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This is what hypocrisy looks like. Nice try at an explanation, but you just validated bitcoin as being more useful than gold (or is it worthless gold certificates with him?). http://www.cnbc.com/id/101693790This is VERY bullish news. Bitcoin cannot be ignored even by its most vocal opponents.
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With all the buzz over US Political Action Committees being allowed to accept bitcoin, I hadn't seen this: http://www.techdirt.com/articles/20140508/14005127171/federal-election-commission-says-political-action-committees-can-accept-payment-via-bitcoins.shtmlAfter some amount of hand-wringing, the Federal Election Commission has said that political action committees (PACs) may accept bitcoin donations, though they can't then buy goods and services with those bitcoins. Furthermore, it has to convert the bitcoins to dollars before depositing them into its campaign accounts. In other words, its effectively allowing the use of bitcoin as a payment system, rather than as a currency. However, at the same time, it will allow campaigns to buy bitcoins as an investment vehicle. That's a whole LOT of money that could potentially be invested in bitcoins. PACs typically have millions of dollars, even hundreds of millions.
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I wrote Coinbase about Xapo's new debit card (and my lack of comfort with their site) and got this response: It's definitely not a bad idea, and we've got some exciting things coming down the pipeline. You're not the first person to request this. I can't go into detail, but stay tuned. Hopefully we'll be able to offer a solution sooner rather than later.
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So BofA Financial has called a top of $1300 IF bitcoin takes over a significant portion of PayPal, Western Union and MoneyGram, which is what they believe will happen.
Now most of us that have done the math on this forum understand how small bitcoin is and if that happened that the value is likely to be over $10,000, possibly $30,000.
But I was talking to a guy at church just now about bitcoin and his statement was, "I talked to my guys at Merrill Lynch and they say the value is going to top out at $1300. So I figure it's a good time to buy now at $700 and then sell at $1200. I could double my money."
If this is what the "financial experts" are saying to the uninformed investors (like my millionaire friend), doesn't that become somewhat of a self-fulfilling prophecy? And if not, why not?
<Paranoid mode>Also, more deviously, is this a conscious effort to kill bitcoin?</Paranoid mode>
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By my calculations, last month, we made $24.90 per day. This month so far, we've made $44.50 per day.
Just shows how bad we are at doing logarithms.
(I called the average price on Nov 1 as $203 and the average price on Dec 1 as $950 for my calculations. I try to use a Bitstamp/Coinbase price.)
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I'm thankful for my wonderful wife Bitchick and my 2 daughters and my 2 great puppies. I am also thankful for my relationship with Jesus Christ, who gives me peace through everything and for good health and for always having enough. And despite everything that they are doing to make it worse, I'm still thankful for America.
Anyone else?
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Can somebody explain to me why:
* Mining isn't 10 times faster (a new block every minute instead of 10 minutes) * With difficulty 10 times easier * With 1/10 the payout (like 5 coins instead of 50) * With 1/10 the blocksize (1/10MB instead of 1MB)
Wouldn't confirmations be quicker but everything else be roughly the same? I am pretty sure there's a good reason for what Satoshi did. What am I missing?
Also, wouldn't more miners make money? The coins would be spread out more.
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When bitcoin was below $400, it really wasn't an issue for people to buy bitcoins. But the instant it got "too high" over the $399 psychological barrier, now all of my friends who were going to buy for sure last week are saying "they missed out".
By switching to mBTC, you could buy at Mt. Gox for around 75 cents currently and BTCChina for 5.8 Yuan. Edit: Because it's easier psychologically to buy 200 items for .75 each than it is to buy .2 items for $750 each.
Simple question: Do you think that all bitcoin services and exchanges should switch to mBTC pricing by January 1, 2014? Please state why or why not in the comments.
Thanks.
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I put this in the Bears thread, but I think it deserves a topic of its own. Many people think China has no money (or at least no money to invest) but this couldn't be further from the truth. This recent 60 Minutes episode about empty apartment buildings is very enlightening as to why there are so many bitcoins being bought by the Chinese: http://www.cbsnews.com/video/watch/?id=50152767nOnce you realize how much money they have and how few investment opportunities, you'll understand the appeal of bitcoin.
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Here are some price points with logarithms (× 8 for convenience):
Price Log Months 100 14.0 3 200 16.1 2.1 300 17.3 1.2 400 18.2 0.9 500 18.9 0.7 600 19.4 0.6 700 19.9 0.5 800 20.3 0.4 900 20.7 0.4 1000 21.0 0.3
So, let's say that bitcoin spent 3 months in the 100s. It will only spend 2 months in the 200s and it will spend about 5 weeks in the 300s.
Next, it will spend 1 month in the 400s and 3 weeks at 500 and 600.
Then it will spend less than 2 weeks each at 700 and 800 less than a week at 900.
So, yes, every $100 point will be faster than the last. This is to be expected. Not "OMG! It's going too fast! Crash imminent! SELL SELL SELL."
By the way, the numbers on the right represent (exactly) the 10 months that bitcoin has traditionally taken to go up 10×.
So, all that said, if we only spent a week at $300, then yes, we are going too fast. But not "It's going back to $150" or "Double digits" fast. Because we already spent way too long in the 100s and bitcoin had some catching up to do as it was under the line. More like 300 should probably take 5 weeks instead of 1 to get back to the correct line.
By the way, the same will hold true in the 1,000s. In the 10,000s it may start to level off somewhere if we reach the very top.
TL; DR. We are probably looking at a correction back to the 300s soon, but don't expect it to last more than a couple weeks.
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It's a US-based company where you can still anonymously buy bitcoins (up to $1000 per day). Their price is low so you can get them cheap. They are opening ACH transfers this month.
But their volume continues to dwindle down to zero. What am I missing that people would prefer to get their money tied up on Gox instead?
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