Topic: I'm going to warn you guys one last time. - page 2. (Read 14549 times)
I think Xiaoxiao abandoned his own thread.
...
Because I knew this thing was going to crash and stablize at no more than $100, for a very very long time. I was here in 2011, and I knew bitcoin's potential was that it had potential. That was about it. Now that it has reached its potential, which is that it might have more potential, it is nothing more than just a dot com bubble and might be useful, the protocol, few hundred years down the line. And that is in very rare and extreme cases.
At any rate, this is my final warning. I will sit back and just watch the show with popcorn in hand. Good night folks.
Because I knew this thing was going to crash and stablize at no more than $100, for a very very long time. I was here in 2011, and I knew bitcoin's potential was that it had potential. That was about it. Now that it has reached its potential, which is that it might have more potential, it is nothing more than just a dot com bubble and might be useful, the protocol, few hundred years down the line. And that is in very rare and extreme cases.
At any rate, this is my final warning. I will sit back and just watch the show with popcorn in hand. Good night folks.
HA HA HA. Just seen this.
Final warning folks, say good night to any chance of $100 orders getting filled.
$100 in short term probably won't happen as fast as we thought... But please don't let these "paint job" traders fool you into painting this chart to look like strength. There will be a correction back to the mean, nobody knows when, but to say HAHA everytime it goes up for a few days it just shows you have no patience & will probably be the first one to sell on the way down
Bitcoin should be 5000 USD by next year @ this time.
quote for reminding 
These fail speculations always fail
...
Because I knew this thing was going to crash and stablize at no more than $100, for a very very long time. I was here in 2011, and I knew bitcoin's potential was that it had potential. That was about it. Now that it has reached its potential, which is that it might have more potential, it is nothing more than just a dot com bubble and might be useful, the protocol, few hundred years down the line. And that is in very rare and extreme cases.
At any rate, this is my final warning. I will sit back and just watch the show with popcorn in hand. Good night folks.
Because I knew this thing was going to crash and stablize at no more than $100, for a very very long time. I was here in 2011, and I knew bitcoin's potential was that it had potential. That was about it. Now that it has reached its potential, which is that it might have more potential, it is nothing more than just a dot com bubble and might be useful, the protocol, few hundred years down the line. And that is in very rare and extreme cases.
At any rate, this is my final warning. I will sit back and just watch the show with popcorn in hand. Good night folks.
HA HA HA. Just seen this.
Final warning folks, say good night to any chance of $100 orders getting filled.
Bitcoin should be 5000 USD by next year @ this time.
quote for reminding 
Bitcoin should be 5000 USD by next year @ this time.
Right now there is 3600 bitcoins created a day, which sounds freaking HUGE. But then when you take into consideration that the US debt increases by about 2.5 BILLION dollars a day...suddenly the bitcoin world seems to be a lesser evil. Yes there is difference in percentage of total market cap that is being created per day, but at least we all know that the percentage of new bitcoins / market cap WILL decrease over time. As for the USD the amount of new debt per day will likely increase in relation to the total USD "market cap".
Also keep in mind that every year the purchasing power of bitcoin is going up, while the purchasing power of the USD decreases by 2-9% depending on who's inflation statistic you want to use.
Was $1000/coin last year a huge bubble? You bet. I'm personally pretty comfortable knowing that my $100 bitcoin last year is now worth $300 in purchasing power and I expect it to be even higher next year as the USD continues to devaluate as most countries are purposely attempting to weaken their own currency to encourage exports.
Also keep in mind that every year the purchasing power of bitcoin is going up, while the purchasing power of the USD decreases by 2-9% depending on who's inflation statistic you want to use.
Was $1000/coin last year a huge bubble? You bet. I'm personally pretty comfortable knowing that my $100 bitcoin last year is now worth $300 in purchasing power and I expect it to be even higher next year as the USD continues to devaluate as most countries are purposely attempting to weaken their own currency to encourage exports.
What do you suppose will happen to all this hashpower once block rewards vanish?
*edited.
when block rewards vanish it will be year 2140.
...
Until that happy day, let's stop it with "Bitcoin is deflationary" bullshit. At the current rate of ~10%, it's quite the opposite
@romerun: You've been safe all the way down from 1k.
It's holding strong above $340, I think we are safe now
What do you suppose will happen to all this hashpower once block rewards vanish?
