Is this the beginning of The Great Dollar Extraction? If the Dollars drain out of the system via international wires and people deposit more reluctantly than they used to (and of course, they will not be able to any more via Dwolla), it might very well be.

Still awaiting confirmation on the charts, however.

One Bitcoin buys you 10k Ripples currently. There are 100 billion Ripples in existence. You calculate the implied market capitalization.

I wish people would stop falling for the OpenCoin propaganda that it's not a competitor.

OpenCoin's business model consists of holding 50% Ripples and hoping they appreciate in value.

Wow. Bitcoin is turning into the very thing its community used to be against. I'm looking forward to SatoshiDice and BitPay lobbying the devs and mining pools to include, exclude or modify changes. Perhaps they are already doing it.

They plan to distribute 50%. If the market would accept them holding 50% I don't know. Satoshi holds nearly 10% currently, so I guess it will come down to personal preference.

Either way. Within the Ripple ecosystem, Ripples are inherently superior to Bitcoins BY DESIGN. That's my point.

Are you a Ripple/OpenCoin shill or did you just swallow their deception? I have noticed that this is their tactic for silently getting Bitcoiners to switch and then growing like a parasite side by side with its host to suck it dry. They downplay the role of XRP (Ripples) as mere "tokens" and "not a currency" while it is the only asset in the Ripple system that is not subject to counterparty risk. Furthermore, OpenCoin holds 50% of Ripples hoping to make a profit off them (this is what they stated in public), partly to fund development. I presume the same goes for the VC investors in Ripple.

Any Ripple adoption will threaten Bitcoin because the Ripple currency is the only one without counterparty risk within the Ripple system. All other currencies have to be held with gateways. Furthermore, Ripples are required for opening accounts and performing transactions. In the longer term, there is absolutely no reason to prefer Bitcoins to Ripples if used within Ripple.

Ripples are not credit. They are an asset in its own right, with no counterparty risk and no inflation.

MtGox is the only exchange that at least halfway got its shit together to not lose any funds and not get shut down. There has been no better alternative, and most certainly not for anyone trading more than pocket change. MtGox's success made Bitcoin's possible, deal with it.

Read this and learn: http://fc13.ifca.ai/proc/1-2.pdf

The reason the FREE MARKET is still predominantly using MtGox is that MtGox is the least shit of them all.

People only got it because they had an outstanding transaction it seems. Do you have one?

And with it, the value of your Bitcoins, since the stream of fiat money will be gone.

Careful what you wish for.

Right? How can you be so stupid and trade at the most liquid market while all the others are going down due to hacks and legal issues? Hahaha, those stupid people who need to trade large volumes, and dislike losing all of their money.

Here is a paper for you: http://fc13.ifca.ai/proc/1-2.pdf

1 and 2: They claim to change this soon.

3: Wrong, Ripples are the same as Bitcoins in that respect. They are not subject to any counterparty, and they have no underlying value besides a Ripple denomination with floating exchange rates.

4: This is only the case for any other currency except for Ripples within the Ripple system, and that includes Bitcoins same as Dollars. Which is why Ripple will kill Bitcoin if it is adopted significantly.

You guys need to learn a thing or two before teaching others, I keep reading all these misconceptions.

Does Dwolla work for large amounts of money? I would think that international wires are the most important.

I agree, any Ripple adoption will threaten Bitcoin because the Ripple currency is the only one without counterparty risk within the Ripple system. All other currencies have to be held with gateways. Furthermore, Ripples are required for opening accounts and performing transactions. In the longer term, there is absolutely no reason to prefer Bitcoins to Ripples if used within Ripple.

Shocked by this news. At least it is not even 200k USD invested by them, so it appears to be nothing really.

I've been a long-term permabull from the beginning in Feb 2011 until the price began its parabolic phase in March or so. It is more difficult now with the risks (altcoins, blocksize scaling) Bitcoin faces and the already relatively high position it is at with regard to price and awareness.

On the other hand, we have a nice feedback loop going that may end up producing something of value that wasn't possible before, like Silk Road. If we get something like that that would make a difference at current prices, it would be much easier for me to regain a bullish bias. Until then, I'm going to continue relying solely on TA to manage my risks.

There is no weak hands or strong hands for me. This terminology has been abused by "pigs" and produced hilarious echo chambers like this right before the crash: http://static3.businessinsider.com/image/5165a9a0ecad045b0d000000-600-249/djlasir.jpg There are only good entry and exit points, and different risk/reward levels associated.

It's true that if you are comfortable with losing the entire wealth you have stored in Bitcoin, it is a good strategy to lock it away for years and let it go to 0 or 10000. However, for the people who have been here a longer time, Bitcoin probably represents almost all of their net worth, and so, wealth preservation becomes more important than before.

For people who don't know anything about trading and who have or plan to have most of their net worth in Bitcoin, I would advocate dollar cost averaging in over months and setting up some sort of profit taking plan, like taking a certain percentage out if it goes up a certain percentage.

Because in a bear market, you can buy more of your favorite assets with the same amount of national currency. People who knew that in the Bitcoin market did well in 2011. You can also buy land or gold or real estate or stocks or whatever you like whenever you like.

Strong hands (going all in forever) = shit risk management. You don't get married to an asset, that's how you become a bagholder in case of failure.

In a bear market, the strong hands are those who hold the Bernanke Bux.

It's not like anyone was trading anyway.

I don't think there is a need to worry for him. Since Bitcoins will go to 300k USD each by Christmas, he will be rich again very soon!

Most people here are new and don't remember.

It can last weeks.

It's called a descending triangle. I don't think this is anything but noise, though.

1.86% of daily growth is completely ridiculous anyway.