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Author Topic: Gold collapsing. Bitcoin UP.  (Read 2028278 times)
NotHatinJustTrollin
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February 25, 2015, 12:06:21 AM
 #21521

-I repeat, 100% decentralisation (even tho bitcoin is not) is preferable only by bitcoin cultists. RL can't force transactions on anyone on the network and the network can be run by other individuals with a network of validators even if RL were to fail tomorrow, that's as much decentralisation as you need. The rest is cultists stuff.
-See above.
-doesn't change the fact that is artificial and 100% replacable by any shitcoin. Gold is not.
-It is used for itself, what more do you need me to say?
-In case you didn't get it, I don't give a shit about "sound money" austrian economics bullshit, I don't give a shit about gold and I don't think gold is better money (lol) than fiat currencies. I just can see that the comparison bitcoin-gold doesn't make sense.

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February 25, 2015, 12:23:56 AM
 #21522

you can see that we formed a proper, highly capitulative bottom on 1/14.  the long term MACD continues to strengthen:


1. It's high volume only because price is lower (1k BTC at $1200 ≠ 1k BTC at $250). Check the volume on USD and poof, no difference:




2. Last time the 1 week MACD shifted to green, it was at $650-$680 right before the crash.

price is strengthening.  no two ways about it.
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February 25, 2015, 12:27:49 AM
 #21523

-I repeat, 100% decentralisation (even tho bitcoin is not) is preferable only by bitcoin cultists. RL can't force transactions on anyone on the network and the network can be run by other individuals with a network of validators even if RL were to fail tomorrow, that's as much decentralisation as you need. The rest is cultists stuff.
-See above.
-doesn't change the fact that is artificial and 100% replacable by any shitcoin. Gold is not.
-It is used for itself, what more do you need me to say?
-In case you didn't get it, I don't give a shit about "sound money" austrian economics bullshit, I don't give a shit about gold and I don't think gold is better money (lol) than fiat currencies. I just can see that the comparison bitcoin-gold doesn't make sense.

no one cares what you repeat.  no one's listening to you.

Ripple is a failure.  just a couple of months ago all the gatesways had to defer to one centralized gateway b/c of network problems.  nothing that catastrophic has ever happened to Bitcoin.  plus it's all based on debt, another huge problem.
NotHatinJustTrollin
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February 25, 2015, 12:45:17 AM
 #21524

-I repeat, 100% decentralisation (even tho bitcoin is not) is preferable only by bitcoin cultists. RL can't force transactions on anyone on the network and the network can be run by other individuals with a network of validators even if RL were to fail tomorrow, that's as much decentralisation as you need. The rest is cultists stuff.
-See above.
-doesn't change the fact that is artificial and 100% replacable by any shitcoin. Gold is not.
-It is used for itself, what more do you need me to say?
-In case you didn't get it, I don't give a shit about "sound money" austrian economics bullshit, I don't give a shit about gold and I don't think gold is better money (lol) than fiat currencies. I just can see that the comparison bitcoin-gold doesn't make sense.

no one cares what you repeat.  no one's listening to you.

Ripple is a failure.  just a couple of months ago all the gatesways had to defer to one centralized gateway b/c of network problems.  nothing that catastrophic has ever happened to Bitcoin.  plus it's all based on debt, another huge problem.
Last time I checked gateways worked just fine and they can't undermine the trust-less nature of the transactions. "Trust" comes into play because gateways hold your fiat currencies in the network for you, which solves the irreversibility problem of bitcoin. Irreversibility is a BIG problem, and makes bitcoin perfect for scammers.
For the record, I am not endorsing or shilling for ripple, I just take it as an example that you CAN have distributed ledger technology without being forced to adopt an overpriced cryptocurrency.
I would use Hyperledger as an example more, but they are still working on it.

"plus it's all based on debt, another huge problem."
^Your idea of an alternative is a fairy tale that can't work in today's world.

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February 25, 2015, 12:48:11 AM
 #21525

If I may: isn't the interesting part of this the coordinated fud attacks?
Yes, very interesting indeed. It's clear that bankers are organising FUD attacks on this forum and want to convince you that bitcoin is shit while they accumulate and send it to the moon while you're not watching.
It's obvious.

Go now, buy your BTCeanies BTCitcoinz before they do!





PS: Sorry guize, carry on  Grin

rpietila
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February 25, 2015, 01:13:48 AM
 #21526

The amount of bitcoins the banksters have been able to coerce out from my hand since a year ago:

[size=600pt]0[/size]
BlindMayorBitcorn
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February 25, 2015, 01:29:34 AM
 #21527

The amount of bitcoins the bankstersbitcoiners have been able to coerce out from my hand since a year ago:

[size=600pt]0[/size]

Well then we will all just sit here and you can think about what you've done Angry

Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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February 25, 2015, 01:32:07 AM
 #21528

Buterin is right.
Distributed ledgers can be useful, cryptocurrencies, not really.

