I am pretty confident we are the new wealthy elite, gentlemen. - page 175.

bitpop

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Quote from: zimmah on April 19, 2014, 06:39:37 AM

Quote from: bitpop on April 19, 2014, 06:31:01 AM

I think people will not only buy but overpay

http://pages.ebay.com/link/?nav=item.view&id=221025080235

1 grain? the USA keeps inventing weird units of measurement.

They're paying over $4800 an ounce

Grain

A grain is a measurement unit of mass which is a traditional unit and based on the weight of a grain of wheat. The grain is the smallest unit of weight in the troy, avoirdupois, and apothecaries systems. 1 grain = 0.0648 grams, or = 0.0020833 troy ounces.

zimmah

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Quote from: bitpop on April 19, 2014, 06:31:01 AM

I think people will not only buy but overpay

http://pages.ebay.com/link/?nav=item.view&id=221025080235

1 grain? the USA keeps inventing weird units of measurement.

bitpop

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I think people will not only buy but overpay

http://pages.ebay.com/link/?nav=item.view&id=221025080235

JayJuanGee

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Self-Custody is a right. Say no to"Non-custodial"

Quote from: bryant.coleman on April 19, 2014, 06:07:47 AM

Quote from: vnvizow on April 19, 2014, 05:59:01 AM

Exactly, unlike fiat currency Bitcoin's lowest possible unit is 0.00000001

It is. But (most of the) common people don't understand that concept. They think that Bitcoin can be only bought in full numbers. They don't believe that it can be bought in fractions.

This kind of marketing question cuts both ways. B/c bitcoin could be marketed in microbits or satoshi's or whatever other increment(s) but then people may NOT appreciate that, either and think that it is too cheap (and NOT worth anything).

bryant.coleman

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Quote from: vnvizow on April 19, 2014, 05:59:01 AM

Exactly, unlike fiat currency Bitcoin's lowest possible unit is 0.00000001

It is. But (most of the) common people don't understand that concept. They think that Bitcoin can be only bought in full numbers. They don't believe that it can be bought in fractions.

vnvizow

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Quote from: bryant.coleman on April 19, 2014, 03:21:52 AM

Quote from: Bit_Happy on April 19, 2014, 01:06:13 AM

I was more confident when BTC was over $500; It was nice to see a strong rally for a couple days.
For people who cannot afford to buy more BTC, this is a great time to earn some BTC, since they will probably be worth more in the future.

Many among the general public think that Bitcoins are way too expensive, at $480 per coin. They don't readily understand the concept of mBTC and uBTC. That is why most of them collects altcoins instead of Bitcoin. Sad to see this.... they might lose all their investment, as most of the altcoins die out within 2-3 months from their launch.

Exactly, unlike fiat currency Bitcoin's lowest possible unit is 0.00000001

bryant.coleman

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Quote from: Bit_Happy on April 19, 2014, 01:06:13 AM

I was more confident when BTC was over $500; It was nice to see a strong rally for a couple days.
For people who cannot afford to buy more BTC, this is a great time to earn some BTC, since they will probably be worth more in the future.

Many among the general public think that Bitcoins are way too expensive, at $480 per coin. They don't readily understand the concept of mBTC and uBTC. That is why most of them collects altcoins instead of Bitcoin. Sad to see this.... they might lose all their investment, as most of the altcoins die out within 2-3 months from their launch.

BitEnthusiastFan

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I believe this is true, it's not going to happen overnight, but it will happen.

Bit_Happy

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A Great Time to Start Something!

I was more confident when BTC was over $500; It was nice to see a strong rally for a couple days.
For people who cannot afford to buy more BTC, this is a great time to earn some BTC, since they will probably be worth more in the future.

SlipperySlope

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Stephen Reed

Quote from: BitChick on April 18, 2014, 05:32:23 PM

There is one place that let's us bring a cup back but we still have to pay 99 cents for a refill.

That is what I meant. My wife is so frugal that she hates to see those plastic cups thrown in the trash, which is an obvious waste because Austin does not make commercial recycling as easy as they do for households.

I could go on and on ...

There is long term drought in Central Texas, so I take a shower with a pail between my legs to catch water that she puts on our plants. She saves, washes and reuses those plastic forks and plates routinely thrown away where still works. And she does not really need to work anymore - but does not want to waste her time.

