Litecoins android to Bitcoins apple  A better analogy is Solidcoin is Apple to Bitcoin's Android. PS: If it were not for Bitcoin, I would seriously consider taking a short position on Apple stock. |
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I posted a serious of questions regarding the impact of the MTGox / Coinlab integration and transition on Canadians over three weeks ago. MTGox for their part were quick and efficient to provide a response, in spite of the fact that they are swamped with new account openings and the corresponding AML/KYC. Coinlab on the other hand has not provided any kind of response, not even an acknowledgement that they will respond.
I will let the reader be the judge.
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They would be crazy to dump all the BTC right away since their production costs for batch 3 unlike batches 1 and 2 are way less that what these units were sold for. I would estimate 12K BTC at most to cover production costs.
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They very well can head our way. They can withdraw 100 EUR a day from their bank accounts and buy Bitcoin in an Euro cost averaging way. One can build a decent Bitcoin portfolio by buying 100 EUR worth of Bitcoin a day even with current prices.
They also need to live with that money. Not with all of by a long shot. In a time of crisis it only makes more sense to cut out needless expenses. |
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It's too late for the people of Cyprus, their money is in the system and it will only be released when the government have took what they need to pay their European owners. At this point the secured bailout will bring a form of stability to the country.
People in Spain, Greece, Portugal and perhaps to a lesser extent Italy will be unsettled wondering if maybe they're next.
Absolutely. With the capital restrictions and withdrawal limits I don't think it will be the Cypriots themselves heading our way. http://www.telegraph.co.uk/finance/9951494/Cash-rationed-in-Cyprus-after-eurozone-inflicts-losses-on-biggest-bank.htmlThey very well can head our way. They can withdraw 100 EUR a day from their bank accounts and buy Bitcoin in an Euro cost averaging way. One can build a decent Bitcoin portfolio by buying 100 EUR worth of Bitcoin a day even with current prices. |
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If they have indeed installed a Bitcoin ATM in Cyprus. Cypriot residents can then withdraw 100 EUR a day from their bank accounts, supposedly the maximum allowed under capital controls, and then purchase Bitcoin in an euro cost averaging manner.
On can build a decent Bitcoin portfolio by purchasing 100 EUR worth of Bitcoins a day.
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A very interesting perspective but if Bitcoin were to have a worldwide market share comparable to GNU/Linux on the desktop, about 1.21% by one of the most conservative estimates http://www.netmarketshare.com/, the value of one Bitcoin would have to reach at least that of 12100 USD (2013 dollars). Why? Because we are talking of Bitcoin accounting for 1.21% of the approximately 21 Trillion USD world M1 money supply. |
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It is not a good deal because:
1) Real Estate prices in terms of CAD in most Canadian cities are well overdue for a substantial decline.
2) The price of BTC in terms of CAD is likely to go up.
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Like I said, I really wish the BTC to crash once you have your ordering started - will see where your lecture goes.
Haha, so much hate, what did you miss out on batch #1 and 2 or something? Willing to make a comment based on the negative outcome of Bitcoin as a whole just to get at me. I do not hate you. I do not even know you. I am a new comer in BTC market, and certainly was prepping my investment based on previous batch prices, so I expected something in $1800 range. I do not have BTC mined from earlier, so purchasing BTC with usd at 64+ is out of my capacity. With the strategy change from accepting USD to BTC, potential customers and newcomers like me are screwed, without any hope to get into mining, since other than ASIC every other h/w is outdated. The strategy of taking BTC is making sure, the people who bought batch 1 or 2 will keep on buying with the produced BTC (or the old time miners), and does not welcome new comers. Are you expanding the market with that ? To be fair, why don't you give both choice of paying in BTC, or equivalent in USD ? Then there would be a fair chance. It is extremely hard to collect USD and then convert to BTC. Does that make sense ? What I have been saying is purely my feeling as a new entrant in the market, who feels that he is out of option, just because this pay with BTC thing. Again, I do not have anything personal with you or anyone at Avalon, so please do not take in that way. I think once you stop thinking in USD the escape velocity will come. Why should we sell some hardware that will break even in a few days for $1800 while bitcoin continue to raise? Bitcoin mining should not be a small investment, nor it should be a quick way to make money, for network security purposes the ROI for these things should be AT LEAST 1 month based on a diff projection. All Avalon is doing is giving people a chance to take up this investment based on a projection of 10,000,000 diff in May-June with a 1 month ROI time frame. Don't get me wrong, I respect what you did. You are legit, and you did an excellent job. I just don't think that difficulty will be 10,000,000 when the batch #3 units will reach the customers. Two questions:
- can you guarantee batch #3 delivery not later than May?
