Topic: I love these guys we gotta re visit this in 2014, they even have graphs (Read 3889 times)
June 30, 2014, 09:47:47 PM
Bump. The deadline for Dr. Bitcorn's $10 coins has arrived. Looks like he didn't get those cheap coins he was looking for.
December 31, 2013, 03:04:06 AM
BEHOLD! Dogma!
If you can get around the many typo's, this is quite interesting. [....]
BTC isn't just an innovation in virtual currency, it's an innovation in a stagnant area of financial tech that's been untouched for almost 100 years [....] a piss poor form of technology.
Quote
Since inception, Bitcoin has had a flawed DNA. It was dreamed up in a virtual world -- by computer geeks -- but was to be applied in the real world. Bitcoin is steep in Libertarian and anti-Fed dogma but weak in understanding of how global economics, central banking policies and financial markets function. The lifeblood of the global capital markets is money – greenbacks -- transactional currency that facilitates commerce. Virtual currency can create value and efficiency but it needs to be linked to fiscal and monetary policy. To assume currency can be computer generated, run in a decentralized manner and outside of the central banking system and controls is farcical and economically dangerous.
If you can get around the many typo's, this is quite interesting. [....]
BTC isn't just an innovation in virtual currency, it's an innovation in a stagnant area of financial tech that's been untouched for almost 100 years [....] a piss poor form of technology.
Thanks for your thought provoking post.
Indeed, think of the possibilities if exchange does not encounter the barriers found in today's financial environment. Times will be very different if money itself is widely available with prices set by the free market. I am thinking about the time of the Colonial scrip, which apparently worked quite OK. As long as authorities who issued the scrip did not overissue, all went fine. In terms of crypto, the limitation in issue is found in the protocols themselves. The danger of overissue lays not with the issuer, but the ability of anyone to start his own altcoin.
Well, that is a lot more transparent than a central issuer of scrip suddenly deciding to overissue, in secret or openly. The free market will put a lid on 'overissue' by too many altcoins.
In case of open source crypto, this may work out just fine.
For traditional banking (the honest version), there is a lot to be conquered in this field. Profits are awaiting for those who dare.
December 30, 2013, 06:11:21 PM
CLICK BAIT. but I still believe btc will drop back to the level where it went parabolic. somewhere betw $200-400.
I think, people will want to buy 3-6 times more than @ $1200 ... forgot this low price.
https://blockchain.info/charts/my-wallet-n-users?timespan=1year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
December 30, 2013, 05:50:34 PM
CLICK BAIT. but I still believe btc will drop back to the level where it went parabolic. somewhere betw $200-400.
December 30, 2013, 04:12:17 PM
Yes there are more investments that's why the ATH is at 1200 instead of 30. And the same process can make it go down like that. This process has nothing to do with how big the investments into Bitcoins are but is an inherent property of the market which won't go away.
Oh and dude, I called the breakout at $20 with something like: this seems to be the start of the new bubble. I rarely make any comments about the price, it's just that I am skeptical about the "reasons" the "economy" around bitcoins supposed to be "booming". And I have yet to be proven wrong about that.
Oh and the hackertoy time was before silkroad and the gawker blogpost about it, before bruce wagner and free gpu mining software.
After that it became a libertarian pump & dump scheme and it yet has to evolve out of that.
Oh and dude, I called the breakout at $20 with something like: this seems to be the start of the new bubble. I rarely make any comments about the price, it's just that I am skeptical about the "reasons" the "economy" around bitcoins supposed to be "booming". And I have yet to be proven wrong about that.
Oh and the hackertoy time was before silkroad and the gawker blogpost about it, before bruce wagner and free gpu mining software.
After that it became a libertarian pump & dump scheme and it yet has to evolve out of that.
December 30, 2013, 04:04:28 PM
It's unfathomable that you don't get this after being there in 2011.
Don't use my line, you are the one here who has been *consistently* wrong since 2011, yet you are brave enough trying to lecture me!
You don't understand that retraction of 2011 is from a completely different level. Bitcoin was a hacker playtoy then, there were no serious investments besides some $200 gpus. It retracted 90% then, which would mean a $100 region if we had exactly the same hackertoy thing today.But we don't, money are invested, money need to work or they are withdrawn, so bitcoin either works or dies, no "going to single digits so slowpokes can buy; then rallying again" - this is not happening, alas. There will be no wave of sudden idiot investors after bitcoin goes to single digits. It's use would be limited to several geeks and tiny amounts, then it dies. You are only born once, going back into proverbial vagina would kill you. That's why retractions don't go below previous rallies tops, bitcoin needs to grow to stay perspective.
December 30, 2013, 03:49:16 PM
It's unfathomable that you don't get this after being there in 2011.
December 30, 2013, 03:47:06 PM
Bitcoin did survive one longer bear market and it would survive another, drawing relations between peaks and valleys doesn't work out.
I am not saying it can't survive bear market, we are in one now afterall and was in a semi-bear market last summer. I'm just saying the total value of investment is now way past the $2 or $10 or $50 per coin, so any prices below 100 would mean a certain doom for bitcoin on the horizon.
Total value of investment eh? You are just parroting the same - not even an argument perhaps a statement over and over.
So let me get this straight: If we go below $100 you are dumping all your coins? Cuz "certain doom" or what?
Parotting since you fail to understand. It's actually extremely simple - look at Detroit, that is bitcoin at $10 - still a livable town but without any infrastructure or investment it is doomed, death spiraling, nobody would spend time or money restoring it.
