Gold collapsing. Bitcoin UP.

[cypherdoc]

ghash down to 30%

[1714050037]

1714050037

[1714050037]

1714050037

[1714050037]

1714050037

[1714050037]

1714050037

[1714050037]

1714050037

[cypherdoc]

Irdial always good.

http://t.co/DTmEybxGzU

[cypherdoc]

more from Irdial. take heart:

http://irdial.com/blogdial/?m=201404 …

[Zarathustra]

Every week we can see an increase in adoption in the business world, but the transactions are on the same level as one year ago.

https://blockchain.info/de/charts/n-transactions

How is this possible?

[marcus_of_augustus]

Every week we can see an increase in adoption in the business world, but the transactions are on the same level as one year ago.

https://blockchain.info/de/charts/n-transactions

How is this possible?

Off chain activity is increasing whereby only settlement and clearing functions are done in the blockchain ... think Coinbase, how many actual TX do they do on the chain and how many internally?

[Zarathustra]

Every week we can see an increase in adoption in the business world, but the transactions are on the same level as one year ago.

https://blockchain.info/de/charts/n-transactions

How is this possible?

Off chain activity is increasing whereby only settlement and clearing functions are done in the blockchain ... think Coinbase, how many actual TX do they do on the chain and how many internally?

Okay. Also interesting: Half of all transactions are 'my-wallet' transactions at blockchain.info

https://blockchain.info/de/charts/my-wallet-n-tx

[bucktotal]

Every week we can see an increase in adoption in the business world, but the transactions are on the same level as one year ago.

https://blockchain.info/de/charts/n-transactions

How is this possible?

Off chain activity is increasing whereby only settlement and clearing functions are done in the blockchain ... think Coinbase, how many actual TX do they do on the chain and how many internally?

Okay. Also interesting: Half of all transactions are 'my-wallet' transactions at blockchain.info

https://blockchain.info/de/charts/my-wallet-n-tx

i agree with moa's point, and also add some things:

- there have been several other time periods of flat or negative growth in tx stats, especially after bubble peaks. for ex, july 2011-july 2012 shows a clear reduction in tx's/day. it could be cyclical, it could be noise.

- number of unique addresses used still growing....
https://blockchain.info/charts/n-unique-addresses?timespan=2year&showDataPoints=false&daysAverageString=7&show_header=true&scale=1

[cypherdoc]

the only thing that can stop Bitcoin is a break in the protocol.  a fixed supply will always be in it's favor otherwise.

[cypherdoc]

First time i've listened to this.  Stripe is looking at the same endgame i've been advocating since the beginning.  

he's essentially saying that Bitcoin will act as a world reserve currency at the lower layer that can uniquely extend across borders to accomplish settlement btwn nations.  the in country "gateways", as he calls them, will allow the interface btwn Bitcoin and fiat currency.  customers of those gateways will continue to transact in fiat and trusted entities will arise to help guarantee customer tx's.  in other words, pretty much the same system we have today except with a trustless immutable protocol layer that ties everything together, ie, a Bitcoin Standard.  have a listen:

http://www.youtube.com/watch?v=6qZwl7mukZ8

[Trader Steve]

First time i've listened to this.  Stripe is looking at the same endgame i've been advocating since the beginning.  

he's essentially saying that Bitcoin will act as a world reserve currency at the lower layer that can uniquely extend across borders to accomplish settlement btwn nations.  the in country "gateways", as he calls them, will allow the interface btwn Bitcoin and fiat currency.  customers of those gateways will continue to transact in fiat and trusted entities will arise to help guarantee customer tx's.  in other words, pretty much the same system we have today except with a trustless immutable protocol layer that ties everything together, ie, a Bitcoin Standard.  have a listen:

http://www.youtube.com/watch?v=6qZwl7mukZ8

It should be noted that bitcoin will eventually obviate the need for all these "gateways" and fiat currencies. The Stripe guy just needs to take his argument to its logical conclusion: no middlemen.

[cypherdoc]

Bitcoin skepticism is high, according to the latest quarterly poll of 562 investors, analysts and traders who are Bloomberg subscribers. Fifty-five percent said the virtual currency trades at unsustainable, bubble-like prices, and 14 percent said it’s on the verge of a bubble. Six percent said a bubble isn’t forming, and 25 percent were unsure. The poll didn’t measure any investor skepticism of gold.

this is good.  it's called climbing the Wall of Worry.  we are clearly not in a bubble.

