Arvicco, every single one of your posts in the comments area of this ZDNet article is of very high quality and completely demolishes the FUDsters with elegance and respect. Thank you very much for your great work. I would like to second this. I have stopped debunking idiots, because now I feel they deserve their fate. You however are doing so with great skill and articulation. You are damned good at it - please continue as long as you are able. |
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Don't argue with stupid. It's one thing if they don't believe Mastercoin will work. If it doesn't work then it probably isn't going to be worth anything, but if it does work then each Mastercoin will probably go for 2-3 Bitcoins and that is just with the most basic features of a decentralized exchange and smart property. User defined currencies and the more advanced features will bring the price to 20-30 Bitcoins a piece.
But just like people couldn't understand Bitcoin they will be late to Mastercoin. Mastercoin is the first protocol which everyone who understands can see will be more important than Bitcoin if it works. The potential market cap is way bigger than Bitcoin which is why it will be worth 10-20x more.
I really don't get that line of thinking. Why would a business pay more for Mastercoin when bitcoin tokens or colored coins will do the exact same thing for almost free? Where is the demand coming from to justify the larger price? I only see a demand if Mastercoin does something colored coins can't. Bonds, stocks, assets, and other currencies can also be done with colored coins and is more egalitarian and available for everyone without having to purchase a whole other currency. I think Mastercoin is cool but I'm not following how people jump to the conclusion that it will be worth a lot. Don't forget the personal liability issue as well. Dacoinminister is a public person, and definitely not anonymous. As he'd like to believe his protocol will live on if he gets tagged by the authorities for enabling black marketplaces, I'm afraid the outlook will be rather grim. But it won't stop him from trying, seeing how he's invested his entire ego into the project. Shame, if it was only him I suppose he could bear the risk - but he's dragging his poor wife into it too. I wonder if she has any idea of how wrong it can go... As they keep saying - the market will decide, but the law may just decide first. |
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Wow. I sure hope it won't be jail!
For it to be jail, you'll have to do something illegal. I guess that leaves richest man in the world. I've got to say, I do believe that Mastercoin does bring more function to society than Microsoft - and today that is where the richest man in the world is from. So perhaps JR will be donating billions to kids in Africa soon. Hmmm - cool. I think we'll see precisely why Satoshi was anonymous. Its a shame that he's dragging his family into it as well, it would be different if it was just his own life at risk. |
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Little problem with the "Price hits the top of the bollinger bands and ALWAYS goes down".
Take a look at the rise from this year - the rally to 260's. So, you get an upward curve of price. Hey look, its trading at/above the bollinger band! Better sell! Oh wait, its continuing to go up! Uh oh, well uh... its still doing it... okay.. maybe sell some more.. Oh dammit, it keeps going...
Get what I'm saying? You're applying hindsight to something that can't be traded the way you think it can.
If you sold every time you were above the upper bollinger band, you'd be the most bitter trader in the world, as the market zoomed to new highs.
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Somewhere around $250 - $300, after rallying hard to quadruple digits along the way.
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My guess is we get another hyperbolic rally, possibly ending in the quadruple digits - before slamming back down and settling in the 250 - 300 range.
Going by the prior multiples we've experienced in other exponential scenarios.
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The best part is he still thinks nation-states will be relevant when a decentralized currency kicks all the others to the curb.
Your house is on fire, Mr. Economist, do you engage it in an active dialog - perhaps by burning a favorite piece of clothing, to show you can compromise and work together? No, you either get the hell out or try to put out the fire.
Oh wait - its no longer a fire, but a spewing volcano a mile high. Oops, decentralized network and all that.
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Easily shortened to:
"Yet another intermediary that will fail as Bitcoin gains further adoption."
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To my knowledge, nothing we are doing breaks any laws. We are building tools, which users could use to break laws, just like any tool.
Carefully consider why Satoshi took great pains to be anonymous. Do you really think that anything built upon your 'protocol' won't be subject to reprisal? If anything, it will be a "live" simulation of how governments react when they have a target. You're either horribly naive, or fatally idealistic to think this is going to end well. |
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Dread Pirate Roberts got caught because he was an idiot.