*edited.
when block rewards vanish it will be year 2140.
at this point either BTC is dead or has taken over the world.
considering the latter alternative I would bet on transactions fees being enough to substain the mining network
@Melbustus:
You're talking about an improvement on gold, not fiat. Controlling the money supply is a useful property of fiat, a tool not available with Bitcoin.
TL;DR: Deflation is not "a good thing." See http://en.wikipedia.org/wiki/Deflation
You're talking about an improvement on gold, not fiat. Controlling the money supply is a useful property of fiat, a tool not available with Bitcoin.
TL;DR: Deflation is not "a good thing." See http://en.wikipedia.org/wiki/Deflation
I'm talking about an improvement on both. I understand full well that the branch of monetary economics most popular with governments over the past 100yrs or so has considered an elastic money supply to be beneficial. I also understand why in some depth (econ degree (which should make me naturally hate bitcoin, right?)). The math is indeed enticing, and does work in constrained environments. If central banks (ie, the handful of people running them) always operated with absolute perfection, in near-ideal academic circumstances, there'd be a strong argument for that being the better path (and there would still be strong counterarguments).
But there are baser problems. CBs don't react fast enough, don't have perfect information, are influenced by politics whether they're officially "independent" or not, often have multiple competing mandates, and operate in a literally chaotic mathematical system *as if* the system they're actually manipulating is fully describable by a simple linear relationship. So, arguably, the effect is that while they may smooth medium-term business cycles in non-outlier cases, they create far bigger instability, which, while appearing less often than the natural ups and downs of the business cycle (also debatable), have potentially high-impact outcomes that could lead to longer-term systemic problems, and in the worst case, geopolitical issues; ie, war.
The knee-jerk "deflation is bad crowd" (thanks for the wikipedia link, how helpful) often doesn't realize that their arguments often hinge on an underlying assumption that the *overall* *longrun* money supply dynamics have an inflationary bias, and are not known to, or predictable by, all economic participants. Thus, when some shock *does* create a deflationary moment, it gets exacerbated by economic actors who freak out because they (correctly) realize that they should take this brief opportunity to hoard. IFF the money supply dynamics were *perfectly* known to all economic participants, inflationary, deflationary, whatever - just known - everyone would be able to allocate against that backdrop, and the "what if" feedback loop wouldn't form with such ferocity. It's the same equation, where you put the elasticity doesn't matter in the long-run. Thus, the other considerations above should be given more weight.
At this point, Bitcoin's inflation rate is way higher than USD--that's what mined coin is. Bitcoin supply will continue to inflate throughout our lifetime.
As was pointed out by Satoshi, the price of Bitcoin tends to the cost of mining it (and vice versa).
As was pointed out by Satoshi, the price of Bitcoin tends to the cost of mining it (and vice versa).
Mostly the vice-versa part, but moving on...
In other words, the price of producing one bitcoin tends to the cost of producing it. This means that if Bitcoin ever becomes substantially more valuable, the value dumped into mining it will proportionally increase.
Do you think that ~10% of the world's wealth is going into maintaining today's fiat "ledger" every year?
Do you think that ~10% of the world's wealth is going into maintaining today's fiat "ledger" every year?
The amount spent on mining will ultimately be slightly less than the amount of transaction fees generated by the network. If bitcoin becomes a high-volume system (see Gavin's latest scalability roadmap), transaction fees can stay low relative to transaction size and still keep the network secure. The cost spent on mining would be completely acceptable and rational.
Impressionable children watching "Money As Debt" on YouTube and suddenly their latent daddy issues galvanize into this wacky sillyness
I take it you are unable to defend your position.
Fair enough.
@Melbustus:
You're talking about an improvement on gold, not fiat. Controlling the money supply is a useful property of fiat, a tool not available with Bitcoin.
TL;DR: Deflation is not "a good thing." See http://en.wikipedia.org/wiki/Deflation
At this point, Bitcoin's inflation rate is way higher than USD--that's what mined coin is. Bitcoin supply will continue to inflate throughout our lifetime.
As was pointed out by Satoshi, the price of Bitcoin tends to the cost of mining it (and vice versa). In other words, the price of producing one bitcoin tends to the cost of producing it. This means that if Bitcoin ever becomes substantially more valuable, the value dumped into mining it will proportionally increase. Do you think that ~10% of the world's wealth is going into maintaining today's fiat "ledger" every year?
You're talking about an improvement on gold, not fiat. Controlling the money supply is a useful property of fiat, a tool not available with Bitcoin.
TL;DR: Deflation is not "a good thing." See http://en.wikipedia.org/wiki/Deflation
At this point, Bitcoin's inflation rate is way higher than USD--that's what mined coin is. Bitcoin supply will continue to inflate throughout our lifetime.
