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Economy / Speculation / Re: BitcoinATM debut today?
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on: May 03, 2013, 02:21:02 AM
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Very interesting, although considering the special properties of bitcoin that make it very atm-unfriendly (having to wait for confirmations) I think maybe it would be appropriate to think 'outside the atm-box' for a solution. Waiting 10 minutes minimum around an ATM doesn't sound like it's going to exactly catch on.
That won't be necessary. The ATM machine knows immediately that it has cash. As long as the connection between the machine and the blockchain is secure, the user goes away knowing the transaction will go through, and the ATM owner needn't worry because he possesses the local currency. Any waiting period is irrelevant. I would assume that crazy_rabbit it talking about when you put bitcoins in and take cash out. Will the machine distribute cash immediately without any confirmations? If not then you'd need to stand guard at the ATM until your transaction got confirmed. P.S. Can someone stick this video on youtube? Which is why I added that caveat. It's a vulnerability, sure, but that's up to the ATM companies to sell us on their security. |
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Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore
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on: May 03, 2013, 02:01:42 AM
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These are horrible news: http://gawker.com/massive-bitcoin-business-partnership-devolves-into-75-487857656Some investors will avoid bitcoin like pest after this and price will resent for a long time. I think bitcoin does not have much future until people in masse abandon mtgox. They have had failure after failure. You cannot leave the future of the "currency revolution" in the hands of Magic Card-minded-teenagers (my maximum respect for people that enjoy that game, but a currency revolution needs some knowhow and some commitment and to play hard against level 20 banksters you cannot just show the wizard card) The Ceo of MtGox has traded here a big part of the future of bitcoin + 75 million $ for just not being able to read or just comply with a contract they signed in february. That is awful for a professional trying to deal or negociate with this guys. You have to be serious, not break the card deck when you don't like things. A guy that in the latest press release on tv was saying (being interviewed while sit in a plastic ball) when questioned about the future of bitcoin that it could go from thousands to 0 (not very reassuring to possible customers or investors i would say) is somebody that probably should not be there as ceo of the biggest bitcoin exchange. just my two cents. excuse my poor english please. I would say that this is a bad thing for Mt. Gox and a good thing for Bitcoin. Mt. Gox is dying and everyone knows it. Diversifying exchanges, even if it has to come through lawsuits, is what is needed for Bitcoin to succeed. |
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Economy / Speculation / Re: BitcoinATM debut today?
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on: May 03, 2013, 01:47:38 AM
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Very interesting, although considering the special properties of bitcoin that make it very atm-unfriendly (having to wait for confirmations) I think maybe it would be appropriate to think 'outside the atm-box' for a solution. Waiting 10 minutes minimum around an ATM doesn't sound like it's going to exactly catch on.
That won't be necessary. The ATM machine knows immediately that it has cash. As long as the connection between the machine and the blockchain is secure, the user goes away knowing the transaction will go through, and the ATM owner needn't worry because he possesses the local currency. Any waiting period is irrelevant. |
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Economy / Speculation / Re: The current BTC hype is over, let's wait for the next one...
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on: May 01, 2013, 09:45:58 PM
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The current BTC hype is over. Google searches after bitcoin and related terms are declining slowly during the last weeks, since we had the BTC peak. See the Google Search chart here (the hype chart): Google search trends after 'bitcoin', 'bitcoins' and 'mtgox' So, let's wait for the next hype wave... but this could take some weeks, months, maybe years... The problem with that chart (with respect to your interpretation) is that it deals with search volume relative to itself. The peak is simply the highest it has been, but it's not a value. The only thing that chart tells us is that ~5x more people compared to today searched for those terms at its peak. Do you think that all those people that searched back then suddenly forgot about Bitcoin because they haven't searched it again? Search volume spiked because a LOT of press was released very close together. |
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Economy / Exchanges / Re: bitfloor issues?
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on: April 19, 2013, 01:11:19 AM
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I'm practically in tears.
I don't have a US bank account and had funds on bitfloor because I figured since it was easily accessible for US users, that it would be a good place to operate. Sure, trading from one side and allowing a balance to build up in USD was my choice, and my responsibility, but the fact that I can't withdraw in BTC means I will have to request an international wire transfer, which I believe is expensive.
The fact of the matter is that if their twitter post is accurate, they're dealing with international users after US users. They're locking me out of accessing my funds for I'm guessing a minimum of two weeks (1 week for account verification and another for the wire transfer).
If it takes any more time than that, I might not be able to make my rent payments. My last exchange was at ~80 USD per coin. I was never informed that the exchange would be closing. I was never informed that in case of issues related to the finances of the exchange or in case it shuts down, that USD would be the only means of recovering deposits.
I can't even find anyone to take over the account. I feel like I've lost complete control of my life. My worth has been taken from me. I have no options. And why? Because the exchange's bank account is being closed? If that is the reason, the only option is to provide participants the opportunity to transition out or away from the market. Turning away new members or not accepting USD deposits are acceptable means by which the issue could have been addressed. If necessary (that is, if the exchange rate got too uneven), you could even work with vendors or another exchange to transfer balances or supply coins at market rate (last trade +5% from gox) until volume traded dwindled and the exchange could shut down.
