Real exchanges have rules.
BTC exchanges do not.
If you have rules about who you trade with and how then all of your exchanges have rules. |
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I diversify. I'm practically guaranteed to lose some. But there is no way in hell I'll lose them all.
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In case b they restart setup with $13K positions. Eventually price moves in favorable way and necessary "exchange" takes place.
There are really countless benefits, however there are substantial limitations for such transfers.
1) Both nodes must have 3 to 5 times more money to make such transfer - price can go not in your favor many times in a row
If they only have 5x times they can only get it wrong 3 times (50-10-13-16.9=not enough to go again) no to mention repeated fees and the hassle of coordinating an unknown number of times. Strangers won't ever do this. And friends can settle amounts <10% of their free cash whenever is convenient. edit: But I appreciate the spirit. edit again: did I get the math wrong? |
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I'm working on this as well.
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Millies, as a friendly form of millibitcoins.
I like it because it goes with Mikes, a friendly form of microbitcoins, and someone is sure to do a nice logo of Millie and Mike.
+.001  |
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It's a good thing when it isn't news anymore.
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I would love to see a Facebook game that used bitcoins. Facebook doesn't allow that. Best regards, Casper I has idea. Make a cool game. Nothing really to do with bitcoin, but maybe in the action puzzle genera. At some point have screens with a bunch of matrix looking random data. Mark off some of it in a subtle way. That's a bitcoin address. Make a minimal payment and unlock levels/powers/cool music/death star/whatever. |
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Here's an angle I haven't seen discussed. I may be misinterpreting this, in which case someone please put me straight. The Russian-English sometimes makes it hard for me to understand. At the top of this thread, bitcoinex said: Yes, dammit, I resent, because paying for the work with bitcoins! Confess that you simply draw exchange rates! My English interpretation is: "Dammit, I resent having to pay people (for work done) with Bitcoins! Confess that you (i.e. MtGox) are fixing the exchange rate!"Perhaps bitcoinex contracted with someone to do some work, and set a price in BTC (e.g. 100BTC per week). It's now costing too much to buy the BTC to pay for the work being done. A bit later in this thread: I'm certainly interested as bitcoiny used to pay for and now I will have to pay 3 times more ... Such jumps put a cross on the distribution of bitcoin as a means of payment. Interpretation: "I like the idea of Bitcoin as a means of payment, but now I have to pay three times as much (because of the rate increase). These jumps (in the exchange rate) are a black mark against the use of Bitcoin as a means of payment."Perhaps bitcoinex is financially desperate due to the three-times increase in his costs (measured in fiat), and he can't meet the payments due. MagicalTux said that the ransom demand associated with the DDOS asked for two things: a sum of money, and for the MtGox exchange rate to be reduced. Now who might want those two particular things? Then bitcoinex's exchange stops paying out, but for a short time keeps accepting deposits. These things make one wonder. I'm not making any kind of allegation here. I'm just painting how the material already out there already looks, and inviting bitcoinex to clear his name. I think you are right. It's hard for people to deal when they haven't experienced anything like this. It's just not safe to agree to pay coins you don't have or to do your accounting in one currency and promise to pay another and not hedge properly. If I promise to pay someone in coins I have the coins and consider them gone. If I want to protect my feelings about how costly work or goods are I can buy more coins so that the spend was essentially in fiat. Be sure in your own mind what you are doing. Don't think "I promised to pay 3BTC, that is $24. Oh, shit now it's $58." You never promised to pay $24. You promised 3BTC and nothing has changed about that. |
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These are interesting mind exercises ... I do them all the time to keep the grey matter clicking. But think of the wider ramifications. Imagine all those people currently sitting on hundreds of millions and billions of dollars of wealth, Buffet, Gates, Ellison, bankster CEO's, the Paris Hiltons, old money families, Tiger Woods, Mark Zuckerberg, etc ... there are quite a few but not innumerable, for guestimates sake lets say around 200,000 people who control 90% of global wealth or something like that. Now, imagine if bitcoin become the new denomination of wealth. Suddenly we have world turned upside down where the new holders of big wealth are cyperpunks, linux hardware nerds, extreme gamer college students and various other programming geeks, libertarian anarchists and etc who got in early. Even a few tens of bitcoins could represent a massive holding under the new system. And that other former ruling elites are suddenly grasping at straws trying to get into bitcoin at any cost as they see their power evaporating away in the collapse of the old discredited monetary system. Those people's wealth is measured in dollars so that we can compare sizes. Their wealth is not actually dollars. When we measure their holdings in Bitcoins they will still measure well. Maybe not as well since surely some of their holdings value is deeply tied to the current establishment. Bernank et al actually derive their wealth from the dollar machine, they won't fare so well. |
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If the value of the dollar decreases, the price of Bitcoin in USD will increase, just like the price of everything else. Simple as that.
