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Very interesting information. I do have one request though. Could you normalize the first chart in the USA graphs to match the first chart in the Australia graphs? I think that would be much more beneficial as a read. (Australia is average weekly wage, where as USA is average hourly wage.) This might be a little misleading considering that there are some that work part-time, some work salaried (and are essentially paid for 40 hours of work a week) and some work tons of overtime.
Nonetheless, I agree that it is definitely an issue that living costs inflate at a steady rate whereas wages do not follow the same trend that it needs to. I've seen it many times throughout the years.
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This actually makes me very happy to hear. Sure it's not going to be that huge of a piece from the pie, but it'll definitely send a few waves. I concur with the opinion of Western Union regarding remittances, although I'm not sure about the viability of using 7-11 for a bunch of your shopping. Nonetheless, it'll definitely have an affect. Thank you for sharing this story!
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VPN service, software, and several gifts (clothes, decals, jewelry). Surprising none of the things I got were marked up at all. In fact I got an additional discount on the jewelry that I bought since I used BTC (I think the seller wanted some BTC really).
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in debug... 2014-02-06 22:11:43 trying connection 109.228.150.40:8668 lastseen=224.4hrs
2014-02-06 22:11:48 connection timeout
2014-02-06 22:11:48 trying connection 213.219.184.23:8668 lastseen=324.6hrs
2014-02-06 22:11:53 connection timeout
2014-02-06 22:11:54 trying connection 5.9.7.180:8668 lastseen=181.7hrs
2014-02-06 22:11:59 connection timeout
2014-02-06 22:11:59 trying connection 70.77.76.153:8668 lastseen=205.4hrs
2014-02-06 22:12:04 connection timeout
2014-02-06 22:12:05 trying connection 94.143.41.76:8668 lastseen=220.9hrs
2014-02-06 22:12:10 connection timeout
2014-02-06 22:12:10 trying connection 78.47.86.52:8668 lastseen=194.6hrs what am i doing wrong  Trying to mine this coin, that's what. My truth senses are definitely tingling with this. |
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Remember kids: Gambling will make you rich!
Seriously, it's called gambling for a reason. But heck, there is always a chance, you can make a ton, but there are many more chances to lose it all. As long as you understand the risk (and maybe have a lilttle fun), it's all good.
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I liked most of this article except for the part talking about how we could use a digital ledger system like Bitcoin to transfer ownership rights of digital items (and I assume they were referencing media). I just don't see the feasibility in that for most digital items.
A ledger functions perfectly because we can't somehow transfer a bitcoin and double-spend it. But media can be copied and is very difficult to verify its legitimacy especially since media can be used offline. Sure the ownership is verifiable, but what's the pure benefit of that if we can't regulate it? At least with Bitcoins, it's pegged (in some way) to something that we continuously audit (in this case fiat) and has protocols that only mean something in one transactor, whereas media isn't (media can be used on many different transactors).
Just my thoughts...
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I will say, interesting thoughts, but do you have any data shoring up your beliefs in these particular coins strong fundamentals? If there are fundamentals that make these particular coins better, then you must have some type of comparative analysis that shows this. I'm just curious how you weigh fundamentals, and what criteria you use (in terms of verifiable and comparative data that is).
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Holy cow, silly rabbit. The inflation of doge is less than the new gold being smelted each year, and far less than the number of diamonds mined.  Whoa, that's a bold statement. You got any facts saying that the supply of new gold smelted per year or new diamonds mined exceeds 5% a year? |
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With the way things are going at MtGox, I could see a large drop like that to occur. If they close down/stop trading I feel like the instability may cause a panic sell for a bit.
It'll bounce back quick though, so whatever.
