my intuition says: we're sitting on a rocket about to be ignited

[TraderTimm]

My opinion is there are distinct phases for bitcoin - one being 'edge' processors converting into other currencies, and ultimately - bitcoin has enough momentum where you don't transfer outside the system at all.

The rub, of course, is you have to get to the other phase - then they can't touch you, at least via banking channels, anyway.

[1715111517]

1715111517

[1715111517]

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[1715111517]

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[DoomDumas]

Nice talks here !

IMO, bitcoins are doomed to be mass-adopted within a decade.  Any price it will trade wont matter much.  As sometimes, I hope it will trade as a real currency, without going in and out with other currencies..

2 big problem may slow down wide use, outside of other currencies..  Law enforcement against BTC, and some major flaws in developpement.  I'm pretty sure law enforcement will be too slow to react, and devs/miners will be able to keep things going.

Since ten years, I saw in my crystal ball, a lot of swing in ratio against other currencies.. 1000 EUR / BTC is not impossible imho. But it wont matter that much, as it will be a sure indication that BTC are on the way to be self trade without the need to touch other currencies... That is the best scenario, and quite possible within a decade.

Anyway, 21st Dec is'nt the end of the world as we know it ?



was my 2 satoshi !

[molecular]

because OP did hold 300 000 bitcoins and he say UP UP have no connection 
http://www.spiegel.de/netzwelt/netzpolitik/hacker-waehrung-bitcoin-geld-aus-der-steckdose-a-765382.html

Ha! I wish, dude. I started mining in early February 2011 with one 5970. Managed to mine 1,300 coins until late 2011 at which point I turned the miner off and gave the card to some dudes in Prague.

Of course I'm interested in the exchange rate going up and I would profit from that. Hoping that a forum post would make that happen is naive. I simply had my intuition talk to me and thought I'd post that on the forums for discussion and to get a feeling about wether others feel the same way.

It seems the crowd is divided. It also seems that people try to "prove" what they want to happen is likely. That's probably part of why I'm a bull and always have been, I admit that. The other part is that I believe in the fundamentals of Bitcoin.

[molecular]

One 'killer use' might be Greek and Argentinian citizens smuggling money out of the country after a currency devaluation.  This requires them to buy bitcoins before the collapse however, which no one really knows the date of.  Value of bitcoin goes up.  Greeks buying ASICs and mining doesn't help the value of bitcoin, as they would look to sell ASAP to pay for the hardware purchases.

That doesn't make sense. If they want to "smuggle bitcoins" and buy ASIC for acquiring them, they would specifically NOT sell the coins, because they are exactly trying to turn EUR into BTC.

[FreeMoney]

One 'killer use' might be Greek and Argentinian citizens smuggling money out of the country after a currency devaluation.  This requires them to buy bitcoins before the collapse however, which no one really knows the date of.  Value of bitcoin goes up.  Greeks buying ASICs and mining doesn't help the value of bitcoin, as they would look to sell ASAP to pay for the hardware purchases.

A negative side effect of this however would be Europe and possibly its allies (USA, etc) putting pressure on bitcoin exchanges to not take 'illegal' funds from nations where currency controls are present.  MtGox et al are near useless without integration into the global banking system (how else does one transfer money to MtGox?).  Does MtGox being in Japan make it more immune to outside influence?  No, as the USA just needs to remind Japan who it is that provides security guarantees for the nation.

I need to get rid of my crumbling fiat! I know, I'll buy ASICs (which don't seem to exist yet) and sell the coins I mine to get my fiat back!

[molecular]

I need to get rid of my crumbling fiat! I know, I'll buy ASICs (which don't seem to exist yet) and sell the coins I mine to get my fiat back!

ah, you put that a lot better than I did And more funny!

[Akka]

because OP did hold 300 000 bitcoins and he say UP UP have no connection 
http://www.spiegel.de/netzwelt/netzpolitik/hacker-waehrung-bitcoin-geld-aus-der-steckdose-a-765382.html

Sorry, for posting of topic.

So this is you?!

Thanks dude, without you I still wouldn't know about Bitcoin

[SlaveInDebt]

NO.

For the post count.

EDIT: myself's quote is now cut off thanks to BFL and other spam.

[myself]

So this is you?!

OP=Original Poster=molecular

[molecular]

because OP did hold 300 000 bitcoins and he say UP UP have no connection 
http://www.spiegel.de/netzwelt/netzpolitik/hacker-waehrung-bitcoin-geld-aus-der-steckdose-a-765382.html

Sorry, for posting of topic.

So this is you?!

Thanks dude, without you I still wouldn't know about Bitcoin

yeah, it is me . you're welcome.

[steamboat]

I'd like Bitcoin to stay right where it is until we've had a few more years ramp-up in regards to infrastructure. If "they" can control world financial markets, what makes you think they would bat an eye at spending billions to save the profit centers making them trillions? As soon as the banks realize Bitcoin is a threat, the jig is up. If we don't have a massive network already in place with measures to protect it, we're boned.

what about W.O.W. gold?
shouldn't they worry about that threat too?

lol bitcoin is FAR from being a threat...  

ECB paper:

W.O.W gold: type 1
linden $: type 2
bitcoin: type 3

type 3 == problem

as steamboat says: we're only getting stronger with time. Maybe there's a point of no return.

