Vigil
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January 26, 2014, 05:35:17 PM |
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Do you all think that prevalent use of a protocol such as colored coins could make each bitcoin even more rare and thus drive up price beyond the theoretical future valuations we have predicted?
No this goes against the fungibility (one unit or piece must be perceived as equivalent to any other), the biggest risk to bitcoin ever. New developments in bitcoin like stealth addresses and coinjoin will remove this threat. What? Colored coins create different assets from bitcoins. Meaning that a bitcoin can be representative of property - thus it won't be used as a currency, but held. Theoretically, this would make the monetary bitcoins more rare. Has nothing to do with eliminating fungibility. Thinking more on that valuations of $80,000,000 we were tossing around the other day.
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flynn
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January 26, 2014, 05:39:00 PM |
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Jesus, we are down 25 dollars from the weekly high, and everyone grabs their favorite antidepressant and goes to sleep.
Not needed; I just hodl.
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Erdogan
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January 26, 2014, 05:39:22 PM |
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What? Colored coins create different assets from bitcoins. Meaning that a bitcoin can be representative of property - thus it won't be used as a currency, but held. Theoretically, this would make the monetary bitcoins more rare. Has nothing to do with eliminating fungibility.
Perfect for dogecoin.
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aminorex
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January 26, 2014, 05:43:05 PM |
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]No sweet, I'm looking at MACD right now. It's important.
I really need a bot Can't recommend it. They're not as warm to the touch.
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byronbb
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HODL OR DIE
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January 26, 2014, 05:44:48 PM |
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What? Colored coins create different assets from bitcoins. Meaning that a bitcoin can be representative of property - thus it won't be used as a currency, but held. Theoretically, this would make the monetary bitcoins more rare. Has nothing to do with eliminating fungibility.
Perfect for dogecoin. Interesting. There will be a lot of them lol....
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dedcoin
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January 26, 2014, 05:51:27 PM |
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Movement on Huobi is just insane, btc-e is paling in front.
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aminorex
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January 26, 2014, 05:52:33 PM |
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Do you all think that prevalent use of a protocol such as colored coins could make each bitcoin even more rare and thus drive up price beyond the theoretical future valuations we have predicted?
Any coins destroyed become part of the reserve demand, reducing M. Some of the estimates you may be referring to already applied a large reserve demand factor to M. Some did not. The former are usually higher than the latter.
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JorgeStolfi
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January 26, 2014, 05:57:04 PM |
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Daily volumes of BTC trade to/from USD and other national currencies (in kBTC): ! Thu ! Fri ! Sat ! Sun ! Mon ! Tue ! Wed ! Thu ! Fri ! Sat ! EXCHANGE ! 01/16 ! 01/17 ! 01/18 ! 01/19 ! 01/20 ! 01/21 ! 01/22 ! 01/23 ! 01/24 ! 01/25 ! Currencies considered
