mtgox might just kill Bitcoin's chances of success

[yeponlyone]

It's possible to make use of the Mt Gox API to immediately (within transfer time) sell all Bitcoins received (or the portion thereof for which USD is needed) for USD after they're received. Anyone too retarded to figure this out shouldn't be running an online business anyway. They should go start one of those stupid convenience stores, with a sticky floor, which doesn't take credit cards for purchases under $5. 

The change in value during that sort of time period ought to be proportional to interchange fees anyway. If they're really worried about volatility they can store some Bitcoin up front and sell it while the transfer is taking place. Thereby allowing more sales to occur as soon as the reserve is replenished and the transfer has gone through.

I'm sorry, I'm failing to see the relevance of this post to this thread, I'm left to assume it was accidentally posted here. Or maybe I am missing something? Do you mind quoting who you are responding to?

[1715292006]

1715292006

[1715292006]

1715292006

[fergalish]

Stop being a control freak, and put your two little hands at work where your mouth is.

I have to say, and it's a little irrelevant to this thread, but common to many threads, that this argument "If you don't like X, then do it yourself", really irritates me.  It's like as though if there anything I don't like I should get up and do it myself.   As in:

"Hey stewardess, the seat in this aeroplane is too skinny for me"
"Well then, why don't you just run along and build your own aeroplane"

It's ridiculous to suggest that everybody has time to do everything themselves.  That's a feature of human society called "specialisation of labour", and it's been with us, ohh, I dunno, ever since we first started to plant crops I suppose.

Hazek doesn't like some aspect of MtGox, but that doesn't make him a programmer with sufficient skills to make his own site, nor does it give him enough spare time to do it, even though there is no law or de facto standard that would prevent him.

So as a general appeal to all: some people just don't want to do everything, and prefer to rely on others.

[AntiVigilante]

So as a general appeal to all: some people just don't want to do everything, and prefer to rely on others.

Then he needs to accept that certain changes don't past the threshold. Besides bitcoin is reacting as it should. We are failing to evolve.

[datz]

One way to minimize the problem of price stability is a system integrated into a web application that instantly exchanges BTC for USD at the given rate at the major trading houses. OMEGA is investing in startups attempting to accomplish this. The great thing about the economy is that entrepreneurs always rise to meet the demand for new services. As more and more early adapters cash out, prices will adjust predictably to the increasing BTC supply as more is mined and we will get a better sense for final BTC demand. The problem will solve itself in time. The economy is very self correcting. For now we need instant conversions from BTC to USD.

[Capitan]

D

I think you're correct. Full information is needed in order to proceed acordingly.

Anyway, I think that the price will eventually reach a stable growth, which should be somewhat proportional with difficulty increases, in order to keep miners producing and the market stable.

Does anyone have any view on why there would be a *healthy* relationship between difficulty and price? I see difficulty as a reaction to price. Price increases cause more miners which raises the difficulty. So April - present has been a GPU arms race for everyone to acquire the highest possible portion of the total network hash rate. This has also driven up the hardware prices as a result, and in many cases caused outages. I think last week and this week are when the arms race stops, and there will still be 2-3 weeks lag as those systems come online.

The only question mark is the price itself. The best explanation is simply influx of outside interests due to the media coverage. The price now is just due to flow of cash. The flow has stopped, and eventually, and probably in the near term, that cash will flow away to some other location as people lose interest. This might be prolonged or prevented if there continued to be more interesting services and uses for Bitcoins that kept interest alive. Which is pretty cool and I think people realize this because there is practically a whole forum full of people scrambling to be the first to set up Bitcoin related operations. So far none of them have gotten to be Bitcoin "killer apps". I think the best thing that could actually happen at this point, is for a robust startup vehicle (like a BTC stock exchange) to fund well organized operations. This is sort of happening on a small scale with things like bounties, but that's not big enough. The closest thing I see to this is that one guy who set up a mining company and managed to get at least a few investors. More mainstream folks would continue to stream in and out of this community, and stay longer if they could invest in stuff. I think the average person would see this as a fun, and approachable bunch of pet projects surrounding a micro-economy. People are more willing to participate because the Wall Street vampire squids haven't haven't gotten their shady & corrupt tentacles onto it yet. So it's like a democratization of an economy (albeit more of a toy, or mock economy still, at this stage).

As a side note, I'd like to add that there really has only been 2-3 unique pieces of news in the past 2 weeks, yet over a dozen different articles released just rehashing the same stuff. Our media in this country sucks. They just copy stories from each other. I would like it if someone came up with a system to analyze news stories/content to trace them back to original source. Which website would get identified as the one generating the most original content?

[yeponlyone]

WOW! why all the completely unrelated posts in this thread?? this is a thread on the dangers/downside of mt. gox. If you want to talk about something new then make a new goddam thread! read the subject line, you make it seem like you are trying to drown this thread in unrelated BS for some reason...

not on difficulty/price relationships, or start-ups, or articles, or wall street.  come on guys, pop some Ritalin if you gotta and try and to focus here.