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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1806603 times)
sidhujag
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September 11, 2014, 07:20:09 PM
 #11921

http://blogs.wsj.com/moneybeat/2014/09/11/heres-what-the-bank-of-england-thinks-of-bitcoin/

Starting to think that bitsharesX is the way to go, for trading/speculating/financial instruments and bitcoin for commodity purposes.
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cypherdoc
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September 11, 2014, 07:51:48 PM
 #11922

here's the BOE analysis that's already been put up earlier:

http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin1.pdf

the only reason i repeat it here is b/c of the last footnote in the Annex of Technical issues where the author mentions the Nash Equilibrium for mining.  he must have picked that up from me in this thread as i was the first to identify that concept as it applies to mining afaik.  

he, and the BOE, are here.

it looks to me that mining would be best described as being in a Pure Strategy Nash Equilibrium - cypherdoc
Highlights are mine:


"A pure strategy Nash equilibrium is a profile of strategies such that each player’s (miner's) strategy is a best response ((results in the highest available payoff (block reward)) against the equilibrium strategies of the other players (miners).

A pure strategy Nash equilibrium only requires that the action taken by each agent (miner) be best against the actual equilibrium actions taken by the other players (miners), and not necessarily against all possible actions of the other players (miners). In other words, it's expected for some miners to be malicious.

A Nash equilibrium has the nice property that it is stable: if each player expects 'a' to be the profile of actions played, then no player (miner) has any incentive to change his or her action (no incentive to start cheating). In other words, no player (miner) regrets having played the action that he or she played in a Nash equilibrium.
"

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1968579
inca
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September 11, 2014, 07:53:58 PM
 #11923

here's the BOE analysis that's already been put up earlier:

http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin1.pdf

the only reason i repeat it here is b/c of the last footnote in the Annex of Technical issues where the author mentions the Nash Equilibrium for mining.  he must have picked that up from me in this thread as i was the first to identify that concept afaik. 

he, and the BOE, are here.

Hi Mark!?
cypherdoc
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September 11, 2014, 07:56:52 PM
 #11924

here's the BOE analysis that's already been put up earlier:

http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin1.pdf

the only reason i repeat it here is b/c of the last footnote in the Annex of Technical issues where the author mentions the Nash Equilibrium for mining.  he must have picked that up from me in this thread as i was the first to identify that concept afaik. 

he, and the BOE, are here.

Hi Mark!?

you gotta wonder about the BOE's interest in Bitcoin given that Gordon Brown sold all their gold back in 2000.
rocks
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September 11, 2014, 08:42:42 PM
 #11925

here's the BOE analysis that's already been put up earlier:

http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin1.pdf

the only reason i repeat it here is b/c of the last footnote in the Annex of Technical issues where the author mentions the Nash Equilibrium for mining.  he must have picked that up from me in this thread as i was the first to identify that concept afaik.  

he, and the BOE, are here.

Hi Mark!?

you gotta wonder about the BOE's interest in Bitcoin given that Gordon Brown sold all their gold back in 2000.

For just one day's worth of printing money, either the BOE or FED could purchase enough electricity and equipment to mine enough coins to become a major satoshi-level holder (1M+ coins). I'm just a peon in this game, but it seems for the equivalent of a single day's worth of printing it is a reasonable hedge.
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September 11, 2014, 10:57:13 PM
 #11926

The other question is who are they and where did they get all these coins that they don't mind dumping at a "discount".
With the current crop of exchanges, you've always got to wonder if the sellers actually have the coins they are selling.
cypherdoc
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September 11, 2014, 11:06:38 PM
 #11927

The other question is who are they and where did they get all these coins that they don't mind dumping at a "discount".
With the current crop of exchanges, you've always got to wonder if the sellers actually have the coins they are selling.

ppl are still leaving coins on exchanges?  Roll Eyes

actually, it would be great if the Fed had a proxy trader who had his btc acct stolen by a rogue exchange in Russia or something.
Adrian-x
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September 11, 2014, 11:32:39 PM
 #11928

The other question is who are they and where did they get all these coins that they don't mind dumping at a "discount".
With the current crop of exchanges, you've always got to wonder if the sellers actually have the coins they are selling.

ppl are still leaving coins on exchanges?  Roll Eyes

actually, it would be great if the Fed had a proxy trader who had his btc acct stolen by a rogue exchange in Russia or something.

LOL I'd like to think its going to happen, how else will we learn to value some of the utility Bitcoin offers.

