One of the things I find most impressive about Satoshi is him having the confidence to hold onto his bitcoins all this time. That is the ultimate strong hands. For this he deserves every penny he's made.
Or maybe he has lost his wallet-password xD Or: genius-dude invents money-system of the future, figures out how to remain completely anonymous, but his hard disk crashes and he made no backups  . |
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I feel we might be talking past each other here. I interpreted part of your earlier post as "the sum of all monies represents the sum of all of the purchasing power". And "purchasing power" to me is a term that is a synonym for the value of an asset, and can be used for all assets, not just money (so you car has purchasing power too, because you can trade it for something else). So I disagreed that the sum of all monies corresponds to the value of all assets on the world, but perhaps this is not what you were saying. What's happening here is I'm not really sure what I was saying there. Need to think about it a little more. I appreciate people who are honest about that. Sometimes our thoughts need some time to crystallize. I have to admit I had to rethink my posts a few times too. |
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We are going down to $150 soon. The end is nigh
Imagine hearing that a year ago. We would be so thrilled :-).  At $10 that would have sounded like this sounds now: We are going down to $3000 soon. The end is nigh
the end is near, last chance to buy some xrp. Dude, seriously: STOP SPAMMING ! This is getting really annoying. Yes I know there is an ignore button, but you really should just stop. You are doing more harm to ripple than anything else. |
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We are going down to $150 soon. The end is nigh
Imagine hearing that a year ago. We would be so thrilled :-). |
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I don't think it represents all purchasing power. The value of all the money does not equal the value of all valuables (stocks, housing, commodities etc.). Rather, I think you should see money as an asset class of its own, whereby all moneys represent only a certain percentage of the world purchasing power.
It's the purchasing power within the Bitcoin panarchy. That is, it's the purchasing power within the community of people who agree to use Bitcoin for trade. (Technically, only insofar as they use bitcoins exclusively, which may be your point.) I feel we might be talking past each other here. I interpreted part of your earlier post as "the sum of all monies represents the sum of all of the purchasing power". And "purchasing power" to me is a term that is a synonym for the value of an asset, and can be used for all assets, not just money (so you car has purchasing power too, because you can trade it for something else). So I disagreed that the sum of all monies corresponds to the value of all assets on the world, but perhaps this is not what you were saying. |
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Bitcoin will incite a much bigger reaction because banks are bigger than media, but there's not a lot that can really be done. No wars will work; centralized power just cannot beat decentralized power. It's too late now anyway, the big-time nerds are jumping aboard the ship: http://www.youtube.com/watch?v=cOubCHLXT6Anice vid ! |
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Spaceman_Spiff: You may be right about that. I was wondering the same myself. GDP is right out, but is it X% of all purchasing power or X% of the total "value of the economy" (whatever that really means)? The answer eludes me at the moment.
I don't think it represents all purchasing power. The value of all the money does not equal the value of all valuables (stocks, housing, commodities etc.). Rather, I think you should see money as an asset class of its own, whereby all moneys represent only a certain percentage of the world purchasing power. |
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In the first place it was always kind of retarded or economically idiosyncratic to speak of "$100,000" in your bank account. The only reason we'd talk about numbers of "dollars" or "ounces" of gold is simply that we don't know how many dollars or ounces of gold there really are available in the world. There is also the complication that dollars and gold aren't the only moneys; there are also euros, yen, yuan, silver, etc. As a practical matter, therefore, we end up having to speak in terms of monetary units. It's incredibly obfuscating way to talk, though. A world where a single money had taken over, and where we knew exactly how much had been issued, would be different. In that case - if we knew there was exactly $10 trillion dollars out there - we should simply refer our $100,000 in the bank as "a hundred-millionth." That is, 1/100,000,000 (that is, 0.000001%) of all the purchasing power in the world. Instead of this:  We would see this, but without the parenthetical explanation since it would be standard:  Now since this IS the case with Bitcoin - we do know how many coins have been issued - we can easily switch to speaking of 100,000 BTC as "about 1%" and 1000 BTC as "about 0.01%" (eventually to become about half that over the course of the next century). Assuming that Bitcoin does take over the world, the present-day price of 0.000008% ("1 BTC") is around $200. You can own 0.000008% of all the purchasing power in the whole world in the future for just $200 today. Or instead of buying a house now for $240,000, you could own 0.01% (one ten-thousandth) of the global economy in the future, no matter how much huger that global economy may be. Quite a deal. Maybe I am wrong, but aren't you confusing purchasing power & GDP with the value of the money supply? |
