mmitech
Legendary
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Activity: 1148
Merit: 1001
things you own end up owning you
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October 29, 2014, 03:46:31 PM |
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A ponzi scheme means it can only work if new people keep investing fresh money to sustain the pyramid. Bitcoin will be useful even at $1, so it is not a ponzi or a pyramid.
Also a ponzi scheme usually guarantees profit (like for example 5% monthly), bitcoin doesn't guarantee any profit.
Bitcoin needs new investors in order to sustain the price, otherwise it will go to 0 easily... just remember that there is 13 million Bitcoin in existence against a really thin order book, a 100K market order across all exchanges could easily bring the price to zero....but thankfully more than 90% of holders thinking about getting rich and hoarding their coins causing a balance between the liquidity and the lack of demand, which bring some kind of stability (or rather a slow price decline). I still think that the price was a huge bubble that will burst, but I just wish it will continue doing this calmly without any sort of panic and massive flash crashes that could lead to even more panic and shake the confidence ... well talking about confidence, the get rich quick and pigs/perma-bulls/perma-bears are going to be burned and will lose allot eventually, but the objective investors/watchers/entrepreneurs who really understand the technology and what it really offers and what need to be improved will benefit the most. |
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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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NotLambchop
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October 29, 2014, 03:51:52 PM |
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...
It´s more like sunn + Scott Walker
There is no reason on earth for disliking Scott Walter... No no, just the word "sunn" threw me on a tangent, it was the sort of stuff that was cheap in pawn shops/discount bins of muzak stores at one point, like Ampeg V2s and stuff... Beater gear. Not hatin' on Scott Walter. |
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ChartBuddy
Legendary
Offline
Activity: 2170
Merit: 1759
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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October 29, 2014, 04:00:33 PM |
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JustGuess
Newbie
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Activity: 4
Merit: 0
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October 29, 2014, 04:03:43 PM |
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Missing pink here so do not change your color please it suits you well! |
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derpinheimer
Legendary
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Activity: 896
Merit: 1000
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October 29, 2014, 04:11:04 PM |
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...
It´s more like sunn + Scott Walker
There is no reason on earth for disliking Scott Walter... No no, just the word "sunn" threw me on a tangent, it was the sort of stuff that was cheap in pawn shops/discount bins of muzak stores at one point, like Ampeg V2s and stuff... Beater gear. Not hatin' on Scott Walter. Which one is it, Scott Walter or Scott Walker? You all know where I live now lol |
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NotLambchop
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October 29, 2014, 04:13:19 PM |
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Once more unto the breach, dear friends!  |
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fonzie
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October 29, 2014, 04:17:46 PM |
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It´s more like sunn + Scott Walker
There is no reason on earth for disliking Scott Walter... No no, just the word "sunn" threw me on a tangent, it was the sort of stuff that was cheap in pawn shops/discount bins of muzak stores at one point, like Ampeg V2s and stuff... Beater gear. Not hatin' on Scott Walter. Which one is it, Scott Walter or Scott Walker? You all know where I live now lol  vs.  They look identical to me? |
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abercrombie
Legendary
Offline
Activity: 1159
Merit: 1001
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October 29, 2014, 04:20:28 PM |
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POM
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October 29, 2014, 04:20:45 PM |
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"We will never drop below 350" they said...CHEAP COINS they preached. all you "experts" stop praising cheap coins..you've been doing it since the $600 range  |
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griffinriz
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October 29, 2014, 04:23:14 PM |
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"We will never drop below 350" they said...CHEAP COINS they preached. all you "experts" stop praising cheap coins..you've been doing it since the $600 range you will always hear *cheap coins* from 600 to 350 and ............... |
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fonzie
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October 29, 2014, 04:23:47 PM |
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"We will never drop below 350" they said...CHEAP COINS they preached. all you "experts" stop praising cheap coins..you've been doing it since the 600 range Still 1700CNY to go until we reach that! Where´s the problem? Cheap coins coming in though! |
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NotLambchop
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October 29, 2014, 04:27:16 PM |
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^ My friend's comment about drone/industrial: "Spent thousands on this stuff. Should'a just gone down to the basement and listened to my furnace." <==true story
