1401
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Economy / Speculation / Re: at a certain point you cant buy cheap coins
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on: August 28, 2012, 10:53:57 PM
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He's saying that mtgox requires $64,000 per month to exist. Their average fee is 0.5%. Divide one by the other and you get...
If their monthly volume traded drops below about $13 million dollars, they'll be in the red and eventually would have to shut down, making it hard to trade coins.
(It is more complicated than that, of course, because some part of their commissions are in BTC, but they don't (can't really) sell those coins, so their fiat earnings have to pay for everything at the moment.)
Why can't they sell their btc? Well, if they tried to sell them at their own market that would just generate more fees and they'd have the same problem. And remember, premise of OP is 1 market exists.
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1402
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Economy / Speculation / Re: at a certain point you cant buy cheap coins
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on: August 28, 2012, 10:46:01 PM
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He's saying that mtgox requires $64,000 per month to exist. Their average fee is 0.5%. Divide one by the other and you get...
If their monthly volume traded drops below about $13 million dollars, they'll be in the red and eventually would have to cut costs.
Fixed that. But really, one day MtGox will go out of business and we'll all be fine. It's funny really, people aren't going to like "OMG coins are so cheap but no where to buy them because I'm only willing to pay .5% fee and no exchange can exist on that because of the costs of one exchange at one time in the past."
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1403
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Economy / Economics / Re: Lending BTC is very risky
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on: August 28, 2012, 06:16:09 PM
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Really, why not? There just happened to be a huge expansion of productivity that just happened to coincide with FRB? Well first of all correlation != (not equal) causation - that ESPECIALLY goes when we are talking a 300 year time period. Did inflation/fiat also cause Hitler, the atomic bomb and the moon landings? Quite simply too much of a stretch. So the industrial age was just a side effect? It had nothing to do with easily available credit? If you want to believe that, that's fine. Here's some government sponsored debt to go with it. I believe the industrial age was the cause for easy credit NOT the other way around. Now that we are 7 billion people and our natural and energy resources are at their peak and stretched thin this easy credit is starting to disappear in the ongoing financial crisis. Keep in mind that money comes AFTER goods. It is JUST a point system. BTC may be a better point system, but even BTC has its limits - I doubt it will lead to world peace and a star trek like wealthy utopia. The industrial revolution was simply a result of ongoing human progress. The above fits perfectly with our reality, NOW lets look at YOUR theory: To say the industrial age started the second debt came is wrong as debt existed before - it is even in several bible stories if I'm not mistaken. Even the Romans tried government debt/fiat with coins containing less and less amounts of precious metals. It did NOT work well. Further, today we have more government debt than ever before and things are looking bad whether you believe in peak resources/climate change or not. If debt = expansion/progress why is it not working now? Occam's razor: 300 years ago we had lots of potential ahead of us and loads of free stuff lying around in nature - now we DON'T. Boom; simple. There is still a lot of stuff lying around. And there is the made shit that surrounds me which I refer to the raw materials anyway. Then even if it really was gone, we've learned a lot and had some fun. We're always getting better at reusing the processed stuff. As soon as the price of that ticks under getting the harder to reach raw materials that's what we'll do. Nothing is going anywhere, it's just changing form and it just takes smarts to deal with it well.
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1404
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Economy / Service Discussion / Re: If BS&T didn't start out as a ponzi, did it fail because it paid out in BTC?
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on: August 28, 2012, 05:23:57 AM
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It is smart for me to pay people in BTC because that is what I know I'll have available. If I promise 40BTC for a job I know I'll have it available in BTC no matter what because I see it in my wallet. If I promise $440 worth of BTC I'm at the mercy of other people's valuations at the time I have to pay.
Now promising to pay BTC that I don't actually have yet could leave me in big hurt. That's essentially betting against BTC and I don't recommend it.
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1406
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Bitcoin / Press / Re: 2012-08-28 huffingtonpost.com - Chomping At The Bitcoin - The Ups And Downs Of C
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on: August 28, 2012, 02:12:39 AM
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Video - with Roger Ver (Bitinstant/memorydealers),Brian Armstrong (coinbase) , Drew Little ('new economist'/founder of producism) , Neils Vanderlanden (don't buy bitcoin guy!), David Wolman (author of The End of Money) thanks for the link I find it quite hilarious that the person who was against Bitcoin's qualifications were to the extent that he "made a youtube video series about not buying into Bitcoin." also when she screwed up and said that Roger from Memory dealers is the CEO of the largest Bitcoin company in the world? hahahaha lmao How big is memory dealers? Or do you mean accepting bitcoins isn't enough to be a "bitcoin company"
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1407
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Other / Politics & Society / Re: Poll for Gun Control Advocates
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on: August 27, 2012, 11:08:04 PM
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SoaB, I messed up, I'm no gun control advocate.
Gun control is impossible and gun control advocates aren't even striving for that. They want a subset of the population to control things with guns.
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1409
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Bitcoin / Bitcoin Discussion / Re: If Pirate Runs: The Danger of one entity with 500K BTC
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on: August 27, 2012, 09:46:54 PM
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Who's going to break the 1,000,000 BTC barrier??
Terrible and terribly clever malware is the only way for that imo and it would have to be soonish because there are going to be security developments and just generally more diverse ways of using bitcoin reducing the possible size of any one attack like that. Thinking more I don't know if even well hidden malware in the main client could get 1M. Attacker has to spring it pretty fast to avoid detection and serious business doesn't upgrade fast, nor careful or lazy individuals. Most people with brand new version will be new or have most coins cold.
