Are you personally backing the price up with dollars?

The bitcoin exchange is exciting because it is volatile and volatile because bitcoin is exciting. Take any revolutionary idea, hell, just about any idea or company, and it will swing violently in perceived value on its slow march toward general acceptance. Ultimate stability will come only after we trade fiat denominated in bitcoin rather than bitcoin denominated in fiat. A system like Ripple will be stable because it has enormous interpersonal friction. That is both an advantage and a disadvantage. Bitcoin is enormously liquid, that is its advantage. This highly liquid 'pure money' (money whose only function is money with neither industrial nor aesthetic value), bitcoin has perhaps the least friction of any quantifiable commodity humanity has every created. Speculation does not harm bitcoin, it only makes is more liquid and ultimately more stable. There are no bitcoin 'bank runs'. No one should ever hold more of a volatile asset than one can handle. Bitcoin is burning gasoline.

The only people who are complaining about the volatility are those who are attempting to speculate but are getting burned. Otherwise, I must suggest: Check your motivations and expectations! If you are holding bitcoin because they are interesting, because you think a bitcoin has a value in and of itself, then you should not care about the exchange rate.

We may wish bitcoin were more stable. Just as a revolutionary wishes for peace.

As I understand Elliott, the only requirement we have for '4' is that it can not rise above '1' at $4.2.

This pink wave '4' should be a three wave corrective (ABC). The 5 waves I'm referring to are on an even smaller scale (A). To be sure, I don't trust anything less than a DAY in bitcoins. I posted the above link on the 24th before the little fall. I'll update it so it doesn't keep moving.



What I see (on the seven day chart) is the bottom pink '3' on the 19th at $2.05. We've moved up in three impulses forming an A night of 22 at almost $3.3. Then we've fallen into B. I believe we completed B last night at $2.5 and are moving up on the final C to my pink '4' which will not likely be higher than pink '1' in September.

But again, I have never trusted the hour/day scales. We could just as well have hit pink '4' at $3.3 and are on our way down to '5' at (gulp) $1-ish. We'll see in the next 12-24 hours.

I have no love for vampires, but neither am I long bitcoin.


I don't trust < Daily resolution, but none the less, I see three upward impulses since Thursday and am concerned that today we're in a c followed soon by a strong up wave III. What do you see in the crystal ball?

You can't divide the world into binary cubicles, no. But the Jungian dichotomies are real, albeit imperfect. With a bit of experience with these, you can probably guess your family members, friends, ex girlfriends, and coworkers even before they take the test. No one wants to be put in a box, but the questions are all related to one's own preferences. You can resist the findings all you want, but people do perceive and interact with the world in fairly predictable habitual ways.

Throw an extreme -NTP in the same room with an -SFJ, bring up religion, politics, or finance, and you won't get an argument. You'll just have two bewildered individuals with little to discuss.

I suggested just as you, including a suffix or prefix checksum. Perhaps you could carry on the discussion this with FreeMoney and SgtSpike who were responsible for the original implementation and maybe Puik who implemented firstbits in the http://blockchain.info service.

I'm not sure where else it's implemented, but I hope it spreads. My primary concern is to get firstbits implemented as deeply into bitcoin as possible. It's far less cumbersome dealing with 5-7 case-insensitive characters than 30 char base58 strings. Since an address is only a hash of the public key, firstbits could become a first/second class citizen of the blockchain and perhaps reduce the size a wee bit. But most importantly, it would make bitcoin more accessible. The '1' prefix is a minor, though interesting, detail.

How would you represent the genesis address?

Could you apply EWP to this well known asset before 2000?

As I understand: yes. yes. i don't know but that's ripple's problem.
https://github.com/FellowTraveler/Open-Transactions/wiki/Markets
We should take this discussion elsewhere.

Video 1. Hour 1:00:20-40 "A correction usually finds its lowest point in the area of the fourth wave of the preceding impulse wave of the same degree."

Glad to hear it! Dropping the '1' prefix has been discussed since the summer with good arguments on either side, however, the '1' prefix distinguishes bitcoin from most altcoin addresses.

I was thinking Raymond Poincaré, but Bokonon will do.

Hi Genjix, are you considering implementing the firstbits algorithm in libbitcoin?

Hey FreeMoney and SgtSpike, have you chatted with Genjix about implementing firstbits in libbitcoin?

https://gitorious.org/libbitcoin/libbitcoin

FellowTraveler has already created a generic cypherpunk financial library. The fact that he paid an Indian $1000 to develop a Java app is pure candy. A better question might be: Why are so many developers focusing on other things, recreating the wheel, and not leveraging the OpenTransactions infrastructure?

I hope the same will be asked of Genjix' libbitcoin.

The responses have been fascinating. Both positive and negative, the presumptions have generally been unfounded. At no point have I mentioned exchange rates as a motivation. Not once.

"Hi, I want to reduce my dependence upon fiat paper. I want to use and support bitcoin as much as possible. Hey you too? Cool. Let's hang."

"Oh, that guy over there agrees? Cool. Let's work together."



Whether it's called a pledge, vow, gentleman's agreement, statement of intent, or preference, I am in fact looking for names. I do intend to contact people and find out what they are up to and how we can achieve our common goals. Feel free to PM me, and send your PGP key if you have one, 'cuz I think that's cool too.



I don't mean to single the above poster out; It's the majority world view here.



Yes, this would be an excellent project. I think it would be best to integrate with the many existing web sites that already try to do this. Your network could also be a platform for encouraging suppliers outside of the bitcoin economy to join.

I am looking for a community whose finances might be better modeled in OT and Ripple. Bitcoin currently enjoys wider appeal and is generic. Perhaps bitcoin best serves the transaction level and balancing accounts, but not collaboration and trust.

Let's pretend you don't actually mean FDIC, but just reputable auditing and insurance services.

I have also donated, but I've been a donation slut of late. It strikes me as odd that the developers of a distributed social network based on cryptography would need to be nudged to accept bitcoin and only then clumsily.

My question was whether I can place a falling-stop higher than the current price which can only be triggered if my order is filled (I don't want my stop becoming a margin order).

But to your question, in theory yes, if you place a stop at the same price as your position, then if the market moves against you, you lose no money. HOWEVER, you've got spreads, fees, and general fluctuation. Spreads of 0.1 are not uncommon and you probably don't want to trigger a stop until a price movement is decisively against you. You could set your order, watch it for a while, then chase your gains with stops. That way you're only liquidating your position when the market reverses rather than while you are gaining.

If you are sure the price is going up, you buy at $3, then .1 under the bid should be fine. But unfortunately, that might be $2.7