Imagine every time someone mentions the dollar and then just has to say that it can be used to buy drugs and other illegal things. I wish people would get over it. Yes you can buy drugs with Bitcoin. Just like you can with any other currency. It's such a simple thing to understand. Why can't they? Not all blacks hanging out for hours in public places are drug dealers either.  It's just that, SR is the vast majority of the market there is no point in denying that. I highly doubt that. Maybe a year ago. Now far from. Far from? So who are all these big name merchants that we're talking about? Are okcupid and wordpress bloating the chain now?  It'll be a while before SR isn't the defining characteristic of the bitcoin "economy". I know you will come up with a bunch of excuses instead of admitting you're wrong. But whatever. http://bitcoinmagazine.com/bitpay-processes-5-million-in-march-eclipses-silk-road/Keep in mind this is just from one merchant! Asics aside... Bitpay is not a merchant. They process payments on behalf of merchants (dumping bitcoins on the market so merchants don't have to touch them). This is why Silk Road eclipses all "bitcoin merchants" who are just accepting USD through Bitpay. Regardless, again, what merchant or marketplace is in the same universe? SR is really the primary organic source of consumers. For the same reason that no merchants want to touch bitcoins (volatility / exchange risk), holders are generally speculators. Who -- except those who are invested -- is going to jump through hoops to buy bitcoins for the sake of buying a gift card or a dating site subscription? Aside from SR, the entire "economy" is based on fiat currency -- hence the quotes. The article you posted actually proves the point -- everything is priced in dollars, as it should be -- that's all anyone cares about. Just the way "bitcoin merchants" want it. Bitpay simply maintains a flow of speculators taking profits via merchants who denominate their merchandise in USD. |
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It'll be a while before SR isn't the defining characteristic of the bitcoin "economy".
Imho, "gold 2.0" is more defining for the bitcoin "economy" than SR is. what does that even mean |
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Imagine every time someone mentions the dollar and then just has to say that it can be used to buy drugs and other illegal things. I wish people would get over it. Yes you can buy drugs with Bitcoin. Just like you can with any other currency. It's such a simple thing to understand. Why can't they? Not all blacks hanging out for hours in public places are drug dealers either. It's just that, SR is the vast majority of the market there is no point in denying that. I highly doubt that. Maybe a year ago. Now far from. Far from? So who are all these big name merchants that we're talking about? Are okcupid and wordpress bloating the chain now? It'll be a while before SR isn't the defining characteristic of the bitcoin "economy". |
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I'd agree that 2-3% below gox is significantly overvaluing. Maybe closer to 10%, probably more.
This shit always brings me back to online poker. When the Cake network was taking 4-6+ months to wire money (and talk of insolvency was at an all-time high), people were taking 50-60¢ / $1 for cash in hand. Even with the more reputable rooms, up to 30% vig was the norm -- fear of insolvency being much less of an issue, this is the price of waiting 2+ months to receive your money. (Well, worse really, because the checks from shady companies drawn on foreign banks are liable to bounce up to 6 weeks after deposit)
I have no evidence, but I can certainly conceive of a situation where no banks would touch Gox with a 10-foot pole, and they'd be right. I think Gox may have fucked itself forever. This may never, ever, resolve until its market share has dwindled to the point that its miniscule payment processing partners can handle the volume. Either that, or Gox could shave significant profits by working with shadier, high-margin payment processors.
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Quick question. I see that I can block transactions by lowering the 48-hour limit to zero. I assume this only means outgoing transactions, right? I would think this would have to be the case... but don't want any mix-ups loading my inputs.io acct.
Also, seems like it would be good to auto logout when tabs are closed. I was surprised to come back hours later and I was still logged in when I reloaded the page.
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Hey, received payout for 7/8-8/8 on 8/9 -- thanks!
I remember reading at some point that we need to repost here for the next month -- is that the case? Either way, reposting.
Thanks again TF!
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I don't disagree with anything you said.
I'm disagreeing with the differences in news. As far as I can tell nobody really knows what the stance on Bitcoin is in Thailand, just that there aren't pre-existing laws so that it is de facto illegal. Furthermore, making something illegal does not cause the price to automatically tank as Frozenlock suggested, look at drugs as an example. When the Cyprus news hit, it was actually in major media outlets and Bitcoin got a lot of attention for its qualities, ie. avoiding confiscation in scenarios like Cyprus. I haven't seen the Thailand pseudo-news rippling like that.
I want to drone on with this but I'll stop as to not derail the thread further.
Part of this conversation, as far as I was concerned, was based around the hypothetical situation that Thailand had banned bitcoin, so what really happened is moot. FUD or news -- it all has an effect. Re comparing bitcoin with drugs, my thoughts are contained here: https://bitcointalk.org/index.php?topic=211507.msg2220457#msg2220457But fair enough.... |
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Someone wants 104 to break. |
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News are always interpreted (or discarded) in function of the current market mood.
Like Blitz said, who cared about Cyprus? They are even less then a peck in the Bitcoin world.
And yet everyone was talking about it when the market was bullish.
