Bears/manipulators/etc: Congratulations guys, you're getting your cheap coins.
Shame (for you) that now, none of us want to buy back in any more.
Enjoy those cheap coins!
Wow, you sure sound butthurt. I suggest learning more about how markets work, or simply looking at a long-term price graph of Bitcoin. This has happened before, it will happen again. |
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BTC isn't going up, it's FIAT that's going down! Every day your FIAT is worth a little less.
That's weird, I was under the impression that the same Bitcoin can buy 10 times more stuff than a few months before. Also weird that one USD doesn't buy me 10 less. Must be some FIAT manipulation by Bernanke or something.  OR Gold, Silver, stocks, real estate are inflating vs. Bitcoin too. Basically, only Bitcoin in this world is stable and all other assets fluctuate agaist it! Finally we see the truth! |
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Speaking of the devil: my XRPs' BTC value has appreciated more than 20% in last two days.
Don't shoot me...
EDIT: before you call me names, I hold both BTC and XRP. And I ain't selling any.
At 6000 XRP per BTC, that would make the Ripple market cap 16.66 million BTC or ~2 billion USD. Surely not a bubble. |
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Difficulty doesn't support price. Difficulty doesn't lead price. Why the hell would it? Have you checked out how the 2 variables behaved during 2011 and 2012? The only relationship is that the price leads difficulty (minus more efficient mining technologies like ASICs). In 2011, difficulty topped out two months after the price did:  |
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1/10. MtGox leads, Bitstamp follows.  |
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So when do you think the next bubble will occur? My guess would be within the next 6 month.
Should happen now, as all the alleged money launderers from LR move to Bitcoin. Unless the volume of criminal activity was orders of magnitude lower than the official version. Which is impossible, because states never lie. Therefore the rally is now on and the charts are lying. Bitcoin is too volatile for criminals. It appears they are moving on to WebMoney Dollars. https://krebsonsecurity.com/2013/05/underweb-payments-post-liberty-reserve/ |
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Does this detail matter in the large picture?
Fact is, Bitcoin is supposed to be an international currency, and we have nearly the whole world population using the metric system.
Cyprus, China, Argentina, all the countries Bitcoiners are so hyped about use the metric system.
USA and UK will have to adapt, not the other way around.
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No.
We want mass adoption and adding a "milli" to the name just at a time when most people identify Bitcoin as, "That crazy internet bubble the geeks got stung by" is not going to help its image in my opinion.
Just call an mBTC something ELSE, a bit less geeky.
Apart from the US, the rest of the world is absolutely familiar in their daily lives with metric units like kilometers, milligrams, milliliters, millimeters, cents. It's not geeky at all and entirely natural to use millibitcoins, millibits or whatever. I suppose you are from the US? Look at all those geeks using those weird units.   |
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They set themselves up between a rock and a hard place, if they want to maintain the price, at this rate of distirbution it will take more than half a century to inject the 50 billion XRPs they promised into the market, if they go quicker.....  When I asked, they said they wanted to do distribute the 50 billion within 2 years. Obviously, they had a change of plans. Lots of people are going to get hurt on this once it pops as they prolong it, and I do think this is on the verge of scam now in how intransparently and arbitrarily they issue XRPs. |
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It appears that as prices for Ripples rise (they are currently valued higher than Bitcoin's market cap), OpenCoin will reduce the rate of distribution instead of sticking to a plan. Back when they first began handing out in this forum, they sent 50k XRP. They reduced this slowly, and now they are giving out 1k XRP. So, I believe they think that being valued over Bitcoin market cap is a fair price, or that they think they must maintain it to continue generating profits selling their coins.
Because OpenCoin has no plans in monetary policy and likely spontaneously changes their plans based on where the price is and where they would like it to go, it is probably prone to bubbles, even more so than Bitcoin, where the block chain relentlessly distributes according to an algorithm, no matter what.
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Who even minds this? Certainly not legit investors. Only "crypto anarchists" and criminals. They can switch to other exchanges or go to TOR sites.
MtGox is keen to comply with everything and I see it as a good sign that the Bitcoin ecosystem will be able to evade LR's fate.
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Bitcoin is, by design, a finite resource like gold.
I see no reason why cheap transaction fees will change the reality that the wealthy eventually obtain a fair fraction of the wealth.
In actual fact, it would probably be a lot easier for those with the financial resources to do so, to reach out and grab the BTC if they are flying around at high velocities as Joe Sixpack buys his morning coffee.