This could have happened over a 2 week period, or a 1 week period, but instead it was forced. In a single day (twitter posts providing customer support before the announcement) The ground that hundreds of people stood on was shaken and fractured. Forced to the ground, I'm not sure I could stand. Even worse, I'm not entirely sure that I want to.
1) You should not have invested more that you could have afforded to lose. 2) An international wire transfer will probably cost you at most, $50. |
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Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore
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on: April 18, 2013, 09:51:22 PM
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Price heading up, currently 103, lag heading up, currently 1m 10s.
I though Gox was supposed to have made changes to fix this lag?
They added more servers to minimize lag, and considering the recent increase in trade volume, it's actually doing a LOT better. Not to mention most people have learned to keep their cool during laggy periods. |
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Economy / Speculation / Re: Why I dont care that I did not sell at $250, and why I am not selling
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on: April 16, 2013, 05:30:12 AM
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True - but if you sold you could now buy 4 times more BTC for your long term.
This. Why people keep bringing up the past as evidence for what they "could have done" continues to baffle me. If the price hits $2, of course people could say, "You could have sold at $60 and have been able to buy 30x as many coins!". But the fact is, we DON'T know what's going to happen, and people like the OP choose to not risk coins in such a volatile market, and are content to simply hold. Sure, these people may not realize the same profit as other risk-takers, but some people can't afford that risk. |
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Economy / Speculation / Re: $236 - What BS - Selling OUT today!
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on: April 09, 2013, 07:33:24 PM
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I'm a long term bull, but the types of gains we've seen today may not be sustainable. In the long run, I believe that buy and hold, coupled with a trailing stop, is a decent strategy. People need to separate what they want to have happen, and what could happen, and develop a strategy that maximizes gains whichever way the market goes during the short term.
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Economy / Speculation / Re: $236 - What BS - Selling OUT today!
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on: April 09, 2013, 07:23:21 PM
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If you made a decision stick to it. You can't predict the future. If it goes to $1k you'll be upset. If it crashes to $1, $10, $50, $100, you'll be upset you didn't get out when you felt you should. So just accept it and what will be will be.
That. It's easy to look back at a chart and wish you'd made a different decision. As they say, a bird in the hand... It's why I'm running a trailing stop, assuring me a sizeable return. If it drops more, I may buy back in, but my principal is not at stake. |
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Economy / Economics / Re: When to "move the decimal points" ?
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on: April 09, 2013, 08:23:30 AM
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No, the protocol is subdivided to the Satoshi, all transactions are recorded in Satoshi, and that isn't going to change. This is just a naming/writing system that makes it easier to work with very small numbers.
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Economy / Speculation / Re: How To Capitalize On The Bitcoin Frenzy WITHOUT The Risk
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on: April 09, 2013, 07:52:31 AM
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If there were guaranteed profits of 300-500%, people would be doing it themselves and not giving the profits back to you.
Don't say people didn't warn you.
While nothing is guaranteed, this is a very shortsighted view and plain ignorant way to look at things. "doing it themselves" ...Is not an option period. Traders need speed and liquidity. And lenders need a intermediary to protect their loan with margin requirements and position liquidations if necessary. Bitfinex simply provides the platform for doing that. The reason for such high loan rates right now is because there is high demand and few loans. As soon as more loans enter the system then the opportunity decreases. As with all investments, those who recognize value first get the biggest advantage. There's no way this opportunity will continue forever. So why not get a real loan in the real world and then lend it out on Bitfinex? You'd make a shedload of cash, especially if you kept quiet about it keeping the interest rate high since d > s? Right? I mean that's what I would do if I didn't believe this site would eventuallt make off with your cash That is a very doable arbitrage play right now. Do it. I've maxed out my father's credit card to buy my bitcoins. Hopefully I'll make enough money that he won't get mad when his bill comes at the end of the month Please tell me you're joking... |
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Economy / Economics / Re: Bitcoin market cap is now almost... [mona lisa reached]
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on: April 09, 2013, 05:35:14 AM
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You do know that the paradox you linked to is a paradox because it's false? It wasn't until the advent of Algebra that it was able to be mathematically proven false (it's obviously false in real life). Distance = Rate x Time. Setting a system of two equations for both racers, it's easy to calculate who wins, and at what point Achilles overtakes the tortoise. |
