Bitcoin Forum
March 19, 2024, 08:32:39 AM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Poll
Question: Will you support Gavin's new block size limit hard fork of 8MB by January 1, 2016 then doubling every 2 years?
1.  yes
2.  no

Pages: « 1 ... 589 590 591 592 593 594 595 596 597 598 599 600 601 602 603 604 605 606 607 608 609 610 611 612 613 614 615 616 617 618 619 620 621 622 623 624 625 626 627 628 629 630 631 632 633 634 635 636 637 638 [639] 640 641 642 643 644 645 646 647 648 649 650 651 652 653 654 655 656 657 658 659 660 661 662 663 664 665 666 667 668 669 670 671 672 673 674 675 676 677 678 679 680 681 682 683 684 685 686 687 688 689 ... 1557 »
  Print  
Author Topic: Gold collapsing. Bitcoin UP.  (Read 2032123 times)
shanem
Legendary
*
Offline Offline

Activity: 1344
Merit: 1000



View Profile
September 28, 2014, 08:29:31 AM
 #12761

Looks like gold is holding steady while bitcoin has been down from the peak of $1,200 to less than $400

     

            █           
           ██           
          ██████         
         ████████         
        ██████████       
       ████████████       
      ██████████████     
     ████████████████     
    ██████████████████   
   ████████████████████   
  ██████████▀▀██████████ 
 ███▀▄████▀    ▀████▄▀███
██▀ ▄██▀▀        ▀▀██▄ ▀██
 

░▄███████████▄░░░▄███████████▄░░▄███▄░░░░░░▄███▄░░▄██████████▄░░░████████████████░░░░██████████░░░░███████████████░░█████████████████
█████░░░░░░░███░████▀░░░░░▀████░█████▄░░░░▄█████░███▀░░░░░░▀███░███░░░░████░░░███░░███░░░░░░░░██░░███░░░░░░░░░░░███░███████░░░░██████
█████░░░░░░░███░████░░░░░░░████░▀█████▄░░▄█████▀░███░░░░░░░░███░███░░░░████░░███░░░███░░░██░░░███░███░░░██████░░███░░░░░███░░░░██░░░░
█████░░░░░░░░░░░████░░░░░░░████░░▀█████░░█████▀░░███░░░░░░░░███░███░░░░███░░░███░░░███░░████░░███░███░░░██████░░███░░░░░███░░░░██░░░░
█████░░░░░░░░░░░████░░░░░░█████░░░▀████▄▄████▀░░░███▄░░░░░░▄███░███░░░░███░░███░░░░██░░░████░░███░███░░░░░░░░░░███▀░░░░░███░░░░██░░░░
█████░░░░░░░░░░░██████████████░░░░░▀████████▀░░░░████████████▀░░███░░░░░░░░░███░░░███░░░████░░░██░███░░░█████████░░░░░░░███░░░░██░░░░
█████░░░░░░░███░████░░░░░░░████▄░░░░████████░░░░░███████░░░░░░░░███░░░░███░░░███░░██░░░░░░░░░░░██░███░░░░░░░░░░███▄░░░░░███░░░░██░░░░
█████░░░░░░░███░████░░░░░░░█████░░░░████████░░░░░███████░░░░░░░░███░░░░████░░░███░██░░░░████░░░░█░███░░░█████▄░░███░░░░░███░░░░██░░░░
███████████████░████░░░░░░░█████░░░░████████░░░░░███████░░░░░░░░███░░░░████░░░░██░██░░░██████░░░█░███░░░██████░░███░░░░░███░░░░██░░░░
░▀███████████▀░░░███░░░░░░░████░░░░░░██████░░░░░░░██████░░░░░░░░░████████████████░███████████████░░███████████████░░░░░░█████████░░░░
|
▂▃▅ Quick buy and sell bitcoins online. Fast and secure ▅▃▂
Facebook】【Twitter】【Telegram】【Medium】【Instagram
|
1710837159
Hero Member
*
Offline Offline

