As far as I am concerned the jury is still out on whether that will be the case, and if it does turn out to be, whether the system will have bloated beyond the capacity where it could realistically be operated by a large pool of individuals. The ability for the operational infrastructure to be cheap and widely dispersed is THE thing which gives Bitcoin it's backing and strength in my opinion. As that erodes so does my confidence in the solution.
Most of the bitcoin network is not the technical network of computers running Bitcoin protocol. Bitcoin is in actuality a socio-economic power network of hundreds of supernodes and 100,000s of active nodes. That the majority of them don't have the Bitcoin client, is only economical, division of labor. The important thing is, Bitcoin is open source, so that the economic majority gets to choose the rules, not the coercive minority, and this will forever remain so, because of the design. |
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LOL thanks for bump, I was not even aware that I should follow this thread also. Wonder how many I have missed because of this. Thanks, cypher!!
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you do have a small risk to be left behind if the price would not go below $50 or even $100. It's a small risk, but a risk.
I regard this "risk" of never going down as so large - I am willing to write you $115 puts for surprisingly cheap! This would allow you to buy in to bitcoins with much larger percentage of your fiat stash now, since you would only lose the premium if the price goes up. (In your scenario, you are fully exposed if sudden upward moves happen.) If it goes down to $50, you get to sell your bitcoins to me for $115, and buy back a much larger number at $50. All you will lose if anything happens, is the premium. If you are willing to "go short" with bitcoin (i.e. being long-term bullish but willing to invest less than 100% of the position at any particular time), would this not be a great improvement? |
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This is what you call a pathetic troll. lol
lol |
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This week is gonna be fun.
+1. |
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I wonder to what extent you, as a bitcoin professional, use bitcoins to pay routine expenses for your businesses?
There is plenty in the Internet that is available for bitcoins, even only for bitcoins. Sometimes I employ people from my own pocket just to cut the red tape. I have so many bitcoins, to not care that I cannot deduct it from my corporate profits. Traditional salaries, rents etc in fiat currently. You wanted to know if I can become a supernode. Yes, at least for some time. Before moving on to other things (I have already been suggested this, even though I have hardly been playing this level enough yet..). I can easily pay the $50k monthly burnrate of 1.5 class supernode in 1-2 months. That long I estimate it takes to gear up the systems. My weakness is tech, I am too stingy to employ a shadow devteam myself. The guys of that level are expensive. Tomorrow I have some work in Tallinn. Wednesday await for something cool to be revealed  |
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almost free puts at $30-$50 Now you have me curious, not really interested yet - just curious. What are the terms of these puts? Are you writing them or connected with MPOe? I know that option writers expect to make money and that option pricing factors in the strike price and the volatility of the underlying security and the duration of the option. I imagine the premium on a six month put @ $60 would be considerable. I have a steady flow of bitcoins going out daily since I sell them. If it hits $50, people will be lining to buy them. So I am not risking too much if I write such puts, I just get cheap bitcoins effortlessly. Of course in the event it goes to $20, I may have to sell them at a slight loss to my buy price of $50, but you would be surprised to know that I can charge 25% premium OTC if the market is "crazy" (which I decide). Any hit to $20 is extremely improbable short-term event, you need to be lucky if you want to sell unto such a slim chance... So this is a legit hedge, I include all such diligently into my position spreadsheet, and I have 16 years of stock etc. trading experience. I can hedge if I want (this one can be hedged eg. against the markup of future sales). So by betting against me, you will be either insignificant or hedged. I will keep my 75-110% net long position anyway, just rake in +EV (free money) from my counterparties. It's called market making. Some day I make $1k, another $10k, as I posted in my thread. I think MPOE is playing a dangerous game (if they don't have the weekly fluctuation on their grips, I mean). It may still fold this month if too much underwater from insider swing trades. Dunno, at least they do reporting. |
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A day in my life. After a late-night flight from London, I slept a 3.5 hours, and woke up to my small daughter climbing on me.
At work, the shop was open, so from the top of my head, I traded the following
-32oz silver +850€
-18,400mBTC +40g gold +20oz silver +100€
-$18,000 +148,100mBTC
-110,700mBTC +324g gold
-324g gold +11,400€
This evaluates to:
--------------------------------------------
-12oz silver +12,250€ -$18,000 +40g gold +19,000mBTC
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-1,500€ -12oz silver +40g gold +19,000mBTC
--------------------------------------------
-12oz silver +40g gold +3,200mBTC
--------------------------------------------
+14,600mBTC
It is good to have a small and steady profit every day. This one was small, but honestly I did not need to work much for it. Perhaps about 1 hour of work + 1 hour of backend. The rest of the time I spent with my 2 associates telling them about the current and future postings in this thread, honing our trading strategy, walking barefoot on ice, drinking wine and having generally some nice time. I got home after 9 hours in the office.
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If you realistically think it could go to zero, $30, $50 or even $100 ever any more, I am glad to write puts. No need for puts, thank you! I am foolish enough already. What sort of bear is not buying almost free puts at $30-$50    Don't you realize it's the only way you ever get your money out of bitcoins when they inevitably collapse!? |
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nomnomnom, delicious 126.
Remember, there was no way anyone could have predicted this.  Ridiculous to think that fluoride would be bad for your health, since they say it is good |
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10k to $120 and the 125 wall is being eaten..
