I am currently long Bitcoin and won't be short for quite some time since Bitfinex have removed my ability to place stops on an exchange I trust (Bitstamp), leaving me to trade solely on an exchange I don't trust (Bitfinex). These fuckers have robbed me for the last time after a short sell I made at practically the top of that spike got called after a big sell wall that my stop order was hiding behind, vanished.
You couldn't pay me to send Bitfinex any amount of bitcoin or dollars. |
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Well, I'm sorry MatTheCat, but until you learn to let go of your fear, you will not reach your potential.
Fear is a valuable instinct. It prevents me from doing things like jumping in front of trains. I will never ignore my fears, especially not if they are subconscious fears that come a knocking in my dreams. That means that my subconscious mind is scared of something that my conscious mind is either not scared off or is unaware off. As confident as I am about Bitcoin (being a "Bitcoin nutter" and whatnot), I've experienced a decent amount of fear in the past three years. I realize how much risk is involved in a project this disruptive. Although, the risk continues to reduce as time marches on. The trick is determining which fear is rational and which fear is irrational. Are you afraid of that high speed locomotive or are you afraid of the boogie man? So far, most fear related to Bitcoin has been of the boogie man kind. It's odd, the one event which truly frightened me (the temporary fork) had almost no impact on the exchange rate. Once you learn that the market actually reacts to these boogie men, you can probably make some wildly successful trades. I sometimes "make calls" to myself even though I don't trust any of the exchanges to actually go through with them. My last two calls were to sell on the silk road news, and sell on the China news. Both times I was in a position to react before the exchange rate moved. I could have made a fair amount of money (more bitcoins) in both situations. Hindsight is, of course, 20/20. |
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I think this is a great idea.
A well moderated TA only subforum would increase the signal to noise ratio.
The question becomes: Is there a moderator up to the task? If not, it would just end up as another playground for the bearbulltrollfest to continue!
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There's no person or company that is paying out profits to investors.
what if AMD created BTC? I've been involved with Bitcoin for three years and I haven't received any returns from AMD (or anyone for that matter). What am I doing wrong? |
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Bitcoin's properties allow me to do amazing things with my money that I can not do with any other kind of asset on the planet. It allows me to securely store and send value to anyone in the world without help from a middleman or permission from an authority. I can protect my money in ways that are impossible with traditional assets (multisig addresses, m of n wallets, encrypted wallets).
I suggest anyone who thinks Bitcoin is a Ponzi Scheme take a hard look at the properties of a Ponzi Scheme and a hard look at the properties of Bitcoin. Just because some people might get rich does not automagically mean Ponzi Scheme. Early Google investors are getting rich thanks to late Google investors. I suppose Google is a Ponzi Scheme as well!
There is no fraud in Bitcoin. Everything is open and available for the entire world to see. The source code is open. The block chain is a public ledger of every transaction that has ever occurred using Bitcoin. Price discovery takes place in a global marketplace. There is no one entity in control. The network is distributed and decentralized.
Bitcoin doesn't pay returns.
Satoshi is not a promoter, he is the creator. He disappeared when the exchange rate was a few dollars at most. He is certainly to blame for Bitcoin's adoption, but only because Bitcoin is a fantastic idea (or merging of ideas) which has extremely useful properties, not because he has been actively promoting it to anyone.
Finally, if all else fails, I would just call the person claiming Bitcoin was a Ponzi Scheme an idiot (because they are clearly incapable of thinking for themselves) and tell them to stay far, far away from Bitcoin.
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Convert 1 bitcoin into these items:    Then wait. |
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So when my friends come over to my apartment they always demand that I turn the heat up. What if they could send bitcoins to an address and that turned my heat up? I wouldn't mind cause they were paying micropayments per 10mins that the heat is above a certain degree? Is this even possible or socially acceptable?