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1410
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Economy / Gambling / Re: satashidice
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on: August 27, 2012, 09:38:37 PM
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Thanks dooglus, one correction, the minimum withdrawal is 0.1 so you'd have to win twice or double it in a ring game or play the half hour game. The half hour game is 50 to enter and has 100 chips added to the prize pool.
The freerolls are getting a lot of action lately, one had 38 players in it. For a better chance of winning you can try the off hours, like 5am ET and into the late morning. Same with the half hour, sometimes at night they only get 2-5 players you are potentially putting in 50 for a roughly 50/50 chance at 200 (if there are just 2 in).
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1411
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Economy / Gambling / Re: satashidice
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on: August 27, 2012, 05:16:39 PM
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hi im new and have been grinding out free sites. This is a lot harder than i thought to make coin. im uo to .015 . i was going to try my luck at dice but when i went to make the minimum bet of .001 it said i would be charged a fee of .002 im just wondering how much more i would need or what a safe minimum bet would be to cover charges and such. any advice would be helpfull. im actually trying to build a bankroll to invest in satashidice, but im starting to think my only real option is to invest my own money money considering that i spent 2 to 3 days and am only up .015
thanks for any advice
Betting a value less than a penny is not going to work out well. If you are going to play Satoshi Dice with that amount you need to do it all at once to minimize fees. Sealswithclubs.eu has free tournaments every hour. Neither Satoshi Dice or Seals are 'investing' though. Oh, you mean actually invest in shares of the company, gottcha.
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1413
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Economy / Securities / Re: S.DICE - Want a piece of SatoshiDICE? IPO this week before new site launch!
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on: August 27, 2012, 09:43:50 AM
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So it is thus accurate to say that I prefer 32k BTC instead of 10% of SatoshiDICE, but I would not prefer 15k BTC instead of 10% of SatoshiDICE. My investment preference only shifts to the BTC at the 32k for 10% exchange rate. Further, I wouldn’t sell another 10% for an additional 32k btc, for at that margin my preference shifts back to SD.
If some portion of the Bitcoin investment world has a matching inverse time preference to to mine, and is thus willing to pay 32k BTC for 10% of SD, then we all have a deal and the exchange is made. Otherwise, my exchange preference and that of the market do not align, and we continue on as we were.
Are you planning to call off this IPO since the second tranche is practically untouched after 24 hrs and the third one should also be released by any moment now? Seems like your conditions above (emphasis mine) are not going to be met. What price you're going to use when buying back shares? I mean, if someone is now buying in for .0034 and then you decide to cancel the IPO and buy back for .0032 there's immediate 6% loss (plus possible MPEx/GLBSE fees etc). Didn't find a clause for this when glancing over the conditions. No intention of "calling off" anything. If shares don't get bought, then I get to keep the dividends to myself. No biggie. Actually it is a biggie to you and not for the investors. If you do not buy those shares personally from the IPO, you can not get the dividends. As simple as that. If part of the IPO is not sold out, shares will be "bought back" or more like held by the company (not you as a person) and those shares become so called treasury stock. Treasury stock will be excluded form dividend payments and have no voting right etc and are not part of the SD equity (in your balance sheet). Option #2 is, you cancel the left over shares and by that you reduce the number of the total outstanding shares. Option #3 You cancel the whole issue and return the money to IPO participants at the price they bought the shares. Like I mentioned before, you got greedy and this moron, who advised you on your IPO, has no idea what he is doing or did. He already owns them, it makes no difference if he pays himself or not.
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1415
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Economy / Service Discussion / Re: Bitcoin would benefit in the long term if Pirate defaults.
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on: August 27, 2012, 07:28:52 AM
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Here me out:
If Pirate indeed pays out all lenders then it would open up the market for Ponzi schemes. More people would have reason to believe high intrest returns with no public business plan.
If Pirate defaults people will become more aware that Ponzis exits in the Bitcoin economy and this will lead to more skepticism of long term deposits with high return rates.
someone once told me a story about furniture sales... basically when you think about it some furniture lasts for 10 or 20 years, so how can there be so much demand for new furniture day in day out? because households are constantly changing, new people are being born and new people are moving in and out of the area. with bitcoin, there will always be a constant inflow of new people and history will repeat itself. That really doesn't make much sense (about furniture). If there was constant need for one billion pieces then each year and they lasted 20 years there would be need for 50 million pieces each year even if no one was ever born or died. The real demand is all the breaking pieces plus all the NET new houses.
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1418
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Economy / Speculation / Re: i've got a feeling
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on: August 27, 2012, 06:02:44 AM
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Isn't the bitinstant thing going to actually be a net neutral at best? As far as I can see it's just going to create more demand for BTC holders to use them, which means it will actually increase the sell-side of the equation as BTC are converted back to national currencies.
What we need is more actual goods and services brought into the bitcoin fold - this is what makes a currency increase in value over the long term; the faster growth of the underlying product base than the supply of money. I think it's great, this whole debit card thing, don't get me wrong. That being said, the bitcoin economy itself needs more of an actual economy of goods and services.
Nope. If you can use your coins faster you can keep them as coins for longer. And if you just need to -maybe- use them this weekend you don't have to cash them out at all whereas before you had to cash out as much as you might possibly need. Easier to use ---> better money ---> more valuable Don't forget people who think "eh, too hard to cash out, I'll pass" now they are in.
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1420
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Economy / Gambling / Re: SealsWithClubs.eu - Monday Night PLO Guarantee
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on: August 26, 2012, 10:17:14 PM
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Not sure what's happening - registered for the Sunday 60k Guarantee, but it hasn't started Very sorry about that, it is running now. I had some difficulty when switching it from a set 60 to the full amount. There is over 70BTC in the prize pool today.
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