There are approximately 2160 things higher on the development priority list. Classic. That should be saleable as a Dilbert punchline. |
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moa: February 16, 2011, 03:56 am
Reply with quote Edit message Delete message #19
The bitcoin tech. analysis guy is saying an ascending wedge (triangle) forming around 1.05 btc/$ ... I'm seeing a descending flag, either way something is gonna give and the timeframe is around the time of the next jump in difficulty.
So the miners/supply and the demand are both aware of this point in time as when they make their next decision and are susceptible to changing their expectations around then. The miners/supply have come down from above, 1.10, and sold down to 1.05, the demand has come from less than 1.00 and bought up to 1.05 .... myself I feel like a revisit of the 0.80 region is on the cards but it will be brief and then it is off up above the 1.10 to who knows where ... still some confidence issues to work through though it seems. Anybody who feels they benefitted from the above call and would like more such analysis can send BTC to : 1N7fbp5MsprSmTWgZvdD9G9UdHebH4dYcX (Been doing this for over 15 years in gold and commodities market.) |
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How about a gold sparkly sequin Elvis number .... that would draw attention and you pin on a few extra extra sparkly bitcoin logos and maybe put a bitcoin sticker in the middle of your forehead!
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Well if I was going to bring a rack-mounted GPU cluster, or similarly expensive GPU rental, etc, on-line I would schedule delivery, installation timing to have it coming on-stream immediately after a difficulty increase. You get a temporary leg up over the existing competition until the next difficulty increase.
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Yep, it could easily spur a wave of economic activity. The current fiat systems are riddled with debt, to the point that they are barely creating enough to pay the interest on the outstanding, let alone fund any new growth.
Bitcoin being a credit-based money not a debt-money will have growth associated with it unencumbered by any current or any on-going debts that aren't liquidated properly.
The quad-drillion in derivatives carried by the megabanks (much of it off the books now and not marked-to-market) creates unserviceable obligations on society. The world just doesn't create enough wealth to back thos kind of numbers. The banksters collect their bonuses, creaming it off the top of the debt pyramid, supported by enforced taxation on the citizenry, and the wealth generators and hard workers in society generally get poorer.
At some point, the monkeys throw the free peanuts back out of the cages, even if that is all they have to eat. Bitcoins they will hang onto.
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Besides, fiat and bitcoin could form a great partnership, bitcoin just being around as an alternative will be good for fiat too. Fiat for finance (the charging of interest etc) and bitcoin for the other stuff. Doesn't seem to work like that, people prefer to hold the best money they can buy, Gresham's law. Quite logical really. The boiled-frog transition from gold to fiat was a hoodwinking for the ages by the banksters over the people. Time some frog-boiling went back the other way. |
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emansipater seems pretty big on telling others what to do ... emancipation only flows one way eh?
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Thanks, that explains a lot....
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It's a combination of the fact that mining with high end cards is currently very profitable, which has made a lot of people buy more GPUs, and the Slashdot effect. Yeah, but in the space of 6 hours some slashdotters bought on-line another 100 HD 5970's? Something big (bitcoin-wise) happened. |
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from 258 GHash/s to 360ish Hash/s.
anybody know what's up? A cluster waiting for the difficulty jump before coming on-line or something else?
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1 satoshi = 1 microbitcent (smallest denomination)
100 million satoshis = 1 bitcoin
Are we agreed?
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Bitcoin wasn't designed to bring down the current fiat monetary systems, they are failing under the weight of their own false premises. After they have failed, bitcoin cryptocurrency, or its descendants, will replace the failed centralised, fiat monetary experiments.
Libertarian techies have bought this currency to the world, you can do whatever you like with it, so will they and they have every right to say "what bitcoin is about", they invented it and bought it to life.
As for branding, if it don't work nobody wants to own it. But when skunkworks, everybody wants to drink from the well ... who cares what it smells like.
This is about functionality, confidence and branding are now but a small part and will become less so as the substance of performance trumps the BS.
"Failure is an orphan but success has many parents." - some wise-guy.
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That won't make everyone else accept the change. No one who already has BTC will want it to go down in value. It makes no difference what people want, it will be coded into the system at that point. It's the same as the Fed. Res. printing money. |
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Yes, BTC are limited to 21 million but that is a mortal construct. I mean how hard is the 21 million limit really?
In 5 years time when the globe is screaming out for more BTC, it is conceivable that a mob of evil people will round up the programmers of BTC. Then with guns to their heads, and their families heads they could imaginably sign-off on a change in the source code to 42 million BTC.
Gold scarcity is a natural thing and out of the hands of human weaknesses, for now.
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I think he meant "precious" as in precious metal commodity.
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I would think the major bitcoin holders have an incentive to pool their resources to do this to at least some degree. Even the small holders might be persuaded to chip in a share of theirs, provided the fund was well-managed. That sounds to me like you are suggesting a cartel to manage the value of a currency .... gee, how novel, we haven't seen that before ..... not. Could lead to two bad outcomes (or both); 1) the cartel goes bust defending their market position when a bigger fish or the market itself turns on them 2) the economy that is based on that currency gets distorted price signals from the false values delivered by the cartel, i.e. a false economy. (E.g. unnecessarily high or low network difficulty) |
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Sure there is. Start with 1000 coins, lend at 10% per year. After 100 years you have all 21 million coins. Wrong. In a hard currency economy, interest rates greater than the money supply expansion are not competitive and never taken up by the market, (unless the debtor is extremely risky and then you can basically kiss your BTC's goodbye (i.e. a loan to your useless, unemployed brother-in-law cause your sister is screaming at you).) The gold supply expansion from mining is around 2.25% per annum and it is almost impossible to get gold loans at rates that high. In the long term, since BTC expansion goes to zero they will be basically interest free ... if you can find a risk-free debtor. More likely loans and debt will become less widespread and joint ventures will become more the norm where the loaner really does have an "interest" in what you are using the money for and doesn't just collect the interest cause he created the money out of thin air. |
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The idea is ripe. Listen to the buzz from the audience in Gavin's short video talk, they were practically cheering. I don't think you have to go looking for publicity ... it's coming!
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