Topic: Liberty Reserve shutdown is a boost for Bitcoin? - page 4. (Read 12658 times)

Quote from: Rampion on May 30, 2013, 01:52:47 PM

Silk Road? They move aprox. $1.2M per month.

Trading volume at Gox in the last 30 days is $238,479,686.66

So, come on, who are the other "criminals" using Bitcoin and moving twenty times more than Silk Road monthly? Please let me know, and please include figures, facts and sources to your groundless speculations.

And BTW, you may be tempted to say that the rest of volume in BTC's economy is just speculators trading? Well, AFAIK trading is a "legit" business - isn't it?

You're messing up trade volume on an exchanger with sales between two people.
Forex is doing $3.98 trillion /day more than the revenue of the 10 biggest companies in the world /year.

Besides , I can say for sure that there were at least4 orders over 50k usd SR:) , this month.

I'm not messing that up. Sales between two people is one thing - trades between two peoples (or bots) is a different thing.

But still, Gox is a legitimate business - and their turnover is probably bigger that the one of Silk Road. BTC's economy is not based at all in Silk Road, trading/speculation (which is not "black market", but a legit business) is much bigger and moves more money that "black market" operations in BTC.

Comparing Gox trade volume with the sales on SR is just stupid.
Let me make this easier for you:
Forex ( In our case Gox) is doing almost 4 trilions a day, in order to match those numbers the people in this world would have to spend 1000 usd /day (Like SR).

DO you see something wrong here?

ps:
http://blockchain.info/charts/estimated-transaction-volume-usd?daysAverageString=7 (Forum warning: Possible phishing link!)

Then compare the turnover of two businesses - Gox and SR. Which do you think is higher?

Answering like you with a stupid question , what do you think is bigger , the turnover of forex or the GDP of the US?
If you like so much to compare honey with condoms!

The point is that trading/speculation is a much bigger business than anything else - both in BTC and the FIAT economy. And it's a legit business.

Or maybe you are suggesting that Gox or Forex are not businesses?

niothor

hero member

Activity: 826

Merit: 501

in defi we trust

Quote from: niothor on May 30, 2013, 01:51:12 PM

Quote from: niothor on May 30, 2013, 01:51:12 PM

Silk Road? They move aprox. $1.2M per month.

Trading volume at Gox in the last 30 days is $238,479,686.66

So, come on, who are the other "criminals" using Bitcoin and moving twenty times more than Silk Road monthly? Please let me know, and please include figures, facts and sources to your groundless speculations.

And BTW, you may be tempted to say that the rest of volume in BTC's economy is just speculators trading? Well, AFAIK trading is a "legit" business - isn't it?

You're messing up trade volume on an exchanger with sales between two people.
Forex is doing $3.98 trillion /day more than the revenue of the 10 biggest companies in the world /year.

Besides , I can say for sure that there were at least4 orders over 50k usd SR:) , this month.

I'm not messing that up. Sales between two people is one thing - trades between two peoples (or bots) is a different thing.

But still, Gox is a legitimate business - and their turnover is probably bigger that the one of Silk Road. BTC's economy is not based at all in Silk Road, trading/speculation (which is not "black market", but a legit business) is much bigger and moves more money that "black market" operations in BTC.

Comparing Gox trade volume with the sales on SR is just stupid.
Let me make this easier for you:
Forex ( In our case Gox) is doing almost 4 trilions a day, in order to match those numbers the people in this world would have to spend 1000 usd /day (Like SR).

DO you see something wrong here?

ps:
http://blockchain.info/charts/estimated-transaction-volume-usd?daysAverageString=7 (Forum warning: Possible phishing link!)

Then compare the turnover of two businesses - Gox and SR. Which do you think is higher?

Answering like you with a stupid question , what do you think is bigger , the turnover of forex or the GDP of the US?
If you like so much to compare honey with condoms!

Rampion

legendary

Activity: 1148

Merit: 1018

Silk Road? They move aprox. $1.2M per month.

Trading volume at Gox in the last 30 days is $238,479,686.66

So, come on, who are the other "criminals" using Bitcoin and moving twenty times more than Silk Road monthly? Please let me know, and please include figures, facts and sources to your groundless speculations.

And BTW, you may be tempted to say that the rest of volume in BTC's economy is just speculators trading? Well, AFAIK trading is a "legit" business - isn't it?

You're messing up trade volume on an exchanger with sales between two people.
Forex is doing $3.98 trillion /day more than the revenue of the 10 biggest companies in the world /year.

