Therefore all attempts to trade with bots will fail in the long run
I been running my bot for about 9 Months and I been up about 1000%, I guess you would be wrong... I first bought bitcoins 6 months ago in November and never sold and I'm up about 1000% too... |
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This wasn't true before the bubble popped in April.
You found a lot of people saying things like "$300 by April 15th!" and "When will bitcoin hit $1000"
There was "a lot* of optimism.
That died away when the bubble popped and people are still sore. So now, even if bitcoin creeps up a little bit, those people are quiet.
It's presently the bears time to shine, but this won't always be the case.
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Why?
Just because I say so. There are enough doom and gloom speculation posts today without any basis in fact other than the authors noticed bitcoin had a bad day and want to be the first to predict "the sky is falling". Yes, people are frustrated. They wish they had sold at the peak of the bubble instead of bought. And they are selling now perhaps. Sell low and buy high, it never made sense to me, but at you if you followed the advice on this forum, that's exactly what you would end up doing.
Remember when bitcoin passed $200 and everyone was saying it's going to hit $300 so BUY BUY BUY. Yet less than 24 hours later it had crashed to half it's value.
And when it was crashing, people were predicting a $30 bottom or lower. We hit a low bottom but we bounced back up, no, it was not the end of bitcoin. And today is not the end of bitcoin either.
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100 is neglijable. Also 1000. Not all the people in the world would use BTC, as not all would use gold.
Also, the lost BTC will be felt, as in not being traded, not having any value
That isn't what this is about, it is the uncertainly of supposedly lost coins which is the issue. Remember the 78% of all coins ever never moved paper? Now we could say that some fraction of these coins are most likely lost, but how large is it? We have no way of knowing. Infinitely deflating currency can only work for either: a limited time period and/or a limited economy or if there is a mechanism of ensuring that some previously assumed "lost" substantial value doesn't suddenly resurface. There may be some mechanism which could be implemented like a maximum transaction amount but I doubt this would be very well received by most. Yes! I was saying this yesterday. Eventually too many coins will be "lost" but we will never know exactly how many. The risk will become greater and greater as there is a chance that those coins could become "unlost" and crash the bitcoin economy. Perhaps a solution is to require that coins move wallets every set amount of time, to prove that someone still has the private key to the wallet that holds them. If they aren't moved in some amount of time (like five years or something) they get deactivated by the system. Anyone wishing to save bitcoins could simply pass them back and forth between two wallets they own every once in a while. Or maybe sign a document with the wallet keys that hold the coins. It's too late to add this feature to bitcoin but maybe some future crypto currency will have it. |
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ElectricMucus - what is your opinion on BTC and it's price in general. I'm asking because you're the most efervescent here and I really want to know.
It changed very much over the time. Initially I was your run-of the mill bull, hoping that bitcoin will change the world. Then after witnessing the whole drama surrounding Bruce Wagner, the advent of Bitcoinica I became very bearish. That attitude hasn't changed since. Still I kind of anticipated this bubble, although I didn't really capitalize as much on it ("only" 10x before the pop, which I have increased some since). You guessed it I think we are still in Bubble territory. I became largely annoyed by the thing we call the cargo cult: Guys playing financial experts, playing monopoly man and chanting the gospel of Bitcoin to be the biggest best thing ever. I don't really believe in things like Bitpay, other payment processing, Bitcoin ATMs, Bitcoin "Supernodes" or Bitcoin stock exchanges. I think Bitcoin is an incredible useful tool as a financing model for non-profit websites, small webhosts, oh and of course Silk Road and the rest of the online black market. I also like Satoshi Dice and Seals with Clubs, great. Bitcoin has already found it's niche. It can be incredibly successful in it, possibly it can even sustain prices like we have seen this month in a few years. But the gold-rush mentality has to stop. Bitcoin currently doesn't work as a currency not because it has insufficient market cap but because the crazy price swings make it unsuited to use it as such unless absolutely necessary. That is as I would like Bitcoin to be, idealistically. For me personally the more dumb money there is in it the better. The volatility is incredibly predictable which is great for my way of trading, I kind of expect it to last as long as the current paradigm of the hype way of doing things holds. People have forgotten the drama surrounding Bruce Wagner and Bitcoinica. The vast majority of investors today have never heard of either. The bubble was not a surprise. I was a little surprised on how and why it popped but in retrospect I shouldn't have been. Yes. bitcoin is volatile. It is volatile because it has insufficient market cap. And it is volatile because there isn't a robust trading platform for it. For example. it is too hard to short it. I personally believe that coinlab can save bitcoin if they do it right. If they make it easier for the average (Amercian, at least) investor to buy and sell bitcoins and also provide a way to short bitcoins, we'll be much better off. Shorting will help make bitcoin much less volatile and easier trading will let more people get involved and raise the market cap. And as bitcoin finds it's niche. it will become less volatile as there will be less pure speculation. And right now it is almost all speculation. I personally believe that bitcoin has a good future as an inflation-proof store of value once it gets less volatile. |
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Why do people always ask about fundamentals. There are NO fundamentals. Bitcoin is pure bubble, it is pure speculation. You can not apply the typical currency or security fundamentals to bitcoin! There is no country behind it, no GDP, no interests rates, no revenue, no liabilities, no assets. no nothing.
