FatherBob
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Activity: 69
Merit: 10
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December 21, 2014, 12:52:27 PM |
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... Who are these extremely poor individuals that know how to set up very specific complicated hardware setup that cannot afford electricity? ... The unbanked third-world poor who will benefit the most from Bitcoin Good morning, gentlemen!
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unent
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December 21, 2014, 12:55:36 PM |
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18k shorts on Bitfinex. Nothing to see here !
How many longs? Does 18k shorts on Bitfinex mean the price is likely to go up or down?
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Fatman3001
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Activity: 1526
Merit: 1013
Make Bitcoin glow with ENIAC
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December 21, 2014, 12:59:05 PM |
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Mining is just a different way to buy bitcoins.
You could deal with the exchanges, pay a premium at localbitcoins, use your credit card on various sites paying 10-20% or buy some Bitcoin miners and slowly accumulate bitcoins over time.
"Waahh...they have to pay for electricity". Ya...I have to pay the exchange to get my bitcoins. What's the difference?
Do you think it's all poor people with no incomes mining bitcoins? My co-worker who I know mines bitcoins has a six figure income. He mines because he wants to get a lot of bitcoins and enjoys hardware and technology. He can certainly afford to pay for electricity without cashing out his bitcoins.
Or you can just send your money to an exchange and pay only a maximum of 0.5% fee... lol. Don't be denial. If you are mining as an individual you will end up paying more than 20%, some individuals only recovered 25% of what they invested in mining equipment... Or you could deal with the exchanges... When you buy your miner you get an estimate of how many bitcoins you will get based upon difficulty. You purchase and mine. You are essentially paying for bitcoins. Who are these extremely poor individuals that know how to set up very specific complicated hardware setup that cannot afford electricity? Why not calculate the amount of people that own bitcoins and say "300,000 people own bitcoins, they have to pay for food, rent, electricity, water, gas, etc... this all comes out to $2 billion per month that people will need to sell their bitcoins to pay for. Bitcoin to -$1000 in 3 months". Because people who don't think all the governments in the world will suddenly collapse without the internet being pulled down with it, wants their investments to make money; not drain money. You have to eat, you have to sleep. You don't have to have a 1,5MW bitcoin mining farm 2h drive from where you live.
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ChartBuddy
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Activity: 2310
Merit: 1801
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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December 21, 2014, 01:00:30 PM |
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NotLambchop
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December 21, 2014, 01:03:22 PM |
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... Who are these extremely poor individuals that know how to set up very specific complicated hardware setup that cannot afford electricity? ... The unbanked third-world poor who will benefit the most from Bitcoin Good morning, gentlemen! Not necessary if it the prices are low, then they would be at losses too. I think hope The Reverend FatherBob was being sarcastic.
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BlindMayorBitcorn
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Merit: 1116
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December 21, 2014, 01:05:28 PM |
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... Who are these extremely poor individuals that know how to set up very specific complicated hardware setup that cannot afford electricity? ... The unbanked third-world poor who will benefit the most from Bitcoin Good morning, gentlemen! Not necessary if it the prices are low, then they would be at losses too. I think hope The Reverend FatherBob was being sarcastic. The lord works in mysterious ways, brother
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tarmi
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December 21, 2014, 01:11:22 PM |
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all that talk about mass adoption and price skyrocketing, especially in 3rd world countries.
did any of you consider scenario where mass adoption leads to massive price decrease?
the more people use it to transfer value (transfer as opposed to hodl) less value it has.
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NotLambchop
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December 21, 2014, 01:18:12 PM |
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... did any of you consider scenario where mass adoption leads to massive price decrease? ... You can't trust the poor with money--it's a scientifical fact.
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BitAddict
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Activity: 1190
Merit: 1001
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December 21, 2014, 01:23:05 PM |
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... did any of you consider scenario where mass adoption leads to massive price decrease? ... You can't trust the poor with money--it's a scientifical fact. If bitcoin was really about solving poor people problems, then it should have been distributed for free with all of them. But we all know that kind of approach would have never worked out. Instead it will be sold to them at high prices, so all people who invested before (mostly from rich countries) can make lot of profit. And don't get me wrong, early adopters deserve all that profit. But don't come to sell that lie about poor people, because poors will be the last ones to benefit.
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inca
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Activity: 1176
Merit: 1000
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December 21, 2014, 01:23:14 PM |
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all that talk about mass adoption and price skyrocketing, especially in 3rd world countries.
did any of you consider scenario where mass adoption leads to massive price decrease?
the more people use it to transfer value (transfer as opposed to hodl) less value it has.
Perhaps you can talk us through the precise mechanism whereby millions of people buy in to bitcoin but the price falls.
