Never said anything about anonymous or without fees. Without excessive fees yes, but people have to get paid and without the month that mt gox required to verify.
The best option is coinbase at the moment but wont last.
Topic: Bitcoins vast overvaluation - page 3. (Read 4917 times)
If ltc crashes with Atlantis coming down, does this support Falkvinge's btc valuation?
Ya people are not going to send cash via mail. If you know where to buy in 10 min without a month long verification process, excessive fees, or sending bank wire or cash deposited to a stranger's account. Please enlighten us.
That is just your public wallet. I know you have coins because you are a lifetime member to the foundation. I think when I looked it was thousands of dollars that could only be paid in coins
Bitcoin has to be better than what people already use.
"The revolution will be monetized!" or this will never happen
Ah, without fees or identity. No, I have no free way to get bitcoins anonymously. I have no problem verifying my identity and paying for a service. When I did cash in the mail it was the only way. There were no exchanges. As far as the wallet, I have lots. But I don't remember ever having that much in my public one. That is just your public wallet. I know you have coins because you are a lifetime member to the foundation. I think when I looked it was thousands of dollars that could only be paid in coins
Bitcoin has to be better than what people already use.
"The revolution will be monetized!" or this will never happen
If you exclude bank wires, direct deposits (like the Europeans do), fees, AML/KYC verification then it must be hard for you.
Ya that is fine and good, but they will be shut down too. Bitstamp and coin base are pretty good.
It is not P2P. They are just new banks they will either be regulated to death or shut down.
Centralized institutions.
It is not P2P. They are just new banks they will either be regulated to death or shut down.
Centralized institutions.
Ya people are not going to send cash via mail. If you know where to buy in 10 min without a month long verification process, excessive fees, or sending bank wire or cash deposited to a stranger's account. Please enlighten us.
That is just your public wallet. I know you have coins because you are a lifetime member to the foundation. I think when I looked it was thousands of dollars that could only be paid in coins
Bitcoin has to be better than what people already use.
"The revolution will be monetized!" or this will never happen
That is just your public wallet. I know you have coins because you are a lifetime member to the foundation. I think when I looked it was thousands of dollars that could only be paid in coins
Bitcoin has to be better than what people already use.
"The revolution will be monetized!" or this will never happen
Coinbase. Verification takes about a week (Which is the same as paypal or any other service that links to your bank account. It is a bit longer before you can buy insane amounts, but the default limits give you a lot of room). Fees are reasonable.
Ya people are not going to send cash via mail. If you know where to buy in 10 min without a month long verification process, excessive fees, or sending bank wire or cash deposited to a stranger's account. Please enlighten us.
That is just your public wallet. I know you have coins because you are a lifetime member to the foundation. I think when I looked it was thousands of dollars that could only be paid in coins
Bitcoin has to be better than what people already use.
"The revolution will be monetized!" or this will never happen
That is just your public wallet. I know you have coins because you are a lifetime member to the foundation. I think when I looked it was thousands of dollars that could only be paid in coins
Bitcoin has to be better than what people already use.
"The revolution will be monetized!" or this will never happen
Hmmm. I buy coins all the time. It has never taken me more than 2hrs.
Really the first time you bought was less than 2 hrs.? This statement makes you look like a jack-ass everyone knows how hard it is to get coins.
BTW 2 hours is a long time.
Your wallet--
Transactions
No. Transactions 0
Total Received 0 BTC
Final Balance 0 BTC
My wallet --
Total Transactions 573
Total Received 449.57005673 BTC
Total Sent 449.5694786 BTC
Final Balance 0.00057813 BTC
Hmmm. I buy coins all the time. It has never taken me more than 2hrs.
Really the first time you bought was less than 2 hrs.? This statement makes you look like a jack-ass everyone knows how hard it is to get coins.
BTW 2 hours is a long time.
Your wallet--
Transactions
No. Transactions 0
Total Received 0 BTC
Final Balance 0 BTC
My wallet --
Total Transactions 573
Total Received 449.57005673 BTC
Total Sent 449.5694786 BTC
Final Balance 0.00057813 BTC
Hmmm. I buy coins all the time. It has never taken me more than 2hrs.
The point to me is something he just glosses over and that is that there is not an underlying market supporting the bitcoin price. Basically the whole bitcoin market is speculators with no real demand for coins other than drugs and gamblers and they dont need enough coins to justify the price. I dont really care about the other aspects of the artical.
It is like the housing market and the feds bond buying, The real market is not there for homes so they have to create artificial scarcity and use fed bond buying to prop up the price.
Reality will set in at some point, but i guess the saying goes the market can stay irrational longer than you can stay solvent.
It is like the housing market and the feds bond buying, The real market is not there for homes so they have to create artificial scarcity and use fed bond buying to prop up the price.
Reality will set in at some point, but i guess the saying goes the market can stay irrational longer than you can stay solvent.
So Bit-pay single handedly attaining 10,000 merchant customers is equivalent to your bolded statement above?
It doesnt matter how many merchants accept bitcoin.. Bitcoin will never matter until people can actually get them! I see that all the time. We need more business to accept bitcoin. WTF does that matter? The problem with bitcoin is the same problem it had a year and a half ago when I got in. NO ONE CAN GET COINS! People are not going to send of their fiat via bank wire in mass.
For those of you who don't know who Rick Falkvinge is or what he is about....
http://www.youtube.com/watch?v=zsI3-IEWgFg
http://www.youtube.com/watch?v=zsI3-IEWgFg
Cool guy! Not so good at economics though I guess. I'd still vote for him. I wish there was a pirate party in the US...
http://uspirates.org/
The question is how is that 10k figure derived?