There is no way to do a decentralized ledger without a currency. Satoshi invented a way to do one with a currency, and no one has come up with a way to remove that element and still have a viable system.

Distributed != decentralized though.

Google can build a distributed system supporting search and web applications by putting servers all over the world, but that is not decentralized. It is all controlled by Google.

You may argue that a decentralized ledger is not even useful, but that remains to be seen. It has never been tried before.
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February 25, 2015, 04:02:32 AM
 #21529

you can see that we formed a proper, highly capitulative bottom on 1/14.  the long term MACD continues to strengthen:


Man that looks like a sexy macd

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79b79aa8d5047da6d3XX
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February 25, 2015, 04:49:31 AM
 #21530

In reality, there's no need ever to add more Bitcoins. It would make far more sense to add more decimal places to better facilitate micro payments as more and more economic energy piles into Bitcoin
There is no adding more decimal places. However, there is a proposal to move the period six columns to the right, ending up with two decimal places instead of eight. The resulting unit is to be called a bit, composed of a hundred satoshi. 1.00000000 BTC (one Bitcoin) = 1,000,000.00 bits (one million bits and 0 satoshi) = 100,000,000 satoshi (one hundred million satoshi).

Thus, if you have a total balance of, say, 7.05893808 BTC, that is equivalent to 7,058,398.08 bits (seven million, fifty eight thousand, 398 bits with 8 satoshi, which is something you can actually pronounce).

Note that, if we switched to speaking about bits, the current exchange rate would be around 4,000 bits per USD (if we assume $250 USD/BTC). As in, right now you could buy yourself over 40,000 bits for $10.

Also note that, if 1 bit were worth 1 dollar, or equivalently, if 1 satoshi were worth 1 penny, then 1 BTC = 1 million USD.

One of the reasons to increase the total number of coins is to remove the long-term deflation pressure. That is one of the issues possibly affecting Bitcoin that is pointed out by Varoufakis.
If you have come to the conclusion that long-term deflation is an issue for Bitcoin, you are free to join Varoufakis in staying away from it. Fixed money supply is a central and deliberate aspect of the protocol, well-thought out, and effectively unchangeable in the foreseable future.


Quote from: V. Buterin (on Twitter)
blockchains are a friggin database technology, 5 years down I doubt any users will care what the underlying network token is.
Not inclined to take predictions for the next 5 years by someone born in 1994 and who has an obvious stake in one particular outcome.

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February 25, 2015, 08:18:31 AM
 #21531

FED regular BS sponsored by coindesk:

Boston Fed Researchers: We’re Bullish on Bitcoin as a Technology

http://www.coindesk.com/boston-fed-bullish-bitcoin/

Sometimes i wonder what the heck is going on at coindesk.
Promoting scams, craving regulation, and all the insipid piece of article they can come up with..
rpietila
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February 25, 2015, 08:23:41 AM
 #21532

Quote from: V. Buterin (on Twitter)
blockchains are a friggin database technology, 5 years down I doubt any users will care what the underlying network token is.
Not inclined to take predictions for the next 5 years by someone born in 1994 and who has an obvious stake in one particular outcome.

He is an Internet age person. The WWW existed before he was born!  Shocked

Maybe a good thing..

In this particular matter I believe wresting the value out from Bitcoin is a bit hard but there is no lack of trying Wink
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February 25, 2015, 08:32:55 AM
 #21533

Quote from: V. Buterin (on Twitter)
blockchains are a friggin database technology, 5 years down I doubt any users will care what the underlying network token is.
Not inclined to take predictions for the next 5 years by someone born in 1994 and who has an obvious stake in one particular outcome.

He is an Internet age person. The WWW existed before he was born!  Shocked

Maybe a good thing..

In this particular matter I believe wresting the value out from Bitcoin is a bit hard but there is no lack of trying Wink

One does not need to wrest the value out of Bitcoin because approximately 99.9% of the value is not in Bitcoin.
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February 25, 2015, 10:20:10 AM
 #21534

you can see that we formed a proper, highly capitulative bottom on 1/14.  the long term MACD continues to strengthen:
-snip-
Yes, MACD looks very healthy on your chart. I don't mind having some more of the horizontal trend to give me/us some more time to buy a bit more at these discounted prices. Once we get the cross on MACD we may expect things to start rolling.

this space is intentionally left blank
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February 25, 2015, 11:05:45 AM
 #21535

FED regular BS sponsored by coindesk:

Boston Fed Researchers: We’re Bullish on Bitcoin as a Technology

http://www.coindesk.com/boston-fed-bullish-bitcoin/

Sometimes i wonder what the heck is going on at coindesk.
Promoting scams, craving regulation, and all the insipid piece of article they can come up with..

