lol look at all the panic buyers  |
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Sunnys whitepaper on prime coin explains why projects like folding @ home can't be used as the proof of work protocol.
You can do proof of work on the results and use them as a currency. |
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Shoots keep growing...
Sorry, but having checked Gox... volume is down today on what it was yesterday, and that is without the sell off. Gox also looking like it is being traded by somebody's robots playing pass the parcel. One explanation could be that there is a bot who puts of asks and another bot who grabs them. The selling bot seems to be programmed only to put in orders when there is low liquidity and the buy bot only acting when there is high liquidity. So the price seems to be smashed against an invisible askwall. |
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Please show mathematical or historical evidence that the Bitcoin economy booming would be a bad thing.
Just think of the pump and dump as the Bitcoin economy and voila - is is booming, the price is up.  I don't calculate hyperinflated Bitcoin prices as part of whether the economy is doing well or not  I do use it to find out how badly paper money is doing though. Coming up next: The inevitable collapse of hubris. |
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This thread I posted over a year ago.Now everything seems to be in order, psychologically we are right on track... FYI: RippleLabs has 25+ employees already and more people actively developing it than there are core Bitcoin developers. Their recent WCG giveaway lets people "mine" XRP and the crunching power is growing exponentially. The Ripple WCG team is already the fastest one on the Grid and they will be all time leader during the 3rd quarter this year by current crunching speed alone. Bitstamps ripple adoption coincided with them becoming a major exchange and it takes just one other exchange for it to be the tipping point for a permanent Ripple/Bitcoin synergy. Once this happens ripple haters will have no other choice than to shut up, just like it happened with Litecoin.
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Please show mathematical or historical evidence that the Bitcoin economy booming would be a bad thing.
Just think of the pump and dump as the Bitcoin economy and voila - is is booming, the price is up. |
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Myself and others have done several large withdrawals successfully from cavirtex--never had a problem. In fact, the only problem I've ever had was getting money in to the exchange. In Vancouver we have an active 'local bitcoins' community too; if you'd take a 10-15% discount to cavirtex, you could sell $100,000 tomorrow for cash.
I'm wondering if those stories are in fact completely made up. |
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You guys have forgotten how even the title of this very thread was created.
Adam look, you can now close the thread. |
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50K was dumped in May. At the time, the order books were so deep that the dump only brought the price from $127 to $118 - only 9% slippage, and then the month long downtrend began. Now look at our current order books - even if you combine mtgox and bitstamp - the same dump would reduce the price to $450, a 45% drop... Think about that for a moment. Bid support my ass.
Then nobody will dump 50k coins. Just the slippage will stop them. Then they just put in an askwall. |
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I doubt we're gonna see a 50k coin dump ever again.
The market has matured. People with that amount of coins know they can get easily get a better OTC deal these days.
I'm just assuming here, but I am assuming that order sizes above a certain threshold are approximately exponentially distributed. We've seen 4k dumped more than once in the past day or two. I think we're going to see a 50k dump (without doing the math here, which is notionally trivial, but I can't be bothered to do it ATM) certainly within the month, feasibly any day. I agree with Voodah that the market has matured and that 50k dumps are much less probably, but I also agree with aminorex that they are still certainly possible and that we should in fact expect one eventually. It takes a fairly sophisticated individual to arrange a OTC deal with a Wall Street hedge fund or Chinese tycoon. There *must* still be early miners, maybe 23 years old, completely mind-blown by the fact that they have $80,000,000 in bitcoins. Eventually one of them just says, "I'm getting the fuck out of Dodge" and does something stupid. A friendly reminder about how reality looks like: http://buttcoin.org/easy-like-sunday-morning |
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China wants to move down, bitstamp wants to move down. Just the goxians are clinging to the cliff what will happen?
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I think he means 2014 will be the year when Dogecoin overtakes Bitcoin.
Why is the price of Bitcoin now 750 USD, rather than 0.75 USD or 75,000 USD? Why would a business accept Bitcoin but not Litecoin, Dogecoin, or CitiBankCoin? Would you store gold in a vault with a 10 foot thick steel door or a vault with a door made of plywood? https://blockchain.info/statsLook at the bottom stat on this page. I means something very significant. Someone has to 51% one of these coins one day. As soon as the Litecoin ASIC rolls out I expect several of the minor coins to get pillaged. So where are the asic pillaged sha256 altcoins? |
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He is not directly involved with anything there, the employees of his VC firm are. And they probably invested in the platforms themselves rather than using them... |
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I'm picturing a freight train loaded with nickels derailing inside a tunnel and them shooting out at the other side. That's bitcoin for me.
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You are missing a golden opportunity here, nobody can force you to think, only encourage it...
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Krugman has been trolling Bitcoiners pretty consistently over the years, and it always was met with the same pre-conditioned response. He's become so good at it now that he can't even be ignored anymore... most appreciative.  |
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wrong forum, but LOL
inb4 Keynesian Economics vs. Austrian Economics fallacy
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Yes there are more investments that's why the ATH is at 1200 instead of 30. And the same process can make it go down like that. This process has nothing to do with how big the investments into Bitcoins are but is an inherent property of the market which won't go away.
Oh and dude, I called the breakout at $20 with something like: this seems to be the start of the new bubble. I rarely make any comments about the price, it's just that I am skeptical about the "reasons" the "economy" around bitcoins supposed to be "booming". And I have yet to be proven wrong about that.
Oh and the hackertoy time was before silkroad and the gawker blogpost about it, before bruce wagner and free gpu mining software.
After that it became a libertarian pump & dump scheme and it yet has to evolve out of that.
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It's unfathomable that you don't get this after being there in 2011.
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