aminorex
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Sine secretum non libertas
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June 24, 2014, 04:33:10 PM |
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Hot on the heels of bitcoin are about 200 other global online currencies such as litecoin, darkcoin, maxcoin, peercoin, ripple and hundreds of other coins I like how ripple is just thrown in there and called a coin, and apparently every alternative payment technology is a "coin". Yes, unfortunately these folks don't have a lot of time to keep up with the cryptocurrency developments and what is exactly a coin and what isn't... they have been suing all the major banks here in SA for about 2 years and have been trying to get an independent political party off the ground to close down the central bank, so they have a lot on their hands... Semantics. In the current colloquial parlance, a coin is a transferable share of a bounded accounting sum. Doesn't matter much if you like the language. It is what it is. |
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aminorex
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Sine secretum non libertas
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June 24, 2014, 04:36:05 PM |
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If you can some sort of agreement on swapping IOUs between exchanges than smooth arbitrage could prove possible and profitable for investors.
A federated inter-exchange arbitrage would have the added benefit as an early warning system for gox:ings. If an exchange started having trouble honoring its IOUs on time, that would be a signal to move your funds out. No panacea of course and it would still cause a bank run, but at least it would be better than the slow 12 month Gox fiasco where no one knew they were illiquid (except for the ones who got away with it..). That would imply exchanges trusting each other's IOUs. Can't happen, and rightly so (otherwise one single scam could cause a chain reaction). Amen. Sound money please (as much as is feasible at least). No crypto-GFC please. Do not want. |
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gentlemand
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Welt Am Draht
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June 24, 2014, 04:37:50 PM |
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Fixed. It is last week under 600$, ever. After auction, price is going to skyrocket. I wish. But i doubt it. Just the mention of a small action caused huge panic. When the auction is finished and ended well/bullish noone will care. They'll be looking for the next reason to panic sell. There are no events anymore that make the price go up. No amount of good news will make the price go up even 10 dollars. People aren't interested in good news. Yep, the day the Expedia news came out, the price was at $630. Price didn't budge at all. Then the very next day, wham! A fkn FUD storm about threats of 51% attack (again, every 4-6 months, for years now... ad nauseum), +Stamp FUD, + China FUD, +Bitfinex FUD, all on the same day. And then a bunch of panic selling ensues all the way down to $530, for no good reason at all. And you know what? No one even remembers that now, or if those stupid fears were even warranted. Here's a hint: they weren't. The bitcoin community is, and will continue to be, pathetic, until it puts on its big boy pants and grows the hell up. Stop panic selling over nothing. Otherwise, the bitcoin world hasn't even seen yet what the governments of the world can cook up in regard to media-created FUD, until they feel the need to. All the 'good' news is long term stuff. It'll all add up in the end but it's mainly top down. All of these VCs and investors will have to sell it to the regular public over time. It's a slow burn. The 'bad' news is the type of shit that immediately affects (or they think it affects) people who hold coins right now. Eventually the sheer weight of infrastructure and investment will win out. Until then it's panic on. |
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aminorex
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Sine secretum non libertas
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June 24, 2014, 04:39:22 PM |
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That would imply exchanges trusting each other's IOUs. Can't happen, and rightly so (otherwise one single scam could cause a chain reaction).
That's trivial to solve. How do you think other institutions in society do it? The easiest way is that everyone desposits a sum with a trusted third party, which forms the top limit for IOUs. You could also distribute the third party role on several participants (where several needs to collude to cheat the system), if the trust is otherwise hard to build. But even the easiest notary system would be a giant step up for today's exchanges. Then there is no advantage over independent arbitrage. Anyone can do it any time, simply by preplacing funds on multiple exchanges. If an alternative does not offer an efficiency gain over independent arbitrage, then it is a worthless rentier scheme. EDIT: oops. misunderstood. reading posting too fast. nevermind. |
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N12
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June 24, 2014, 04:48:52 PM |
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Which is more pathetic:
1) People conducting their individual risk management/business and trading accordingly on the open market
2) People getting mad at 1) when they don't like what they are doing, fantasizing allegations and accusations
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ChartBuddy
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Activity: 2170
Merit: 1776
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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June 24, 2014, 05:01:00 PM |
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ChartBuddy
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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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June 24, 2014, 06:00:47 PM |
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BRADLEYPLOOF
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June 24, 2014, 06:15:15 PM |
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Not a lot of speculation going on here huh?