The point to me is something he just glosses over and that is that there is not an underlying market supporting the bitcoin price. Basically the whole bitcoin market is speculators with no real demand for coins other than drugs and gamblers and they dont need enough coins to justify the price. I dont really care about the other aspects of the artical.
It is like the housing market and the feds bond buying, The real market is not there for homes so they have to create artificial scarcity and use fed bond buying to prop up the price.
Reality will set in at some point, but i guess the saying goes the market can stay irrational longer than you can stay solvent.
It is like the housing market and the feds bond buying, The real market is not there for homes so they have to create artificial scarcity and use fed bond buying to prop up the price.
Reality will set in at some point, but i guess the saying goes the market can stay irrational longer than you can stay solvent.
So Bit-pay single handedly attaining 10,000 merchant customers is equivalent to your bolded statement above?
Quote
UPDATE 4: FOCUS ON PART TWO
As I was able to document what’s normally illegal trading practices, I tried to quantify their impact on the exchange rate by dividing the price into utility value, speculation value, and price-fixing value. That turned out to be a mistake, horribly imprecise, unnecessary, and irrelevant. Ignore the napkin ballpark calculations below and focus on the documented price-fixing further below instead; that’s the news brought to the table here.
As I was able to document what’s normally illegal trading practices, I tried to quantify their impact on the exchange rate by dividing the price into utility value, speculation value, and price-fixing value. That turned out to be a mistake, horribly imprecise, unnecessary, and irrelevant. Ignore the napkin ballpark calculations below and focus on the documented price-fixing further below instead; that’s the news brought to the table here.
So basically what he is admitting after all the backlash is that the calculation of value that he did is worthless, so just focus on his point that the market is being manipulated.
Manipulated? Bitcoin market? Say it ain't so!
For those of you who don't know who Rick Falkvinge is or what he is about....
http://www.youtube.com/watch?v=zsI3-IEWgFg
http://www.youtube.com/watch?v=zsI3-IEWgFg
Cool guy! Not so good at economics though I guess. I'd still vote for him. I wish there was a pirate party in the US...
For those of you who don't know who Rick Falkvinge is or what he is about....
http://www.youtube.com/watch?v=zsI3-IEWgFg
http://www.youtube.com/watch?v=zsI3-IEWgFg
Quote
its market share of transactional currencies, multiplied by the size of that market (about 75 trillion US dollars).
What?
Wtf?I estimate the market of about a few million usd considering the sales on bitmit, and stuff that like.
Where did he come with this figure?
So where can I buy bitcoins for $4!? In fact, if anyone wants to sell them to me for A WHOPPING $20 a piece (5X more than the article states) I have $4000 with their name on it. No joke.
Seriously, I don't understand how some people come up with these numbers. If the market says they are worth $140 then I will buy and sell them for that much. How do I know that $140 is a pretty good number? Well to use my case above^, If the price drops to a certain level, then people go nuts and buy them!
This is like saying 'If the gold market has $X in sales and lets be generous to err on the safe side, and divide that by the US' money velocity, which is 1.67 on average instead of the 6 estimated above. This gives us a generous gold money supply value of (insert low figure here).'
I think the word we are looking for here is 'Oops'
I don't really care who this guy is anymore, he can't see the forest for the trees.
An items value is not solely based on the USD price it commands or the volume of business it does. It can also be valuable because people see future value or if it has a utility that someone needs. I am sure someone more versed in economics could explain it better than I.
Seriously, I don't understand how some people come up with these numbers. If the market says they are worth $140 then I will buy and sell them for that much. How do I know that $140 is a pretty good number? Well to use my case above^, If the price drops to a certain level, then people go nuts and buy them!
Quote
If Silk Road has 22 million USD in annual sales, let’s be very generous to err on the safe side, and divide that by the United States’ money velocity, which is 1.67 on average instead of the 6 estimated above.
This generous estimation gives us a total bitcoin money supply value of 13 million USD.
Oops.
This generous estimation gives us a total bitcoin money supply value of 13 million USD.
Oops.
This is like saying 'If the gold market has $X in sales and lets be generous to err on the safe side, and divide that by the US' money velocity, which is 1.67 on average instead of the 6 estimated above. This gives us a generous gold money supply value of (insert low figure here).'
I think the word we are looking for here is 'Oops'
I don't really care who this guy is anymore, he can't see the forest for the trees.
An items value is not solely based on the USD price it commands or the volume of business it does. It can also be valuable because people see future value or if it has a utility that someone needs. I am sure someone more versed in economics could explain it better than I.
Technically it's already a fourth of the price. If you sell it, no matter how little you have, in most parts of the world, you'll be charged about 70% tax in between VAT and income and other tax and commissions from exchangers and wire fees etc. If you hold you make an agreement with other people that hold money that it's valuable, you get to use it for online investments and for putting it in corporations instead of your easily taxable self, and you get to wait around for the time when there are more people on the streets to exchange it with commission and tax free.
I totally agree to this. I am also here to make a commitment.
Technically it's already a fourth of the price. If you sell it, no matter how little you have, in most parts of the world, you'll be charged about 70% tax in between VAT and income and other tax and commissions from exchangers and wire fees etc. If you hold you make an agreement with other people that hold money that it's valuable, you get to use it for online investments and for putting it in corporations instead of your easily taxable self, and you get to wait around for the time when there are more people on the streets to exchange it with commission and tax free.
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