i kinda feel bad for people getting liquidated but swimming always makes me feel better.
http://www.youtube.com/watch?v=tMyk7MXsseg
Topic: Confirmed: Bitcoinica sold at $1.994 (Read 4214 times)
http://www.youtube.com/watch?v=tMyk7MXsseg
@zhoutong:
"spreads are high - so am i!" - lead slogan of your hedgeing bot?
"spreads are high - so am i!" - lead slogan of your hedgeing bot?
We don't really have much choice. The market spread is there. If you buy and sell a few hundred coins, the slippage may be even more than the spread.
Situation is generally better when the price is high. Imagine the two scenarios:
You want to buy at $20, but someone offers to sell at $20.1000. (You may just place a limit order and wait for people to sell to you.)
You want to buy at $2, but someone offers to sell at $2.01000. (You may just spend one cent more.)
It's just the psychological difference. We all have experienced high and low prices, and sometimes a trader's psychology is not easy to adjust.
The former situation will yield more liquidity in the market, hence the spread will be lower.
So, let's wait for the price to increase!
The idea someone had for making bitcoin payment and purchasing tools on cell phones would be one such evolution. Making it easier to use it to buy and sell is essential to getting more people to adopt it.
Getting cell phone users buying trinkets with Bitcoin is not something I feel is very appropriate at the moment. But it would be a nice thing to have in the system's back pocket and I do believe that solutions are being and have been developed for this.
The people I would prefer to see being significantly involved in Bitcoin at the moment who be those who have a specific combination of tech savvy, reasonably well off financially, deeply suspicious of everything, and (with luck) having some measure of decency and honesty.
These types of people would be best situated to not lose anything they cannot afford to lose and to assist in getting the currency distributed effectively if/when there is a legitimate need to do so arises.
I'll be honest. I'm too embarrassed to be associated with Bitcoin to bring it up to people that I know in real life. I think there's a lot of people on this forum that feel the same way. I meet most of those criteria, and hell.. we've even developed a (mostly) clean room implementation of the Bitcoin stack, including functional double spend detection. The problem is that to the outside world, we're all now seen as loonies and overzealous libertarians living in our moms basements.
The problem isn't that the technology pieces are missing. The problem is that many of us are horribly jaded and misguided INTP and INTJ personality types with delusional thought patterns, narcissistic leanings, and what I can only describe as high functioning autism.
While cryptocurrencies aren't going to die, Bitcoin might have to. It is/was just an experiment, after all.
I'm ENTJ. I'd be interested in marketing bitcoin if I knew where to start.
ENFJ here. :-)
@zhoutong:
"spreads are high - so am i!" - lead slogan of your hedgeing bot?
"spreads are high - so am i!" - lead slogan of your hedgeing bot?
The idea someone had for making bitcoin payment and purchasing tools on cell phones would be one such evolution. Making it easier to use it to buy and sell is essential to getting more people to adopt it.
Getting cell phone users buying trinkets with Bitcoin is not something I feel is very appropriate at the moment. But it would be a nice thing to have in the system's back pocket and I do believe that solutions are being and have been developed for this.
The people I would prefer to see being significantly involved in Bitcoin at the moment who be those who have a specific combination of tech savvy, reasonably well off financially, deeply suspicious of everything, and (with luck) having some measure of decency and honesty.
These types of people would be best situated to not lose anything they cannot afford to lose and to assist in getting the currency distributed effectively if/when there is a legitimate need to do so arises.
I'll be honest. I'm too embarrassed to be associated with Bitcoin to bring it up to people that I know in real life. I think there's a lot of people on this forum that feel the same way. I meet most of those criteria, and hell.. we've even developed a (mostly) clean room implementation of the Bitcoin stack, including functional double spend detection. The problem is that to the outside world, we're all now seen as loonies and overzealous libertarians living in our moms basements.
The problem isn't that the technology pieces are missing. The problem is that many of us are horribly jaded and misguided INTP and INTJ personality types with delusional thought patterns, narcissistic leanings, and what I can only describe as high functioning autism.
While cryptocurrencies aren't going to die, Bitcoin might have to. It is/was just an experiment, after all.
I'm ENTJ. I'd be interested in marketing bitcoin if I knew where to start.
I'll be honest. I'm too embarrassed to be associated with Bitcoin to bring it up to people that I know in real life. I think there's a lot of people on this forum that feel the same way. I meet most of those criteria, and hell.. we've even developed a (mostly) clean room implementation of the Bitcoin stack, including functional double spend detection. The problem is that to the outside world, we're all now seen as loonies and overzealous libertarians living in our moms basements.
The problem isn't that the technology pieces are missing. The problem is that many of us are horribly jaded and misguided INTP and INTJ personality types with delusional thought patterns, narcissistic leanings, and what I can only describe as high functioning autism.
Heh. I cannot really argue with a word of that or put it much better
While cryptocurrencies aren't going to die, Bitcoin might have to. It is/was just an experiment, after all.