- wouldn't the difficulty reach at least 15,000,000 once all your 1,500 units are deployed? Wouldn't be much higher if ASICminer/BFL customers also start deploying more units? - Yes, but I think this question can be answered based on how fast we ship batch #2. - not really, the current diff already includes majority of batch #1's hashing power. but I also don't believe diff will only be 10,000,000 but like I said, it should take at least 1 month of ROI, realistically best case 1 month, regular projection of 3 month, which is about diff 30,000,000 which is more reasonable if BFL ships. Oh also, expect a newsletter soon. If this is treated as a pure BTC play it actually makes a lot of sense. One invests 88 BTC and one expects a return of capital in BTC terms over a 1 - 3 month period. I purchased a batch #2 unit and at the time looked at it as a strict BTC play. Delivery times are of course crucial in this analysis not only for Avalon but also for the competition since a significant part of the return will occur shortly after delivery. Now is it really a strict BTC play since there is also an implied fixed rate to CNY of 1 BTC = 360 CNY while the current rate is more like 1 BTC = 400 CNY. http://bitcoincharts.com/markets/btcnCNY.html This is significant because a significant increase of this rate will also influence the domestic market in China and consequently impact the overall difficulty. So it would make more sense if the BTC/CNY rate changes to either allow those outside of China to pay by wire transfer in CNY or set the domestic price in CNY based on the market price of BTC/CNY at the time of the sale. |
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This thread starts with a false premise; namely that the Internet with email is killing the post office and that somehow Bitcoin will deliver the coup de grāce. Nothing could be further from the truth. Yes of course the Internet and email has drastically reduced the market for first class letter mail and if this had been the only impact the post office would have been out of business years ago. The Internet however has created a whole brand new market for the post office in parcel delivery as more and more people turn to Internet for online shopping. A few days ago I went to the local post office to pick up some parcels and the man in-line in front of me picked up a television set. Now enter Bitcoin into the picture. Bitcoin encourages international e-commerce and this is one area where the post office beats the courier companies hands down at least here in Canada. Why because the courier companies charge ridiculous brokerage and other fees in order to clear a package through customs. I have seen UPS for example charge 50 CAD to "broker" 3.50 CAD worth of GST on a 50 CAD item a few years ago.
By the way the package I picked up at the local post office was purchased from the BitcoinStore and paid for with Bitcoins. If there is one organization that stands to benefit greatly from Bitcoin is actually none other than the post office.
My take with the banks is that while Bitcoin will take some of their existing business away, it will also open a host of completely new business opportunities for them. Who would have thought for example 30 years ago that the post office would be in the TV set delivery business.
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Set the value of the BTC too low and one can then pirate that game by simply paying the BTC amount. If they are going to all this trouble they might as well just make the game pay-to-play and let people copy it as much as they want. Set the price low enough and most people won't bother cracking it and they'll make up the lower markup with increased volume. On the contrary. They are using the cryptography of bitcoin to ensure DRM. probably using 1 satoshi per copy. If, on the other hand, one satoshi was worth $10-20 they wouldn't be using bitcoin for DRM because it would be too expensive. The problem with this model is that the pirate just pays 1 satoshi to pirate the game. |
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First of all opposing DRM is not anarchy, quite the opposite, since DRM is an attack on the property rights of end users since in order for the DRM to kind of work the publisher has to take over control of the end user's computing devices.