Nothing is that simple. Not only will there be more bucks to chase bitcoin just like there will be more bucks chasing carrots, but there will be a large unmet need for a liquid store of value (there already is, but it will grow). So bitcoin benefits on both sides. |
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I did a pretty good sized cash/btc transaction with mndrix in SF recently, and things went quite smoothly. Main problem was crappy wi-fi causing the receiving client to not get any connections. We waited around until it was at least on blockexplorer. Also, got a few strange looks, since it was evening, and it was a "nice" bar where laptop use isn't the norm.
That's funny. We met in a Starbucks, but I didn't have a phone and we didn't describe ourselves and there were a lot of people. So I wrote "Bitcoin" on a notebook. Blended right in, laptops everywhere. I could probably run an exchange service from a starbucks if I lived in a better spot. |
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I think the way to kill the currency is to own all or most bitcoins in existence and mined in the future.
yes... perfect! You've figured out the key! can we kill this thread yet? I really hope this the government's kill bitcoin plan. |
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quote freemoney
"It's open source. People look inside at how it does what it does, it isn't a mystery or anything."
I'm aware, however, I was under the impression that both money invested and the earlier the attack began, the worse damage it could do. Is it not the case that those who have viewed and understand the code claim this?
how do you do those quote bubbles? I'm new to this..
Oh, I thought you were saying that the enemy had some advantage from writing the code. They don't so that doesn't matter. Coming up with an awesome idea and implementing it so that you can destroy it instead of letting someone else do it and then you can destroy it is beyond me. If that's a good plan it's for reasons so subtle and amazing that I'll never understand. |
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I want to point out before I say all this, that it is written under the assumption that the code of bitcoin is as pure as it seems to be as a legitimate decentralized currency, and in no way brings to question the techies understanding of the code.
Now, IF the idea of decentralized currency was thought up originally by its ENEMIES who saw its implications, and they invested the necessary money/computers to eventually bring it down, then brought to the public as bitcoin via 'Satoshi Nakamoto'. They wait for the idea to draw in the techy individuals - like it has - who in turn spread the idea around to those who trust them as smart - like they have - this all with the aim of building up the popularity/reputation of decentralized currencies as a whole. Eventually, enough people trust and invest so that when this enemy of decentralized currency(also the creator of bitcoin mind you) pulls the proverbial rug out from under, the trusting collective loses the millions of dollars they have invested and the face of decentralized currency is now very ugly to the them, to the point where even if a new genuinely uncompromisable network were to emerge, we have the boy who cries wolf scenario on our hands (With the techies playing the part of the boy and the townspeople playing, well.. the townspeople. {For this metaphore to be truly accurate you actually have to see satoshi as the boy, and the techies would merely be the first townspeople that the boy gets to whom believe him, then themselves go on and unwittingly spread the boys lie, but potatoes, pototos, since as far as the townspeople are concerned the techies spreading the word are now untrustworthy, b/c to the simple mind, their money is gone, and their trust of the the techies is to blame}. This all having been done by the controllers of the money to keep their control of the money, by premeditating and attacking future honest decentralized currencies before their birth. This doesn't kill the idea obviously(since the idea is in essence the circumvention of gov't/banks, if these are indeed inefficient entities, efficiency (decentralized currency) wins long term, or so says evolution at least, efficiency can't be killed, its all there really is), it simply makes it harder for the future attempts to be able to take hold right away.
I have no idea if this is a valid point, or merely naive drivel which is easily refuted..
It's open source. People look inside at how it does what it does, it isn't a mystery or anything. |
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Sex, drugs and rock n roll
Wait, where's the RnR? |
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Who is John Galt?
What is Bitcoin?
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Not giving an exact figure here but the amount of funds on Britcoin are usually 100x the volume of the market.
But it varies: there was a point where we were getting 3k volume per day and had 10k GBP, 10k BTC.
Usual MtGox volume is 20k, so I'd say they likely have ~200k online.
I think you are off by at least an order of magnitude, or two. The recent volume on MtGox has been over $200K USD per day. 100x that would give an estimate of $20M USD in the market on Mt Gox. (I would guess this is high, 10x = $2M USD seems more reasonable at this time) He said Britcoin. |
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A few good options:
He puts in all the money and takes all the profit, less a wage for you (and maybe a small cut to get incentives correct)
You borrow money from him, paying back up to double if you make that much.
You borrow money from him promising to pay back no matter what and give him something small like 10% interest.
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@S3052
Assuming this is the case, how do you judge when the "tree" is going to peak?
Looking at the depth of market, it seems to be stalling under 8$... it may be now big Ask resistance at 8$, low Bid resistance :/ Pfft. You can't wait 24 hours for each 10% rise? |
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A high bitcoin price does not increase the production of bitcoins. Demand could shrivel away, but that's not how bubbles usually pop. Once the bandwaggoning by normal people who don't get it or care to begins there is no stopping.
I agree 100%, aniway i've had a sell signal and for now i'm happy, sold at 7.72$, i day trade with an hourly chart, waiting next buy signal, do any of you guys daytrade or just holding bitcoins for long term? Long term. I'm 27 and Bitcoin is an integral part of my retirement plan. Me too. My retirement is going suck balls and come late or be really awesome and come soon. Who am I kidding, I don't do anything resembling work now. |
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