If Mt. Gox did shut down, I personally don't think that would affect the price of BTC all too much. However, if a scandal will tons of collusion was discovered, I think that would be something that could drive prices down severely. I think horrible PR/public perception is a much stronger impetus than the shut down of a relatively archaic trading site. |
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Will definitely admit, this donation goal increase is definitely gutsy, ambitious, and a solid idea. |
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I'll admit, I wouldn't deny the possibility of an event causing a market shake-up that will cause the price of BTC to go down by 33%. But if that happens, it'll likely only be for a very short time. Of course, the question is, what kind of event would have to occur for that to happen...
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Wow, would've really thought that number would have been much higher.
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I'll admit, Mt. Gox crashing isn't all that bad. At least there won't be a ridiculous spread between it and the other more liquid options. Besides, Mt. Gox needed to get smacked down in my opinion. As for the people affected by this bull crap though. I feel bad for that; no one should have their hard-earned money toyed around with like that. I'm sure we've seen this play out last year when USD withdrawals went to a crawl. Either there is a ton of incompetence afloat or a horrendous amount of scheming about. And those are two choices that just plain sucks... |
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Yes, it has been a while. Maybe with the Mt. Gox spread reducing there might be some activity. Or maybe not. Who knows?
I'll admit, it's nice to have stability in price for this long. It's like it is saying, "See, it could be done." There'll likely be more movement at some point in the short term, but I wouldn't be surprised if this stability lasts a few more weeks.
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I can't remember where I saw it, but I remember reading a post from 2012 saying that Mt. Gox would be non-existent within two years. Yay?
Admittedly, the moment Mt. Gox had issues with liquidity I had a feeling that things would keep getting worse and it looks like it's still heading in that direction.
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why all this talk about craptsy...
coinex seems to be much better and the dev over there is adding more servers and looking to add some more currencies to the exchange in about a week ( from what i have read in the chat box). craptsy sucks, point blank, also vicurex doesn't seem to bad. i guess the freashmarket just got hacked a little bit ago. and from what i have been reading some people are even wanting to do a protest ddos on craptsy for all the bs that they pull.
personally i like that fact that we are building a community as well as a consumer/user base, while staying independent from craptsy. and i really like the fact that we seem to be building a stable base/ foundation, for this currency before getting onto a big exchange ( which can only help our value and usability in the future).
but as i said before, i believe that if we get onto craptsy we will be treated like a back alley whore on st. patties day. and the only advantage that we will have is that this community will hold the majority of the currency, then again all we have to do is look at the value drop on coinmarket.io to see how well that is working. but i can tell you that it will be 10X worse on craptsy. why anyone would want to put us into that situation at this early stage is beyond me.
there are other exchanges, more popping up every day. if we were ( and we will NEED to) to get onto a bigger exchange i think that we should do some more homework and observe how the other exchanges operate and perform with other coins.
some of the points ( not all) that we should pay attention to is speed, reliability, and customer service. these seem to the the biggest issues that i have been observing while reading chat boxes damn near 24/7. yes it sucks. yes, we all know ( at this point) that we need to get onto a bigger exchange and gain more visibility. but lets not do something stupid in the interest of doing something fast.
we have already come much further that many others, and in a very short period of time. lets not undo what we have already built and undermine the potential of this currency.
There is truth in this. Cryptsy does tend to negatively affect most cryptocurrencies that land on it (well, besides the big ones of course) unless there is continued hype. But in the usual case, it is used for tons of dumps. I really want Noble to succeed because it actually brings a new paradigm to an already dirty and muddy cryptocurrency scene and that's why I'm glad it isn't on Cryptsy. I say once more of the coin's infrastructure is developed (merchant markets, further development with it's long-term plan, and further distribution of reserves for developing awareness and viability) then being ported over to a "major" exchange would end up doing a decent amount of good. Sure the service can be quite reacted to quite abhorrently to, but it is a major exchange and you can't really knock that. For those who want to go long on Noble, I personally say patience is the way to go. There is tons of inherent and untapped potential with this cryptocurrency and rushing it would be the wrong way to go. |
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I like how organised the OP's post is, gonna hold my noble
Im holding too. Thing is really it should be sitting around 4x this price! yes it should be. i've kinda been fighting with someone on the site, they keep trying to drive the price down to around 70 to 75 sat range. and it's kinda weird, multiple bids at the same price ( 4 -7 ) at the same time and being filled instantly. someone is trying to push the price down, either to push it down far enough to purchase a crap load at a cheap price then dump it after it raises. or someone trying to keep us out of the market. personally i think it is the former option. Yeah I've noticed some fishy goings on on there too! Want a hand with the fight?   Careful, I really admire Noble, but I wouldn't try forcing the markets to be honest. I say let things take the course it needs to. |
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Doge started as a joke and I think has surprised everyone, including probably its own dev team. It has attracted a lot of infrastructure and support very quickly and so I see it could be a survivor. However, the dev teams decision not to limit the number of coins does not make it a good investment compared to other cryptos. In short, buy doge only if you have something you want to use it for, otherwise BTC seems a better "reserve" currency to me.
