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Author Topic: Am I reading this right?  (Read 1323 times)
MoonShadow
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April 30, 2011, 10:59:35 PM
 #1

http://www.foxnews.com/scitech/2011/02/15/ibm-battles-china-worlds-fastest-supercomputer/

This article says that the next supercomputer will be about 10 petaflops.  Is that 10,000 teraflops?  If so, and assuming that the estimates on bitcoinwatch.com are accurate, the Bitcoin network is already faster than the next top supercomputer.  As of this writing, bitcoinwatch.com says that the Bitcoin network is ringing in at 12,755 teraflops.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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The Script
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April 30, 2011, 11:06:14 PM
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Yes.  Bitcoin's arm has grown long indeed. However, I've heard rumors that the NSA is designing an EXAflop super computer. That would be 1 MILLION teraflops.
MoonShadow
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April 30, 2011, 11:09:36 PM
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Well, if they are still designing it, they are going to be chasing our tail by the time it's operational anyway.  At this rate of growth, anyway.  I expected to see $4 per bitcoin around 2013.  Not before May of 2011.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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April 30, 2011, 11:12:38 PM
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Do you anticipate a major correction? This kind of growth, while wonderful, feels...unsustainable.
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May 01, 2011, 04:43:27 AM
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Do you anticipate a major correction? This kind of growth, while wonderful, feels...unsustainable.

I can't hazard a guess.  I could say, "yes" and eventually I'll be right anyway, but the downside to an anonymous currency is that you can't determine with any certainty if the trades seen on the Bitcoin network are speculative currency trades or the reflection of the commerce of (non-financial) products or services.  The only analysis that can be done is basicly raw market data analysis, such as Elliot Wave theory.  So far, it's made me some money on trades, as I've racheted up a small sum of US $ on MtGox up about 64%, but I find myself still surprised at the very next surge.  If most of the rise in price is due to the influx of new market players, then it's primarily a speculative rally, and it has to run out of steam eventually.  If most of the rise in price is due to some Bitcoin aware drug cartel demanding their customers use bitcoin for transactions; then, for good or for bad, a significant pullback (say, back below the 7 day adjusted average) is unlikely.

If you ever find anyone who will tell you he can call the top of any market rally, assume that he is full of crap.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
TiagoTiago
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May 01, 2011, 04:59:50 AM
 #6

Alright you got all those flops, but how many itops do you got out of that?

(I dont always get new reply notifications, pls send a pm when you think it has happened)

Wanna gimme some BTC for any or no reason? 1FmvtS66LFh6ycrXDwKRQTexGJw4UWiqDX Smiley

The more you believe in Bitcoin, and the more you show you do to other people, the faster the real value will soar!

Do you like mmmBananas?!
ribuck
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May 01, 2011, 01:24:52 PM
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Do you anticipate a major correction? This kind of growth, while wonderful, feels...unsustainable.

Here's how I see it:

At some point there's going to be a massive Bitcoin bubble. This isn't it. The massive bubble will occur after Bitcoin starts appearing in the financial advice sections of newspapers and on mainstream TV shows (e.g. Oprah).

Then, at some point the price rises will be unsustainable and there will be a massive price crash.

Then, everyone will know about Bitcoin and will just start using it as money.

As for the current price rise, it's hard to know whether it's driven by an ongoing increase in interest about Bitcoin (in which case there won't be a price retreat), or whether it's driven by one (or a few) large buyers (in which case there will be a price retreat if they decide they "have enough" bitcoins before the next large buyer arrives).
em3rgentOrdr
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May 02, 2011, 06:25:29 AM
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Do you anticipate a major correction? This kind of growth, while wonderful, feels...unsustainable.

Here's how I see it:

At some point there's going to be a massive Bitcoin bubble. This isn't it. The massive bubble will occur after Bitcoin starts appearing in the financial advice sections of newspapers and on mainstream TV shows (e.g. Oprah).

Then, at some point the price rises will be unsustainable and there will be a massive price crash.

Then, everyone will know about Bitcoin and will just start using it as money.

As for the current price rise, it's hard to know whether it's driven by an ongoing increase in interest about Bitcoin (in which case there won't be a price retreat), or whether it's driven by one (or a few) large buyers (in which case there will be a price retreat if they decide they "have enough" bitcoins before the next large buyer arrives).

I share your concerns.  It is always a good idea to diversify and hold some real income-producing value assets.

"We will not find a solution to political problems in cryptography, but we can win a major battle in the arms race and gain a new territory of freedom for several years.

Governments are good at cutting off the heads of a centrally controlled networks, but pure P2P networks are holding their own."
ribuck
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May 02, 2011, 07:33:51 AM
 #9

I share your concerns.
Then I didn't express myself very well. I wasn't expressing any concerns, just a prediction for the future.
em3rgentOrdr
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May 02, 2011, 08:14:13 AM
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I share your concerns.
Then I didn't express myself very well. I wasn't expressing any concerns, just a prediction for the future.
ok. I shouldn't imply. But yeah, I am concerned that at some point there will be a bitcoin bubble and crash, and I hope it doesn't scare people away from bitcoin.

"We will not find a solution to political problems in cryptography, but we can win a major battle in the arms race and gain a new territory of freedom for several years.

Governments are good at cutting off the heads of a centrally controlled networks, but pure P2P networks are holding their own."
ribuck
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May 02, 2011, 07:47:18 PM
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I am concerned that at some point there will be a bitcoin bubble and crash, and I hope it doesn't scare people away from bitcoin.
Look at it this way: if there is a big bubble, lots of "ordinary people" will buy Bitcoins. If there is a price crash, they won't be able to sell their Bitcoins without making a loss, so they will use their coins to trade for stuff instead.

That's why I'm not concerned.
em3rgentOrdr
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May 05, 2011, 03:59:57 AM
 #12

I am concerned that at some point there will be a bitcoin bubble and crash, and I hope it doesn't scare people away from bitcoin.
Look at it this way: if there is a big bubble, lots of "ordinary people" will buy Bitcoins. If there is a price crash, they won't be able to sell their Bitcoins without making a loss, so they will use their coins to trade for stuff instead.

That's why I'm not concerned.

hmm...that's possible. 

"Oh damn-it, I bought up all this money and I don't know what to do with it."  [Facepalm]  "I'll just buy some coffee and server space with it"  Smiley

"We will not find a solution to political problems in cryptography, but we can win a major battle in the arms race and gain a new territory of freedom for several years.

Governments are good at cutting off the heads of a centrally controlled networks, but pure P2P networks are holding their own."
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