zby and others:
this is exactly the reason why I do not count the minor subwaves. the risk for error is too high.
I have focused more on the bigger picture which told me that the likelihood is very high that we will enter a major rally.
I think we are in the wave 3 up now which will be much stronger than wave 1 (and wave 1 was +56% !!!)
Some people may be surprised if BTCUSD slices through 4 $ like butter.
Do you mean three-digit prices in 2012? |
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After this enormous weekend rally, I can see $4 from my house!
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I came to sit and tell a fable... ...spilled my milk on Rassah's table.  lol! nice one |
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Let's put this in clearer English! I hate it when google translate's crappy output makes me read more slowly.  Section 6. Recommendations 1. The government and central bank should acknowledge the existence of Bitcoin and deal with it proactively. Using the top-notch supercomputers at its disposal and using state power to ensure a monopoly on mining power, the central bank could acquire the vast majority of bitcoins. 2. The central bank should set up a Bitcoin bank and an official Bitcoin exchange and become the middleman in Chinese Bitcoin transactions to eliminate Bitcoin's relative anonymity and ensure that Bitcoin commerce can be regulated. 3. The government should push for international acceptance of a Bitcoin-backed currency, establishing a non-sovereign monetary system, to challenge the supremacy of the US dollar and to make the international financial system more harmonious and stable. Thanks for the clarification. So they want to become the largest miner and control the bitcoin exchange/banking industry within China to deanonymize it. This precedent may be followed by other countries, and we'll quickly come to a vastly more traceable system than we have today. Sure, current bitcoiners all get rich, but the governments won't hurt one bit. Yes, there will be winners and losers in the bitrush, but in the end we've just delivered them exactly what they've been looking for. They just don't know it yet. They could offer us only a fraction of our holdings for *registered* versions. Yeah, with all that mining power, they could do anything to us. |
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The article was published in some lowly credit card journal. It is not like the people's daily. This is just the view of a staffer at the Nanjing branch of the PBC. It is extremely unlikely to lead to concrete action.
As for the translation, 'attack' is more correct than 'deal with it proactively'.
Reading more of the article. The author seems to suggest co-opting the technology rather than destroying it. Goals are for China to control most computing power and to create a bitcoin bank which 'deanonymizes' the technology. Maybe the bank idea is to register all public keys with personal data, it is not laid out explicitly. The author proposes that governments issue bitcoin rather than permit anonymous entities to do so.
Sounds great! This is what I would do if I was a government.
What makes a government so wise and virtuous enough to be the only issuer of a currency? What is wrong with anonymity? Doesn't really matter... the PBC does what it wants. |
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btw everyone, the title is "Bitcoin is potentially a great challenge to the US dollar," or something like that.
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Notice: "deal with it proactively" in the original Chinese: "出击."
出击 means "attack," according to Google Translate.
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Courtesy of Google translate: Six recommendations
1 Governments and central banks should face the existence of bit money, take the initiative, the use of the country's massive computing power, suppression of private mining power, the vast majority of money concentrated in the hands of the state bits.
(2) of setting up a bit coin banks, currency trading in the implementation of the middle bit body to eliminate the anonymity that it can be regulated.
3 bits of currency-based international joint issue credit currency, thus contributing to the establishment of non-sovereign monetary system. With this new international settlement currency to challenge the U.S. hegemony, the international financial system more harmonious and stable.
Let's put this in clearer English! I hate it when google translate's crappy output makes me read more slowly. Section 6. Recommendations 1. The government and central bank should acknowledge the existence of Bitcoin and deal with it proactively. Using the top-notch supercomputers at its disposal and using state power to ensure a monopoly on mining power, the central bank could acquire the vast majority of bitcoins. 2. The central bank should set up a Bitcoin bank and an official Bitcoin exchange and become the middleman in Chinese Bitcoin transactions to eliminate Bitcoin's relative anonymity and ensure that Bitcoin commerce can be regulated. 3. The government should push for international acceptance of a Bitcoin-backed currency, establishing a non-sovereign monetary system, to challenge the supremacy of the US dollar and to make the international financial system more harmonious and stable. |
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By the way, I can't recall the number of "libertarians" around here who openly express disdain for democracy
That's not out of any love for authoritarianism, it's more sort of, "I'd rather decide for myself than have society decide for me." |
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Just a little nudge over 3.2, and I suspect we'll coast to 4.
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Oh wow... but which one do they want to do, a 51% attack or just mine a large amount of bitcoins?
I think he suggests mining.  If this happens, difficulty will be in the tens of millions soon :O |
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Oh wow... but which one do they want to do, a 51% attack or just mine a large amount of bitcoins?
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Hey everyone, a reminder: must not have images. |
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Posts must fit in sigs and must not have images.
Other people +1'ing your post WILL help.
GO! I'll update my sig once a week.
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Here's my optimistic prediction:
The price will briefly break $4 sometime in mid to late January. Between January and May the price will dip back down into the 2s. Between May and July the price will peak, possibly even reaching new all-time highs. By December 2012 the price will have settled in the $6-8 range.
PROUDHON SAYS PRICE IS GOING UP! SKY IS FALLING |
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Somebody just snatched up all the coins at $3.
Saw it live!  Time to take a ride on the space elevator. |
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I just want to point that that Leo was not at the 'Uncle Jacks Steakhouse' he claims to own on 9th Ave in Manhattan nor does he even own it. Furthermore, after making a post how his company has "No Complaints" the thread was full of complaints that he chose to ignore. Cheers! +1 +1 your a class act Charlie keep it up! and Happy Holidays! I think the mods should label leo a scammer now, unless he pays Charlie 1k BTC. |
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I don't really have a complete picture of what the Occupy movement thinks, but I know for a fact that there are a lot of people there who think like me. I do think that they could embrace Bitcoin much easier than the regular folk. I did and I'm not exactly pro capitalism. I do think that the original free market that Adam Smith proposed is something much saner than the global cancer of centralized corporate/government dictatorship and I see Bitcoin as a way to build a fairer market paradigm. It's definitely a step forward.
But at the same time it will never be enough for me. Any kind of market system will always be inefficient compared to a system that's designed for efficient use of our resources and meeting the needs of human populations. The opposite might have been true in the past but our technological capabilities are starting to be at a level where we can simply automate everything (with some limits, of course) and let people apply themselves, be creative, without the burden of being forced to get the money to pay the bills every month.
Well, in a post-scarcity scenario, I have to agree with you. Fuck property rights, when things are abundant, eh? |
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Throughout my childhood, my favorite person was defaulted to me up until I discover someone who can do something I can't at which point my new favorite person became them until a point at which I was moderately professional at what I do or lost interest in it. Rodney Mullen for example is a good model for "favorite person" to skateboarders, especially myself since I skate his style (freestyle/flatland/old school) much more than new school break-every-bone-in-your-body-as-early-as-possible-in-life style.
These days, having been hurled into economics, politics and cryptography thanks to discovering Bitcoin, I have thousands of "favorite people". I doubt I'll ever be my own favorite person again in this lifetime. From this understanding I deduce that the whole concept of having a favorite person, much less being your own, is a juvenile concept that comes from a lack of social and international awareness. I see everyone as just a different plant now at different stages of growth.
On that note, what's your favorite plant? I've taken the liberty of presenting a list of plants that I think represent some of the forum members the best.
Atlas - Cactus
Bruce Wagner - Poison Ivy
Please add more as you see fit.
Matthew N Wright - Bush Violet (aka Blue Troll) http://www.easybloom.com/plantlibrary/plant/bush-violet |
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