Well now media has become paid shills of the corporate owners. Very few journalists now, and even fewer people who seek out the news rather than opinion. People want news they can agree with, not news which disturbs them. You will find this scandal pushed under the rug like all the other phony scandals.
I agree with you about how the media is nothing more than a group of bought and paid-for shills. But how exactly is this a phony scandal? The IRS was unfairly targeting Conservative groups, and the top brass at the IRS are lying in front of Congress by cooking up some completely unbelievable story about a hard drive crash causing the complete loss of 2 years worth of emails. How is that a phony scandal? The media has a very strong liberal bias and as a result they will not report as much on these types of scandals and will not ask tough questions. |
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Keep in mind that when the price eventually hits 6 or 7 digits there will be no more "cashing out", because bitcoin will be money. Walmart will pay its suppliers in bitcoin and they will both pay their wage slaves in bitcoin who will buy things in bitcoin. The fabled stability that a certain group of degenerates dream of. Non-issue.
I would doubt that bitcoin will ever be the only/primary currency in the US. I would think that small and medium sized businesses may pay suppliers in bitcoin and some larger ones may as well but all commerce will not be done exclusively in bitcoin. The US government is one of the biggest consumers and biggest employers and it would likely never pay their contractors and employees in bitcoin |
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But if more than 200,000 shares are sold (say, 300,000 on the first day), there are only 3600 coins per day to be had. How will they buy them all? And for how much? You can see that if they get to 1,000,000 shares, it will be almost impossible to fill the need, meaning the price of bitcoin will need to skyrocket to massive numbers in order to convince HODLers to sell.
They would simply buy them all on the open market. The number of coins available via the miners is not reliant as the authorized participants will not buy directly from the miners, but rather from large whales and on exchanges |
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Nice predictions, I roughly agree with you though I'm not sure it will take quite so long (until January) to reach the peak, though it might, depending when the ETFs launch. But what about the Willy report? Do you not place any importance on that? I thought that might make this next predicted 'bubble phase' a bit smaller in proportion to the previous ones, but then again the longer time it takes to reach the next bubble the bigger it will be, so that would cancel the negative willies out.
If the ETFs are needed for the next growth spurt a peak in January is early I would say. I don't think it will take this long but it might. I think ETFs will completely change the dynamic of bitcoin trading as it will make the barriers to trading much less and will expose many more people to the possibility of trading in bitcoin |
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While I agree with Searing, you have to wonder what will happen WHEN (not if) BFL goes bankrupt. Clearly it's not a shock to them that so many people hate the company. Their forums magically go down for a couple days and posts critical of them are thoroughly expunged.
If Josh did a good job of playing hide the sausage, which is all he is good for, then you will not be getting anything in a class action other than vindication of know you were scammed. BFL's creditors will get first pickings at any assets they have, the lawyers will get paid, and you will get a $7 check.
If you think the class action will succeed in procuring funds the reject the cloud mining.
I don't think there is very much risk of them going bankrupt. The cost to produce the miners is very small, their major expense is R&D. I would expect everyone to receive the miners they ordered and paid for eventually. The key work is eventually as the miners will be worth much less by the time they are received. |
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Ha! I checked out the Blockchain.info link to the DPR address 1FfmbHfnpaZjKFvyi1okTjJJusN455paPH. It appears a few random people have sent small amounts of btc to that address for the hell of it. Most appear to be transfers of 0.001 btc. Think I am going to send 0.001337 btc over just for the hell of it ^.^ People are sending small amounts to these types of addresses because they know that a lot of people are looking at them and they put public messages on the TX to try to get people to give them BTC |
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When government-run lotteries switch from fiat to BTC.
Even if the lottery was based in bitcoin and people were not comfortable then people would simply exchange their winnings into fiat when they win. |
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I wouldn't use them for too high of volume. After seeing some of those stories, I definitely figured it best not to be a liquidity provider there. And I prefer to deal in cash only -- P2P and not through the site directly.
