The 10k pizza guy could have gone crazy if he kept thinking about it - so you should mentally freeze the current value of any spent coins at the time of purchase. But they won't believe you anyway, so let them figure it out the hard way  The 10K pizza guy is mentioned a lot. There are 2 ways he could choose to look at it: The first way is to see that purchase as the first BTC transaction to enable and get the market going. By making that purchase he started a process that made his other previously worthless coins skyrocket in value. The second way is to forever fret about how many millions he lost out on. Hopefully he looks at it the first way. BTW I assume whoever he is still probably has several 10K other coins and has done very well regardless. Remember that pizza transaction happened in the very very early days. |
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It will be interesting to watch Peter and Erik Voorhees debate sometime after gold parity is achieved and held for a bit.
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Holy shit what a fucking moron. Some people REALLY need to be protected from themselves. Obviously, no risk no gain but people like that don't deserve that amount of money. No they don't deserve it, and that's why he has nearly lost it all. Unfortunately for his sister too. So sad. No sense of responsibility at all, his ONLY duty is to protect that money and instead investing a small chunk he gambles it all by day trading Bitcoin. Honestly, I feel a lot of pity for his sister - not at all for him. Just remember, if you day trade successfully (BTC, stocks, whatever) this is the type of person you end up making your profit off of, and it's usually the family that suffers. This is why I prefer just buying through coinbase and holding, it means that you are profiting off of the growth of the Bitcoin ecosystem as it continues to grow, not buy winning a zero sum game against those who don't know better. IMHO the Dad & Mom deserve some of the blame as well. I've never seen a situation where dumping a ton of money on a young person who has not worked for it turn out well. |
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I think the market at large will continue to quote prices in full BTC units.
This has the effect of demonstrating the confidence and security in the system. When a single BTC holds above $10,000 or $100,000 for a while, it will become harder and harder for the doubters to keep stating various FUD regarding security, etc.
Also, a single BTC will become something people strive to obtain, even if it takes years. You'll hear things like "I plan to buy 5 mBTC every month until I own a whole one" or "I should reach my retirement goal of 3 BTC in a few years".
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"Bitcoin is on track to becoming the world’s first trillion dollar non-fiat form of money."
Gold would the first one. |
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Didn't know so many vendors on the streets of China accepted bitcoins. Looks like the Chinese government A) is definitely NOT against bitcoins B) probably mining like crazy right now.... C) Or else vendors would be scared to accept bitcoins... because vendor/ gov't relationships are very close in China... maybe too close if you know what i mean.
I don't think so, but interesting idea. If at some point governments decide that they need BTC as central bank reserves, considering the resources they could deploy the most obvious method is probably to develop very efficient ASICs and mine like crazy instead of buying on the open market. Would make for interesting times. |
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I use coinbase and I fucking hate it. Treat their customers like shit, lie about when transactions are going to be done. Takes 24 fucking hours to get coins out of there, singlehandedly made me like 20% of my investment...
Nonsense, with one exception every single coinbase request to transfer out my BTC has been picked up immediately by the network and included in the next block. They have also honored every single purchase transaction, even when I temporarily ran out of bank funds one time during the $200 -> $400 ramp. My bank overdrafted and it took me 5 extra days to fund the account, but somehow after I did so the transaction still cleared. Coinbase easily could have canceled the buy transaction (bought at ~$230/BTC and bank account wasn't funded till price was >$400/BTC), but they honored the original transaction and buy price. I will forever respect them for that. Coinbase's price is slightly higher than bitstamp, but the advantage is you can lock a price in immediately, while wiring money to bitstamp takes several days and the price can move on you a lot in that time. Their purchase limits are needed to protect them because people can reverse bank transactions weeks after. You have to do business with them 30 days before you can start real buying. |
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OP, did you buy back in yet and cut your loses? Remember the best professional traders on WS cut losses and change position very very quickly... Truth is, I didn't really know enough at that time to grasp it all. I had no idea about our monetary system, I had no idea why decentralized even mattered so, it really became a battle against ideology and not the tech. As I've learned Ripple, I've learned more about the whole crypto-space. I've learned tons about our failing global monetary system, what the bills in my wallet really are and the list goes on. From that I realize that this is all really important. Whether it will be Bitcoin or something like it, the truth is we have to do something.
One of Bitcoin's greatest properties is it forces people to both learn about and question the current monetary system before one can fully buy into the concept. IMHO most people who bash Bitcoin (ignorantly) in the comment sections of MSM articles clearly are those who so far refuse to learn about the system and just take the common misconceptions as fact. Bitcoin will slowly but surely awaken many. |
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Similarly there are only 21 million bitcoins. But bitcoin banks could hold 210 million bitcoins off the block chain.
