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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 508403 times)
RaginglikeaBoss
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June 20, 2015, 07:35:20 PM
 #2801

. No fiat currency has suffered such a crash. The worst performing fiat currency is the Ukrainian Hryvnia, which has seen its value dropping by 60%.

*ahem* Deutchmark under the Weimar republic. Venezuelan dollar in 2005. Zimbabwean dollar around the same time... I can come up with others. Where BTC did better, is that it did bounce back.

It may also be instructive to point out that the most successful fiat currency of all time -- the USD -- has lost 97% of its value since its inception.

Fiat is built to be inflationary.  Over an aggregate time period it is designed to grow at 2-3% per year.  So, sadly, it is working as intended.

Bitcoin can be reduced to decimals far past $0.01.  So while I think Bitcoin is a very breakthrough and revolutionary means of payment, it does not mean I should be ignorant to the qualifications or achievements that 'paper' has almost magically accomplished.

Avoid putting on blinders.  We have a better chance of making Bitcoin mainstream if we think before we speak.

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Biomech
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June 22, 2015, 03:20:55 AM
 #2802

. No fiat currency has suffered such a crash. The worst performing fiat currency is the Ukrainian Hryvnia, which has seen its value dropping by 60%.

*ahem* Deutchmark under the Weimar republic. Venezuelan dollar in 2005. Zimbabwean dollar around the same time... I can come up with others. Where BTC did better, is that it did bounce back.

It may also be instructive to point out that the most successful fiat currency of all time -- the USD -- has lost 97% of its value since its inception.

Fiat is built to be inflationary.  Over an aggregate time period it is designed to grow at 2-3% per year.  So, sadly, it is working as intended.

Bitcoin can be reduced to decimals far past $0.01.  So while I think Bitcoin is a very breakthrough and revolutionary means of payment, it does not mean I should be ignorant to the qualifications or achievements that 'paper' has almost magically accomplished.

Avoid putting on blinders.  We have a better chance of making Bitcoin mainstream if we think before we speak.

Aye. The US dollar is probably the most successful long term scam in history. It has retained it's exchangeability through inflation that SHOULD HAVE killed it. Actual inflation, based on purchasing power only, has been very high at many times. True inflation is even higher than that, following the Austrian postion that inflation actually only has one definition: Adding to the supply. Looking at it from that point of view, and for the moment ignoring the legerdemain of the Federal Reserve and Treasury Department, the actual inflation from 2008 to present (as far as we can determine) was nearer to 80%. We're talking Weimar levels here, and yet the PR army manages to hold the lid on it. For now. I would not have thought it could last as long as it has, let alone be 2014's best investment. But it did. It seems that people prefer a comforting lie to the stark, ugly truth.

Yet it cannot be sustained. The money will either have to be revalued and reissued with a planned default, or there will be the unplanned one when merchants simply won't take the paper anymore.

At the moment, BTC is inflationary, as was gold in the early days of mining, but that will pass. It will become more valuable over time, if it gains wider adoption.

I personally think that BTC is just the beginning. I think the concept sound, but the inital currency deeply flawed on multiple levels. But that first mover advantage will keep it on top for some time to come.

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bryant.coleman
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June 22, 2015, 03:30:06 AM
 #2803

Tell that to the guys who purchsed Bitcoin when the exchange rate was going at $1,200 per coin. Bitcoin has lost 80% of its value, from its peak, which was reached in December 2013. No fiat currency has suffered such a crash. The worst performing fiat currency is the Ukrainian Hryvnia, which has seen its value dropping by 60%.

*ahem* Deutchmark under the Weimar republic. Venezuelan dollar in 2005. Zimbabwean dollar around the same time... I can come up with others. Where BTC did better, is that it did bounce back.

I was talking about the situation since 2013. Out of the 200 or so different fiat currencies (plus BTC) in existence, Bitcoin is the worst performing currency against the US Dollar since December 2013. Historically, currencies such as the Deutchmark and the Venezuelan dollar have suffered even worse crashes. But they occurred years, if not decades ago.

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June 22, 2015, 03:34:38 AM
 #2804

http://astrohacker.com/ahc/bitcoin-is-the-economic-singularity/

After reading this, the scale of black market and digital economies and the effect Bitcoin will have on them I am pretty certain we are going to be very wealthy men -- even with a sum as small as 10 Bitcoins. It's just so hard to believe. We are only in the beginning storms with these significant rallies from 10 to 20 dollars. I will not be surprised to see prices from hundreds to thousands in the coming months.

The world just isn't going to be the same and we have been blessed as the pioneers.

What are you going to do with your Bitcoin wealth once your coins hit upwards of $10,000 a pop?

The Link can't be open
Bizmark13
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June 22, 2015, 06:11:23 AM
 #2805

Tell that to the guys who purchsed Bitcoin when the exchange rate was going at $1,200 per coin. Bitcoin has lost 80% of its value, from its peak, which was reached in December 2013. No fiat currency has suffered such a crash. The worst performing fiat currency is the Ukrainian Hryvnia, which has seen its value dropping by 60%.

