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1  Bitcoin / Bitcoin Discussion / Re: Did you mine it or buy it? on: April 25, 2015, 09:44:16 PM
Why so many people now buy bitcoin rather than mine it? Mining is one of the best invest in this bitcoin altough it is so slow for now but still we can mine and get btc from it and if you guys always buying bitcoin when will you get your own bitcoin? I dont think you guy got some profit because you can't earn back after you lost it

Mining is very expensive.
Both the equipment & electricity bills.



Its also very difficult to profit. Its hard to get a single miner and break even. You need bulk quantities + cheap electricity to make a go of it nowadays!
2  Bitcoin / Bitcoin Discussion / Re: the rise and fall of... on: April 25, 2015, 09:43:25 PM
I think there's a very real chance that Bitcoin won't see $500 again in my lifetime (I'm old).

Sorry for the bearish attitude, but it seems like we've somehow reached a stalling point. Not sure how, but we need some momentum to get things turned around.

I would say that the price of bitcoin hasn't stalled at all.  From the peak in 2013 when it was at and above $1000, we're in a straight downward trend. 

And also, I would add, the price is whatever it is.  You can say bitcoin is under- or over-valued, but that's pure speculation.  Bitcoin can't be analyzed like a stock or a bond since it has no earnings, cash flow, etc.  And I surely would take any analysis by idiots on this board with a huge grain of salt.  No offense.

Agreed. People often think they can analyze bitcoin and make predictions like stocks. But often this is unvalidated, and the truth is bitcoin is far more random and more manipulated than many people would like to think
3  Bitcoin / Bitcoin Discussion / Re: Image of BitCoin on: April 25, 2015, 09:41:34 PM
simply answer : mass media.
complicated answer : stupid media.

Basically this. Most people will take their information about bitcoin from the media, and as a result what the media says becomes the image of bitcoin. This is often misinformed or just wrong, and as a result you get a false image.
4  Bitcoin / Bitcoin Discussion / Re: When western countries introduce capital controls on: April 25, 2015, 09:39:15 PM
Bitcoin is definitely not a get rich quick, well at least not anymore. Nowadays it is an investment and yes, in the future, it may be the thing that frees us from a western government captial controls. I wouldnt be so quick to denounce those who want to profit off it though.
5  Bitcoin / Bitcoin Discussion / Re: Let's say satoshi is cashing out 1million BTC on: April 25, 2015, 09:08:56 PM
If he really wanted to, he would just have to wait until brick-and-mortar stores or online stores accept BTC as a form of payment and he could spend those BTC directly there, no need for selling them first.

There are already many stores online and in the real world where he could spend his coins. Regardless of that though people would go crazy as soon as the coins moved anywhere and would spend a lot of time trying to trace them. They then likely would be able to be traced to the stores he used them at.

Wouldnt that require knowledge of the store's wallets? As far as I know, many of the brick and mortar businesses simply use one of those bitcoin readers that automatically transfers the bitcoin based on a customers wallet.
6  Bitcoin / Bitcoin Discussion / Re: itBit exchange applies for banking licence on: April 25, 2015, 09:07:15 PM
To what extent to bitcoin exchanges need banking liscences? Do they store money in their own vaults like a regular bank or do they use other banks to store money and only act like a bank?

At present it's the later, there's no crypto exchange I know of that handles its own fiat banking services. That's why many exchanges have gone out of business as a result of their bank deciding to close their account so that they can no longer do fiat transfers. An exchange with its own banking capabilities would be immune from this sort of sucker punch.

That's interesting. I never realized that banks would actually just close up to a organization because they were dealing with bitcoin. Are they often because of bitcoins shady uses? Or is it some government regulation? Or were they simply not following proper tax/banking practices?
7  Bitcoin / Bitcoin Discussion / Re: If bitcoin ever goes mainstream on: April 25, 2015, 09:05:51 PM
If bitcoin goes mainstream, all the current problems will disappear. It will become like fiat, just a digitized version.

