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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 507844 times)
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October 17, 2015, 03:13:21 AM
 #2941


I also wonder whether the early November Fed auction of 44,000-ish coins is going to hold off our "gentlemen" status for a little bit?

Why? We know they go to serious bidders and even more serious bidders never manage to get their hands on them. They're a total irrelevance to active markets.
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October 17, 2015, 03:41:04 AM
 #2942


I also wonder whether the early November Fed auction of 44,000-ish coins is going to hold off our "gentlemen" status for a little bit?

Why? We know they go to serious bidders and even more serious bidders never manage to get their hands on them. They're a total irrelevance to active markets.

I don't really disagree with your point; however, I think that many times in these various threads on the forum, we frequently had been discussing the various fed auctions as affecting BTC prices.

Surely, each time we have an auction the circumstances are a bit different, and the affect may be quite different this time around.... at least, I have NO problem with the price going up and bidders to pay fair market value based on the then competitive rate.

I also don't really have any problem with the govt receiving the proceeds - except for some of the potential unjust circumstances of this whole matter concerning the treatment of Ross Ubricht and the ambiguities (and seeming selective enforcement of various laws). 

Anyhow, in the end, maybe we are all somewhat getting used to some of these BTC auctioning scenarios... and the BTC price point will accordingly be allowed to proceed upwardly, in spite of  such dynamics of additional btc coming into the space.

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October 17, 2015, 03:50:09 AM
 #2943

If Bitcoin wasn't banned during the Silk Road fiasco then I find it very improbable that they will ban it now that it's accepted by companies like Microsoft, eBay and others. Plus there are a lot of other companies and billionaires that invested large sums on it. However, the nature of digital currencies and "anonymous" transactions will always appeal to money laundering activities in my opinion so it's not out of the question.


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October 17, 2015, 03:58:16 AM
 #2944

If Bitcoin wasn't banned during the Silk Road fiasco then I find it very improbable that they will ban it now that it's accepted by companies like Microsoft, eBay and others. Plus there are a lot of other companies and billionaires that invested large sums on it. However, the nature of digital currencies and "anonymous" transactions will always appeal to money laundering activities in my opinion so it's not out of the question.


We are NOT really referring to any kind of ban here (and yes, there is less worry about any kind of outright ban in recent years). 

Nonetheless many of us realize that there is plenty of hostilities from governments towards bitcoin - even though these various auctions seem to demonstrate, with facts, some of the opposite regarding the government's official recognition of bitcoin as something that can be auctioned off.

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October 17, 2015, 04:16:17 AM
 #2945

I have never seen a boom and bust that wasn't perpetuated by government involvement. Bitcoin is immune from such things.
Tomorrow, the UK & USA decide to make investing in Bitcoin illegal, punished by life imprisonment.

Suddenly, Bitcoin crashes and becomes obsolete. Government wins.
USSR banned dollars but it didnt stop them being used anyway.   I dont think its that simple, it depends on the bitcoin economy outside the reach of the ban.   Bitcoin is banned in some countries usually where dollars are restricted in their circulation
Also you have to weigh the usefulness of bitcoin between people in that banned country territory.  If somehow the currency saves them alot of work, stops losses from their flawed national currency then you have alot of demand and people will find a way usually.  Bitcoin wallets I think can be passed on usb sticks if need be though it requires more trust, its possible distribution continues anyway even if it were possible to restrict from any live network

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October 17, 2015, 05:05:08 AM
 #2946

I have never seen a boom and bust that wasn't perpetuated by government involvement. Bitcoin is immune from such things.
Tomorrow, the UK & USA decide to make investing in Bitcoin illegal, punished by life imprisonment.

Suddenly, Bitcoin crashes and becomes obsolete. Government wins.
USSR banned dollars but it didnt stop them being used anyway.   I dont think its that simple, it depends on the bitcoin economy outside the reach of the ban.   Bitcoin is banned in some countries usually where dollars are restricted in their circulation
Also you have to weigh the usefulness of bitcoin between people in that banned country territory.  If somehow the currency saves them alot of work, stops losses from their flawed national currency then you have alot of demand and people will find a way usually.  Bitcoin wallets I think can be passed on usb sticks if need be though it requires more trust, its possible distribution continues anyway even if it were possible to restrict from any live network

yes..ban something and it goes down in value, eg drugs.

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October 17, 2015, 08:39:28 AM
 #2947


I also wonder whether the early November Fed auction of 44,000-ish coins is going to hold off our "gentlemen" status for a little bit?

Why? We know they go to serious bidders and even more serious bidders never manage to get their hands on them. They're a total irrelevance to active markets.

When the overhang is cleared, price could rise.
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October 17, 2015, 10:44:18 AM
 #2948

Agreed with you that we are one of the new wealthy community. Previously many people sold their btc when it hits $1000 mark in order to book the profit, in coming days if the btc prices are increased then people will again sell their btc but the people who are holding the bictoins will definitely became the wealthiest in the long run.



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October 17, 2015, 04:48:33 PM
 #2949


There's never been a boom and bust that wasn't perpetuated by government involvement, except every one that's happened to Bitcoin. Yes Atlas, Bitcoin is so immune that it's no longer worth $1,200. lol

"Perpetuated". It doesn't mean that there aren't booms and busts, just that they tend to right themselves naturally if governments don't try to meddle.

