Topic: Evil people (Read 1393 times)

Quote from: myrkul on May 15, 2013, 02:37:04 PM

Speculators who are in it soley to make themselves more USD are pumping capital into btc infrastructure. They'll realize their error.

You assume that it is an error.

I do. If they aren't putting those extra dollars back into getting bitcoins, I imagine that they must eventually change their minds or keep using fiat until they come around. Im assuming that the dollar is dying, of course. Its only an error if they sell out of btc.
Reread. Sounded like I meant pumping capital is error. did not mean that...

OH! Yeah, I get it. I first read it like myrkul, thinking you were saying that the error was "speculators who are just in it to make themselves more money." The error you were talking about was specifically those speculators thinking that USD is where they should be making their money, i.e. that BTC is a way to get rich in USD, when those speculators should buy into BTC and STAY in BTC.

Speculating has no value if you don't trade back and forth.

I think the error is that they use BTC to gain value trading back to USD, when they should be using BTC to gain value in-and-of itself and trade for goods and services.
Basically, it sounds like a different take on "cashing out of BTC is a stupid idea, akin to cashing out of dollars"

Well, I agree that ending the back and forth with a pile of BTC > ending the back and forth with a pile of $, but we can't really judge people's economic actions without asking, "did you make a profit?" Profit = success, loss = failure.

Now, if the dollar devaluating erases all their profits, well, that's a loss, now, isn't it? Wink

(Same could be said, however, if BTC crashes.)

Rassah

legendary

Activity: 1680

Merit: 1035

Quote from: Rassah on May 15, 2013, 02:26:36 PM

Quote from: Rassah on May 15, 2013, 02:26:36 PM

Speculators who are in it soley to make themselves more USD are pumping capital into btc infrastructure. They'll realize their error.

You assume that it is an error.

I do. If they aren't putting those extra dollars back into getting bitcoins, I imagine that they must eventually change their minds or keep using fiat until they come around. Im assuming that the dollar is dying, of course. Its only an error if they sell out of btc.
Reread. Sounded like I meant pumping capital is error. did not mean that...

OH! Yeah, I get it. I first read it like myrkul, thinking you were saying that the error was "speculators who are just in it to make themselves more money." The error you were talking about was specifically those speculators thinking that USD is where they should be making their money, i.e. that BTC is a way to get rich in USD, when those speculators should buy into BTC and STAY in BTC.

Speculating has no value if you don't trade back and forth.

I think the error is that they use BTC to gain value trading back to USD, when they should be using BTC to gain value in-and-of itself and trade for goods and services.
Basically, it sounds like a different take on "cashing out of BTC is a stupid idea, akin to cashing out of dollars"

myrkul

hero member

Activity: 532

Merit: 500

FIAT LIBERTAS RVAT CAELVM

Speculators who are in it soley to make themselves more USD are pumping capital into btc infrastructure. They'll realize their error.

You assume that it is an error.

I do. If they aren't putting those extra dollars back into getting bitcoins, I imagine that they must eventually change their minds or keep using fiat until they come around. Im assuming that the dollar is dying, of course. Its only an error if they sell out of btc.
Reread. Sounded like I meant pumping capital is error. did not mean that...

OH! Yeah, I get it. I first read it like myrkul, thinking you were saying that the error was "speculators who are just in it to make themselves more money." The error you were talking about was specifically those speculators thinking that USD is where they should be making their money, i.e. that BTC is a way to get rich in USD, when those speculators should buy into BTC and STAY in BTC.

Speculating has no value if you don't trade back and forth.

Rassah

legendary

Activity: 1680

Merit: 1035

Quote from: myrkul on May 15, 2013, 03:11:09 AM

Speculators who are in it soley to make themselves more USD are pumping capital into btc infrastructure. They'll realize their error.

You assume that it is an error.

I do. If they aren't putting those extra dollars back into getting bitcoins, I imagine that they must eventually change their minds or keep using fiat until they come around. Im assuming that the dollar is dying, of course. Its only an error if they sell out of btc.
Reread. Sounded like I meant pumping capital is error. did not mean that...

OH! Yeah, I get it. I first read it like myrkul, thinking you were saying that the error was "speculators who are just in it to make themselves more money." The error you were talking about was specifically those speculators thinking that USD is where they should be making their money, i.e. that BTC is a way to get rich in USD, when those speculators should buy into BTC and STAY in BTC.

ktttn

full member

Activity: 126

Merit: 100

Capitalism is the crisis.

Speculators who are in it soley to make themselves more USD are pumping capital into btc infrastructure. They'll realize their error.

You assume that it is an error.

I do. If they aren't putting those extra dollars back into getting bitcoins, I imagine that they must eventually change their minds or keep using fiat until they come around. Im assuming that the dollar is dying, of course. Its only an error if they sell out of btc.

It's only an error if they fail to make a profit. Speculators, believe it or not, add stability to the price, by turning volatility into profit.

It seems to me like a failure to make a btc profit is worse in the long run than failure to make a usd profit. Someone's got to determine an exchange rate, might as well be really usd-wealthy people.

myrkul

hero member

Activity: 532

Merit: 500

FIAT LIBERTAS RVAT CAELVM

Speculators who are in it soley to make themselves more USD are pumping capital into btc infrastructure. They'll realize their error.

You assume that it is an error.

I do. If they aren't putting those extra dollars back into getting bitcoins, I imagine that they must eventually change their minds or keep using fiat until they come around. Im assuming that the dollar is dying, of course. Its only an error if they sell out of btc.

It's only an error if they fail to make a profit. Speculators, believe it or not, add stability to the price, by turning volatility into profit.

ktttn

full member

Activity: 126

Merit: 100

Capitalism is the crisis.

Quote from: pheaonix on May 07, 2013, 09:35:48 AM

Speculators who are in it soley to make themselves more USD are pumping capital into btc infrastructure. They'll realize their error.

You assume that it is an error.

I do. If they aren't putting those extra dollars back into getting bitcoins, I imagine that they must eventually change their minds or keep using fiat until they come around. Im assuming that the dollar is dying, of course. Its only an error if they sell out of btc.
Reread. Sounded like I meant pumping capital is error. did not mean that...

FenixRD

sr. member

Activity: 364

Merit: 250

I am Citizenfive.

i agree with the exchange thing.

it is sheer negligence that gox lags so much considering how much it makes per day.

is it really that hard to get some fiber and and some servers in japan?

No, it is just the same thing that lets anything happen which can be seen in hindsight as poor planning. Fertilizer plant explosion in Texas where it had 1/100th the insurance to cover the damages to the town built around it. Or, the Fukushima-daiichi catastrophe were the plant had power equipment critical to reactor containment located on the first floor unsheilded from a flood. It is hard to plan for everything, and the corollary is, planners we expect to do the thinking don't plan for much, and despite overwhelming evidence and numerous examples of its occurrence (poor planning by planners), we continue to place our faith in them after the period of crisis is ended, because it is easy to do so. Until the next episode.

myrkul

hero member

Activity: 532

Merit: 500

FIAT LIBERTAS RVAT CAELVM