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I heard that some large sellers and shorters are entering the market, over the last year the mining output of USD has significantly increased, needless to say the banksters who borrow their customers' money on speculation of a rapid USD price fall.
If you expect the "rally" to be like 2011, remember that it is 30x fast forward now. The top was 5 days instead of 5 months, and we will smash the ATL about May 2nd  |
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I think you are late. It is already breaking to the upside, just like I said it would in 80/20 prob.
If you realistically think it could go to zero, $30, $50 or even $100 ever any more, I am glad to write puts. (The last one is still a chance so don't expect cheap, but the others I can safely just give away. PM. BTC1k min.
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don't you try to be authoritative with your assertions. can't see the difference except you are always saying single digits etc
If people wonder why I don't reply to ElectricMucus, the reason is I ignored him long time ago and don't see his posts. I agree that he is the most pathetic troll, acting as if he did not understand anything that I say, for some reason thinking that the forum is pleased to be reminded about his ignorance several times per day. Please reply if you have ever received any value from this douche |
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2008 it was difficult to get silver for anything. I even remember a whole day, I tried to buy one 90% bag in vain. Considering that there exists approx. 600,000(!) $1000 F/V bags, I think it is a significant event if a full time dealer is not able to secure one, even though he says he is able to pay any price.
That would seem to be a very small sample size. One dealer, one day, five years ago. No, I called quite many dealers, since that was my job.. I could have charged 20% premium on top of everything I was quoted, you just don't forget these things. No reason to downplay this. I think it was October 15. There were small scale "bank runs" (depositors queuing to withdraw for no apparent consumption demand), since the G20 meeting or whatever was scheduled for the weekend, and some in the know considered that the banks all over might not open on Monday. I had already been confiscated of all of my inventory for bogus charges (which were dropped later), I had withdrawn my meager money from the bank (I have only twice in my life minimized my bank balances in anticipation of a bank run, the latter started March 20, this year, and is still in effect), and made just-in-case contingency plans in case I would not be found. The PM of Finland revealed a year after, that "we were hours away from financial meltdown". If you run for your life, you just don't forget it. This time it's different, everybody knows what I know. It's all here in this thread. I have seen you use this anecdote as the basis for your thesis several times. But specifically, it only speaks to a possible strength in the price of silver, and not PM's as a whole, particularly gold. There is demonstrable strength in industrial demand for silver according to the Silver Institute. Whereas, demand for physical gold has been on a long term decline, it is only investment demand that has been keeping the price up, now that is on the decline. Much as the circumstance you describe for silver in the 1980 scenario. I would expect that silver will suffer to an extent due to the stickiness of the s/g ratio, but time will tell if its fate will remain coupled to gold.
They can play with physical gold, but as they do it, the dimwit margin traders in COMEX think, that silver should also crash as it's also a pm. So they sell paper silver short, causing the very crash they anticipated. Paper silver is very thin as the physical longs generally don't bother, it's like Mt.Gox really, just a pathetic manipulation joke, I don't even have the account there, lol. The public runs to buy the cheapened physical, causing a run on coin shops, and now they've mostly been out of silver (or with very low inventory) for 3 months already. They need to pretend they don't have silver, since if they tell they do, but just won't sell it because manipulation, it causes an outcry and the feds raid their shops. That was why they did not sell to me in 10/2008. I was offering to pay too high a premium, I was already on the feds blacklist (my standing inventory was already confiscated), and they did not want to risk their business since they knew I was in trouble because of my internet trolling. Funny that they all knew it.. It was one day, yes, but you just don't forget it. Today I couldn't care less. The leverage is in bitcoin now. |
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This sounds awesome and is rather fascinating. I have a request - is there any way for you to verify that you are undertaking these operations and setting up your own command center? I understand it would be quite the elaborate troll if you weren't, but stranger things have occurred.
Lol, I did not even say I would  What made you think so... I don't need to do it. The fact that A) there are certain power centers in the world + B) Bitcoin is interesting, guarantees that several entities will do it in the coming weeks and months. I can readily monitor the situation in Helsinki - it's full of this kind of organizing going on, just this thread has invited 10+ people to develop their ideas. Title: "Are you interested in a Bitcoin enterprise of your own + the business ideas". For every 2.0 operation currently, there are dozens of 3.0's. |
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Maybe a little spike as the idiots that bought into this story (ie sold coins) buy em back
Or how about nothing happens and it continues to be an extremely boring day ...
The volume has been low, ergo there are no idiots who sold their coins. We are talking about buys being delayed by 6-24 hours, nothing more, but even this, when deployed, will raise us to $128 minimum, perhaps $135 or even a post-crash high, at the instant it starts. Tuesday used to be a rally day... |
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No matter how you slice or dice it - bitcoins will go to the moon. This is common knowledge to everyone here. The new information is, nobody can stop it. (supernode model is just a way to tell it to non-techies like me) Expect l a r g e buys from wealthy people, as they wake up to the latter.. |
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Lol the "attacker" is rotflhao now.. How do you actually think, such an attack would be publicized like this?? Smoke and mirrors, somebody is in the last stage of his accumulation and tries to squeeze the last BTC5k without rocking the price. I would be stunned if it did not bounce back to about $128 in 2 hours, when people execute their held back buys...  At this point, if one buys BTC2k, the hell is loose as everyone jumps in after the long period of quiet. It is gonna break, and it's not gonna break down. |
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