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Economy / Speculation / Re: Bitcoin needs to do a "stock split" and add new (sub)names
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on: April 09, 2013, 05:18:59 AM
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I posted this in the "Economics" sub-forum, as an attempt to standardize how we refer to small values of BTC (without touching the protocol at all). https://bitcointalk.org/index.php?topic=1833.msg1776572#msg1776572--------------------------------------------------------------------------------------------- It may seem complicated, but I think that with practice, this could be a manageable system for both online AND offline payments. Given that this is a global currency, and the metric system is used by the majority of the population, we should stick to a metric prefix system, similar to other ideas here in this thread. I've added a few "rules" to help standardize and simplify the system. Like so: 1 BTC = 1 Bit 0.1 BTC = 1 Decibit/Dec (Optional) 0.01 BTC = 1 Centibit/Cent 0.001 BTC = 1 Millibit/Mil 0.000,001 BTC = 1 Microbit/Micro 0.000,000,01 BTC = 1 Satoshi In another form: 1 Bit = 10 Decs 1 Dec = 100 Cents 1 Cent = 100 Mils 1 Mil = 1,000 Micros 1 Micro = 100 Satoshi Rules: 1) The smallest unit possible is generally used. Anything over 1 BTC is generally referred to in decimal (e.g. 1.35 BTC = "One point three five Bits") 2) Trailing zeroes should be used when interpretation of units is ambiguous or unclear. (See examples below) 3) Commas are used to the right of the decimal point every three spaces to assist unit assignment 4) Avoid awkward prices (e.g. 1.500,004,80 BTC). Even so, could be read as "1.5 Bits and 480 Satoshi" With this, you can easily speak lower prices without talking in decimals all the time. Generally, the fewer non-zero numbers in a BTC price, the better. Examples: 0.40 BTC = 4 Decs OR 40 Cents 0.45 BTC = 45 Cents 0.452 BTC = 452 Mils 0.002,500 BTC = 2500 Micros OR 0.002,5 = "Two and a half Mils" 0.087 BTC = 87 Mils 0.000,346 BTC = 346 Micros 0.000,049 BTC = 49 Micros 0.000,000,12 = 12 Satoshi 0.000,003,12 BTC = 312 Satoshi Thoughts, suggestions, criticisms? Having just 8 decimal places instead of 9 makes it slightly less intuitive than it could be when dealing with hundreds of Satoshi, but it's no different than saying that $1.32 is 132 cents. |
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Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker
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on: April 09, 2013, 03:13:14 AM
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i was 14,250 in gox queue on Saturday, now i'm 11,800
one day later and i'm only 11,620  queue for what exactly? cash withdraw? Queue for Mt.Gox verification. I signed up with Dwolla for the cheaper fee for moving fiat in and out, but you need a verified account on Mt.Gox to use it. |
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Economy / Economics / Re: When to "move the decimal points" ?
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on: April 08, 2013, 11:20:00 PM
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Mega bump, but figured this was the best place to share my idea for naming small fractions of BTC. It may seem complicated, but I think that with practice, this could be a manageable system for both online AND offline payments.
Given that this is a global currency, and the metric system is used by the majority of the population, we should stick to a metric prefix system, similar to other ideas here in this thread. I've added a few "rules" to help standardize and simplify the system.
Like so:
1 BTC = 1 Bit
0.1 BTC = 1 Decibit/Dec (Optional)
0.01 BTC = 1 Centibit/Cent
0.001 BTC = 1 Millibit/Mil
0.000,001 BTC = 1 Microbit/Micro
0.000,000,01 BTC = 1 Satoshi
In another form:
1 Bit = 10 Decs
1 Dec = 100 Cents
1 Cent = 100 Mils
1 Mil = 1,000 Micros
1 Micro = 100 Satoshi
Rules:
1) The smallest unit possible is generally used. Anything over 1 BTC is generally referred to in decimal (e.g. 1.35 BTC = "One point three five Bits")
2) Trailing zeroes should be used when interpretation of units is ambiguous. (See examples below)
3) Commas are used to the right of the decimal point every three spaces to assist unit assignment
4) Avoid awkward prices (e.g. 1.500,004,80 BTC). Even so, could be read as "1.5 Bits and 480 Satoshi"
With this, you can easily speak lower prices without talking in decimals all the time. Generally, the fewer non-zero numbers in a BTC price, the better.
Examples:
0.40 BTC = 4 Decs OR 40 Cents
0.45 BTC = 45 Cents
0.452 BTC = 452 Mils
0.002,500 BTC = 2500 Micros OR 0.002,5 = "Two and a half Mils"
0.087 BTC = 87 Mils
0.000,346 BTC = 346 Micros
0.000,049 BTC = 49 Micros
0.000,000,12 = 12 Satoshi
0.000,003,12 BTC = 312 Satoshi
Thoughts, suggestions, criticisms? Having just 8 decimal places instead of 9 makes it slightly less intuitive than it could be when dealing with hundreds of Satoshi, but it's no different than saying that $1.32 is 132 cents.
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Economy / Speculation / Re: The road to $1000 would be much harder
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on: April 06, 2013, 03:37:42 AM
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The road to $1000 will be exactly 9 times harder than the road to $100.
([$1000-$100]/$100 = 9)
With the assumption that the difficulty ("hardness") to move from one dollar to the next remains constant, which is not true.  |
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Economy / Speculation / Re: the FUD campaign started
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on: April 06, 2013, 12:14:53 AM
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This is the best thread I've read in a while
Have a confession to make though, I don't know what FUD actually means. lol
I described that Guardian article in my blog as 'probably the worst piece of journalism I've ever read'
Haven't read all the ones in the update though.#
I LOVE that Ghandi quote, so true!
FUD = Fear, Uncertainty, and Doubt. |
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