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1283
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Economy / Speculation / Re: The Rocket
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on: June 05, 2012, 12:04:40 PM
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There is no fuel for the rocket. With fuel I mean bitcoins. Sellers are simply gone at below $6 prices in most exchanges. Someone wanting to buy a decent amount at $5.5 right now simply can't do it because the market is so thin. His average price would be way over that.
Right now if someone put up an ask wall at $5.5 it would be eaten very fast. But there is nothing there. Nothing anywhere. Interesting to see what happens.
If your idea of rocket is the same as mine, the fuel is fiat, not bitcoins |
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1284
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Bitcoin / Bitcoin Discussion / Re: Banks get ready for virtual cash
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on: June 04, 2012, 05:14:19 PM
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Any onlooker who puts a real currency like Bitcoin in the same category as FarmVille cash has missed the point entirely. The fact that they're both "digital" is where the similarities end... and indeed both Bitcoin and FarmVille cash share the "digital" trait with USD and all other fiat. All money is digital these days - even "paper money" is just redeemable coupons for digital currency in your bank account. The only serious non-digital currency is gold/silver.
USD is actually more similar to FarmVille cash than BTC, because the former two are A) centrally controlled and B) can be created at whim - two crucial attributes, and far more important than that all three of these are digital. +1, exactly! Comparing Bitcoin to "FarmVille cash" is symptomatic for the total lack of understanding and insight by these stone age bankers. Cryptography, P2P, decentralized, I guess most of them haven't got a single clue what these concepts are actually about. But I guess they'll find out soon enough. Cryptocurrency (and more specifically: Bitcoin) is here to stay. Or... they understand Bitcoin and its potential implications only too well, so are desperately trying to lump it in with Farmville cash, WOW gold and other "toy" currencies. |
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1285
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Economy / Service Discussion / Re: [ANN] 700,000 Cash Deposit Locations in Brazil, Russia, USA - BitInstant
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on: June 01, 2012, 07:45:29 PM
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Oh, and Charlie, if you could make it so that I could bring Bitcoins to Walmart and have them give me dollars, pounds, euros, reais or whatever, that would close the circle quite nicely! But it might be asking a bit much, maybe  |
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1286
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Bitcoin / Bitcoin Discussion / Re: Decline in listening hosts
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on: May 31, 2012, 12:09:59 PM
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Thanks Gavin. Nice to know you also think that relatively few ddos-protected backbone nodes can provide a high degree of resistance to attack.
Sure, Bitcoin is an experiment, but some of us really want it to succeed since it has potential to cchange the world in a good way.
I want Bitcoin to change the world too but I don't really understand how insulting the lead developer by implying he doesn't care if the project succeeds or not gets us closer to that goal. Maybe that is the right approach to take and I'm just not seeing how it's beneficial to the project as a whole so can you explain it to me? I'll be more than happy join in and dump my emotional baggage all over the dev team if you can show me how that will make the project more successful. You are falsely presuming trying to succeed == guaranteed success, it doesn't. There are no guarantees in life, Bitcoin is an experiment, thinking about it any other way will get you burned and all that Gavin is trying to do is warn you to stop it and take the appropriate precautions when using an experimental tool so you don't get burned unnecessarily. I myself think if the total hosts are indeed declining, which I believe they are, this greatly diminishes Bitcoins resilience to central control and to being attacked by the state. The once touted peer to peer resilience similar to that of bittorrent is clearly slowly evaporating as time goes on and it would seem it's only a matter of time when we will have a few super nodes as the sole backbone and an easy target for either control or destruction. Of course being an easy target doesn't mean it's worth to attack you. Bitcoin is still open source and still completely transparent and so an attack would with a high probability not go unnoticed meaning an attacker would have very little to gain facing the repercussions of their attack if their goal was control, and as long as a single copy of the blockchain is preserved and made freely available somewhere more people can start up a client if the need for defense should arise. It's all very dynamic and fluid, it's praxiology of the human nature vs the integrity of an algorithm and technological advencment, how it will play out? No one knows. Nice argument. So how else do we generate incentives for new nodes? I like the baseboard heaters idea  |
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1287
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Economy / Service Discussion / Re: iPhone IOS Bitcoin wallet is here! (From Blockchain.info)
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on: May 30, 2012, 02:10:15 PM
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Sorry if this has already been asked. I'm running the app (Cydia) where I keep some BTC for smallish transactions. However, there's a tiny discrepancy in my balance between the app and the web browser wallet. I sent two deposits from Virwox in the last couple days, and the difference between the balances is .04. Now, I know Virwox charges .02 per withdrawal, so that makes some sense, but even after all the confirmations, the web-based wallet still tells me I have .04 BTC less than the app wallet... it's weird?