Posts: 1710837159

View Profile Personal Message (Offline)

Ignore
1710837159
Reply with quote  #2

1710837159
Report to moderator
The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1710837159
Hero Member
*
Offline Offline

Posts: 1710837159

View Profile Personal Message (Offline)

Ignore
1710837159
Reply with quote  #2

1710837159
Report to moderator
Zangelbert Bingledack
Legendary
*
Offline Offline

Activity: 1036
Merit: 1000


View Profile
September 28, 2014, 10:30:33 AM
 #12762


People have a very hard time imagining more than one change to the current system. They can imagine Bitcoin added to the current world, but they can't imagine a Bitcoin world. This is why the term "paradigm shift" exists. Humans don't engage more than one level of hypothetical without developing that skill specifically. To evaluate something as transformative as Bitcoin you have to imagine what the world would be like if many different things were to all change. In particular, you have to momentarily suspend disbelief and simply ask what would happen if Bitcoin took over. Because that's the scenario that matters, not "oh Amazon also accepts Bitcoin."
Zangelbert Bingledack
Legendary
*
Offline Offline

Activity: 1036
Merit: 1000


View Profile
September 28, 2014, 10:38:40 AM
 #12763

Bitcoin will become an excellent store of value.

Here's Jim Willie, an analyst and long-time gold bug, talking about how hilariously cumbersome gold is to deal with:

molecular
Donator
Legendary
*
Offline Offline

Activity: 2772
Merit: 1019



View Profile
September 28, 2014, 11:11:13 AM
 #12764

Bitcoin will become an excellent store of value.

Here's Jim Willie, an analyst and long-time gold bug, talking about how hilariously cumbersome gold is to deal with:



those explanations of the difficulties with storing/moving gold remind me of that dude on reddit has (or came up with as a story):

So there is a chance, quite large, that I am going to go to prison for a while. A long while. That's aside the point. The question I have brought to your proposal is could I convert all my money to bitcoins and safely store them for 20 years without anyone, including myself, having access to them? Or would they eventually be seem as unused money and collected by the holding company? Very interested in this.

The things you can do with Bitcoin... it's amazing, really.

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
flipperfish
Sr. Member
****
Offline Offline

Activity: 350
Merit: 251


Dolphie Selfie


View Profile
September 28, 2014, 02:23:23 PM
Last edit: September 28, 2014, 03:18:16 PM by flipperfish
 #12765

pretty classy presentation by Fred Ehrsam.  we need more from him.  what caught my ear was that Coinbase has 1.6 million confirmed users.  that's alot:

http://avc.com/2014/09/video-of-the-week-fred-ehrsams-bitcoin-presentation/

edit:  and with all that said, he didn't even talk about the SOV function.

This number is something that bothers me. According to bitcoinrichlist.com [1], there are only about 1.6 million addresses with a current value of more than 0.001 (= $ 0.40 currently). Assuming, that each bitcoin holder has to control at least one address, this feels a bit wrong. I assume there are a many ways to explain this:

1) All bitcoin holders currently owning more than $ 0.40 in bitcoin are also coinbase users. -- Somehow this seems to be unlikely.
2) Coinbase sugarcoated their stats.
3) A significant amount of coinbase bitcoin users does not hold the private key for their bitcoins. (EDIT: thx to FNG)
4) A significant amount of coinbase users bought coins with a total value less than $ 0.40. -- Is this even possible or rational because of fees?
5) Stats of bitcoinrichlist.com are wrong. -- Are there alternatives that provide the same data?

Am I missing something?