This is what happens whenever you execute a non-free software. So stop complaining. DRM are absolutely fine. No DRM is an entirely different issue from Free vs Proprietary software. DRM is way worse than any of the loss of freedom due to proprietary software. In the 1990's I was a loyal customer of Microsoft because Microsoft was one of the few companies that did not infect their products with DRM. In those days DRM consisted among other things of deliberately creating bad sectors on 5.25in floppy diskettes. When Microsoft turned to the dark side with DRM at the turn of the millennium I went with GNU/Linux and Free Software. Furthermore is possible to infect Free Software with DRM, if the Free Software does not use GPLv3 or AGPLv3. Ever heard of the TIVO or the Kindle? |
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First of all opposing DRM is not anarchy, quite the opposite, since DRM is an attack on the property rights of end users since in order for the DRM to kind of work the publisher has to take over control of the end user's computing devices. This is why so many technologically aware people are so opposed to DRM.
Now the use of Bitcoin for DRM will fail just like every other DRM scheme since like any other type of DRM, DRM is ultimately about hiding information among somebody else's private property and hoping that the owner of said private property will not find the information. In this case the private keys to the Bitcoins will have to be hidden somewhere in the end users computer. Find the private keys and the DRM is busted. This DRM does add a very interesting twist, since of in order for this to work the value of the BTC has to be comparable to the retail cost of the game. Set the value of the BTC too low and one can then pirate that game by simply paying the BTC amount. But what happens if the value of Bitcoin rises? Then we will have people buying the game in order to crack the DRM and extract the far more valuable Bitcoins. After the valuable Bitcoins have been extracted then the game can be pirated and played for what ever that is worth.
This does add a new dimension to the concept of "mining" for Bitcoins.
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Thank you, Hal Finney, for such a touching and inspirational thread.
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The deal's not in trouble. We've moved a few key customers over, will announce more information soon. We are in the market for a communications person -- send your resume's to support@coinlab.com. Given how close the target transition time is, there needs to be a lot more communication from both CoinLab and MtGox about what's happening. You've got a hell of a lot of customers who need to agree to CoinLab's ToS before the transition date and that really needs to be happening now, not at the eleventh hour. People are also going to have a ton of questions about the FinCEN guidance statement and how it relates to CoinLab's operations. This transition can go very badly if MtGox and CoinLab don't constantly remind customers that it's happening and what actions customers themselves need to take. Maybe you and Mark could take it in turns to keep customers updated because this close to showtime someone needs to be making statements pretty much every day. +1 |
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1000 USD and 10000 USD or higher are, given time, very likely. The more interesting question is whether to road to say 10000 USD takes a detour via 40 USD, 30 USD, 20 USD or even 10 USD.
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$49 was just hit for the second time in history.
... and a new high of 49.79 USD |
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I recognize that the IRS instils great fear into the hearts of every United States citizen and resident, but the issue here is will this deal actually happen, get delayed or even get cancelled, and what impact this will have if any on the Bitcoin price.
Why would you speculate that the deal is in trouble? Are there any links you can provide for this? Also, the title does seem a little like FUD. I posted my concerns in another thread which I linked to in my OP. Here they are for clarity I am starting to have some doubts if this deal is even going to happen as it would appear that things are not going according to plan. 1) According to http://coinlab.com/transition, the alpha and beta phases were supposed to be completed by March 15, 2013, last Friday. Has anyone been transitioned? Furthermore all the United States and Canadian accounts are supposed to be migrated by this coming Friday March 22, 2013, I am starting to wonder if this is going to happen at all. 2) There has been silence on the part of CoinLab for two weeks in their "official thread" https://bitcointalk.org/index.php?topic=148147.0;allBasically Coinlab could end any possible FUD by providing an update and answering questions. At that time depending on the update and answers I will amend my title. |
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My OKPay account is still at the same level, no 10% discount I want to make it clear: My OKPAY account was NOT debited. OKPAY is based in the Virgin British Islands, as far as I know. Only my OKPAY Debit Card balance was debited. OKPAY used the services of CSC24Seven for their debit card. And CSC24Seven is regulated by the Central Bank of Cyprus. I can't tell for sure if it was 6.75% or 9.9%, because the transaction statement is empty (maybe not updated yet) I hope things are more clear now. Can you move what is left of your money out of the debit card and back to your OKPAY account? |
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