Idk, that's like saying citizens in Thailand already have tons of Bitcoin that they are immediately going to dump on the market. The case in Cyprus is the opposite, the citizens will be more inclined to buy. If there are hardly any users, making something illegal (and only pseudo at that) is not a big deal. It's about how one perceives market actors will act -- not necessarily about how one perceives residents of Thailand will act. Also, this doesn't exist in a vacuum. This "event" (or non-event as the case may be) takes place within the context of a very unclear and grey-market regulatory atmosphere, a landscape which is clearly changing. I agree that the Cyprus scenario was blown way out of proportion at the time. However, I still believe the Cypriots/Argentinians will come around, just let it snowball a bit.
Then wouldn't you agree that the news itself doesn't matter -- only how it fits in with the context of market sentiment? Did anyone expect Cypriots to be buying bitcoins en masse?! |
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Also you'll see I pegged Sunday/Monday - I'm working on Tuesday and Wednesday right now. Thursday is not looking so good though, looks like another dip. Won't really know until later today when I can get my hands on more data. We could start seeing a dip as early as Wednesday.
Maybe I'm misreading, but how did you "peg" it? The market did not peak and rather than a sell off, the price of a bitcoin has gone up. These people are delusional. They just go on and on and simply ignore they are wrong 99% of the time. There are a bunch of them in this part of the forum. I've noticed you are especially bitter of late. What's wrong?  |
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I've said the same thing on here weeks ago selling below $100 is bad for adoption its already difficult convincing the average person to invest in BTC then you have a forum full of bearish A-hole cheering for $30-50 coins. This market is already PATHETIC at a measly 1 billion we desperately need healthy growth.
Who's to say that "healthy growth" starts here, or at 65? How healthy is growth built almost solely on wild speculation? |
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I think hgmichna is pretty much spot on here. Still tinkering with my projections for the bottom, but I doubt it is 65.
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In a statement on its website, Bitcoin said it had given a presentation to the Bank of Thailand about how the currency works in a bid to operate in the country.
When did Bitcoin become sentient and able to give presentations to banks? And when did it get its own website? I took that to mean the Bitcoin Foundation... just assuming, though. |
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How about we all just recognize this isn't a religious thread and is instead a Bitcoin thread, and thus don't bring up religion?
If there is one thing this forum has taught me, it's that for many, bitcoin is religion. |
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For those of you still in denial, the correct count is as follows:
We are now starting wave 2 of 3 of 3 off the $65 bottom. After this slight correction, we will see wave 3 of 3 of 3 which should take us up to $104 or higher.
I think we could see 120s - 130s. IMO that could be the top for a while. We'll see how this goes -- have not yet confirmed that this is not a triple top (in which case, resumption of downtrend could continue). |
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To be fair, I don't think Rampion ever made a silly prediction like "never again 100/no 100 in 2013".
Blitz, on the other hand...
To be fair to Blitz, he did qualify his "no triple digits" prediction by saying he meant a sustained price over 100. It's already dipped back under. Sure, he will have an excuse every time we reach 100. Could be a triple top, 100-104.... which wouldn't help the bull case. If the price can't stay above 100 for a day even (which it hasn't), let alone two days closed, how much does that mean, really? (not to touch on whether 100 means anything) |
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Am I misunderstanding what you are trying to do? If not, it is pretty simple. There is no need to trade in and out of currencies or issuers. Let's say we are trading at 1:1. Person A has $500 Bitstamp USD. Set up a Ripple wallet ( https://ripple.com/client). On Bitstamp, go to Withdrawal > Ripple. Follow the link and trust Bitstamp for $500. Fill out the withdrawal page with your details (ripple address, 500 USD). Shortly, you'll have $500 Bitstamp in your wallet. Person B sends $500 Dwolla. He then goes to Bitstamp > Deposit > Ripple. Bitstamp provides a destination tag -- MAKE SURE TO USE THIS TAG CORRECTLY -- and he sends this to Person A. Person A goes to Ripple > Send, and inputs Bitstamp's ripple address, along with Person B's destination tag and amount/currency. Send 500 USD and in a few minutes, Person B will have 500 USD in their Bitstamp account. |
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$67 wont be touched again this year.
It'll be a long time before we finally break $115. No false breakout, just plain pure fucking bitcoin rocket once we break it. Maybe a little pause getting rid of the first stage fuel containers at around $180.
That'll happen before or after, but not at Christmas.
Bold predictions. See you on the order book. |
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I would contend being owed btc by gox is different than usd. The btc is held in cold and hot storage whereas the usd is held by a bank that does not hold 100% of deposits.
I don't think it has anything to do with the bank's reserve policies. What is clear from the regulatory atmosphere is that traditional banks are not open to bitcoin. Would you keep all your money with banks that won't process your payments? The problem for Gox is, obviously, that no banks want to touch them, and for good reason. That doesn't mean Gox can't pay you; like other grey/black markets (e.g. online poker for US), it just may take 3, or 6, or 8 months. Regardless, I trust Gox's bank 100x more than I trust Gox. In my mind, if the risk is liquidity, it's much more likely that Gox will leave us holding the bag, not its bank. (I think this is extremely unlikely anyway) No different than dollars, Gox only needs to keep as much BTC on hand as is required for payouts. Same as USD. They can do whatever they want; it's not as if they keep an open ledger than can be independently audited. It's all unsafe, regardless of banks. This is a highly unregulated market -- your BTC is not safe, your USD is not safe. If it comes to it, you'll be lucky to get pennies on the dollar for your USD balance years later, zilch for your BTC balance, if Gox goes down. At least banks have legally required reserve ratios. What is the legally required reserve ratio for BTC?  |
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