[1] http://bitcoinrichlist.com/charts/bitcoin-distribution-by-address?atblock=320000
inca
Legendary
*
Offline Offline

Activity: 1176
Merit: 1000


View Profile
September 28, 2014, 02:29:58 PM
 #12766

pretty classy presentation by Fred Ehrsam.  we need more from him.  what caught my ear was that Coinbase has 1.6 million confirmed users.  that's alot:

http://avc.com/2014/09/video-of-the-week-fred-ehrsams-bitcoin-presentation/

edit:  and with all that said, he didn't even talk about the SOV function.

This number is something that bothers me. According to bitcoinrichlist.com [1], there are only about 1.6 million addresses with a current value of more than 0.001 (= $ 0.40 currently). Assuming, that each bitcoin holder has to control at least one address, this feels a bit wrong. I assume there are a many ways to explain this:

1) All bitcoin holders currently owning more than $ 0.40 in bitcoin are also coinbase users. -- Somehow this seems to be unlikely.
2) Coinbase sugarcoated their stats.
3) A significant amount of coinbase users does not hold the private key for their bitcoins.
4) A significant amount of coinbase users bought coins with a total value less than $ 0.40. -- Is this even possible or rational because of fees?
5) Stats of bitcoinrichlist.com are wrong. -- Are there alternatives that provide the same data?

Am I missing something?


[1] http://bitcoinrichlist.com/charts/bitcoin-distribution-by-address?atblock=320000

I think coinbase keeps >90% off coins in cold storage.
NotLambchop
Sr. Member
****
Offline Offline

Activity: 378
Merit: 254


View Profile
September 28, 2014, 02:30:54 PM
 #12767

...
Some people just can't seem to fathom the following is in the realm of possibility:



...

>Person A
>Person B
>No Person C

FNG
Hero Member
*****
Offline Offline

Activity: 588
Merit: 500


View Profile
September 28, 2014, 02:34:02 PM
 #12768

pretty classy presentation by Fred Ehrsam.  we need more from him.  what caught my ear was that Coinbase has 1.6 million confirmed users.  that's alot:

http://avc.com/2014/09/video-of-the-week-fred-ehrsams-bitcoin-presentation/

edit:  and with all that said, he didn't even talk about the SOV function.

This number is something that bothers me. According to bitcoinrichlist.com [1], there are only about 1.6 million addresses with a current value of more than 0.001 (= $ 0.40 currently). Assuming, that each bitcoin holder has to control at least one address, this feels a bit wrong. I assume there are a many ways to explain this:

1) All bitcoin holders currently owning more than $ 0.40 in bitcoin are also coinbase users. -- Somehow this seems to be unlikely.
2) Coinbase sugarcoated their stats.
3) A significant amount of coinbase users does not hold the private key for their bitcoins.
4) A significant amount of coinbase users bought coins with a total value less than $ 0.40. -- Is this even possible or rational because of fees?
5) Stats of bitcoinrichlist.com are wrong. -- Are there alternatives that provide the same data?

Am I missing something?


[1] http://bitcoinrichlist.com/charts/bitcoin-distribution-by-address?atblock=320000

3   + people who keep btc on exchanges
notme
Legendary
*
Offline Offline

Activity: 1904
Merit: 1002


View Profile
September 28, 2014, 03:05:22 PM
 #12769

pretty classy presentation by Fred Ehrsam.  we need more from him.  what caught my ear was that Coinbase has 1.6 million confirmed users.  that's alot:

http://avc.com/2014/09/video-of-the-week-fred-ehrsams-bitcoin-presentation/

edit:  and with all that said, he didn't even talk about the SOV function.

This number is something that bothers me. According to bitcoinrichlist.com [1], there are only about 1.6 million addresses with a current value of more than 0.001 (= $ 0.40 currently). Assuming, that each bitcoin holder has to control at least one address, this feels a bit wrong. I assume there are a many ways to explain this:

1) All bitcoin holders currently owning more than $ 0.40 in bitcoin are also coinbase users. -- Somehow this seems to be unlikely.
2) Coinbase sugarcoated their stats.
3) A significant amount of coinbase users does not hold the private key for their bitcoins.
4) A significant amount of coinbase users bought coins with a total value less than $ 0.40. -- Is this even possible or rational because of fees?
5) Stats of bitcoinrichlist.com are wrong. -- Are there alternatives that provide the same data?