Throw all of that out the window. You can't "predict" the appropriate price of bitcoin using it. Everyone here is speculating based on how successful they feel bitcoin will be in the future. And no one knows for sure at all.
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I see a coffee mug and a case with fans and heatsinks on a white table. Maybe you should get that checked out by a psychiatrist with some Rorschach tests.
The coffee mug doesn't even have coffee in it!! Not a good sign. |
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So funny, when I saw "withdrawal" in the headline, I thought he had put money in and withdrew bitcoins from it, lol.
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wait so, I put in a order for a single a lonnng time ago like when they first annouced but never paid for it and I got this email so if I confirm and send my btc now will I get bumped to front of the line!?
No, they said that the order you are in the line is when you actually paid for it, not when you ordered. At least that is what they told me when I ordered last year. |
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Wow, wasn't expecting to hear from them. They said we had to confirm our orders or they would be canceled. But now when I try to log into their website, it is down  . Everyone else get this e-mail? |
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Getting a new untested board to talk to the firmware isn't trivial.
Chances are there will be at leat a few problems with the board that will require some workarounds in either hardware or software or both. I would say it is at least 2 or 3 weeks to get a board working and tested.
I still don't understand how they are going to assemble and test 400 units a day.
It would seem to me that they would having that done in China. But if they have all the parts in house that would imply they are doing here in this country?
I'm hoping that when they said they ran out of chips, it is because they built 5,000 jalapenos with them and they are testing and shipping them out now.
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No. No one is buying alt coins.
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I hope that everyone's at least taken a small profit in dollars at this point. It makes the long, slow side much less painful.
Exactly, I've been telling people to lock in profits for a while now, but the bitcoin echo chamber (like lebing above) shouts me down every single time. In fact, a large portion of the speculation subforum laughed when I suggested it in the $200's; "Never sell! Buy and hold forever!! The price can only go up, uP, UP!!!!". Yes I wish I had sold more at $200+ (I only sold 50 coins at $200), but I am definitely NOT selling now. People have to be more patient. It seems like most bitcoin investors have ADD (pigs). |
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Bitcoins could keep on being divided into smaller and smaller units as more and more of them are lost. Even fractions of a satoshi are possible with a change to the protocol.
The question is at some the missing bitcoins will be a big problem because there is no way to tell if a bitcoin is being hoarded or is actually lost.
If someday 90% of the bitcoins are unused or missing and the active 10% remaining make up, say, a 100 billion bitcoin economy.
Well if a large portion of those missing/inactive bitcoins suddenly start being used the bitcoin economy would crash. So as time goes on, bitcoins will become more and more risky as this possibility will have more and more impact on the economy.
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oh no, he figured it out. Do you think he knows we are all here just to trick him and take his money?
yeah there are sure alot of people buying coins. all the thousands of mt gox accounts that are lined up are pouring tons of money into bitcoin now. wow look at the price go up! Remember everything you read on the internet is true. I buy and sell people like you. With my bitcoins. |
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Just kidding, don't sell please. There is a lot of lag and the price is beginning to drop. I wonder what is going on.
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Why is the wait so long?
The wait is so long because they haven't finished designing them yet so they still have to build and ship and there is currently about 60,000 orders or more. At they're predicted rate of building 400/day that is 5 months to get through them all. 400/day is awfully ambitious though and remember this is the company that said they were shipping last November. They tend to be overly optimistic to say the least. |
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If ALL of them ship by then, I estimate a difficulty of about 200 million or more.
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Already have 2 of the 60 GH/s ones on preorder from last Oct... |
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Provided Butterfly Labs does ship that is a pretty good price for a Sept order date miner.
Of course, I think the mini rig will be the last to ship as everything is much bigger and takes up more power than they expected.
I wouldn't be too surprised if the mini rigs never ship.
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