Bitcoins vast overvaluation

[johnmatrix]

When there is a sentiment about bitcoin to be overvaluated usually means a rally is coming up.

[1715680892]

1715680892

[chufchuf]

The point to me is something he just glosses over and that is that there is not an underlying market supporting the bitcoin price. Basically the whole bitcoin market is speculators with no real demand for coins other than drugs and gamblers and they dont need enough coins to justify the price. I dont really care about the other aspects of the artical.

It is like the housing market and the feds bond buying, The real market is not there for homes so they have to create artificial scarcity and use fed bond buying to prop up the price.  

Reality will set in at some point, but i guess the saying goes the market can stay irrational longer than you can stay solvent.

No one in their right mind is going to wake up one day and realize that the non-material wealth of a brain wallet must become something physical- such a fetish might belong to a Kardashian, or to a taxman, though.

[sublime5447]

Dont really expect that. Money is an illusion, just that they will realize that bitcoin is worthless as anything other than a currency. It is not a store of value and is not a retirement plan it is not a finite market either. We have all seen how easy it is to create coins. Let a better coin come out and watch you investment tank.   

[ronimacarroni]

Money is an illusion, just that they will realize that bitcoin is worthless as anything other than a currency

[chufchuf]

Dont really expect that. Money is an illusion, just that they will realize that bitcoin is worthless as anything other than a currency. It is not a store of value and is not a retirement plan it is not a finite market either. We have all seen how easy it is to create coins. Let a better coin come out and watch you investment tank.   

Keep waiting.

[sublime5447]

I have an idea for a coin that would make bitcoin a thing of the past. One that incentives sharing instead of hoarding. Let someone come out with a coin that pays out a reward the more it is distributed to new market participants and shrinks in value the more centralized it gets. Get a coin that rewards sharing and punishes hoarding. People will forget all about BTC and it would spread like wild fire. 

Now I have no idea how you do that, but you nerds can figure something out  

Maybe instead of mining new coins into existence you share new coins into existence? 

Maybe call it seed money. You have a digital plant that has a dollar(or what ever) value associated with it. As you sell cut-lings or seeds from your plant to other new members your plant grows and so does the the value associated with it. If people start hoarding the seeds or what ever then the plant starts to shrink and along with it the value?.

I know there are a million considerations and tons of holes in the above statements, dont be a dick and say it can never work. It is just a concept.

A coin that has its value tied to the number of new market participants and a reward system for sharing it with new people? just an idea.   
 

[mechs]

I have an idea for a coin that would make bitcoin a thing of the past. One that incentives sharing instead of hoarding. Let someone come out with a coin that pays out a reward the more it is distributed to new market participants and shrinks in value the more centralized it gets. Get a coin that rewards sharing and punishes hoarding. People will forget all about BTC and it would spread like wild fire. 

Now I have no idea how you do that, but you nerds can figure something out  

Maybe instead of mining new coins into existence you share new coins into existence? 

Maybe call it seed money. You have a digital plant that has a dollar(or what ever) value associated with it. As you sell cut-lings or seeds from your plant to other new members your plant grows and so does the the value associated with it. If people start hoarding the seeds or what ever then the plant starts to shrink and along with it the value?.

I know there are a million considerations and tons of holes in the above statements, dont be a dick and say it can never work. It is just a concept.

A coin that has its value tied to the number of new market participants and a reward system for sharing it with new people? just an idea.   
 

Let's call it CarebearCoin

[sublime5447]

I have an idea for a coin that would make bitcoin a thing of the past. One that incentives sharing instead of hoarding. Let someone come out with a coin that pays out a reward the more it is distributed to new market participants and shrinks in value the more centralized it gets. Get a coin that rewards sharing and punishes hoarding. People will forget all about BTC and it would spread like wild fire.  

Now I have no idea how you do that, but you nerds can figure something out  

Maybe instead of mining new coins into existence you share new coins into existence?  

Maybe call it seed money. You have a digital plant that has a dollar(or what ever) value associated with it. As you sell cut-lings or seeds from your plant to other new members your plant grows and so does the the value associated with it. If people start hoarding the seeds or what ever then the plant starts to shrink and along with it the value?.

I know there are a million considerations and tons of holes in the above statements, dont be a dick and say it can never work. It is just a concept.

A coin that has its value tied to the number of new market participants and a reward system for sharing it with new people? just an idea.    
 

Let's call it CarebearCoin

I love it    I got 5 CBC's to sell with a block reward of .05 CBC's

[chufchuf]

Yeah, there's a chance I'd prefer the world of carebear coin than the bitcoin one. What would sway me one way or the other would be whether hoarding leads to more aggressive egotistical oppression where the hoarder bosses everyone else about or if hoarding helps people lead acceptable lives, the jury's out on that matter.

