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Economy / Speculation / Re: 2014: The Worst Year for BTC?
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on: September 07, 2014, 01:16:58 PM
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Guys that 1200 price was a bubble dont you get it.. media hype + mt gox + silk road shutdown + senate anouncment .BITCOIN itself is NOT a bubble ..but and here is a BIG BUT thats not to say there will not be any price bubbles. And i am afraid that last November was one.. but at each bubble we get a hole new wave of adoption so we may have a another bubble 1600 which settles at a new low of 800 then again and again.. or we may from now on get a agonisingly slow price rise. Who knows.. but its not bad news trust me. FOR some reason people think from 1200 we should just keep rising no wayyyy we need much more adoption and with all these peice of shit altcoins camoflouging the real deal makes it even slower for adoption.
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9
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Bitcoin / Bitcoin Discussion / Re: Bitcoin Core Developer says Bitcoin Too Fragile and in its Infancy
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on: September 07, 2014, 01:15:06 PM
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I think saying Bitcoin is "really fragile", conjuring images of a shipment of chinaware, is a bit misleading.
One could say the US multi-trillion dollar economy and infrastructure is fragile and defenseless to physical and cyber attacks on its power grid. Yet life goes on.
What's missing is the countermeasure argument. There are all sorts of what-if potential problems all around us, all the time. That doesn't mean we fear getting out of bed each day. What I mean is, sure, Bitcoin isn't perfect nor completely invulnerable to attack, but that can be said for lots of things. However, what I do believe is it's incredibly resilient due to the resourcefulness of its supporters. That counts for a lot.
That's one of my problems with Mike, its like the guy has no idea how his glib little statements impact the larger ecosystem he's working on. Not quite BP "We're Sorry" kind of gaffe, but certainly up there considering how much effort and money has been invested in the Bitcoin sphere.
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14
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Bitcoin / Bitcoin Discussion / Re: Why There Should Be A Bitcoin Central Bank
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on: September 07, 2014, 01:09:28 PM
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While I agree that a bitcoin central bank is completely against what bitcoin stands for, I think the idea of being able to opt for a full reserve or fractional reserve account at a bitcoin exchange is pretty good. Users could choose to put their coins to work and get some interest in return or just keep them in storage without interest. It could possibly help bitcoins liquidity problem too. This might be irrelevant though if places like btcjam and other ways to loan money become more prevalent.
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16
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Economy / Service Discussion / Re: Good Luck Charlie!
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on: September 06, 2014, 10:48:51 AM
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USA loves their witch hunts and lynch mobs.
Yeah because had this been a banker we all know you would have been vehemently defending him as you are Shrem. Witch hunt indeed. Shem wasn't a banker or any other kind of criminal. They just want their pound of flesh.
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Bitcoin / Bitcoin Discussion / Re: Why Do People Believe Bitcoin Will Replace Fiat?
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on: September 06, 2014, 10:46:31 AM
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There is no possibility of bitcoin totally replacing all fiat currency. We must keep in mind that there is limit on maximum number of bitcoin that can exist. Most part of product vendors and services providers may shift to bitcoin as it will save them lot of transaction fee.
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Economy / Service Discussion / Re: Coinbase Insured
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on: September 06, 2014, 10:43:57 AM
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"Coinbase is insured against theft and hacking in an amount that exceeds the average value of bitcoin we hold in online storage at any given time."
Yet elsewhere you claim that only 3% of deposits are online, so 97% of deposited bitcoin are uninsured. Are we supposed to pretend that the 97% offline have zero risk of theft? If that was true why aren't those 97% insured also? Wow. Sneaky.
I think the idea is that the hot wallets are the ones that are most at risk. By insuring them, you decrease the risk of a financial loss if something happened to them. Of course, there's always a risk that the insurer will be insolvent when it comes time to pay the claim. You can attempt to re-insure your way out of that, but at the end of the day, there will always be some risk.
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