rayhan
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be your self
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June 14, 2015, 11:43:11 AM |
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5 years would be ideal... after that I might give up
7 years would be a more ideal time period honestly. I think that's a sensible time frame. We'll know whether it has a chance of kicking off properly long before that. The biggest hurdles are likely to be surmounted over the course of the next couple of years. |
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odolvlobo
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June 15, 2015, 01:17:25 AM |
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Other reasons why increased adoption does not necessarily mean increased price: - Fractional-reserve banking. If you believe that Bitcoin is immune to fractional-reserve banking, you are being naive.
- Bitcoins, and other crypto-currencies and crypto-assets are much more efficient to transfer. For the same amount of economic activity, many fewer bitcoins are needed. The demand as a result of increased adoption would not be as high as you think. Especially with the huge overhang of hoarding that we have now.
could you elaborate on fractional reserve banking for me please? |
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eerygarden
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June 15, 2015, 08:34:24 AM |
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Other reasons why increased adoption does not necessarily mean increased price: - Fractional-reserve banking. If you believe that Bitcoin is immune to fractional-reserve banking, you are being naive.
- Bitcoins, and other crypto-currencies and crypto-assets are much more efficient to transfer. For the same amount of economic activity, many fewer bitcoins are needed. The demand as a result of increased adoption would not be as high as you think. Especially with the huge overhang of hoarding that we have now.
could you elaborate on fractional reserve banking for me please? I know what fractional reserve banking is. I mean how do you think it relates to bitcoin? |
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LottoBooking
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June 15, 2015, 09:03:47 AM |
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Other reasons why increased adoption does not necessarily mean increased price: - Fractional-reserve banking. If you believe that Bitcoin is immune to fractional-reserve banking, you are being naive.
- Bitcoins, and other crypto-currencies and crypto-assets are much more efficient to transfer. For the same amount of economic activity, many fewer bitcoins are needed. The demand as a result of increased adoption would not be as high as you think. Especially with the huge overhang of hoarding that we have now.
could you elaborate on fractional reserve banking for me please? I know what fractional reserve banking is. I mean how do you think it relates to bitcoin? I think fractional reserve banking - which in simple words mean banks lend you lots of $$$$ but have only $ in their reserves - is related to BTC because the banking system relies on money that doesn't exist whilst the BTC doesn't allow you to go overdraft. That's why as the person above me said it's much more difficult to transfer same amount of cash in BTC whilst with a bank you can simply use your "credit". |
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brendasmith982
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June 15, 2015, 03:20:57 PM |
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If you have patience you will regain your loses.
How much patience..... are we talking 2 years or 20 years? 20years will make you a millionaire. |
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Dafar (OP)
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dafar consulting
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June 15, 2015, 03:35:37 PM |
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If you have patience you will regain your loses.
How much patience..... are we talking 2 years or 20 years? 20years will make you a millionaire. A millionaire by 47? I don't mind..... would like to be one in my 30s though |
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odolvlobo
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June 15, 2015, 04:43:24 PM |
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I know what fractional reserve banking is. I mean how do you think it relates to bitcoin?
A simple example would be Coinbase loaning out the bitcoins they hold. |
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eerygarden
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June 15, 2015, 06:04:49 PM |
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I know what fractional reserve banking is. I mean how do you think it relates to bitcoin?
A simple example would be Coinbase loaning out the bitcoins they hold. I am determined to understand this. So.... Lets say coinbase hold 10,000 bitcoins. Going with fractional reserve they lend out 1,000,000 bitcoin. How are they going to send them? An amendment to the protocol? |
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Amph
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June 15, 2015, 06:34:13 PM
Last edit: June 15, 2015, 06:55:55 PM by Amph |
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I know what fractional reserve banking is. I mean how do you think it relates to bitcoin?
A simple example would be Coinbase loaning out the bitcoins they hold. I am determined to understand this. So.... Lets say coinbase hold 10,000 bitcoins. Going with fractional reserve they lend out 1,000,000 bitcoin. How are they going to send them? An amendment to the protocol? they will probably create fake bitcoin, by imputing fake numbers(in your account) like they are doing all the time with fiat, then they will probably cover their ass if another one deposit on their wallet, they will surely not lend 1M if they had 10K, but at best 20K |
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odolvlobo
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June 15, 2015, 06:44:50 PM |
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I know what fractional reserve banking is. I mean how do you think it relates to bitcoin?
A simple example would be Coinbase loaning out the bitcoins they hold. I am determined to understand this. So.... Lets say coinbase hold 10,000 bitcoins. Going with fractional reserve they lend out 1,000,000 bitcoin. How are they going to send them? An amendment to the protocol? They hold 10,000 BTC and the loan 9,000 BTC. Everbody with coins at coinbase still believe they have 10,000, and some other people have 9,000. There are now effectively 19,000 BTC. If those 9,000 BTC are deposited and 90% are loaned, then there now effectively 27,100 BTC, ... Eventually if the reserve ratio is 10%, there will be effectively 100,000 BTC, even though there are actually only 10,000, and 90,000 BTC worth of promises. |
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mrhelpful
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June 15, 2015, 06:54:38 PM |
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If you have patience you will regain your loses.