(last OT post)
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ShroomsKit
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October 29, 2014, 04:31:49 PM |
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"We will never drop below 350" they said...CHEAP COINS they preached. all you "experts" stop praising cheap coins..you've been doing it since the $600 range Most of them stopped doing this already. For months they were begging for the price to go down because cheap coins. Once they got their cheap coins they found out the price wouldn't magically go up again. Their cheap coins turned into expensive coins. I've explained it month after month to these idiots that the days of cheap coins are over and going down again would hurt Bitcoin a lot. But i was ignored. The crazy obessesion with cheap coins was all that counted. Every price drop was amazing news. 700 cheap coins!! Nom nom nom 600 omg cheap coins!!! 500 woah! Cheap coins. But slowly the cheering stopped. Those cheap coins at 500 turned out quite expensive. And in total confusion they noticed the price wouldn't go up again after they got their cheap coins. Anyway, they will never learn. Lets say we get 1 more chance and the price goes up to 1000 it will start all over again. |
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abercrombie
Legendary
Offline
Activity: 1159
Merit: 1001
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October 29, 2014, 04:33:24 PM |
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"We will never drop below 350" they said...CHEAP COINS they preached. all you "experts" stop praising cheap coins..you've been doing it since the 600 range Still 1700CNY to go until we reach that! Where´s the problem? Cheap coins coming in though!  |
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fonsie
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October 29, 2014, 04:41:31 PM |
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"We will never drop below 350" they said...CHEAP COINS they preached. all you "experts" stop praising cheap coins..you've been doing it since the $600 range Most of them stopped doing this already. For months they were begging for the price to go down because cheap coins. Once they got their cheap coins they found out the price wouldn't magically go up again. Their cheap coins turned into expensive coins. I've explained it month after month to these idiots that the days of cheap coins are over and going down again would hurt Bitcoin a lot. But i was ignored. The crazy obessesion with cheap coins was all that counted. Every price drop was amazing news. 700 cheap coins!! Nom nom nom 600 omg cheap coins!!! 500 woah! Cheap coins. But slowly the cheering stopped. Those cheap coins at 500 turned out quite expensive. And in total confusion they noticed the price wouldn't go up again after they got their cheap coins. Anyway, they will never learn. Lets say we get 1 more chance and the price goes up to 1000 it will start all over again. You didn't explain shit! All you did was cry like a little baby. |
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NotLambchop
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October 29, 2014, 04:54:32 PM |
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pffffff,
... Yeah, I was always a filthy casual myself. Now that  ...I don't feel that embarrassed anymore  |
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ChartBuddy
Legendary
Offline
Activity: 2170
Merit: 1759
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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October 29, 2014, 05:00:33 PM |
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JorgeStolfi
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October 29, 2014, 05:06:15 PM |
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It should be noted also that no one should expect a balanced view of the market/Bitcoin from people who define their identity on Bitcoin being a failure either. Someone who claims they have no stake in the game, and is skeptical of Bitcoin (to the point of having it included in every post) should be viewed in the same light you are projecting on the these "salesmen". That is all.
Touché. However, the stakes are very different... Draper invested 18 M$ to buy the 30'000 BTC at 600$/BTC or so. On paper, he lost at least 4 M$ so far. SMBIT may have sold almost 100 M$ in shares (at the then-current price) and therefore earned at least 2 M$ in fees, but has sold very little for the last 6 months. For them (and other bitcoin investors and entrepreneurs), convincing people that bitcoin will go to the moon means millions of dollars. They will spend hundreds of thousands of dollars in BloombergTV and advertorials in Forbes to push that view. On the other hand, skeptics like me, Krugman, "Prof Bitcorn", and millions others out there will not earn or lose a dime, whetever happens to bitcoin. (Actually, IIRC, Prof Bitcorn said that he does own some BTC.) We will only have to deal with bruised egos (but economists like Krugman and Bitcorn are quite used to being wrong). Apart from that, skeptics have no reason to try to influence the price; and they will not spend even 10$ to have their opinion published. By the way, while I belive that bitcoin will not survive in the long term, I would not risk any prediction for the price in middle term. It may even go back to the 1000$ range or more, who knows. All I will risk saying is that, unless and until a large new market opens, the price will probably keep falling towards the pre-bubble level of ~120$ (or even ~20$, if the Feb/2013 bubble too was made in China). |
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noobtrader
Legendary
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Activity: 1456
Merit: 1000
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October 29, 2014, 05:13:19 PM |
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some idiot on bitfinex is offering 61btc swap at 0.013% when he can get 0.031% from demand...
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