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321  Economy / Speculation / Re: Why bitcoin is worth $1 Trillion on: April 08, 2013, 06:53:02 PM
...you can lock with a secret inside your brain, where no bank, government, or anyone else can take it.

This. Encrypted money. This is why Bitcoin is worth a trillion dollars.


Exactly.

It's actually encrypted money that can be sent over the internet at ridiculously low cost.

It's also a great store of value, in that it's scarce, with a predictable and honest rate of creation.

It's also a payment processor, far more honest and efficient than anything Western Union, PayPal or any of the others have offered us so far.

If it achieves just one percent of its potential in any of these three areas (or one third of one percent in all three) it will already be worth more than 1 trillion dollars.
322  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker on: April 08, 2013, 06:40:43 PM
Virtex is up at $200  Cheesy
323  Economy / Speculation / Re: Pop! on: April 08, 2013, 04:53:15 PM
The bids side has lost about $2m in the past few days.  The asks have significantly increased.  I'd say we're witnessing the reversal.

Yeah, or we're witnessing a weekend  Grin
324  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker on: April 08, 2013, 04:52:08 PM
Damn. We crashed all the way down to 85% above the price a week ago today  Grin
325  Bitcoin / Press / Re: 2013-04-08 The Telegraph (India) - Virtual currency Bitcoin a hit on: April 08, 2013, 02:13:36 PM

And, more importantly, in India!!! Nice going.
326  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker on: April 08, 2013, 01:18:42 PM
Is MtGox lagging again?
A little bit, hamsters out of wheel  Tongue (time in CEST)


Must. Feed. Hamster.
327  Bitcoin / Press / Re: 2013-03-13 Business Insider "Argentines escaping currency controls with Bitcoins on: April 08, 2013, 04:20:38 AM
Actually it is currently illegal to buy USD in Argentina (well so restricted that it is impossible).
This has caused a black market (Blue dollar), whoch is 50% more costly than the official rate (and increasing, 2 years ago, there was no difference).

So though most Argentineans would love to have BTC, for them it equals USD : hard and expensive to get...

No, they can get Bitcoins through localbitcoins.com

Ha, that is an interesting site. But it does not solve the underlying problem I outlined: the prices here are based on the Blue Dollar rate, so in order to get this value Argentinians need to first sell dollars and use the AR$ to buy BTC at inflated prices, or use USD, which are impossible to obtain at the official price. So they will be stuck with the 50% mark-up in any way.

Don't forget that the official AR$ (in which all salaries are paid) is no more accepted (some places in Chile do, but at half value) nor sold outside Argentina, it has become a fake currency. Argentinians can also not use their ATM cards abroad to get cash. The only thing left to do is buy stuff in Chile or Uruguay with a bank card, in which case the government 'only' charges an immediate 15% tax.

And when they get paid in ARS, they can use those to buy BTC. No dollars involved. Plenty of sellers on localbitcoins.com asking ARS only.

Yes. Currently about 250 USD per BTC against official rate, which are all salaries based on. See the problem now?

Which is, of course, irrelevant if all you want to do, as the title says, is escape government control. Who cares how much ARS you pay for a Bitcoin, as long as you get more ARS for the same Bitcoin later on.

The Argentne story hasn't really changed. Replace pesos with Australes, replace dollars with Bitcoins and you have 1988/1989 all over again (and that was 1976 all over, which was 1970 all over, and so on).

Beauty of Bitcoin, government controls can't touch it.
328  Economy / Speculation / Re: By December 31st, 2013 we will have touched $1000/BTC on: April 08, 2013, 01:57:02 AM
Very, very unlikely.  Also, looks more and more like the correction is coming. Low volume, etc.

Proudhorn called it!
We're definitely going to touch 1$ per mBTC! Wink

+1

nice call.. we should adopt the mBTC as base value before 2014 within the community.. I'll aim at that train of tought !

It needs a nice user-friendly name though. mBTC is too geeky and we want the non-geeks to buy Bitcoin too right?

Any ideas?

Lots of people already calling them Millies (for milli-Bitcoin). mBTC works well as the symbol.
329  Bitcoin / Press / Re: 2013-03-13 Business Insider "Argentines escaping currency controls with Bitcoins on: April 07, 2013, 11:17:15 PM
Actually it is currently illegal to buy USD in Argentina (well so restricted that it is impossible).
This has caused a black market (Blue dollar), whoch is 50% more costly than the official rate (and increasing, 2 years ago, there was no difference).

So though most Argentineans would love to have BTC, for them it equals USD : hard and expensive to get...

No, they can get Bitcoins through localbitcoins.com

Ha, that is an interesting site. But it does not solve the underlying problem I outlined: the prices here are based on the Blue Dollar rate, so in order to get this value Argentinians need to first sell dollars and use the AR$ to buy BTC at inflated prices, or use USD, which are impossible to obtain at the official price. So they will be stuck with the 50% mark-up in any way.

Don't forget that the official AR$ (in which all salaries are paid) is no more accepted (some places in Chile do, but at half value) nor sold outside Argentina, it has become a fake currency. Argentinians can also not use their ATM cards abroad to get cash. The only thing left to do is buy stuff in Chile or Uruguay with a bank card, in which case the government 'only' charges an immediate 15% tax.

