No, YOU get real!
I think you know a little bit about bitcoin but your little knowledge is a dangerous one because it's incomplete and you're an idiot.
Dangerous like someone could die?  School me then bro. What is erroneous or incomplete? Scarcity. Get real... With 2.1 quadrillion units, there are plenty, so it's not that scarce. That's 2,100,000,000,000,000 or more Dollars than in existence. All the QE in the world wouldn't catch up to that.
If you are going to use the satoshi as the unit of account, and you did, then the price you assign is per satoshi, not per Bitcoin. You are then trying to argue that all the QE in the world cannot make a satoshi worth $1. Well, if that did happen, a Bitcoin would be worth $100 million. So you are essentially setting up an argument against Bitcoin being currently worth $100 million per coin. I agree it's not currently worth that much. It's currently priced at about $268 per coin, not $100 million. It's currently worth much more than that, though. Obviously used satoshi as that last measure, but only because if the eventual take over of fiat happens and it becomes a 1:1 ratio, then that means there will be more USD worth of BTC than USD in existence, ever. So how is that not a valid argument? Or let me get this straight... The problem isn't that the USD isn't scarce enough, it's just that the Gov can print more. Even if by "more" it still equates to 1/200th the basic units of Bitcoin? Well 'TrollingU', you could at least compare Satoshis, the lowest denomination of Bitcoin with cents, the lowest denomination of USD.. The total value of Bitcoins in the world is $4billion more or less, so they don't need to be used by every person in the world for everything, in fact they can be used by very few people and still be undervalued. I have spent far more than $100 worth of Bitcoin this year, and I own several bitcoins. I am just one of 7billion on earth. The potential is there to be massive, that has to be taken into account when looking at the price too. |
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It does kind of sound like they don't understand how bitcoin works...
How do they plan to crackdown on Separatist Bitcoin accounts? Yes, you can try to stop them at the fiat phases, but once it is bitcoin, you aren't going to stop it.
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I'm wondering how will the government know if I am getting money for bitcoins when it is just cash deposits?
They can't, but if they are going to ask you about the nature of these deposits, you'll need to find some excuse, like selling used computer hardware.. They can still ask you to pay tax on any profits that you are making if you are selling used computer hardware. I believe capital gains tax is low in America, maybe 28%. You only pay that on your profit, so if you bought at $200 and sold at $250, you would pay $14 per bitcoin tax, assuming that 28% number is right. They are unlikely to know about it though, unless you buy and sell through coinbase, in which case they could find out about it as it is a regulated exchange now. |
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You obviously have the cooling under control, sort of, what are the electric costs there? I agree that 50C is plenty hot (well over 120F for us non-Celsius folks).
I don't actually know, it's a really old friends'. All I know is the apartment buildings have a set maintenance fee each month that you pay anyways. So, you can use up as much electricity as you want and always pay the same thing, mining or not. Very convenient. There has to be more to that contract, like a certain kwh per month that can be done. Because in life everything isn't always free... Nope, there's nothing more. I'm not sure if this farm has free electricity, but many apartment complexes provide what I said. There's no catch. They're going to notice if you're suddenly pulling $2000 in electricity per month... Just because there is no catch in the contract, doesn't mean that they wont make a catch when they see the insanity In the alps there is a lot of electricity generation going on due to all the rivers and streams that they can use to power the turbines. Every time I go cycling in the alps I am amazed at how many power plants there are, EDF are the main ones. I wouldn't be surpirsed if they offered locals either free or reduced price electricity given how much they make locally. |
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Low inflation, bond yields and interest rates around the world will push the boundaries of economic and political stability to breaking point if they continue on their downward trajectory, the Bank for International Settlements has warned. The Swiss-based "bank of central banks" said the "sinking trend" of global rates would push countries further into uncharted territory. It highlighted that $2.4 trillion (£1.6 trillion) of long-term global sovereign debt was now trading at negative yields, with an increasing number of investors willing to pay governments for the privilege of lending to them. ... http://www.telegraph.co.uk/finance/economics/11479425/Low-rates-will-trigger-civil-unrest-as-central-banks-lose-control-BIS.htmlWe are reaching the end game of a 20 year long experiment of lowering rates to help the economy. Now we have reached zero, and are going beyond to a slight negative. I expect the next step will be a more significant negative, maybe 3-5%, then control might be lost. Why should I keep my money in a bank when I will lose 3% a year when it is there? Obviously I won't do that, so they will have to bring in strict capital controls. In apparently prosperous nations with stock markets at all time highs and borrowing costs at all time lows, that will not go down well. |
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Having a BMI of just over 25 has been shown to give the longest life expectancy.
