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St. Barbara's Fiat Guillotine
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Looking forward to the gold parity  Berkshire class A parity would be nice |
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MtGox recently added an optional transaction fee and coinbase does not have one either. There is enough mining out there right now that a fee really isn't necessary yet.
Coinbase does pay a fee, you just don't see it because they pay the fee for you. |
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The enigma wasn't used in banking applications...  Did I say it was? |
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It is just a wishfully thinking if you believe bitcoin's road to currency would be smooth and easy.
this is probably </thread>. i'm just worried that the wave of new investors or whatever is behind this price action knows not what they do. If that's your largest worry, then you're better off investing in improving the Bitcoin infrastructure or providing a good/service. You don't need to hoard Bitcoin to be part of the economy, be the casino and not the gambler, if you will. |
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Its important to distinguish two functions of bitcoin; as payment method and a currency.
As a payment method, I think its positively brilliant and fits requirements thats currently unserved by any other system Im aware off, allowing electronic peer to peer cash payments, pretty much anonymously, irreversible, and with next to no transaction costs. Its clear there is a demand for this, and paypal/visa etc can not, or at least do not, offer this.
As a currency, bitcoin is IMO far less of a good idea. It essentially works like an electronic alternative to gold, a limited supply commodity. Its much touted 21 million coin hard limit means it can not be created based on new debt (ie trade), and therefore, as a currency it can not adapt to changing needs of a growing economy. It also means its value would never stabilize unless the economy would stop growing as well. It will face the same problems gold did in the middle ages, there just wasnt enough of it to act as a facilitator of trade, and that IMO, is the primary function of any currency: helping trade. This is were bitcoin utterly fails and why IMO it cant ever replace fiat currency as a standard currency. It might still work as a store of wealth though, much like gold today.
Maybe ripple will manage to combine the best of both worlds, allowing p2p electronic "cash" payments like bitcoin, while also allowing credit to be issued just like fiat, but Ive not read enough about ripple to judge.
You're not taking into account the ease of divisibility with Bitcoin. That's a pretty big difference from gold in terms of being used as a currency. You're correct, there is a hard limit, however, that limit can be expanded simply by dividing Bitcoin, which can be done to 8 decimal places. That leaves a tremendous amount of room for expansion. |
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In a bitcoin system the central bank would not be able to print bitcoin and would have to source it, from tax revenues perhaps. This is the inflexible part of the BTC monetary base.
There is no central bank. That's the point, decentralization. In that aspect, Bitcoin is inflexible I suppose but that is by design. |
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I suppose it's plausible but unlikely. First, SHA256 and ECDSA is not unique to Bitcoin, coming out and openly cracking it would compromise financial systems around the world. With a money supply equivalent of roughly $250-$300 million, Bitcoin is still peanuts and not a perceived threat. At least not on the level to force some government agency to take this type of step. It's easier to orchestrate a 51% attack anyway. That would take Bitcoin down solely, and not damage the encryption itself (that is used widely).
The only reason I say it's plausible is because of history. Just because a code is broken doesn't mean it will necessarily be known right away. The Enigma cipher was broken by Poland in 1932. They didn't share that news with the world until 7 years later and there was a world war going on for gods sake. So yeah I suppose it's plausible but highly unlikely.
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I guess that depends on your definition but I see a lot of "gold bugs" here or at least people who either still hold or have held a good amount of PM's as part of their portfolio. I think Bitcoin and gold overlap quite a bit in the sense that both types of investor have a similar outlook for the macroeconomy with regards to the reckless monetary policy being implemented by our various heads of government.
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Considering that they are printing money faster than any time in history, how would we be experiencing deflation? Because an increase in money supply does not equal inflation. You need to factor in the velocity of money, amongst other things. |
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But what will happen to the random guy that invested more than he can lose @ 20$? That person will learn a valuable, albeit painful, lesson and hopefully will not repeat that mistake in the future. |
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Aww, I was hoping this would be a bet open to all. Should have been put on Bets of Bitcoin or something.
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Do you don't not dislike not Strong Bad? True or False? Wire me money now! I pay later at undetermined time. Seriously dude? |
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Is it BTC1.1 or BTC3? You have multiple threads asking for different amounts. Also detail the guarantee please. Do I get a perfected first priority security interest over all assets of your business? IOU written on a napkin? Pinky swear?
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Man, we corrected a day of gains. You are such a prophet. Hey, we're all stocked up on those!  |
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i just manged to sell over 20TC at 25.5
Hope you can get your order in fast enough, almost back up to 25.5  it was crazy i place a bid some 5 mins later 10 bidders out bid me. I'm totally getting squeezed out  Man, didn't think we would shoot back that high that fast!
Kind of makes you think that there may be a LOT of USD sitting on Gox off the bid mountain. There's also a lot of BTC sitting in Gox off the ask mountain as well. |
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Great, I see we are now back at $25, and my buy order was not filled despite the price going below it. Now I get the goxxed jokes.
You can try Coinbase. The first month they limit you to 10BTC per day but after that it goes up. Always good to have secondary and tertiary options. |
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Thank god for alternatives to Gox. Yet another reason why their market share needs to drop big time. Anyway, I have yet to see even relatively short-term support levels be tested yet. Wake me up when something really interesting happens.
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I actually recommended a disabled guy with a limited government social income to use some of his last savings to buy 3 units from this guy. I hope you're joking. Unfortunately and embarrassingly, I am not. After reading through that, I wouldn't beat yourself up over it. You actually spelled out the downsides for him as well, mentioning that the future is highly speculative, declining returns due to difficulty changes, etc. In the end, it was good to see he didn't get scammed but I don't think you misled him any. |
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