Keeping 'native Bitcoin' lite and accessible is mostly a mechanism to keep the actual 'lords with the chain' being pretty much any geek of any nationality situated in any jurisdiction. Or even floating in the ether between jurisdictions if need be.
No, naturally Bitcoin changes nothing about inequality of wealth, but that's not what I'm aiming at. The vision of Bitcoin is to introduce digital cash-like transactions to the people rather than having them at risk for confiscated/lost/stolen funds, denied transactions etc. How ironic would it be if today's "bankster elite" would be some of the only ones to enjoy the properties of Bitcoin all the while serving the 99% via coinbase and bitpay which they control? |
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How many XRP does OpenCoin still hold? 60%? 95%? 99%? Who knows!
OpenCoin is anything but open, they are completely intransparent about their "monetary policy". I don't know if willfully or out of incompetence, because I'm certain it will end up hurting Ripple.
I don't think it will ever be possible for Opencoin to prove how many coins they actually gave away. Even if they released a list of all the addresses to which they sent XRP, these addresses could just belong to Opencoin themselves. In order to prove a distribution that would be considered fair by the majority of users, they would have to reveal the identity behind those adresses, which is not going to happen in such a semi-anonymous system. The intransparency is unavoidable, I guess. I actually didn't realize that. Great point. |
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First off, I'm not a coder.
As I understand it, the block size limit can only be increased via hard forks which in the future with a much larger userbase and more diverse clients could become infeasible as it would take too long. If the limit is not increased regularly to catch up with increased demand, Bitcoin the block chain will essentially become a system for fat cats who can afford to pay hundreds of today's USD for a single transaction. There would be a divide between the 99% who have no choice but to trust a third party and the 1% who can make use of the block chain's properties. Mainly, no counterparty risk.
Therefore, the solution would have to ensure that the value of a typical transaction's fee stays fairly constant as Bitcoin progresses. Now if there was a way to do it like difficulty, measuring the average fees within a certain amount of blocks and retargeting the block size limit based upon a targeted fee, it would be ideal, but since we will become more reliant on fees given that the block subsidy for miners decreases, I have no idea if this could even be done on paper since that needs to be accounted for, and probably the valuation of Bitcoin would need to be measured too, which is impossible.
I heard about off-chain transactions, but I don't see how it provides non-chain users with 0 counterparty risk. Could users demand some form of bitcoin chain based contract that will release coins eventually if not paid out or withdrawn by the user on a certain date? I doubt it.
Seems like the future will be the lords with the chain and the chained peasants.
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by handing out XRP's randomly and w/o order creates all sorts of distortions. everyone sees this now.
Indeed. It's already causing a massive bubble where Ripple is valued at a higher market cap than Bitcoin (a ridiculous assumption for an unproven system both technically and legally with near 0 acceptance and usage compared to Bitcoin). They have no planned distribution, and the market doesn't even know the current state of distribution and also lacks a complete picture of past distribution and its rate. How many XRP does OpenCoin still hold? 60%? 95%? 99%? Who knows! OpenCoin is anything but open, they are completely intransparent about their "monetary policy". I don't know if willfully or out of incompetence, because I'm certain it will end up hurting Ripple. I think the idea of creating coins fast in the beginning and then more slowly is completely wrong. It drives bitcoin into the domain of pyramid schemes rather than a currency. I do not know if that is what Satoshi wanted, but i believe it was just a bad choice from his/their side.
Ideally, one could have created an S-curve distribution that fits the actual adoption of a technology. However, it's impossible to time it correctly, and the Bitcoin network cannot measure the state of adoption and then speed up its curve. |
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1/7  |
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He's mentioned before that he trades manually, which I'm sure is the safer route, especially when you consider the amount of tweaking and tuning a trading system requires to remain relevant to the changing market.
How do you trade manually when Bitcoin markets are 24h? Daily bar always closes at the same time. Before that, a crossover isn't confirmed. With hourly bars, it would be different of course. |
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1/6  Bitstamp was a nice fad. |
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Early Adopters-early majority?
You are kidding right? We are nowhere near early adopters yet. Bitcoin is strictly at the innovator stage waiting for business to begin to try it. Yep. Somewhere one third to half of innovator stage, maybe earlier. By the time Bitcoin is in the middle of "early majority" stage, year 2020 give or take a few, one BTC will worth high 6 to low 7 digits in today's USD. Made the realization as well that we are still in "innovator" stage. I'm interested though, do you think Bitcoin's network effect/brand awareness is at a point where it cannot be toppled by xyz scamcoin/cripple? |
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Down from 1/2 to 1/3, then 1/4 to now 1/5.  MtGox is king, deal with it. |
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