Nagle

[cypherdoc]

Nagle, why did the 2011 bubble reinflate?

Explain the endgame.

dude, you've been a pretty big bear yourself.

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[N12]

Nagle, why did the 2011 bubble reinflate?

Explain the endgame.

dude, you've been a pretty big bear yourself.

And it's helped me out a lot already. I could buy back at 266 and still have more BTC than before.

I understand your strategy has worked brilliantly so far. I'm just doing what I can to manage my risk.

Also, I'm turning more bullish if you noticed. Mildly bullish.

[cypherdoc]

Nagle, why did the 2011 bubble reinflate?

Explain the endgame.

dude, you've been a pretty big bear yourself.

And it's helped me out a lot already. I could buy back at 266 and still have more BTC than before.

I understand your strategy has worked brilliantly so far. I'm just doing what I can to manage my risk.

Also, I'm turning more bullish if you noticed. Mildly bullish.

you know i like you and am just yanking your chain.

keep up the good work.

[oakpacific]

With all the boring trolls/shills in the forum recently, I kinda start to miss him. At least he can FUD properly.

[cypherdoc]

With all the boring trolls/shills in the forum recently, I kinda start to miss him. At least he can FUD properly.

no he can't.  he's a dick.  and a stupid one at that.

[oakpacific]

With all the boring trolls/shills in the forum recently, I kinda start to miss him. At least he can FUD properly.

no he can't.  he's a dick.  and a stupid one at that.

He knew about daily SMA 30! That's some unusual amount of research by a shill's standard, nowadays we only have mouthpieces pumping out monotonic and uncreative bullshit.

[N12]

The thing that I'm beginning to realize is, there may already be so much emotional and financial investment in Bitcoin that it's at a network effect/brand awareness tipping point so that even if there is a competitor that is technically superior, it may not substract from its value. MP3 for example is inferior to other compression algorithms, yet it's still what pretty much everyone uses because everyone uses it. And, if Bitcoin is to be displaced, it can take a long time to push it off its throne.

I'm only a little disappointed so far in that I only see work in the intermediaries (coinbase), nothing really revolutionary like Silk Road. Something that makes use of its properties that conventional currency cannot provide. While enforced monetary scarcity is the main thing going for Bitcoin, I would like to see more "killer apps" providing an underlying value in order to distinguish it more clearly from xyz scamcoins.

Sure, being able to buy gift cards for Burger King with Bitcoins in the US is nice. But let's not kid ourselves, it's only convenient if you already posess Bitcoins and happen to run out of USD. An unlikely scenario.

[oakpacific]

The thing that I'm beginning to realize is, there may already be so much emotional and financial investment in Bitcoin that it's at a network effect/brand awareness tipping point so that even if there is a competitor that is technically superior, it may not substract from its value. MP3 for example is inferior to other compression algorithms, yet it's still what pretty much everyone uses because everyone uses it.

I'm only a little disappointed so far in that I only see work in the intermediaries (coinbase), nothing really revolutionary like Silk Road. Something that makes use of its properties that conventional currency cannot provide. While enforced monetary scarcity is the main thing going for Bitcoin, I would like to see more "killer apps" providing an underlying value in order to distinguish it more clearly from xyz scamcoins.

Sure, being able to buy gift cards for Burger King with Bitcoins in the US is nice. But let's not kid ourselves, it's only convenient if you already posess Bitcoins and happen to run out of USD. An unlikely scenario.

Rule of thumb: the strongest network survives, the digital currency world is actually much crueler than that of PMs. LTC uses scrypt and is quite sizable so I guess it will be fine as long as it stays "silver", but any attempt at usurpation will probably cause it to eat dirts.

Ripple otoh, is something that is infinitely replicable if they eventually open source the whole thing.

[N12]

Considering what happened to MySpace and eMule, I'm not so sure. I believe that in the longer term, this will strongly depend on our ability to utilize it and create more value in form of "killer apps". You know, the things that when we speculators get bored are still used, because there is no good alternative. When the price declined from 32 to 2, Silk Road was still here, and people still bought their drugs there, providing some value.

[fitty]

Bitcoin doesn't need a competitor as much as it needs a compliment. There is a whole world of conventional banking instruments for it to compete with.

It doesn't need a silver to its gold, it needs a bond to its stock.

