1101
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: February 26, 2014, 06:38:50 PM
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User count is going to stabilize at some point, and will become lower than the actual BTC inflation rate. I see no reason why that wouldn't lead to price stability (not in USD terms perhaps but that's because USD is actually not stable at all).
It's hard to believe that the usercount will stop and stay stable. In my idea, it will more probably either increase or decrease. But what remains the same is that the inflow of new coins will slow down and get more expensive. All of it combined will keep bitcoin far away from stability. Good news for day traders. Yeah, exactly! Most of the people are here because they are interested in buying low and selling high, so they can make a easy buck. People aren't here because bitcoin is a practical currency for everyday use. It's all good fun, but bitcoin can't become a serious financial tool because of that. But, I think that the idea of open sourced and transparent monetary system, that is supported by the internet, is very important and it is the future. Bitcoin is just financially too simplistic to do the job. Something more complex has to be made to create a practical currency, that follows the same open source rules of transparency. 2013 called, he wants his "bitcoin will never be a serious currency" argument back. Markets need buyers and sellers. Price discovery, liquidity, market makers, all that. We're still in a volatile pre-IPO-like phase, one that is traditionally not available to regular investors. I'm thinking longer term.
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1102
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: February 26, 2014, 04:55:16 PM
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User count is going to stabilize at some point, and will become lower than the actual BTC inflation rate. I see no reason why that wouldn't lead to price stability (not in USD terms perhaps but that's because USD is actually not stable at all).
It's hard to believe that the usercount will stop and stay stable. In my idea, it will more probably either increase or decrease. But what remains the same is that the inflow of new coins will slow down and get more expensive. All of it combined will keep bitcoin far away from stability. Good news for day traders.
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1103
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Economy / Speculation / Re: Rebranding and Relaunching (MT)Gox.com
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on: February 26, 2014, 01:02:18 AM
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More FUD please. A conspiracy theory or two would be nice. An ad hominem attack on Mark's weight would further reinforce your position. The more angry you sound the more convincing your argument will ultimately be. Maybe combine the two tactics and litter some four letter words in there too. Don't forget the frappuccinos. This forum has no place for logic and reason. We have markets to short, noobs to scare and bills to pay. Ok sarcasm off Looking at this completely objectively with my Spock Hat on, I think you make a lot of good points. And I hope you're right.
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1104
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Economy / Service Discussion / Re: NO PROOF MtGox is insolvent - Document possibly a Hoax? - STOP THE FUD!
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on: February 25, 2014, 09:41:52 PM
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Cannot emphasize enough how huge this is for bitcoin adoption going forward. Those who simply want gox to die are missing the big picture. If gox customers are ultimately cheated, there will be a sell-off, but it probably won't be that big as some of this is already factored in. Many in the public as well as companies, hell even the media, were starting to talk about bitcoin in a positive way. They will turn and run in a heartbeat - they haven't yet bc technically no one has yet been cheated - they and we are all waiting to see what happens. All the "I told you bitcoin was dangerous (or a fraud)" will be out in full force. Media will be brutal and gov regulation will come down like a hammer. Bitcoin's adoption will stop cold in its tracks, and the public, which was always worried about security, will say "no thanks, I don't need this product that badly" and bitcoin will unfortunately grind down slowly to nothing for many many years to come
I totally agree with you IF this is all true. The point I am making is I think we are already doing a lot of the damage described above even if it all turns out to not be true. The journalists are already feverishly writing the "I told you so" articles as we speak, I am sure. I agree with both of you. The media shitstorm will blow over, like it always has before. The new kids and bitcoin non-believers surely are having a field day with this one, and aren't helping its image, that's for sure. But it's inevitable and happens over and over again and bitcoin emerges resilient as the coins are distributed to stronger, smarter hands during the market downturns. Once the market turns bull, the accumulation phase will begin again as many clueless investors buy in, and the cycle repeats itself. Last summer I witnessed this on a smaller scale with the ASIC chip preorder debacle. Yifu Guo, a trusted community member, basically screwed the pooch and didn't deliver his brand new ASIC chips on schedule, thereby screwing preorder companies that had invested much and taken customers' money for assembly. (These are mining rigs, so time is money. Also they were the first ASICs so time was big money.) For a while, he was one of the most hated people on the forum (as were some of the assemblers). I've never seen more profanity and name calling, even death threats. Money and greed turn people into absolute monsters. In the end, though, most people got their money back (Yifu issued refunds) and that saga is long behind us. Overall, given the lack of hard, concrete evidence and the record amount of FUD (both here and on reddit) I could go either way on Gox. I know many of you are angry. Just remember that this is a cutting edge technology in its infancy, and you're lucky to be part if the IPO. If you can't handle the stress, maybe Bitcoin isn't for you. Regarding Gox, I feel for those who lost a lot of money. Try to keep things in perspective, have a little patience, and hope for the best.
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1105
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Bitcoin / Hardware / Re: Klondike - 16 chip ASIC Open Source Board - Preliminary
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on: February 25, 2014, 08:36:50 PM
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Hello If i buy k16s 0.3(?maybe) klondikedesign.com and use gen2 avalon and write jipiju's firmware Is it work?
I wouldn't order anything from klondikedesign.com if I were you (not sure why the store is still up...). Chris still owes me over 8 BTC. Anyone hear from him lately?
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1106
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Economy / Speculation / Re: Get Ready To Do Some BTC Shopping ...
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on: February 25, 2014, 08:06:12 PM
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If Gox is bought out and the new owners intend to honor the old company's debts, this will be incredibly bullish.
