lol, obviously more people after cheap coins. If they were not, they would be doing something more interesting with their time and not be on a Bitcoin forum posting negative news.  I am posting this because I am tired of the bitcoin-propaganda. Only positive bitcoin news is allowed on most bitcoin forums, which creates a biased view on cryptocurrencies in general. I am posting this because I want to warn everyone for the dangers of bitcoin. A lot of regular Joe's have entered the market because they are blinded by the ''possibilities''. They want to become a millionaire overnight. The fact that there are hundreds of altcoins proves this. Everyone wants a piece of the cake. But there is no cake. There are no possibilities to become rich overnight. The cryptocurrency game is played by powerful men, institutions. Everyone is posting crap like ''bitcoin will take over the world, it is more valuable and reliable than the USD because it is backed by its limited supply of 21 million coins.'' I've got news for you: 85% of bitcoin users are nerds. They are loners and will avoid any form of conflict in real life. When the governments of their countries start imposing strict laws against bitcoins, they will cash out as soon as possible. Because that's who and how they are; ''law abiding citizens.'' I have more news for you: bitcoin might be backed by 'its limited supply', but do you know what is backing the USD? This is what backs the USD, Yuan, and other powerful currencies:       ---- GET IT NOW?!If you had a lesbian girlfriend you wouldn't have to impress her with your big cock substitutes and could get on with HODLing bitcoin. |
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Price will never matter as we will never sell. Simple. I WILL DESTROY MY PRIVATE KEYS BECAUSE I AM COMMITTED.
That's the spirit! |
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True academic thinkers posses imagination.
Maths, science and economics require as much imagination to progress as art, literature and music.
Bitcoin and the death of fiat is a test to all those economists whom the world has declared are masters of their field.
Many are failing this test of both their imagination and their understanding of the fundamentals of their discipline.
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Economists are never going to accept Bitcoin any more than buggy whip makers accepted the automobile. They only have a profession at all in a world in which governments control the money. A Bitcoin world means their experience and their fancy degrees might qualify them for a job flipping burgers, assuming that job hasn't already been given to robots by then. https://www.youtube.com/watch?v=JvebxYILfZQ#t=9m5s I have one of those fancy degrees, and I'm obviously a huge bitcoin proponent. Academics have a few predictable issues with bitcoin: 1) The whole idea of the Fed and central banking is academically elegant. It's a really nice idea to be able to tweak constants in the economy in order to maximize employment, etc. The fact that it's ultimately a small organization acting on imperfect information, subject to both political pressure and human failure, is ultimately an implementation detail in an academic's eye, and therefore irrelevant to overall validity of the idea. Bitcoin obviously takes all that away; arguably replacing it with inevitable and uncontrollable more frequent and medium-sized bubbles/panics. That's debatable, but that's how they'll see it, and they conclude that humanity can do better via properly implemented central banking. I disagree for the reasons alluded to, but that's the issue. 2) These guys are thinking of bitcoin as an 1800s style gold-standard, which was fraught with imperfect information, and a pretty non-fluid economy for many reasons. Humanity has never tested a monetary system with credibly perfect information available to all participants. Furthermore, in our electronic era where things like re-pricing can be done at the click of a button (or even programmatically with zero manual intervention), inelasticity in currency supply shouldn't matter nearly as much. But the lesson academics learned from the 1930s is that an elastic currency supply is necessary to stimulate an irrationally non-performing economy. I'd argue that given that structural framework of the economy of the 1930s, maybe that makes sense, but our current far more fluid, information-liquid economy is a different beast. People can rationally adjust much more quickly. And as to generally calling bitcoin a bubble, it's hilarious to me how people just look at the absolute price per bitcoin and cry "bubble!" or "expensive!". If "1 bitcoin" meant "100,000 satoshis" instead of "100,000,000 satoshis", would they say the same thing (ie, the "price" would be $0.80/btc). The whole supply is only worth $10B no matter how you slice it. The M2 of a small nation like New Zealand is ~$70B. What do these guys think the total supply of the world's first truly global electronic currency should be? Great post. It's strange how the economists have over complicated things to take in account phenomena that were only due to imperfect information and inelasticity of currencies. When I learnt about economics it was an elegant tale of Pacific Islanders trading coconuts and fish or something like that. Supply, demand, imperfect markets, opportunity cost and the knowledge that change is constant are the only real economic building blocks. The rest is Keynsian nonsense trying to fit the facts after the event to justify their nonsense fat handed interventions. |
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Suppose the major US companies which back Bitcoin Foundation receive ultimatums. What could they do?