[cypherdoc]

The thing that I'm beginning to realize is, there may already be so much emotional and financial investment in Bitcoin that it's at a network effect/brand awareness tipping point so that even if there is a competitor that is technically superior, it may not substract from its value. MP3 for example is inferior to other compression algorithms, yet it's still what pretty much everyone uses because everyone uses it. And, if Bitcoin is to be displaced, it can take a long time to push it off its throne.

I'm only a little disappointed so far in that I only see work in the intermediaries (coinbase), nothing really revolutionary like Silk Road. Something that makes use of its properties that conventional currency cannot provide. While enforced monetary scarcity is the main thing going for Bitcoin, I would like to see more "killer apps" providing an underlying value in order to distinguish it more clearly from xyz scamcoins.

Sure, being able to buy gift cards for Burger King with Bitcoins in the US is nice. But let's not kid ourselves, it's only convenient if you already posess Bitcoins and happen to run out of USD. An unlikely scenario.

its more than emotional. its logical.  that's the beauty of the mathematics.

yes, everyone involved in Bitcoin has a vested interest in maintaining the system.  that's a strong feature.  if any altchain arises that depends on hashing and threatens Bitcoin, i guarantee you'll see guys like BitcoinExpress attack them.  what its gonna take is some system way different than cryptocurrency to displace Bitcoin.

i'm never sure what ppl mean when they say killer apps.  personally, this thing with Gyft card is huge.  we now have an instant conversion mechanism right on our Androids which allows one to preserve the value of their money right up to the point of buying something for fiat.  this is almost as good as a Bitcoin credit card just b/c its in digitized form.  once we get a fully functional cc for Android and iPhone its to the moon.

[oakpacific]

The thing that I'm beginning to realize is, there may already be so much emotional and financial investment in Bitcoin that it's at a network effect/brand awareness tipping point so that even if there is a competitor that is technically superior, it may not substract from its value. MP3 for example is inferior to other compression algorithms, yet it's still what pretty much everyone uses because everyone uses it. And, if Bitcoin is to be displaced, it can take a long time to push it off its throne.

I'm only a little disappointed so far in that I only see work in the intermediaries (coinbase), nothing really revolutionary like Silk Road. Something that makes use of its properties that conventional currency cannot provide. While enforced monetary scarcity is the main thing going for Bitcoin, I would like to see more "killer apps" providing an underlying value in order to distinguish it more clearly from xyz scamcoins.

Sure, being able to buy gift cards for Burger King with Bitcoins in the US is nice. But let's not kid ourselves, it's only convenient if you already posess Bitcoins and happen to run out of USD. An unlikely scenario.

its more than emotional. its logical.  that's the beauty of the mathematics.

yes, everyone involved in Bitcoin has a vested interest in maintaining the system.  that's a strong feature.  if any altchain arises that depends on hashing and threatens Bitcoin, i guarantee you'll see guys like BitcoinExpress attack them.  what its gonna take is some system way different than cryptocurrency to displace Bitcoin.

i'm never sure what ppl mean when they say killer apps.  personally, this thing with Gyft card is huge.  we now have an instant conversion mechanism right on our Androids which allows one to preserve the value of their money right up to the point of buying something for fiat.  this is almost as good as a Bitcoin credit card just b/c its in digitized form.  once we get a fully functional cc for Android and iPhone its to the moon.

The emotional investment side is actually also palpable. Real geeks are usually in for more than materialistic reason, the core development team consists of people from Google/Red Hat/SGI, all respectable jobs, yet moon-light enthusiastically on this project  for free, people like them are unlikely to take alt-coins seriously, I think. This dictates that  Bitcoin will have by far the strongest development team, the second-in-line, LTC, hasn't seen its source code improved for 10 months already, not to say other alt-coins.

[cypherdoc]

 This dictates that  Bitcoin will have by far the strongest development team, the second-in-line, LTC, hasn't seen its source code improved for 10 months already, not to say other alt-coins.

that's a very good point.  who does work on LTC development?

[Melbustus]

The thing that I'm beginning to realize is, there may already be so much emotional and financial investment in Bitcoin that it's at a network effect/brand awareness tipping point so that even if there is a competitor that is technically superior, it may not substract from its value. MP3 for example is inferior to other compression algorithms, yet it's still what pretty much everyone uses because everyone uses it. And, if Bitcoin is to be displaced, it can take a long time to push it off its throne.

