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You only own 10% of the world if you can actually buy it with the money you have.
Comparing the money supply with everything you could buy with money, you will find that these numbers are a factor 1000 different.
Bootstrapping a new currency like Bitcoin where everyone got a little would have been nice. But while the imperfect distribution of the nascent bitcoin money may mean some lucky guys get 'unfairly' rich, it really doesn't mean there will be zillionaires that determine our future if bitcoin becomes de facto money.
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This to make any kind of deal between random people easier. With a Multisig transaction you could get the equivalent of both sides holding half of a single banknote.
Money you both put in, will take both parties to get back out. In any deal, this creates the need for people to come back together and do whatever it takes to make it end well. It is a mutual bond.
In real life ripping up a dollar bill can work, but it is a bit cumbersome having to tape a torn up note back together. A simple Multisig app could make this real easy with bitcoin.
Let's both put up a bond when we agree to do a construction job tomorrow that needs the both of us to complete. Lend your bike to the guy in a hurry, just make him put up enough to make it credible that he will come back. And do it in such a way that you won't be able to run off with his money either.
It should be a simple app with just two buttons, no more complicated than DEPOSIT and RELEASE on both sides.
What do you think?
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So we can see where this is going.. I think Neo Bee deserves all the praise, but this is going straight to the moon.
Up and up until it becomes literally incredible and we will see some kind of correction after which it stabilizes and reacts more to fundamentals.. Something like that.
And then it starts all over with another stock!
Do you guys have an idea what the next Neo-Bee could be? A shortlist of names to start looking into?
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Have you guys included Countrparty? They bootstrapped their system by sending bitcoin to an unrecoverable address, some 2000 bitcoin in total: These bitcoins are lost forever because the chance of making up an address like that and then finding the private key for it is pretty much 0. https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVrConsider it a gift to the bitcoin community. Unless of course their system works and starts gaining crypto purchasing power at the expense of Bitcoin. |
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MtGox trades 'mtgox dollars' for 'mtgox bitcoins'. Those are not the same as real dollars and real bitcoins.
It used to be that dollars were really hard to get out of MtGox, so those dollars were worth less and this caused the bitcoin exchange rate on mtgox to seem higher than on other exchanges.
Now that GoxBitcoins are even harder to withdraw than GoxDollars, the rate has gone from a surplus to a deficit.
Just stay away from Gox, only solution.
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What I was trying to get at is the difference between the subjective value each individual market participant gives to bitcoin, and the objective market price that we can see on any exchange.
To me the bitcoin value is well above where it trades now, and it is pretty stable there. Today's events didn't budge my subjective value at all. And given the low turnover of bitcoins in the markets, that seems to be the case for most bitcoin holders.
So in that sense, whatever it does in price in these historically low regions is irrelevant to me. If I could buy more I would. The market price is where the amount of bitcoins sold matches the amount of bitcoins bought. It says little about the other 90% of bitcoins that don't leave their coffers.
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You might as well say that it dropped to $102, because that is what btc-e shows. Still, this is one of many intra-day dips we've seen, doesnt need to change your personal view on bitcoin's future value.
Bitcoin's price volatility is caused by the simple fact that many holders are unwilling to sell at whatever price or whatever event right now. That is a sign of stability to me. It's all about it's subjective value to the market participants. If you could graph that you would see it doesnt budge much with the holders of 80% of all bitcoins.
The only reason it doesnt rise further seems to be that believers are already heavily invested in bitcoin and can't take on any more exposure to it.
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I couldn't care less what the price is doing at the moment. Doesn't rock my boat at all..
So from my perspective it is as stable as a rock.
The market price is a public weighted average of the value people give to it privately. Many people value it much higher and won't sell. Others value it lower and won't buy.
The value I give to a bitcoin hasn't budged an inch in the past months. That is the only measure of stability I care about when looking at bitcoin.
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What is a better store of value in the mind of the owners?
One that gets thrown on the market after only the smallest change in the market variables? Or one that people want to hold no matter what the market does?
The price elasticity of demand for bitcoin is very small. This means the price can move a lot without leading to extra bitcoins being released from people's coffins. The bitcoin market is very shallow, which is one reason behind the relatively high price volatility.
This is a sign of strength of bitcoin, not of weakness. Bitcoin owners have no doubt about it's future!
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well, just imagine it ranging from a featherweight up to a noose around your neck  |
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It is very easy to create an offline wallet.
You send your coins to that address and nobody can ever get to your private key...
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I would expect 2014 to see a rise.. |
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You wonder how it is possible that with so many true believers, the bitcoin price is still quite low compared to where it would be if it all panned out as we think it will. Bitcoin's market cap is still in the range of a tiny country's money supply.
My idea is that the bitcoin community is still fairly small, nothing close to the population of a small country. And most of us couldn't possible invest more in bitcoin even if we wanted to.
That means we will have to wait for larger investors to enter the game, like the big institutional investors. That might well happen in 2014, who knows..
WILL YOU INCREASE OR DECREASE YOUR EXPOSURE IN THE COMING MONTHS?
PLEASE RESPOND BELOW...
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Ok, so I reset the blockchain and transactions and now it shows the correct number.  The amounts were actually a few orders more than what I said, so you can imagine my sweaty handpalms! Much thanks for the help. The forum quality compensates for the complications in working with Multibit wallets, backups etc. I thought that maybe 'change' of earlier spends had come back on different 'keys' and were lost due to not updating the wallet backups before changing from 8.1 preview to windows 8.1. Or something like that. It is the cost of not completely understanding how everything works in detail, even though I am definitely not new to it. I need a beer! Thanks guys! |
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If the receiving address is in my wallet and the blockchain says that address holds 70. Than I should be able to spend that 70 right? It couldnt be that a single address has several private keys, some of which may not have been in the backup? I imported the keys from a backup.
I believed there is one private key for one address right?
(I dont want to link my balances to this bitcointalk account, sorry)
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I am feeling like such a noob that I think I better not share any more info before I know what is going on.
Trust me that Blockchain.info says a Final Balance of 70 for the receiving address that is in my wallet.
I upgraded to windows 8.1 from 8.1 preview. I had the private keys backed up to a stick, and I imported them into a new wallet with the latest version of Multibit.
One of the four addresses contains 70 BTC according to blockchain.info. Yet my multibit balance says 50.
Should I consider the blockchain info as final always?
How can I get Multibit to agree?
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When I look at my multibit total for the wallet in which I imported all my backed up keys I get a total of 50 btc.
In the wallet are 4 keys/receiving addresses. The only key/address that holds a balance shows 70 on blockchain.info, so a difference of 20??
How is that possible, pretty sure it should be 70!
Thanks for the help!
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