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281  Economy / Speculation / Re: When are you going to cash out? on: February 07, 2013, 06:02:06 PM
I already cashed out. I got out of USD and now have real money.
282  Bitcoin / Bitcoin Discussion / Re: The Rise And Rise of Bitcoin on: February 07, 2013, 05:38:53 AM
I agree that bitcoins is a great innovation and that i would love to go to a bitcoin convention. I think the biggest problem is people scamming and the difficulty to get coins. People will abandon bitcoin if it is hard to use and people steal from them. The average person is not going to kiss peoples ass to get a few stinking bitcoins. It need to be made easy.

I agree completely, the biggest impediments to adoption are scamming issues (or the perception of scamming issues) and the difficulty of use and acquiring coins.

Fortunately, both are being solved with time.
283  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: February 07, 2013, 04:38:36 AM
EskimoBob - I kinda felt like you were just spreading FUD, but I actually think you are legitimately concerned/skeptical, and that is the correct position to take. Everyone in Bitcoinland should be highly skeptical, and very careful. I don't want to fault you for it. You don't know me, and so I could just as easily be a scammer on teh interwebz. Your points are fine.

I'm not sure how to address them, other than to just keep working and building so that's what I'll do.

If you think S.DICE shares are a good deal, buy some. If not, don't buy them. I would rather people stay skeptical and avoid BTC equity listings entirely than lose their money to overly-speculative ventures and scam operations. It is through this period of trial by fire that we'll find who the virtuous people are, and I'd have it no other way.

I will tell you straightforward, that bets on SD are never manipulated in any way to make things look rosy. I'm not sure how to prove that to you, other than to just show you over time that it's true.

I would ask, however, that you try to avoid unsubstantiated claims. If you have a concern, please talk to me about it. I'm very public with who I am and what I do, and am reachable most of the day on Skype (account: evoorhees).

We'll let markets work, and the rest will be shown in time.
284  Bitcoin / Bitcoin Discussion / Re: Amazon cheapens "e-currency" concept on: February 06, 2013, 07:54:58 PM


https://twitter.com/JamesGRickards/status/299004776799166464

James Rickards... I expected more from you :/

While James should know better, in many peoples' eyes, Amazon Coins is just "one more virtual currency" alongside Bitcoin, Microsoft Points, Linden Dollars, and Facebook Credits.

This is nonsense, and I'd like to explain why Bitcoin and Amazon Coins are as different as bumble bees and blueberry muffins. They are not both virtual currencies, of the same ilk, but fundamentally separate things entirely.

1) Bitcoin is actually a currency, while Amazon Coins are just US dollar tokens, spendable only with Amazon. Amazon Coins are a proxy of the USD, meaning they are USD with a different name, not a unique currency at all. They are dollars, but less useful.

2) Amazon Coins are non-transferable. What kind of "currency" is non-transferable? Transferability should be a prerequisite for the term "currency."

3) Amazon Coins are 1-way, meaning you buy them, then you use them for stuff. You cannot resell Amazon Coins back for dollars or any other currency.

4) Amazon Coins are territory and content restricted. Only useful where Amazon permits, and only usable to buy Amazon stuff.

5) Amazon Coins offer no privacy whatsoever. They're linked to your identity via your Amazon account.

6) Amazon Coins bow down to all US regulation. The moment the US Gov says no, they will vanish.

7) You have no claim of ownership over Amazon Coins. Amazon can remove them from your account with a click of a button and they are likely never legally your property whatsoever.

Amazon Coins are not a currency in any proper sense of the term, and provide no interesting utility whatsoever. It's a marketing ploy to get customers to provide interest-free float capital to Amazon (customers buy coins, then spend them later, meaning Amazon holds that balance as capital upon which it can operate and profit). There's nothing wrong with Amazon doing this, but it's not a currency.

Amazon Coins are just Amazon Gift Cards, but they've renamed them Coins and made them less versatile.

Ironically, Amazon Coins will generally be welcomed and trumpeted by the public as a legitimate Virtual Currency while Bitcoin remains marginalized for "not being real money." But we know the public has little understanding of money in the first place, so this should come as no surprise.

