout and see 7.2, but we'll be right back here before it's said and done unless we dip a bit or at least go sideways for a bit more. |
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Keep what deflation spirally out of control? More likely you'll see inflation spiralling out of control if the fed wants to maintain low interest rates. I still 100% believe that the banking system will never be allowed to go into any major collapse. Under the current regime, the banks run the game.
My point still remains that the FOMC minutes have just reaffirmed what people already heard, that the committee is happy with super low rates through to 2014. They say late 2014 so let's just say until 2015.
No... the banks have funds held back to add a little inflationary pressure to taper off the deflation, not keep it out of control. Banks win with inflation or deflation, but since they mostly hold debt, deflation increases the value of their holdings more. The only reason inflation makes them money is because they get first crack at the newly printed funds. I'll say it one more time: during deflation you still have to pay back something worth more than you borrowed even at 0% APR. |
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http://www.federalreserve.gov/monetarypolicy/fomcminutes20120313.htmTo support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee expects to maintain a highly accommodative stance for monetary policy. In particular, the Committee decided today to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014. Voting for this action: Ben Bernanke, William C. Dudley, Elizabeth Duke, Dennis P. Lockhart, Sandra Pianalto, Sarah Bloom Raskin, Daniel K. Tarullo, John C. Williams, and Janet L. Yellen.
Voting against this action: Jeffrey M. Lacker. So 90% for more monetary inflation. Jeffrey Lacker voted against a similar statement last time for pretty much the same reason. Nothing changed, yet I'm reading articles that are saying the new FOMC minutes is new bearish news for gold? Nothing is different and 90% of the committee agree to keep rates super low. But the markets want more free money. It's the only motivation strong enough to convince people to buy this shit at this point. Banks will let out just enough of their built-up reserves to keep the deflation from spiraling out of control. Even 0% interest has a cost when deflation is happening. |
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why has the # of Bitcoins for bid more than doubled @ $4.60 since it first went up the other nite?
Because they're trying to force a slow sideways correction rather than a quick selloff. Either way, after the bears are satisfied (still a little way off IMO), we can probe 7.2 again. |
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why so silent ppl ? you did short at 5 did you ?
yep |
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Yeah, it sucks tho, there is still no incentive for a miner to put above current PPS price. There is no incentive for the price ever be driven up again =/ cuz the system just penalizes those by never mining on them.
The floor, unfortunately will be whatever current PPS prices are @ other pools....really.
So, soon there will be no incentive to even mine @ gpumax given current system.
I see in OP it states gpumax makes their income from price difference between paid share and asking price of miners(when its lower obviously). If the algo doesnt even consider sending shares to miners above current cost of shares then there is that huge issue of asking price only dropping.
If the algo somehow could use a moving ratio / percentage that uses the current cost of shares as its middle ground.
GPUmax would have to be willing to lose money on sending shares to miners asking price above current cost of shares, but make money on lower asking prices than cost(maybe they do now, not sure but highly doubt it).
But this way people above current cost still get paid on their asking price every so often and people below still get paid(already happening).
Example: up to x% higher than current share cost, miners would still be paid x% of the time. miners below current cost would be paid the difference...or w/e. I dont know if it would work but yeah, its an idea.
When dollar purchases come in I expect there will be a sustainable premium over pps. |
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Cows have been doing a derivative of LSD for centuries..  Dam that rye grass! Nah man.... LSD is a derivative of the ergotamine cows eat. It's the hairless apes that are crazy enough to fuck with natures chemicals, not the bovines. And where does Ergot grow? Only on rye grass.. Where does rye grass grow? On the ground, where the cows are eating.. Right... I'm merely contesting which chemical is the derivative and which is the original. |
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Nope. .44 doesn't work either.
this is exactly why the price keeps dropping, when purchases are not running, miners are lowering the price to get work that is NOT there. everyone, Please make sure there is a purchase running before testing lower prices! 46 is working for me.... regardless, there is a natural floor here, and things won't be stable until we meet it. |
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Cows have been doing a derivative of LSD for centuries.. Dam that rye grass! Nah man.... LSD is a derivative of the ergotamine cows eat. It's the hairless apes that are crazy enough to fuck with natures chemicals, not the bovines. |
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Will defiantly be looking into buying some shares.
What where your predictions on dividends per share?
At current difficulty I would expect about 0.0091 btc per 2mh/s in a week. Thus if you had 700 mh/s that would translate to about 3.18 btc in a week. (700/2)*0.6 = 210 BTC investment for 700Mh/s 700*(0.0091/2) = 3.18 BTC/week 210/3.18 = 66 weeks to break even Did I do the math right? Took me 10 minutes to double check it a few times. :\ Except when the reward is cut in half in less than 9 months. |
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Before I get started, if you haven't seen it yet, please check out the video (NSFW) I made for the Girls Gone Bitcoin bounty.I have to say that I don't agree with the direction GGBTC is heading. I think that in order for this project to continue being successful, we need to make it a welcoming, sex-positive environment for a broader range of women. We women don't just want to trade bitcoin for cash, or buy lingerie and lipstick. We want to be empowered, entrepreneurial contributors to a beautiful economic explosion of awesomeness. We need bitcoin to come full circle...stretch its legs and set new boundaries. I propose creating a new subreddit that encompasses a "by the women, for the women" philosophy (men welcome too of course). In addition to gorgeous nude photography for micro-payments, we can share bitcoin educational videos, women's health issues, support bitcoin micro-business ideas through donations, and even raise funds for causes such as Breast Cancer, etc. Neither stripcoin nor pimps further the progression of women's empowerment, so we need to be careful about branding. I'm personally interested in making the following sexy educational videos: - How to cash out on Mt.Gox and other exchanges
- How to buy/sell goods on bitmit
- Wallet guides for blockchain.info, strongcoin.com, bitmit, and instawallet
- How to generate QR codes
- Why firstbits are awesome and how to use them
Any ideas/feedback? Much appreciated! And because I hate to disappointI like it. Women need a voice in the bitcoin community of their own making, not one shaped by sexually frustrated males. |
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