Well as i still live with my parents and go to school 2 coins is a lot to me.
Then you're better off not trading. Buy coins. Put them in cold storage. Come back in a year and check on them. It's a lot less stressful that way and you can devote your attention to more productive things. You've already got more bitcoins than most of humanity will ever own. |
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Goddamnit! I'm panic buying back my 2 coins!
I spent more than 2 coins on vet bills last month. |
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The common concept of a trillionaire is to have trillion USD. Neither trillion zimbabwean dollar nor trillion euro.
Not quite. The common concept of a trillionaire is to have the equivalent purchasing power of 1 trillion contemporary US Dollars. (or Euros, or any other currency within the same order of magnitude). It's important to always reference purchasing power, since the USD could go full Weimar at any time. |
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Investing your life savings into Bitcoin is borderline retarded and indicative of a low financial intelligence.
Or it's a moral and political statement, something more significant than merely a financial investment. |
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For everybody who thinks Bitcoin is some kind of knitting circle, or similarly useless social club: http://nakamotoinstitute.org/b-money/ I am fascinated by Tim May's crypto-anarchy. Unlike the communities traditionally associated with the word "anarchy", in a crypto-anarchy the government is not temporarily destroyed but permanently forbidden and permanently unnecessary. It's a community where the threat of violence is impotent because violence is impossible, and violence is impossible because its participants cannot be linked to their true names or physical locations.
Until now it's not clear, even theoretically, how such a community could operate. A community is defined by the cooperation of its participants, and efficient cooperation requires a medium of exchange (money) and a way to enforce contracts. Traditionally these services have been provided by the government or government sponsored institutions and only to legal entities. In this article I describe a protocol by which these services can be provided to and by untraceable entities. |
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If these purchases were never paid for, essentially purchased on credit (perhaps extended involuntarily by Mt. Gox), and the BTC subsequently sold elsewhere, it would produce exactly the kind of fractional reserve and short squeeze mentioned. That would be the largest USD double spend to have ever effected the Bitcoin ecosystem. |
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the only possible way this could happen is if Bitcoin completely replaced all the world's fiat. That has always been the plan, going back from before Bitcoin was invented. You could say that's the endgame of cryptoanarchism. |
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go buy one bitcoin, tell us few minutes/hours later see if you lose or gain
Easy question: Anyone who buys 1 bitcoin has gained... exactly 1 bitcoin. |
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Price isn't boring any more, and all the trolls are coming out of the woodwork.
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There has only ever been 1 all time high
Congratulations, you win today's "missing the forest for the trees" award. |
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but when we had all the great news rolling in lately, you would think we'd be going up. The longest Bitcoin has ever gone between all time highs was 21 months - from the summer of 2011 until spring of 2013. There was a lot of good news in 2012 too, with little-to-no price action. We're only 7 months past an ATH now. |
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I think we may never see < 7777 pages of posts in this thread again.
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Standard Charter NY is the correspondent bank for almost every worldwide bank and remittance corp dealing in USD I could see them reaching in there and freezing transfers even if you never sell or buy a coin in NY state. Great point. They should totally do this. It will help more businesses and individuals realize that a bank account is a liability, not an asset. |
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Tell me I'm not the only one who initially misread this headline and imagined something completely different...
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"Yes, I would like to buy your product. Do you take unregistered bitcoins through Darkwallet and Tor? You do? Thank you, you're under arrest."
The simple solution to this is for vendors to not offer products and services to unvetted customers so they are never exposed to that risk. A suitably-designed web of trust could makes the process of distributed vetting reasonably effective. |
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People would shop with the local currency and save with Bitcoin. I'm not saying they are right to do this, that's just how they roll.
That's what a naive interpretation of Gresham's Law would suggest, sure. |
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There's a kind of static thinking that leads its practitioners into logical errors, such as assuming that punishment works to create compliance.
In all cases punishment creates fake compliance in the moment, followed by more sophisticated circumvention in the long term.
This is why punishment is a self-defeating strategy - all it leads to is infinite escalation.
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"I would like to buy your product. Do you take Black Coins? You do? You are under arrest."
There's a technological solution for that. But even without it the empirical evidence is that sting operations have limited effectiveness once disobedience reaches a critical mass. They could be arresting everybody who operates of the Blue Dollar exchange rate in Argentina, but it wouldn't work. They'd have to arrest the entire population, and before that happened the cops would just start disappearing on the job. |
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Black coins would be the remaining bitcoins that don't fall into this loop—the unregistered coins operating free outside the system. As the theory goes, these black coins would be harder to maintain and more versatile to use, and could grow more valuable than their traditional counterparts over time. ...which is exactly why such a scheme won't last. The increasingly restricted govcoins will be effectively be removed from the supply of actual Bitcoins, causing an exchange rate between then that will become increasingly unfavourable to govcoin holders. You'll see a situation in the US like there is with Argentina - where there is an official (fabricated) USD-ARS exchange rate which virtually nobody uses, and the real market rate which you can only get in the black market. Media scare stories notwithstanding, regular people have no aversion to operating in the black market when it's favourable to do so. Regulated Bitcoin businesses will whither and die, while their black market counterparts will flourish. Eventually the institutions holding the govcoins will get increasingly desperate to get the higher black market exchange rate for their coins, so they'll arrange for them to be "stolen" by Chinese/Russian/Martian hackers. |
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