W.O.W. gold, Adam? You're far to informed about bitcoin to compare it to game currency, sir. Bitcoin is now, and will continue to be, a threat to bankers. Even if bitcoin never reaches the critical mass needed for popular adoption as a store of wealth or currency, it is proving the technological infrastructure needed to empower the masses to wrest their freedom from the hands of their owners has already been developed and implemented. By planting the seeds of doubt in society's mind that the notion "this is how it has always been, and there's nothing we can do about it" is quite evidently no longer true, bitcoin has set in motion the progression toward enlightenment that must occur if society is ever to be free of the bonds of central banking. The realization that free markets need not depend on a corrupt fiat system which fleeces them with reckless abandon to facilitate the buying and selling of goods undermines the power of the central bank. For if the people chose to slough off the burden of financial debasement and taxation, and chose instead to adopt an alternative currency that cannot be debased or manipulated, they renounce the power given to the banks and restore it to the people. This is the greatest threat Bitcoin poses to banks. It is not competition in the global financial market, it is the awakening of the people.


but of course you already knew this, and were just poking fun, right?

[adamstgBit]

I'd like Bitcoin to stay right where it is until we've had a few more years ramp-up in regards to infrastructure. If "they" can control world financial markets, what makes you think they would bat an eye at spending billions to save the profit centers making them trillions? As soon as the banks realize Bitcoin is a threat, the jig is up. If we don't have a massive network already in place with measures to protect it, we're boned.

what about W.O.W. gold?
shouldn't they worry about that threat too?

lol bitcoin is FAR from being a threat...  

ECB paper:

W.O.W gold: type 1
linden $: type 2
bitcoin: type 3

type 3 == problem

as steamboat says: we're only getting stronger with time. Maybe there's a point of no return.

W.O.W. gold, Adam? You're far to informed about bitcoin to compare it to game currency, sir. Bitcoin is now, and will continue to be, a threat to bankers. Even if bitcoin never reaches the critical mass needed for popular adoption as a store of wealth or currency, it is proving the technological infrastructure needed to empower the masses to wrest their freedom from the hands of their owners has already been developed and implemented. By planting the seeds of doubt in society's mind that the notion "this is how it has always been, and there's nothing we can do about it" is quite evidently no longer true, bitcoin has set in motion the progression toward enlightenment that must occur if society is ever to be free of the bonds of central banking. The realization that free markets need not depend on a corrupt fiat system which fleeces them with reckless abandon to facilitate the buying and selling of goods undermines the power of the central bank. For if the people chose to slough off the burden of financial debasement and taxation, and chose instead to adopt an alternative currency that cannot be debased or manipulated, they renounce the power given to the banks and restore it to the people. This is the greatest threat Bitcoin poses to banks. It is not competition in the global financial market, it is the awakening of the people.


but of course you already knew this, and were just poking fun, right?

banks do not fear bitcoin.

they find our little experiment interesting.
they understand we are trying to take over! 
but they feel invincible, and are having a good laugh about it.

everything is going according to plan 

[naima53]

dead cat bounce Ъ 

a leaky gas tank of the rocket 

[molecular]

dead cat bounce Ъ 

a leaky gas tank of the rocket 

hey naima, thanks for avatar change. your old one made me feel uneasy.

[meebs]

I see bitcoin as more of a threat to government than to banks. Banks are businesses, if they can make money they dont give  a crap HOW they make it...

governementson the otherhand, once they get their mind set on something can really do some damage. they have the power to strong arm businesses into doing their bidding if needed which includes keeping banks from doing business with known coin users or even trying to arrest users themselves. making it illegal would be the easiest way to stop bitcoin...

and of course.. it would be in fighting the war on drugs..


'murica!

[dunand]

With the halving only 6 weeks or so away, I quite surprise the price hasn't started to go up.
Guess no-one cares.

 The halving will happen in november in no more than 3 weeks.

[molecular]

I see bitcoin as more of a threat to government than to banks. Banks are businesses, if they can make money they dont give  a crap HOW they make it...

I have a slightly different angle: banks are in the business of buying up as many hard assets as possible. The fiat money scam is just a way for them to extract these assets from the population. In the end, it's about power. "He who control the money" and that stuff... it's true.

governementson the otherhand, once they get their mind set on something can really do some damage. they have the power to strong arm businesses into doing their bidding if needed which includes keeping banks from doing business with known coin users or even trying to arrest users themselves. making it illegal would be the easiest way to stop bitcoin...

and of course.. it would be in fighting the war on drugs..

bureaucrats and politicians are but cogs in a machine, subject to pressure, greed and fear. And yes: that machine can do some damage by strong-arming businesses (and the population in general). Price fixing, all kinds of regulations "in the name of the people", but really against them in the end. The war on drugs fits this description, too.

They might somehow outlaw bitcoin, but they will not succeed in shutting it down and it will remain a tool for the people to re-empower themselves.

[molecular]

With the halving only 6 weeks or so away, I quite surprise the price hasn't started to go up.
Guess no-one cares.

 The halving will happen in november in no more than 3 weeks.

"no-one cares"? Everyone cares and the halving should be priced in "completely" by now, because everyone knows about the halving and has made up his mind on the implications.

It's possible however that the market under- or overestimated the effect and it will keep correcting it's stance even after the halving happened.

[Stephen Gornick]

• Ongoing and increasing distrust of fiat money and banking system amongst the general population

You didn't include the election or the upcoming tax changes in the U.S. as one of the reasons.

For those who want to sell investment property at 15%, now might be a good time. There may never be another chance.

- http://www.forbes.com/sites/robertwood/2012/10/17/no-matter-who-wins-the-election-higher-taxes-are-certain/

When Congress last raised capital gains tax rates in 1986, lifting the top rate to 28% from 20%, the change triggered a wave of asset sales, including securities and companies, in the months before it took effect.

- http://online.wsj.com/article/SB10001424052970204789304578088931525397120.html

So there could be additional amounts of cash newly available for investing and some of that might end up at Bitcoin exchanges.  Today's selloff in the stock markets includes some who are dumping so that their capital gains occur in 2012.

[cypherdoc]

So there could be additional amounts of cash newly available for investing and some of that might end up at Bitcoin exchanges.

this has been my contention all along.