Local bitcoins does allow you to meet to do face to face transactions that are not part of their escrow service. Sure, I know. The only way I use LBC is for in-person cash transactions. However, to be a liquidity provider and be able to charge markup over/under the exchange price, you need to have a good reputation. That means using LBC escrow (paying fees) and garnering confirmed feedback. There have been several threads on here about attempted robberies at face-to-face LBC transactions when the buyer has tried to steal the seller's phone so the release code could be entered. I'm sure that's possible, but seems rare and unlikely. Meet in a public place, and preferably deal with people with some level of positive feedback. But mostly, just meet in a public place. Starbucks has cameras -- that's sort of a deterrent... I would take feedback with a grain of salt as it is always possible in theory that someone could buy a LBC account. I think it is always important to make your safety your #1 priority. |
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the fed has done a pretty good job of minimizing inflation with interest rates over the past several decades.
Do you really believe the graph and what you just said? I would argue that 4% inflation (the ~rate after the 70's) is a good target to try for in reference to inflation. During the 70's and the oil crisis the Fed did a very poor job handling inflation. 4% inflation is just above what the Fed would like it to be at as of now, and is much higher then it is now. Exactly! 4% is a happy medium between everyone's life savings is rapidly declining in value and that inflation is so low that there is serious risk of wide spread, long term deflation and economic contraction |
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I am very excited about this! Tim is going to try to expand the acceptance of bitcoin to places where it is not widely used today (even less widely used then the much of the world) |
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Or at least different market caps for different levels of stability.
What is your estimate for +-1% variation and +-3% variation. Or what do you think is the most realistic +-% range that we'll see?
Gold is what, 9 trillion? And it's still often volatile. I'm guessing this is purely due to speculation.
Do you consider gold stable? Not really. But it's a lot more stable than bitcoin and and if bitcoin were ever to become as volatile as gold I would consider that a big step forward. Gold is still more stable then a lot of 3rd world currencies. Over the long term bitcoin could potentially supplement currencies in the "3rd world" allowing it to reach it's true potential |
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Why localbitcoins dont need KYC ?
Very simple. Because LBC does not touch fiat. You cannot not deposit fiat in, and they do not pay fiat out. ^^ this. As long as they do not touch / hold any official currency for their clients KYC does not apply. They don't need a money license either. In the USA Bitcoin is currently considered a commodity I think. It is not officially a currency. For tax purposes bitcoin is considered an asset, but for AML purposes you would consider it a currencyThere are a number of regulators and an even larger number of regulations. Various regulators may use the same "word" to describe something but would define that word in different ways. I dont think at any democratic regime it is possible to consider something to be anything by the authority at their will. When they want, it is asset. When they want, it is currency. WTF ? |
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How is this less complicated than the current system where the jury just votes?
It is not less complicated and it would not work because people have the right to have a jury hear their case. |
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Is Litecoin going to survive in the long term? This is the lowest price in the last 12 months I think.
I would doubt it. It is accepted for payment at very few if any merchants, and can really only be traded for bitcoin (some exchanges may exchange it for fiat). Owning LTC is basically speculation that anyone will start to accept it for payment sometime in the future. Litecoin is likely a very bad investment for the above reasons. IMO if you are going to speculate with large amounts of money on cryptos I would recommend bitcoin. |
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If I were sending $500,000 somewhere, I'd treat it about as seriously as a nuclear ballistic missile launch. He was lucky this time, but someone that careless will have trouble holding on to that money in the long term.
If I had to guess I would say that he likely has/had a lot of money invested in bitcoin and 800 BTC is not he majority of his holdings. |
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Why use bitcoins when you can use cigarettes?