If you had asked the Fed one year ago, they would have said they were bearish on Bitcoin as a currency and as a technology. I  think their hubris is beginning to falter as evidenced by their need to hedge the technology.
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February 25, 2015, 12:49:21 PM
 #21536

Ex Goldman director launches bitcoin derivatives brokerage

http://www.wallstreet-online.de/nachricht/7409696-ex-goldman-director-launches-bitcoin-derivatives-brokerage
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February 25, 2015, 03:02:52 PM
 #21537



The lack of understanding continues right up to the eve of Ethereum's planned release. No comprehension of the ledger, still thinking in terms of "tokens" and "blockchain tech is the important thing, not the money."

He's simultaneously totally wrong and completely right.  

How he's right:
The concept of a database with per record access protection is incredibly useful.  For example, you'll be able to actually receive electronic financial statements or other legal documents and not worry that they will be retroactively changed without your knowledge, because your private key is needed to change them.  You could even imagine a bank that cannot change your USD balance without your OK...

For many of these databases tokens are unnecessary.  The cost of maintaining the database is simply part of ongoing operations just like databases today.  Ethereum is overly complex for this task.  Bitcoin is overly complex.  You could throw out all the mining logic, most of the scripting, etc because the DB does not need to be decentralized.

How he's wrong:
The killer app for a "database with per record access protection" is money because money is memory.  So Bitcoin.



how is that helpful to society when you, the acct holder, can change/alter them?

multisig...
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February 25, 2015, 04:14:10 PM
 #21538

Quote
HSBC bosses apologise for 'unacceptable' practices
  BBC

HSBC apologise for getting caught you mean.......Ahhhhh these bastards Send them to guantanamo and throw away the key.  Angry


Meanwhile from ZH
Quote
Ukraine Enters Hyperinflation: Currency Trading Halted, "Soon We Will Walk Around With Suitcases For Cash"


its the globally hypocritical double standards the bug me the most.
rocks
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February 25, 2015, 05:39:49 PM
 #21539



The lack of understanding continues right up to the eve of Ethereum's planned release. No comprehension of the ledger, still thinking in terms of "tokens" and "blockchain tech is the important thing, not the money."

I think part of the reason this view exists is most people do not properly understand scarcity or what scarcity truly means, largely because western society has not experienced scarcity for several generations. If you don't understand scarcity it is easy to brush off the value of BTC and focus on the Blockchain.

Since the FED was created there has been no scarcity for money and this coincided with both an energy and a technology boom which resulted in an abundance of energy, materials, steel, plastics, goods, etc. We have lived in an age of utter abundance for generations. With that has come a cavalier attitude toward money and basic goods. (Yes we have inequality and people lacking access to both food and money, but because of the central bank printer governments can fund a large safety net, no one really worries that they will starve because food stamps and disability will kick in).

Few today really understand how scarce goods behave, because there are very few truly scarce goods today. Land is another example of a scarce good, but I'm not sure what else.

Bitcoin however is the perfect example of a scarce good. The last bubble started at the same time as ASIC mining took off, which meant that for a while most mined coins were held and not sold. The result was a price spike that no one could stop. That is increasing demand against a scarce good.

That may be part of the reason people don't understand the value of strong hard money. However, it is different from the reason they don't understand why a blockchain without an integrated currency (not subcurencies, tokens, or assets) doesn't work, as Joe Coin explained well enough. That's just ignorance coupled with for example in Vitalik's case bit of wanting to do something different and pray it pays off because its supposedly unfair that it is too late (his words, paraphrasing) to be an early adopter of Bitcoin. That's a rather sad misconception because if Bitcoin works buying at 1000 USD (much less 200 USD) still means a 1 000x return or more.

As you said it is ignorance, and ignorance is a willful choice in today's age.

So one question is why do people choose to be ignorant in seeing value in Bitcoin, and say that only the Blockchain has value. There are multiple reasons. A main reason I think is that Bitcoin derives it's value from scarcity which most people have no experience with.
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February 25, 2015, 06:23:30 PM
 #21540

Sometimes i wonder what the heck is going on at coindesk.
Promoting scams, craving regulation, and all the insipid piece of article they can come up with..

They are selling adverts.
AFAIK, the articles are neither fact checked nor edited.
I like their pricing API though.
I think they were one of the first if not the first to drop MTGox from the index.

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