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6921  Bitcoin / Mining / Re: Price per Terahash? on: March 05, 2013, 12:02:02 AM
Your off by three orders of magnitude there. TH/s not GH/s.
6922  Economy / Speculation / Re: I just don't get it. on: March 04, 2013, 10:56:09 PM
Does this graph mean what I think it does. If it does then it's much worse than I thought and my opinion wasn't that conservative to begin with ... wtf

(So I am asking have the amount of dollars in circulation tripled since 2008? :|)

Well this is the monetary base.  So it isn't all dollars it is the fed's balance sheet.  But since the monetary base is the starting point for FRB yes the amount of dollars has "exploded" over the last couple years.  Here is the equivalent chart for the M2.



The FED only know one way to stimulate the economy and that is to pour dollars on everything like gasoline.  The M2 has "only" expanded 60% or so in the last three years.  Why?  The FED can't directly change the amount of money in circulation.  It can only create conditions where banks increase debt which produces more money.  However banks have found this great loophole.  They borrow money from the FED for essentially 0% dump it into Tbonds for 2% to 3% and collect a nearly risk free return. 

Still 60% M2 inflation in three years is pretty huge.  You may be wondering if the number of dollars has increased by 60%+ why haven't prices almost doubled.  Well velocity has fallen off a cliff.



The more the economy stagnates the more the FED does the only thing it can do which is print more dollars, however banks are growing loans so the economy sees less and less of that money.   So the fed keeps printing and printing and printing in order to coax the economy to life.  Kinda like someone who can't get a barbaque lit so their solution is to keep dumping gasoline on it.  One gallon doesn't work, lets try 2 gallons, 5 gallons, 50 gallons, hey back up that tanker truck.

However if the economy ever grew by any significant % suddenly their would be a "shortage" of dollars velocity would skyrocket and that would be the spark for an inflationary inferno.  Of course the omniprescent FED will see this coming and contract the money supply at the perfect time to neither hurt growth nor let inflation get out of control.  If it sounds highly risk, don't worry the FED has a great track record with the almost inhuman precision needed to manipulate the world's large economy.  As an example of their awesome skill in manipulating the economy to maximum benefit, take a look at the housing bubble.  They quickly saw that low interest rates were fueling an utterly unstable bubble in housing prices and were able to gently bring prices down averting the recession of 2008 and expanding the economic expansion for 2000 straight through 2013 with massive growth in real GDP, employment, and overall prosperity ... er wait. Smiley
6923  Economy / Speculation / Re: so mt.gox volume is at 12.8k at the moment on: March 03, 2013, 08:34:32 PM
Not sure how everyone got confused and off topic.  The OP was about EXCHANGE TRADING VOLUME.  It was lower yesterday than normal.
6924  Economy / Currency exchange / Re: FastCash4Bitcoins - over 250,000 BTC purchased - just 2.99% below spot on: March 03, 2013, 03:43:00 PM
Is it just me or the PayPal funds are exhausted again? They really went by fast!

It isn't just you.  There should be an even larger batch clearing on Monday.
6925  Economy / Speculation / Re: so mt.gox volume is at 12.8k at the moment on: March 03, 2013, 03:54:58 AM
It is very low.  Then again weekends are always low but this is low for a low weekend.
6926  Economy / Speculation / Re: Effect of US sequestration on bitcoin? on: March 02, 2013, 09:53:40 PM
Please don't buy into the media hype that the sequester is any Massive change.

1) The sequester affects the 2013 "budget"  (well continuing resolution) which is ~5% over 2012 levels.  So it is a "cut" in the amount spending will increase.
2) The $85B number represents roughly 2.24% of the $3803B budgeted for this year.  Historically Congress has always overpsent the budget as throughout the year supplemental "one time" spending bills are passed.  Usually to the tune of 5% to 10% total outlays.
3) The $85B number doesn't all take effect in 2013.  Only roughly half of it does.  The rest includes cutting some long term spending plans over the course of .... wait for it .... 10 years.
4) Nothing prevents Congress from passing a spending bill to spend $85B, $850B, or $8T more if necessary.

6927  Other / Beginners & Help / Re: Can I short bitcoin? on: March 02, 2013, 07:35:26 PM
Is there any way to short bitcoin with current exchange technology?

Bitfinex

You can deposit USD and borrow Bitcoins effectively making you BTC short.
6928  Economy / Currency exchange / Re: Prepaid Debit on: March 02, 2013, 06:50:53 PM
Well that is tough.  Due to AML KYC junk most prepaid (no reloadable) cards purchased in the US will not work with international merchants.    Even international prepaid cards are hit or miss when used online.  Most non-reloadable prepaids dont' give you any way to provide address information so the AVS security check will always fail and many online merchants auto-reject cards which fail AVS.
6929  Economy / Scam Accusations / Re: Question for forum experts: Possible Phishing? on: March 02, 2013, 06:22:01 PM
He is banned from this forum, and someone giving him access to their own accounts will be banned for this too.