“Gold has always been seen as the ultimate store of value, and bitcoin is seen as the ultimate modern medium of exchange,” said Simon Hamblin, the London-based CEO of Netagio Ltd., which operates an online exchange for trading among gold, bitcoins and British pounds.

they also don't get it:

http://www.bloomberg.com/news/2014-07-28/gold-bugs-meet-bitcoin-believers-to-supplant-the-dollar.html

[cypherdoc]

threatening 1300 again:

[rocks]

First time i've listened to this.  Stripe is looking at the same endgame i've been advocating since the beginning.  

he's essentially saying that Bitcoin will act as a world reserve currency at the lower layer that can uniquely extend across borders to accomplish settlement btwn nations.  the in country "gateways", as he calls them, will allow the interface btwn Bitcoin and fiat currency.  customers of those gateways will continue to transact in fiat and trusted entities will arise to help guarantee customer tx's.  in other words, pretty much the same system we have today except with a trustless immutable protocol layer that ties everything together, ie, a Bitcoin Standard.  have a listen:

http://www.youtube.com/watch?v=6qZwl7mukZ8

In many ways this is the same as the original gold standard. Fiat was backed by real money at a 1:1 ratio, but people transacted in paper because that was easier.

The eventual problem was the government was able to break convertability. For a very long time anyone could walk into a bank with fiat and walk out with a fixed amount of gold, coupled with most people viewing gold as real money. However during a crisis government was able to stop convertability,  devalue the fixed exchange rate and ban private possession of gold in one action. This ability to break convertability was the failure of the gold standard.

The ultimate advantage for bitcoin is governments can not stop convertability and it is relatively easy for individuals to hold and transact in bitcoin. IMHO this is a key advantage for bitcoin over gold, bitcoin will force governments to be honest for the first time in a long time.

[cypherdoc]

In an overview of the subject, the institute points out that there are an average of 40,000-80,000 bitcoin transactions per day, adding that the volume is “expected to rise exponentially” as the currency gains acceptance.

Swift is starting to come around.  the writing is on the wall:

SWIFT Institute Offers €15,000 for Bitcoin Research Project

http://www.coindesk.com/swift-institute-offers-e15000-bitcoin-research-project/

[justusranvier]

The ultimate advantage for bitcoin is governments can not stop convertability and it is relatively easy for individuals to hold and transact in bitcoin.

Do not doubt for a moment they won't try.

I can see the IRS being used to harass anybody who dares to withdraw actual bitcoins from these off chain trading platforms like Coinbase or Circle. Have you moved the coins since you withdrew them? That's a taxable event unless you can prove otherwise. Audits all around for everybody who asks for their coins.

If they can make it easier to keep your coins in an off chain system that allows for fractional reserve, and harass and punish anyone who tries to leave the system, they can play all the same games as they've successfully played with gold.

[cypherdoc]

First time i've listened to this.  Stripe is looking at the same endgame i've been advocating since the beginning.  

he's essentially saying that Bitcoin will act as a world reserve currency at the lower layer that can uniquely extend across borders to accomplish settlement btwn nations.  the in country "gateways", as he calls them, will allow the interface btwn Bitcoin and fiat currency.  customers of those gateways will continue to transact in fiat and trusted entities will arise to help guarantee customer tx's.  in other words, pretty much the same system we have today except with a trustless immutable protocol layer that ties everything together, ie, a Bitcoin Standard.  have a listen:

http://www.youtube.com/watch?v=6qZwl7mukZ8

In many ways this is the same as the original gold standard. Fiat was backed by real money at a 1:1 ratio, but people transacted in paper because that was easier.

The eventual problem was the government was able to break convertability. For a very long time anyone could walk into a bank with fiat and walk out with a fixed amount of gold, coupled with most people viewing gold as real money. However during a crisis government was able to stop convertability,  devalue the fixed exchange rate and ban private possession of gold in one action. This ability to break convertability was the failure of the gold standard.

The ultimate advantage for bitcoin is governments can not stop convertability and it is relatively easy for individuals to hold and transact in bitcoin. IMHO this is a key advantage for bitcoin over gold, bitcoin will force governments to be honest for the first time in a long time.

yes, and the beauty of implementing a system like this is that it's well understood and experienced.  in fact, we still have a significant % of major economic players who remember acting within the gold std system back in 1971. 

in addition, it should be relatively simple from a technical standpoint.  it's modular, just drop in a Bitcoin Standard into it's slot in the current financial system w/o disrupting the fiat, debt, and derivative towers in place.

of course, as we've already stated in the Argentina thread, the value per BTC would have to skyrocket to fill that hole.  optional pegs would be M1, M2, M3 (discontinued), etc.

[cypherdoc]

"Bitcoin is modular Gold" - cypherdoc

https://twitter.com/cypherdoc2/status/493807001554538496

[rocks]

First time i've listened to this.  Stripe is looking at the same endgame i've been advocating since the beginning.  

he's essentially saying that Bitcoin will act as a world reserve currency at the lower layer that can uniquely extend across borders to accomplish settlement btwn nations.  the in country "gateways", as he calls them, will allow the interface btwn Bitcoin and fiat currency.  customers of those gateways will continue to transact in fiat and trusted entities will arise to help guarantee customer tx's.  in other words, pretty much the same system we have today except with a trustless immutable protocol layer that ties everything together, ie, a Bitcoin Standard.  have a listen:

http://www.youtube.com/watch?v=6qZwl7mukZ8

In many ways this is the same as the original gold standard. Fiat was backed by real money at a 1:1 ratio, but people transacted in paper because that was easier.