Yep, on and on. I love her.

Quote

He forces me to splurge on some things.

That behavior will come in handy in a few years I think.

SlipperySlope

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Stephen Reed

Quote from: SgtSpike on April 18, 2014, 04:54:31 PM

So you're predicting $100k at the start of 2016? That's a bold prediction...!

Oh it gets better. The sound math of the logistic model rests on a foundation of assumptions the validity of which we can only guess at.

Here are the notable assumptions of the model to ponder . . .

Whether Bitcoin succeeds or fails is a binary decision. It either completely takes over the existing fiat system and therefore becomes extremely valuable, or it utterly fails to do so and its value becomes zero. This opinion is widely held and makes sense - winner takes all, so to speak
The behavior of those who learned about Bitcoin already and adopted it, indicates the likely behavior of those who have not yet learned about Bitcoin and may adopt it. Works so far.
Despite the presence of serial price bubbles, the average price trend can be modeled as a logistic adoption of technology. Never been tried before. Academic financial literature makes no connection between technology adoption and a price series.
The maximum price at full adoption is one million USD. This is the weakest assumption of the model. We could possibly be past the halfway point of adoption now - but I think that is unlikely. Indeed, I can make a weird argument based on the quantity of transactions and Metcalfe's Law that the maximum price could be way, way higher - which the average price of bitcoin would reach by continuing to increase 10x per year until say 2020 should that be the halfway point of adoption. Very hard to believe but the math says so.
The logistic model has two other parameters that I fit by hand to make the average trend line fit the price series. This is a weak assumption because there is no math to support it. It very well could be the case that the data series is not long enough to see the true trend. Had I constructed this model in 2011 that is the mistake that I would have made. Only time will tell - perhaps another year to gain more confidence in the hand-fit model parameters.

BitChick

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Quote from: SlipperySlope on April 18, 2014, 05:15:36 PM

Quote from: BitChick on April 18, 2014, 03:02:55 PM

But I like to joke that that I am way to cheap to ever spend money on alcohol. I even have a hard time spending money on soft drinks when we go out to eat!

I am sure now that you would get along great with my wife. She likes the sort of place that lets you bring back the plastic cup from last time to use for ice tea.

Wow! Free drinks when you bring back a cup? I don't have any restaurant around here that does that! There is one place that let's us bring a cup back but we still have to pay 99 cents for a refill.

I have to thank my husband for trying to teach me that there are times in life to just enjoy ourselves. He forces me to splurge on some things. Because of him we have had some very nice dinners out as well as some fantastic vacations. What I usually try to do is figure out what he is planning on doing anyway and then save as much money as I can on those things! I even found a company where I could mystery shop at fine dining restaurants. I was reimbursed up to $200 per meal. This way we could eat at a really nice place but I would have to pay for it. The funny thing is that they would required me to order a glass of wine. I hated doing it though, even if they were paying me back. $10 for one glass is hard for me to justify.

I still do a few of these "jobs" from time to time. One of the companies stopped giving assignments though. Sad

Oh well.

SlipperySlope

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Stephen Reed

Quote from: BitChick on April 18, 2014, 03:02:55 PM

But I like to joke that that I am way to cheap to ever spend money on alcohol. I even have a hard time spending money on soft drinks when we go out to eat!

I am sure now that you would get along great with my wife. She likes the sort of place that lets you bring back the plastic cup from last time to use for ice tea.

BitChick

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Quote from: SgtSpike on April 18, 2014, 04:54:31 PM

Quote from: SlipperySlope on April 18, 2014, 11:48:07 AM

Quote from: jonald_fyookball on April 18, 2014, 11:42:27 AM

what do you call the people before the 2.5% ?

also what % are we at now?

If Bitcoin is to become a trillion dollar market,
and market cap now is under 10 billion, isnt that below 1%?

We are well below 1% in my opinion. Transaction quantity growth is 3.2x annually so it will take several more years to exceed the reported current quantity of worldwide credit card transactions - 6000x in total. In the below S-Curve chart from my million dollar model, you cannot even see the difference between the price and the horizontal axis.

So you're predicting $100k at the start of 2016? That's a bold prediction...!

Some people are predicting that price for next year, or even the end of this year. I am totally fine with 2016 though. Grin

SgtSpike

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Quote from: SlipperySlope on April 18, 2014, 11:48:07 AM

Quote from: jonald_fyookball on April 18, 2014, 11:42:27 AM

what do you call the people before the 2.5% ?

also what % are we at now?