I wouldn't necessarily say "never" myself though.

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October 17, 2015, 05:23:10 PM
 #2950

I have never seen a boom and bust that wasn't perpetuated by government involvement. Bitcoin is immune from such things.
Tomorrow, the UK & USA decide to make investing in Bitcoin illegal, punished by life imprisonment.

Suddenly, Bitcoin crashes and becomes obsolete. Government wins.
USSR banned dollars but it didnt stop them being used anyway.   I dont think its that simple, it depends on the bitcoin economy outside the reach of the ban.   Bitcoin is banned in some countries usually where dollars are restricted in their circulation
Also you have to weigh the usefulness of bitcoin between people in that banned country territory.  If somehow the currency saves them alot of work, stops losses from their flawed national currency then you have alot of demand and people will find a way usually.  Bitcoin wallets I think can be passed on usb sticks if need be though it requires more trust, its possible distribution continues anyway even if it were possible to restrict from any live network

yes..ban something and it goes down in value, eg drugs.

That was said with irony I suppose.  Smiley

But the thing is not as much people are using drugs as much we want were using Bitcoins. So I personally don't want Bitcoin was banned in any country. The more people can legally use it the better.

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October 21, 2015, 09:44:32 PM
 #2951

So the btc trading that I do- trading altcoin to BTC should eventually increase my income to wealthy status in time. Can't wait. My miners are gonna pay for themselves

over and over again. Good damn job I went hungry for 1/4th of a month just to invest in a couple miners. I sacrificed for these miners that I bought. Wiill be worth it. Will honestly

be restocking groceries on a fairly big scale to get refilled. May do many groceries for a month or two to have a VERY full pantry for when I want to get another miner if I have to

very soon. I have to PACK my pantry absolutely full to stay at or above capacity. from here on in.


 Well, I believe it won't be too long until my miners start paying for themselves many times over. Trading altcoin; the ones fastest to mine, will help a LOT. Should make a BTC

sometime by this time next year, unless something big happens. When BTC rises to 1,000s per btc, I don't know what I will do, but I will be so  happy.

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October 21, 2015, 09:45:17 PM
 #2952

I will believe in this wealthy elite when i see it Wink, u can never know for sure until it will happen.

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October 22, 2015, 08:42:01 AM
 #2953

do you think bitcoin have a good future?and make us wealth or rich?
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October 22, 2015, 09:29:04 AM
 #2954

do you think bitcoin have a good future?and make us wealth or rich?

it's up to the people if they are willing to give bitcoin a chance, bitcoin is there nearly complete, it's not like bitcoin can force adoption by itself

it offer a better option in term of fee, if they continue to want to spend more for no reason i don't know what could make them move to bitcoin

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October 22, 2015, 10:17:52 AM
 #2955

do you think bitcoin have a good future?and make us wealth or rich?

First of all yes I beliebe Bitcin can and will bring us a good future. But becoming rich or weathy by it I think nobody can answer you.
My personal opinion is if Bitcoin makes a global breakthrough, in whatever way this will be, I believe it's going to be valued really high.
 

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October 23, 2015, 11:30:14 PM
 #2956

Bitcoin itself will not suffice to make a good/better future. We still need more trust, many more services, need to solve the scalability issue and how to keep the blockchain at a reasonable size at the same time. The recent news from the ECJ will help on the way!

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October 24, 2015, 08:35:03 PM
 #2957

If bitcoin will give us better future it's trust would significantly grow.
Basically it would help us get sustainable wealth.
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October 24, 2015, 09:52:39 PM
 #2958

If Bitcoin wasn't banned during the Silk Road fiasco then I find it very improbable that they will ban it now that it's accepted by companies like Microsoft, eBay and others. Plus there are a lot of other companies and billionaires that invested large sums on it. However, the nature of digital currencies and "anonymous" transactions will always appeal to money laundering activities in my opinion so it's not out of the question.

I actually find this "argument" as presented in mainstream media (when they touch BTC at all) as kind of silly. Any arbitrary moment of actual thought would illustrate to even a Democrat that the most used currency in criminal activity is the US dollar.

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October 25, 2015, 09:55:07 AM
 #2959

If bitcoin will give us better future it's trust would significantly grow.
Basically it would help us get sustainable wealth.

The price of bitcoin has to be stable (not to volatile) so that bitcoin can be regarded as a wealth. Otherwise it will be treated as a tool to extract money from some people and enrich every few.
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October 25, 2015, 06:44:45 PM
 #2960

If bitcoin will give us better future it's trust would significantly grow.
Basically it would help us get sustainable wealth.

The price of bitcoin has to be stable (not to volatile) so that bitcoin can be regarded as a wealth. Otherwise it will be treated as a tool to extract money from some people and enrich every few.

Stability may take some time because bitcoin is going to continue in adoption for quite some time, with networking effects.   Nonetheless, lacking in stability does NOT decrease its value, so long as there remains some predictability concerning the value and/or supply of BTC, and the supply is fairly well known.

In other words, holders of bitcoin need NOT be so concerned about its upward instability - and surely as Bitcoin's market cap increases, let's say into the $100+ billion territory, there is likely going to considerably increase protection from the ability to manipulate it's price downward (will likely become much more costly to attempt such a downward price manipulation).

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