And when they get paid in ARS, they can use those to buy BTC. No dollars involved. Plenty of sellers on localbitcoins.com asking ARS only.
330  Bitcoin / Press / Re: 2013-03-13 Business Insider "Argentines escaping currency controls with Bitcoins on: April 07, 2013, 11:03:46 PM
Actually it is currently illegal to buy USD in Argentina (well so restricted that it is impossible).
This has caused a black market (Blue dollar), whoch is 50% more costly than the official rate (and increasing, 2 years ago, there was no difference).

So though most Argentineans would love to have BTC, for them it equals USD : hard and expensive to get...

No, they can get Bitcoins through localbitcoins.com
331  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker on: April 06, 2013, 05:15:22 PM
Hmmm... Halfway through the weekend, no dip, slight rise.

Epic week ahead!
332  Bitcoin / Press / 2013-04-06 nbcnews Internet Secret Currency Makes First Public Appearance on: April 06, 2013, 01:27:07 PM
http://www.nbcnews.com/technology/technolog/bitcoin-internets-secret-currency-makes-its-first-public-appearances-1B9237667
333  Bitcoin / Bitcoin Discussion / Re: Great interview with Jeffrey Tucker on: April 06, 2013, 11:45:24 AM
The interviewer asked "why 21 million?" and Tucker stumbled over that one somewhat I thought.

It is basically a result of the period of the reward halving algorithm and the choice for the initial block reward of 50 btc.

After 210,000 blocks 10.5 million btc were created. Now if we half the number being created every 210,000 blocks we will never quite reach exactly twice as many as were created in the first period ...

i.e. 10.5 + 5.25 + 2.625 + 1.3125 + .... = 21

And the general formula for this sum is one of the most well-known summations from mathematics ...

Zeno's dichotomy summation

or



... computer guys will enjoy the infinity of base-2 exponents in the denominator, another hat-tip from Satoshi Wink


Mechanistic =/ Teleological

Bitcoin needs fewer mathematicians and more philosophers  Cheesy
334  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker on: April 05, 2013, 08:23:38 PM
http://www.youtube.com/watch?v=CdVVECKKSXo

Ahhhh yeahhhhh. Damn that was refreshing to watch.
+1
"Gold for nerds." lol!

"Valuable part of a diversified portfolio"... I've been waiting for that one for about two years.
335  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker on: April 05, 2013, 03:11:28 PM
I'm very wary to try and buy back in on a Friday. Am I alone in this?

Of course not, which is why those 12 mil are sitting there  Cheesy
336  Economy / Speculation / Re: BREAKING-LEAK:Identities+emails of rich hiding cash offshore $32trillion's worth on: April 05, 2013, 02:56:40 PM
When the names are finally released it will be fascinating to see all the (champagne) socialists on there.  No doubt the lefties will make up the bulk of the list, but "capitalism" will get the rap.
...
Would not surprise me.  Most of the highly intelligent people I know are pretty left-wing, and it is easier to get ahead if one is bright.  Most of the right wingers I know are dolts who are in debt up to their eyebrows.  OTOH, lots of silver-spoon kids grow up to be right-wingers also and they may account for the bulk of the capital.
Now left-wing wealthy folks are probably less inclined to be tax cheats, but there will certainly be many exceptions to the rule.

That's funny, the wealthy and intelligent people that I know are either right-wing or libertarian and those with the least money, state-dependent are usually more left-wing. Some of them are middle class, but none of the wealthy people that I know or have met personally are left-wing (those left-wingers who earned the money due to cronyism, nepotism or corruption which is not a rare occurence in my country are not counted here).

Sounds to me like you are both making gross generalizations.

The whole left-right dichotomy is broken if you ask me.


Left-right stopped meaning anything about 20 years ago.
337  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker on: April 05, 2013, 02:55:19 PM
Bid sum almost at 12 mil... just sayin'
338  Economy / Speculation / Re: A year from now (2014/04/05) on: April 05, 2013, 02:46:12 PM
If the price grows at 5% weekly starting from 2013-01-01, $320
If the price grows at the lifetime average weekly rate of 7.3%, $1400
If the price grows at the rate it has achieved in 2013, $1.1 million.

Your maths is wrong. Doubling time is roughly 70 divided by the percentage increase per cycle. 70/5 = 14. That puts us at $260 in 14 weeks, and $520 14 weeks after that.

Compound's a bitch  Grin
339  Economy / Speculation / Re: A year from now (2014/04/05) on: April 05, 2013, 02:32:29 PM
Hm, let's say $50. After a bubble, a crash, and some recovery. And $500 by 2015/04/05

Nah. By 2015 we're either established or dead. Bitcoin has exploded so much in the media lately, it's not likely to simply fade away. In the next few months the big money will have to decide whether it chooses to move in or not. The bad news is that big money is notoriously fearful. The good news: It only takes one, the rest will follow.
340  Bitcoin / Press / Re: 2013-03-05 CNBC: Bitcoin Only Good for Narco Dollar Traffickers: Pro on: April 05, 2013, 02:21:28 PM
Yep, trolling. Kind of strange how the financial press seem to have all jumped on the FUDwaggon together, any tinfoil hat wearer would think they're trying to keep interest down until they've had a chance to get in themselves.

I think this might be a case of "Never assign malice to that which can be successfully explained by incompetence". FUD is, among other things, much EASIER. It's easier to write, easier to understand, easier to sell.
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