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So, one of the main arguments I encounter when discussing Bitcoin with its promulgators is that it can potentially free the financial system from the cabal of plutocrats that currently run the show, and who have lavished enormous wealth on themselves and their cronies. This argument seems to entirely dismiss the actions of the shady cabal who mined huge numbers of Bitcoins when doing so was trivial (and prior to any public availability), and to a lesser extent the early adopters.
When central bankers throw money like confetti at themselves and their friends whilst most others must struggle to earn small amounts of it this is deemed a moral evil. Yet when the progenitors of Bitcoin and their acolytes do much the same; capture the low hanging fruit and leave everyone else fighting over increasingly complex computational scraps this is hailed as a brave new world of financial freedom.
Should Bitcoin ever achieve the kind of ubiquity its most ardent fans hope for, these people will wield more financial power than any of the Banksters they decry. They will also control such a large amount of the monetary base that they too could end up becoming plutocrats
Far from being a revolution, the future as envisaged by Bitcoin fanboys will be little more than a changing of the cast of villains.
Revans I agree partially Yes. This benefits early adopters . But the makers would not have expected such price swings so if the real libertarians fout against tyranny, those real libertarians must be feeling sad ...IMHO However there is a beautiful way to increase equality and reduce crony capitalism..... Develop the next crypto / cyber / virtual currency ...evangelize and make that next one grow....there is place of more than one crypto / virtual currency just as there have been multiple fiats at an time in history More currencies will make a much larger market and make adoption much more easier and the price much more stable If currency is a medium of exchange and NOT just a medium of hoarding, why not a second or a third or a fourth .....n th medium ? There is more than one model car , or one type of vehicle on roads Any thoughts At this point I'd take my chances with a new bunch plutocrats over the old ones - even though I know the majority of Bitcoin EAs will hail from the richest parts of the planet, not to mention being young and male - just like me. However there is a danger of this revolution being like many revolutions before it and not really changing much in the end. This is why I'm generally in favour of progressive change, rather than disruption - it normally leads to better outcomes in the long term. I've had plenty of wacky thoughts about some of the things I would like to see in an alternative crypto-currency. For example thinking about how might we counter the deflationary aspect (which does serve a purpose for EAs) by either incentivising redistribution in some way beyond selling out for FIAT? I'd like to see a coin that doesn't ultimately favour those with large amount of FIAT to buy up coins and I don't believe the mining mechanisms does that adequately. Out of all the alternative crypto currencies so far I like PPCoin the most because it is trying to be innovative in a number of ways. I believe we will need a number of crypto-currencies, with a number of different design characteristics to satisfy our needs. |
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I'm sure this has been debated a lot in the past, but as n00b, I've been asking the same thing. Seems that Bitcoin might always have a dependency on FIAT.
I think it is a very long road till we start to think of prices of Gold, Shares or a coffee in terms of Bitcoin.
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I just couldn't believe that people we attacking those who saying simply unsustainable, never mind calling it a bubble.
I sold coins all the way up from $140, the last going at $250 knowing what was happening was clearly insane. I'd only wish I'd trusted my instincts and sold a bit more. However there is no possibility of any downside for me at this point, so I'll just sit back and enjoy the show for a bit.
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At the moment I'm going to call around $40, but all bets are off for me until I see how this weekend plays out.
If FIAT runs dry as it often does over the weekend how will that affect the price?
How many people are still in a rush to cash out and take their profits/minimise their loses?
Will new money arrive on the exchanges Sunday/Monday and will people use that money to buy "cheap" coins?
This for me will give us a clue as to whether a more cautious bull run begins/resumes or whether we are entering a long slide down.
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this thread is like walking through a madhouse. you're delusional if you think today's candle is going to be green.
But look at all the "cheap" coins!!!!! BUY BUY BUY! |
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Another solid gold play by the Gox PR department.
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We are fine. We have already moved nearly all of our trading off Gox, because we max out their monthly limits in 5 days. All of the exchanges we use are fully operational with no delays in trading or withdrawals.