//rant over Wink
285  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: February 06, 2013, 04:25:34 AM
Alright, that second tranche went MUCH better. I'm glad people had fun with it Smiley Things went smoothly because it was known ahead of time, and I learned my lesson. Investors don't like surprises.

I will do the next tranche at roughly the same time tomorrow (Wed. evening 10pm EST). Price will be .0062 per share this time.

Cheers and thanks for all your feedback.
286  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: February 05, 2013, 09:22:49 PM
People are placing bids above 0.0055 instead of just at exactly 0.0055 and getting the price locked in.

Do they just not know that these new shares are hitting the market?

Is there any way to distribute info about tranches or other important information through MPEX or do you need to check this thread for anything related to S.DICE?

They're doing that because the tranche will probably be oversubscribed (not enough shares for the demand at the price of .0055). If you place a bid at .0056 you get shares before anyone who has a bid at .0055.

I'll post all info about the upcoming tranches here in this thread and also in the #bitcoin-assets IRC channel.

As mentioned, Tranche 2 will be 1m shares released at 10pm EST for .0055 btc per. Haven't decided on the following tranches yet, but it was a mistake for me not to announce the first one, so rest assured info will be posted here prior to any release.
287  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: February 05, 2013, 09:18:47 PM
Erik, do you have any insights into who the whales are? Do you think they are an early adopter with a large bitcoin stash or are they gamblers buying bitcoins to play SatoshiDice?

(I don't subscribe to the conspiracy theory btw that the recent betting volumes are a ploy to increase the share price in case anyone thinks I'm implying that)

I have no idea who they are :/

I honestly would've been blown away by it, but after my trip to Macau I learned that yes there are people out there who gamble with hundreds of thousands, even millions, of dollars. I saw Baccarat tables where people would play in VIP rooms for 36 hrs using $50,000 chips.
288  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: February 05, 2013, 07:29:08 PM
I love it! You guys are all so happy to mop up the shares, while largest investor(s) are slowly exiting. Wonderful!

Last few months have shown, how lucrative SDICE is. Whales appeared from nowhere and dumped piles upon piles of coin to SDICE. Guess what, it helps IPO to be finally sold out... and now, we have another placement of shares.
"HE IS GIVING YOU FREE MONEY" - like one retarded fuck was screaming in IRC.
 
You know what, this sounds so honest and so right, ya'll MUST! take out second mortgages and buy more SDICE!

PS! I hope I am wrong an this is not turning out to be another clusterfuck brewing in BTC land.

Hold on... its not a cluster fuck, IT IS A FKN S**T STORM!

Code:
EskimoBob_afk | evoorhees: have you talked to IRS or any other 3 letter asswipes?
evoorhees     | No but I'm talking with a lawfirm to ensure things are handled properly, now that the site has grown to a significant operation

talking with a lawfirm ... oops, we all know how this can end Wink

EskimoBob, you write lots of nonsense.

1) Are you suggesting that the whales are artificial, to boost up volumes? If so, please state this plainly. They are real, and besides the whales the base volume on the site is up substantially as well. Please present some evidence if you think something nefarious is going on, otherwise you're just spreading misinformation.

2) Are you suggesting that there is something wrong with large owners selling a small portion to the community? If so, why?

3) Are you suggesting that it is not a good idea to get legal council on SD? I think it's a very responsible thing to do

And you're ignoring the plain fact: SD has grown into an impressive operation. Those who bought S.DICE shares have seen both substantial appreciation as well as excellent dividends. The price of listed shares goes down to .0044 for 12 hours because I release a tranche to the community (selling for less than I could get if I were being super greedy) and you freak out?

Perhaps you don't believe that anyone in Bitcoinland is legitimate? Is it so hard to believe that there are real businesses being built, earning real income, and being honest about their operations, and benefiting those involved?  Do you not believe that Bitcoin is going to be a huge wealth generator for everyone who is involved in building these systems?

If you have valid concerns please convey them, but right now you're spreading FUD.



289  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: February 05, 2013, 06:54:39 PM
I understand the risks of investing. Prices change. My mistake was not considering the possibility that you would intentionally screw your shareholders.
I didn't screw anyone. Screwing shareholders would be a dilution, or running the site into the ground, or lying about something, or falsifying bets, etc. I've talked with many shareholders about this, the vast majority aren't bothered at all, because they know the value of the shares didn't fall just because the price was lower for 12 hours.


