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Bitcoin Swami
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August 04, 2011, 04:06:45 AM |
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"Come on, I insist, $10. Here. Here are some Pajamas and Slippers. Please stay for awhile"
Ok, but only for a while..  Looks like some bulls are getting some action while the bears are hibernating |
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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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Oldminer
Legendary
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Activity: 1022
Merit: 1001
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August 04, 2011, 04:10:21 AM |
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Looks like some bulls are getting some action while the bears are hibernating
Nah I'm in for the bubble ride |
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Mousepotato
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August 04, 2011, 04:14:00 AM |
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Fuggit. I'm back in at $10.66. Watch it go down now  |
Mousepotato
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lemonginger
Full Member
Offline
Activity: 210
Merit: 100
firstbits: 121vnq
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August 04, 2011, 04:21:05 AM |
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Fuggit. I'm back in at $10.66. Watch it go down now I will. (watch it). In the morning  |
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FlipPro
Legendary
Offline
Activity: 1764
Merit: 1015
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August 04, 2011, 04:24:00 AM |
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11  WE CONTROL THE PRICES GUYS ! |
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Houdini
Member
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Activity: 84
Merit: 10
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August 04, 2011, 04:28:15 AM |
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Just watch it go right back down... Your wishfull (and greedy) thinking can't help the fact this will probably settle around 10$ for the next few days (until it goes lower probably). I could be wrong though, but we'll see.
I mean, your milking the cow is really becoming boring. You and Edward50 post one identical post after another, he just tries to convince everyone btc will fall and you try to convince everyone btc will rise...
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Bitcoin Swami
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August 04, 2011, 04:30:40 AM |
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Just watch it go right back down... Your wishfull (and greedy) thinking can't help the fact this will probably settle around 10$ for the next few days (until it goes lower probably). I could be wrong though, but we'll see.
I mean, your milking the cow is really becoming boring. You and Edward50 post one identical post after another, he just tries to convince everyone btc will fall and you try to convince everyone btc will rise...
after seeing many little green candlesticks in a row, the HUGE red hammer never fails. |
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FlipPro
Legendary
Offline
Activity: 1764
Merit: 1015
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August 04, 2011, 04:31:25 AM |
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Just watch it go right back down... Your wishfull (and greedy) thinking can't help the fact this will probably settle around 10$ for the next few days (until it goes lower probably). I could be wrong though, but we'll see.
I mean, your milking the cow is really becoming boring. You and Edward50 post one identical post after another, he just tries to convince everyone btc will fall and you try to convince everyone btc will rise...
BTC can't fail though, the truth is on MY side. The day you show me the news story that SHA-256 Encryption has been cracked is the day that "bitcoin fails". And even then the network can easily be upgraded to an even higher standard if that were ever to happen. |
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GeniuSxBoY (OP)
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August 04, 2011, 05:00:41 AM |
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Almost back at $10.66
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Be humble!
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Cluster2k
Legendary
Offline
Activity: 1692
Merit: 1018
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August 04, 2011, 01:30:37 PM |
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BTC can't fail though, the truth is on MY side. The day you show me the news story that SHA-256 Encryption has been cracked is the day that "bitcoin fails". And even then the network can easily be upgraded to an even higher standard if that were ever to happen.
There are many ways bitcoin can fail, or at least be so crippled to be essentially considered a failure. 1. The major exchanges pretend to be banks, and governments crack down through anti money laundering and tax laws. Has Mt Gox and Tradehill got the funds to fight drawn out legal cases, and can they exist without the support of banks? 2. The value of bitcoins keeps falling. Speculators who got burned and miners write off bitcoin as another get rich quick scheme that failed. 3. Bitcoin fails to find a real use. There's Silk Road, and not much else. A currency that swings 10%+ on a daily basis isn't much good for use as a currency. 4. Bitcoin fails to get mass mind share. People simply don't 'understand' it and fail to adopt it. It remains the current niche player. 5. Something better comes along. Maybe a system where confirmations don't take hours. Bitcoin wouldn't scale if we suddenly threw a million transactions a day at it. 6. 50% attack. If I was rich and powerful and didn't want to see Bitcoin succeed, I would buy up enough GPU power to gain 50% hashing capability and deny transactions for long enough to make others give up. This scenario is unlikely, as the rich and powerful just don't care about bitcoin. Maybe a hacker with a botnet could do it for lulz. Collisions being found in SHA-256 would be the most unlikely failure scenario. |
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oakpacific
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August 04, 2011, 01:37:46 PM |
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BTC can't fail though, the truth is on MY side. The day you show me the news story that SHA-256 Encryption has been cracked is the day that "bitcoin fails". And even then the network can easily be upgraded to an even higher standard if that were ever to happen.