As was pointed out by Satoshi, the price of Bitcoin tends to the cost of mining it (and vice versa). In other words, the price of producing one bitcoin tends to the cost of producing it. This means that if Bitcoin ever becomes substantially more valuable, the value dumped into mining it will proportionally increase. Do you think that ~10% of the world's wealth is going into maintaining today's fiat "ledger" every year?
this myth again
Huffed Mop & Glo instead of getting brainwashed in school, huh?
Ain't no foolin' a bright feller like you!
please please, entertain me with your deflation is bad theory and how it applies to Bitcoin
It is not my theory, it is a theory agreed upon by the majority of grownups.
As much as the egalitarian in me wishes to provide you with the education you so clearly lack, the Good Book warns me about casting my pearls before swine.
I'll compromise with a quote from wikip:
"Economists generally believe that deflation is a problem in a modern economy because it increases the real value of debt, and may aggravate recessions and lead to a deflationary spiral." http://en.wikipedia.org/wiki/Deflation
Now go and play.
Wrong, it is the theory agreed upon by neo-Keynesians working hand in hand with central banks.
...
Impressionable children watching "Money As Debt" on YouTube and suddenly their latent daddy issues galvanize into this wacky sillyness
@Melbustus:
You're talking about an improvement on gold, not fiat. Controlling the money supply is a useful property of fiat, a tool not available with Bitcoin.
TL;DR: Deflation is not "a good thing." See http://en.wikipedia.org/wiki/Deflation
At this point, Bitcoin's inflation rate is way higher than USD--that's what mined coin is. Bitcoin supply will continue to inflate throughout our lifetime.
As was pointed out by Satoshi, the price of Bitcoin tends to the cost of mining it (and vice versa). In other words, the price of producing one bitcoin tends to the cost of producing it. This means that if Bitcoin ever becomes substantially more valuable, the value dumped into mining it will proportionally increase. Do you think that ~10% of the world's wealth is going into maintaining today's fiat "ledger" every year?
You're talking about an improvement on gold, not fiat. Controlling the money supply is a useful property of fiat, a tool not available with Bitcoin.
TL;DR: Deflation is not "a good thing." See http://en.wikipedia.org/wiki/Deflation
At this point, Bitcoin's inflation rate is way higher than USD--that's what mined coin is. Bitcoin supply will continue to inflate throughout our lifetime.
As was pointed out by Satoshi, the price of Bitcoin tends to the cost of mining it (and vice versa). In other words, the price of producing one bitcoin tends to the cost of producing it. This means that if Bitcoin ever becomes substantially more valuable, the value dumped into mining it will proportionally increase. Do you think that ~10% of the world's wealth is going into maintaining today's fiat "ledger" every year?
this myth again
Huffed Mop & Glo instead of getting brainwashed in school, huh?
Ain't no foolin' a bright feller like you!
please please, entertain me with your deflation is bad theory and how it applies to Bitcoin
It is not my theory, it is a theory agreed upon by the majority of grownups.
As much as the egalitarian in me wishes to provide you with the education you so clearly lack, the Good Book warns me about casting my pearls before swine.
I'll compromise with a quote from wikip:
"Economists generally believe that deflation is a problem in a modern economy because it increases the real value of debt, and may aggravate recessions and lead to a deflationary spiral." http://en.wikipedia.org/wiki/Deflation
Now go and play.
Well your sources are top notch. I also hate it when I deficit spend my Bitcoins, I can completely imagine how all my bitcoin debt could collapse the economy under the weight of deflation...
My dear lyth0s! You misunderstand my role in this thread. I'm here to edify, not to defend a doctorate. The link provided is an introductory economics text for my wayward young charge, brg444.
Not a citation.
Enjoy your evening.
It is unfortunate "introduction to economics" is a far as you bothered reading
@Melbustus:
You're talking about an improvement on gold, not fiat. Controlling the money supply is a useful property of fiat, a tool not available with Bitcoin.
TL;DR: Deflation is not "a good thing." See http://en.wikipedia.org/wiki/Deflation
At this point, Bitcoin's inflation rate is way higher than USD--that's what mined coin is. Bitcoin supply will continue to inflate throughout our lifetime.
As was pointed out by Satoshi, the price of Bitcoin tends to the cost of mining it (and vice versa). In other words, the price of producing one bitcoin tends to the cost of producing it. This means that if Bitcoin ever becomes substantially more valuable, the value dumped into mining it will proportionally increase. Do you think that ~10% of the world's wealth is going into maintaining today's fiat "ledger" every year?