The value of a share is the price that you can sell it at.
False. Let's look at Bitcoin itself. I know Bitcoins are worth hundreds or thousands of dollars, because they will change the world. THAT is their value. The fact that the price is only $20 means it's a great time to be accumulating them. When BTC went to $2 in Nov 2011, I knew that wasn't the correct value, and bought more of them. Price =/= value. The entire point of investing, if you're doing it right, is to find things that have a price below their value, buy it, and wait for the rest of the market to realize its mistake.


If you started giving away shares for free, then they would be worthless because nobody would pay anything for them.
False. See above. A share given away for free still earns dividends and thus has value. So in this case price = 0 and value is clearly much higher.


You are justifying your actions by assuming that people will hold their shares forever. Nobody will hold their shares forever. That is absurd.
I'm not assuming that at all. But I am assuming holders know relatively what these shares are worth, and thus when they see more available at a price below market they'll be happy, not upset.


What you are really doing is making people happy at shareholder's expense. Your "opportunity" cost me 40% of my savings.
I didn't cost you anything. If you sold your shares at .0044 then you cost yourself, for selling below proper value. I'm guessing you didnt sell, and the price almost already back to where it was prior, so did I "earn" you 30% today?


You assume that the price will go up. Can you guarantee that?
I don't make that assumption. I simply assume the price will tend towards the proper value-based level.
290  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: February 05, 2013, 05:01:23 PM

The price you sell at should have NO long-term impact on the trading price of the shares - but the fact that you sold at all does (as it increases supply).  The extent to which price and value are linked is debatable - but claiming they're entirely unrelated is plain wrong.

Fair point. Although while the supply available on MPEX has increased now, so too has the value, in direct proportion, because now more dividends go out on MPEX. Or in other words, supply increased but demand should've increased perfectly in step (if the market is acting in step). Obviously markets don't price things perfectly Wink

And yes I agree that price and value are certainly related. But what I was arguing was that dropping the price of something in half doesn't drop the value in half (which I think you agree with).
291  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: February 05, 2013, 04:34:40 PM
I don't think the ravings of some clueless people on reddit are worth even responding to.

Looking forward to the next release.

I think some of them really overreacted, but I always want to respond to people, especially critics. I posted my skype in the reddit so hopefully the ones who are really upset will talk with me and I can explain.
292  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: February 05, 2013, 04:33:27 PM
I agree with one criticism - that I should schedule the release of the tranches. I apologize for not pre-announcing the first tranche. I will pre-announce all the others, and post here when I've decided.

We'll start with this...
The 2nd tranche will go up around 10pm EST (Tuesday night in the US). The price will be .0055 on this tranche.

293  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: February 05, 2013, 04:10:08 PM
Also, it seems some people don't understand whether this is "dilution" which is a fair question and I'll address it plainly:

There was no dilution. 100m shares existed from the IPO date originally. 10m of these were on MPEX before yesterday, now 11m are. Each 1m of shares represents 1% of SD earnings. So the new shares do not harm anyone's earnings, whatsoever. The only difference is that now MPEX owners get 11% of earnings instead of 10%.

A share that earned 1 btc of dividends before now earns 1 btc of dividends.
294  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: February 05, 2013, 04:05:49 PM
Wow... lot's of antagonism to the cheap offering of shares last night. I must say I'm quite shocked at the response.

To everyone who's pissed because I "halved the value of your shares overnight" - you have a seriously deluded understanding of value. The value of the shares didn't change. All that changed was the price - I offered shares cheaply, so anyone who knows the value of the shares instantly profits, period. If you don't really know the value of these shares, or if you aren't confident in the market price around .007, then you shouldn't be invested in the first place, period. If you are so insecure about some people offering shares cheaper than you, then you should not be invested at the price you are, period.

The value of SD shares is based on the dividend earnings of the site. That is the only reason they have fundamental value, because they earn income (this is the only ultimate reason any stock has value). Me releasing some shares far below market price doesn't change the dividend earnings of the site, and thus does not affect the value of your shares.

Let's do a thought experiment...

