Topic: Gold collapsing. Bitcoin UP. - page 525. (Read 2032289 times)

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hmmm, normally when we see huge gap opening gap downs like this on the Dow, it immediately starts grinding back up higher oftentimes to being flat before dropping once again.  we aren't seeing that this morning...

i've thought of this alot.

the only way to solve it is to have multiple international exchanges in jurisdictions that are actually hostile to the US, like we already have in China and Russia.  next, provable audits, either thru Merkle trees or something better, along with real audits.  the bar needs to be set higher to prevent naked shorting.

I posted on Reddit:

Tether is a colored coin (Mastercoin-style) that pegs USD or any other fiat to bitcoin metadata. These can be used for crypto pairings on DEXs.

Solve this:

1) We dont have centralized, "serious" exchanges like the Gemini or Coinbase one, which leads to old big money not comming in.

2) We have centralized exchanges which means we get to deal with wall street bastards and risk the price being rigged, also risk on the exchanges being a failure again killing bitcoin due lack of trust.

How to solve this?? afaik, decentralized exchanges dont allow for proper trading.

I've said repeatedly that markets won't like usd strength over the long run.

Market Wrap: Futures Tumble On Spike Of "Strong Dollar" Earnings Disappointments And Profit Warnings

http://www.zerohedge.com/news/2015-01-27/market-wrap-futures-slide-spike-strong-dollar-earnings-disappointments-and-profit-wa

Centralized Bitcoin exchanges need to divorce themselves from the libertarian paradigm.

Nice

NYSE Invokes Rule 48 To Pre-Empt Selling Panic

http://www.zerohedge.com/news/2015-01-27/nyse-invokes-rule-48-pre-empt-selling-panic

... until bitcoin came along they would have denied there were any problems.

Basically, because of bitcoin they have examined their system and now recognize it is old, broken, dysfunctional ... I would add corrupt, riddled with cronyism, systemically fraudulent and insolvent.

tl;dr sell US federal reserve notes (or any unverifiable electronic promises issued by the same)

The FED wants to reinvent Bitcoin! Except very slowly and in a way that does not cut it out of the game.

https://fedpaymentsimprovement.org

(Jan 26/2015) The Federal Reserve System is pleased to release Strategies for Improving the U.S. Payment System, a multi-faceted plan for collaborating with payment system stakeholders to enhance the speed, safety and efficiency of the U.S. payment system.


https://fedpaymentsimprovement.org/wp-content/uploads/strategies-improving-us-payment-system.pdf

The document identifies vast inefficiencies in legacy payment systems, and proposes all sorts of inititiatives, task forces, forums, and the FED's leadership to bring things up to date.

Next steps include things like:
"Phase 3 (2016 or beyond): Explore the technology, infrastructure and operational and resource changes required to support weekend and/or 24x7 operating hours [for the National Settlement Service]". (p.21)

Bitcoin is not mentioned, but we have:

Design options not selected for further review:
"A digital transfer vehicle was not considered a sufficiently mature technology at this time, but was identified for further exploration and monitoring given significant interest in the marketplace. It is noteworthy that Option 2 (leverage distributed architecture), which was selected for further exploration, has certain similarities to this option with respect to leveraging decentralized IP networks for point-to-point communications." (p.42)

In case you are curious, Option 2 is:
"Facilitate direct clearing between financial institutions on public IP networks using common protocols and standards for sending and receiving payments. A distributed architecture for messaging between financial institutions over public IP networks has the potential to lower costs compared to clearing transactions over a hub-and-spoke network architecture. A central authority would establish common protocols for messaging standards, communication, security and logging transactions in a central ledger to facilitate subsequent interbank settlement. The central authority would also establish the rules of the system. Participating institutions could directly exchange credit-push transactions with (near) real- time authorization/clearing and the payer’s bank guarantee of good funds." (p.41)

You are late, FED. Temporally and conceptually late.  

i think it has great potential as a micropayment network.  Satoshi dice proved that as are many current gambling sites.  Changetip works well and should spread the use of Bitcoin widely.  if fees can be kept down (i think they can) uses in Africa and India will bear fruit. we're already seeing it, especially in Southeast Asia.  getting those millions of users online with Bitcoin will solidify usage both politically and economically.

keeping fees down will allow embedding of contract hashes like we're seeing with POE.  that will drive thousands of fee paying tx's which will help miners make the transition from block rewards to fees.  it's happening right in front of your face.

Everything of any complexity has at least some pitfalls, and can be looked at differently from different angles.  I simply point these out.  All through the decline I have pointed out the various contrarian positives one some threads where negativity is pronounced.  This thread is so full of hyper-pumpers there is usually not much need for doing so.

  - edit:  Surely you recognize that buying at $2.00, selling at $1000, then buying back at $250 is a winning strategy over buying at $1000 then lower if you have any money coming in.  Maybe not.  Here's my tip for doing better financially:  'Buy low, Sell high.'  Unfortunately that's a little to complex for cypherdoc.


I don't understand it as a micro-payment system as you called for a few pages back.  Good luck with that.  You really have not got a clue and are just desperately grasping at anything which could you could vaguely argue proves you right after being so wrong for a year.  Pathetic.  And hurtful to Bitcoin as well if anyone listens to you at all any more.

sure you did. sure.  i don't remember any dead on calls from you at all.  just constant complaining.  and i have not been recommending buying all the way down from the top.  nice try.

from all your comments, i don't think you understand Bitcoin.

Why should I 'cover my bases'?  I couldn't give two shits what other people think.  They can listen to folks like me who have a track record of infrequent but dead on calls (which is as I've always said mostly dumb luck) or they can listen to perma-pumpers like cypherdoc and go broke.    I'm happy if I have helped some folks over the years of course, but it's not my main goal.

In other news, while ~goat was buying a Ferrari with his winnings at 4 figures, I was buying some property which I've been developing over the year.  His purchase has depreciated a lot.  Mine, OTOH, has increased dramatically, and I'm in much better physical shape since I've done a lot of the work myself.  Thank god that Bitcoin didn't come along 20 years ago else I'd probably have a Ferrari which would cost a ton to insure as well and which I probably would have already crashed due to my (now outgrown) penchant  for taking corners at speed.  Today the water well drillers hit 5 GPM at only 40 feet on my new property.  It's going to cost me like 5 BTC.  Had I followed Cypherdoc's advice and not planned a head a bit it would have been more like 20 BTC.

Fred Ehrsam agrees:  there will only be one

http://www.cnbc.com/id/102367943

This is why Eternal Vigilance is needed. Just think of all the systems that they have corrupted already, it's improbable that Bitcoin can be "saved" but as long as it does function, it is waay better than all the current alternatives.

It is easy to be critical of the reluctance shown by EU policy makers when it comes to debt restructuring, but it needs to be remembered that the United States is the great engine of financial instability in the global financial markets.

http://nationalinterest.org/feature/super-marios-desperate-qe-gamble-save-europe-12106

been meaning to put this chart up to demonstrate that a blue chip stock like UPS moves with even more volatility and rapidity than Bitcoin.  in fact, it's worse as the move occurs during after hours when most investors have no access to markets.  a pessimist might actually think the system was designed this way:

If I were Russian, I would be Russian to Bitcoin right now! 

more bank runs on deck:

http://www.wsj.com/articles/russias-sb-bank-stops-client-withdrawals-1422289217?mod=wsj_nview_latest