I had a really good response from another friend of mine which I'll share here for people that are truly interested in the general population's mindset.



I really think that says it best.

As an insurance agency you are a legal entity (at least in the USA). Right now most likely companies like Circle and Coinbase have insurance agencies that will back up their bitcoin assets with cash if they get hacked, in which case coinbase/circle will have to purchase bitcoins with that cash in order to give their customers their coins back.

Insurance agencies also have to purchase insurance from the government so that if for any reason the insurance agency goes bankrupt, then the government fills the insurance claims.

If we go to an all bitcoin system we would have to rely on strong insurance companies with proof of reserves for x% of the stuff that they insure. Even then since we couldn't force them to pay out the bitcoins (because we don't have their private keys) then it would just come down to jail time if they don't pay.

Look up "Bitcoin via SMS". If you have questions, read about it...

Funny that you say that. I know of a few doc's that went down to Africa with their cellphones and had amazing service while out in very small villages and were able to check-in with their families at home everyday. They couldn't stop raving about how "the middle of Africa has wireless coverage figured out better than the US".

You can't. You need to borrow more money from the printer and thus you have more debt, and thus have to borrow......well you get the picture.

Everyone will have a fee when you convert fiat to bitcoin or bitcoin to fiat. Whether it be hidden in their exchange rate or maybe they will just flat out tell you what the fee is on top of the exchange rate. All of these companies have to pay for the network to interact with the banks and thus there is really no side-stepping the fees.

Your best bet is to buy stuff directly with bitcoin or even using stuff like Gyft or Purse.io so that when you buy stuff with bitcoin you actually save money...3% with Gyft and up to 20% with Purse.io. That way there is no fee and you actually get more $$ for your bitcoins.

Mining bitcoins with a CPU or graphics card won't be worth it at all. I'd suggest checking out Monero (XMR) which can be mined well with CPU/GPU and can get him into the mining scene and he will only be at a very small loss (due to cost of electricity). Then he can use the generated Monero to trade them for bitcoins or any other altcoin.

Post count: 1567
Address: 3GdjbGtNaQPYAv4XHN7jse9adtcEypKXjG

When most anti-bitcoin people talk about bitcoin all I hear is how the price is not stable and it can't be used everywhere yet and not everyone uses bitcoin yet. To me this just shows how much growth potential there is with bitcoin. It shows me how much added value bitcoin will/would have with massive acceptance and usage. To me the fact that the bitcoin economy is growing and it continues to get new developments (think Bitcoin 2.0 world) shows me that it's on the right path to increase in adoption and usefullness.

Why do people see "doomed to failed, because it's not already big", while I see "Has tremendous growth potential, because it's not already big nor the defacto world currency".

All opinions, insight etc is GREATLY appreciated. I seriously have the hardest time wrapping my head around this one.

Bears feel free to flame-on, I'm greatly interested in what you all have to say along with the bulls.

Have you seen people with cell phones in the middle of Africa yet? Have you seen Bitcoin services via SMS even without a true internet connection? Open your eyes buddy, the world is advancing.

And if we consider the total population pool to be less than 8 billion then we have even a greater percentage of bitcoin adoption than the numbers I'm stating, which is great!

Withdrawl's of altcoins are disabled. Not looking good.

However, It's nice that the bitcoin ticker is on CNN Money Market's homepage! Just imagine when bitcoin is the 4th ticker on your favorite news channel after SP500, DIJA, Nasdaq, BTC

X__ is any cross national currency and thus XBT makes sense for the financial markets.

Only invest what you can 100% afford to lose. If you can afford to buy 1 bitcoin/month without it affecting your financial situation then keep at it. Good investors know to be prepared to hold investments at minimum for 5 years, plan accordingly.

If you can't afford it, stop purchasing them and don't plan on the price rising anytime soon. Then decide if you need to sell your coins to cover daily costs.

He is not in shock at all. He was working on programming some stuff for bitcoin at the time and got some "free" pizza in return for a few weeks. He never regretted it and in fact we should all thank him for being the first to establish that bitcoins were worth something.

My typical way of trading (for fun) is wait for price to go higher than the short term 12-24 hour range, then open a leveraged short, wait for price to drop to at least lower bound of last 12-24 hour range (the more the better) and if price continues to fall then hold for a little bit. Once it looks like price is even *thinking* about going back to the days range close my short and open a leveraged long (both of which add buying pressure).

If other people are doing the same thing (which is highly profitable and since most traders are smarter than me I'm sure they are making a lot more than myself) maybe that is creating the pattern.

I trade for fun and small daily profits, so don't take my advice as a for sure thing or anything to that regard.

Neither. I'm saying that this time there will be low demand for the 50,000 coins which will lead to lower than market prices, which could very well lead to a dump for quick profits THIS time

Panic selling or taking profits on small dollar differences on margin?

Are you guys new around here? You can factor in "sentiment" way ahead, but not an actual dump. Price is already 240's, but if they dump an additional full 50,000 coins at once on bitstamp/finex the price will drop even further. Simple yet people like to remain ignorant to sentiment vs sentiment PLUS actual dump.

That's a silly statement. Dumps would happen days after the auction. marshalls announce winners, then people have to first receive their coins to their wallet. Then choose exchanges to send the coins to. Then evaluate how many coins they will dump at each price that day, IE is the market absorbing my whole dump? Do I need to sell 100BTC $1 apart? can I sell 200BTC $1 apart? etc. Only the great bearwhale is dumb enough to setup one huge sell wall and all for a price less than market price. He could have easily made an additional 3 million if he planned that maneuver.

You want bitcoins to be less fungible?