How much patience..... are we talking 2 years or 20 years? 20years will make you a millionaire. A millionaire by 47? I don't mind..... would like to be one in my 30s though I dont know.. 47 is a bit a stretch. I would def be wanting to be in my 30s then 47. I mean 47 is still fine, but like damn.. I wouldnt know what to do with it at that age.. since all my youth 20-30s are gone. |
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eerygarden
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June 15, 2015, 10:40:47 PM |
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I know what fractional reserve banking is. I mean how do you think it relates to bitcoin?
A simple example would be Coinbase loaning out the bitcoins they hold. I am determined to understand this. So.... Lets say coinbase hold 10,000 bitcoins. Going with fractional reserve they lend out 1,000,000 bitcoin. How are they going to send them? An amendment to the protocol? They hold 10,000 BTC and the loan 9,000 BTC. Everbody with coins at coinbase still believe they have 10,000, and some other people have 9,000. There are now effectively 19,000 BTC. If those 9,000 BTC are deposited and 90% are loaned, then there now effectively 27,100 BTC, ... Eventually if the reserve ratio is 10%, there will be effectively 100,000 BTC, even though there are actually only 10,000, and 90,000 BTC worth of promises. I get it now. Fractional reserve within their own database. Not on the blockchain. Well... when we transact with others and use their systems we expose ourselves. Yes, I agree this could totally happen. This is a human problem though, not a bitcoin one. |
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fatguyyyyy
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June 15, 2015, 11:15:05 PM |
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Funny, I am in the same boat. I bought a large amount of bitcoin at $650-$700 and I've been suffering ever since ..
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Dafar (OP)
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dafar consulting
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June 16, 2015, 03:25:52 PM |
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Funny, I am in the same boat. I bought a large amount of bitcoin at $650-$700 and I've been suffering ever since ..
We ride together or we die together.... bitcoin broz 4 lyfe! |
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CrackedLogic
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June 16, 2015, 03:51:14 PM |
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Funny, I am in the same boat. I bought a large amount of bitcoin at $650-$700 and I've been suffering ever since ..
We ride together or we die together.... bitcoin broz 4 lyfe! There's been a minor pump? From 235-248 over night. I propose that we'll hit around $270 now. |
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grendel25
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June 16, 2015, 07:41:08 PM |
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Recently, I've been thinking about the value of bitcoin again. But my timeline is for a long term though so timeline is an important consideration. Also, I don't assign a specific amount that I want BTC to be valued at but I look at it more in terms of what my revenue streams are or might be eventually. So, I work other angles to accumulate bitcoin and that means the value of bitcoin for me to break even in fiat terms can be varied.
But just think of what that means in relative doubling or trippling terms of the value of BTC. If BTC were to go to just $500 (half of what it was at it's peak) then my current accumulation operations double in their value. It's not just the immediate value of bitcoin on-hand but also the longer term value of my efforts to accumulate bitcoin.
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grendel25
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June 16, 2015, 07:45:02 PM |
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Funny, I am in the same boat. I bought a large amount of bitcoin at $650-$700 and I've been suffering ever since ..
We ride together or we die together.... bitcoin broz 4 lyfe! There's been a minor pump? From 235-248 over night. I propose that we'll hit around $270 now. I don't know about that. I don't think we'll see such a gradual incline. I think it will be an explosive jump in price followed by another gradual decline. That just seems to be the basic trend. I think what we're seeing right now are modest panic buying of a few new entrants to the bitcoin market. There is a storm brewing and it will get political and corporate attention and I think it could be led by the same people behind movements like occupy Wall Street. |
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eerygarden
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June 16, 2015, 08:02:43 PM |
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Funny, I am in the same boat. I bought a large amount of bitcoin at $650-$700 and I've been suffering ever since ..
We ride together or we die together.... bitcoin broz 4 lyfe! There's been a minor pump? From 235-248 over night. I propose that we'll hit around $270 now. I don't know about that. I don't think we'll see such a gradual incline. I think it will be an explosive jump in price followed by another gradual decline. That just seems to be the basic trend. I think what we're seeing right now are modest panic buying of a few new entrants to the bitcoin market. There is a storm brewing and it will get political and corporate attention and I think it could be led by the same people behind movements like occupy Wall Street. I agree that there will be an explosive jump at some point. I don't know why there is all this talk of a storm brewing but I sense it too. It must be a lot of wishful thinking causing a lot of hot air. |
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lissandra
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June 16, 2015, 08:20:44 PM |
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If you have patience you will regain your loses.
How much patience..... are we talking 2 years or 20 years? 20years will make you a millionaire. 20 years id be 47, and id say why the hell would I hold these coins for so long. If anyone holds this long, much props to them. I could be dead before 47 due to natural causes etc. |
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Amph
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Merit: 1069
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June 17, 2015, 06:50:47 AM |
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If you have patience you will regain your loses.
How much patience..... are we talking 2 years or 20 years? 20years will make you a millionaire. 20 years id be 47, and id say why the hell would I hold these coins for so long. If anyone holds this long, much props to them. I could be dead before 47 due to natural causes etc. you don't need to wait that much, i believe that the next year will reserve plenty of good surprise, in the worst case in 2020, bitcoin will be already big enough, surely we don't need 20 years to achieve mainstream, even satoshi said so, and he was talking about it 6 years ago.... |
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