BTC-e | 7.59 | 13.51 | 7.46 | 8.48 | 10.29 | 5.67 | 22.32 | 8.53 | 15.27 | 9.34 | USD,EUR,RUR MtGOX | 5.91 | 12.23 | 6.20 | 8.49 | 12.10 | 7.25 | 5.51 | 2.23 | 7.38 | 9.52 | USD,EUR,GBP,AUD,JPY Bitstamp | 8.22 | 17.11 | 5.49 | 8.42 | 6.97 | 7.67 | 8.31 | 7.40 | 15.78 | 8.70 | USD
BitFinEx | 3.68 | 11.47 | 3.81 | 6.63 | 5.46 | 2.89 | 2.97 | 2.83 | 10.99 | 4.62 | USD Bitcoin.DE | 0.38 | 0.61 | 0.27 | 0.23 | 0.39 | 0.45 | 0.69 | 0.42 | 0.52 | 0.30 | EUR Kraken | 0.29 | 0.68 | 0.28 | 0.33 | 0.19 | 0.24 | 0.25 | 0.19 | 0.46 | 0.19 | EUR CaVirtEx | 0.26 | 0.31 | 0.01 | 0.09 | 0.22 | 0.23 | 0.15 | 0.17 | 0.41 | 0.33 | CAD CampBX | 0.12 | 0.16 | 0.04 | 0.04 | 0.10 | 0.09 | 0.05 | 0.08 | 0.13 | 0.04 | USD Crypto-Trade | 0.01 | 0.01 | . | . | 0.01 | 0.01 | . | 0.01 | 0.01 | . | USD
SUBTOTAL | 26.46 | 56.09 | 23.56 | 32.71 | 35.73 | 24.50 | 40.25 | 21.86 | 50.95 | 33.04 |
Huobi | 67.37 | 74.21 | 43.60 | 67.27 | 71.78 | 40.55 | 25.81 | 25.67 | 89.25 | 58.16 | CNY OKCoin | 24.82 | 32.28 | 25.31 | 24.52 | 21.00 | 17.31 | 15.88 | 16.50 | 34.01 | 26.33 | CNY BTC-China | 3.54 | 4.55 | 1.77 | 4.05 | 3.44 | 2.07 | 1.62 | 2.01 | 6.82 | 3.04 | CNY
SUBTOTAL | 95.73 | 111.04 | 70.68 | 95.84 | 96.22 | 59.93 | 43.31 | 44.18 | 130.08 | 87.53 |
TOTAL | 122.19 | 167.13 | 94.24 | 128.55 | 131.95 | 84.43 | 83.56 | 66.04 | 181.03 | 120.57 |
All numbers were collected by hand from the site http://bitcoinwisdom.com. Beware of possible errors. For each exchange, the numbers include only the trade volume to/from the currencies listed in the rightmost column. The BTC-e volumes now include retroactively also exchanges to EUR and RUR (together about 1 kBTC/day or less). Trade between BTC and other cryptocoins, such as LiteCoin, is NOT included. The Coinbase volume is not available, neither at Bitcoinwisdom nor at Bitcoincharts. Dates on the header line are UTC. Specifically, "01/15" means "from 01/15 00:00:00 UTC to 01/15 23:59:59 UTC". (Beware that Bitcoinwisdom uses your local time, so the date may appear to be off by 1 day. For example, if you are 2 hours west of Greenwich, it may show "01/14 22:00" when the UTC time is "01/15 00:00".)
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aminorex
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January 26, 2014, 06:01:13 PM |
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The Coinbase volume is not available, neither at Bitcoinwisdom nor at Bitcoincharts.
Coinbase does ccy xchg via bitstamp. Bitpay as well. Probably most layered service providers will be using bitstamp or bitfinex, because they are the only liquid exchanges in jurisdictions with semi-functioning rule of law. I find it difficult to understand why churn numbers are interesting. You might discover some correlation to the series, I suppose. Now if you could separate inflow and outflow, it would become very interesting. You should talk to the fiatleak guy.
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JorgeStolfi
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January 26, 2014, 06:03:13 PM |
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The Coinbase volume is not available, neither at Bitcoinwisdom nor at Bitcoincharts.
Coinbase does ccy xchg via bitstamp. Thanks!
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aminorex
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January 26, 2014, 06:11:28 PM Last edit: January 26, 2014, 06:48:26 PM by aminorex |
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As is becoming usual, BFX is holding the price down. The linkage between stamp and bfx, once it finally became fluent, has done more to stabilize the price of bitcoin than any whale cabal could ever do. I think this might be the best example in economic history of how a low-friction swaps market can aid in price discovery.
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delphic
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January 26, 2014, 06:15:38 PM |
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Do you all think that prevalent use of a protocol such as colored coins could make each bitcoin even more rare and thus drive up price beyond the theoretical future valuations we have predicted?