A bit on the chain is worth ten in the bank? If it works this way with USD, why wouldn't it work with BTC? Edit: virtual BTC will debase the real ones same way as virtual USD debases paper bills, but they will probably have equal value ($100 bill has almost the same value as $100 bank deposit). Oh, the bankers will try to fractionalize Bitcoin for sure. The problem is in your example the banks would have 10-to-1 leverage, and at some point will have a squeeze that will turn into a run on the bank. Today this happens all the time, but the FED is able to print and backstop the banks at will, or run other special liquidity programs, which have the effect of preventing a run from ever happening, but slowing destroys the dollar. But with Bitcoin there will be no FED to provide liquidity. People will learn the hard way to not do business with leveraged banks (something that was common knowledge just 2-3 generations ago). Any bank providing 10-to-1 leverage will get wiped out, and the end result will be that banks do not fractionalize Bitcoin. |
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Dude moved almost 200K BTC and did not pay a fee, those are some old coins. The blockchain.info tag is "Shit load of money!", I wonder if the owner entered that to mock us or if someone else did. |
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You can either:
1) Buy back right now at a ~20% loss, but roughly have your original position intact (just slightly reduced) or
2) Wait it out and risk that the price then rises and never returns causing you to lose out on the multi-year ramp up. If the price drops you can get your original position with no loss, but if the price rises you've lost out on the early adopter benefits
The choice is yours
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The question where Bitcoin comes from is an understandable one. Calling it mining might have been a bad idea. Instead, saying a with time decreasing number of Bitcoins are given away every 10 minutes in a lottery, would have made the whole process much less interesting (but actually more accurate) and would have shifted focus to more relevant topics.
More processing power = more tickets. If you want to explain the GH, you can say a Hash is a ticket. I think people are smart enough to figure out what GHs stands for and seeing that as 10^9 tickets per second is just fine to understand how the block reward is awarded.
This is one of the better explainations I've seen, thanks. I like this description because it emphasizes how the currency is initially created and distributed in a fair manner. Everyone has an equal chance at a lottery giveaway fixed every 10 minutes, and lottery tickets are distributed according to how much processing power you contribute. In response to the OP, We all should be thanking the Washington Post and other members of the MSM. It is because of them that we still have the ability to purchase undervalued bitcoins. The truth will get out despite the MSM's best efforts, but we don't need to worry about that because in the end the truth always does get out there. |
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The ones who are interested in fiat do not have so many coins that they could make a dent in the price. As I told above, dump is either manipulative speculation (I) or nasty manipulative speculation (II).
That's riduculous, you don't need to own the underlying asset to dump it and trash the price. Just look at gold today, lots of bankers are selling paper promises for gold and taking the price down, down, down. To think that you need coins in order to dump the price shows that you do not understand modern finance. Or maybe you do understand modern finance and that is why you are here.  |
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I seem to recall reading at some point that the website was being decommissioned at a predetermined date. It's been a while so I may just be confused.
My miners have been working great so far. I was a little disappointed that I wasn't really able to overclock mine as much as other people seem to be. Anything over 352 mhz and my K16's start dropping banks of chips.
I just wanted to say that I am really impressed with the quality of the product Steamboat put out. Especially considering all of the things that went wrong that were totally outside of his control. On a positive note BKKcoins has finally turned back up and is alive, although suffering from what sounds like a pretty serious motorcycle injury.
My one major gripe is Steamboat's lack of communication. I feel like he is trying to make the best of a bad situation, but I can think of no valid excuse for ignoring this thread the way he has. I would consider doing business with him again, but he really needs to address everyone's concerns as soon as possible.
Chad
It is great to hear that the miners were solidly built and work well. I've said it before and I'll say it again, there other ASIC chip options (such as BitFury) where it would have been great to use our unused assembly parts to build a different board than a K16. Yes, new boards and some new parts would be needed, but all the shipping materials, heatsinks, assembly line time, etc. could be reused. I would have much preferred this to assembly refunds. I purchased one drillbit board and the sevice offered there is very similar to SB. But the lack of communication is ruining this option. |
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Never forget.  Oh god, take that away! Why? I would absolutely LOVE it if the price reach single digits again. |
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Remember the saying: Bulls make money, bears make money, pigs get slaughtered!