You're talking about an improvement on gold, not fiat. Controlling the money supply is a useful property of fiat, a tool not available with Bitcoin.
TL;DR: Deflation is not "a good thing." See http://en.wikipedia.org/wiki/Deflation
At this point, Bitcoin's inflation rate is way higher than USD--that's what mined coin is. Bitcoin supply will continue to inflate throughout our lifetime.
As was pointed out by Satoshi, the price of Bitcoin tends to the cost of mining it (and vice versa). In other words, the price of producing one bitcoin tends to the cost of producing it. This means that if Bitcoin ever becomes substantially more valuable, the value dumped into mining it will proportionally increase. Do you think that ~10% of the world's wealth is going into maintaining today's fiat "ledger" every year?
this myth again
Huffed Mop & Glo instead of getting brainwashed in school, huh?
Ain't no foolin' a bright feller like you!
please please, entertain me with your deflation is bad theory and how it applies to Bitcoin
It is not my theory, it is a theory agreed upon by the majority of grownups.
As much as the egalitarian in me wishes to provide you with the education you so clearly lack, the Good Book warns me about casting my pearls before swine.
I'll compromise with a quote from wikip:
"Economists generally believe that deflation is a problem in a modern economy because it increases the real value of debt, and may aggravate recessions and lead to a deflationary spiral." http://en.wikipedia.org/wiki/Deflation
Now go and play.
Well your sources are top notch. I also hate it when I deficit spend my Bitcoins, I can completely imagine how all my bitcoin debt could collapse the economy under the weight of deflation...
My dear lyth0s! You misunderstand my role in this thread. I'm here to edify, not to defend a doctorate. The link provided is an introductory economics text for my wayward young charge, brg444.
Not a citation.
Enjoy your evening.
@Melbustus:
You're talking about an improvement on gold, not fiat. Controlling the money supply is a useful property of fiat, a tool not available with Bitcoin.
TL;DR: Deflation is not "a good thing." See http://en.wikipedia.org/wiki/Deflation
At this point, Bitcoin's inflation rate is way higher than USD--that's what mined coin is. Bitcoin supply will continue to inflate throughout our lifetime.
As was pointed out by Satoshi, the price of Bitcoin tends to the cost of mining it (and vice versa). In other words, the price of producing one bitcoin tends to the cost of producing it. This means that if Bitcoin ever becomes substantially more valuable, the value dumped into mining it will proportionally increase. Do you think that ~10% of the world's wealth is going into maintaining today's fiat "ledger" every year?
You're talking about an improvement on gold, not fiat. Controlling the money supply is a useful property of fiat, a tool not available with Bitcoin.
TL;DR: Deflation is not "a good thing." See http://en.wikipedia.org/wiki/Deflation
At this point, Bitcoin's inflation rate is way higher than USD--that's what mined coin is. Bitcoin supply will continue to inflate throughout our lifetime.
As was pointed out by Satoshi, the price of Bitcoin tends to the cost of mining it (and vice versa). In other words, the price of producing one bitcoin tends to the cost of producing it. This means that if Bitcoin ever becomes substantially more valuable, the value dumped into mining it will proportionally increase. Do you think that ~10% of the world's wealth is going into maintaining today's fiat "ledger" every year?
this myth again
Huffed Mop & Glo instead of getting brainwashed in school, huh?
Ain't no foolin' a bright feller like you!
please please, entertain me with your deflation is bad theory and how it applies to Bitcoin
It is not my theory, it is a theory agreed upon by the majority of grownups.
As much as the egalitarian in me wishes to provide you with the education you so clearly lack, the Good Book warns me about casting my pearls before swine.
I'll compromise with a quote from wikip:
"Economists generally believe that deflation is a problem in a modern economy because it increases the real value of debt, and may aggravate recessions and lead to a deflationary spiral." http://en.wikipedia.org/wiki/Deflation
Now go and play.
Well your sources are top notch. I also hate it when I deficit spend my Bitcoins, I can completely imagine how all my bitcoin debt could collapse the economy under the weight of deflation...
logic, he does not speak it
@Melbustus:
You're talking about an improvement on gold, not fiat. Controlling the money supply is a useful property of fiat, a tool not available with Bitcoin.
TL;DR: Deflation is not "a good thing." See http://en.wikipedia.org/wiki/Deflation
At this point, Bitcoin's inflation rate is way higher than USD--that's what mined coin is. Bitcoin supply will continue to inflate throughout our lifetime.
