Topic: Gold collapsing. Bitcoin UP. - page 172. (Read 2032248 times)
right now the only reason Greek's are getting into bitcoin is to be able to transfer their money out so its not in the banks that are closed and perhaps confiscate their wealth. Once they transfer their coins abroad they will sell them for fiat and transfer to another bank most likely(for those who dont have connections to people abroad).. however a small % will stay in bitcoin which is bullish but not as bullish as most think.
On topic (for about the first time in my long and sordid career here)... I gotta say that PM's today are at there sucky low levels in spite of a decline in the USDX. This surprises me more than a bit. My sense is that there is a lot happening behind the scenes and I'm inclined to be prepared for anything as a result of the grexit or threat there-of. Thankfully I don't have to worry about a lot of other 'vestments since I deliberately keep my 'portfolio' pretty simple. Were I not to do so I imagine that I might have some trouble sleeping over the next block of time.
Yes, it's real:
The world's largest Bitcoin exchanges tell CNNMoney they've seen a surge of business from Greece.
Ten times as many Greeks are registering to trade bitcoins on the German marketplace Bitcoin.de than usual, according to CEO Oliver Flaskaemper. Bitcoin trades from Greece have shot up 79% from their ten-week average on Bitstamp, the world's third-largest exchange.
http://money.cnn.com/2015/06/29/technology/greece-bitcoin/
The world's largest Bitcoin exchanges tell CNNMoney they've seen a surge of business from Greece.
Ten times as many Greeks are registering to trade bitcoins on the German marketplace Bitcoin.de than usual, according to CEO Oliver Flaskaemper. Bitcoin trades from Greece have shot up 79% from their ten-week average on Bitstamp, the world's third-largest exchange.
http://money.cnn.com/2015/06/29/technology/greece-bitcoin/
we're getting close to 2.3 TPS in the Tradeblock post:
Just wait until the next Bitcoin pop, which could happen at any time over the next year given the coming sovereign debt crisis. TPS went up by at least 10x during the previous price bubbles. TPS will be severely and artificially constrained this time, which will both significantly degrade the user experience and this in turn will stop the bubble ramp dead in it's tracks. Losing money because of a core dev pissing match will piss off many. And then after all this happens we ramp to 8MB blocks with no issues, people will be doubly pissed the increase didn't happen in a timely manner. Core devs are going to lose the communities' faith.
Edit: There is a 2.6MB backlog currently, offering 1.1BTC in fees (mostly the minimum fee). This shows minimum fees, if allowed to scale with larger blocks, will adequately fund the mining mechanism.
I don't think you see the full extent of the paradigm shift the author hints at (perhaps the author doesn't, either).
A 51% attack is one thing, sure, if that's your concern it gets more complicated but certainly not impossible to tell that, for example, there is widespread inability to get transactions through. In the worst case, a nuke (spinoff to protocol with a different mining algo, retaining the ledger) can be made to be very easy to do. No proof of miner malfeasance is needed, mere suspicion will do if it is easy enough to go through the spinoff process. If it needs to be a regular thing, it can soon be done without the user even noticing by having the wallet software be advanced enough. Let that sink in. Investors always hold the final card. Miners make investors jumpy at their own peril, no matter what the miners' motivations are. ...
Now if you'll say everyday users/sheep will just go with the flow, sure, they may and they will have their transactions censored, then, but with wallet software that makes it a snap - even unnoticeable, default - to switch to spinoffs at will so that the ledger is always maintained, the friction is reduced to practically zero. At worst we are back to a situation where people "don't realize they should be using Bitcoin," but this time it's little more than a single click on an interface to fix that.
A 51% attack is one thing, sure, if that's your concern it gets more complicated but certainly not impossible to tell that, for example, there is widespread inability to get transactions through. In the worst case, a nuke (spinoff to protocol with a different mining algo, retaining the ledger) can be made to be very easy to do. No proof of miner malfeasance is needed, mere suspicion will do if it is easy enough to go through the spinoff process. If it needs to be a regular thing, it can soon be done without the user even noticing by having the wallet software be advanced enough. Let that sink in. Investors always hold the final card. Miners make investors jumpy at their own peril, no matter what the miners' motivations are. ...
Now if you'll say everyday users/sheep will just go with the flow, sure, they may and they will have their transactions censored, then, but with wallet software that makes it a snap - even unnoticeable, default - to switch to spinoffs at will so that the ledger is always maintained, the friction is reduced to practically zero. At worst we are back to a situation where people "don't realize they should be using Bitcoin," but this time it's little more than a single click on an interface to fix that.
Note made to myself. Never contract this guy to do any design work. He is entirely out-of-touch with reality.
Certainly there are tradeoffs, as investors know not to piss miners off too much or else alienate their hashing security team, but if this is just going to be another "Bitcoin is broken because 51% attack" argument where you are saying
your system fixes this, well, that's cool but only once you show it. It doesn't mean anything to anyone just saying you have a better solution. We have no way of knowing you're right or wrong, and there are too many claiming the same.
your system fixes this, well, that's cool but only once you show it. It doesn't mean anything to anyone just saying you have a better solution. We have no way of knowing you're right or wrong, and there are too many claiming the same.
Even if you remove my vaporware from the analysis, Bitcoin can not scale decentralized. So make your choice. Those pretending they can have both scaling and decentralization are lying or deluded or both.
