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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 508265 times)
stevegee58
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May 26, 2014, 01:37:49 PM
 #1301

...but I like  the name ''wealthy elite'' haha Smiley

rpietila is even wearing a tie and jacket to prove his elite-ness.  Cool

You are in a maze of twisty little passages, all alike.
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BittBurger
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May 26, 2014, 01:38:41 PM
 #1302

This is the best thread on the forum and it will be a cult favorite in the years to come.  Glad its back Smiley

-B-

Bitcoin's true purpose alluded-to in Satoshi's message on the Genesis Block:
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
https://blockchain.info/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b?show_adv=true
wachtwoord
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May 26, 2014, 01:40:17 PM
 #1303

My personal hypothesis: By 3rd/4th quarter of this year we will see ETF's, options, leveraging, etc come into the market. Once this occurs  major Wall Street firms will start trading. This will create volume at levels never seen before and drive the price far, far higher.
They'll trade paper bitcoins that they can't back with real ones, and keep the exchange rate artificially low just like they do with gold.

Q4 is the earliest possibility of a ETF right? And when do projects finish in time? That's right never, so I'm assuming 2015.

Are not the Winklevoss brothers trying for Bitcoin ETF backed by their stash ?

Yes.

BittBurger
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May 26, 2014, 01:47:55 PM
 #1304

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Q4 is the earliest possibility of a ETF right? And when do projects finish in time? That's right never, so I'm assuming 2015.

I read that its roughly a year for ETF approval and they applied when ... Q4 2013 right?

-B-

Bitcoin's true purpose alluded-to in Satoshi's message on the Genesis Block:
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
https://blockchain.info/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b?show_adv=true
bitpop
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May 26, 2014, 01:53:54 PM
 #1305

Bitcoin $100k

Reputation  |  PGP  |  DigitalOcean  |  OpenVPN 2GB Free  |  TorGuard  |  Ethereum Classic
Bitcoin: 3DSh6AnmvBpDJFUz2mnLirMLmTMcFs9nDm
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spazzdla
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May 26, 2014, 01:57:22 PM
 #1306

My personal hypothesis: By 3rd/4th quarter of this year we will see ETF's, options, leveraging, etc come into the market. Once this occurs  major Wall Street firms will start trading. This will create volume at levels never seen before and drive the price far, far higher.
They'll trade paper bitcoins that they can't back with real ones, and keep the exchange rate artificially low just like they do with gold.

If we get enought MT Gox situations this will probably not happen as people won't accept useless paper for BTC.  We must teach people paper representing something has zero vlaue.
justusranvier
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May 26, 2014, 02:43:22 PM
 #1307

We must teach people paper representing something has zero vlaue.
...or we must create systems that can make it arbitrarily difficult for exchanges to fail to fully back their paper and fulfill their redemption obligations.

http://opentransactions.org/wiki/index.php?title=Voting_Pools
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May 26, 2014, 02:44:54 PM
 #1308

We must teach people paper representing something has zero vlaue.

It's a discounted version of the real thing, but value is not zero.

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May 26, 2014, 03:12:52 PM
 #1309

If willy bot says, price go to $1000, it will happen.
Bot willy controls all

Славься, Отечество наше свободное,
Братских народов союз вековой,
Предками данная мудрость народная!
Славься, страна! Мы гордимся тобой!
stevegee58
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May 26, 2014, 04:09:18 PM
 #1310

If willy bot says, price go to $1000, it will happen.
Bot willy controls all
Not if it's Free Willy.  Kiss

You are in a maze of twisty little passages, all alike.
cryptopaths
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May 26, 2014, 04:39:39 PM
 #1311

People are often calling Bitcoin the digital gold, if it reaches the market cap of gold that would be $600,000 a coin. You have to look at Bitcoin for what it is though a commodity that's part of an ecosystem like none other the ecosystem of crypto.
igorr
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May 26, 2014, 04:41:12 PM
 #1312

If willy bot says, price go to $1000, it will happen.
Bot willy controls all
Not if it's Free Willy.  Kiss

willy is free, but has successors.  Smiley

Славься, Отечество наше свободное,
Братских народов союз вековой,
Предками данная мудрость народная!
Славься, страна! Мы гордимся тобой!
BlockStreet
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May 26, 2014, 08:12:09 PM
 #1313

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Q4 is the earliest possibility of a ETF right? And when do projects finish in time? That's right never, so I'm assuming 2015.

I read that its roughly a year for ETF approval and they applied when ... Q4 2013 right?

-B-

I think so, but as mentioned earlier, when do these ever go smoothly.  Q4 2014 or Q1 2015.  ETF will make it easier for large institutions to invest, but there needs to be transparency and accountability in the system.

Take the Willie report for example.  http://willyreport.wordpress.com/  Assuming this is accurate, this would mean a massive distortion of the marketplace and violation of users trusts (and stealing their money).   This undermines the very core concept of bitcoin, which is that you can trust the other party without knowing who they are.

The crooks need to be driven OUT of the marketplace.  Exchanges must adopt transparent systems that will ensure the consumer that they are 100% legitimate. Ideally these should not be based on "a great team of trusted people who are running the exchange", but instead programmed into the exchange, and can be tracked/viewed/audited by anyone at anytime.

If these protections are not put in place, look forward to lots of regulation.

