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Retirement accounts mean different things in different countries. In some places you are forced by the government to have one and you only can only start withdrawing at a certain age. In places like the US, they are optional but you get certain tax benefits and protection from bankruptcy or divorce courts, among other things. Sometimes you get employer matching for every dollar you contribute to an account, such as in a 401k account.
I actively self-manage my IRA accounts and am doing pretty well, so I don't see the need for cashing out everything and going to BTC.
However, there is always talk about the possibility of the US government confiscating retirement accounts to pay down their debts, just like what they did with Social Security. It is not something that they can easily do as they need to pass a lot of unpopular legislation, but it is something you should watch out for.
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Wasn't he an infant under the age of 18 when the Bitcoinica loss happened? |
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Altruism aside, why would anyone choose-to-use the main-chain, if the lightning network is just as secure and decentralised, and '..cheaper and faster..' ?
I think it would be analogous to deciding whether to take a bus or driving your own car when you need to get crosstown through crowded city streets. |
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Butterfly Labs lives! Or is the BFL Single not even connected? |
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I don't know what did you guys expect from the Coinbase. If someone gives himself a right to track the way you spend your bitcoins. If someone also gives himself a right to close your accounts as he wish, didn't you expect that they would do something like this?
They have totally crossed the line but I am not surprised at all.
The problem is that Bitcoin noobs in the US are likely to go to Coinbase to buy their first coins. Because they don't know any better they think it is OK to submit to all these conditions. Due to this they do have some potential economic clout. |
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Why do you want to wash your coins, is the next question...
its always traceable
For the same reasons you would want your banking transactions private. With the blockchain anybody can view your transactions if they know your addresses. This is not so with your banking transactions, where the authorities can only view them with a court order. So to protect your blockchain transactions from being analyzed by the whole world some form of obscurity is required. A simple way to do this without taking too much risk is to open a localbitcoins account and deposit some BTC there. After sometime, withdraw them to a different address/wallet. |
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Yeah, spend you coins ... and not just on Bitcoin related businesses but more so on non-Bitcoin businesses that happen to also accept BTC.
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I bought at $415, so much for my luck. But I'm not selling until it goes above that price, I don't care if it takes 20 years! It could drop to 50 cents and I wouldn't sell, I'm a stubborn little shit.  You need to make exit decisions prior to opening a position ... not after. You need to already know under what conditions you will sell for a loss and under what conditions you will sell for a gain. And then you should to stick to your plan. |
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it is just similar to pyramid schemes. you cannot predict their progress but surely one day they will come down and be forgotten. I am no hating because I also want to trade with them.
Pyramid schemes only fall once and don't recover. In fact, one large fall will unravel a pyramid scheme. This fall in price is not the first for Bitcoin and certainly not the largest. The two are just not similar at all. |
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shout out to the originals from the Vladimir club on Bitcoin Island
I wonder how many are still holding on to their 2100 BTCs after all this while. (Or was it 21000 BTC ... I forget) |
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I guess we will see again under $300 next week, seems price hard to touch $350
Happy moment has ended baby
Only 2 days ago $350 seemed impossible and now we are at $380. This was how the late 2013 rally unfolded, except that it continued for weeks then. |
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The real problem is that cheap electricity is generally available only in god forsaken places where no civilized humans live.
As long as 1000W miners are available to consumers people should be able to mine at home as long as they have cheap enough electricity.
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Based on economic theory, shouldn't the price of bitcoin be somewhat close to the marginal cost of production?
Given the average cost of electricity around the globe, current difficulty on the network and average computing power of mining equipment ...the price should probably be more like $300.
Personally, I think price should be around $3,000 usd...so holding till then
The price of bitcoin should be somewhat close to the marginal cost of production. It is based on the cheapest electricity cost of the miners. Which is around $0.05/kWh. So the electricity cost is around $150. However, the total cost is around $300 if we include the building, labour etc. Due to difficult adjustments the supply of Bitcoin is relatively inelastic regardless of the cost of production. You need to calculate it backwards - the marginal cost of production will (attempt to) adjust to the current price. However the relationship will lag because miners don't go online and offline instantaneously. |
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If I were to take a guess, if some banks could transfer money to one another using blockchain technology it would be much cheaper than using the SWIFT network. It costs a lot just to maintain a BIC plus additional usage costs for messages sent and received.
Granted, the banks are behind SWIFT, but it is still a competitive industry and they could save a lot of money if some messages could be sent outside SWIFT.
I used to be the SWIFT administrator for a small financial startup so all the bills went to me.
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I look at all the biggest exchange's prices at the same time using the Coindesk chart. Each exchange gets its own colored line, and you can see the huge differences in prices between them. Sometimes it has glitches and shows things that didn't happen, but it's reliable most of the time. That spike down on Coinbase is probably a glitch because it doesn't show on other charts. http://www.coindesk.com/price/ BTC-e seems to be under-priced and standing out from the others. I'm not much into trading, is there any reason for that? Surely with over $20 difference the arbitrage traders (bots) should step in. If you are one of the lucky ones who are able to get large amounts of fiat reliably into btc-e, then you could do this. |
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I think requiring everyone to make at least one transaction in x (10, 20, whatever) years would be worth recovering the coins that otherwise would be lost.
But it implies big brotherdom and it would make the ownership of coins conditional. The least favorite thing to me is that periodically someone keeps suggesting that we should confiscate coins that haven't moved. The second least favorite thing is the suggestion to replace proof-of-work to proof-of-stake. |
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go back to the year of 2009 and buy 10000bitcoins for 25cents each  That's still quite expensive. Back in 2008, just buy mining, in a day you could get 10k bitcoins, if my memory serves me right. Why spend so much money when you can use an old motherboard you found in the trash? you mean 2009?, but only satoshi at the beginning knew about bitcoin, there was no real way to mine along side with him, at the launch so it's better to say 2010, for initial mining, and i remember one guy was doing 1k every 3 day with cpu only in summer 2010 In 2010 the price was 5 cents for a few months, I had enough money back then to buy up enough bitcoins that by 2013, I`d have few hundred million $ worth of wealth. It is really easy if you think about it backwards, too bad the future is clouded. I have news for you. You just came back from the future to October 31 2015 to do something that will make you rich. Too bad you forgot what it was you were supposed to do ... |
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OP, the reason is because in any market no two market participants are alike. They could be:
- short term speculators
- long term speculators
- parasitic traders
- informed traders
- clueless traders
- liquidity providers
- people with low risk tolerance
- people with high risk tolerance
- hedgers with an offsetting exposure in another market
just to name a few. The overall result is that there will always be sellers and buyers at any price, each partaking in the trade for different reasons. Your assumption that everyone must be a long term speculator holding out for future gains is incorrect.
In my particular case I mine my BTC and I may sell off some of it to offset electricity costs (even though I can afford to pay for the entire electric bill from my salary).
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