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Author Topic: Curiosity versus currency  (Read 2786 times)
BBanzai
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June 29, 2011, 03:41:27 AM
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I have never been a gambler, or traded words for indemnity.  I have earned my keep by solving specific puzzles that my clients could not.  The idea of arguing one's way into a paycheck is offensive to me.  Studying Bitcoins is well within my demeign.  I find it fascinating that the easiest way to play with them is in the form of a casino, with everyone playing the odds that they can buy low and sell high.  I may have said this before.  If noone is trading real work for Bitcoins, then they are simply chips in a stupid game.  The house always wins.  The basic principle of money markets is "screw the other guy, he's stupid."  Playing that particular game at length is a clear indication that you have nothing of value yourself to offer, as is true with all gambling.
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June 29, 2011, 03:50:31 AM
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It IS a game. The person who dies with the most Bitcoin wins. Can't take the heat, get out of the kitchen.

insert coin here:
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Open an exchange account at CampBX: options, lowest commissions, and best security
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June 29, 2011, 03:54:00 AM
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BBanzai, I get the feeling you think people are hoarding or is there not enough people doing work for/with Bitcoin as far as selling and buying actual items?

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June 29, 2011, 03:57:13 AM
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I have never been a gambler, or traded words for indemnity.  I have earned my keep by solving specific puzzles that my clients could not.  The idea of arguing one's way into a paycheck is offensive to me.  Studying Bitcoins is well within my demeign.  I find it fascinating that the easiest way to play with them is in the form of a casino, with everyone playing the odds that they can buy low and sell high.  I may have said this before.  If noone is trading real work for Bitcoins, then they are simply chips in a stupid game.  The house always wins.  The basic principle of money markets is "screw the other guy, he's stupid."  Playing that particular game at length is a clear indication that you have nothing of value yourself to offer, as is true with all gambling.

Uhmm.... securing the authenticity and accuracy of every transaction ever made on the bitcoin network is work. My GPU cycles ,which incidentally cost something, secure the network. There is no buying and selling at the mining level. It's simply performing service.
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June 29, 2011, 07:43:43 AM
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I mine; I invest; I make purchases in BTC.  I would sell in BTC too if it were possible in my profession. 

I imagine there are many more like me here, only these are the early days of bitcoin.  Commercial institutions must co-evolve gradually in order to be profitable and legal battles loom.  Give it time.

But I agree with your sentiment: don't "gamble" on bitcoins.  Put some of your USD behind this liberating idea.  Invest and make it happen.
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June 29, 2011, 07:50:56 AM
 #6

Buying low and selling high helps smooth out the price, people get paid for that. Buying high and selling low exaggerates swings, people have to pay to do that.

Day trading is not the point of bitcoin at all and if it were the value would already be zero. It only looks like the exchanges are influencing the price, they are actually discovering it.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
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June 29, 2011, 11:25:43 AM
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It only looks like the exchanges are influencing the price, they are actually discovering it.
This.

BBanzai
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July 05, 2011, 01:45:13 AM
 #8

Do not get me too far wrong.  In exploring what this new toy consists of, I have both learned about bitcoin casinos and about the exchanges.  Hands on is the best way to get a grasp of anything.  The thoughts that consume my nights are not about profiting, but about learning what is real.  That is why I garden.  That the exchanges, the money markets, serve a purpose is apparent.  But the switch from commodity to currency requires a huge advance in common acceptability. That is, free trade for real products and services for BC.  Unless of course you are a technocrat that thinks you can eat the numbers in your workstation.
DamienBlack
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July 05, 2011, 01:52:38 AM
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Do not get me too far wrong.  In exploring what this new toy consists of, I have both learned about bitcoin casinos and about the exchanges.  Hands on is the best way to get a grasp of anything.  The thoughts that consume my nights are not about profiting, but about learning what is real.  That is why I garden.  That the exchanges, the money markets, serve a purpose is apparent.  But the switch from commodity to currency requires a huge advance in common acceptability. That is, free trade for real products and services for BC.  Unless of course you are a technocrat that thinks you can eat the numbers in your workstation.

Man, you talk like an evil mastermind. Remind me not to get on your bad side. I imagine my whole life would slowly deteriorate while you plot diabolically to make it worse and worse.

I trade bitcoin options at https://bitoption.org/ ... Join me.
I play poker at https://betco.in/ ... Join me.
Support the bitcoin economy, what do you do?
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BBanzai
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July 11, 2011, 05:06:48 AM
 #10

I suppose I shall take that as a compliment, Damien, although I am not entirely certain where your ominous sense of me springs from.  Evil is as evil does, as they say.  I had a thought tonight that I cannot quite get square in my mind.  I have so far been playing the exchange with tactics that gradually increased my account in dollars.  If everyone does that, in the U.S. at least, it means that the dollar is valued higher than the bitcoin.  Obviously, if I could pay for most goods and services in bitcoin, I would use the same tactics, but with the goal of buying dollars "low" and selling them "high".  Forgive me if I am asking the obvious.  But I'm curious to know if the bitcoin true-believers trade that way.  That is, selling bitcoins low and buying them high if I understand this correctly.
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July 11, 2011, 07:24:57 AM
 #11

I have so far been playing the exchange with tactics that gradually increased my account in dollars.