There are many ways bitcoin can fail, or at least be so crippled to be essentially considered a failure. 1. The major exchanges pretend to be banks, and governments crack down through anti money laundering and tax laws. Has Mt Gox and Tradehill got the funds to fight drawn out legal cases, and can they exist without the support of banks? 2. The value of bitcoins keeps falling. Speculators who got burned and miners write off bitcoin as another get rich quick scheme that failed. 3. Bitcoin fails to find a real use. There's Silk Road, and not much else. A currency that swings 10%+ on a daily basis isn't much good for use as a currency. 4. Bitcoin fails to get mass mind share. People simply don't 'understand' it and fail to adopt it. It remains the current niche player. 5. Something better comes along. Maybe a system where confirmations don't take hours. Bitcoin wouldn't scale if we suddenly threw a million transactions a day at it. 6. 50% attack. If I was rich and powerful and didn't want to see Bitcoin succeed, I would buy up enough GPU power to gain 50% hashing capability and deny transactions for long enough to make others give up. This scenario is unlikely, as the rich and powerful just don't care about bitcoin. Maybe a hacker with a botnet could do it for lulz. Collisions being found in SHA-256 would be the most unlikely failure scenario. Only No.4 is a real threat, a mass mind share is the only thing that gold has but Bitcoin doesn't. |
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stic.man
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August 04, 2011, 01:42:24 PM |
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I think #5 is the biggest risk
A BTC with govt or corporate backing with an infrustructure already in place.
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oakpacific
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August 04, 2011, 01:46:43 PM |
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I think #5 is the biggest risk
A BTC with govt or corporate backing with an infrustructure already in place.
They would not want to dig a grave for themselves, any currency with all the characteristics of Bitcoin is going to hurt their interests(yes, including gold, the earliest decentralized currency, and that's why the U.S government banned gold hoarding for 40 years.) |
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Bigpiggy01
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August 04, 2011, 02:14:48 PM |
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Nip away at those stacks and..... up we go |
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GeniuSxBoY (OP)
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August 04, 2011, 10:43:20 PM |
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Hold onto your bitches!!!!
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Be humble!
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proudhon
Legendary
Offline
Activity: 2198
Merit: 1311
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August 04, 2011, 10:48:53 PM |
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It's fun to watch these giant bid and ask walls go up and down. It's like watching two male peacocks face off without actually ever fighting by flashing their plumage at each other.
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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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GeniuSxBoY (OP)
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August 04, 2011, 11:00:04 PM |
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it'll be neat to see what happens if one puts their 2000 bid at 10.99999 and the other 1000 sell order at 11.
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Be humble!
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proudhon
Legendary
Offline
Activity: 2198
Merit: 1311
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August 04, 2011, 11:15:08 PM |
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it'll be neat to see what happens if one puts their 2000 bid at 10.99999 and the other 1000 sell order at 11.
Nothing, because the first rule of being a market peacock is to never touch your opponent. |
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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phorensic
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August 04, 2011, 11:29:25 PM |
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it'll be neat to see what happens if one puts their 2000 bid at 10.99999 and the other 1000 sell order at 11.
Nothing, because the first rule of being a market peacock is to never touch your opponent. While funny, I think you are dead on with that comment. I saw that happen a lot yesterday. |
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GeniuSxBoY (OP)
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August 04, 2011, 11:37:28 PM |
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What about when they turn into market sharks and disappear right before they strike?
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Be humble!
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