It can't be FIAT, since as per definition FIAT money is money that's been issued by a centralized entity and is destined to be the currency as per law. You also can't exert financial controls, to e.g. counter inflation, like you can with FIAT, since you can't regulate or control Bitcoin in the same way as you can with FIAT.

Maybe not technically fiat as tesco said, but If the government controlled enough of it, couldnt they exert the same economic controls they could with fiat?
8  Bitcoin / Bitcoin Discussion / Re: Does it take significant skill to "analyze the blockchain"? on: April 25, 2015, 09:04:17 PM
It's a pretty blurry thing, I believe. You are already 'analyzing the blockchain' when you're following some coins you sent to new recipients. You could also count the number of addresses that have more than 1 BTC in them. But you could also go and use sophisticated algorithms in order to find out certain distributions or determine to what probability some coins are connected to a certain address.

Neat, this seems like kinda of a decryption tactic, where you analyze letter frequency to break the encryption. Is this something similar in the block chain, where you analyze transaction frequencies to find irregularities?
9  Bitcoin / Bitcoin Discussion / Re: Has the NSA already broken bitcoin? on: April 25, 2015, 09:03:07 PM
I expect that Bitcoin will eventually be upgraded to use ed25519 signatures, putting to rest entirely any controversy associated with secp256k1.

Certainly bitcoin will have to be upgraded. There is simply too much uncertainty in the future in terms of processign power/trust that could possibly undermine it entirely. Through what method it is upgraded, whether it be another coin or through itself, remains to be seen.
10  Bitcoin / Bitcoin Discussion / Re: Which Bitcoin Client do you use and why ? on: April 25, 2015, 09:01:28 PM
I use multibit as it is easy to use, has a lot of functionality(pgp sigs) and there is no one to worry about but myself. Obviously as I get more I will create some backups but for now it is adequate!
11  Bitcoin / Bitcoin Discussion / Re: How to convert to fiat anonymously? on: April 25, 2015, 09:00:23 PM
Another option is that you could buy some commodity with your btc at a brick and mortar vendor and then sell that commodity. It would be a lot of work and youd probably lose some but you could probably do it 100% anonymously!
12  Bitcoin / Bitcoin Discussion / Re: Is this how most people percieve Bitcoin? An NSA honeypot?? on: April 25, 2015, 08:59:07 PM
Has anyone noticed how "BTC" looks somewhat similar to CIA when the letters are reversed ? lol

CTB = CIA Shocked

That is ridiculous man, I couldnt have been more amazed by your discovery. Maybe btc was created by the cia in order to control the people interested in cryptocurrency while they push fiat and leave us all out in the streets screaming "bitcoin" and making us seem like lunatics! It all makes sense!
13  Bitcoin / Development & Technical Discussion / Re: Small Block on: April 25, 2015, 08:57:47 PM
I don't know why some blocks have just a few transaction and other 1000+, it is weird in my opinion but it does happen.

Well the answer to your question has been outlined in several of the posts in this thread: It's called variance. Miners try to solve/find a block as fast as possible. It makes no sense for them to wait and include a given amount of transactions. Adding transactions only makes the block bigger (thus it becomes more likely for the block to become orphaned) and waiting for more transactions to come in has an incredibly negative EV.

What is an orphaned block? Is that one where there are several fringes and that block ends up on a fringe that gets left because another was solved first?
14  Bitcoin / Bitcoin Discussion / Re: the rise and fall of... on: April 25, 2015, 08:56:37 PM
price fallen when a major bitcoin exchange MTGox gone and stolen people's bitcoin
then investors lost the faith in bitcoin,now bitcoin have to build the faith again to rise

I dont feel like people have lost faith in bitcoin. A lot of people now are coming into bitcoin and hardly know of mount gox. I think there just needs to be more uses, I dont think mount gox hadthat much to do with the current users.
15  Bitcoin / Bitcoin Discussion / Re: Red button on: April 25, 2015, 08:54:47 PM
Maybe he is talking about like a panic button or something? His post is very cryptic. With regards to a panic button the only thing that could be like that is shutting down the internet.
16  Bitcoin / Bitcoin Discussion / Re: Bitcoin's evolution on: April 25, 2015, 08:53:43 PM
It could replace fiat if the price is stable. However.. only if it replace fiat.. it will become stable. I foreseen many physical shops with 'Accept Bitcoin' in the next 20 years or so.