I have no issue with people who are over-weight, usually someone with a BMI of 28 looks fairly trim, nothing crazy, e.g. 6'0 and 207lbs, not skinny, but pretty average.
I do think that once people get to >35 BMI, they need to look at themselves and people really shouldn't be telling them that it is ok. That is 6'0 and 257lbs, that is just fat, they will struggle to do menial tasks and have a seriously reduced life expectancy. Do they love food so much that that is all they want in life?
I have never understood why people think women with very low BMIs are especially attractive. I think it is women telling women what to be, rather than men telling women what the want. I have never heard a man say that they wish a woman was size zero, ever.
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Current prices look ugly but graphs are currently indicating a floor.., what do you think?
This is just how the bitcoin price has been moving for a while now. A big bump downwards, the price stabilizes, starts to recover, followed by a big move downwards. If someone is trying to manipulate the price, they are doing well, if someone is trying to get out for a good fiat return, they are an idiot. Maybe it is the Chinese mega-mining farms though, that would make sense. |
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I really think it would be a bigger problem for bitcoin if it were more widely known that there are so many addresses with more than 10k BTC that have never spent or transferred a Satoshi out of them ever.
In the alt coin world, people generally stay clear of coins with poor distribution, because it means that the earliest adopters are getting rich from it, and can also collapse the price at will. I think the general public would feel the same about Bitcoin.
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Chinese exchanges have no cost for a trade. Therefore the volume is imaginary.
Fee paying exchanges such as finex or stamp or kraken show the true market volume.
Chinese exchanges have some coins on them but cannot be trusted.
And what about more than 50% of the worlds mining being in China? Can you trust that, or is that wash volume due to no fees? Why can people not accept that China uses a lot of Bitcoin? The entire bitcoin value is only a few billion USD, it's nothing in the grand scheme of things. China seem to be looking to invest in the future with infrastructure and buying up commodities, bitcoin is just a very small part of that. |
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try to imagine yourself in November of 2011 and apply the same logic, considering that price was low, halving was coming, miners were unprofitable, bitcoin was in the downtrend. How did that situation predicted the next 24 mo with bitcoin going from $2 to $1160? It didn't. I am not saying that we will have the same spurt, just that it is not really predictable.
I would agree with you that it seems that in bitcoin soup some ingredient is currently missing and it is getting a bit boring lately, unfortunately.
All news are either about someone stealing bitcoin or about regulation.
In 2011 the amount of money you would have spent on a mining farm would have been a lot lower than what people spend on a farm now though. IF the price stays low up until and after the halving next year, then I guess the difficulty will have to fall significantly, otherwise the miners are just being charity workers propping up the network! |
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When I purchase a good or service, I always try to use fiat. Fiat has much less value to me than Bitcoin (XBT), so I prefer to spend it over my XBT holdings. Why is this the case?
The short answer is that all fiat is now competing with XBT, and all available tools must be compared objectively. Which protocol (fiat vs. XBT) is more stable? Which protocol has parameters that can be predicted with almost 100% accuracy? Which is easier to use? Which creates less friction (lower cost) for markets? Which allows more market participants?
To me and many others here the answers are entirely obvious. However, because the way we currently value XBT is completely inaccurate (exchange based valuations that are easily manipulated), many people will discover too late just how valuable XBT is - simply because they didn’t observe the fundamental value of the protocol.
Instead most people just glance at the relative fiat “price” (where quantities demanded and quantities supplied meet) of XBT and decide that it is unstable and therefore unusable - because “price” is how most people (incorrectly) determine a thing’s value.
In the past, societies have transitioned from one technology to another over a period of hundreds or thousands of years. For example, gunpoweder was invented in 9th Century China and it took around 400 years for the technology to reach Europe.
Now, technologies spread much faster. SMS texting was insanely popular in Japan some years ago, and if I remember right it took about 5-6 years (and a relatively modest hardware design change) for it to spread to the US. But prior to that hardware design change texting in the US was considered a complete joke. SMS was literally the subject of late night comedy.
Based on this information, my guess is that in 5-6 years the Bitcoin ecosystem will be so well developed that it becomes the de-facto standard method of transferring and storing value. I think it will take 10-20 years before people start decoupling the value of XBT from fiat, and begin thinking (and pricing) goods and services in terms of XBT.