If it's wrong of me to release shares at a discount, then it must be really wrong of me to give shares away for a very huge discount, or perhaps even for free.

So tomorrow if I say, I'll give out 1% of SD for free. Would the critics here condemn me for making their shares suddenly "worthless" as being given away at a price of zero?  Anyone who knows the value of the shares, should be thrilled, because now they have the opportunity to acquire them for free! Or, in the real-world case of yesterday, to acquire them for a large discount.

I don't mean to sound harsh, but honestly if you do not understand the point that I'm making here - that a person giving away shares below market price is offering a gift to anyone who understands the correct value behind them - then you should not be an investor in S.DICE.

There were a few people who discussed with me on IRC their concerns about the move, in a mature way, and I appreciate their feedback.
295  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: February 05, 2013, 05:25:55 AM
Hey all,

S.DICE will be releasing another 5% stake starting now in five tranches of 1,000,000 shares each. Each tranche will be priced higher than the last. All tranches will be higher than the IPO price but lower than the current market price of around .0071 btc per share. Same rules apply to these shares (100% of net earnings from SD).

First tranche is 0.0044 btc per. Listing is live.

First come first serve Wink

Why are you listing so far below the current market price?

Two reasons:

1) Because 5m shares is a significant amount and I caught alot of flak during the IPO for pricing too high and having shares sit on the market too long.

2) Because I thought buyers might appreciate the opportunity to get shares cheaper, thus higher dividend yields for them. I'm selling for profit, don't get me wrong, but I like the buyers to feel they're getting a good deal also.

Perhaps, that's great for you. But you are screwing your shareholders. I just lost 40% of my investment in your crappy stock. It will probably take 2 years to break even from dividends.

And thus your .007 share price was legitimate? If so, then you won't be buying at .0044 and profiting 30% when it reverts back to proper market price in three days?  You are not thinking properly about this.
296  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: February 05, 2013, 05:09:32 AM
Hey all,

S.DICE will be releasing another 5% stake starting now in five tranches of 1,000,000 shares each. Each tranche will be priced higher than the last. All tranches will be higher than the IPO price but lower than the current market price of around .0071 btc per share. Same rules apply to these shares (100% of net earnings from SD).

First tranche is 0.0044 btc per. Listing is live.

First come first serve Wink

Why are you listing so far below the current market price?

Two reasons:

1) Because 5m shares is a significant amount and I caught alot of flak during the IPO for pricing too high and having shares sit on the market too long.

2) Because I thought buyers might appreciate the opportunity to get shares cheaper, thus higher dividend yields for them. I'm selling for profit, don't get me wrong, but I like the buyers to feel they're getting a good deal also.
297  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: February 05, 2013, 04:11:24 AM
Hey all,

S.DICE will be releasing another 5% stake starting now in five tranches of 1,000,000 shares each. Each tranche will be priced higher than the last. All tranches will be higher than the IPO price but lower than the current market price of around .0071 btc per share. Same rules apply to these shares (100% of net earnings from SD).

First tranche is 0.0044 btc per. Listing is live.

First come first serve Wink
298  Economy / Gambling / Re: SatoshiDICE.com - The World's Most Popular Bitcoin Game on: February 05, 2013, 03:51:51 AM
SD is fucked up AGAIN

every time i make a bet it tells me "tx ... cannot be spent" (i am using blockchain.info)

what the fuck does that even mean? all my previous transactions are confirmed! and i am including generous miner fees.

i don't get a payout until 1 confirmation, and even then there is a significant delay.

WHY WHY WHY

What size bet are you placing? Also, can you copy here a link of the transaction ID?
299  Bitcoin / Press / Re: Fox News on: February 03, 2013, 08:22:05 PM
I stand corrected. I'm not american so I don't know this guy. I only noticed that CNN are usually easy on propaganda.

Yeah he's not a prick at all. He's a badass. On his show he'll often take the opposing side just to let the guest explain something. I promise you that Stossel loves Bitcoin. It was probably his idea to have the show episode about it.
300  Bitcoin / Bitcoin Discussion / Re: 10/90 - how rich/poor are the forum users on: February 03, 2013, 06:37:02 PM
According to the data I have 1 bitcoin. That's about right.
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