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Bitcoin / Bitcoin Discussion / Re: Are you holding your bitcoin for a price increase?
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on: October 21, 2015, 04:31:19 PM
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yeah, most people are waiting for the halving to sell their coins. at what price did you buy your coins since you wait to double your investment?
I wish I was one of the guys who bought them at $1 or so but nah... my holdings are in the $190 price range. I guess this can be easily doubled in a short period. Hope that happens soon, so that I can get my ROI. And you? [/quote] If you look back in 10 years, you might find your initial investment in the $190 bitcoin has risen 40 times. We have seen the kind of price rise much more than 40 times in bitcoin in the past.
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127
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Ethereum: Welcome to the Beginning
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on: October 21, 2015, 05:55:21 AM
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Ethereum is not a payment network. Please keep that in mind when you invest in eth. There is no good reason why eth should be priced as high as it is now as long as its funtionality isn't fully implemented.
You can buy eth if you believe in the future of the platform, if you want to experiment with the network, or if you want to develop programs for it.
I thought that Ethereum = bitcoin +smart contract network.
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128
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Bitcoin / Bitcoin Discussion / Re: Silk Road Founder Ross Ulbricht Sentenced to Life in Prison
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on: October 20, 2015, 08:40:44 PM
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This is what justice is? Ulbricht gets sentenced to life for being innovative and an entrepreneur. He could also have committed some crimes, but those wouldn't be enough to jail him for life. as for Carl Force, he gets to have only 78 months from stealing, extortion, money laundering and obstruction of justice. Call it Justice call it what you will...
If Ultricht does not provide a platform for illegal trading, he will be fine.
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135
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Bitcoin / Bitcoin Discussion / Re: Silk Road Founder Ross Ulbricht Sentenced to Life in Prison
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on: October 20, 2015, 03:35:27 PM
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In short: the corrupt federal agent Carl Force IV aka "Nob" has been sentenced to six and a half years in federal prison for stealing hundreds of thousands of dollars in bitcoin during the investigation and for selling information about the US government's investigation to criminals. Another corrupt federal agent Shaun Bridges, who was charged with money laundering and obstruction of justice, and later plead guilty to stealing more than $800,000 in bitcoin has sentencing hearing in December. Hope Bridges get what he deserves.
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136
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Bitcoin / Bitcoin Discussion / Re: MasterCard Exec: ‘Bitcoin Doesn't Really Work in Today's Environment’
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on: October 20, 2015, 03:34:20 PM
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I've got to say, after using contactless payment for a while, I really can't believe how convenient that is, and compare that to using QR codes n what not for Bitcoin payment, then waiting for confirmations, it really is a world of difference. Obviously, we can always argue that banks are the middle men that make the contactless payments work so seemlessly and they can go down as well as take your money whenever you want. For most use cases however, I really can't advise using bitcoin as a method of payment for everyday use. Transferring larger amounts may have some merits as my bank limits me to a certain amount of cash withdrawal per day, and bank transfer usually goes through the scam and AML checks.
If banks integrate the bitcoin into their banking system, then you can also use contactless payments.
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137
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Economy / Exchanges / Re: Bitcoin Exchange Gemini Approved for Launch in New York
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on: October 19, 2015, 10:19:46 AM
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Stable mean not more than a few percentage a day volatility. Otherwise the goods will be priced in fiat, not bitcoin, even though you can pay with bitcoin, the vendor will change bitcoin into fiat instantly, they will not keep bitcoin. That is bad for the value of bitcon.
There are plenty of 'real' currencies with way less stability than Bitcoin. Overall though I agree. I don't see how it could ever be stable, in fact it was specifically designed not to be with deflation built in. The merchant instant fiat thing is a bit of a tried trope. Bitpay employees have said hardly a coin is sold on the open market. They already have buyers waiting for them. Whether that could continue if activity scaled up is a different matter, but that would also mean there were more buyers. Commerce is a bit of a side show for now. Several percentage points of deflation a year is not big.
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