Not be US companies? Leave the US? Fold or go bust? Doesn't matter. In the end bitcoin will thrive in South America, Africa, Cyprus, Iceland and the rest of the world that has had enough of the current financial rulers. |
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The paper backup stores the root to recreate the wallet. Is there a paper backup option to print out selected addresses ie offline watch only list?
Obviously I could copy and paste for printing or saving on usb but wondering if I have missed something in armory for this.
Thanks in advance and great wallet from the developers.
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One of the indicators of divergence might be backwardation in monetary metals. Certainly this case has been bandied about extensively. GOFO rates are interesting in this regard. The failure of Germany's efforts to repatriate its gold is interesting. The various efforts to bilateralize trade, in RMB and in oil, are interesting.
I remember when the Bear Stearns CFO suddenly quit in 2007. If you read that event correctly, the subsequent failure of the bank was not a big surprise. What rats would leave this sinking ship, and on what mooring lines? Having a good list of these would be almost as good as having a drop-dead date.
I like this post. What other indicators need watching? I do feel that the end game is imminent though. |
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I just realised I worked all day without checking bitstamp.
Boring times mid month post Christmas.
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Unfortunately the UK is the home of the banksters so there won't be much enthusiasm from banks to let bitcoin companies bank with them.
In the end that doesn't matter though as the banks will die or have to change when fiat collapses.
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Hodlcoin needs to have pics of glen hodl on the client.
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I don't see Facebook lasting that long. You can quote me on that so that I look stupid if it's still around in 20 years.
I agree. Facebook is dying already. |
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now I understand why Max Keiser and Co are shorting this Company to Death, never realized that this is the kind of information they had on WU,
If any customer knows this I don't think you have to be Gordon gecko to realise the regulatory burden and fees with western union will be undermined by bitcoin. |
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I am most definitely not a mathematician. But I don't think it would work.
I would stand in front of the ATM all day and arbitrage it.
That means I would make a profit on every trade. Trading is a zero sum game so the machine would make a loss on every trade. Eventually all value in the machine would be destroyed.
It cannot be any other way. There is no such thing as a perpetual motion machine or magic sausage machine.
Maybe someone more skilled than I can show this mathematically.
You are not an economist either! You have just demonstrated why it would work! Imagine an urban area with real time info online on the price of all the machines. There would be apps to win form interested people when they were close to a machine that had deviated from the mean exchange rate. The would then sell or buy bitcoins, thus restocking the machine. This arbitrage is not zero sum. It is actually a more opportunistic and decentralised way to replace a network of security vans who periodically withdraw and deposit money from banks, with all parties taking a cut on the way. So you could do your arbitraging and be happy you are providing a useful service to the community! |
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I can't remember the thread I read it in (it was very recent) but someone explained how deflation would reduce productivity because only businesses that could generate extremely large returns could ever afford a loan to get started.
The only way I could see a deflationary currency working is in the very long term.
Let's imagine Bitcoin is eventually the only currency in use and after some time, 1 yottaBitcoin is worth 1USD in today's money.
At this point I see deflation being close to 0% - people can now freely spend their Bitcoin because there's little value in hoarding and waiting for increased future spending potential.
Now people can take out affordable loans.
At what point in time can we see Bitcoin loans being affordable? 10 years? 100?
Deflation would reduce consumption and encourage saving as you say. This is desirable as we are destroying the world through artificially pumped consumption, and failing to save for our long lives. Thus deflation would incentivise us to lead a life reflecting the underlying fundamentals of our world, not the fundamentals that suit the political and bankster masters. |
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Ripple gateways have their incentives aligned to work perfectly, until the point of a catastrophic credit crunch.
Alas I have stated elsewhere, gateways are incentivised to hide and cover their bad loans from the network at all costs, as otherwise their ious will become less valuable.
This will lead eventually lead to a credit crunch.
It will have happened by 2020 if ripple survives that long.
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Nice try. Suggest hodl the day job for now though. |
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Stagflation is what happens when economic contraction and rebalancing would have occurred, but instead the Keynsians increased the money supply. So instead of everyone being hit by deflation, it is converted to stagflation which will save the rich and politicians, whilst making the poor and middle income groups suffer more.
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In my view Keynsian economics has directly contributed to the worst excesses of excess consumption that has lead to oil wars, environmental catastrophe and personal obesity, diabetes and depression.
'Excess consumption' because there is no incentive to save and plan for ones 80+ years on this earth, as many 'progressive' governments reward the improvident and punish those who forgo consumption during their life in order to save for the future.
Current monetary and political systems have created a world of prodigal sons, who can only live by the grace of father state when they have exhausted their wealth.
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Forget about the short term. Think about the hyper long term, say March or April 2014.  |
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New month.
Pay has hit everyone's bank accounts.
Now reaching hitting the exchanges.
HODL!
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