They "demand"? I would kick them out. They "ask nicely"? I would be a gracious host and attempt to make them comfortable. LMAO you know how dudes are LMAO Ahh... so this involves "dudes". In that case, I would tell them that as long as they keep me drunk the heat can stay on. As soon as I start to sober up, the heat goes off.  |
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0.1BTC says it never goes below $750 (bitstamp) all of february!  Hey its February now and its $804 at Bitstamp so you've just lost the bet  $804 is below $750? Where am I? |
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So when my friends come over to my apartment they always demand that I turn the heat up. What if they could send bitcoins to an address and that turned my heat up? I wouldn't mind cause they were paying micropayments per 10mins that the heat is above a certain degree? Is this even possible or socially acceptable?
They "demand"? I would kick them out. They "ask nicely"? I would be a gracious host and attempt to make them comfortable. |
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There is one thing keeping the Bitcoin price up at the moment... Mt Gox. Without it we would be much lower.
If MtGox was always a fully functional exchange from the start, the exchange rate would be much higher. Doubtful. You're right of course. Hacking, fake flash crashes, lost funds, seizures, inability to withdraw fiat, inability to withdraw bitcoins, a poor trading engine, general incompetence and poor customer service from what was the first and largest Bitcoin exchange has done wonders for helping spread general confidence in Bitcoin. |
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There is one thing keeping the Bitcoin price up at the moment... Mt Gox. Without it we would be much lower.
If MtGox was always a fully functional exchange from the start, the exchange rate would be much higher. |
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So, who would want to trade bitcoins in private, and why?
I would because I don't trust exchanges and I value my privacy. |
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I can make a bitcoin (or other cryptocurrency) more secure than another other asset on the planet. I can't read code. I use windows. I don't have any special hardware. What I did was invest enough of my time into learning how to secure bitcoins. With the resources available today, that should take someone about two hours (if they already have an understanding of Bitcoin itself, which anyone investing in Bitcoin obviously should). Key words: Cold storage. Offline wallet. Paper wallet. M of N wallet. Multisig addresses. I do believe that a few different hardware wallets are expected to be available for purchase this year, so those who don't want to invest the two hours will be able to buy secure hardware. For those who prefer to trust new companies instead of learning how to secure bitcoins on their own, a new company called Elliptic plans to offer insured Bitcoin storage. https://www.elliptic.co/Ultimately, whichever solution you choose, it is up to the individual to protect themselves. |
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I don't understand. Why is miner's B activity more profitable? You are assuming that transactions are scarce. And/or that a larger amount of smaller rewards will add up to a larger sum than a smaller amount of high rewards. Is any of this the case? How are such conditions imposed?
Transactions are not scarce, but there is a limit to how many transactions can be included in a single block. If miner A is excluding fee paying transactions because the fee is too low, he may be creating blocks which are not full. If that is the case, another miner can fill his blocks by including lower fee transactions and thus earn more per block. If blocks are always full, and all transactions are fee paying transactions, miners may choose to cut off lower fee transactions in favor of higher fee transactions. If this is the case, the market is working properly, you get faster transactions if you are willing to provide more incentive to the miners. Miners (actual miners, not blind hashers working for a pool) can choose to include whichever transactions they want in their blocks. Obviously, they are going to include those which increase their income. If there are no high fee transactions, they are going to include lower fee transactions because earning a lower fee is better than earning no fee. |
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So, miner A will only include transactions with fees 0.0005 and above.
Miner B will include transactions with fees 0.0001 and above.
Over time, Miner B will earn more money (they collect more fees). Since they are more profitable, they will be able to purchase newer hardware and find more blocks, resulting in getting even more money further increasing their advantage.
Why would anyone want to be miner A?
Basically, competition and the free market will solve this. It's not going to happen until the block reward is tiny compared to the fees per block.
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Windows?
C:\Users\USERNAME\AppData\Roaming\Armory
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Once it breaks that (I know it did on Gox, briefly), who knows where it goes.
It only touched, it did not break. |
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