Bitcoin being stable or not, it will never replace fiat currencies. And there is no need for that. Bitcoin is capable enough to succeed without replacing fiat currency.

Stability will come, but it will take a serious amount of years. I really think if Bitcoin is gaining interest from new wealthy investors it will cause another period of heavy volatility.

Exactly, any time another big person comes in the value of bitcoin could vary alot. We need to get to the point where large volumes(in usd) can enter and exit without the volatility that comes with it.
17  Bitcoin / Bitcoin Discussion / Re: Welcome To The Blockchain on: April 25, 2015, 08:52:27 PM
Songs are always a good way to connect to people, and its nice to see some people make songs about bitcoin. Are you planning on making more?

thank you! Not sure if I'll make more...any ideas? Smiley

You need to hire some raper to make a video, but instead of wearing gold chains with huge $ signs you would give them chains with BTC logos on it. That would speed up mainstream adoption Smiley

hahaha...i still think that the lyrics by themselves is the best option because most people wouldn't be able to make out the lyrics otherwise I would guess...this helps them follow along. 

I think a funny video might be just what we need! Something people can share and spread around, sometimes the video is just as much as the lyrics!
18  Bitcoin / Bitcoin Discussion / Re: These people have the power to take bitcoin mainstream overnight! on: April 25, 2015, 08:51:24 PM
people don't have patience. they want global adoption to happen tomorrow so they can sell their coins with high profit. they don't realize that it doesn't work like that.
I can wait 10 + years for bitcoin to go the moon.
Why do people want it all now?

Nothing good ever came easy.

If bitcoin does ever end up being worth 100,000 USD would you sell or just live on bitcoin?
That's the question.

If we ever see 100k bitcoins why would we want to convert back into USD?


I've seen this often. Once bitcoin becomes worth enough to make us all millionaires we wont need to sell it anymore, wed just use it.
19  Bitcoin / Bitcoin Discussion / Re: What If Online Dating Sites Start To Use Bitcoin on: April 25, 2015, 08:49:49 PM
Much of the appeal of Bitcoin (to the people who actually buy and sell things over the internet) involves relative anonymity.  They don't want to use credit cards that directly link them to a specific transaction.

The purchase of various substances.
Participating in various activities.

Online dating could reasonably fit that model for many people.



I think that would depend on the type of online dating. For just one time things sure, but if you want to make it something committed then maybe not...
20  Bitcoin / Bitcoin Discussion / Re: Bitcoin as a catalyst for the next biological breakthrough. on: April 25, 2015, 08:48:57 PM
(comment from a user that didn't bother reading the OP to see that he was asking for bitcoin donations, and instead assumed that the post probably has something to do with using mining power for research)

(comment from a user that didn't bother reading the OP to see that he was asking for bitcoin donations, and instead assumed that the post probably has something to do with using mining power for research)

(comment from a user that didn't bother reading the OP to see that he was asking for bitcoin donations, and instead assumed that the post probably has something to do with using mining power for research)

(comment from a user that didn't bother reading the OP to see that he was asking for bitcoin donations, and instead assumed that the post probably has something to do information transfer)

(comment from a user that didn't bother reading the OP to see that he was asking for bitcoin donations, and instead assumed that the post probably has something to do with using mining power for research)

Oh look,  All five silly responders posting nonsense are participating in a Signature Ad Campaign.  No surprise there.



To be fair, he did take a while to get to the point. It was all the way at the end and only mentioned once. I think some of them may have just been responding to the first guy too.
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