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financial bubbles that form from natural market forces, with one person’s expectations feeding into another’s
Aren't all stocks pretty much like that? |
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I can see the idea of being able to get paid with touchless "cash" gaining supporters in some parts of Africa right now...
Edit: And by the way, Bitcoin has always been a touchless technology.
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Wow, things have really changed, for a 2% change in value to make the news.
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I keep seeing this quote:
"Bitcoin sales on Overstock have averaged $15,000 per day, or $300,000 per month. "
Why does Overstock's month only have 20 days?
Is the Internet closed on weekends?
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probably someone trying to track all your monies and link you as the underground kingping.. This keeps getting repeated but no one can explain how that would work.
These transactions do not make it to the block chain—they exist only in the mempool of servers for a temporary period as they never get confirmed. (Emphasis mine.) This keeps getting repeated but some of these transactions do get confirmed. https://blockchain.info/address/1SochiWwFFySPjQoi2biVftXn8NRPCSQC |
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So what's everyone going to do?
Can see this going one of 2 ways:
(1) The 174K BTC are auctioned off at a discount and combined with the flood of injecting 1% into the market causes BTC to drop
or
(2) The 174K BTC are auctioned off at higher than $600 per coin - it's not easy to obtain chunks of BTC of that size (i.e. VC's or companies with long-term plans for BTC) and BTC continues to rise
Or everyone sits tight and waits while nothing happens.
They're auctioning blocs of 3000 BTC. According to BitcoinAverage, over 78,000 coins were exchanged in the last 24h so it probably isn't all that hard to get "chunks of BTC of that size". You want 30,000BTC by June 27? Just buy 2000 a day between now and the auction, shouldn't affect the market all that much. |
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The only way I see for Mt Gox's revival to work is if they get their 100,000+ former users involved again.
A simple way to do that, is to keep track of how many "lost coins" everyone had (the "goxed" coins) and promise to replace them progressively with real BTC gained from the trading fees.
User's account would show their real and goxed BTC balances separately along with any other fiat or crypto currency.
The goxed coins would then be traded for real BTC, LTC, dogecoin, USD, etc and, trust me, there would be a market for those goxed coins - at the right price.
They'd be heavily discounted at first, like towards the end of the original Mt Gox, and they would gradually increase in value as people see them progressively getting replaced by real coins.
Some risk tolerant people could make a killing and others would gladly just recoup a fraction of their lost coins.
The new Mt Gox being a completely new company in a different country, backed and run by real capitalists, there would be no reason to associate it with the previous incompetent management.
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If you paid in dollars and they claimed that they don't owe you a dollar refund because they quickly bought a few bushels of coffee beans with your payment, and you're therefore only entitled to refund in coffee beans, would that make sense?
I don't see what grounds they'd have to claim that BitPay processing or no-BitPay is relevant.
Coffee grounds? |
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The "You're screwed if you sign this refund request." form had the Bush street address on it.
They would probably want that one to be valid.
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If you do not complete, sign and return this Agreement within ten (10) days of the Notice Date above, HashFast will assume that you have consented to wait an additional 30 days for delivery. You may not cancel your order or request a refund after such 10 day period unless HashFast does not deliver your equipment by [NOTICE DATE+30]. Your cancelation terminates your right to any additional equipment that might have been due under our Miner Protection Program. This can't be legal (as in, they can't really believe we will eat all of this shit). No that can't be legal. Earlier ToS said we had 15 days from December 31. Furthermore, that 10 days deadline is not mentioned in the email which links to that form. |
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We all paid different amounts by different means and at different times (and are thus subject to different TOS).
We all have different records of our transactions with HashFast so it is not really possible to put up a united front on getting full BTC refunds.
If Cedivad, actually sues and wins his case, it will not, by any means, guaranty that anyone else will win their slightly different cases.
But one thing seems to be clear: the end of October delivery date was never a possibility and was actually fraudulent false advertising that affects us all equally.
The damage that that false advertising has cost us is the amount of BTC that we have lost from getting our machines delivered in January (hopefully) rather than October, and can easily be computed(*) (once we know for sure how fast the machines are, and when the actual delivery occurs).
I suggest that we get together to sue HashFast for that amount (plus punitive damages?).
Cedivad, what does your lawyer think of that?
(*) I estimate the amount lost due to late delivery to be around 22BTC, assuming overclocking to 500GH/s and an early January delivery.
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They will not update the ToS to scam their customers, their marketing dep doesn't come right out of the porn industry, they will do what they can not to screw them, etc.
That could explain their choice of vanity address: 1Nbq2XZaRsKknf5fcT2wTXvBS31PaUW SeX |
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Hmm, not sure what happened.
Rebooting fixed the problem.
I had to power down and reboot for unrelated reasons and now everything seems back to normal; bitcoin-qt, litecoin-qt and X all just using ~1% of 1 CPU each.
Linux is getting a bit too much like Windows to my taste.
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Is it possible to see a recording of the draw?
I was logged in early but the broadcast started late (and ended a bit early/abruptly) and I didn't see the beginning so I don't know if my name actually made it into the hat.
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I recently upgraded to Slackware 14.1 (with KDE 4.10.5) and when I launch bitcoin-qt 0.8.5, X windows goes to 100% usage of one core (mouse becomes unresponsive etc) while bitcoin-qt itself uses 1-2% sometimes momentarily jumping up to 16% of one core.
The Litecoin 8.4.1 client causes the same effect.
If I try running bitcoind instead, it quietly sits at 1-2% while X windows stays below 10% CPU usage.
Any idea?
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Thanks for the update Taco -
I have been trying to stay optimistic with HF, but it has been difficult with all the haters in the HF threads. Hearing that they have gotten back in touch with you helps a lot.
Yeah, except they don't seem to have answered a single question off the long list that you had accumulated for them. |
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I just want to say that every time I read this thread my faith in humanity is restored.
I do not think that word means what you think it means. |
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You think maybe someone took over D&T's account?  Not even sure how to respond to that? It certain is a first. I am still me (but then again I guess a hacker would say that). I was just joking, I have no real reason to doubt that you are still you. I continue to trust you and value your opinion on this forum. And if I ever really did need you to prove who you are, I am sure that you could send me a message signed with D&T's PGP key or with a BTC address that I know D&T controls. Sorry for being off topic and doubly sorry if this lame joke has cast even a shadow of a doubt in anybody's mind. |
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