The price is deflationary, and exactly because the supply of bitcoins is inflating while the wealth of the world is increasing.
If the world's "wealth" -- meaning energy consumption -- continues increasing exponentially then we will all die in fire. If that is your inflationary paradise, we have very different world-views. I wouldn't equate "wealth" with energy. I would equate it with having the things people want. And that is very different from energy. Production efficiency and scientific progress would increase one's wealth, without necessarily increasing energy ownership or consumption. Everyone who knows anything about finance knows that a currency has to "punish savers" to work.
No, everyone who is brainwashed by the Keynesian school "knows" that. It is a false knowledge, which has never been true, as history demonstrates abundantly. Saving wealth in money is not good, because money should not be used in saving wealth but used for transacting wealth.
Your complaint about bitcoin boils down to this: You can't force people to use their savings on what you want them to use it for. I regard that as a feature, not a bug. The coin that succeeds is the coin that attracts people by it's utility and use, not because it seems attractive as an speculative investment oportunity.
You don't see the store of wealth use case as a beneficial one. I do. +1 PS: Do people hate "+1" comments? They might seem to be empty of meaning, but I think they matter  . |
|
|
|
Movement
Only if you have been staring at the charts for too long. Its looking good, don't get me wrong, but this is hardly a clear outbreak yet. |
|
|
|
This is the type of stuff that makes bitcoin disruptive: you want an independent audit of a company. A few lines of code and Pooof, there ya go. Talk about cost-efficiency and reliability..... |
|
|
|
Unless you are trading 100% of your coins regularly, why don't you keep a portion cold?
I will lose anything physical. Almost guaranteed. I have to replace my flash drives monthly because I always lose them... I keep back-ups encrypted and locked in safes in the homes of two family members. It may sound ridiculous, but it is so easy to do in practice. Why not? Make sure you share at least 51% of your DNA with them.  Or don't share the encryption password..... |
|
|
|
Great time to be lending BTC on bitfinex - it is sitting at an incredible 0.35% daily right now! That is around 127% APR - compounded daily which would make it an effective annual rate of over 255%!! Why are more people not lending BTC over there??
The same reason we didn't store bitcoins at Gox. How big of a threat are wallet stealers? Curious. I keep almost all my coins on exchanges, because i'm paranoid about them. I think your risk judgement is off. If you have enough capital in btc, put some effort into a good cold wallet system. |
|
|
|
It's becoming more and more clear that the coins haven't been stolen, they've just lost the keys lol. Once this is confirmed, should be very bullish.
I don't think that the loss of those coins, per se, would have any effect. Think of the exchanges as water tanks where water represents bitcoins in the market, and the water level is the inverse price (how many BTC one can buy with one dollar). The tanks are connected by pipes at the bottom (coin withdrawals and deposits) so the hydrostatic principle (arbitrage) keeps the water level about the same in all tanks. If one pours more water into any tank (brings more coins to the market) the level in all tanks goes up (meaning the price goes down). The opposite happens if one takes water out of one tank (buys coins and puts them in cold storage). If the MtGOX theft did happen, then at some point in the past, someone siphoned most of the water out of the MtGOX tank to a private barrel. I the keys were lost, most of the water in that tank leaked out and was permanetly lost. In either case, Mark put some bricks into the tank (hid the theft) so that people would not notice the loss, and the water level was not affected. Then a few days ago the pipes out of that tank were closed (withdrawals were blocked), and the tank was disconnected and removed it from the system. That would not affect the water level in the other tanks either. If the theft happened, and the thief then dumped the water in other tanks (sold the coins in other markets), then there was indeed a net rise in the water level (a fall in market price); but that is past history. We may expect an effect only if the coins were stolen but have not been not sold yet EDIT: and are sold now. (This analogy is imperfect because it does not model the money flows, but hopefully it is enough to argue the point.) I disagree. I think the flaw in your system is that it doesn't incorporate the people. Maybe the tank with the fake goxcoins was cut off from the system (the bitcoin economy), but the people who thought they had bitcoins @ gox were not. They still have capital in other parts of the general economy, and if they truly believe in bitcoin, they might want to rebalance the percentage of bitcoins in their capital. Apart from this, some speculators might use the monetary base as a guideline to determine whether bitcoin is overpriced or not in their thinking. Another psychological effect of course might be that people (regardless of whether they had coins at gox or not) perceive bitcoin as a risky thing in which you are bound to get screwed over, and they abandon it. |
|
|
|
You don't see the future implications? I don't support any fork that is not of vital necessity to the protocol. Altering the money supply to bail out people who should have better gauged their counter party risk? No fucking way. If the majority supports this, bitcoin is dead in the water. And I'm out -- in a flash.