*ahem* Deutchmark under the Weimar republic. Venezuelan dollar in 2005. Zimbabwean dollar around the same time... I can come up with others. Where BTC did better, is that it did bounce back.

I was talking about the situation since 2013. Out of the 200 or so different fiat currencies (plus BTC) in existence, Bitcoin is the worst performing currency against the US Dollar since December 2013. Historically, currencies such as the Deutchmark and the Venezuelan dollar have suffered even worse crashes. But they occurred years, if not decades ago.

When measured in terms of implied value against the US dollar rather than the artificial "official" value, the Venezuelan bolivar has actually performed worse (60 VEF to 1 USD on December 2013 to 430 VEF to 1 USD on May 2015):



http://astrohacker.com/ahc/bitcoin-is-the-economic-singularity/

After reading this, the scale of black market and digital economies and the effect Bitcoin will have on them I am pretty certain we are going to be very wealthy men -- even with a sum as small as 10 Bitcoins. It's just so hard to believe. We are only in the beginning storms with these significant rallies from 10 to 20 dollars. I will not be surprised to see prices from hundreds to thousands in the coming months.

The world just isn't going to be the same and we have been blessed as the pioneers.

What are you going to do with your Bitcoin wealth once your coins hit upwards of $10,000 a pop?

The Link can't be open

You're quoting a post from 2011. It's fairly common for links posted many years ago to no longer work. A copy of the article can be found here:

http://themonetaryfuture.blogspot.com/2011/06/bitcoin-is-economic-singularity.html

The author seems to have entered the Bitcoin world during the June 2011 bubble when prices were skyrocketing and "mainstream" people were beginning to hear about it for the first time. In the article, he predicts that the value of Bitcoin will explode tremendously in the next three years (a prediction which later turned out to be mostly correct) and also recommends putting nearly all of your assets into BTC.

husky1971
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June 22, 2015, 07:29:05 AM
 #2806

Hi,

I need urgent to know.!!
installed the new bitcoin Kern V.0.10.2 on my vps and my home computer
now about 1 month but suddenly I lost all my BTC. Sombody know how possible?

And it goe's to this wallet 1Q3PuoCZ8yR9KSSkxJrNkCdxYu9KGMQtdy

Thanks
Amph
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June 22, 2015, 08:03:50 AM
 #2807

Hi,

I need urgent to know.!!
installed the new bitcoin Kern V.0.10.2 on my vps and my home computer
now about 1 month but suddenly I lost all my BTC. Sombody know how possible?

And it goe's to this wallet 1Q3PuoCZ8yR9KSSkxJrNkCdxYu9KGMQtdy

Thanks

beaware of vps and where you connect to them with putty for example

also who was the original owner of the vps? you or it was purchased?

anyway it sounds like you are infected

husky1971
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June 22, 2015, 09:32:37 AM
 #2808

Hi,

I need urgent to know.!!
installed the new bitcoin Kern V.0.10.2 on my vps and my home computer
now about 1 month but suddenly I lost all my BTC. Sombody know how possible?

And it goe's to this wallet 1Q3PuoCZ8yR9KSSkxJrNkCdxYu9KGMQtdy

Thanks

beaware of vps and where you connect to them with putty for example

also who was the original owner of the vps? you or it was purchased?

anyway it sounds like you are infected

The vps is my own server I connect it with bitvise SSH

Do you mean that my computer have a virus? anyway it sounds like you are infected.
Please explain some more about this.

Just 1 month i'am using Antminer S5. is possible that here is an mistake (virus). Iam mining on antpool.

Thanks
Biomech
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June 22, 2015, 02:45:17 PM
 #2809

Hi,

I need urgent to know.!!
installed the new bitcoin Kern V.0.10.2 on my vps and my home computer
now about 1 month but suddenly I lost all my BTC. Sombody know how possible?

And it goe's to this wallet 1Q3PuoCZ8yR9KSSkxJrNkCdxYu9KGMQtdy

Thanks

beaware of vps and where you connect to them with putty for example

also who was the original owner of the vps? you or it was purchased?

anyway it sounds like you are infected

The vps is my own server I connect it with bitvise SSH

Do you mean that my computer have a virus? anyway it sounds like you are infected.
Please explain some more about this.

Just 1 month i'am using Antminer S5. is possible that here is an mistake (virus). Iam mining on antpool.

Thanks

According to a block explorer, that account has     0.6198463 BTC in it, from four transactions. No outputs. So it would appear that your coins are not lost. Do you have a backup of the wallet? It sounds to me like something got corrupted. You may need to resync the blockchain. However, if it is in sync (equal to the block explorers, there are a couple of options to try. First, of course, make at least one backup of wallet.dat in a SAFE place (not the VPS). I use Bitvise myself, if I'm forced to use Windows, but that's neither here nor there. Once you have wallet.dat backed up, try starting the client with -repairwallet and see if that recovers your coins.

Buy Bitcoins with Paypal, Credit card, or other methods. Send me a PM or a text to 208-451-2665.
AtheistAKASaneBrain
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June 22, 2015, 03:06:02 PM
 #2810

Hi,

I need urgent to know.!!
installed the new bitcoin Kern V.0.10.2 on my vps and my home computer
now about 1 month but suddenly I lost all my BTC. Sombody know how possible?