The eventual problem was the government was able to break convertability. For a very long time anyone could walk into a bank with fiat and walk out with a fixed amount of gold, coupled with most people viewing gold as real money. However during a crisis government was able to stop convertability,  devalue the fixed exchange rate and ban private possession of gold in one action. This ability to break convertability was the failure of the gold standard.

The ultimate advantage for bitcoin is governments can not stop convertability and it is relatively easy for individuals to hold and transact in bitcoin. IMHO this is a key advantage for bitcoin over gold, bitcoin will force governments to be honest for the first time in a long time.

yes, and the beauty of implementing a system like this is that it's well understood and experienced.  in fact, we still have a significant % of major economic players who remember acting within the gold std system back in 1971. 

in addition, it should be relatively simple from a technical standpoint.  it's modular, just drop in a Bitcoin Standard into it's slot in the current financial system w/o disrupting the fiat, debt, and derivative towers in place.

of course, as we've already stated in the Argentina thread, the value per BTC would have to skyrocket to fill that hole.  optional pegs would be M1, M2, M3 (discontinued), etc.

It may be simple/easy from a technical standpoint, but since it would force real honesty in government and thus deprive government and banks of the main source of their power, such a system will be resisted and fought against in every way imaginable. The only way a bitcoin standard will happen is if the majority of people choose to walk away from fiat of their own free will and choose to adopt bitcoin and think in bitcoin. (Which is exactly why there used to be a gold standard, it wasn't because governments liked it, but because it was demanded by the people)

These two opposing forces between government resistance and individual adoption is what will make this journey one of the most interesting in our lifetime, whichever way it eventually goes.

[cypherdoc]

First time i've listened to this.  Stripe is looking at the same endgame i've been advocating since the beginning.  

he's essentially saying that Bitcoin will act as a world reserve currency at the lower layer that can uniquely extend across borders to accomplish settlement btwn nations.  the in country "gateways", as he calls them, will allow the interface btwn Bitcoin and fiat currency.  customers of those gateways will continue to transact in fiat and trusted entities will arise to help guarantee customer tx's.  in other words, pretty much the same system we have today except with a trustless immutable protocol layer that ties everything together, ie, a Bitcoin Standard.  have a listen:

http://www.youtube.com/watch?v=6qZwl7mukZ8

In many ways this is the same as the original gold standard. Fiat was backed by real money at a 1:1 ratio, but people transacted in paper because that was easier.

The eventual problem was the government was able to break convertability. For a very long time anyone could walk into a bank with fiat and walk out with a fixed amount of gold, coupled with most people viewing gold as real money. However during a crisis government was able to stop convertability,  devalue the fixed exchange rate and ban private possession of gold in one action. This ability to break convertability was the failure of the gold standard.

The ultimate advantage for bitcoin is governments can not stop convertability and it is relatively easy for individuals to hold and transact in bitcoin. IMHO this is a key advantage for bitcoin over gold, bitcoin will force governments to be honest for the first time in a long time.

yes, and the beauty of implementing a system like this is that it's well understood and experienced.  in fact, we still have a significant % of major economic players who remember acting within the gold std system back in 1971. 

in addition, it should be relatively simple from a technical standpoint.  it's modular, just drop in a Bitcoin Standard into it's slot in the current financial system w/o disrupting the fiat, debt, and derivative towers in place.

of course, as we've already stated in the Argentina thread, the value per BTC would have to skyrocket to fill that hole.  optional pegs would be M1, M2, M3 (discontinued), etc.

It may be simple/easy from a technical standpoint, but since it would force real honesty in government and thus deprive government and banks of the main source of their power, such a system will be resisted and fought against in every way imaginable. The only way a bitcoin standard will happen is if the majority of people choose to walk away from fiat of their own free will and choose to adopt bitcoin and think in bitcoin. (Which is exactly why there used to be a gold standard, it wasn't because governments liked it, but because it was demanded by the people)

These two opposing forces between government resistance and individual adoption is what will make this journey one of the most interesting in our lifetime, whichever way it eventually goes.

yep.  and this is ultimately what will effect your view on the endgame for Bitcoin:  banks/gov vs the ppl, big vs small, elites vs commoners, rich vs middle class, minority vs majority.  as an optimist and one who is hopeful about our future, i am going with the majority.

[ErisDiscordia]

It may be simple/easy from a technical standpoint, but since it would force real honesty in government and thus deprive government and banks of the main source of their power, such a system will be resisted and fought against in every way imaginable. The only way a bitcoin standard will happen is if the majority of people choose to walk away from fiat of their own free will and choose to adopt bitcoin and think in bitcoin. (Which is exactly why there used to be a gold standard, it wasn't because governments liked it, but because it was demanded by the people)

These two opposing forces between government resistance and individual adoption is what will make this journey one of the most interesting in our lifetime, whichever way it eventually goes.

I like your way of thinking.

I'm in it for what promises to be the ride of a lifetime I can't even imagine the world of crypto 5 or 10 years from now so I'm happy that I get to see it grow with my own eyes.

meanwhile...Bitcoin DOWN. Why?