cypherdoc (OP)
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July 21, 2011, 05:38:28 PM |
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what else is there to say?
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Bitcoin addresses contain a checksum, so it is very unlikely that mistyping an address will cause you to lose money.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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Shinobi
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July 21, 2011, 05:48:18 PM |
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what else is there to say?
Perhaps that such facts have no real bearing on the overall viability of Bitcoin? |
_______ Thinking of using a cheap, yet reliable VPN? Go with PrivateInternetAccess. Not a referral link. Just a satisfied customer! |
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cypherdoc (OP)
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July 21, 2011, 05:50:18 PM |
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BTC was invented by Satoshi to provide an alternative to a devaluing currency called the ...
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Tx2000
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July 21, 2011, 05:51:15 PM |
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Short term yay. Long term is means nothing.
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cypherdoc (OP)
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July 21, 2011, 05:54:53 PM |
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Short term yay. Long term is means nothing.
i have to admit that longterm i hope it means EVERYTHING. |
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xunker
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July 21, 2011, 05:57:39 PM |
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what else is there to say?
Quite a lot, if you're implying that that bitcoin is currently enjoying a more stable valuation than USD. The 10-day moving average (10MA) for bitcoin has fluctuated from 14.3USD to 12.8USD. That's about an 11% fluctuation. Compare that to something like the USD -> Euro exchange for the same period, 0.713 to .7028. That's about a 0.9% fluctuation. I'm not going to say it's bad or good, right or wrong, all I am saying is consider a 10-fold difference in pricing volatility. |
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cypherdoc (OP)
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July 21, 2011, 05:59:42 PM |
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what else is there to say?
Quite a lot, if you're implying that that bitcoin is currently enjoying a more stable valuation than USD. The 10-day moving average (10MA) for bitcoin has fluctuated from 14.3USD to 12.8USD. That's about an 11% fluctuation. Compare that to something like the USD -> Euro exchange for the same period, 0.713 to .7028. That's about a 0.9% fluctuation. I'm not going to say it's bad or good, right or wrong, all I am saying is consider a 10-fold difference in pricing volatility. i think thats b/c BTC is such an immature concept. overall tho since its inception, the volatility has damped down significantly. this is what we need. |
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proudhon
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July 21, 2011, 06:01:07 PM |
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what else is there to say?
Quite a lot, if you're implying that that bitcoin is currently enjoying a more stable valuation than USD. The 10-day moving average (10MA) for bitcoin has fluctuated from 14.3USD to 12.8USD. That's about an 11% fluctuation. Compare that to something like the USD -> Euro exchange for the same period, 0.713 to .7028. That's about a 0.9% fluctuation. I'm not going to say it's bad or good, right or wrong, all I am saying is consider a 10-fold difference in pricing volatility. Thank you for injecting more reality into this thread. "BTC rock steady", seriously? |
Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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cypherdoc (OP)
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July 21, 2011, 06:02:44 PM |
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what else is there to say?
Quite a lot, if you're implying that that bitcoin is currently enjoying a more stable valuation than USD. The 10-day moving average (10MA) for bitcoin has fluctuated from 14.3USD to 12.8USD. That's about an 11% fluctuation. Compare that to something like the USD -> Euro exchange for the same period, 0.713 to .7028. That's about a 0.9% fluctuation. I'm not going to say it's bad or good, right or wrong, all I am saying is consider a 10-fold difference in pricing volatility. Thank you for injecting more reality into this thread. "BTC rock steady", seriously? sure i'm serious. compared to the previous 6 mo yes. i think this should give merchants alot more confidence in accepting btc for payment. |
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kokojie
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July 21, 2011, 06:15:06 PM |
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BTC was invented by Satoshi to provide an alternative to a devaluing currency called the ...
Satoshi mostly wanted to provide a private and secure currency that were p2p, decentralized and can't be controlled. He didn't really care about value. Bitcoins can have huge inflations as we saw recently, in early June, I was able to buy a HD6990 with 25 BTC, now I must pay like 60 BTC for it. |
btc: 15sFnThw58hiGHYXyUAasgfauifTEB1ZF6
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cypherdoc (OP)
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July 21, 2011, 06:17:25 PM |
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BTC was invented by Satoshi to provide an alternative to a devaluing currency called the ...
Satoshi mostly wanted to provide a private and secure currency that were p2p, decentralized and can't be controlled. He didn't really care about value. i'm not sure i agree with this... Bitcoins can have huge inflations as we saw recently, in early June, I was able to buy a HD6990 with 25 BTC, now I must pay like 60 BTC for it.
BTC has been trading like a penny stock. with time, maturity, and growth it will become more steady. |
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foggyb
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July 21, 2011, 06:37:55 PM |
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BTC was invented by Satoshi to provide an alternative to a devaluing currency called the ...
Satoshi mostly wanted to provide a private and secure currency that were p2p, decentralized and can't be controlled. He didn't really care about value. Bitcoins can have huge inflations as we saw recently, in early June, I was able to buy a HD6990 with 25 BTC, now I must pay like 60 BTC for it. I don't agree with you at all. How do you control currency? By controlling its issuance which affects its inflation or deflation. Valuation was certainly on Satoshi's mind in the creation of bitcoin. |
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Rassah
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July 21, 2011, 07:10:33 PM |
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what else is there to say?