If Bitcoin is to become a trillion dollar market,
and market cap now is under 10 billion, isnt that below 1%?

We are well below 1% in my opinion. Transaction quantity growth is 3.2x annually so it will take several more years to exceed the reported current quantity of worldwide credit card transactions - 6000x in total. In the below S-Curve chart from my million dollar model, you cannot even see the difference between the price and the horizontal axis.

So you're predicting $100k at the start of 2016? That's a bold prediction...!

BitChick

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Quote from: SlipperySlope on April 18, 2014, 02:12:15 PM

Quote from: BitChick on April 18, 2014, 01:59:55 PM

SlipperySlope you are kind to respond. I figured it was pointless to use any logic. Wink

Ha. I am allowed some pocket petty cash by the fiscal guardian of our household. I could spend it secretly on a variety of legal petty vices, or fast food and such outside my meal plan.

But I am putting every last buck into my local Robocoin ATM.

Virtue feels good - no hangover, no bad buzz headache, no overstuffed greasy food feeling. Just saying.

I am hoping the price gets to $10,000 so I can put more towards the mission trip I am taking to India in the Fall.

I would like to say all my thoughts are virtuous of what I will do when Bitcoin rises, but I have been looking at real estate listings online. Of course, that could be considered an "investment!" Grin

But I like to joke that that I am way to cheap to ever spend money on alcohol. I even have a hard time spending money on soft drinks when we go out to eat!

SlipperySlope

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Stephen Reed

Quote from: BitChick on April 18, 2014, 01:59:55 PM

SlipperySlope you are kind to respond. I figured it was pointless to use any logic. Wink

Ha. I am allowed some pocket petty cash by the fiscal guardian of our household. I could spend it secretly on a variety of legal petty vices, or fast food and such outside my meal plan.

But I am putting every last buck into my local Robocoin ATM.

Virtue feels good - no hangover, no bad buzz headache, no overstuffed greasy food feeling. Just saying.

BitChick

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Merit: 1001

Quote from: SlipperySlope on April 18, 2014, 01:24:07 PM

Quote from: maranello1561 on April 18, 2014, 12:36:34 PM

When bitcoin hits $10,000, I'm gonna spend it all on the 3 Bs... bitches, booze and bong

You know, one of the mind-bending aspects of the Bitcoin Economy is the notion that merely by postponing spending, you become wealthier. Most observers would say that your plans are not virtuous, in fact they are vices by the very definition of vice.

I am curious to know to what extent you actually execute your plan - which I think will be an option in 2015. I have an hypothesis, without evidence so far, that the Bitcoin Economy encourages virtuous economic behavior, especially saving.

I propose that you consider postponing your binge for 12 additional months, so that your coin will be valued at $100,000 each, and in that time you may have matured sufficiently to spend more wisely - for example helping your loved ones.

SlipperySlope you are kind to respond. I figured it was pointless to use any logic. Wink

SlipperySlope

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Stephen Reed

Quote from: maranello1561 on April 18, 2014, 12:36:34 PM

When bitcoin hits $10,000, I'm gonna spend it all on the 3 Bs... bitches, booze and bong

You know, one of the mind-bending aspects of the Bitcoin Economy is the notion that merely by postponing spending, you become wealthier. Most observers would say that your plans are not virtuous, in fact they are vices by the very definition of vice.

I am curious to know to what extent you actually execute your plan - which I think will be an option in 2015. I have an hypothesis, without evidence so far, that the Bitcoin Economy encourages virtuous economic behavior, especially saving.

I propose that you consider postponing your binge for 12 additional months, so that your coin will be valued at $100,000 each, and in that time you may have matured sufficiently to spend more wisely - for example helping your loved ones.

Lauda

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Terminated.

Quote from: bryant.coleman on April 18, 2014, 09:19:24 AM

Quote from: Lauda on April 18, 2014, 08:00:50 AM

What about the people who bought in at 0.01$, what would they be?

They are also early innovators

I am once again posting the chart:

Everyone who possess any Bitcoins now fall in the category of innovators.

Hello innovator.

Topic: I am pretty confident we are the new wealthy elite, gentlemen. - page 175. (Read 631983 times)