|
JorgeStolfi
|
 |
March 23, 2014, 03:42:35 PM |
|
Something weird is going on at Huobi (in bitconwisdom's charts). A large chunk of the lowest "ask" list (from ~3460 to ~3478) is being moved to the "bid" side and then immediately moved back. But the only trades are in the ~3460 range. A bug in bitcoinwisdom's scripts, or in Huobi's chart server?
|
|
|
|
|
aminorex
Legendary
 Offline
Activity: 1596
Merit: 1030
Sine secretum non libertas
|
|
March 23, 2014, 03:46:27 PM |
|
WTF with network hash rate  Grows about 500thps/diem. Evidently about 400 modern units come online daily. |
|
|
|
|
jojo69
Legendary
Offline
Activity: 3584
Merit: 5168
diamond-handed zealot
|
|
March 23, 2014, 03:46:31 PM |
|
WTF with network hash rate what about it? looks pretty normal to me |
|
|
|
|
|
|
JayJuanGee
Legendary
Offline
Activity: 4200
Merit: 12852
Self-Custody is a right. Say no to "non-custodial"
|
|
March 23, 2014, 03:54:31 PM |
|
And 10% of all the money that exists being owned (note, "being owned", not just "having passed through the hands of") thieves and scammers is another. Although it is only a detail of the bigger problem of 100% of all the money that exists being owned by a few thousand people.
YOU are really prone to exaggeration. Let's assume for the sake of argument, that 100,000 people own all of the bitcoins in the world.. so what??? either they have an infrastructure that is a circle of 100,000 people or they expand to the 7 billion people.. and then once they expand to the 7 billion, then those 7 billion will have some btc, too, no? So where is the problem, exactly? profit of the 100,000? |
|
|
|
|
jojo69
Legendary
Offline
Activity: 3584
Merit: 5168
diamond-handed zealot
|
|
March 23, 2014, 03:55:14 PM |
|
growing at about 1%/day...all systems go http://bitcoin.sipa.be/ |
|
|
|
|
Richy_T
Legendary
Offline
Activity: 2870
Merit: 2614
1RichyTrEwPYjZSeAYxeiFBNnKC9UjC5k
|
|
March 23, 2014, 03:56:10 PM |
|
Is that so? If a thief spends a few bitcents of his booty now to buy a pizza, the payment will be visible and the police could catch him by following the delivery boy. As long as he leaves the coins untouched, he cannot be traced through them, and they cannot be taken from him. If he waits for a few yers he may even be beyond the reach of the law.
Launder some bitcoins through a couple of shell wallets then say you sold a bunch of DVDs for some bitcoins to a guy you met in a bar. |
|
|
|
|
|
|
seleme
Legendary
Offline
Activity: 2772
Merit: 1028
Duelbits.com
|
|
March 23, 2014, 03:57:28 PM |
|
I miss those happy days when there was no philosophical smart arse discussions but just choo choos  |
|
|
|
|
stereotype
Legendary
Offline
Activity: 1554
Merit: 1000
|
|
March 23, 2014, 04:00:47 PM |
|
For those wondering what happens when devs dont agree, and the possible consequences, theres an interesting ding-dong going on between senior devs on the Counterparty thread. https://bitcointalk.org/index.php?topic=395761.0;topicseenNeed to go back a few days, for the start! |
|
|
|
|
Richy_T
Legendary
Offline
Activity: 2870
Merit: 2614
1RichyTrEwPYjZSeAYxeiFBNnKC9UjC5k
|
|
March 23, 2014, 04:01:26 PM |
|
I personally feel that all business startups are Ponzi schemes, say computer, internet, etc. Ponzi is the pattern how the universe operates. It's not a matter of good or bad but a matter of true or false. A Ponzi scheme can only be true by more and more people joining in to the extent that whole community can not live without it. I hope I'm correct here.
No, a Ponzi must *always* have more people joining to continue. Bitcoin is not yet self-sustaining but would be able to form a stable economy with a small proportion of the population it could eventually reach. Startups likewise. If a stock actually pays dividends, it doesn't even have to rely on the "greater fool" thing to benefit stock holders. Unfortunately government tax policy discourages this. |
|
|
|
|
aminorex
Legendary
Offline
Activity: 1596
Merit: 1030
Sine secretum non libertas
|
|
March 23, 2014, 04:17:38 PM |
|
it is only a detail of the bigger problem of 100% of all the money that exists being owned by a few thousand people.
Again, this is a much more severe problem in USD than in BTC. BTC helps to solve this problem as well, because the thousands who own most of the BTC are largely non-overlapping with the thousands who own most of the USD. The aggregate GINI is better as a result. |
|
|
|
|
aminorex
Legendary
Offline
Activity: 1596
Merit: 1030
Sine secretum non libertas
|
|
March 23, 2014, 04:22:07 PM |
|
Is that so? If a thief spends a few bitcents of his booty now to buy a pizza, the payment will be visible and the police could catch him by following the delivery boy. As long as he leaves the coins untouched, he cannot be traced through them, and they cannot be taken from him. If he waits for a few yers he may even be beyond the reach of the law.