Also Bitcoin can't scale efficiently even centralized because maximum network efforts are mitigated by centralization. A decentralized solution (which isn't vaporware) that scales could wipe Bitcoin Core's ass off the map.
Dow -333
no late day rally (sticksave) here:
no late day rally (sticksave) here:
actually, i have to laugh. as i peruse the front page of Reddit, i see nothing but articles on Greece, Italy, currency problems, bank runs, namely, international events.
And redditors foaming at the mouth whilst telling us that none of this will affect bitcoin. Forbes even got in on the game.
http://fortune.com/2015/06/29/bitcoin-price-hike-greece-grexit/
the ppl in that article are incredibly ignorant and naive.
does buying related to the events in Greece have to come from Greece alone to validate the concept of a RunToBitcoin? of course not. the event merely has to cause ppl from everywhere else in the world to start dumping speculative assets in exchange for Bitcoin in anticipation of a contagion event to validate the concept. esp a selloff in the US stock mkt as one indicator.
we live in a connected world today. global economies are intertwined. USD hegemony is everywhere and USD foreign loans are quite prevalent. as the peripheries unravel, it will cause a feedback loop back here. that's the way it was in 2008, everyone was in trouble.
edit: i wouldn't be surprised if the US or the EU were the main buyers of BTC right now.
Up to the Bullard low of October 2014.
uh oh:
I'll concur with iCEBREAKER that you've got a knack at coming to exactly the wrong conclusions based on your analysis more often than not. Such a shame.
there's a difference though.
you actually believe in the concepts you've got wrong.
iCE just seems to follow the crowd.
blocks full again with TPS unacceptably high --> unconf tx set ~ 3000, more than double normal. pools taking defensive action. when will Blockstream devs do something?:
actually, i have to laugh. as i peruse the front page of Reddit, i see nothing but articles on Greece, Italy, currency problems, bank runs, namely, international events.
fyi, my posting style hasn't changed one bit since day 1 2011. i've always emphasized international or global economics; stocks, bonds, gold/silver, politics, macroeconomics, etc as they relate to Bitcoin. only makes sense, right? however, you won't believe the number of geek trolls who criticized me for having done so for such inextricable reasons as "none of that matters", "Bitcoin is and always will remain niche", "hedge funds and VC's will never invest in Bitcoin", "Wall St doesn't give a shit about crypto and never will", yada yada yada. Matthew N. Wright comes mainly to mind.
well, he's long gone from Bitcoin.
fyi, my posting style hasn't changed one bit since day 1 2011. i've always emphasized international or global economics; stocks, bonds, gold/silver, politics, macroeconomics, etc as they relate to Bitcoin. only makes sense, right? however, you won't believe the number of geek trolls who criticized me for having done so for such inextricable reasons as "none of that matters", "Bitcoin is and always will remain niche", "hedge funds and VC's will never invest in Bitcoin", "Wall St doesn't give a shit about crypto and never will", yada yada yada. Matthew N. Wright comes mainly to mind.
well, he's long gone from Bitcoin.
I'd concur that you are more focused than average on the important things and have a much better than average interpretation of certain of the critical aspects of mainstream systems than most. Of course, 'most' don't even know or care that such a sphere exists.
I'll concur with iCEBREAKER that you've got a knack at coming to exactly the wrong conclusions based on your analysis more often than not. Such a shame.
actually, i have to laugh. as i peruse the front page of Reddit, i see nothing but articles on Greece, Italy, currency problems, bank runs, namely, international events.
And redditors foaming at the mouth whilst telling us that none of this will affect bitcoin. Forbes even got in on the game.
http://fortune.com/2015/06/29/bitcoin-price-hike-greece-grexit/
Dow -300. yawn.
This stuff has been a long time in brewing. Most people are only able to pay attention to whatever the current events are, not seeing the big picture or the long drawn-out processes. We wait. And wait and wait and wait. It seems like we'll wait forever. Then one day...
actually, i have to laugh. as i peruse the front page of Reddit, i see nothing but articles on Greece, Italy, currency problems, bank runs, namely, international events.
fyi, my posting style hasn't changed one bit since day 1 2011. i've always emphasized international or global economics; stocks, bonds, gold/silver, politics, macroeconomics, etc as they relate to Bitcoin. only makes sense, right? however, you won't believe the number of geek trolls who criticized me for having done so for such inextricable reasons as "none of that matters", "Bitcoin is and always will remain niche", "hedge funds and VC's will never invest in Bitcoin", "Wall St doesn't give a shit about crypto and never will", yada yada yada. Matthew N. Wright comes mainly to mind.
well, he's long gone from Bitcoin.
fyi, my posting style hasn't changed one bit since day 1 2011. i've always emphasized international or global economics; stocks, bonds, gold/silver, politics, macroeconomics, etc as they relate to Bitcoin. only makes sense, right? however, you won't believe the number of geek trolls who criticized me for having done so for such inextricable reasons as "none of that matters", "Bitcoin is and always will remain niche", "hedge funds and VC's will never invest in Bitcoin", "Wall St doesn't give a shit about crypto and never will", yada yada yada. Matthew N. Wright comes mainly to mind.
well, he's long gone from Bitcoin.
Oh. Shit.
Looks we are at the start of Wave 3. The top should be around $126,000 USD/BTC. Not sure on time frame...maybe by 2018?
Sounds about right.
How's the old volatility index?
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