One can only hope, but the silence is deafening. I bought 50 goxcoins for next to nothing last night, so we will see. Don't worry; it's money I'm prepared to lose (and I bought real coins too )
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1110
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Economy / Service Discussion / Re: Why are people defending MTGox?
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on: February 25, 2014, 09:07:28 AM
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I'll defend anyone against rumors, amateurish "leaked" documents, and unconfirmed allegations.
It's to everyone's benefit in this community that we have accurate, solid information and not jump to conclusions. Circumstantial evidence is being used to declare MtGox insolvency as a foregone conclusion, rather than just a fairly high likelihood. This is wrong. It is poor reckoning of evidence, even if they do turn out to be insolvent in the end.
Thank god there is another rational adult in this forum. Hold tight kids, don't make me turn this car around!
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1112
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: February 25, 2014, 08:25:19 AM
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This is an excerpt from the 'leaked' document. (emphasis mine)
"The reality is that MtGox can go bankrupt at any moment, and certainly deserves to as a company. However, with Bitcoin/crypto just recently gaining acceptance in the public eye, the likely damage in public perception to this class of technology could put it back 5~10 years, and cause governments to react swiftly and harshly. At the risk of appearing hyperbolic, this could be the end of Bitcoin, at least for most of the public."
How do you put back a technology 5 to 10 years that is barely 5 years old? I guess you tend towards the lower end. Or perhaps he meant to say 5 to 10 weeks. Also notice the phrase "this could be the end of Bitcoin". Sound familiar? It looks more than anything like the wording was chosen specifically to create a panic.
edit: bolding
Perhaps referring to pre-bitcoin cryptos that never took off, liberty reserve, e-gold... etc. It was obviously put together hastily. Place your bets accordingly.
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1113
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: February 25, 2014, 07:49:23 AM
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bitcoinbuilder is such a fail.
people who wired some fiat to mtgox and were betting against mtgox insolvency...
well, you might have a gambling problem.
Not if you think that there's a tiny chance MtGox and its associated assets could be bought, restructured and rebranded into a functional, profitable exchange by a forward-thinking capitalist. A longshot for sure.
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1115
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Economy / Exchanges / Re: MtGox withdrawal delays [Gathering]
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on: February 25, 2014, 12:18:50 AM
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Karpeles resigning and the reset Twitter accounts is because Karpeles will announce this week that he will no longer be the CEO of MtGox. There will be a professional CEO at the head of Gox who will (try to) make MtGox again a succesfull exchange.
I have no insider info, just my guess.
Wishful thinking. I don't know what will happen but this appears unlikely to me. I can see three scenarios: - Hard bankruptcy, remaining fiat and bitcoins are shared out in proportion after losses are deducted
- Takeover by another company with deep coffers (not too likely, in my view, because Mt. Gox does not look very attractive)
- Mt. Gox wriggles through and comes out solvent, perhaps barely solvent, and continues to pay out slowly (also wishful thinking, but not entirely impossible).
The loss of reputation would be difficult to reverse, so I find it hard to see any rosy future for Mt. Gox. Agree with your points although I don't think Gox would be that unattractive. An outside investor would see a huge client base and an opportunity to turn things around. There could be a lot of value unlocked if MtGox could regain a trustworthy image, no question. Huge client base, the brand, the contracts and the profitable operations. I hope it won't take a square full of people with bats to dethrone the fool. Agree. Mark could also tap into the anti-Bitcoin Foundation crowd as potential customers.
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1116
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: February 25, 2014, 12:11:18 AM
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Lawsuits are the standard instruments that customers are expected to use when a company defaults on their contracts. Why are MtGOX clients so reluctant do do the natural thing?
Because we've been through this before with Gox, again and again. Whether they pull through this time is yet to be seen. Surely you must know how expensive and time consuming a lawsuit would be. If you haven't heard, this community is a wretched hive of scum and villainy. Scams, "investment" schemes, failed ASIC group buys, miner preorder drama, pump and dump coins, and other various flowery-sounding get-rich-quick schemes have come and gone long before you. However unfortunate, it does ensure that Bitcoin is not adopted by those who can't comprehend basic computer security by making a shining example of selected individuals. Stick around, though, and you'll see how fast we grow.
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1118
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: February 24, 2014, 09:37:50 PM
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WTF is up with Bearstamp. Don't they realize that these prices are already dirt cheap? Stop selling you fools!
most poeple sell at the bottom. I underestimated how stupid people are. I am kicking myself for not profiting from this. I am all BTC and I think it's too late now. You can always grab a few goxcoins if you're feeling extra frisky.
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1119
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Economy / Speculation / Re: Max Keiser Predicts $750-$800 This Coming Week
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on: February 24, 2014, 09:21:56 PM
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I think you just have to have your filter on when you listen to Max: it's information with a lot of showmanship.
No regular joe would want to watch a drab boring show on economics so the over the top stuff is pure entertainment.
But I also think his ideology is in the right place, a focus on exposing and overthrowing criminality (karmabanque, silver/jpm, bitcoin etc etc)
Still, I notice a lot of bitcoiners have begun to dislike Max since he started promoting Quark and Maxcoin (I personally didn't like when he started tweeting that he'll move the btc price up by $30 over the weekend - that was too much for me).
His bitcoin tweeting was quite inspiring and filled many with hope and then he has really gone off the boil with it.
I think those who bought silver as he promoted it during his 'bring down JP Morgan' phase felt similarly when he began his bitcoin promotion.
All in all, Max entertains and makes economics interesting, but like anything you have to do your homework.
Agreed. All talking heads are in it to make a buck. It's a television persona that caters to a segment of the population (ratings/views) and almost all of them would sacrifice principles to remain in the spotlight. Glenn Beck is the worst of them, IMO.
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