What exchanges are you using out of interest? I am also interested in whether the recent chaos has impacted the volume of trading for you and other bitcoin-based businesses. |
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I pissed at the timing. It will be 1am here - some of us have to sleep/work tomorrow. I get the feeling I'll have missed the sell off or rally by the time I get up.  Can you not go to bed now and wake up for 5 minutes as the exchange opens? Or take some good ol' fashion caffeine. There is more to life than Bitcoins. Not sure the wife would appreciate it either!  Anyway, I look forward to catching up on all the post re-opening hysteria that will no doubt be plastered across these boards.  |
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I'll probably spend about a 1/4 of the FIAT I've been holding in the exchange on coins, providing they are 120 or below when I get up. I'll then be watching closely for the longer term trend, either the catch a ride back up, or take more cheap coins on the way down.
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I pissed at the timing. It will be 1am here - some of us have to sleep/work tomorrow. I get the feeling I'll have missed the sell off or rally by the time I get up. |
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They're probably troubleshooting/testing connections or some such task.
This. |
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I really don't know what to do at this point. Gox shutting down has just throw yet another curve ball into the mix. I thought I was sitting pretty with some FIAT in my Gox account ready to buy back in when the dust finally settles (I think that could take quite a long time) but now I'm worried about the FIAT itself if everyone decides to ship funds out of Gox. Oh well, I never put anything in that I couldn't afford to lose.
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"BitCoin, the decentralized currency" Oh, really?
Ain't that the truth. Very good news for the other exchanges though and perhaps Bitcoin long term. Should be interesting to see those who sink and those that swim. Personally I'm pissed though. FIAT locked up on Gox. |
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So now they decide to do this, not after yesterday's 1 hour lag? What fucking joke these guys are..
Second that Thirded. WTF. |
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Have they not heard of Amazon EC2? Google Compute Engine? Heroku? Azure?!
"Adding more servers" - what is it, the 90s? Amateurs..
We've learnt that you can never add enough servers to cope with an unpredictable and quickly-changing demand curve. That's why they invented elastic computing. They add 3 servers now, next month those 3 servers can't handle. So they add 3 more, and so on and so on.
As much as I think Gox has some very serious issues and is currently unfit for purpose (clearly they have some horrible legacy and crazy architecture to content with - e.g. I heard someone mention the web front is not decoupled from the trading engine - WTF?!) it just not that simple. Anybody who knows about how to build fast highly secure exchanges that have to guarantee perfect consistency with regards to state/transactions would think twice about using any sort of public virtualised infrastructure. Physical hardware is still the norm in this domain because raw single threaded clock speed and fast IO (e.g. solid state drives) often matters a great deal for exchanges and trading platforms. To give you to example I have direct knowledge of: I worked at Betfair in the past and they were considering building bespoke hardware chips to run the code of their core exchange engine to ensure they could scale their platform for the future and I know a friend at Merrill Lynch who told me about their servers which ran in oil baths to enable over-clocking raw CPU speed matters. There are many other example of custom hardware in use by banks and the like. To think anyone would use Heroku for an exchange is laughable. And I speak as someone who choose to build an app on Heroku or any other PaaS/IaaS provider 99% of the time. And I didn't even mention security. What I do hold Gox accountable for though is not investing in their platform a long time ago. I can't believe they haven't had the money to build an entirely new trading engine and hire a really good team to build and support it. They have been very short-sighted. Any good start-up has a plan in place to scale if they start to experience exponential growth. I think we should be using some of our Bitcoins to fund the building worthy alternative - I certainty don't hold much faith in any of the others so far. An exchange for bitcoiners, built by bitcoiners. |
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It doesn't load for me, neither bitcoinity updates..
Both are broken for me. The drama continues. |
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Hold on a minute. Isn't Max Keiser against the existing banking system and their institutions? Yet he is brokering deals for hedge funds??? Am I missing something here?
He is using the system against itself. Also I'm sure some banks and institutions can be reformed. Not everything has to disappear. Existing physical infrastructure and organizations can be used for the new Bitcoin ecnomy. I think it is healthier to keep the banks and institutions out of the picture for as long as possible, whatever the short term gains to maximise the redistribution of wealth. The cheaper it is for them to come in, the more chance there is of Bitcoin just becoming part of the existing system. |
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Hold on a minute. Isn't Max Keiser against the existing banking system and their institutions? Yet he is brokering deals for hedge funds??? Am I missing something here?
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