Would having my user ID number (or direct link to my user page which includes the ID number as part of the path)
enable him to have access to my account?  That is what seemed questionable to me that he would need it for any
legitimate purpose.

I have no desire to be a front for someone who is banned, paid or not, so I have decided not to work with this guy
regardless.  Now I want to find out if it's a scam of some kind, so I can report it back to the dailybitcoins.org operator
to remove the ad and not have other people suckered in.

No but most people re-use their passwords and likely he is going to check the password on his site against the userID you provide.
6930  Economy / Currency exchange / Re: Prepaid Debit on: March 02, 2013, 06:20:00 PM
How about moneypak? Couldn't that be added as account credit?

I think I would need to have a pre-existing prepaid to use moneypak. This is also a timely issue so I cannot wait for them to mail me a card.

You can use a MoneyPak to directly load the balance of a PayPal account.

https://www.moneypak.com/PayPal/Index.aspx

I don't think anyone (legit) is going to take below spot.  I mean what they are doing the work for free?  To be nice?  Lots of scammers likely will give you amazingly good deals though.
6931  Economy / Service Discussion / Re: Official Gox / CoinLab Integration and Transition FAQ on: March 02, 2013, 02:34:44 AM
Hi Bracek, what do you mean by 'access'? Do you mean read access? If so, then once we've transitioned, our chief compliance officer will have access to verification documents, or someone else on our AML/KYC team.

Hang on a second.  Where in the MtGox TOS does it say MtGox has the authority to sell sensitive identity information to third parties without the express written permission of the account holder.  Last time I checked with wasn't a merger.  I gave my identity documents to MtGox not Coinlabs.

Did it even occur to you that you have right to that information?  I guess not.  Client's identities are just something to be bought and sold to the highest bidder.  When you grow tired of playing Bitcoins I am sure you will sell off financial and identity information to anyone who will throw a few dollars your way.
6932  Bitcoin / Development & Technical Discussion / Re: Can anybody stall Bitcoin for 72BTC per hour? on: March 02, 2013, 12:13:38 AM
There is no such thing as stall.  People would pay higher fees and life would go on.  This tactic however would massively enrich miners and cause a boom to the exchange rate. 
6933  Other / Beginners & Help / Re: Two-Factor Verification! on: March 01, 2013, 10:13:44 PM
Was it the android app on a smartphone?  The OTP is time based.   The only time I have seen an issue like that is when the smartphone's time gets out of sync.
6934  Bitcoin / Project Development / Re: A project need funding. on: March 01, 2013, 09:31:28 PM


You sure you only need $10K?  Lets make it $70,000 you got 7 whole posts so I am sure you are good for it.
6935  Economy / Service Announcements / Re: [ANN] Mt.Gox & Coinlab Announce Strategic Partnership to Bolster US/CA Presence on: February 28, 2013, 07:34:55 PM
Coinbase is still a scam

Coinbase =/= CoinLab
6936  Other / Off-topic / Re: Forget Pirate@40 .... meet Pirate@92 on: February 28, 2013, 06:01:36 AM
nah not a chance.  I bought bootleg DVD from locals all the time in Iraq.  Got a surprisingly good quality box set of all 5? seasons of Alias.  When our convoy would transport officer types who rarely left the FOB the first thing they wanted to know is if we know a shop to stop and buy DVDs.   
6937  Economy / Service Discussion / Re: How many btc/month would Coinbase have to sell to become the largest exchange? on: February 28, 2013, 05:41:18 AM
Have fun splitting hairs.
6938  Economy / Currency exchange / Re: Bitcoins Direct - Private off exchange sales (while supplies last 0% over spot) on: February 28, 2013, 05:36:43 AM
With the spike we obviously have a lot of coins coming in. Smiley  Offer likely will be open for another day but don't wait too long.
6939  Economy / Service Discussion / Re: How many btc/month would Coinbase have to sell to become the largest exchange? on: February 28, 2013, 05:29:24 AM
Coinbase isn't an exchange (and doesn't claim to be one).  They don't allow the creation of bids and asks.  They simply offer a quote with a fixed margin from spot.  What spot price ... MtGox's ticker.  That always requires an outside pool of liquidity.  

Note this isn't an attack on coinbase they have seen some impressive growth but think about it for a second.  Imagine right now nobody on coinbase wants to sell and one person wants to buy what happen?  Where does the coin come from?  Either coinbase needs to become the counterparty on everytrade, or they need an outside source to avoid going to long or short.

Broker =/= exchange.  Now coinbase probably could become a full exchange in the future if they wanted to but they aren't one.  My guess is they have no intention on becoming one either.  APMEX isn't a gold futures exchange but they sell and buy a LOT of gold as a broker.
6940  Economy / Service Announcements / Re: [ANN] Mt.Gox account verification delays and solutions on: February 28, 2013, 05:25:03 AM
Lolz.  Notice the three digits after the . and the double . .

In many countries . = ,
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