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I don't know, guys. Decentralization has its costs, and we don't know for sure yet whether it outweighs the benefit so that it can be scaled out to a really large system. Furthermore, we don't even know the degree of decentralization a "world currency Bitcoin" would have.
Markets always gravitate towards the most efficient, and centralized systems always have reduced costs. Who's to say that a single decentralized system is superior to a plethora of competing centralized systems?
I will always be invested in Bitcoin (and honestly, I've already fulfilled almost all my financial wishes), but I will never succumb to this sort of kool aid and blend out my inner advocatus diaboli. Dogmatic thinking is not only bad for your financial but also for your psychological health.
vvv: Yes, you could say China has simply been thrown back a few months. At least for another month.
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You're preaching to the choir. I've always been wary of any Chinese data. To be honest, this should be applied to any Bitcoin exchange. I don't think any of them are audited. molecular, before laughing in your hubris, I would dwell on what she really means rather than technically. There's no real need for p2p if there are central companies who will deliver a good/convenient experience at acceptable prices. Think Steam and Netflix. Who's to say banks couldn't get their shit together if they wanted to?
My bank can't even electronically pay bills on the same day. They print out a check and put it in the mail. And let's not forget that US banks are still using the magnetic strip when chip and pin is out there and better (though the banks managed to fuck that up too). You're making my point here. It would be pretty easy for them to step up their game once they get competition. Banks are like record labels in that way. |
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Bitcoinity sometimes has bugs with regard to the market depths of exchanges, so I wouldn't rely on it. If this order book data is consistent with other sources however, it is certainly indicative of made up trades on their part.
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http://bitcoinity.org/markets/huobi/CNYMaybe someone with time and will can even analyze this and expose suspicious data if there is any. The scary thing about manipulation by exchanges is that they can only get more sophisticated, and eventually we won't be able to tell.
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Did that work out for QQcoins in China?
Perhaps I am wrong, but I wouldn't bet against the Chinese state's ability to stamp down things it doesn't like. Obviously people will always be able to trade OTC, but naturally that is a pittance compared to having an exchange.
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I don't know why people are still talking about China. Look at btcchina's volume the past days and compare it to their previous volumes. And that is before the market is completely cut off from the banking and payment providers end of Feb.
I would disregard all the other exchanges as they are likely to be manufacturing their data, same as OKCoin. Do you really believe there is 60k 24h volume on some Huobi site when there is 15k in btcchina, MtGox and Bitstamp all added together?
China is dead. It will probably stay dead. US and Europe remain leaders in Bitcoin.
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As if those articles had anything of interest beyond their headlines and a little skimming. If I read all the garbage the media are feeding us, I would be in a constant state of madness.  Also, I didn't comment on the articles themselves. |
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molecular, before laughing in your hubris, I would dwell on what she really means rather than technically. There's no real need for p2p if there are central companies who will deliver a good/convenient experience at acceptable prices. Think Steam and Netflix. Who's to say banks couldn't get their shit together if they wanted to?
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Holy hell, I didn't even know those articles yet. Thanks. You fight fire with fire. Hype with hype. For Bitcoin is built on little else. One of Dogecoin's 2 creators works at Adobe in marketing. Get something for nothing. This is the world we live in. It's literally a fad, and it's working. If Dogecoin ever reaches a billion in market cap, I will sacrifice a puppy and stuff it in the block chain. Just kidding, I would never hurt a fly. |
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Unfortunately it's relevant for Bitcoin when the scamcoins begin to rival its popularity and hype.
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It's a good thing we don't have any financial regulation on exchanges or even just private audits. This way, we can make believe and conjure up whatever we want.
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Bitstamp surpassed Mtgox in volume on bitcoincharts.com
Funnily enough, MtGox will regain its second position soon thanks to the Chinese rocket into oblivion. |
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I've 0 of any scamcoin (except for Bitcoin, obviously), but Dogecoin is absolutely hilarious and you would be a fool to deny it. |
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r/bitcoin – 89,324 readers; 750 users here now r/litecoin – 15,588; ~80 r/dogecoin – 15,085; 655 How funny is that? 2014 will clearly be the year of the Shiba Inu. Look at all the hype it's generat-err digging. |
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We need to maintain a healthy level of volatility in order for Bitcoin not to devolve into a medium of exchange, so I welcome the Chinese Chaos.
Of course, it is healthy for my finances as well.
In seriousness: I'm assuming those vouchers are nothing but a way to add or withdraw Bitcoins. You can already trade BTC OTC, so it's nothing. What they need is a way to have new inflow of CNY into the exchange itself so that there can be limit orders. Barring that, goodbye China.
You can already see how the volume has died off. BTCChina is now both (less than) half MtGox and Bitstamp individually.
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According to i286 ticker, ask sum is approaching 60k coins. Is that accurate or is the API screwed up again?
Does that page add up asks on multiple exchanges? I just did it manually with MtGox, Bitstamp and BTC-E and got at least 69k. On MtGox, it's 33k right now. |
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