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Fatman3001
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Activity: 1526
Merit: 1013
Make Bitcoin glow with ENIAC
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December 21, 2014, 01:28:27 PM |
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all that talk about mass adoption and price skyrocketing, especially in 3rd world countries.
did any of you consider scenario where mass adoption leads to massive price decrease?
the more people use it to transfer value (transfer as opposed to hodl) less value it has.
No. If you get a mass adoption of 10x its current active base you increase market liquidity as well. And those who like to manage their bitcoins themselves will spend some and keep some. This will make bitcoin a more powerful means of payment and a safer way to store value. Even those who buy bitcoins just to take advantage of special offers will spend 90-99% of their coins but probably not 100%, if the numbers are big enough this all adds up. Not to mention that those who only spend 90-99% will know that they have some coins left and that will help keeping them interested.
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greenlion
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December 21, 2014, 01:28:39 PM |
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all that talk about mass adoption and price skyrocketing, especially in 3rd world countries.
did any of you consider scenario where mass adoption leads to massive price decrease?
the more people use it to transfer value (transfer as opposed to hodl) less value it has.
Perhaps you can talk us through the precise mechanism whereby millions of people buy in to bitcoin but the price falls. Quantity theory of money, equation of exchange, velocity increasing, ceteris parabis.
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NotLambchop
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December 21, 2014, 01:30:48 PM |
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... If bitcoin was really about solving poor people problems, then it should have been distributed for free with all of them. But we all know that kind of approach would have never work.
Sorry, I do agree with you, was being sarcastic.
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BitAddict
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December 21, 2014, 01:35:35 PM |
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... If bitcoin was really about solving poor people problems, then it should have been distributed for free with all of them. But we all know that kind of approach would have never work.
Sorry, I do agree with you, was being sarcastic. I know! I was not arguing against you, but in the same direction
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cbeast
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Let's talk governance, lipstick, and pigs.
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December 21, 2014, 01:36:48 PM |
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You can't trust the poor with money--it's a scientifical fact.
If bitcoin was really about solving poor people problems, then it should have been distributed for free with all of them. But we all know that kind of approach would have never worked out. Instead it will be sold to them at high prices, so all people who invested before (mostly from rich countries) can make lot of profit. And don't get me wrong, early adopters deserve all that profit. But don't come to sell that lie about poor people, because poors will be the last ones to benefit. This is where I am working to change this. I'm not giving bitcoins to the poor. I'm teaching them how to secure Bitcoins.
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NotLambchop
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December 21, 2014, 01:43:25 PM |
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... This is where I am working to change this. I'm not giving bitcoins to the poor. I'm teaching them how to secure Bitcoins.
And I'm teaching them how to secure their mansions & yachts.
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NewLiberty
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Merit: 1002
Gresham's Lawyer
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December 21, 2014, 01:47:55 PM |
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If bitcoin was really about solving poor people problems, then it should have been distributed for free with all of them. But we all know that kind of approach would have never worked out.
Instead it will be sold to them at high prices, so all people who invested before (mostly from rich countries) can make lot of profit.
And don't get me wrong, early adopters deserve all that profit. But don't come to sell that lie about poor people, because poors will be the last ones to benefit.
Perhaps you are not understanding the effects of inflation on the poor? By poor here, we mean the people that don't own banks and aren't the ones inflating the currency. When a national currency fails (as every nation's state's fiat currency eventually does) maybe rich people make or lose some money, but life is about the same. Just get on a plane and fly somewhere else. For the rest left behind it is a very big impact, and for the rest of their lives they will not ever forget it.
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NewLiberty
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Gresham's Lawyer
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December 21, 2014, 01:48:47 PM |
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... This is where I am working to change this. I'm not giving bitcoins to the poor. I'm teaching them how to secure Bitcoins.
And I'm teaching them how to secure their mansions & yachts. Must be a busy time for you teaching "the poor" how to secure their mansions and yachts?
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NotLambchop
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December 21, 2014, 01:51:14 PM |
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... Must be a busy time for you teaching "the poor" how to secure their mansions and yachts?
I stay about as busy as cbeast does
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NewLiberty
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Activity: 1204
Merit: 1002
Gresham's Lawyer
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December 21, 2014, 01:52:45 PM |
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all that talk about mass adoption and price skyrocketing, especially in 3rd world countries.
did any of you consider scenario where mass adoption leads to massive price decrease?
the more people use it to transfer value (transfer as opposed to hodl) less value it has.
Perhaps you can talk us through the precise mechanism whereby millions of people buy in to bitcoin but the price falls. Quantity theory of money, equation of exchange, velocity increasing, ceteris parabis. Your analysis shows how price rises with adoption not falls. You do understand what the "Quantity theory of money" applies to don't you? Try again? (Or are you expecting a sudden "quantitative contraction" of all fiat?)
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