I'm only a little disappointed so far in that I only see work in the intermediaries (coinbase), nothing really revolutionary like Silk Road. Something that makes use of its properties that conventional currency cannot provide. While enforced monetary scarcity is the main thing going for Bitcoin, I would like to see more "killer apps" providing an underlying value in order to distinguish it more clearly from xyz scamcoins.

Sure, being able to buy gift cards for Burger King with Bitcoins in the US is nice. But let's not kid ourselves, it's only convenient if you already posess Bitcoins and happen to run out of USD. An unlikely scenario.

Agreed regarding the network effect... No alt has brought anything interesting to the table yet, with the possible exception of ppcoin (though any benefits wouldn't materialize for years if ever (eg, when mining energy costs start to have a big effect on transaction costs, which is debatable anyway)). I think if bitcoin continues to entrench itself as the "local currency of the internet", cypher will be right that it'll take something wholly different than crypto-currency to displace it. Not sure we're at a sufficient level of entrenchment quite yet, though.

Regarding the killer app notion, yeah, store-of-value/scarcity is one. Frictionless transacting over any distance and transaction-security (ie, not exposing sensitive info with every electronic transaction) are the others. Does it need anything else? Those are huge.

[randrace]

[N12]

Nagle?

http://www.downside.com/

Needs an update, man!

[cypherdoc]

the guy is dead and buried.

give it a rest.

[Crypt_Current]

the guy is dead and buried.

give it a rest.

Meh; IMO this thread serves splendidly in making an archetypal example of the original unjustified doomsayer.

[hlynur]

The thing that I'm beginning to realize is, there may already be so much emotional and financial investment in Bitcoin that it's at a network effect/brand awareness tipping point so that even if there is a competitor that is technically superior, it may not substract from its value. MP3 for example is inferior to other compression algorithms, yet it's still what pretty much everyone uses because everyone uses it. And, if Bitcoin is to be displaced, it can take a long time to push it off its throne.

I'm only a little disappointed so far in that I only see work in the intermediaries (coinbase), nothing really revolutionary like Silk Road. Something that makes use of its properties that conventional currency cannot provide. While enforced monetary scarcity is the main thing going for Bitcoin, I would like to see more "killer apps" providing an underlying value in order to distinguish it more clearly from xyz scamcoins.

Sure, being able to buy gift cards for Burger King with Bitcoins in the US is nice. But let's not kid ourselves, it's only convenient if you already posess Bitcoins and happen to run out of USD. An unlikely scenario.

its more than emotional. its logical.  that's the beauty of the mathematics.

yes, everyone involved in Bitcoin has a vested interest in maintaining the system.  that's a strong feature.  if any altchain arises that depends on hashing and threatens Bitcoin, i guarantee you'll see guys like BitcoinExpress attack them.  what its gonna take is some system way different than cryptocurrency to displace Bitcoin.

i'm never sure what ppl mean when they say killer apps.  personally, this thing with Gyft card is huge.  we now have an instant conversion mechanism right on our Androids which allows one to preserve the value of their money right up to the point of buying something for fiat.  this is almost as good as a Bitcoin credit card just b/c its in digitized form.  once we get a fully functional cc for Android and iPhone its to the moon.

just posted this thought on wallobserver thread and it kind of suited to your comment in the longterm sense.
(you have to feed your dreams being in this game)

I'm not sure if amazon hops onto the train.
they already sell amazoncoins (http://www.amazon.com/gp/feature.html?ie=UTF8&docId=1001166401)
but perhaps that's just their strategy to get more dependendance of consumers .
i also read somewhere about future Applecoin for itunes.
this reaction to the whole coin-idea is just logical natural adaption in favor of big companies.
they still want to have advantages for gain in profit, it's like interest-free credit for them.

one possible integration of btc is perhaps someday you can trade it for the different coins of the big companies.
this would mean mass adoption and btc taking the role of a goldstandard for individual virtual currencies.

that is just one very bullish prediction for things to come
there are plenty of others

...interesting times we live in...

 

[N12]

Look how Nagle's MA provided resistance prior to the downturn.