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alexeft
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June 24, 2014, 06:17:27 PM |
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When is the SR coins auction?
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Chalkbot
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June 24, 2014, 06:26:20 PM |
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Not a lot of speculation going on here huh?
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aminorex
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Sine secretum non libertas
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June 24, 2014, 06:34:26 PM |
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Hmm. So now that the PBoC has begun to articulate a plan for integrating bitcoin into the Chinese economy, that should be bullish, right?
Oh, I'm sorry, I forgot. Some pocket change from SR 1.0 bust is intimidating everyone.
ShroomsKit is like a Sophoclean chorus to this drama.
Curious how the monkey seems almost to control everything...simia ex machina?
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hdbuck
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June 24, 2014, 06:38:34 PM |
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I dont know why people thinks SR's coin auction has/will impact bitcoin's price.
As far as i am concerned, the price right now is just doing what it is supposed to do.
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kireinaha
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June 24, 2014, 06:46:30 PM |
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I dont know why people thinks SR's coin auction has/will impact bitcoin's price.
As far as i am concerned, the price right now is just doing what it is supposed to do.
It's the latest January 30, PBOC ban deadline. This year, for whatever reason, the community loves to draw up arbitrary deadlines and declare that price will rocket right afterwards. If the previous deadlines are any indicator, We'll likely see absolutely no movement or even a small drop after June 27. |
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Nicholas-Carraway
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June 24, 2014, 06:46:42 PM |
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Which is more pathetic:
1) People conducting their individual risk management/business and trading accordingly on the open market
2) People getting mad at 1) when they don't like what they are doing, fantasizing allegations and accusations
?
Well said. Not to mention the amount of energy and time spent on this subforum by people going number 2.  Emotions are swinging faster and farther than the market is. Someone please PM me when they find a market a that only goes up all the time. Will pay a good commission. Note to self: Isn't it actually quite fun to participate in this market? If not, find something better to do. Cheers, Nick |
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Torque
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June 24, 2014, 06:57:04 PM
Last edit: June 24, 2014, 07:09:41 PM by Torque |
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Which is more pathetic:
1) People conducting their individual risk management/business and trading accordingly on the open market
2) People getting mad at 1) when they don't like what they are doing, fantasizing allegations and accusations
?
Well said. Not to mention the amount of energy and time spent on this subforum by people going number 2. Emotions are swinging faster and farther than the market is. Someone please PM me when they find a market a that only goes up all the time. Will pay a good commission. Note to self: Isn't it actually quite fun to participate in this market? If not, find something better to do. Cheers, Nick I love how only the bear traders on this forum love to defend panic selling, as if it is the most wonderful thing evar. Sorry bear traders, not enough price crashes going on for you to make your $100 for the week? I guess it's too much to ask for bitcoin owners to have some sense, huh? Maybe 3-5 years from now, we can have the same +/- 20% swings even when the price is at $50K/btc? Actually I wouldn't doubt we will, as fabricated FUD will work just as well on the market sheep participants then as it does now. Yeah that'd be so wonderful. That way it'd scare away pretty much everyone who tries to seriously use it as a stable currency or a store of value, and the grand experiment would at that point be proven to be a complete failure. |
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ChartBuddy
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Activity: 2170
Merit: 1776
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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June 24, 2014, 07:00:48 PM |
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madmat
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Merit: 1000
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June 24, 2014, 07:08:03 PM |
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When is the SR coins auction?
On Friday, from 6am to 6pm. |
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Skinnkavaj
Sr. Member
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Activity: 469
Merit: 250
English Motherfucker do you speak it ?
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June 24, 2014, 07:09:25 PM |
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Hmm. So now that the PBoC has begun to articulate a plan for integrating bitcoin into the Chinese economy, that should be bullish, right?
Oh, I'm sorry, I forgot. Some pocket change from SR 1.0 bust is intimidating everyone.
ShroomsKit is like a Sophoclean chorus to this drama.
Curious how the monkey seems almost to control everything...simia ex machina?
Source? |
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