Am I missing something?


[1] http://bitcoinrichlist.com/charts/bitcoin-distribution-by-address?atblock=320000

How about some people have more than one address.  With a market cap at 5,240,808,508 and 1,600,000 users, that is $3275.50 per user.  Of course, there are more users than coinbase users.  I know I don't have all my funds on a single address.

Also, there is the fact that coinbase btc for multiple users are stored on a single address that is in cold storage.

Point being, there is not a 1-1 correspondence between users and addresses.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
flipperfish
Sr. Member
****
Offline Offline

Activity: 350
Merit: 251


Dolphie Selfie


View Profile
September 28, 2014, 03:43:13 PM
 #12770

pretty classy presentation by Fred Ehrsam.  we need more from him.  what caught my ear was that Coinbase has 1.6 million confirmed users.  that's alot:

http://avc.com/2014/09/video-of-the-week-fred-ehrsams-bitcoin-presentation/

edit:  and with all that said, he didn't even talk about the SOV function.

This number is something that bothers me. According to bitcoinrichlist.com [1], there are only about 1.6 million addresses with a current value of more than 0.001 (= $ 0.40 currently). Assuming, that each bitcoin holder has to control at least one address, this feels a bit wrong. I assume there are a many ways to explain this:

1) All bitcoin holders currently owning more than $ 0.40 in bitcoin are also coinbase users. -- Somehow this seems to be unlikely.
2) Coinbase sugarcoated their stats.
3) A significant amount of coinbase bitcoin users does not hold the private key for their bitcoins. (EDIT: thx to FNG)
4) A significant amount of coinbase users bought coins with a total value less than $ 0.40. -- Is this even possible or rational because of fees?
5) Stats of bitcoinrichlist.com are wrong. -- Are there alternatives that provide the same data?

Am I missing something?


[1] http://bitcoinrichlist.com/charts/bitcoin-distribution-by-address?atblock=320000

3   + people who keep btc on exchanges

Thx. This is just logical, the less users that don't hold the private keys to their bitcoins, the less addresses are used. And this phenomenon not only applies to coinbase.


How about some people have more than one address.  With a market cap at 5,240,808,508 and 1,600,000 users, that is $3275.50 per user.  Of course, there are more users than coinbase users.  I know I don't have all my funds on a single address.

Also, there is the fact that coinbase btc for multiple users are stored on a single address that is in cold storage.

Point being, there is not a 1-1 correspondence between users and addresses.

Yes, if you assume, that some people have more than one address, the comparison of 1.6 million addresses vs. 1.6 million coinbase users even more implies, that one of the above explainations has to be true. I don't try to establish a 1:1 relationship between addresses and users. But with 1.6 million addresses, there can only be 1.6 million users (at most), who control the private key to their bitcoins.
notme
Legendary
*
Offline Offline

Activity: 1904
Merit: 1002


View Profile
September 28, 2014, 03:46:28 PM
 #12771

pretty classy presentation by Fred Ehrsam.  we need more from him.  what caught my ear was that Coinbase has 1.6 million confirmed users.  that's alot:

http://avc.com/2014/09/video-of-the-week-fred-ehrsams-bitcoin-presentation/

edit:  and with all that said, he didn't even talk about the SOV function.

This number is something that bothers me. According to bitcoinrichlist.com [1], there are only about 1.6 million addresses with a current value of more than 0.001 (= $ 0.40 currently). Assuming, that each bitcoin holder has to control at least one address, this feels a bit wrong. I assume there are a many ways to explain this:

1) All bitcoin holders currently owning more than $ 0.40 in bitcoin are also coinbase users. -- Somehow this seems to be unlikely.
2) Coinbase sugarcoated their stats.
3) A significant amount of coinbase bitcoin users does not hold the private key for their bitcoins. (EDIT: thx to FNG)
4) A significant amount of coinbase users bought coins with a total value less than $ 0.40. -- Is this even possible or rational because of fees?
5) Stats of bitcoinrichlist.com are wrong. -- Are there alternatives that provide the same data?