(This won't prevent outside forces from manipulating the systems, but it's a start.)


http://blockstreet.info
Biodom
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May 26, 2014, 08:20:21 PM
 #1314

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Q4 is the earliest possibility of a ETF right? And when do projects finish in time? That's right never, so I'm assuming 2015.

I read that its roughly a year for ETF approval and they applied when ... Q4 2013 right?

-B-

I think so, but as mentioned earlier, when do these ever go smoothly.  Q4 2014 or Q1 2015.  ETF will make it easier for large institutions to invest, but there needs to be transparency and accountability in the system.

Take the Willie report for example.  http://willyreport.wordpress.com/  Assuming this is accurate, this would mean a massive distortion of the marketplace and violation of users trusts (and stealing their money).   This undermines the very core concept of bitcoin, which is that you can trust the other party without knowing who they are.

The crooks need to be driven OUT of the marketplace.  Exchanges must adopt transparent systems that will ensure the consumer that they are 100% legitimate. Ideally these should not be based on "a great team of trusted people who are running the exchange", but instead programmed into the exchange, and can be tracked/viewed/audited by anyone at anytime.

If these protections are not put in place, look forward to lots of regulation.

(This won't prevent outside forces from manipulating the systems, but it's a start.)



Sorry, but this is a bit naive. If there is a market, someone can write a program to trade in this market. Are you going to make sure that there is a single human decision on any trade. It is not possible to execute a million share buy/sell without using some sort of a program, unless you are a french banker.  Grin
JJB
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May 26, 2014, 08:42:51 PM
 #1315

People are often calling Bitcoin the digital gold, if it reaches the market cap of gold that would be $600,000 a coin. You have to look at Bitcoin for what it is though a commodity that's part of an ecosystem like none other the ecosystem of crypto.

I think bitcoin could become much more valuable than gold.
cryptopaths
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May 26, 2014, 08:48:32 PM
 #1316

People are often calling Bitcoin the digital gold, if it reaches the market cap of gold that would be $600,000 a coin. You have to look at Bitcoin for what it is though a commodity that's part of an ecosystem like none other the ecosystem of crypto.

I think bitcoin could become much more valuable than gold.

I wasn't arguing that neither was I saying that was the case, all I'm saying is that analyzing bitcoin by the same rules that you analyze gold by doesn't make much sense.
JJB
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May 26, 2014, 08:51:34 PM
 #1317

People are often calling Bitcoin the digital gold, if it reaches the market cap of gold that would be $600,000 a coin. You have to look at Bitcoin for what it is though a commodity that's part of an ecosystem like none other the ecosystem of crypto.

I think bitcoin could become much more valuable than gold.

I wasn't arguing that neither was I saying that was the case, all I'm saying is that analyzing bitcoin by the same rules that you analyze gold by doesn't make much sense.

People just like to make comparisons between things. Makes them easy to understand or quantify.
BlockStreet
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May 26, 2014, 08:57:37 PM
 #1318

Quote
Q4 is the earliest possibility of a ETF right? And when do projects finish in time? That's right never, so I'm assuming 2015.

I read that its roughly a year for ETF approval and they applied when ... Q4 2013 right?

-B-

I think so, but as mentioned earlier, when do these ever go smoothly.  Q4 2014 or Q1 2015.  ETF will make it easier for large institutions to invest, but there needs to be transparency and accountability in the system.

Take the Willie report for example.  http://willyreport.wordpress.com/  Assuming this is accurate, this would mean a massive distortion of the marketplace and violation of users trusts (and stealing their money).   This undermines the very core concept of bitcoin, which is that you can trust the other party without knowing who they are.

The crooks need to be driven OUT of the marketplace.  Exchanges must adopt transparent systems that will ensure the consumer that they are 100% legitimate. Ideally these should not be based on "a great team of trusted people who are running the exchange", but instead programmed into the exchange, and can be tracked/viewed/audited by anyone at anytime.

If these protections are not put in place, look forward to lots of regulation.

(This won't prevent outside forces from manipulating the systems, but it's a start.)



Sorry, but this is a bit naive. If there is a market, someone can write a program to trade in this market. Are you going to make sure that there is a single human decision on any trade. It is not possible to execute a million share buy/sell without using some sort of a program, unless you are a french banker.  Grin

Biodome, I'm not suggesting that someone can't manipulate the markets, nor that people can't run bots.  This will happen.  It just shouldn't be the exchange itself that is manipulating the market, as is suggested in the Willie report.


http://blockstreet.info
Yeezus
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May 26, 2014, 09:03:32 PM
 #1319

Id love to know who created this thread. Wonder if hes the wealthy elite now?

rhino34567
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May 27, 2014, 01:31:09 AM
 #1320

People are often calling Bitcoin the digital gold, if it reaches the market cap of gold that would be $600,000 a coin. You have to look at Bitcoin for what it is though a commodity that's part of an ecosystem like none other the ecosystem of crypto.

I think bitcoin could become much more valuable than gold.

I wasn't arguing that neither was I saying that was the case, all I'm saying is that analyzing bitcoin by the same rules that you analyze gold by doesn't make much sense.
Well, you can call a Bitcoin whatever you want. If it's traded, it's a currency. If it's stored, it's an asset or commodity, just like gold.

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