I think lots of people agree with you, and it might ultimately be the reason that bitcoin never takes off. If you were starting a new monetary system would you want it to be held by a few early adapters who would never use it because they treasure it so much? Also why will anyone accept bitcoin if no one who holds bitcoin will ever spend it? When a company announces that they accept bitcoin, they should be flooded with business from people wanting bitcoin to succeed, whereas that isn't what happens. I spend my bitcoins whenever I can, I want the currency to succeed. I can always buy more bitcoin after I have spent it. It is not something to hoard, or it if is, it will be something that is almost worthless but hoarded by a few. |
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Three options for why Chinese trade numbers are higher than USD numbers, with the middle option being that there are more Chinese traders?
The obvious answer is that the Chinese buy more bitcoin thn those using dollars. They also mine more than the rest of the world too. It is only extreme American arrogance that leads to this even being a question.
China are buying up gold, property, companies etc, why is it hard to believe that they are buying up btc?
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Well bitcoin's security still not perfect so we often see that some exchanger is being hack.
Because that incident , many people still afraid to trust even use bitcoin as the regular payment.
If bitcoin economy want to stable , I think the first step ,need to fix up and strengthen it's security against hacker.
If bitcoin can be trust , it's economy will stable even increase more and more
That is not bitcoin's security, that is a bitcoin exchanges security. Bitcoin has never been hacked and very rarely double spent as far as I am aware. Bitcoins economy will hopefully grow, but yes, volatility will make retailers want to sell for fiat when they receive bitcoin. That means that every purchase using bitcoin dumps onto the market reducing the price a little. When retailers trust bitcoin as a store of value thn they will hold, so the price will naturally rise. |
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Connecting service providers with service users seems to be big business these days. In fairness, the examples given are all good companies, I especially like Uber and think that aliba coud be great for letting us westerners get in touch with Chinese manufacturers efficiently, but it is hard to know which products are quality and which aren't at the moment. |
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"the government's plan to apply anti-money laundering (AML) regulations to digital currency exchanges." As a possible UK-based firm, this would impact me hugely! I'm not saying this isn't a good idea, however, isn't the purpose of Bitcoin to get away from the government control, fiat currencies, corruption, and taxes? How will they go about regulating me?
Government control and taxes won't be avoidable with bitcoin if it does go mainstream. At some point governments will come up with consensus rules about the taxation of bitcoin. At the moment bitcoins saving grace is that the falling price means no one has to worry about capital gain tax, next time the price rises, I think they will really start to look at who is making money from bitcoin and tax accordingly. |
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Maybe these whales are in fact miners who need to realise some of their profits to pay the bills?
Or they are leveraged shorts that kick the market downwards purposely, remember peopl can make money in both directions now..
If it is just people with lots of bitcoins selling on a whim, then yes, it's stupid!
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This thread will be used to discuss campaign changes arriving in the near future.
What changes would you like to see?
I don't really see any big issues at the moment. I would say that capping the number of qualifying posts per week and re-raising the payout per post might give more bang for your buck, you could waive the post limit for the 1-2 posters who post far more than 100 times a week but keep the quality up, you know who they are already. The bot seems to be working well. Maybe it would be good for bit-x if they offered a bonus percentage when the signature campaign balance is used to trade on their site, that would encourage people to actually use them as well as advertise for them. |
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200 leverage? What are the margin calls? recently there have been 3% swings in both directions, I mean yesterday after Yellen's patient/impatient stuff the rate moved 2%. Almost everyone is short Eur/USD, so it is hard to move the market further. There also seems to be strong resistance at 1.05, so that could limit upside too. I guess he was being light-hearted, but I guess someone who has to seriously consider where they will invest $260, should not be using a 200x leverage for forex trading, especially not at the moment. |
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It is sad as I love mining. But I have to admit I would do ROI right now. At 250 it might be a good time for a lot just to buy BTC straight.
What do you think ROI stands for? You would do return on investment right now? Often the best time to buy, is when everyone else is selling, with this in mind, buying used mining units could be a good idea at the moment. That said, at 10c per KWH, you shouldn't be mining and especially not setting up a farm. You can't compete with those who get free or near free electricity, and as there are apparently lots of those people who are happy with razor thin profit margins, you are not in the right game at 10c/kwh.. |
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I'm planning on selling 30 bitcoins on localbitcoin by accepting cash deposits at banks. What will the banks do if they see multiple cash deposits ranging from $500-2500 in a span of 2 weeks? Need some cash by the end of this month...
I doubt they would notice. Assuming you bought the coins at a higher price than now, which would not be difficult, you could tell them what you are expecting lots of cash deposits and that it is a capital loss, thus does not need to be taxed. Otherwise try to do it over a few weeks and nothing over $10k, I guess they will have certain limits at which they will have to look into it, it will be higher than $1k, but maybe not more than 10k |
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