Bitcoin is revolutionary and thats why its such a big threat, thats why the US Gov want to regulate it and track stolen coins and have you register your coins and your identity, so they can control it and hence control you moving forwards into the new Bitcoin economy. Allowing Bitcoin to remain anonymous and unregulated threatens the power structures too greatly for them to allow that to happen. They will expend every possible effort and spare no expense for this total regulation, and we are seeing the beginning of it right now: https://bitcointalk.org/index.php?topic=333824.0 |
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The biggest threat to bitcoin right now is the Bitcoin Foundation itself and companies like the one Yifu started: https://bitcointalk.org/index.php?topic=333824.0Regulation of Bitcoin will eventually kill it, the controls start as minor and then become all consuming. Thats how this game works. |
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It could also be worth zero if the Bitcoin Foundation decides to go ahead with redlisting certain coins as part of new regulations to appease the US Govt, and these 3rd party companies that monitor the blockchain for tainted coins arent helping either. Regulations cant help Bitcoin, it can and will only eventually kill it. If they want to stop crime thats great but thats not what they want, its just a foothold because they ultimately want total control over the coins and how and where you spend them. Total control means death to Bitcoin. https://bitcointalk.org/index.php?topic=333824.0 |
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In my heart I just dont believe we can regulate it, because once those wheels start turning with registering addresses to peoples names and certain stolen coins becoming tainted and blacklisted, its a straight shot down all the way to where the US Govt has total control over our coins and how we spend them. Thats ultimately what this is all about, control, they want it because otherwise its too big a threat.
Bitcoin cant be regulated if it is to be successful. It has to be kept out of the hands of those who want total control. Its just to powerful to give the US Gov one inch of power over it, because it will rapidly become an unbridgeable mile of centralization.
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Clueless people are gonna be clueless.
When people dont understand something, they tend to reject it.
You have to be pretty smart to actually "get" Bitcoin, and not dismiss it as "shady internet currency"
The really smart people are the first to accept BTC, then the really rich (they pay really smart people to manage their money), then the middle class, then the poor. So as much as BTC has the power to democratize money, its likely the existing power structures will stay in place due to this pre-set path of acceptance.
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~100 BTC should be everyones goal, with the idea of spending 10% per year to help grow the Bitcoin economy.
Get a 2nd job, or sell your car and take public transportation or get a super cheap 1990s car for the next 2 years.
Dont buy that latte everyday. Save your pennies and put it into crypto - BTC and LTC.
As BTC goes up in USD value, even if you spend 10% per year you will still see your total USD value go way up and you wont ever run out of coins.
But we cant just horde them people, the economy wont work that way. We must spend a % of our coins for all this to work.
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Mt Gox is definitely hurting all of crypto because people have money tied up on there and cant get it out.
Gox wont update to Midas until they have their banking issues fixed, and thats proven incredibly hard as no banks want their business.
So Gox is stuck paying out at a trickle and is losing tons of market share every day, so the importance of Gox to LTC dropped dramatically.
Given all this, the fact that LTC is back over $4 and holding steady at .01 BTC is proof positive that this coin is here to stay and has major support.
LTC has a big, bright future which has only just begun. We need to ask merchants and vendors to accept LTC as soon as possible.
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Looks like some razor thin margins, anyone ordering now better have a healthy sense of gamble in them!
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BFL wont survive 2014, their customer retention rate is probably now below 5% and they are a running joke in the Bitcoin community
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Yifu you are such a douchebag for doing this its almost inconceivable
How do we let such people come to such a level of influence in the Bitcoin world? We can sadly only blame ourselves...
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Huge gamble, difficulty will be well over 3m and everything has to go perfect in terms of shipping time and BTC price, not worth risking $6k IMO
Lets say they ship 6-8 weeks late and BTC drops back to $250-300? You have to take a nasty loss.
And if BTC is gonna go up to $1k? Just take that $6k and buy BTC now, its wayyyy more $ do the math
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Bitcoin mining is for people that have $5K+ to gamble on maybe turning a profit, or the big mining companies who obviously always profit by having customers front all the money for their hashpower and can then decide when to ship their products after they mined enough coins on them.
Litecoin mining is much more democratic as ASIC is several years away from Scrypt, so GPUs are still the only way to go. But the margins are brutal and GPU mining is a lot of work for very very little profit, its honestly much better now to just buy Litecoins than spend hours tweaking configs and replacing worn out GPU fans to turn a tiny profit of a handful of coins per card.
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Im pretty sure BFL will be out of business by mid-2014, they have a customer retention rate of around 5% and other companies are just thrashing them in terms of gh/$, oh well Sonny and Josh, you made a few mil had a nice ride and now the party is over. Cant say Im sorry to see you go.
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Early January batch was worth the risk, late Feb batch who knows, major crapshoot, not worth it IMO
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Feb is wayyyyy to far off, its one thing to order 6-8 weeks ahead but 3+ months who knows what BTC price/difficulty will be... major crapshoot
Just buy BTC, if i had spent all my $ on BTC back in February rather than buy miners... Id have 20x as much in USD.
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Microsoft wont let you use "Bitcoin" or "I81TC01N" or anything like it in your Xbox Live profile.
Amazing how threatened these major multinational multibillion dollar corporations are by our tiny little experiment.
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You guys need to learn about POKER, which is a skill game played against other people, not a house game like craps or roulette with negative expected value. You cant ever beat a house game over the long term, its mathematically impossible and those games are silly and mindless anyway.
Poker is a great game of strategy and luck, where the players who consistently play their cards better than others make money - the house just takes a tiny fee from every pot called "the rake" which is negligible. Whether you win or lose depends 100% on your skill as a player over the long term of thousands of hands - obviously over the short term of a few hundred hands there is a huge amount of luck and this is what keeps the game interesting.
Its much more fun and interesting to play a strategy game against other people, even if they are better than you, than mindless gambling on craps against a corporation which always ends up with your coins because they have an unbeatable house edge. Poker keeps your mind sharp and has infinite nuance to its strategy as there is no one correct way to play, good play is based entirely on how your opponents are playing. Think Rock-Paper-Scissor.
So next time you want to gamble, do it via the beautiful game of poker against fellow humans who chat with you and laugh in the chat about each others bad luck, and not the mindless game of craps against an unbeatable, faceless, silent, evil, money sucking corporation.
Seals With Clubs is currently the biggest and best Bitcoin poker site, click on the link in my sig to check it out, it takes about 2 minutes to sign up and the best part is you dont even have to deposit coins or download anything: there are "freerolls" where you can win chips for nothing just by playing a tournament in your browser window! Its a great way to learn the game and get a few free chips.
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Here is the Achilles Heel of Bitcoin. Between the traceable public ledger and a handful of people deciding on where development of the client goes, its too easy for there to be an instance of incompetence or malicious intent. We have to remove the possibility of such a mistake from Bitcoin, but I dont know if thats even possible.
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Buying, selling, trading, or accepting Bitcoin or doing business with a foreign Bitcoin-affiliated company becomes a Federal crime in the USA.
The punishment for violating the law in any way whatsoever is life imprisonment.
I think people in the USA would stop using BTC pretty quickly, and its value would drop close to zero if all NATO countries followed suit.
If Bitcoin ever becomes big enough to actually threaten the hegemony of the dollar, I expect to see these types of laws.
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