No this goes against the fungibility (one unit or piece must be perceived as equivalent to any other), the biggest risk to bitcoin ever. New developments in bitcoin like stealth addresses and coinjoin will remove this threat. What? Colored coins create different assets from bitcoins. Meaning that a bitcoin can be representative of property - thus it won't be used as a currency, but held. Theoretically, this would make the monetary bitcoins more rare. Has nothing to do with eliminating fungibility. Thinking more on that valuations of $80,000,000 we were tossing around the other day. I imagine that, as the value is in the asset associated with a coloured bitcoin, rather than the bitcoin itself, a Satoshi would function just as well as a bitcoin for that purpose, to merely place a record on the blockchain.
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aminorex
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January 26, 2014, 06:19:40 PM |
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I imagine that, as the value is in the asset associated with a coloured bitcoin, rather than the bitcoin itself, a Satoshi would function just as well as a bitcoin for that purpose, to merely place a record on the blockchain.
It would, if you could get it into the chain. But current software gives zero priority to transactions smaller than a gavin.
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samson
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January 26, 2014, 06:21:19 PM |
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I imagine that, as the value is in the asset associated with a coloured bitcoin, rather than the bitcoin itself, a Satoshi would function just as well as a bitcoin for that purpose, to merely place a record on the blockchain.
It would, if you could get it into the chain. But current software gives zero priority to transactions smaller than a gavin. What's a gavin ?
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proudhon
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January 26, 2014, 06:24:34 PM |
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Notice that the price is crashing, based on this analysis, which lines up nicely with other confirmed bad news. To summarize, all the data is pointing to a continuation of the downtrend, and a strong bullish case is forming for continuing with the maxleverage martingale SHOTR strategy. Thank you for your help and confirmation, ChartBuddy. You truly are a buddy.
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spooderman
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January 26, 2014, 06:25:32 PM |
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I imagine that, as the value is in the asset associated with a coloured bitcoin, rather than the bitcoin itself, a Satoshi would function just as well as a bitcoin for that purpose, to merely place a record on the blockchain.
It would, if you could get it into the chain. But current software gives zero priority to transactions smaller than a gavin. What's a gavin ? You'll know when you're older
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aminorex
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January 26, 2014, 06:39:43 PM |
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I imagine that, as the value is in the asset associated with a coloured bitcoin, rather than the bitcoin itself, a Satoshi would function just as well as a bitcoin for that purpose, to merely place a record on the blockchain.
It would, if you could get it into the chain. But current software gives zero priority to transactions smaller than a gavin. What's a gavin ? 242 satoshi, IIRC.
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Wekkel
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yes
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January 26, 2014, 06:41:04 PM |
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I imagine that, as the value is in the asset associated with a coloured bitcoin, rather than the bitcoin itself, a Satoshi would function just as well as a bitcoin for that purpose, to merely place a record on the blockchain.
It would, if you could get it into the chain. But current software gives zero priority to transactions smaller than a gavin. What's a gavin ? You'll know when you're older Denomination Name Legend 21000000 The Coinbase 10000000 Menger Carl Menger, founder of the Austrian School of Economics 1000000 Nakamoto possible number of BTC owned by SN 100000 Hayek Nobel prize for contribution to the Austrian Theory of the Business Cycle 10000 Pizza first Bitcoin transaction - 10000BTC for a couple of pizzas 1000 Mises In "Monetary Reconstruction" (1953) Ludwig von Mises argued for a fixed money supply 100 Milton Milton Friedman proposed replacing the FED with a computer 10 Murray Murray Rothbard argued for competing private currencies 1 Bitcoin 0.1 Finney Hal Finney created the first reusable proof of work system 0.01 bitcent 0.001 milicoin 0.0001 Chaum David Chaum - ecash 0.00001 Szabo Nick Szabo - bitgold 0.000001 microcoin 0.0000001 Gavin 0.00000001 Satoshi
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Erdogan
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January 26, 2014, 06:45:56 PM |
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It is the dust limit. Currently 5,430 satoshis.
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aminorex
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January 26, 2014, 06:49:15 PM |
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Thanks. My data was obsolete. It should really be considered a parameter of the universe physics, not a unit of currency. Gavin's number, or Gavin's constant.
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