BB, if you tweak your strategy just a bit, your account will increase in both dollars and bitcoins.  On each round trip, sell a fraction fewer bitcoins than you bought.  There is no shame in providing liquidity to an exchange.  It's a valuable service and you deserve to profit from it.

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July 11, 2011, 08:31:33 AM
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BBanzai: You are a master with words. Smiley Do you think the bitcoin exchanges are any different from other financial markets, in theory? Isn't the goal the same everywhere, to do successful trades? Smiley
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July 11, 2011, 08:32:17 AM
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The house always wins.  The basic principle of money markets is "screw the other guy, he's stupid."  Playing that particular game at length is a clear indication that you have nothing of value yourself to offer, as is true with all gambling.

This is a common misconception about market functions.  What good traders will do is smooth out the price.  They are like a capacitor in a parallel DC circuit acting as a voltage reculator. The voltage is the abundance of bitcoins (low price).  If the price were high on Thursday and low on Saturday, then this means the supply on Saturday is over average and Thursday it is under average. If you buy when it is abundant (cheap) and take coins off the market, and sell when it is scarce (high), you smooth out the curve.
This is what grain contracts do which is why the price of wheat does not crash at harvest time. Speculators are buying like crazy, storing, and selling later in the year.  This helps everyone.
Communist Revolutions are lead by violent economically ignorant people and these "speculators" are some of the first to go to the gulags. Why not, they aren't working for a living, the farmers are growing the food and they make money by gambling. Note that some form of famine usually follows a Communist take over as there is not enough food later in the year before the next harvest.

Not as good as gold, BETTER.
BBanzai
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July 13, 2011, 03:53:51 AM
 #14

I may not have said this before in so many words.  I have no idea what financial markets are actually about.  I was never interested in money.  I pay my rent by solving puzzles.  This is just a new one, and perhaps the best introduction to something that has always offended me.  One that does not immediately seem to be funding senseless wars with my taxes.  So.  J'y suis.  J'y reste. 
BBanzai
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July 13, 2011, 04:19:58 AM
 #15

Ronwan, you give me hope.  But bear in mind my sense of time.  If the government shall be cast down as a Golden Calf, then why do the commoners need to starve by the machinations of the financially clever?  How is that an improvement?
BBanzai
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July 13, 2011, 04:26:46 AM
 #16

Olomana, this does not solve my puzzle.  I have already taught myself how to increase both.  There is a model that says one currency is better than another.  I would love to claim BC as my currency of choice, but practical concerns make me vote for US dollars.  I have services to offer.  I'm not convinced that offering them for BC will enamour me to my clients.  So I try to fish for more USD than BC.  I want to hear from people that are playing it the other way around.
Jaime Frontero
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July 13, 2011, 04:31:23 AM
 #17

I may not have said this before in so many words.  I have no idea what financial markets are actually about.  I was never interested in money.  I pay my rent by solving puzzles.  This is just a new one, and perhaps the best introduction to something that has always offended me.  One that does not immediately seem to be funding senseless wars with my taxes.  So.  J'y suis.  J'y reste. 

neither do i.

i find, however, that approaching them (financial markets) from a different direction can be effective.

and so...  since the vast majority of the trading community appears to rate their own performance in terms of USD, i have decided that it makes the most sense to rate mine in terms of Bitcoin.
BBanzai
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July 13, 2011, 04:50:17 AM
 #18

I have been given good advice after the fact.  I also blew a hundred bucks trying to figure out what the hell this was about.  Like going to Atlantic City, it was just for fun, I have no regrets.  I am still not convinced that my learning how to play this game makes any real value in the world.
BBanzai
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July 13, 2011, 05:00:31 AM
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If what good traders do, like a capacitor (understood, btw, I know about analog integration), is smooth out the price...then why is an arbitrary number of dollars per chicken, the cost of gasoline, the "value" of your mortgage supposed to double every ten years?  Who is gaming the game?
BBanzai
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July 13, 2011, 05:12:05 AM
 #20

In part to answer my own question...at this point, I have more interest in BC than in my own salary (USD)  and I have been trying to belittle paper money by selling BC high and buying low.  I'm a little surprised that no one else answered my question correctly, but I've always lived in a paradox.  Where you keep your treasure, there is your heart.
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