As was pointed out by Satoshi, the price of Bitcoin tends to the cost of mining it (and vice versa). In other words, the price of producing one bitcoin tends to the cost of producing it. This means that if Bitcoin ever becomes substantially more valuable, the value dumped into mining it will proportionally increase. Do you think that ~10% of the world's wealth is going into maintaining today's fiat "ledger" every year?
You're talking about an improvement on gold, not fiat. Controlling the money supply is a useful property of fiat, a tool not available with Bitcoin.
TL;DR: Deflation is not "a good thing." See http://en.wikipedia.org/wiki/Deflation
At this point, Bitcoin's inflation rate is way higher than USD--that's what mined coin is. Bitcoin supply will continue to inflate throughout our lifetime.
As was pointed out by Satoshi, the price of Bitcoin tends to the cost of mining it (and vice versa). In other words, the price of producing one bitcoin tends to the cost of producing it. This means that if Bitcoin ever becomes substantially more valuable, the value dumped into mining it will proportionally increase. Do you think that ~10% of the world's wealth is going into maintaining today's fiat "ledger" every year?
this myth again
Huffed Mop & Glo instead of getting brainwashed in school, huh?
Ain't no foolin' a bright feller like you!
please please, entertain me with your deflation is bad theory and how it applies to Bitcoin
It is not my theory, it is a theory agreed upon by the majority of grownups.
As much as the egalitarian in me wishes to provide you with the education you so clearly lack, the Good Book warns me about casting my pearls before swine.
I'll compromise with a quote from wikip:
"Economists generally believe that deflation is a problem in a modern economy because it increases the real value of debt, and may aggravate recessions and lead to a deflationary spiral." http://en.wikipedia.org/wiki/Deflation
Now go and play.
Well your sources are top notch. I also hate it when I deficit spend my Bitcoins, I can completely imagine how all my bitcoin debt could collapse the economy under the weight of deflation...
@Melbustus:
You're talking about an improvement on gold, not fiat. Controlling the money supply is a useful property of fiat, a tool not available with Bitcoin.
TL;DR: Deflation is not "a good thing." See http://en.wikipedia.org/wiki/Deflation
At this point, Bitcoin's inflation rate is way higher than USD--that's what mined coin is. Bitcoin supply will continue to inflate throughout our lifetime.
As was pointed out by Satoshi, the price of Bitcoin tends to the cost of mining it (and vice versa). In other words, the price of producing one bitcoin tends to the cost of producing it. This means that if Bitcoin ever becomes substantially more valuable, the value dumped into mining it will proportionally increase. Do you think that ~10% of the world's wealth is going into maintaining today's fiat "ledger" every year?
You're talking about an improvement on gold, not fiat. Controlling the money supply is a useful property of fiat, a tool not available with Bitcoin.
TL;DR: Deflation is not "a good thing." See http://en.wikipedia.org/wiki/Deflation
At this point, Bitcoin's inflation rate is way higher than USD--that's what mined coin is. Bitcoin supply will continue to inflate throughout our lifetime.
As was pointed out by Satoshi, the price of Bitcoin tends to the cost of mining it (and vice versa). In other words, the price of producing one bitcoin tends to the cost of producing it. This means that if Bitcoin ever becomes substantially more valuable, the value dumped into mining it will proportionally increase. Do you think that ~10% of the world's wealth is going into maintaining today's fiat "ledger" every year?
this myth again
Huffed Mop & Glo instead of getting brainwashed in school, huh?
Ain't no foolin' a bright feller like you!
please please, entertain me with your deflation is bad theory and how it applies to Bitcoin
It is not my theory, it is a theory agreed upon by the majority of grownups.
As much as the egalitarian in me wishes to provide you with the education you so clearly lack, the Good Book warns me about casting my pearls before swine.
I'll compromise with a quote from wikip:
"Economists generally believe that deflation is a problem in a modern economy because it increases the real value of debt, and may aggravate recessions and lead to a deflationary spiral." http://en.wikipedia.org/wiki/Deflation
Now go and play.
Wrong, it is the theory agreed upon by neo-Keynesians working hand in hand with central banks.
Your education is flawed. You are blinded with ego and refuse to even consider your mistake.
I challenge you to read the paper linked at the mises website and refute anything said in there.
How ironic of you to dismiss the mises website and quote the platitudes of wikipedia.
You can do better than that I'm sure.
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