All true. Use DOGE for short term gains. |
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Short-term I can see it gaining more traction. As of now, it's serving as a very good gateway of introducing and getting people interested in cryptocurrencies. That's why its growth isn't too surprising and if I were to bet, I'd have a decent amount of confidence in DOGE to at least maintain market presence (and possibly grow a little more in value per coin over the upcoming month).
Long-term though, I see a completely different outlook. I don't think it has enough staying power, unique utility or long-standing user base to maintain traction. A lot of people will say memes and that sort of thing, but once smart money moves away, I can't see DOGE maintaining it's market presence. Additionally, meme's don't last forever; once the thrill of this has run its course, people will likely move on to the next thing.
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The problem with most coins seems to be that those people who got in at the start end up controlling a large amount of the coin which will hurt the coin in the long run due to increased price volatility and lack of wider community support, trust, and goodwill. A coin with a more equal initial distribution may also fail due to lack of people having enough vested interest in it to drive development and promotion.
What we need is a coin which rewards early investors but not to the point that it puts off any further investment.
Something like this may solve this issue:
A Preminded POS coin (stay with me) with the price initially pegged to, for example, the US Dollar $ until all coins have been sold. Say 1$ = 10 coins. People could then invest in this coin and the money generated would then go 100% in to a development and promotion "bounty" pot which users of the coin could vote on do determine its distribution. eg the community (holders of coin) could vote that the creation of a new website, android client, etc, may be worth 3000$ or something.
So if people invest 100000 usd worth of currency in to this new coin, 100000 usd of development could take place with no one getting insanely wealthy and the developers getting a fair rate of reward.
I would hope people may invest this coin because they can see how much money / effort will go in to development with none of the "bad blood" and "jealousy" you see on forums at the moment. People who invest early would still hope to see a very good rate of return in the long run after price controls are removed (when all the coins have been sold and an open exchange is set up) leaving them with a fully functioning highly developed coin with no one group of people owning too big a stake and no one bitching about how the initial release was sooo unfair.
Once all the coins have been sold a small transaction fee could be used in roughly equal amounts to:
1. Reward people maintaining the network
2. Go in to a pot which would be distributed based on user’s votes (fixing any issues, promoting the currency, giving away to external groups, distributed evenly or unevenly back among users as interest, whatever)
I suggested a Preminded POS coin as I see mining as quite resource inefficient and contributing to disparity of initial distribution of some coins.
I am clearly new here and have no vested interest in any coin (I sold my few Bitcoin when the price went crazy last year). If this idea or one like it already exists please let me know or feel free to tell me why this idea would not work. However I would certainly be interested in investing in a coin with a big development budget and a sensible initial distribution!
You need to look at NEM: https://bitcointalk.org/index.php?topic=422129.0Even though there is a linear increase in the buy-in price per coin, the difference between paying 4$ or 40$ for a 1/3000th stake will be negligible if NEM makes it. That's the killer issue. If. Not to siderail, but how would you go about convincing somebody that a redone protocol on top of a relatively new protocol is a worthy investment? |
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