And it goe's to this wallet 1Q3PuoCZ8yR9KSSkxJrNkCdxYu9KGMQtdy

Thanks

beaware of vps and where you connect to them with putty for example

also who was the original owner of the vps? you or it was purchased?

anyway it sounds like you are infected

Afaik there are no risks in using VPS , Tor or any other proxies, as long as you control the private keys it should't matter. He probably had a keylogger or something.
newflesh
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June 22, 2015, 05:11:12 PM
 #2811

With btc where shes at were not going to be rich anytime soon.

Probably not soon though I'd prefer a gradual increase in btc price over a few years than the massive fluctuations like we saw in the last few rallies (up t0 $1200).
Not only that, I want to buy more at the current price Wink
Acidyo
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Will Bitcoin Rise Again to $1000?


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June 22, 2015, 05:29:15 PM
 #2812

Does anyone think the price of bitcoin will ever go below $100 again? The reason I ask is because that is the way things are looking before a real run up.

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June 22, 2015, 05:30:54 PM
 #2813

Does anyone think the price of bitcoin will ever go below $100 again? The reason I ask is because that is the way things are looking before a real run up.

How do things look before a real run up? What are you seeing?

Year 2021
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Argwai96
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June 22, 2015, 05:33:43 PM
 #2814

Does anyone think the price of bitcoin will ever go below $100 again? The reason I ask is because that is the way things are looking before a real run up.

How do things look before a real run up? What are you seeing?

damn 100 usd again unless there is a major heist on an exchange or a whale getting robbed i dont think we would see $100 any time soon.
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June 22, 2015, 05:34:04 PM
 #2815

Does anyone think the price of bitcoin will ever go below $100 again? The reason I ask is because that is the way things are looking before a real run up.

except some catastrophic news or major gov. statements, I really don't expect such scenario anymore. of course, at this early stage of adaption may happen almost everything with price but under one hundred considering infrastructure, development and all investors..highly unlikely value.
scarsbergholden
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June 22, 2015, 06:18:26 PM
 #2816

Does anyone think the price of bitcoin will ever go below $100 again? The reason I ask is because that is the way things are looking before a real run up.

except some catastrophic news or major gov. statements, I really don't expect such scenario anymore. of course, at this early stage of adaption may happen almost everything with price but under one hundred considering infrastructure, development and all investors..highly unlikely value.

I think the bitcoin community has seen catastrophic already, the biggest blow was MTGox taking out a lot of good players of the game.

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June 23, 2015, 01:58:34 AM
 #2817

A lot of people are upset about the increased regulation that Bitcoin is seeing.

That regulation came about as a direct result of Mt.Gox (and several others) failing to honor their commitments, and is mostly intended to prevent a recurrence.  Given what the effin' amateurs whose pretenses or attempts at doing solid business have cost Bitcoin holders so far, it's not a disproportionate response.

So, whatever other people feel about increased regulation, I can't say that it was the wrong thing to do.
pooya87
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June 23, 2015, 02:27:12 AM
 #2818

Does anyone think the price of bitcoin will ever go below $100 again? The reason I ask is because that is the way things are looking before a real run up.
i think this is stage we are at right now is what you are looking for before the real run up. although all of this is speculation and can be wrong, but i do not see any reason why the price can go down and specially going under $100, since there is not any horrible event happening so far for bitcoin.

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June 23, 2015, 03:59:55 AM
 #2819

Right now there's a lot of wait-and-see.

I don't think Bitcoin will rise much higher than it has - at least not sustainably - until mainstream investment places and fund managers are satisfied that Bitcoin is able to scale to at least thousands of tx per second. 

Meaning, we not only need to make the block sizes bigger, but we also need to develop new technology.  Side Chains, Fractalized blocks, or ... whatever.  But right now it's not taken very seriously because, five transactions a second?  And with a 20Mbyte block it'll go up to maybe a hundred?  Don't make an investor (or a broker) laugh, that's not even a good attempt at a payment system that could get off the ground in a serious way.  And so it gets dismissed.

Bitcoin could go above its current value, and stay there, only if the scalability issue gets addressed in a credible way.

Anon136
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June 23, 2015, 05:50:53 AM
 #2820

Right now there's a lot of wait-and-see.

I don't think Bitcoin will rise much higher than it has - at least not sustainably - until mainstream investment places and fund managers are satisfied that Bitcoin is able to scale to at least thousands of tx per second. 

Meaning, we not only need to make the block sizes bigger, but we also need to develop new technology.  Side Chains, Fractalized blocks, or ... whatever.  But right now it's not taken very seriously because, five transactions a second?  And with a 20Mbyte block it'll go up to maybe a hundred?  Don't make an investor (or a broker) laugh, that's not even a good attempt at a payment system that could get off the ground in a serious way.  And so it gets dismissed.

Bitcoin could go above its current value, and stay there, only if the scalability issue gets addressed in a credible way.



lightning network looks promising

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