The failure of interested parties to understand this point boggles my mind. There is a solution to bitcoin's volatility, and it's relatively simple. Even if you don't understand the solution, you can certainly understand that payment processors in the space offer guaranteed USD conversion. And even with this guaranteed conversion, it's still significantly cheaper than traditional payment processing methods.
The article did mention "large companies". It's one thing to trust Bitpay to be able to hedge the risk for guaranteeing a price for 10,000 USD worth of BTC, and another if you're talking about millions at a time. Essentially, the payment processor must be significantly bigger than their customers for the customers to have any reasonable trust in their ability to pay up if something goes bad. Failing that, the payment processor must be backed by a serious, established party highly unlikely to default. It's going to be a while before we see that. |
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Wasn't the price of 1btc actually a very stable growth till about sometime around the middle of last year when the price just skyrocket? Seems like the price has been more volatile in the last 6-8 months then ever before. I might be wrong though
Only if you ignore the summer of 2011. |
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The price went up about 20% in two days. It'd be more surprising if that trend had continued.
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why bitcoins should work for porn.
1. bitcoin was designed to prevent companies just taking out cash from your account without request, simply because you forget. and any porn company relying on this form of theft should not be in business as its not good customer service.
2. instead of paying a monthly fee of a few dollars for unlimited access. bitcoins allows small transaction. it has been proven that a pay per view of EG $x per show earns more from regular customers then a $xx a month flat fee.
3.affiliates can get paid within 10 minutes and know that there will be no chargebacks to worry about. nor can affiliates abuse the payment system as they cannot simply abuse/grab money from other peoples accounts to make their ratings/commission look good. meaning porn sites do not need the expense of high security payment processors
4. if you are using a porn site that requires credit card details and has the scammy re-bill system then you truly would be that naive to think bitcoin is not better for both customer or business
1. "How it is" trumps "how it should be". Companies relying on the forgetfulness of their customers do exist, and presumably are profitable. They're therefore not going away unless they become unprofitable. 2. Proven where? Does that work for porn, where there's an abundance of free material available, and brand loyalty is - I'm guessing - much lower than for TV shows and movies? I'm guessing there's a reason flat fees are used, see #1. 3. Now you have to either convince the affiliates to also take Bitcoin or also have a system in place to pay them in fiat, after exchanging your BTC first. 4.Again, since such sites exist, I assume some of them are profitable. Are there any sites that have managed to survive without re-billing? edit: Point is, from what I read in the OP, it sounds like a degree of scamming is inherent to the internet porn business model, and since Bitcoin makes it harder for them to pull the kinds of scams they rely on for profit, Bitcoin isn't likely to be embraced by the porn industry soon. |
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This is about bitcoin and shouldn't be coat hangered by politics.
There's a strong political motivation underpinning the way the whole system was designed. It's not like a bunch of punks just suddenly crawled out of the woodworks to make things hard for the normal, upstanding Bitcoin users. See the discussions from a few years back, I think you'll find the folks with more mainstream sensibilities such as yourself are the newcomers. Now, part of the politics of the design is not restricting who can use Bitcoin. That means the suit-and-ties crowd will have to either deal with the idea that for many, Bitcoin is an expression of political radicalism just the same as the Amir Taakis out there will have to deal with the fact they have to share the system with the most conservative of capitalists out there. Take an honest look at the implications of Bitcoin. Silk Road is one. If you can't accept that, draw your own conclusions. |
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Maybe the evidence against him is strong enough that his best bet is to try to recover the Bitcoins to pay for the best defense he can get. Admit guilt, try to get the lowest possible sentence. Might make sense if the situation were desperate and no decent bargain was on the table for an outright confession. And it certainly does look like a pretty desperate situation for Ulbricht...