If you mean steady in relation to USD, that SUCKS, since it means both BTC and USD moved down compared to the rest of the world. |
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BusmasterDMA
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July 21, 2011, 07:15:24 PM |
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If you mean steady in relation to USD, that SUCKS, since it means both BTC and USD moved down compared to the rest of the world.
Exactly. If you're measuring BTC value in USD, then a fall in value of USD also means a fall in value of BTC. |
Bears. Beets. Battlestar Galactica. Bitcoin.
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TraderTimm
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July 21, 2011, 08:47:24 PM |
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Exactly. If you're measuring BTC value in USD, then a fall in value of USD also means a fall in value of BTC.
You guys realize that dollar debasement results in more dollars needed to price in equivalent value? So the dollar-based price would in fact rise. Part of that dynamic is happening in gold right now. |
fortitudinem multis - catenum regit omnia
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SgtSpike
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July 21, 2011, 08:58:00 PM |
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Exactly. If you're measuring BTC value in USD, then a fall in value of USD also means a fall in value of BTC.
You guys realize that dollar debasement results in more dollars needed to price in equivalent value? So the dollar-based price would in fact rise. Part of that dynamic is happening in gold right now. But if the dollar falls, and the price of BTC in dollars stays the same, then BTCs also were devalued. |
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BusmasterDMA
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July 21, 2011, 08:59:16 PM |
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Exactly. If you're measuring BTC value in USD, then a fall in value of USD also means a fall in value of BTC.
You guys realize that dollar debasement results in more dollars needed to price in equivalent value? So the dollar-based price would in fact rise. Part of that dynamic is happening in gold right now. True, but we don't see it reflected in day-to-day BTC/USD prices as you do with Au/USD. I think as more foreign currency Bitcoin exchanges open, we'll see the value of the BTC less-closely associated with the USD. |
Bears. Beets. Battlestar Galactica. Bitcoin.
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AtlasONo
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July 21, 2011, 11:47:38 PM |
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hahaha rock steady my ass  |
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smoothie
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LEALANA Bitcoin Grim Reaper
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July 21, 2011, 11:52:10 PM |
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what else is there to say?
Quite a lot, if you're implying that that bitcoin is currently enjoying a more stable valuation than USD. The 10-day moving average (10MA) for bitcoin has fluctuated from 14.3USD to 12.8USD. That's about an 11% fluctuation. Compare that to something like the USD -> Euro exchange for the same period, 0.713 to .7028. That's about a 0.9% fluctuation. I'm not going to say it's bad or good, right or wrong, all I am saying is consider a 10-fold difference in pricing volatility. Look at the long term value of the dollar. It has lost most of its purchasing power since inception. That's like comparing bitcoin to a pile of dog shit. |
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evoorhees
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Democracy is the original 51% attack
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July 22, 2011, 05:54:28 AM |
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The dollar has lost over 96% of it's purchasing power in the hundred years since The Fed was created to "stabilize the value of the dollar." In the 150 years prior, the US Dollar actually slightly increased purchasing power. Fail.
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JeffK
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I never hashed for this...
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July 22, 2011, 06:06:42 AM |
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what else is there to say?
The value of bitcoins are pegged against USD. Therefore... |
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TraderTimm
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July 22, 2011, 07:18:18 AM |
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The value of bitcoins are pegged against USD.
Therefore...
Sorry "L33T LIEK JEFFK", that is incorrect. There is no 'peg', only a floating exchange rate determined by the market. |
fortitudinem multis - catenum regit omnia
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notme
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July 22, 2011, 07:23:49 AM |
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The value of bitcoins are pegged against USD.
Therefore...
Sorry "L33T LIEK JEFFK", that is incorrect. There is no 'peg', only a floating exchange rate determined by the market. Measured in USD |
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xunker
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July 22, 2011, 02:59:47 PM |
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Look at the long term value of the dollar. It has lost most of its purchasing power since inception. That's like comparing bitcoin to a pile of dog shit.
I'll argue your language, but the point is true. This is not unique to the US Dollar though, it is the same story for any fiat currency; I think it was Keynes who theorized that any currency that A) is not tied to a uncommon base commodity and B) can have it's quantity arbitrarily increased, is inherently inflationary. In a strange way then, BTC is less "virtual" than $, £ or €: we all know now that because the protocol that BTC operates on sets an arbitrary limit on the total number of "coins" that the currency has to (eventually) be deflationary. Obviously that was the point when Satochi set a solid limit. There has never been a commonly exchanged currency with an absolute ceiling on the number of units "floated", so it would be very interesting to see what would happen, especially if we get to the point where 8 decimal places is not enough to service all potential holders. A true deflationary system would royally fuck the money-lending market as it exists too, since our current system of usury relies on a currency valuation being flat or inflationary. A pure gold (or any other non-renewable commodity) standard is *theoretically* deflationary, but in practice it is almost never strictly that way since the pool of available gold is not set and new gold is mined or recovered all the time, but the same gold is also removed from the currency pool by industry. |
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evoorhees
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Democracy is the original 51% attack
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July 22, 2011, 03:02:50 PM |
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In a strange way then, BTC is less "virtual" than $, £ or €
True story. |
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cypherdoc (OP)
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July 22, 2011, 03:08:30 PM |
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The value of bitcoins are pegged against USD.
Therefore...
Sorry "L33T LIEK JEFFK", that is incorrect. There is no 'peg', only a floating exchange rate determined by the market. Measured in USD as well as in EUR, GBP, CAD, LRU, SLL, CNY, AUD, JPY |
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