Draper taking the bitcoin overseas sends a dual message.
1. More opportunity away from the US
2. he keeps them outside the jurisdiction of the US All gov't
FTFU well, his new business has to land some place. hopefully somewhere that lays hands off. |
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someone need an new avatar?  |
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"The fact that you have 51 countries (represented at the conference) and all of them have something positive to say about developments in their countries—maybe this helped show that bitcoin is bigger than just the U.S., China and England," said Micky Malka, a general partner at venture capital firm Ribbit Capital and a board member of conference host Bitcoin Foundation."http://www.cnbc.com/id/101728070
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"Of course, no one is totally secure in holding their own country’s currency. We want to enable people to hold and trade bitcoin to secure themselves against weakening currencies."
~21M USD - - > 30000 BTC = LOL
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In 10years, a middle class and even low middle class chinese will live like a King in holidays in the States
They already are. You should see the Chinese students at a local University in my neck of the woods. It's a fairly prestigious University, and costs a pretty penny to attend. The tuition has gone up astronomically in the last 15 years. Even as recently as 6 years ago there were very few non-Caucasians and minorities on campus. Now it's completely taking over by rich Chinese and Korean kids, driving around in their (paid for) Mercedes, Lexus, and BMWs. The campus is now unrecognizable, as Caucasians and all the other groups are now the minority there. You'd think it was a school just for Asians. The local high-end car dealerships say that they sell about 80% of their cars now to the Asian kids attending this University, and have even started to market directly to them. Just goes to show, you need to work harder. |
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Draper's probably headed to Argentina.
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Draper taking the bitcoin overseas sends a dual message.
1. More opportunity away from the US
2. he keeps them outside the jurisdiction of the US gov't
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Correct for ECC we are always working with a finite set of positive whole numbers excluding zero (sometimes called natural numbers) that are less than p, a designated prime. For the example above p would be 23 and in secp256k1 p = 2^256 - 2^32 - 2^9 - 2^8 - 2^7 - 2^6 - 2^4 - 1. The example graph while clearer would be even better if it covered an interval of 1 through 22 for both x and y.
Zero is an exception and because of its unique properties is unsuitable for cryptography. In ECDSA private keys must be in the interval of [1, n-1] and in signatures the k value must also be in the same interval. If the computed signature has a value of zero for r or s then it is invalid and a new k value used.
in this case, k is the random number? |
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There was a theory floating about that said, using bitpay etc. actually does nothing for the bitcoin community, as it creates selling presure whenever a merchant accepts bitcoin as a means of payment, the btc is converted almost immediately into fiat. There's another theory floating around that says that payment processors are a way for new investors get into the market. In this theory, investors who want to accumulate bitcoins without going through the exchanges instead underwrite a payment processor with their fiat, and take the received bitcoins as it comes in. By and large, the bitcoins the payment processors handle does not reach the exchanges. that's not a theory. it's a fact. |
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hey FNG, what do you think will happen when Bitcoin catches gold for the 2nd time?  |
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that theory is bogus.
i don't think there is any company in the space who's done more for bitcoin than Bitpay. they've facilitated adoption from the beginning and we wouldn't be nearly as big as we are without them. they were the pioneers in that area. what they facilitated was monetary velocity which is critical for any currency, new or old. it doesn't matter if the merchant wanted Bitpay to sell them immediately. there had to be a buyer anyways and the sales are offloading those coins to new holders that value those coins more highly than the merchants. another way to describe it is liquidity. allowing usage of the coins is important.
it's also great that this firm is holding them. they're helping to close the loop. and this isn't double speak from me. what's important is that aggregate demand is increasing throughout the space.