Easiest way to break linkage is to convert to USD. Selling bitcoins is not hard. |
|
|
|
|
Zapffe
Newbie
Offline
Activity: 28
Merit: 0
|
|
March 23, 2014, 04:25:06 PM |
|
There is only one riskless profitable trade at present: Buy on bfx and sell on another exchange. The 563 seller appears to have infinite coins. For more than 24 hours now one person has had total control over the Btcusd rate worldwide. And that person is evidently a self-destructive lunatic.
Yes, he must be a self-destructive lunatic, because there is no way that the price is going down more then that. No way I tell you... No way! No..no..no..nonononononono noooooooo! http://mrwgifs.com/wp-content/uploads/2013/06/Sheldon-Having-A-Panic-Attack-On-Big-Bang-Theory.gif |
|
|
|
|
roslinpl
Legendary
Offline
Activity: 2212
Merit: 1199
|
|
March 23, 2014, 04:35:40 PM |
|
I love new voting poll stats  "Is bitcoin undervalued?" YES! 96 votes by now |
|
|
|
|
aminorex
Legendary
Offline
Activity: 1596
Merit: 1030
Sine secretum non libertas
|
|
March 23, 2014, 04:47:25 PM |
|
There is only one riskless profitable trade at present: Buy on bfx and sell on another exchange. The 563 seller appears to have infinite coins. For more than 24 hours now one person has had total control over the Btcusd rate worldwide. And that person is evidently a self-destructive lunatic.
Yes, he must be a self-destructive lunatic, because there is no way that the price is going down more then that. No way I tell you... No way! No..no..no..nonononononono noooooooo! It doesn't matter how low bitcoin is going to go in the future. If you're selling at 563 when you could be selling at 568 at the very same moment in time, you're not fit to draw oxygen. |
|
|
|
|
|
pjviitas
|
|
March 23, 2014, 05:03:45 PM |
|
When will people start buying bitcoin again?
|
|
|
|
|
aminorex
Legendary
Offline
Activity: 1596
Merit: 1030
Sine secretum non libertas
|
|
March 23, 2014, 05:05:58 PM |
|
When will people start buying bitcoin again?
We are buying bitcoin. We have achieved price stability. The fixed exchange rate is now $563 USD/BTC. |
|
|
|
|
JayJuanGee
Legendary
Offline
Activity: 4200
Merit: 12852
Self-Custody is a right. Say no to "non-custodial"
|
|
March 23, 2014, 05:15:26 PM |
|
I personally feel that all business startups are Ponzi schemes, say computer, internet, etc. Ponzi is the pattern how the universe operates. It's not a matter of good or bad but a matter of true or false. A Ponzi scheme can only be true by more and more people joining in to the extent that whole community can not live without it. I hope I'm correct here.
No, a Ponzi must *always* have more people joining to continue. Bitcoin is not yet self-sustaining but would be able to form a stable economy with a small proportion of the population it could eventually reach. Startups likewise. If a stock actually pays dividends, it doesn't even have to rely on the "greater fool" thing to benefit stock holders. Unfortunately government tax policy discourages this. Richy_T: I like your straight-forward explanation of how a ponzi scheme is different from other kinds of investments... and yes, with a Ponzi scheme.. the payout is so high that the remainder of the investment pool is continuing to go further in the red b/c the payouts are so high and the money in the system is NOT working b/c it is NOT being invested nor earning. With bitcoin, there is a certain need to expand the number of users at least at the rate of the new coin production (which is currently a little more than 10% per year), and the value of BTC would likely become more stagnant if the pool of people in BTC remained at a set amount (let's say 100,000 plus 10% per year). But even in that scenario of a stagnant user base, bitcoin would increase in value relative to fiat b/c the fiat is continuing to become less valuable and infrastructure is continuing to be built around BTC. Definitely, I'm gonna have to use your straight-forward explanation when that Ponzi term is thrown around willy-nilly to attempt to apply, when it does NOT. There is a certain level of reality that is helpful to perpetuate the Ponzi scheme myth for btc - including the fact that there are currently about 10% more coins every year, for the next few years, until that production rate is reduced again in 2017, right? Also, the value of bitcoin goes up more, if the user base expands more rapidly than 10% per year, but those facts does NOT make BTC a ponzi scheme merely b/c of the facts that the expansion of the user base causes increasing appreciation in how much btc users will be willing to pay for bitcoins. |
|
|
|
|
boumalo
Legendary
Offline
Activity: 1946
Merit: 1019
|
|
March 23, 2014, 05:17:25 PM |
|
When will people start buying bitcoin again?
Each time someone is selling BTC someone is buying, there are a lot of buyers and a good portion of them hold for long term after they bought There has been a lot of bad news and the mtgox fiasco but the price has been resisting quite well, some think there will still be a huge correction, I think it is possible but maybe we had the correction and we are heading to a new spike up in price this summer or in fall 2014 The USD is doomed so the BTC/USD price is meant to go up tremendously if Bitcoin doesn't die |
|
|
|
|
|
Poll