There will be other sites, I'm sure. He was outed by his own incompetence, using real information, inconsistent (if any) security procedures. Hell, was the man stoned all the time? That's the only way I can understand his copious and rather embarrassing errors.
It will be a hit on the image, I'm sure - but the network is still running, and SR isn't the only game in town for Bitcoin transactions. Even if it was a catalyst to get us to where we are now, it isn't the single thing that will "kill" Bitcoin, in my opinion.
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If we really wanted to remove the same amount requirement, perhaps we could: Design a protocol and blockchain that actually support what you need to do? I know noone wants to hear this, but you are having all these problems just encoding a simple altcoin A->B transaction. How much worse it is going to be when you are trying to trade coins built on top of MasterCoin, or implement distributed exchanges, or any of the other cool ideas? You have created an altcoin, but rather than running an altcoin blockchain, you are trying to cram your information into someone else's blockchain. You are trying to take a car chassis and transmission and built an aircraft. You might eventually manage it, but it will be one hell of an ugly aircraft, and probably won't fly well. Don't forget being targeted for encouraging money-laundering. If you think this 'protocol' idea isn't going to be under scrutiny from the Federal authorities, you're mistaken. I'd recommend dacoinminster to return all the funds and take his ball and go home, before he ends up in a cell next to Dread Pirate Roberts. But of course, he'll rationalize a way not to suspend development. |
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Appreciate the translation, cool to see news breaking in other countries about Bitcoin, especially on a mainstream program.
Thank you for the effort in posting this.
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void budgetCheck()
{
if(CurrentExpenses > AvailableFunds)
{
MintChip.DebaseCurrency(1, "Trillion");
}
}
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My guess is someone got nailed by that Tor vulnerability the FBI used to snag people using that Tor-based hosting service.
Who knows, interesting that SR is still going strong - maybe they know security better?
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Like I've been saying - over and over - the current ecosystem of exchanges is really temporary in the long run. When the last willing/available sovereign currency unit is hoovered up, converted into Bitcoins - they will largely become irrelevant, like your appendix.
At the same time, the only people using these outdated and obsolete tokens of "worth" will be the older generations that couldn't be bothered to learn new things, probably don't have a computer or internet (even though they could if they wanted to), and are just happy as clams to have their purchasing power decline like their intellect with age.
It will be much like the description of the last vestiges of government in "Snowcrash", where there's a loyal 'core' of die-hards, (oh my, they even have *mailboxes*, lollerz), trudging up-and-down stairways in heavy woolen suits and skirts, loyal to the system mostly because they fear the unknown. All rooted in a decaying complex of buildings labeled with confusing three-letter-acronyms, patrolled by men with dark sunglasses and earphones.
The future is now, but the traditionalists just can't see it yet -- and that gives me hope.
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This is the kind of thing that will guarantee Bitcoin adoption. Hard to ignore when you're part of the W3C standard.
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There was definitely an interview with Falkvinge where he is not directly quoted, but the text body simply states that he sold off all his BTC holdings shortly after the 2011 spike. I cannot remember the source, though.
"Talking his book" eh? I guess if I had sold off in the 30's I'd be a little pissed it was 100 bucks and change higher, too. This puts his whole rant in to perspective. He's a piss-poor trader that blew his wad, and now he wants a lower cost basis so he can get back in. |
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That article reads like an extension of the echo-chamber we have on this forum. It is somehow simultaneously a very good sign, and a little scary.
You're somehow surprised that on a Bitcoin forum, in the Bitcoin Press Section - there's a story about Bitcoin that is positive? Scary how? Should every article be prefaced with how it could go to zero? We all know the risks, even if you think its a one-way street around here. |
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I think we need another gambling site like we need a hole in the head.
It's always the easy businesses that get started first, because you don't have to think very hard about the future - other than what you pull from your "customers".
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Actually, the ATMs showing up will help people ground Bitcoin in something "real". As silly as it sounds, you gain credibility using something that people are used to, then it becomes an ingress to explain what the hell BTC is. A lot of people on the forums here "get it" already, but for a newbie, seeing a Bitcoin ATM will have them wondering what it is - and looking it up on their phone or at home.
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