Am I missing something?


[1] http://bitcoinrichlist.com/charts/bitcoin-distribution-by-address?atblock=320000

3   + people who keep btc on exchanges

Thx. This is just logical, the less users that don't hold the private keys to their bitcoins, the less addresses are used. And this phenomenon not only applies to coinbase.


How about some people have more than one address.  With a market cap at 5,240,808,508 and 1,600,000 users, that is $3275.50 per user.  Of course, there are more users than coinbase users.  I know I don't have all my funds on a single address.

Also, there is the fact that coinbase btc for multiple users are stored on a single address that is in cold storage.

Point being, there is not a 1-1 correspondence between users and addresses.

Yes, if you assume, that some people have more than one address, the comparison of 1.6 million addresses vs. 1.6 million coinbase users even more implies, that one of the above explainations has to be true. I don't try to establish a 1:1 relationship between addresses and users. But with 1.6 million addresses, there can only be 1.6 million users (at most), who control the private key to their bitcoins.

Well I personally have several addresses with less than 0.001 btc, but maybe I'm just weird.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
cypherdoc (OP)
Legendary
*
Offline Offline

Activity: 1764
Merit: 1002



View Profile
September 28, 2014, 05:48:46 PM
 #12772

Look at this ad. Makes you proud enough to want to bomb everyone out of existence:

Bloomberg: F-22 Stealth Fighter Debuts Firepower in Syria

http://bloom.bg/1vdjOyK
FNG
Hero Member
*****
Offline Offline

Activity: 588
Merit: 500


View Profile
September 28, 2014, 05:58:10 PM
 #12773

Look at this ad. Makes you proud enough to want to bomb everyone out of existence:

Bloomberg: F-22 Stealth Fighter Debuts Firepower in Syria

http://bloom.bg/1vdjOyK

As a U.S Expat...it makes me feel ill
ssmc2
Legendary
*
Offline Offline

Activity: 2002
Merit: 1040


View Profile
September 28, 2014, 06:01:02 PM
 #12774

Look at this ad. Makes you proud enough to want to bomb everyone out of existence:

Bloomberg: F-22 Stealth Fighter Debuts Firepower in Syria

http://bloom.bg/1vdjOyK

As a U.S Expat...it makes me feel ill

I can't wait for the day I can apply that label to myself.
justusranvier
Legendary
*
Offline Offline

Activity: 1400
Merit: 1006



View Profile
September 28, 2014, 06:03:18 PM
 #12775

Look at this ad. Makes you proud enough to want to bomb everyone out of existence:

Bloomberg: F-22 Stealth Fighter Debuts Firepower in Syria

http://bloom.bg/1vdjOyK

As a U.S Expat...it makes me feel ill

I can't wait for the day I can apply that label to myself.
Obtain a location-independent income derived from a non-US source.

Once your income and savings are in bitcoin, it hardly matters where you're located geographically.
Peter R
Legendary
*
Offline Offline

Activity: 1162
Merit: 1007



View Profile
September 28, 2014, 06:20:59 PM
 #12776

Sorry for OT, but I need your advice fellow posters (and this thread needs more posts)…

My parents recently asked me to help them with their investment portfolios (they're retired and in their 60s).  They don't have pensions, so it's important that they avoid excessive risks with their capital.  But my opinion is sitting 90% in cash, bonds, GICs (excluding real estate) is actually more risky.  

They presently have about 1.7% of their non-real estate assets as bitcoin.  How high do you think I could suggest they push this without it being viewed as "reckless" should things work out poorly?  