About selling - sure, I have said it more than once - yes, I will open and exchange all cold stored bitcoins for some other crypto if we go below 100, because I would be positive then that bitcoin is doomed. I still think the hitting of 10k per coin is going to happen first, though.
December 30, 2013, 03:05:57 PM
It happened before and can happen again. Nothing is certain, but your hubris does make me think that it's more likely to plunge deep and hard rather than not. 
December 30, 2013, 03:02:53 PM
If bitcoin crashes to $10 after where it is now then it pretty much means bitcoin is dead, and it might as well go back to $0. Lol at idiots hoping this will happen to pick up cheap coins... do you think BTC will take that much of a dip so all the average joe shmucks can pick up 100 coins easily and become millionaires when it swings back to normal again?
December 30, 2013, 02:31:34 PM
Bitcoin did survive one longer bear market and it would survive another, drawing relations between peaks and valleys doesn't work out.
I am not saying it can't survive bear market, we are in one now afterall and was in a semi-bear market last summer. I'm just saying the total value of investment is now way past the $2 or $10 or $50 per coin, so any prices below 100 would mean a certain doom for bitcoin on the horizon.
Total value of investment eh? You are just parroting the same - not even an argument perhaps a statement over and over.
So let me get this straight: If we go below $100 you are dumping all your coins? Cuz "certain doom" or what?
December 30, 2013, 04:51:19 AM
Bitcoin did survive one longer bear market and it would survive another, drawing relations between peaks and valleys doesn't work out.
I am not saying it can't survive bear market, we are in one now afterall and was in a semi-bear market last summer. I'm just saying the total value of investment is now way past the $2 or $10 or $50 per coin, so any prices below 100 would mean a certain doom for bitcoin on the horizon.
December 29, 2013, 08:53:48 PM
In every other scenario bitcoin will survive.
Not in the useable form, no. Once businesses switch to some other currency and most funds flow out of bitcoin, it is not raising again. Sure some people will have it running for a while, but it is not coming back from $10, not anymore. That would mean most investors and businesses completely lost faith and cashed out. After that, only a matter of time until the slowpokes of the world catch the drift.
business don't generally involve themselves with forex, store of value etc, so retail is only the small portion of BTC. Having said that I accept tha something like PeerCoin may take the store of value part away
December 29, 2013, 05:08:55 PM
"The general consensus against investors" means jack shit for the survival and utility of Bitcoin.
I meant amongst. And no, it does not. I can clone you a million of cryptos which would "survive" each on it's own mining PC, and maybe even have utility if you hold a gun at the other parties head. But the money, if they leave for greener pastures once, won't return anymore. So no new businesses, no infrastructure, no development, no headlines, no new adopters, dying coin.
That would imply a worthless coin, which I already said is lethal. Bitcoin did survive one longer bear market and it would survive another, drawing relations between peaks and valleys doesn't work out. Real developments are different each time. Is it possible that a bear market ultimately ends Bitcoin as we know it? Of course it is, but that doesn't mean it has to happen.
What the speculative investment into Bitcoins does has very little to do with it.
December 29, 2013, 04:55:07 PM
"The general consensus against investors" means jack shit for the survival and utility of Bitcoin.
I meant amongst. And no, it does not. I can clone you a million of cryptos which would "survive" each on it's own mining PC, and maybe even have utility if you hold a gun at the other parties head. But the money, if they leave for greener pastures once, won't return anymore. So no new businesses, no infrastructure, no development, no headlines, no new adopters, dying coin.
December 29, 2013, 04:53:39 PM
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Virtual currency can create value and efficiency but it needs to be linked to fiscal and monetary policy.
Maybe, maybe not. Some people like the idea to have some legislation some don't. I guess we will see in 2014...aaaand the article goes on for endless paragraphs, which if you follow the press section, are the recap of what has been said in the last few weeks.
No way the price is going to $10, there will always be people to support bitcoin or another cryptocurrency, you cannot kill an idea
December 29, 2013, 04:51:12 PM
"The general consensus against investors" means jack shit for the survival and utility of Bitcoin.
December 29, 2013, 04:49:05 PM
What are you saying that if it crashes to $10 it will become worthless eventually? Doesn't really make sense to me unless the reason for the crash is some fundamental problem with the software.
For it to crash so low, there would have to be general consensus amongst investors that it has no future. Much of the price now is the future expectations. At such low valuation, there will be only bag-holders with actual fiat withdrawable from the network at (much) less than one million usd. Something that has a total capacity of much less than 1mil USD is considered a joke; see how press exploded after bitcoin valuation broke 1billion - this is the capacity worth starting to talk about.
It would be a very niche product for some time, maybe. But it won't be the dominant cryptocurrency, as all the money would be elsewhere.
December 29, 2013, 04:44:16 PM
I want some 10$ Bitcoins.
Why would you want $10 BTC? If BTC goes $10 then it will kill bitcoin.
I'm waiting for "The chart" since this analysis is based on it
actually no it wouldn't kill bitcoin at all....inmho.
December 29, 2013, 11:58:20 AM
There are always reasons, and so far I've not seen any which would suggest that $10, hell even $1 would represent too low demand. I think that answers the question on who the real "weak hands" are.
At $10 Bitcoin can support the entire Bitpay merchant network and at $1 the entire black market network. Again, money velocity would rise in such a case. 99%+ of all Bitcoins are hoarded but it doesn't have to be that way...
At $10 Bitcoin can support the entire Bitpay merchant network and at $1 the entire black market network. Again, money velocity would rise in such a case. 99%+ of all Bitcoins are hoarded but it doesn't have to be that way...
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