I'm fascinated by this death-spiral as it reminds me of the movie "Black Hole" when the event horizon was being approached:
https://bitcoinwisdom.com/markets/cryptsy/dogebtc
Topic: Gold collapsing. Bitcoin UP. - page 1035. (Read 2032266 times)
watching youtube videos of cpu miners back in 2011 gave me the same sense of inevitability:
That even if someone wanted to bring down bitcoin, they’d have to outdo these guys and the dozens of other operations like this around the world. The decentralized nature of it all… that this is just one operation among many, run by different operators in different countries around the world. This really drove home that bitcoin can’t be killed by decree. Make it illegal in one country and people like this will keep hashing away in others.
http://www.thecoinsman.com/2014/08/bitcoin/inside-chinese-bitcoin-mine/
That even if someone wanted to bring down bitcoin, they’d have to outdo these guys and the dozens of other operations like this around the world. The decentralized nature of it all… that this is just one operation among many, run by different operators in different countries around the world. This really drove home that bitcoin can’t be killed by decree. Make it illegal in one country and people like this will keep hashing away in others.
http://www.thecoinsman.com/2014/08/bitcoin/inside-chinese-bitcoin-mine/
The first Bitcoin mining video I seen in 2011 was Mike Caldwell with his FOUR 5970's mining. I never seen CPU mining on youtube ever in 2011.
You got links?
maybe not. i started looking at them sometime around Jan 2011. many of those videos aren't on youtube anymore. but you're right, the gpu revolution was starting about that time.
gold market backwardation happening, weee free money!
http://economictimes.indiatimes.com/wealth/savings-centre/analysis/art-cashin-traders-are-talking-about-a-gold-conspiracy-theory-and-theres-evidence-to-back-it-up/articleshow/40051092.cms
http://economictimes.indiatimes.com/wealth/savings-centre/analysis/art-cashin-traders-are-talking-about-a-gold-conspiracy-theory-and-theres-evidence-to-back-it-up/articleshow/40051092.cms
Hey look!
Dow goes up, Dow goes down, gold goes up, gold goes down. Meanwhile;
Bitcoin goes UP!
Dow goes up, Dow goes down, gold goes up, gold goes down. Meanwhile;
Bitcoin goes UP!
Chart I'm looking at has BTC trending down for a month. The bad news, though, is that the imbalance is heavy on the supply side. At this point I'll be surprised to see a selling opportunity which works for me in 2014, and not at all surprised to seen some significant downside in the intrim. Oh well.
LTC didnt reach target for me means its dragging it all down. Physcologically we are not ready for the next uptick, for me, until that level is tested, unless we go up and then come crash down later on which is not bullish long term... anyways just what worked for me in trading forex over the years... you build up an intuition of levels that must test before the real trend resumes. Something you cant really teach.
LTC going for it!
why doesn't the mainstream media ever use such great headlines as this?:
http://www.reddit.com/r/Bitcoin/comments/2d8vec/another_point_we_need_to_focus_on_more_how_many/
How many counterfeit Bitcoins are in circulation? oh yeah 0!http://www.reddit.com/r/Bitcoin/comments/2d8vec/another_point_we_need_to_focus_on_more_how_many/
This leads to why offline transactions like using GoxCoins is dangerous and ultimately leads to the understand that Fractional Reserve "Money" is counterfeit.
Not true. Anyone can fork the chain and create countefeit bitcoins. Of course they would have to convince the other party to use the same modified client.
But in the original BTC network...yes there is 0.
watching youtube videos of cpu miners back in 2011 gave me the same sense of inevitability:
That even if someone wanted to bring down bitcoin, they’d have to outdo these guys and the dozens of other operations like this around the world. The decentralized nature of it all… that this is just one operation among many, run by different operators in different countries around the world. This really drove home that bitcoin can’t be killed by decree. Make it illegal in one country and people like this will keep hashing away in others.
http://www.thecoinsman.com/2014/08/bitcoin/inside-chinese-bitcoin-mine/
That even if someone wanted to bring down bitcoin, they’d have to outdo these guys and the dozens of other operations like this around the world. The decentralized nature of it all… that this is just one operation among many, run by different operators in different countries around the world. This really drove home that bitcoin can’t be killed by decree. Make it illegal in one country and people like this will keep hashing away in others.
http://www.thecoinsman.com/2014/08/bitcoin/inside-chinese-bitcoin-mine/
The first Bitcoin mining video I seen in 2011 was Mike Caldwell with his FOUR 5970's mining. I never seen CPU mining on youtube ever in 2011.
You got links?
There are different ways of looking at it. I think most will agree that the current price point is important.
Break out the lube, boys 
when traderCJ speaks, _________ .
Break out the lube, boys
why doesn't the mainstream media ever use such great headlines as this?:
http://www.reddit.com/r/Bitcoin/comments/2d8vec/another_point_we_need_to_focus_on_more_how_many/
How many counterfeit Bitcoins are in circulation? oh yeah 0!http://www.reddit.com/r/Bitcoin/comments/2d8vec/another_point_we_need_to_focus_on_more_how_many/
This leads to why offline transactions like using GoxCoins is dangerous and ultimately leads to the understand that Fractional Reserve "Money" is counterfeit.
watching youtube videos of cpu miners back in 2011 gave me the same sense of inevitability:
That even if someone wanted to bring down bitcoin, they’d have to outdo these guys and the dozens of other operations like this around the world. The decentralized nature of it all… that this is just one operation among many, run by different operators in different countries around the world. This really drove home that bitcoin can’t be killed by decree. Make it illegal in one country and people like this will keep hashing away in others.