I do have some questions about this, however. Firstly, it is difficult to dislodge a first comer generally even with a much better product, and I see in the original a fairly stunning combination of well made technical decisions and startlingly good implementation (although in fairness, I've neither the skill nor time to analyze it line by line.) Secondly, in spite of the market shakeups, or perhaps to some extent because of them, I suspect that the value base is relatively widely distributed amongst the most interested geeks and most of them are not going to wish to give it up. I certainly won't.
I could see a situation where the block chain is used as a basis for other crypto-currencies or even other yet undreamed of things. My 'investment' or 'speculation' is actually more in just getting some secret keys which have a positive balance representation in the block chain than it is about obtaining a lot more USD than I already have.
The idea someone had for making bitcoin payment and purchasing tools on cell phones would be one such evolution. Making it easier to use it to buy and sell is essential to getting more people to adopt it.
Getting cell phone users buying trinkets with Bitcoin is not something I feel is very appropriate at the moment. But it would be a nice thing to have in the system's back pocket and I do believe that solutions are being and have been developed for this.
The people I would prefer to see being significantly involved in Bitcoin at the moment who be those who have a specific combination of tech savvy, reasonably well off financially, deeply suspicious of everything, and (with luck) having some measure of decency and honesty.
These types of people would be best situated to not lose anything they cannot afford to lose and to assist in getting the currency distributed effectively if/when there is a legitimate need to do so arises.
I'll be honest. I'm too embarrassed to be associated with Bitcoin to bring it up to people that I know in real life. I think there's a lot of people on this forum that feel the same way. I meet most of those criteria, and hell.. we've even developed a (mostly) clean room implementation of the Bitcoin stack, including functional double spend detection. The problem is that to the outside world, we're all now seen as loonies and overzealous libertarians living in our moms basements.
The problem isn't that the technology pieces are missing. The problem is that many of us are horribly jaded and misguided INTP and INTJ personality types with delusional thought patterns, narcissistic leanings, and what I can only describe as high functioning autism.
While cryptocurrencies aren't going to die, Bitcoin might have to. It is/was just an experiment, after all.
Where the hell have YOU been? haven't seen your iron-fist style around here lately
After I cashed out my millions shorting the true believers, I got tired of stoking the flames (except the Atlas/Matthew drama).
One time I supported a campaign to introduce new users to Bitcoin, but I recognized that at this point all that is doing is guiding them into the line at the slaughter house (or a majority of them anyway) so I withdrew from any activities along these lines. And would/did suggest that anyone receiving donations in Bitcoin (which I think is a great thing to do) immediately cash them out for just about anything else.
I retain a lot of hope that at some point Bitcoin will be a viable technology for the masses, but a good deal of evolution is needed before that is the case (IMHO.)
I retain a lot of hope that at some point Bitcoin will be a viable technology for the masses, but a good deal of evolution is needed before that is the case (IMHO.)
I genuinely thought this would be an interesting experiment, until it became clear that the unique features of Bitcoin were completely steamrolled by the same issues facing unregulated markets over the last century. That's been obvious for months now. It's been fun in a rubbernecking-sort-of-fashion, but I'm just beginning to feel sorry for people. I know what it's like to have a cause, but I'm genuinely disappointed at the full turn from reality and ignorance that permeates this fanaticism. I pray you're all trolls.
anyone who got into / planned on using bitcoin as a speculation vehicle got exactly what they deserved. use it as it was intended - decentralized currency and not as a get rich quick scheme.
You're half right! Problem is "intentions" don't meet the real world about 99% of the time. Hope you're learning.
https://bit-pay.com/aboutMobile.html
I'm planning on approaching my lunch place on Thursday here in Cleveland to see if they will set up something to use this. I've been going there for 5 years and might be able to get them into it. Looking forward to paying for my future lunches in bitcoins!
I'm planning on approaching my lunch place on Thursday here in Cleveland to see if they will set up something to use this. I've been going there for 5 years and might be able to get them into it. Looking forward to paying for my future lunches in bitcoins!
I just don't know what to say anymore.
The idea someone had for making bitcoin payment and purchasing tools on cell phones would be one such evolution. Making it easier to use it to buy and sell is essential to getting more people to adopt it.
https://bit-pay.com/aboutMobile.html
I'm planning on approaching my lunch place on Thursday here in Cleveland to see if they will set up something to use this. I've been going there for 5 years and might be able to get them into it. Looking forward to paying for my future lunches in bitcoins!
The idea someone had for making bitcoin payment and purchasing tools on cell phones would be one such evolution. Making it easier to use it to buy and sell is essential to getting more people to adopt it.
Getting cell phone users buying trinkets with Bitcoin is not something I feel is very appropriate at the moment. But it would be a nice thing to have in the system's back pocket and I do believe that solutions are being and have been developed for this.
The people I would prefer to see being significantly involved in Bitcoin at the moment who be those who have a specific combination of tech savvy, reasonably well off financially, deeply suspicious of everything, and (with luck) having some measure of decency and honesty.
