This is all well and good, but why not just figure out a way to use the same platform for, you know, actual currency like the US dollar. Bitcoin is a commodity with zero intrinsic value.
Your head is filled with electric impulses. I can't use those to light a flashlight, power a motor, or any other electrical device. I guess that means your brain has no intrinsic value. Do you have any other purpose here other than trolling with your alleged 'Economist' title? If you hate bitcoin so much, why even bother spewing out your bile? Wouldn't your services be needed with that 'real' currency you keep rambling on about? I do not hate Bitcoin and am invested in the commodity. My brain is clearly not a commodity, by definition. |
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Bitcoin does have a killer app, and it's one we all use. The near zero costs of transfering value across limitless distances. If you don't think that this is a revolutionary core feature, try sending 20 Euros to Kenya.
This is all well and good, but why not just figure out a way to use the same platform for, you know, actual currency like the US dollar. Bitcoin is a commodity with zero intrinsic value. |
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I applaud the OP. The idiots who still trust in Mt Gox deserve to get defrauded in every way possible. I'd recommend informing hacker forums every time you find an exploit in that shithole of a business.
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I'm surprised I'm not on the list.
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The thing is you still can't buy much with bitcoins. It's just a battle of who is going to waste money on electricity and who will buy their bitcoins to recoup that cost. And don't tell me cause one restaurant in New York takes bitcoins that they are all of a sudden useful in reality. I don't need drugs, dont' need web design, and I can buy my burritos with cash.
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It might be tough this year as I don't think Ron Paul is running. President Obama and other high profile candidates probably don't want the political risk of accepting bitcoins, but if one candidate could do it it would be a publicity boon to the coin. They are so desperate for money when they campaign that they might just go for it.
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I think right now we are seeing speculators abandoning ship - looks to be a miners only market. Who will pay for who's electricity? Some profits to be made, but tough going on that front. Without any real value to bitcoins, average Joe is quitting the game.
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Male owned vs. female owned?
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No volatility = no speculators -> no market -> bubble implodes
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How about we hack Mt. Gox again...that got a lot of attention from the media.
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Depth is very low down to about $15...could see a quick fall shortly. Would take just 1 sale. Current price is tenous so be careful.
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And how about you look at actual data. The last 5 days of mtgox was 13.5 - 18. TH last 5 days was 8 - 17.5
TH price started to fall the very instant MyGox started to handle BTC withdrawals - people went to sell on TH and price fell obviously. well I guess $15 is where miners refuse to sell any lower. when speculators quit because of no price variance, there will be no one left to support this bubble and price will fall back to $1 ber BTC. should happen pretty soon ... This is a very interesting theory. We can expect miner's to keep raising their reserve price as difficulty increases, but that price won't be supported unless there is a real use for bitcoins. |
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Foresight is not exactly Gox's specialty as we have seen repeatedly.
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yet again! the margins are getting smaller though..... maybe the next goxing will be 15 minutes late
It will be an infinite geometric series of Goxing. How clever. |
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And I'm getting MySQL errors all over the place...not good
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Trade Data page: "Trading will be back on Jun 26th 15:30 GMT"
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This is why you need an automated trading bot. PM me if you are interested in my proprietary bot.
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