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In this article http://www.coindesk.com/bitcoin-price-long-term-potential/ the author says that the velocity is 9. Where does this number come from ? If it's true, and given that the velocity of fiat currencies is around 1.5, I think everyone who complain about hoarding and the economic effects of a deflationary currency should just stop telling bullshit. Even if the velocity is very high, as long as it is not accelerating, bitcoin will be "deflationary" (deflationary in the price sense, not the monetary base sense). |
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squirrel-style buy-and-hold. Lucky bastard ! |
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This is a little out of date in some respects, but with recent events it may come back sharply into focus soon. I was curious to see just how much Silk Road was contributing to what was a strong underlying growth trend in Bitcoin price - and the answer seems to support the claims that it was almost entirely responsible (more than I expected, see below). I doubt there's many people that believe Bitcoin got to the current giddy heights through mass adoption or genuine utility, so the next question is what happens to Bitcoin if the factors driving it up there disappear along with Silk Road?  Correlation != causation This, both price and silkroad user number are expected to rise with bitcoin adoption (and thus time). I bet there are other services/metrics that show a similar correlation with the bitcoin price (bitcointalk speculation posts perhaps). You can't conclude from this that silk road is the principal driver of price. |
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I think that is why they say it is not ready for prime time -- bitcoin is not yet big enough to support them.
I think it means they are buying some with their personal money, but they are not implementing it into their business model yet  . |
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The only people on here that have any chance at making REAL money are the people who basically got their coins for less than $1000. They know who they are and they are smart. They are the ones pimping and hyping the shit out of bitcoins. I have been rebuffed for used stocks as an example but it applies to bitcoins. The people who have gotten in on the big companies and made their millions and millions are the ones who got in at the right time. Coke, microsoft, apple etc the list goes on. The ordinary joe is going to get rich on an obscure stock now? They're going to catch the boat. Opportunities come around many times in a persons life and right now at $200 the boat is still in dock. even at $100 or $50 the boat was believed to be gone! EVEN if you don't have a ton of money to begin with and my point is then moot. Can you imagine having 10 bitcoins and you paid $2000 for them? Now you have smart people scraping $1000 together to buy 5 coins. Do you see what I mean? *applause* |
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What worries me the most is Gox is leading the pump atm. China and stamp are reluctant to move forward. Since Goxusd is stuck, this is skewed.
Yeah man, it's going up WAYYYY too slow! It should be going up at least $50/day or else we're gonna stall out. OMGz That's not what he is saying... He isn't talking about the speed of price increase, he is talking about which exchange is leading the price increase. |
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Sure, two bubbles in one year looks like madness. But is this madness? No, THIS IS BITCOIN
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as long as you cant withdraw real money, it's going nowhere but up
 It's a sad thing that you are making money on bogus arguments. |
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read the first sentence of the first 2 paragraphs of satoshi's wp:
"Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments"
"What is needed is an electronic payment system based on cryptographic proof instead of trust,
allowing any two willing parties to transact directly with each other without the need for a trusted
third party"
Is btc used for commerce on the Internet?
Where in the wp does it say we need a trustless asset class to invest in?
good to go back to the roots sometimes... for a reminder of why this even exists.
1) yes, btc is used for commerce on the internet. The quantity of these transactions, thats another debate. 2) Satoshi isn't god you know (or is he? https://bitcointalk.org/index.php?topic=315953.0). He/she/they did a brilliant thing, but it is not because some function isn't mentioned in the white paper that it shouldn't be used as such. The only things that matter are the properties of the thing, how it can be used, and for which uses there is a demand. |
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Of course silver won't outperform bitcoins, not even close, but a trojan can't steal your silver bars.  Really? I would like to see your response when you open your door to this dude demanding your silver:  |
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Major Bug
I currently have more USD lent out than I have in my account.
Yes, I now also have $150 more in 'USD credit total' than 'USD'. Seems to me like some loan offer got duplicated on autorenew or something like that. |
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an investment produces something, it has utility. I take it you're not a gold bug? i actually do own some coins Why? |
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