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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 608554 times)
Erdogan
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November 07, 2014, 09:43:25 AM
 #2181


These types of services are welcome. We will see how badly they will be regulated by coercion from the state, if not, they will be held in check by the market (with some cockups). If the market demands it, and it can be supplied to the right price, it is good.


The actual point of regulation is to try to minimize the expense of dealing with them.  Unregulated businesses in a situation where they are trusted (ie, where they can screw their customers over) are very expensive.  In fact, experience shows, more expensive than tightly regulated ones.

We would like to not labor under the cost of regulation.  But avoiding regulation doesn't work to keep costs down either, unless we can come up with trust-free (ie, where they CAN'T screw their customers over) models for these services.

This is about adoption; if Bitcoin remains more expensive (ie, if the cost savings of a trust-free business model remains something we can't actually deliver to end users and businesses) then there isn't an economic motive for mainstream businesses to adopt Bitcoin. 

I don't agree. The point of regulation is to create relative bans and relative privileges, which escalates to absolute bans and privileges, which is equal to a monopoly by coercion. It always reduces the options for the market, which makes everything more expensive.

Bitcoin is not perfect for all purposes, so we need extensions. Trustless solutions using crypto is preferrable, but in trading goods and services for money, some level of trust both ways between customer and supplier is always necessary and not always unwanted, and service companies that need a low level of trust to help the process is ok.

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fabiola!
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November 07, 2014, 07:03:25 PM
 #2182

Just bought 3 more BTC for 1k, like a fuckin BOSS

Oi! Showing off is prohibited. stop it!
Smiley

Smiley
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November 08, 2014, 12:47:29 AM
 #2183

My elite status got robbed.

coinfreebie.com! Free BitCoins!
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November 09, 2014, 04:03:44 AM
 #2184

Just bought 3 more BTC for 1k, like a fuckin BOSS

Oi! Showing off is prohibited. stop it!
Smiley

If you have it, flaunt it.
There were people who felt pretty smug because bitcoin's price "fell" to $500.
They don't look so cool now.

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November 09, 2014, 04:42:38 AM
 #2185

Just bought 3 more BTC for 1k, like a fuckin BOSS

I want to be a boss too... another 1k in bitcoin added to my coffers Smiley.
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November 09, 2014, 10:51:43 AM
 #2186

Just bought 3 more BTC for 1k, like a fuckin BOSS

I want to be a boss too... another 1k in bitcoin added to my coffers Smiley.

I've been stocking up at least 3 coins  a week
I hope it goes even lower than now so I can more reserves in my stockpile
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November 10, 2014, 07:48:50 PM
 #2187

Just bought 3 more BTC for 1k, like a fuckin BOSS

Oi! Showing off is prohibited. stop it!
Smiley

If you have it, flaunt it.
There were people who felt pretty smug because bitcoin's price "fell" to $500.
They don't look so cool now.

I don't agree, whats the point of flaunting, making people feel worse about themselves? MEAN!

Smiley
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November 10, 2014, 08:01:53 PM
 #2188

Just bought 3 more BTC for 1k, like a fuckin BOSS

Oi! Showing off is prohibited. stop it!
Smiley

If you have it, flaunt it.
There were people who felt pretty smug because bitcoin's price "fell" to $500.
They don't look so cool now.

I don't agree, whats the point of flaunting, making people feel worse about themselves? MEAN!

Now is the time to get in, you think when the reward half's again  your ever going to get Coins this cheap again??

If you don't buy any now, don't complain when they're  over 10,000usd each........ Sad

You can lead a horse to water, but I guess you really can't make him drink lol

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November 10, 2014, 08:35:18 PM
 #2189


You can lead a horse to water, but I guess you really can't make him drink lol


Or my favorite variation of that phrase:

"You Can Lead A Whore To Culture, But You Can't Make Her Think"

 Grin  Grin  Grin



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Erdogan
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November 10, 2014, 09:53:47 PM
 #2190


You can lead a horse to water, but I guess you really can't make him drink lol


Or my favorite variation of that phrase:

"You Can Lead A Whore To Culture, But You Can't Make Her Think"

 Grin  Grin  Grin




What is the logic?


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November 11, 2014, 02:17:32 AM
 #2191


What is the logic?