What about those who bought a while ago and now just sit back and watch. Are they making money? |
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I think many people on here coming from a libertarian (I'm in that category) or full-out anarchy philosophy tend to view government as one giant beast, whose actions are coordinated and deliberate. I think the reality is that gov is a loose collection of individuals, most of whom just want to do their jobs, maybe get some praise every now and then, and take home a paycheck. Regulators want to meet their mandates, law enforcement wants to catch people who break the law, the Fed wants to meet their inflation and employment targets, and politicians want to get re-elected. The notion that there's a coordinated well-thought-out deliberate conspiracy across agencies, involving calculated strategic deception, to twart bitcoin as a threat to a devious fiat banking regime is....naive. Government is not coordinated. The individuals that comprise it are generally not that visionary. Agencies are composed of a wide array of individuals with all manner of their own ideologies. I've raised this exact point myself. I call it the collectivist fallacy, and it's one most libertarians fall into. Once this misconception is cleared away it becomes apparent that Bitcoin won't necessarily encounter much resistance from petty bureaucrats as it doesn't directly affect them, or at least it won't seem to them that it will be able to affect them by the time they leave office. Nevertheless, there are powerful people who do see sound money as a direct threat, and they would see Bitcoin as a threat if only they understood it AND believed there was a decent chance it could take over. The ECB report and others suggest at least some of them see the threat. But do they understand how clear and present it is? Maybe they are too slow to care, but if they did understand they only have two options that I can see: 1) Attempt to suppress it, or 2) Buy in massively. Fully agree with the sentiments above, that government is not a coordinated entity and most individuals just want to do their jobs, and as a result there will not be a coordinated attempt to take down bitcoin. As long as Bitcoin does not directly interfere with day to day activities, the government will largely take a Laissez-faire approach. However, in times of crisis governments have been shown time and time again to create scapegoats and look for causes. During the depression FDR constantly railed against "hoarders", i.e. those who saved their money, and devalued savings for the greater good. The US government has been living beyond it's means and the taxpayer's means for a long time. If Bitcoin emerges as a sound money system which in turn forces the US gov to live within its means, that will awaken individuals in government who no longer can spend money at will. Anyone looking for a scapegoat will not have to look far... |
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The Bitcoin Foundation: Because if there's one thing Satoshi Nakamoto approved and endorsed, it was private forums protected by pay walls participated in by easily identifiable individuals supporting institutional bureaucracy and false authority to the detriment of all bitcoin stakeholders.
He would be so proud.
Satoshi's vision was to re-establish the rule of law by creating a technology based system that enforces a set of fixed rules everyone agrees upon. He saw how in the current system the rules were constantly broken and rewritten by those in control and the rule of law (which the US system was originally based on) had failed. The establishment will try to break these rules and restore the ability to make up new rules as needed. It will be interesting to watch if these efforts are successful or if the original properties of Bitcoin hold. It will also be interesting if early adopters (such as the devs) will continue to fight for Bitcoin's original purpose, or if they will be co-opted by the establishment (after all doing so makes their BTC holdings very wealthy). IMHO the easy part of Bitcoin's growth is over. |
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Does that open the floodgates for manipulation? Naked short selling, etc?
It means we have on the order of $100B to $1T going in bitcoin which is 10,000x to 100,000x the current order of around $10M the twins and BIT are able to invest. |
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Buffet only invests in assets that produce something and yield dividends. He says if there is no dividend then it is not an investment but only a price speculation, or gambling. He needs to have two sources of gain: the price increase and the dividends, not just one - the price increase. His main MO is buy and hold, never sell, and just collect dividends.
Yeah, this. Buffet's verdict on Bitcoin may still be up in the air, but I guarantee that he'll never hold it as an investment, even if he decides that Gates was right and Munger was wrong. It suffers from the same problem that Buffet sees with "investing" in gold: gold doesn't do anything - at best, it's just an instrument - so the only way to profit on it is speculation. Real investment in Buffet's philosophy is buying something that is useful... for instance, a corporation, which consistently makes profit in a way the investor can understand and be confident in. So really, the question is if/when Buffet would invest in Bitcoin-using businesses, and whether it'll happen because he added a Bitcoin-using business to his portfolio, or because one of the businesses in his portfolio started using Bitcoin on their own. Yes, this is exactly why Buffet will not invest in Bitcoin, even if he one day looks seriously at the technology and gets it. But what is interesting about Bitcoin is there are two aspects to investing: 1) Investing in BTC is similar to investing in Gold in that BTC is just money. It sits there and maintains value. This is the buffet limited view. 2) Investing in BTC during the startup phase is similar to investing in the Bitcoin ecosystem, and the ecosystem is very actively investing in itself and growing. This is the bitcoin believer view. |
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