He's probably going to learn more valuable lessons than those that most people learn by going to university. So I think at least morally it's fine.

Because, quite frankly, the constitution is being ignored. The USA aren't what they used to be. The ideas of the founding fathers were great ones and make a lot of sense as we can observe know in this specific case. These people fled from the powers in Europe. Who do you think is behind the federal reserve system?

I tried to read a book called "The creature from Jekyll Island". Got about half way through. Quite enlightening. I can recommend it if you want to understand a whole lot more than I could ever tell you about American and World history especially regarding monetary issues.

The fact that many people seem to have sold at least a bit (myself included) combined with the fact that we're still at $40 should make you think.

You have to trust at least some "gateway" (like bitinstant, weexchange and many others that will likely pop up). Otherwise you can't own any IOUs (which is the substance of ripple transactions). You don't however have to trust random people and ripple guarantees you will only ever own debt of people you specifically extended trust to.

smoothie, don't you already trust some exchange with your coins at times?

do you trust yourself?

If it remains closed-source and noone but the "elite" can run server the project is indeed fail.

There's no indication however that they wont release it at some point and I'm sure the devs/founders are aware they shouldn't drag this out for too long.

Before we don't see the sources and can run our own nodes, there's little we can do to further evaluate wether we can trust the system (evaluate exactly how the XRP stuff will develop for one thing).

I suggest to keep an open mind and not judge too early. It's voluntary and anyone can make a competing system once the code is out. You don't have to trust anybody and you can still use your BTC, you don't end up owning random peoples debt. I'm not afraid.

Quite frankly I think people are overreacting.

probably put a yak sock into his mouth or something.

lol, "yak socks", "not human", "no easy way to short".

Is that Rawdog???

EDIT: ok, looks like some silver stacker. explains a lot. I bet if silver did what bitcoin currently does he would complain about manipulation.

what? a forbes piece NOT by Matonis. I love the guy, but such change is refreshing

the volume in currency says: you can't compare what's happening now to 2011:

That would mean: soon.



But I don't buy it.

And what would you allow me to do to you in case that turns out to be the wrong decision?

Oh but it's going to be different! Why? Because bitcoin is a different kind of money (money based on a scarce commodity as opposed to fiat money that can be printed up).

Yes, there will be rich people and some of them will get richer (the ones who make the right choices). But some of the will get poorer (because they make the wrong choices). This is good. Money isn't fair: if it was fairly redistributed every month evenly to every person on earth there would hardly be any incentive to acquire more.

Here is some of the things that will be different when bitcoin become "the one world currency" (sounds bad because of the connotations, but really isn't):

• Governments (if they still exist) will have to get by with the taxes they collect (there's a limit to that). They could theoretically borrow money, but there would be no lenders, at least not to such extent as nowadays. This is a positive difference because then politicians have to actually do their work and try to act in favor of the people (no handouts possible without taking from other parts of the population)
• Governments will be forced to downscale
• People/Companies/Systems making the wrong choices will fail (no bailouts)
• Free markets will thrive. No distorted/false price signals will make the participants blind. No misallocations of capital will effect actions that are not really desired.
  
• The economy will be much more efficient (regarding both the usage of natural and human resources (wear and tear) and the fullfillment of the participants (consumers) needs and wants. People would be happier and humanity would be less destructive towards live on earth.
• There will be less wars.
• Entry to markets will be easier (less protectionism), big corporations will downscale (sell unprofitable parts), lively innovative markets with small and mid-sized companies will be the norm (no monopolies or regulatory capture)
  
• Simple "saving" will be a possible solution to ensure ones well-being after worklife
• The world will be a fairer place.

Now, these points are debatable and I couldn't possible reason them all here and now, but I think you can tell that I am of the opinion that the kind of money we use has immense impact. If you don't think so, I'd like to discuss that.

So yes: there will be rich people, there will be banks, there might be governments... but all of them will have to wake up to a new reality. A reality that in the end is better for all except maybe a few, a bunch I naively call "the assholes". And no, money doesn't solve problems, people do. The kind of monetary system they use can greatly influence their ability to do so effectively.

go back to sleep, pretty please!

joke aside: I agree a pause around $40 would be sane.

I wonder why you're suggesting less BTC holdings in absulute terms for high-net-worth people than for the lowest-net-worth category?

What are the criteria for such a context?

yeah. it's a daily. You have them in current chart, too, if you look at the daily. These candles are arbitrarily chosen anyway (no trading days 8 to 5 and then sleeping things over in bitcoin, no weekends either). If I could move them all by some days to the right or left I'm sure you could produce a couple of red candles.

The analogy is not perfect, I give you that. My timeframe is much shorter, too.

Let me ask: What exactly are you basing your claim of unsustainability on? That the price has tripled? That's no indication, because my example shows the price can triple (to $1) and then stay above for a very long time (2+ years and maybe forever). We never saw $1 again, right? Maybe we'll never see $31.9099 again.

EDIT: sorry, that claim was by someone else, I redirect my question to tpantlik.

no man. Bitcoin enemies are the bankster regulator old money families one world government collectivist power-hungry ignorant assholes.

There's not much one can do in a constantly rising markets. Constantly except for quick pullbacks you can't trade because gox lag is in the minutes and trading degrades to blind gambling.

Have you been with us in 2011?

I can imagine it going down. Huge bad news, continuous bad press follwing, add some panic and voila.

I don't think it's time yet, though. maybe when we reached $225 or $450.