http://www.thecoinsman.com/2014/08/bitcoin/inside-chinese-bitcoin-mine/
That even if someone wanted to bring down bitcoin, they’d have to outdo these guys and the dozens of other operations like this around the world. The decentralized nature of it all… that this is just one operation among many, run by different operators in different countries around the world. This really drove home that bitcoin can’t be killed by decree. Make it illegal in one country and people like this will keep hashing away in others.
http://www.thecoinsman.com/2014/08/bitcoin/inside-chinese-bitcoin-mine/
why doesn't the mainstream media ever use such great headlines as this?:
http://www.reddit.com/r/Bitcoin/comments/2d8vec/another_point_we_need_to_focus_on_more_how_many/
http://www.reddit.com/r/Bitcoin/comments/2d8vec/another_point_we_need_to_focus_on_more_how_many/
I want to see it touch $250
Comparing the price of altcoins to fiat is broken and wrong.The only thing that matters is if you're better off holding Bitcoin or the alt, and to determine that you compare the alt/BTC exchange rate.
Otherwise you'll end up in situations where the altcoin appreciates 10x vs the USD and you think you've done well, but at the same time BTC appreciated 100x so you've actually lost 90% of your purchasing power.
i can't find a charting program that will allow me to draw a support line connecting the lows of April and Nov 2013. looks broken to me. anyone?
I want to see it touch $250
Comparing the price of altcoins to fiat is broken and wrong.The only thing that matters is if you're better off holding Bitcoin or the alt, and to determine that you compare the alt/BTC exchange rate.
Otherwise you'll end up in situations where the altcoin appreciates 10x vs the USD and you think you've done well, but at the same time BTC appreciated 100x so you've actually lost 90% of your purchasing power.
I won't declare Litecoin dead until it clearly has deviated from its long-term pattern:
http://www.cryptocoincharts.info/v2/pair/ltc/btc/btc-e/alltime
That would mean a BTC mania with no corresponding LTC/BTC mania.
It's going to die eventually, the only question is whether or not they get another pump out of it first.
http://www.cryptocoincharts.info/v2/pair/ltc/btc/btc-e/alltime
That would mean a BTC mania with no corresponding LTC/BTC mania.
It's going to die eventually, the only question is whether or not they get another pump out of it first.
I'd say it's very premature at this time to expect LTC to die. Not saying price is gonna go up but if it's still maintaining it's overall trend lines then that alone tells me LTC has a long ways to go. It would be nice to see some things happening along the lines of development.
Since the march of Crypto has only barely started, I expect LTC to remain in the game for a while. I want to see it touch $250
I won't declare Litecoin dead until it clearly has deviated from its long-term pattern:
http://www.cryptocoincharts.info/v2/pair/ltc/btc/btc-e/alltime
That would mean a BTC mania with no corresponding LTC/BTC mania.
It's going to die eventually, the only question is whether or not they get another pump out of it first.
http://www.cryptocoincharts.info/v2/pair/ltc/btc/btc-e/alltime
That would mean a BTC mania with no corresponding LTC/BTC mania.
It's going to die eventually, the only question is whether or not they get another pump out of it first.
I'd say it's very premature at this time to expect LTC to die. Not saying price is gonna go up but if it's still maintaining it's overall trend lines then that alone tells me LTC has a long ways to go. It would be nice to see some things happening along the lines of development.
can u show us your trendlines?
I won't declare Litecoin dead until it clearly has deviated from its long-term pattern:
http://www.cryptocoincharts.info/v2/pair/ltc/btc/btc-e/alltime
That would mean a BTC mania with no corresponding LTC/BTC mania.
It's going to die eventually, the only question is whether or not they get another pump out of it first.
http://www.cryptocoincharts.info/v2/pair/ltc/btc/btc-e/alltime
That would mean a BTC mania with no corresponding LTC/BTC mania.
It's going to die eventually, the only question is whether or not they get another pump out of it first.
I'd say it's very premature at this time to expect LTC to die. Not saying price is gonna go up but if it's still maintaining it's overall trend lines then that alone tells me LTC has a long ways to go. It would be nice to see some things happening along the lines of development.
when gold was at it's peak as a world reserve currency, it free floated btwn individual actors/players on the global scene. it wasn't housed in CB warehouses. there was some centralization in gold warehouses/exchanges back then but it could be freely redeemed to cross international borders so as to bring a country's balance of payments/and interest rates into line.
This.
What central banks and governments did was they made it illegal and/or difficult to use gold in transactions directly (for example FDR's 1933 exec order and ban on private possession on gold). They then backed paper money with gold since people then saw gold as money. Then after generations people no longer saw the underlying asset (gold) as money and instead just saw the currency, it's probably the biggest switcheroo in the modern era.
The advantage for bitcoin is it is both 1) every easy to use directly and 2) impossible to ban. This should hopefully prevent CBs from doing the same thing.
It is also why it is so important to get more adoption and transactions by merchants to encourage direct peer-to-peer usage of bitcoin as money. Otherwise if CBs end up storing all of them on behalf of people and issuing paper, bitcoin will go the same way as gold already did.
Cypher, I thought you believed that bitcoin could serve as a sort of reserve currency that enforced discipline. If central banks hold gold on the asset side of their balance sheets, why can't they one day hold bitcoin?
when gold was at it's peak as a world reserve currency, it free floated btwn individual actors/players on the global scene. it wasn't housed in CB warehouses. there was some centralization in gold warehouses/exchanges back then but it could be freely redeemed to cross international borders so as to bring a country's balance of payments/and interest rates into line. if banks lowered interest rates too low, everyone supposedly would know about this, and then withdraw gold from the abusing country.
they [central banks] really need to go.
Agreed.
I'm just trying to guess the way in which that might happen. I think the end game is the same in any case--bit by bit these institutions become irrelevant until they're powerless shells of their former glory.
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