Ummm... err... well, I guess maybe 'cuz we're all gonna be the new wealthy elite ("gentlemen..." LOL) and I suppose some may end up surrounded by hookers & blow, and/or with various other gold-digger, hangers-on types, who are just there for the lulz and the bling...? 

In that case, maybe just remember some of 'em ain't gonna be able to understand the cryptography and mathematical concepts behind bitcoin, so in that case... don't waste your time trying to explain it to them?

Or... naaaaw... no logic really: I actually just thought it was funny  Roll Eyes


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fabiola!
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November 11, 2014, 04:31:11 AM
 #2192

Just bought 3 more BTC for 1k, like a fuckin BOSS

Oi! Showing off is prohibited. stop it!
Smiley

If you have it, flaunt it.
There were people who felt pretty smug because bitcoin's price "fell" to $500.
They don't look so cool now.

I don't agree, whats the point of flaunting, making people feel worse about themselves? MEAN!

Now is the time to get in, you think when the reward half's again  your ever going to get Coins this cheap again??

If you don't buy any now, don't complain when they're  over 10,000usd each........ Sad

You can lead a horse to water, but I guess you really can't make him drink lol



It's good advice, I'm doing the same thing, just please don't show off too much k? x

Smiley
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November 11, 2014, 07:12:45 AM
 #2193

Just bought 3 more BTC for 1k, like a fuckin BOSS

Oi! Showing off is prohibited. stop it!
Smiley

If you have it, flaunt it.
There were people who felt pretty smug because bitcoin's price "fell" to $500.
They don't look so cool now.

I don't agree, whats the point of flaunting, making people feel worse about themselves? MEAN!

Now is the time to get in, you think when the reward half's again  your ever going to get Coins this cheap again??

If you don't buy any now, don't complain when they're  over 10,000usd each........ Sad

You can lead a horse to water, but I guess you really can't make him drink lol



It's good advice, I'm doing the same thing, just please don't show off too much k? x


Nothing wrong with pride in ones good work Smiley. I'm back to $500 AUD weekly deposits and purchases now... Did the majority of my coin purchases at $379 AUD. Sitting at 122.03 BTC....

Like a mini boss?


Erdogan
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November 11, 2014, 09:09:35 AM
 #2194


What is the logic?


Ummm... err... well, I guess maybe 'cuz we're all gonna be the new wealthy elite ("gentlemen..." LOL) and I suppose some may end up surrounded by hookers & blow, and/or with various other gold-digger, hangers-on types, who are just there for the lulz and the bling...? 

In that case, maybe just remember some of 'em ain't gonna be able to understand the cryptography and mathematical concepts behind bitcoin, so in that case... don't waste your time trying to explain it to them?

Or... naaaaw... no logic really: I actually just thought it was funny  Roll Eyes



I just thought it was denigrating a group of people. You don't know them all.

fabiola!
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November 11, 2014, 05:43:25 PM
 #2195

Just bought 3 more BTC for 1k, like a fuckin BOSS

Oi! Showing off is prohibited. stop it!
Smiley

If you have it, flaunt it.
There were people who felt pretty smug because bitcoin's price "fell" to $500.
They don't look so cool now.

I don't agree, whats the point of flaunting, making people feel worse about themselves? MEAN!

Now is the time to get in, you think when the reward half's again  your ever going to get Coins this cheap again??

If you don't buy any now, don't complain when they're  over 10,000usd each........ Sad

You can lead a horse to water, but I guess you really can't make him drink lol



It's good advice, I'm doing the same thing, just please don't show off too much k? x


Nothing wrong with pride in ones good work Smiley. I'm back to $500 AUD weekly deposits and purchases now... Did the majority of my coin purchases at $379 AUD. Sitting at 122.03 BTC....

Like a mini boss?




AUD?Huh If my country' money was made of PLASTIC I would be putting loads into BTC as well! haha. JK, I love Australia, I spent 7 months there last year, missing the lamingtons and tim tams.