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1288
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Bitcoin / Bitcoin Discussion / Re: BTCChina - Highest trading volume ever today
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on: May 29, 2012, 12:07:54 PM
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Nothing to identify anyone in that page. And they have set up a lot of QQ group in China. And QQ cooperate with the Government a lot.
They use Alipay, which take great efforts to identify the real identity of its users. They have the ID information behind the Btcchina.
The ID card information is based on a controlling system which is called "Hukou", every chinese citizen except the soldier have a sigal number which can and should be checked with a central database, where the photo of the citizen can be find.
Sure - am well aware of Hukou's etc. - guess if they really do know who the guy is he better just hope they don't ever find out what Bitcoin is (or he'd better hope to have left PRC before they do). Or, some truly smart people within the PRC hierarchy will have long ago determined that BTC adoption actually works in their favour, by allowing them to maintain an artificially deflated currency at home while controlling an artificially strong currency abroad. |
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1291
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Economy / Speculation / Re: What's going on over at Virtex?
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on: May 25, 2012, 12:46:16 PM
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Another thread also mentions some increased demand on IntersangoGBP and speculates that it's the Intersango guys themselves trying to buy back the 18000 BTC lost through Bitcoinica. Maybe they're doing it through every exchange EXCEPT Gox, just to keep the markets calm or to not give them their business :-)
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1293
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Economy / Speculation / Re: Who else is bored?
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on: May 22, 2012, 09:29:29 PM
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And I see Gox's command of the market has eroded slightly...
how so? At one time they had a market share of over 80%. It is currently 67%. bout damn time. Only until someone decides to go for a big buy or big dump... I can't see large volumes going through any exchange other than Gox for the time being, unfortunately. |
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1294
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Bitcoin / Bitcoin Discussion / Re: The best new Bitcoin PROJECT from China! (Tablets and BITCOINS)
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on: May 10, 2012, 04:40:30 PM
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I don't think anyone here is giving the Chinese government much credit. There are alternatives other than the PRC clamping down on Bitcoin. If there are enough bright men and women in the lower echelons of the government, who are capable of understanding Bitcoin and its implications, it could quite easily turn into China either accepting Bitcoin or co-opting it.
If you think about it, a country that tends to keep its own currency artificially deflated could very well see Bitcoin as a way to offset the pitfalls of an artificially deflated currency. Keep the Yuan for intra-Chinese commerce, adopt Bitcoin for international commerce and profit from the spread between them.
You have to figure the entire country cannot possibly be so stupid as to have knee-jerk reactions. Someone, somewhere, is looking long and hard at this and trying to figure out what the best course of action would be.
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1297
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Economy / Speculation / Re: bitcoincard.org the killer app we have been waiting for?
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on: April 26, 2012, 07:58:11 PM
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If this shit works as advertised and they manage to get critical mass ANYWHERE, yes, it is a killer app.
I want to see a prototype in action.
This is key. If their business model allows them to offer the actual cards for very little money (or perhaps even for free), in exchange for rapid acceptance and attainment of critical mass, it could be a game changer. Otherwise, it will be a case of "can you hear me now?" |
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