[sublime5447]

Yeah, there's a chance I'd prefer the world of carebear coin than the bitcoin one. What would sway me one way or the other would be whether hoarding leads to more aggressive egotistical oppression where the hoarder bosses everyone else about or if hoarding helps people lead acceptable lives, the jury's out on that matter.

+100

Not in my mind. I know the answer to that question, from dealing with the trolls on bitcoin otc they want you to suck then off just because they have had a few BTC go through their wallets. 

[windjc]

I have an idea for a coin that would make bitcoin a thing of the past. One that incentives sharing instead of hoarding. Let someone come out with a coin that pays out a reward the more it is distributed to new market participants and shrinks in value the more centralized it gets. Get a coin that rewards sharing and punishes hoarding. People will forget all about BTC and it would spread like wild fire. 

Now I have no idea how you do that, but you nerds can figure something out  

Maybe instead of mining new coins into existence you share new coins into existence? 

Maybe call it seed money. You have a digital plant that has a dollar(or what ever) value associated with it. As you sell cut-lings or seeds from your plant to other new members your plant grows and so does the the value associated with it. If people start hoarding the seeds or what ever then the plant starts to shrink and along with it the value?.

I know there are a million considerations and tons of holes in the above statements, dont be a dick and say it can never work. It is just a concept.

A coin that has its value tied to the number of new market participants and a reward system for sharing it with new people? just an idea.   
 

There are already coins that do a lot of these things.  Which makes me feel you really haven't studied deep into what you are even ranting about.

It seems like your issues with Bitcoin are more personal.

[sublime5447]

^^^

You are an idiot fuck off. See the yellow ignore button please hit it.

[Walsoraj]

I see 4,000 24hr volume on Gox... Didn't we peak over 500,000 daily volume in April?

lol.

[sublime5447]

I see 4,000 24hr volume on Gox... Didn't we peak over 500,000 daily volume in April?

lol.

BTC-e will have more coin than Gox at this rate. Shit doesn't look good for Gox or the price.

exchange   volume %   volume ฿   last price
bitstamp   42.10%   7001.11   123.69 USD
mtgox   24.66%   4101.21   133.77 USD
btce   21.32%   3546.04   121.63 USD

[Miz4r]

I see 4,000 24hr volume on Gox... Didn't we peak over 500,000 daily volume in April?

lol.

MtGox is dead, face it. The ones stuck there will have to find a way out, and we all know there is only one way to do that right now.

[UPENtXF]

This is the same Falkvinge that said he was putting all his savings into Bitcoin, when he first heard about it in 2011, and recommended that others do that as well. Then after the gox 2011 crash, later in the year he admitted that he sold off all his btc.

Around the same time he wrote a series of articles about how Bitcoin would revolutionize the international trade payments...

After all that, it's safe to say that he is just another blow-hard politician, who doesn't really know what will happen, and what bitcoins' real value is any better than we do.

So then, the current valuation is the real one.

[ElectricMucus]

I see 4,000 24hr volume on Gox... Didn't we peak over 500,000 daily volume in April?

lol.

MtGox is dead, face it. The ones stuck there will have to find a way out, and we all know there is only one way to do that right now.

It's not dead until a) the spread reaches 50% or b) price movements stop generating volume.

[ronimacarroni]

Yeah, there's a chance I'd prefer the world of carebear coin than the bitcoin one. What would sway me one way or the other would be whether hoarding leads to more aggressive egotistical oppression where the hoarder bosses everyone else about or if hoarding helps people lead acceptable lives, the jury's out on that matter.

Saving is not hoarding.
Savings is delaying gratification today so you can afford something else tomorrow.
Kind of like the kid who puts coins in his piggy bank so he can afford a yoyo instead of buying jaw breakers.
People in the fed though, want to reward the kids who get jaw breakers or get in debt to get a yoyo.

[windjc]

I see 4,000 24hr volume on Gox... Didn't we peak over 500,000 daily volume in April?

lol.

MtGox is dead, face it. The ones stuck there will have to find a way out, and we all know there is only one way to do that right now.

It's not dead until a) the spread reaches 50% or b) price movements stop generating volume.

What difference does it make if MtGox is the 3rd biggest exchange or the 1st? I mean, its only been the center of complaints for months now.

I feel much safer dealing with Bitstamp or Coinbase anyway.

If it wasn't for all the early miners and investors using MtGox for so long, the topic wouldn't even be a point of conversation on this forum. Unfortunately, it sorta dominates this part of the forum.

[RodeoX]

I have an idea for a coin that would make bitcoin a thing of the past. One that incentives sharing instead of hoarding.
...

If only controlling market forces were that easy.
If you have something is thought to appreciate it will be hoarded, it is the most logical thing to do. If you increase the value of that item each time it is traded to avoid hoarding then you will have to inject more money into the system. But who's money? I like Satoshi's system. It works on the simplest market model of supply and demand. Free markets are brutal, volatile, and fair. Trying to social engineer kindness into the system seems unachievable without centralization. That always ends in gaming the system. For example, fiat currency.