Smiley
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November 12, 2014, 12:55:56 AM
 #2196

i know Sad plastic means we cant do money oragami Sad. still fiat runs the shops so cant go all in. i believe in bitcoin so stopped at 1/4 total fiat wealth. A little each week should get me a nice overall stake over time. I'm aiming for 200btc. i'd like 1000 btc but i think 200btc is more realistic.
fabiola!
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November 12, 2014, 01:16:05 AM
 #2197

i know Sad plastic means we cant do money oragami Sad. still fiat runs the shops so cant go all in. i believe in bitcoin so stopped at 1/4 total fiat wealth. A little each week should get me a nice overall stake over time. I'm aiming for 200btc. i'd like 1000 btc but i think 200btc is more realistic.

That's a lot, well done. I'm a musician so I'll have to wait till my next royalty pay out to go and buy a few more btc. Mining is very slow atm, I'm just getting 1 btc a month I think, terrible! But if I had a "real" job I would be doing the same as you, wages in Ozzieland are so high it's great for you guys.

Smiley
Flashman
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November 12, 2014, 01:43:46 AM
 #2198

Not sure if I said it in this thread yet, but 0.003 is about the fair share of BTC per person on the planet, so 0.3 puts you in the 1%

TL;DR See Spot run. Run Spot run. .... .... Freelance interweb comedian, for teh lulz >>> 1MqAAR4XkJWfDt367hVTv5SstPZ54Fwse6

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Biodom
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November 12, 2014, 02:37:32 AM
 #2199

Not sure if I said it in this thread yet, but 0.003 is about the fair share of BTC per person on the planet, so 0.3 puts you in the 1%

What you are saying is that top 1% on the planet Earth cannot have more than 0.3 BTC on average, but it does not say what % of their net work will be in bitcoin.
To be in the top 1% in the world, you need ~$780,000 in wealth
If only 5% of their wealth would be in BTC (similar % to gold), it would mean $39000 in BTC per each 1% person.
With 39K=0.3 BTC, it would mean price of BTC of $130000
In other words, for BTC value to be enough to represent just 5% in 1% wealthiest Earth inhabitants portfolio, the value of BTC HAS to reach $130000.
Cryddit
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November 12, 2014, 05:38:58 AM
 #2200

I have spent the last three days doing block chain investigation to see where bitcoins have been going.

I can't assign identities to these entities, and this is somewhat hazy and open to interpretation as it depends on the disposition of the Silk road seized coins and some other auctioned coins that have not reappeared on the market.  Also the entities involved appear to be engaged in "buy, hold, and don't consolidate" - deliberately trying to avoid linking their purchased coins.  I'm only about 70% sure that the coins are held by this small set of entities, mainly on the grounds of the purchases being made in a consistent way - similar amounts at repeating times of week in the same marketplaces.  One tipoff was that in months that had large 'closed' auctions these patterns were disrupted; several of the pattern buys disappeared altogether, while others (judging by market and purchase timing) bought more apparently to avoid causing sudden changes in the level of market support.

If I'm right there are at least seven "whales" -- which apparently did not exist one year ago -- that probably have each now got about a half million Bitcoin.   They have been buying steadily for the last seven or so months, except that they bought a larger total in the months with the closed auctions (assuming it was them who got the closed auctions). They are continuing to buy very steady amounts in $US dollar terms, as the price starts to rally and the amounts of their purchases in Bitcoin start getting lower.

Holy crap that's an awe-inspiring amount of money.   But the "noise" of individual and chaotic transactions has been declining relative to these very regular clockwork transactions, and the market has changed character so that it is now increasingly *about* these semi-regular transactions - which appear in the market as flocks of buy orders spread over the course of hours or a day.  And when the noise of chaotic transactions did spike with the "bearwhale" incident last month, the patterns were disrupted as these new whales apparently sunk about 2.5 million extra into the market over the following three days.

Someone has been stuffing price stability down our throats whether we want it or not.

I could be wrong about this; I might be seeing something that doesn't mean what I think it means.  And I don't know who's doing it.  If this were two years ago, or even one, I'd say someone is getting ready to do a massive pump.  But whoever this is, they're playing a very large, long-term game - too large to NOT be in the direct eye of regulators - and I don't know whether they intend to cause a massive price spike followed by a dump and risk of jail time for market manipulation, or support a slow steady gain followed by a very carefully structured sell-out that will allow them the two or three years they'd need  to reach minimum safe distance (from prosecution) before the market is unsupported. 
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