Run Bitcoin Unlimited (www.bitcoinunlimited.info)
FNG
Hero Member
*****
Offline Offline

Activity: 588
Merit: 500


View Profile
September 28, 2014, 06:27:58 PM
 #12777

Sorry for OT, but I need your advice fellow posters (and this thread needs more posts)…

My parents recently asked me to help them with their investment portfolios (they're retired and in their 60s).  They don't have pensions, so it's important that they avoid excessive risks with their capital.  But my opinion is sitting 90% in cash, bonds, GICs (excluding real estate) is actually more risky.  

They presently have about 1.7% of their non-real estate assets as bitcoin.  How high do you think I could suggest they push this without it being viewed as "reckless" should things work out poorly?  
Depends how much they have..

Business assets covering expenditures would be best then a couple of years cash on hand combined with 70% gold and 30% btc of excess funds. If btc goes up don't reshuffle but I feel that is a decent enough entrance amount.
Peter R
Legendary
*
Offline Offline

Activity: 1162
Merit: 1007



View Profile
September 28, 2014, 06:29:39 PM
 #12778

Honeybadger is bleeding to death. What's next guys?

Right, so it's possibly a good time for people who were thinking of increasing their exposure to begin to do so.  I'm thinking 3-4% of financial assets in this case is acceptable: enough upside to make a difference to their lifestyle should bitcoin adoption continue, but the downside is limited to only a few % of net worth.    

Run Bitcoin Unlimited (www.bitcoinunlimited.info)
cypherdoc (OP)
Legendary
*
Offline Offline

Activity: 1764
Merit: 1002



View Profile
September 28, 2014, 06:31:06 PM
 #12779

Sorry for OT, but I need your advice fellow posters (and this thread needs more posts)…

My parents recently asked me to help them with their investment portfolios (they're retired and in their 60s).  They don't have pensions, so it's important that they avoid excessive risks with their capital.  But my opinion is sitting 90% in cash, bonds, GICs (excluding real estate) is actually more risky.  

They presently have about 1.7% of their non-real estate assets as bitcoin.  How high do you think I could suggest they push this without it being viewed as "reckless" should things work out poorly?  

Honeybadger is bleeding to death. What's next guys?

For alot of us,  it'll need to get into single digits before we feel any pain. And we'll also be big buyers well before it gets there.

I do feel bad for those who got in higher than this. Hell, I feel bad for myself as I've been buying small chunks on the way down. But I'm not worried for the long term as nothings changed in the fundamentals. In fact, those are better. Maybe we are in the equivalent stage of the NASDAQ crash of 2001. Apple was at 12.

BTW, gold certainly is not UP. You've got plenty to be worried about.
cypherdoc (OP)
Legendary
*
Offline Offline

Activity: 1764
Merit: 1002



View Profile
September 28, 2014, 06:35:39 PM
 #12780

Honeybadger is bleeding to death. What's next guys?

Right, so it's possibly a good time for people who were thinking of increasing their exposure to begin to do so.  I'm thinking 3-4% of financial assets in this case is acceptable: enough upside to make a difference to their lifestyle should bitcoin adoption continue, but the downside is limited to only a few % of net worth.    

I'd push it to 5% Peter. Especially given what I think are low and getting cheaper prices. That's not an unreasonable % and I'd be more concerned if they were buying at 1000. Leg in slowly.
Pages: « 1 ... 589 590 591 592 593 594 595 596 597 598 599 600 601 602 603 604 605 606 607 608 609 610 611 612 613 614 615 616 617 618 619 620 621 622 623 624 625 626 627 628 629 630 631 632 633 634 635 636 637 638 [639] 640 641 642 643 644 645 646 647 648 649 650 651 652 653 654 655 656 657 658 659 660 661 662 663 664 665 666 667 668 669 670 671 672 673 674 675 676 677 678 679 680 681 682 683 684 685 686 687 688 689 ... 1557 »
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!