Ok - i take your point, and it makes sense. that the fact they're increasing liquidity, merchant adoption etc. has accelerated bitcoin infrastructure growth and moved us on. Just last year how many merchants accepted it? Very, very few. Esp. agree with this: 'it's also great that this firm is holding them. they're helping to close the loop' & 'what's important is that aggregate demand is increasing throughout the space.' another way to say this, as i've said before, is that Bitcoin is many different things to many different ppl. it has the ability to satisfy all our needs as hodlers, merchants, or consumers. simultaneously. someone just said in another thread that Bitcoin's "purpose" is to be spent or transacted with. no. for me, right now, it satisfies my wants as a hodler. but for him, it satisfies his wants as a spender. but it can even do both for me too, simultaneous to my wants as a hodler. last Nov, i took one of my friends to a pro basketball game. he's runs a major investment firm and we were talking about Bitcoin. obviously i was trumpeting the merits of hodling the best performing "asset" of the last 5 yrs and how i was hodling. but then, just to make the point, i whipped out my Mycelium cold wallet and showed him how i could spontaneously buy a CPK Gyft card and buy him a salad right then and there just to ram home the point that it is liquid also while simultaneously hodling it. so it doesn't matter what you're doing with it. the important thing is it's satisfying your wants b/c it's voluntary. other ppl are seeing that it's voluntary and doesn't force you to feel like you have to spend a withering asset. this increases aggregate demand. |
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I've thought about this for years. seems like a likely eventuality. all it takes is one country to bolt from the cartel for that country to become rich. then they'd all follow. that part about having to use the yuan first is bogus. no one will ever trust that currency. |
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It's this kind of news that I see as a big deal. Not using payment processors, keeping the bitcoins. http://www.coindesk.com/singapore-architecture-design-firm-accept-keep-bitcoins/There was a theory floating about that said, using bitpay etc. actually does nothing for the bitcoin community, as it creates selling presure whenever a merchant accepts bitcoin as a means of payment, the btc is converted almost immediately into fiat. It's forward thinking companies like the one in the article who will spearhead the second phase of merchant adoption. i.e. - keeping the bitcoins for B2B transactions. Agreed although these types of businesses (those who convert via BitPay, etc.) also act as informal "cash out" services for bitcoin holders. Yes, but i as a hodler now know that i can cash out when i want, therefore i hodl (and stay calm). |
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keeping the bitcoins for B2B transactions ding, ding ... these will be the winners. do you guys know if there is the infrastructure there for B2B payments? as far as i know, all payment processors dont allow payments to be taken as btc and held as btc instead of converting to usd. Yes, there is Coinkite, who I've never dealt with but look to be an innovative company. they're the first to use HD wallets and sell neat handheld POS devices. Bitpay and Coinbase actually allow you to hold btc for btc if you want. you just name the %. |
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It's this kind of news that I see as a big deal. Not using payment processors, keeping the bitcoins. http://www.coindesk.com/singapore-architecture-design-firm-accept-keep-bitcoins/There was a theory floating about that said, using bitpay etc. actually does nothing for the bitcoin community, as it creates selling presure whenever a merchant accepts bitcoin as a means of payment, the btc is converted almost immediately into fiat. It's forward thinking companies like the one in the article who will spearhead the second phase of merchant adoption. i.e. - keeping the bitcoins for B2B transactions. that theory is bogus. i don't think there is any company in the space who's done more for bitcoin than Bitpay. they've facilitated adoption from the beginning and we wouldn't be nearly as big as we are without them. they were the pioneers in that area. what they facilitated was monetary velocity which is critical for any currency, new or old. it doesn't matter if the merchant wanted Bitpay to sell them immediately. there had to be a buyer anyways and the sales are offloading those coins to new holders that value those coins more highly than the merchants. another way to describe it is liquidity. allowing usage of the coins is important. it's also great that this firm is holding them. they're helping to close the loop. and this isn't double speak from me. what's important is that aggregate demand is increasing throughout the space. |
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its always been about accumulating as many bitcoin as you can, as fast as you can.
since day one.
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it just goes to show you that BitPay and Coinbase were not bull shitting when they said 2014 was going to be filled with major merchant adoption announcements.
i think that Barry Silbert will also be shown not to be bull shitting about 2014.
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