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
STT
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September 12, 2014, 01:21:10 AM
 #11929

Quote
silver was hyped up more than bitcoin as a "alt money" to the USD, I think with the invention of bitcoin PM's are now relics, and don't have any chance of becoming "money" again, thats not to say they won't hold some value, shiny relics are Coool,  but its going to lose all that speculative "alt money" value b4 stabilizing, I would think.

silver wasnt an alternative to dollar, its more like a reversion.   Dollar was originally founded as a clone of the Spanish silver bits (pieces of eight!).   So I think its slightly poetic that we could come full circle and go back to silver or gold which was most recently the backing.  Its not really alternative imo

BTC is something new and deserves that title far more, Im not sure it is an absolute contrast between the two metals vs btc.  They do different things, BTC is far more useful for extremely fast, cheap transmission.   Metals still have a place, always will so far as I can tell (of course people can transmit metal value digitally also dollars, btc is just the purest form of that)

justusranvier
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September 12, 2014, 01:40:57 AM
 #11930

Since I don't have time to write a proper article, I'll just leave this here:

There's a very good reason why Bitcoin as a low transaction rate/high fee network model (the gold model) is not a desirable - it makes Bitcoin critics right about the downsides of the wealth distribution.

The outsized mining rewards from the early years of Bitcoin shouldn't matter, because in a free market the initial distribution of property will correct itself given enough time. The people who can make the most productive use of an asset will tend to gain it from the people who can not. The early adopters get to spend their outsized rewards once, and then the bitcoins will move to someone more deserving of them (based on current economic productivity).

This is the Coase theorem:

http://en.wikipedia.org/wiki/Coase_theorem

The Coase theorem, however, does have a could of important preconditions: low transaction costs and an absence of ongoing external interference in the market.

The first precondition is the important one here.

If Bitcoin's transaction rate remains artificially capped, then the conditions of the Coase theorem will not be satisfied. Most economic activity will be in Bitcoin derivatives instead of in Bitcoins themselves, and so all the scams and frauds the world's present ruling class uses to maintain their power will be available to the new Bitcoin ruling class.

Exactly what's not supposed to happen.
cypherdoc
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September 12, 2014, 02:21:58 AM
 #11931

gold futures in trouble already; down -6.10

cypherdoc
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September 12, 2014, 02:40:11 AM
 #11932

the USD is about to blast thru resistance @84.70.  if it does, it's clear sailing to 88.708 --> bye bye gold and silver:

adamstgBit
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September 12, 2014, 03:08:57 AM
 #11933


blaaaaacksuit
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September 12, 2014, 04:18:38 AM
 #11934

The other question is who are they and where did they get all these coins that they don't mind dumping at a "discount".
With the current crop of exchanges, you've always got to wonder if the sellers actually have the coins they are selling.

Did anyone ever find out what happened to all those gox coins?
bitcool
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September 12, 2014, 04:20:53 AM
 #11935

I feel the pain for Au Ag bugs. It has been brutal.

cypherdoc
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September 12, 2014, 04:23:54 AM
 #11936

all it takes is one country with an understanding banking system:

Obtaining banking services, he added, had not been an obstacle, as positive statements on digital currency from members of Japan’s ruling Liberal Democratic Party have made the process of setting up smoother than in some other jurisdictions.

http://www.coindesk.com/japanese-bitcoin-growth-continues-new-e-commerce-platform/
cypherdoc
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September 12, 2014, 04:24:31 AM
 #11937

I feel the pain for Au Ag bugs. It has been brutal.



wait, weren't you one of my trolls from 2011?

edit:  iirc, you made a comment in the Gold: I smell a trap thread right at the top of the gold price 9/2011.  can't remember exactly what it was but it stuck with me...
Hunyadi
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September 12, 2014, 04:28:00 AM
 #11938

The early adopters get to spend their outsized rewards

By blocking the rally  Wink

▂▃▅▇█▓▒░BTC-Cultist░▒▓█▇▅▃▂
blaaaaacksuit
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September 12, 2014, 04:36:05 AM
 #11939

The early adopters get to spend their outsized rewards

By blocking the rally  Wink

You don't have to be an early adopter to own a shit ton of bitcoin.  Wink
cypherdoc
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September 12, 2014, 04:36:16 AM
 #11940

I feel the pain for Au Ag bugs. It has been brutal.



wait, weren't you one of my trolls from 2011?

edit:  iirc, you made a comment in the Gold: I smell a trap thread right at the top of the gold price 9/2011.  can't remember exactly what it was but it stuck with me...

i knew it.  here it is:

https://bitcointalk.org/index.php?topic=35956.msg500119#msg500119

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