1. Even if he claims that the BTCs are his own, he will not get them as they are currently seized as a part of the investigation. Plus, it was accumulated through illegal activities. 2. The lowest possible sentence here seems to be life without parole. Then why bother with a confession? He's contending the coins weren't legally subject to seizure. If that seems like a very thin straw to hang on to, maybe that's all he's got right now. |
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Maybe the evidence against him is strong enough that his best bet is to try to recover the Bitcoins to pay for the best defense he can get. Admit guilt, try to get the lowest possible sentence. Might make sense if the situation were desperate and no decent bargain was on the table for an outright confession. And it certainly does look like a pretty desperate situation for Ulbricht...
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I think by 2015 (the year of the Goat) we will have enough people to be able to have a full year where one of us buys a new super car each week.
What better press could we get than that?
Sorry, count me out. Property is such a hassle, cars doubly so. |
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Weren't there non-chinese traders trading on BTCChina as well? If you were one of those, it'd be quite a no-brainer to buy there and sell higher elsewhere. The question would be, how much profit do you think you can eke out, since it'd be a one-way road.
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Dont trade based on bitcointalk bullshit talk!
yeah I'm learning I'm better off tossing a coin to determine how I should trade.  I did that for a while on Bitcoinica back in the day. Lost a few percent. I think many "traders" did much worse than I did. I documented it here, the thread is buried somewhere way back on this forum. |
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Comparing RSI to the price development in April on that chart you posted, you'll notice that by the time there was a significant dip on RSI, the crash had already happened and the market didn't slide down much any more. I'm not sure that's very useful data.
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China runs out of coins...? Volume is significantly lower the last 15 mins.
And the lowest volume of any of the exchanges it appears. BTC-e and Bitstamp are leading the way now. It would be interesting to know how many Chinese traders held all or most of their coins on exchanges. If most of the coins were already on an exchange, a larger portion of those looking to get CNY out while they can would have sold by now than if they had to access cold storage to send coins to sell. The buyers, it would follow, would be those who didn't manage to pull their bids, those who expect things to clear up, and those who can withdraw BTC and sell on some western exchange. If the majority of buyers were of the last kind, we could expect to see the volume on Chinese exchanges dwindle rather rapidly as users exit via CNY or BTC. |
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Each hype is bigger than the previous. The first one was up to 32, the second to 170, this to 1200. Can't wait to see where the next will lead to!
In percentage terms, the crash of April '13 was smaller than the slide down from the '11 high. IIRC, the very bottom was still about twice as high as it would have needed to go to go as deep as in '11, as a percentage of the peak. Now, in April, the bottom on Bitstamp was, if my data is right, about 17% of the peak. That means that if we stay above 197 USD or so this time, the crash will have been less deep again. We're about to get another data point on the idea that free markets will stabilize themselves. Edit: Incidentally, the current low of 382ish is again about twice as high as the low would be, were this crash to go as deep as the April one did. |
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What's with the poll, no date, no sub-540 option?
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My guess is, we may finally see what it looks like when users exit an exchange for good.
Ever heard of btc24? I have, unfortunately. They stopped trading altogether, that's not what I meant. Mt. Gox's withdrawal issues have led to some theories about what happens when cashflow to or from an exchange is cut off, the chinese exchanges look poised to give us some real-world examples. |
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What's going on with chinese exchanges? Volume dropped to nothing ...
Third-party payment processors banned from dealing with BTC exchanges, uncertainty over whether that includes banks... What do you expect? My guess is, we may finally see what it looks like when users exit an exchange for good. |
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I don't put much stock in chart extrapolation, but I'm curious: Isn't it odd to draw a trendline that the price is constantly above?
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forum just fuck up for you guys?
In a weird way, too - was able to access it via TOR, but not otherwise, and downforeveryoneorjustme.com said it's up. |
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It's funny how Cypriots boosting Bitcoin is now a thing, even though the rally at the time was already well underway when the Cyprus haircut was announced, and there's no evidence I know of that much Cypriot money has flowed into BTC.
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