These types of people would be best situated to not lose anything they cannot afford to lose and to assist in getting the currency distributed effectively if/when there is a legitimate need to do so arises.
anyone who got into / planned on using bitcoin as a speculation vehicle got exactly what they deserved. use it as it was intended - decentralized currency and not as a get rich quick scheme.
The idea someone had for making bitcoin payment and purchasing tools on cell phones would be one such evolution. Making it easier to use it to buy and sell is essential to getting more people to adopt it.
I retain a lot of hope that at some point Bitcoin will be a viable technology for the masses, but a good deal of evolution is needed before that is the case (IMHO.)
You can say that again. It's ironic that a Utopian commodity/currency designed for freedom is being heavily affected by high frequency trading, short trading, and other tricks the 1% on Wall Street use.
Where the hell have you been? There has never been anything but "fuck you, got mine" in the world of bitcoin. And, as many would argue around here, that is freedom.
It's been obvious from day one why unregulated currency markets are bad for everyone but the 1%. I mean, Zhoutong even posted a gini index for bitcoins, .8. That's worse than Nigeria in terms of wealth distribution (.7).
What in the hell ever made you think there was anything Utopian about this?
Well put.
One time I supported a campaign to introduce new users to Bitcoin, but I recognized that at this point all that is doing is guiding them into the line at the slaughter house (or a majority of them anyway) so I withdrew from any activities along these lines. And would/did suggest that anyone receiving donations in Bitcoin (which I think is a great thing to do) immediately cash them out for just about anything else.
I retain a lot of hope that at some point Bitcoin will be a viable technology for the masses, but a good deal of evolution is needed before that is the case (IMHO.)
It's ironic that a Utopian commodity/currency designed for freedom is being heavily affected by high frequency trading, short trading, and other tricks the 1% on Wall Street use.
Where the hell have you been? There has never been anything but "fuck you, got mine" in the world of bitcoin. And, as many would argue around here, that is freedom.
It's been obvious from day one why unregulated currency markets are bad for everyone but the 1%. I mean, Zhoutong even posted a gini index for bitcoins, .8. That's worse than Nigeria in terms of wealth distribution (.7).
What in the hell ever made you think there was anything Utopian about this?
Where the hell have YOU been? haven't seen your iron-fist style around here lately
It's ironic that a Utopian commodity/currency designed for freedom is being heavily affected by high frequency trading, short trading, and other tricks the 1% on Wall Street use.
Where the hell have you been? There has never been anything but "fuck you, got mine" in the world of bitcoin. And, as many would argue around here, that is freedom.
It's been obvious from day one why unregulated currency markets are bad for everyone but the 1%. I mean, Zhoutong even posted a gini index for bitcoins, .8. That's worse than Nigeria in terms of wealth distribution (.7).
What in the hell ever made you think there was anything Utopian about this?
Saw some people discussing about the "manipulator" sold below $2.
It's not the manipulator, but Bitcoinica. Our system liquidated a lot of positions at the price around $2.
It's not the manipulator, but Bitcoinica. Our system liquidated a lot of positions at the price around $2.
That explains a lot of the strange trading activity we see. I would bet most trading on MtGox is program driven with scant human oversight.
It's ironic that a Utopian commodity/currency designed for freedom is being heavily affected by high frequency trading, short trading, and other tricks the 1% on Wall Street use.
Freedom? Everyone's free to use whatever tools are available to help them get all the bitcoins they can. If my resources were such that I could afford more mining power, and / or solar power to run it, I probably wouldn't have to use bitcoinica or even trade at all.
But BTC is the future and I'll be damned if I'm left behind this time.
Solar power is the most expensive form of energy generation as it stands now. It shouldn't be since sunlight is the most abundant form of energy in the world and a fraction of a percentage of the worlds sunlight could satisfy the entire worlds energy needs. Especially given the current economics, mining with solar power is just plain silly.
Saw some people discussing about the "manipulator" sold below $2.
It's not the manipulator, but Bitcoinica. Our system liquidated a lot of positions at the price around $2.
It's not the manipulator, but Bitcoinica. Our system liquidated a lot of positions at the price around $2.
That explains a lot of the strange trading activity we see. I would bet most trading on MtGox is program driven with scant human oversight.
It's ironic that a Utopian commodity/currency designed for freedom is being heavily affected by high frequency trading, short trading, and other tricks the 1% on Wall Street use.
Freedom? Everyone's free to use whatever tools are available to help them get all the bitcoins they can. If my resources were such that I could afford more mining power, and / or solar power to run it, I probably wouldn't have to use bitcoinica or even trade at all.
But BTC is the future and I'll be damned if I'm left behind this time.
Saw some people discussing about the "manipulator" sold below $2.
It's not the manipulator, but Bitcoinica. Our system liquidated a lot of positions at the price around $2.
It's not the manipulator, but Bitcoinica. Our system liquidated a lot of positions at the price around $2.
That explains a lot of the strange trading activity we see. I would bet most trading on MtGox is program driven with scant human oversight.
It's ironic that a Utopian commodity/currency designed for freedom is being heavily affected by high frequency trading, short trading, and other tricks the 1% on Wall Street use.
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