+1 +2 Because it hasn't been ordered by a court with access to men with guns and unpleasant prisons...yet.
So you need a warrant to fork that FBI/MK/pirate40 coins ? Tell me more about that FTW: who gets to decide which are "bad" coins? Can't you see that the more you turn bitcoin into a political game with rules that are changed every month, the less it becomes something you will always be able to rely on as money? |
|
|
|
Those funds are no more. They have has ceased to be. They have expired and gone to meet Satoshi. They are late funds. They are vapor. Bereft of existence, they rest in peace. If Karpeles hadn't left them on the balance sheet, they would've been written off ages ago. They've rung down the curtain and joined the choir invisible. They are ex-funds.
They are not gone, just pining for the blockchain... Beautiful funds, those bitcoins. ~ PININ' for the Blockchain?!?!?!? What kind of talk is that?, look, why did it fall in value 500% the moment I got 'im to my cold wallet? ~ The Gox-coin prefers kippin' on it's back! Remarkable coin, id'nit, squire? Lovely algorithm! ~ Look, I took the liberty of examining that coin when I got it home, and I discovered the only reason that it had been sitting on its exchange in the first place was that it had been NAILED there.  |
|
|
|
The thing about Jorge is that he’s a provincial academic. In a country outside the G8, at that. Like most minor academics, especially in middle age, there is a tendency to bitterness which they are self-aware enough to hide. They are the losers and they know it.
At one point the potential must have seemed endless. Imagine being in California in the early 80s, studying Math or Computing at Stanford – what possibilities! The world ready throw billions at you and your contemporaries! Who wouldn’t start a company? Who wouldn’t invest in friends? Who wouldn’t risk just a little in their own future?
No, play it safe. Rise above the crass entrepreneurialism. Teach. Head back to a salary, with a pension. You could have done well, of course, if you’d wanted to, but the guiding, year after year, of smiling young faces was its own reward.
And now, another tech revolution unfolds in front of you. You have the understanding and the ability to invest time or money into the idea. But wait – actual involvement? Wet feet? Action? No, no, no. Not me. That would just emphasise all my other missed chances.
No, I’ll snipe from the safety of my tenure. I could have partaken, honestly, but I’m better than that. I’m aware of it, but above it, because, well, I’m an academic.
You have the talent, the time and resources. But you won’t even buy one coin to see what it’s about. You’re wasting your time and ours in a desperate bid to show some kind of superiority. You’ve taken enough advice and explanation with nothing of interest coming back. You’ve had your moment in this thread, presumably because it’s the busiest, but you should have the decency to set up your own and see if anyone will follow and care there.
Are we done bashing academia yet? I am sure there are plenty of pro-bitcoin people there too (Jerry Brito off the top of my head). |
|
|
|
Those funds are no more. They have has ceased to be. They have expired and gone to meet Satoshi. They are late funds. They are vapor. Bereft of existence, they rest in peace. If Karpeles hadn't left them on the balance sheet, they would've been written off ages ago. They've rung down the curtain and joined the choir invisible. They are ex-funds.
They are not gone, just pining for the blockchain... Beautiful funds, those bitcoins. |
|
|
|
¹) This is how I imagine their wallet worked (and how it fucked up):
User initiates withdrawal:
* debit amount from user account
* generate new private key for change address and create tx
* store tx in database (indexed by txid)
* store private key in database (indexed by address, foreign_key=txid)
* push tx to network
a week later (cron job)
* for all unconfirmed tx older than 1 week:
* credit BTC back to customer account
* delete "invalid" tx
* -> cascaded delete "unused" change address and its private key (ouch!)
run 2 years until wallet is dry, all supposed UTXO turn out to be STXO and all real UTXO are in nirvana already.
That scenario would be seriously bullish long term |
|
|
|
but you have to admit the goat shitting all over the M logo is lulz.
Yer gox.com ? |
|
|
|
BFX down for anyone else? I can't reach it or bitcoinwisdom.
both fine |
|
|
|
Is it me or is Martin enjoying that situation? |
|
|
|
|
Comment after Wright brothers flight: "This motorized flying thing is a fad, Instead, look at purchasing air balloons, which have stood the test of time"
|
|
|
|
Is the site down at the moment?
works for me. |
|
|
|
|
For me, it would be more informing to see with which percentage of their coins people daytrade.
|
|
|
|
People taking Max seriously and not counting him as an utter scamming cunt are idiots.
+1 |
|
|
|
Why would you hope that other people would get hurt? How would that benefit you?
Seems like you are a garbage human being
It's most likely just a reflection of his level of hate towards human stupidity. Mine too. Unfortunately there are few ways to express this and we sometimes choose the wrong ones. In his case, that should result in self-hate then... |
|
|
|
|
Show Posts