Largely because there isn't a single jail or prison within US borders that allows either. Your looking at disciplinary action if caught with them. Although you might get slapped with some sort of crypto-gang related stuff if they find a BTC address with a private key in your cell too! Prison guards get real ansy when you start throwing stuff around that looks like it's encrypted. For them it's a safety concern. It is possible to trade cigs in jail as you can actually see and verify that they are there. With bitcoin you cannot really verify that there is actually a "balance" (unspent inputs) in a specific address without the internet and AFAIK there is no internet access in jail. People have people on the outside do stuff for them all the time. No one would fuck around, unless they wanted to lose their teeth and catch a dick in the mouth. But noone would be able to know who actually spent the coins if it turned out that that the address was "empty" as these kind of things likely are traded several times prior to someone actually using them. Another issue is that the reason the cigs have value in jail is because people want to smoke them and are willing to pay a premium to do so. The only thing that you could really do with bitcoin in jail would be to spend it on the "outside" which would make it basically the same as cash. |
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probabilly good for bitcoin price, but I doubt it would happen, because it might cause conflict with governments against bitcoins, and maybe require extra regulations in some jurisdictions.
It would not so much be that it could cause conflict with governments, but rather it would be promoting something that is a direct competitor with paypal. |
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pfft The vending machine is a simple example. The machine holds onto the snack until it receives payment. But once a user slips in some money and selects from an array of snacks, the selection pops out. The code executes when a payment is made. The deal is between you and the machine. a vending machine is a good example but the use if bitcoins is bad.. a bitcoin vnding machine would have QR codes for each product. you dont dlip in funds then choose a product. you simple send funds to the QR code that represents a product. now onto courtrooms - jury get 1 satoshi each, the judge gets 13 satoshi's so that he can over rule the verdict or to solidify a accurate verdict or a split decision. mark karpeles guilty or not guilty of fraud - jury and judge to send coin to decide (addresses are not real for example use only)not guilty - 1N0tgu1ltyaddr3s5 guilty 5yr sentance - 1gu1lty5yrsaddr3s5 guilty 10yr sentance - 1gu1lty10yrsaddr3s5 guilty 25yr sentance - 1gu1lty25yrsaddr3s5 now isnt that simple. In other words the judge can simply make a decision (for your example) This system would not work as in criminal cases the jury must make a unanimous decision, meaning that they all must agree. This system would make things more complicated as the judge can simply ask the jurors how they voted after they read their verdict. Defendants are guaranteed the right to a trial by a jury of his peers by the constitution so determining if someone is guilty strictly by "code" would never work. |
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Has anyone seen Bitcoins at stores yet?
Please add emails if you want us to send them out.
Selling bitcoins at stores is a recipe for disaster. If bitcoin were sold "digitally" at a store, as in you would give the store cash and the store would send the bitcoin to an address that you provide then you would have instances where near minimum wage clerks accidentally send the wrong amount or send it prior to confirming payment. If stores were to sell "physical" bitcoin then it would be very difficult for scammers to somehow empty addresses without actually buying the bitcoin. They could do this by revealing the private keys, taking a picture then leaving the store then transferring the coin out of the address being sold. If the store were to sell something that somehow displayed private keys upon purchase of the bitcoin then the private keys would be vulnerable to an attacker watching the printer that the private key is printed on, taking a picture of the private key as it is printed, and stealing the coins from the customer. No, I mean being accepted at stores. And if they were going to sell them at stores it would be an ATM. I wouldn't be surprised if there are a few stores throughout the country that will accept bitcoin. I think the mall would be a great place to place a bitcoin ATM - a lot of foot traffic, generally low crime, indoors. |
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all banks are bitcoin friendly because it means nothing
I hope you're joking. Go to Chase bank and open an account saying it's for a bitcoin business, see if they let you. If you already have a Chase account, go tell them you've had some transactions that related with bitcoin. They'll try to reverse those transactions, or close your account completely. This is really not so much Chase bank but is more Operation Chokepoint. Chase is merely following orders from the DOJ and the Obama administration. |
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