Besides , I can say for sure that there were at least4 orders over 50k usd SR:) , this month.

I'm not messing that up. Sales between two people is one thing - trades between two peoples (or bots) is a different thing.

But still, Gox is a legitimate business - and their turnover is probably bigger that the one of Silk Road. BTC's economy is not based at all in Silk Road, trading/speculation (which is not "black market", but a legit business) is much bigger and moves more money that "black market" operations in BTC.

Comparing Gox trade volume with the sales on SR is just stupid.
Let me make this easier for you:
Forex ( In our case Gox) is doing almost 4 trilions a day, in order to match those numbers the people in this world would have to spend 1000 usd /day (Like SR).

DO you see something wrong here?

ps:
http://blockchain.info/charts/estimated-transaction-volume-usd?daysAverageString=7 (Forum warning: Possible phishing link!)

Then compare the turnover of two businesses - Gox and SR. Which do you think is higher?

niothor

hero member

Activity: 826

Merit: 501

in defi we trust

Silk Road? They move aprox. $1.2M per month.

Trading volume at Gox in the last 30 days is $238,479,686.66

So, come on, who are the other "criminals" using Bitcoin and moving twenty times more than Silk Road monthly? Please let me know, and please include figures, facts and sources to your groundless speculations.

And BTW, you may be tempted to say that the rest of volume in BTC's economy is just speculators trading? Well, AFAIK trading is a "legit" business - isn't it?

You're messing up trade volume on an exchanger with sales between two people.
Forex is doing $3.98 trillion /day more than the revenue of the 10 biggest companies in the world /year.

Besides , I can say for sure that there were at least4 orders over 50k usd SR:) , this month.

I'm not messing that up. Sales between two people is one thing - trades between two peoples (or bots) is a different thing.

But still, Gox is a legitimate business - and their turnover is probably bigger that the one of Silk Road. BTC's economy is not based at all in Silk Road, trading/speculation (which is not "black market", but a legit business) is much bigger and moves more money that "black market" operations in BTC.

Comparing Gox trade volume with the sales on SR is just stupid.
Let me make this easier for you:
Forex ( In our case Gox) is doing almost 4 trilions a day, in order to match those numbers the people in this world would have to spend 1000 usd /day (Like SR).

DO you see something wrong here?

ps:
http://blockchain.info/charts/estimated-transaction-volume-usd?daysAverageString=7

Rampion

legendary

Activity: 1148

Merit: 1018

Quote from: bitcoinbear on May 30, 2013, 09:31:02 AM

Silk Road? They move aprox. $1.2M per month.

Trading volume at Gox in the last 30 days is $238,479,686.66

So, come on, who are the other "criminals" using Bitcoin and moving twenty times more than Silk Road monthly? Please let me know, and please include figures, facts and sources to your groundless speculations.

And BTW, you may be tempted to say that the rest of volume in BTC's economy is just speculators trading? Well, AFAIK trading is a "legit" business - isn't it?

You're messing up trade volume on an exchanger with sales between two people.
Forex is doing $3.98 trillion /day more than the revenue of the 10 biggest companies in the world /year.

Besides , I can say for sure that there were at least4 orders over 50k usd SR:) , this month.

I'm not messing that up. Sales between two people is one thing - trades between two peoples (or bots) is a different thing.

But still, Gox is a legitimate business - and their turnover is probably bigger that the one of Silk Road. BTC's economy is not based at all in Silk Road, trading/speculation (which is not "black market", but a legit business) is much bigger and moves more money that "black market" operations in BTC.

NewLiberty

legendary

Activity: 1204

Merit: 1002

Gresham's Lawyer

Quote from: trepper on May 30, 2013, 07:26:35 AM

Quote from: Rampion on May 30, 2013, 07:14:03 AM

If you think $200/BTC is expensive... Then you do not know enough about both past Bitcoin history and its potential.

I don't think (and never said) it's expensive or cheap.
I've just asked if those who bought 200$/btc can really feel they've got "sound money for their retirement and health insurance".

If those people who bought at $200/btc had any sense, then they would also have bought at least as many bitcoins soon thereafter at $50/btc, thus their average cost of bitcoins would be no more than $125/btc, so they could sell right now for a profit. Even if they did not grab the dip, the price of bitcoins was under $100/btc for a while, so they could definitely have lowered their average cost by now.

