I understand the concept, and fully agree that there are people out there with the capability of drastically affecting the market price. But this is the same in many markets. I don't like the collective labeling of high volume traders as... 'the manipulator'. They are simply people doing their downright best to secure their own interests. I'd be doing it myself if I had the capital.

My point was this. Ed believes these strange market movements to be due to the actions of a single manipulator with some devious plan to alter the price. I believe that it is due to the collective behavior of traders, some with greater influence on the price than others, but all seeking to maximize their own reward.

One is a logical and rational standpoint to take, the other isn't. People can come to their own conclusions on which is which.

It will fall to normal levels when everyone else realizes that it is overpriced too. Hard to put a definitive timeframe on that.

Your prediction of price falling during the winter could be correct, but it is just as likely that the free A/C provided by cold weather might give incentive to buy more mining equipment with the savings on cost, increasing the difficulty and therefore reducing the supply and increasing the price.

You might aswell invest your money at your local casino.

Just as good of a speculation method as any I guess. In fact, it's miles ahead of most of the BS I am reading in the speculation forum.

I guess it might have something to do with his paranoid delusions of a subversive, malevolent and seemingly omniscient entity called the manipulator bending the bitcoin markets to it's evil will.

Meh, I guess he could be right for all I know. But I have found that when shit hits the fan, it's more frequently due to ignorance and stupidity than deceit and subterfuge.

Occam's razor: when faced with competing hypotheses that are equal in other respects, the one that makes the fewest new assumptions is probably correct. I.e. the simplest solution is probably the correct one.

I.e human ignorance and stupidity is to blame, not the devious machinations of the manipulator.

Synaptic, it's clear that you have some great ideas but as you have admitted yourself, you lack the technical knowledge to implement them. Given this, I find it rather annoying that you still want to keep your ideas suppressed, rather than sharing them with the very people who you need to help you get your project off the ground.

You fear that disclosing your 'secret sauce' would lead to someone else taking the idea, and leaving out crucial parts that make the system work (for their own benefit). Well, if this happens... wouldn't the community be aware of it? And wouldn't this lead to loss of credibility in favor of any future full-implementation of the system you described? So, let the n00bies set up their shit-forks.

Heck and even if someone else did take the idea and implement it fully themselves, wouldn't it at least feel good to know that it only exists because of you? And like you said, they won't profit from the idea anyway. Don't you plan to make money from services derived from the currency and not from the currency itself? If so, then what does it matter who the one to compile it is?

The way I see it is that what you need in order to see your ideas into fruition is a group of people with a varied skill-set willing to work together to make it become a reality. Now, where I wonder could you find that? Oh wait...

It is obvious that you would have to relinquish ownership of your ideas for this to happen, but isn't this is the whole point of the open-source movement? Individually we are insignificant, together we can change the world! Yada yada..

I like your ideas, but I don't get your attitude. You have a fierce passion that is obvious in your posts, and are clearly intelligent with a lot to offer the p2p currency movement. But you also harbor a lot of enmity, evident from your insulting rants, and your egotistic attitude will only serve to segregate yourself from the very people who share you're beliefs and ideals and can help you implement your ideas.

So basically, what I'm saying, is either spit it out or shut the fuck up!

Also, can you stop with the self-praise and talking about how ingenious your ideas are? Like other's have said, we'll be the judge of that. I really hope you actually do spit it out, because, if there is anything to it you can count me in for one.  I'm sure, with a small attitude adjustment, you will be able to gather up enough minions to help you turn this vaporware into awesomeware.

But not if you keep acting like a proverbial crypto-hitler!

+1

He has mined 80,000 coins and this is his first post on bitcointalk?
Smells fishy to me. The fishy odor of bullshit!

lmfao!

You're absolutely right. What was I thinking?!

Oh wait, aren't you the one who suggested that all he needs is pot, lube and underage girls? I mean I agree with you (minus the lube of course, teenagers don't fucking need lube) but thats the danger of the moral high ground.

This is all a bit unfair to the kid. He is asking for information on bitcoin that he can use to help inform his parents. I don't see the problem with this. The more people who know about it, the better. Even if it is just kids and their parents.

RAGEREDSONIC, unfortunately, your parents are correct. The price of bitcoin at the moment is very unstable, and people have not yet settled on a true price that they are willing to pay. This means that they are slowly losing value over time. This will stop once the price reaches it's true valuation. You will lose your allowance if you use it to buy bitcoin now, or if as your parents seem to have discovered, that you have already bought it at inflated prices. it's a bad idea, they are right, and I don't recommended that you keep doing it.

