A bitcoin is a bitcoin in my book.
If you want to chase criminals, go after the individual(s) who committed the crime, not the tools they used.
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Bitcoin was designed with such things in mind.
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The Bundesbank is basically suggesting a one off tax on private assets before any more assistance would be given to bankrupt nations in Europe.
Assets doesn't just mean the cash in the bank, it means houses, stocks, bonds, etc.
Look, we all need to do our part to contribute so that the rich elite don't run out of money.
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Some of you hodlers make bitcoin look like a ponzi scheme. Tone it down.
Yeah! Don't get excited about a technology you think might have the potential to change the world. Go sit quietly in a corner by yourself and reflect on this until you can learn to be a zombie like everyone else. Edit: Especially on a forum dedicated to discussion of said technology!
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The majority of examples from financial history would suggest a break to the downside after this.
Because Bitcoin is controlled by a relative few cocksucking whale-rats, Bitcoin may be different. We will see. I will however be shorting Bitcoin again just as soon as it falls short of recent 836 high and starts to trend down again.
Well... I'm no whale-rat, but if I was, I would paint the charts to look like the exchange rate is about to do what a majority of examples from financial history would suggest, and then do the opposite. Then again, maybe people would expect me to do that... in which case I would... stick with history! Fuck day trading.
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If you want to introduce bitcoin in poor countries, the prices needs to crash. They can't even afford a computer, let alone a fucking digital code worth 3 full year salaries!
They can't afford a few satoshis?
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What happens next?
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I demand a "selfie" to prove it! You'll have to "twerk" for it!
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Anyone who takes 1-2 hours of their time to learn the appropriate measures can safeguard their coins from basically any kind of attack.
Offline wallets. M of N wallets. These tools allow bitcoins to be more secure than most traditional assets.
Ultimately, it is up to the user to protect themselves. Unfortunately, many users fail miserably at this simple task (using online wallets, hot wallets, wallet services, et cetera).
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Thanks...make it glow darker orange. I could be wrong, but I think the glow has been disabled because it was bringing the forum to a crawl.
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Don't trust the order book.
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On the date of that bet, BTC was about $200USD... so only 1.4M USD.
O.o
Yeah, I was reading this thread thinking, "Again?"
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Dodecoin is doing nothing but trolling Bitcoin, and that is fact.
Who cares? If the users enjoy it, so be it!
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A person owns bitcoins when they can prevent anyone else on the planet from manipulating those coins on the block chain.
If two people can simultaneously manipulate the same coins on the block chain, they are in a race to send them to an address under their sole control. They both own them, until they both don't.
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I don't delude myself for a minute though that I might otherwise have been a Bitcoin millionaire as I know very well that as soon as I seen that I had multiplied my money by three or four times, I would have creamed my pants and cashed out.
The only way I could be a Bitcoin millionaire today, would be if I fell into a coma sometime in 2012, and came out of it in late November 2013.
Don't worry. I'm sure "luck" would have prevailed.
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Don't try to move the market you idiots, try not to...
Here I am, agreeing with EM, yet again!
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Bitcoin inflation has this nasty property that some part of it hammers the exchanges. This part is currently growing, but not as fast as it should, because of the preordering delays and scams in the mining hardware part. But, once difficulty reaches some kind of equilibrium, you get the situation where you need fresh money just for the price to stay the same.
When the difficulty is constantly increasing (a situation we've been in for a while), the amount of coins being mined is greater than it would be if the difficulty stabilizes (no new hashing power added to the network). In other words, there is more fresh money required for the exchange rate to stay the same while the difficulty is increasing, as it has been for quite some time. Once it stabilizes, the amount of coins created daily will decrease to the target, and less will need to be purchased in order to stay at the same exchange rate. It's hard to tell from your statement whether you understand that or not.
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Very good analysis Mat, I'd like to voice my speculation on WHO the manipulators are and WHY they act as they do.
First off WHO, the simple answer is 'deeper pocketed versions of the same zealots who have been railing against you in this thread', I know this seams almost anti-climactic doesn't it. You normally think of manipulation as being done by people who are fundamentally different from the 'small fry' both in the depth of their pockets AND a more 'predatory' nature. We don't expect manipulators to be delusional zealots but in BTC I think they are. First off we know for sure the big holders of BTC are early adopters who drank the kool-aid very early, these folks have now accumulated sums of USD in the several million range (all still on exchanges mind you) and they thus have leverage on both sides to control the price. 'New' investors might come in with huge sums of USD but they can never match the BTC holdings of the early adopters so they can't do the kind of narrow-holding range manipulation your seeing, they can only cause a price spike as China effectively did when it entered the market.
And the WHY should be evident from some of the posts earlier, the manipulators feel they are 'saving' BTC from the evil forces of the Persian Army THIS IS BITCOIN!!! HODL!!!!! This meme is very telling, we see that people equate the price of BTC with the success of BTC, this view is reinforced by the detractors that call BTC a bubble. If the supporters 'HODL' the price up high enough then they are 'right' about BTC and everyone else is wrong, and most importantly their Libertarian wold-view is right and everyone else is wrong. And these people see libertarian/Austrian economic theory as something that needs to be promoted and defended at any cost. All of this is to ultimately as you said yourself fell that this is the "result of something inherently great about themselves", an ego trip that completely validates their political beliefs and ideologies.
Now what dose this mean for the long run price, are they preparing to crash the market some day and leave the rest of us holding the bag. NO!! These people will WILLINGLY go down with the ship if BTC ever finally tanks, nigh they would flaunt their martyrdom saying they 'lost everything because they had FAITH and held to the end, if only the wretched weak-handed fools had not crashed the price of BTC we could have defeated the evil gobermint and the FED and the USD and ushered in a libertarian Ann Randtopia!!! The know that a fast-crash attempt to empty the exchanges and exist with the USD will net at most a ~40 million in exchange CREDITS which have very little chance of actually being redeemed for real USD at that scale, indeed most of the credits are on Gox which may not even be solvent and which will de-facto force them to put thouse credits back into the market, so for the whales BTC is like a tuna-net in the ocean, they can swim around and seem liquid but are really quite constrained, they realized their BTC AND exchange-credit wealth is illiquid and they like it that way, weakness should be PUNISHED not rewarded after-all (I wouldn't be the least surprised if their are intentional retaliations against anyone who breaks ranks and tries to cash-out). So they are happy to just get a trickle of USD as they so very slowly sell, it's still enough for them to practically live off and it's more then they deserve anyways so why not keep this whole BTC thing going as long as possible, when it looks like 'stability' is what is needed then they create stability until it looks like another crop of new adopters is ready to be lured in, to them BTC is like that Spartan army doing a simple 'charge', 'fallback (as little as possible) and 'hold' pattern, claiming 'ground' is the goal and ground is measured in exchange rates.
The question is now, can they keep this up? And for how long? I think it will eventually break them, the waning availability of new suckers, the exodus of China, and the declining profitability of mining hardware which will force more coins to flow into exchanges will exert enough pressure to break out of this ~850 band and bring a correction down to a more sustainable level. Sustainable here simply meaning how much actual USD per day that libertarians can find out of their own pockets to throw at buying up the ~5k new BTCs per day that come into existence. This should not be confused with the LONG term sustainability issue which involve a whole slew of legal and economic factors beyond the scope of just throwing USD purchases at BTC. But for the short and mid term I feel we will see corrections in which small fry run for the doors but whales do not.
Nice analysis. True believers in Bitcoin don't have any fiat and they certainly don't keep any coins at an exchange.
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