Quip (OP)
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February 23, 2011, 08:14:48 AM |
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There are currently 5.49 million BTC in circulation, and 1050 reachable nodes running. Statistically, we should each have a little over 5228 BTC. Which one of you took my share?
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Nefario
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February 23, 2011, 08:27:11 AM |
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There are currently 5.49 million BTC in circulation, and 1050 reachable nodes running. Statistically, we should each have a little over 5228 BTC. Which one of you took my share?
This is a fact of life in any remotely free market system, there will always be a few who have the highest share of wealth. However with bitcoin it will be due entirely to fair, free market forces at play, instead of politics or government favors etc. |
PGP key id at pgp.mit.edu 0xA68F4B7C To get help and support for GLBSE please email support@glbse.com |
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caveden
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February 23, 2011, 08:42:44 AM |
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What really distributes wealth in an evil manner is inflation. The most poor are the most damaged by it, since they are the ones who tend to have a larger percentage of their possessions in the form of money.
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imanikin
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February 23, 2011, 11:32:58 AM |
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However with bitcoin it will be due entirely to fair, free market forces at play, instead of politics or government favors etc.
...Do you mean including cracking peoples' online accounts, lifting their wallets with java applets, and trading in dark pools?? Do you mean "due entirely to fair, free market forces" such as those? Dream on, dude! lol Maybe by Chinese standards it will be due to "free market forces" - not by the likes of Adam Smith's. When dark pools were implemented on the main Bitcoin exchanges, the Bitcoin markets stopped being free by definition, because they ceased being transparent to all. It's the same Wall Street scams for avoiding the "free market forces" to benefit wealthy insiders, rigged under the guise of "stabilizing the markets for everyone..." The truth is that the legal and illegal scammers who are cheating the "free market forces" are already in the Bitcoin system. Next, imho, will be the consolidation of mining toward oligopolization, the same way that exists in the current banking systems... The governments won't be far behind, using those same dark pools and mining oligarchies to make "fair, free market forces" in Bitcoin as much of a fantasy, as they are in the corrupt markets on Wall Street...  |
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grondilu
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February 23, 2011, 11:39:00 AM |
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The amount of money you own is definitely NOT related to your wealth. Rich people don't hoard large amounts of cash, unless they are stupid.
The golden rule in finance is diversification. Rich people own things that money can buy, not money itself.
I'm a huge fan of bitcoin, and yet I don't own 5,400 BTC, though such an amount has probably passed through my wallet.
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no to the gold cult
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February 23, 2011, 02:09:20 PM |
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The amount of money you own is definitely NOT related to your wealth. Rich people don't hoard large amounts of cash, unless they are stupid.
The golden rule in finance is diversification. Rich people own things that money can buy, not money itself.
I'm a huge fan of bitcoin, and yet I don't own 5,400 BTC, though such an amount has probably passed through my wallet.
But bitcoins are things that money can buy... |
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N12
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February 23, 2011, 02:31:04 PM |
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I am with imanikin on dark pools.
Me too. I don’t like this at all. |
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kiba
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February 23, 2011, 03:02:56 PM |
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I am with imanikin on dark pools.
I don't know why people considers dark pools as evil. It's like saying insider trading is evil. |
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FreeMoney
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Strength in numbers
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February 23, 2011, 03:12:57 PM |
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What? I don't like dark pols either. But are people suggesting that if two people secretly trade coins then the bitcoin market is no longer free? Does it somehow make a difference if they trade secretly on mtgox or in their own house? Keeping your dealings hidden is prudent in many situations especially those involving large amounts of money. No one has any obligation to tell the world the size of their trades after the fact let alone before.
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Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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imanikin
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February 23, 2011, 03:14:42 PM |
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I am with imanikin on dark pools.
Me too. I don’t like this at all. What's really ironic to me about dark pools, is that they weren't forced on Bitcoin by oppressive governments, or plundering corporations, or any other outside forces of evil-doers. They were instituted by leaders in this community, who espouse the benefits of the above-mentioned pure free-market fantasies... |
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grondilu
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February 23, 2011, 03:15:42 PM |
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No one has any obligation to tell the world the size of their trades after the fact let alone before.
+1 |
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kiba
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February 23, 2011, 03:26:33 PM |
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What's really ironic to me about dark pools, is that they weren't forced on Bitcoin by oppressive governments, or plundering corporations, or any other outside forces of evil-doers. They were instituted by leaders in this community, who espouse the benefits of the above-mentioned pure free-market fantasies...
Tell me why it isn't free market thing to have dark pools? |
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caveden
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February 23, 2011, 03:29:14 PM |
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No one has any obligation to tell the world the size of their trades after the fact let alone before.
+1. There's nothing wrong with dark pools. |
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theGECK
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February 23, 2011, 03:31:28 PM |
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I've not understood why one would trade outside of the dark pools, since they are available.
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Use my referral codes for Bitcoin faucets and I'll send you 30% of my referral bonus - Win/Win! PM for details on all sites available or use one of the links here. FreeBitco.in | FreeDoge.co.in |
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ribuck
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February 23, 2011, 03:35:54 PM |
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There's nothing wrong with dark pools. The way a free market works is that you decide what it's worth to you to buy or sell, and if the market can match you up with someone else then you both transact to mutual advantage.
Why should people be forced to advertise their intentions in one specific way? That wouldn't be very free.
Anyway, dark pools at MtGox make little difference. Even if MtGox didn't support dark pools, there will always be people dealing outside of MtGox (e.g. #bitcoin-otc, or private trades) so you can't have perfect knowledge of other people's intentions anyway. There are always parts of any market that are unavoidably dark.
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MoonShadow
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February 23, 2011, 03:55:52 PM |
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When dark pools were implemented on the main Bitcoin exchanges, the Bitcoin markets stopped being free by definition, because they ceased being transparent to all. It's the same Wall Street scams for avoiding the "free market forces" to benefit wealthy insiders, rigged under the guise of "stabilizing the markets for everyone..."
That's udder nonsense. Transparency is not equatable to freedom, in fact, privacy in private exchanges is the definition of freedom. If gay porn were legal in Arabia, but everyone had to register with a publicly accessible website to do so, how free would they really be? Dark pools are just a formal manner of private trading, I've done the exact same thing via pm, email and cash in the mail. None of those trades are recorded on any exchange metric either. |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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rebuilder
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February 23, 2011, 04:52:11 PM |
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If you didn't have dark pools, you'd have people spending a lot of time obfuscating their large transactions. I don't see how that's desirable, really.
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Selling out to advertisers shows you respect neither yourself nor the rest of us.
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someotherguy
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February 23, 2011, 06:43:03 PM |
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original Pareto principle: 80% of wealth ends up in hands of 20% of population.
Funny how it is also true in almost any Commission Only Sales Job. Its called "drive" "hunger" "desire" "will" etc.... |
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imanikin
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February 23, 2011, 09:05:31 PM |
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Does it somehow make a difference if they trade secretly on mtgox or in their own house?
Your house is a private residence; MtGox is a public market. The key difference is that worldwide price discovery for any commodity doesn't happen at your house. It does happen for Bitcoin at MtGox. |
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imanikin
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February 23, 2011, 09:15:50 PM |
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I've not understood why one would trade outside of the dark pools, since they are available.
In any walk of life, there is a way to game the system to your own individual benefit, at the expense of others. Why don't you not do that, if you can get away with it? ...Or do you already do that as a matter of routine??  |
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