However, that does not mean you can't make any money. All you have to do is think of a good or service that you can provide to people in exchange for bitcoin. Instead of using your allowance to buy it, try and think of something you can trade for it. This way, you will earn bitcoin, which can be converted into dollars.

Since you are quite young however, it is unlikely you have any goods or services that people are willing to buy.

So, what I would recommend is that you stay in school, and save your allowance. Then when you get a job, save as much of that as you can too. Save till your piggy bank is bursting at the seams. And rather than buying drugs with it, as suggested by someone else, use it to help pay for a university degree.

Once you have done all that, come back here, and you may have something to offer people that they are willing to pay you for in bitcoin. Until then, be patient my young padawan...  

My in-depth knowledge of economics is quite lacking, but I don't think the foretold bitcoin doomsday will emerge any time soon.

Yes, bitcoin seems to have experienced a significant bubble, but what is happening now - to me at least, seems more like a market correction rather than an inevitable crash. $30 per btc was insane, and people who bought at that level deserve to have lost money as they should have done some basic math and realized that the cost of production was far far lower than what they were paying.

The price is falling, yes. Am I worried? No! In fact I am glad. Because bitcoin will not be acceptable for use as a currency until it's true value is known by the markets and stabilizes. Until then, it is hugely overbought, and that is good for nobody except n00b miners who spent all their money on mining gear.

Well, this is a reality check, and the way I see it is that the price will continue to fall until it drops below the mining cost level. After that it should go up again due to reduced supply (i.e. a reduction in the number of miners, or the hoarding of coin). Once all the strike-it-rich kiddies throw their failed mining rigs in the trash, it will only be professional miners left who have large resources available to them and are able to cut-costs and still remain profitable.

The true value of bitcoin will become established over the long term. It's dollar-value should stay pretty much static, with small volatility, after this... pegged of course to the cost of mining, which is proportional to the cost of electricity and computer components. It's value as a currency in it's own regard should hopefully increase as more and more people learn about it and begin to understand and adopt it.

Of course, the bitcoin software will need some future renovation, but with the level of expertise I have seen at this forum, that won't be a problem.

You would have to be mad to accept paypal for bitcoin. One can easily be reversed, the other can't. The risk is too high for most people to take. And even if you do run into someone crazy enough to sell you btc for paypal, you're probably going to need more than 1 post in the newbies section to prove your trustworthiness.

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Yep, the wallet file is totally os independent. You can have the same wallet.dat under windows/linux/mac/etc and each of the clients will access the same bitcoin wallet. Each time you move the wallet file though, you will have to re-download the blockchain.

Can't shake the image of miners worldwide huddling around their rigs for warmth!

OT, and taking away from the good calculations done by the OP, but hilarious! 

What are YOU saying? Idiot!

But honestly... do you care to explain your logic as to how you concluded this based on my previous post? I'm sick of people crying 'commie' as if it were some catch-all response to win any argument. Not that I am, but who cares if I was? In 50 years, capitalism has caused more damage to this planet and it's societies than communism ever has.

If you mean to insult someone by calling them a communist, you really are an idiot. Because if I actually was a communist, it would not insult me, it would just be stating the obvious. In fact, the only reason I would be offended would be if I actually was a capitalist - thus invalidating the insult. Your statement reeks of irrationality and stupidity.

I long for the day when archaic ideas such as capitalism and communism are nothing but a vague memory of a barbaric age. In fact, the main reason that I am here is my hope that bitcoin will help pave the way towards a more rational, democratic world.

The cause of the riot was not directly due to the UK's economic problems, which are indeed significant, rather it was caused by more insidious social problems that have been building up for years. Particularly, failures of education, the family unit, the judicial system, aswell as in policing and governance.

Of course, failures in the financial institutions have led many families into destitution and poverty, but the answer to this is not to loot whatever your grubby hands can carry. In fact, these people have only worsened their future prospects by damaging the local economy in london (destroying shops and causing capital damage), thereby reducing their chances of future employment.

If their society was functioning correctly, in a rational and democratic fashion, this sort of thing should not happen even taking the financial crash of the past few years into consideration.

I think the social problems in the UK vastly outweigh the financial and economic problems they have. And you cannot fix social problems through financial mechanisms. Well, not with the current global financial system we currently have in place anyway.