Time cost averaging is a very good strategy for investing in volatile commodities with high beta, such as Bitcoin is currently.
It works even better than your example, (if we assume as you do that the time interval intersects with both 200 and 50). The investment strategy works by using an equal amount of the buying currency (USD$ here) at discrete time intervals.
So for each share bought at 200, 4 would be bought at 50, making the average cost 400/5 or 80 each, rather than 125.

This is a built in strategy for all wage earners who are paid an equal amount per any given period of time. If I am paid a salary in bitcoin/dollars, I will get more bitcoin on the weeks that the bitcoin price is low, and less when it is high.

For the folks playing the "I want to win this argument game" in this forum. We win when we all gain a better understanding, please waste less of our time.

niothor

hero member

Activity: 826

Merit: 501

in defi we trust

Quote from: creativex on May 30, 2013, 01:10:09 PM

Silk Road? They move aprox. $1.2M per month.

Trading volume at Gox in the last 30 days is $238,479,686.66

So, come on, who are the other "criminals" using Bitcoin and moving twenty times more than Silk Road monthly? Please let me know, and please include figures, facts and sources to your groundless speculations.

And BTW, you may be tempted to say that the rest of volume in BTC's economy is just speculators trading? Well, AFAIK trading is a "legit" business - isn't it?

You're messing up trade volume on an exchanger with sales between two people.
Forex is doing $3.98 trillion /day more than the revenue of the 10 biggest companies in the world /year.

Besides , I can say for sure that there were at least4 orders over 50k usd SR:) , this month.

trepper

member

Activity: 89

Merit: 12

IC you didn't get the memo. The newbie crew says Coinbase, Bitpay, & Bitspend don't exist. Wink

Woooooow !
That's quite impressive!

Not as impressive as my dick, but quite impressive.

Coinbase + Bitpay + Bitspend !!!! And tomorow, the world....

trepper

member

Activity: 89

Merit: 12

Quote from: Rampion on May 30, 2013, 12:57:29 PM

Quote from: trepper on May 30, 2013, 12:52:24 PM

Bitcoin actual value = Drug Deal + Speculation + 0.0000001%

You are forgetting gambling, my friend.

You're right
Bitcoin actual value = Gambling + Drug Deal + Speculation + 0.0000001%

Quote from: Rampion on May 30, 2013, 12:57:29 PM

And BTW... You just discovered that 90% of BTC's economy is mostly based on speculation?

No, please, you must learn to understand what you read, really
I didn't discover it since I mention it in my equation Cheesy

Quote from: Rampion on May 30, 2013, 12:57:29 PM

Last but not least, we all known Coinseeker is very butthurt for not being smart enough to buy coins when the price was $1 (or $10, BTW). Are you feeling the same pain, so you feel the urge to fill these forums of FUD?

Another very good argument, indeed.
Could you show me a figure or is it just another wishful thought?

creativex

sr. member

Activity: 434

Merit: 250

IC you didn't get the memo. The newbie crew says Coinbase, Bitpay, & Bitspend don't exist. Wink

These are not the ~~droids~~ legitimate Bitcoin enterprises you're looking for...

ThatDGuy

hero member

Activity: 728

Merit: 500

Quote from: trepper on May 30, 2013, 12:52:24 PM

Quote from: Rampion on May 30, 2013, 12:45:28 PM

In case you don't know how to read (it seems that you noobs, including our good Coinclown registered less than 1 month ago, have some problems with reading comprehension):

I'm younger than you in this forum, but my dick is much bigger than yours, so...

Quote from: trepper on May 30, 2013, 12:52:24 PM

Silk Road? They move aprox. $1.2M per month.

Trading volume at Gox in the last 30 days is $238,479,686.66

So, come on, who are the other "criminals" using Bitcoin and moving twenty times more than Silk Road monthly? Please let me know, and please include figures, facts and sources to your groundless speculations.

And BTW, you may be tempted to say that the rest of volume in BTC's economy is just speculators trading? Well, AFAIK trading is a "legit" business - isn't it?

And now show me your figures.

What figures?
You've just provided them Roll Eyes

Bitcoin actual value = Drug Deal + Speculation + 0.0000001%

http://online.wsj.com/article/SB10001424127887323687604578469012375269952.html?mod=WSJ_StartUpJournal_LeftTopNews (Forum warning: Possible phishing link!)

$5 Million in VC to Coinbase.

"In April, the Coinbase co-founders said the company had about 116,000 members who converted $15 million of real money into Bitcoin, up from $1 million in January. Mr. Ehrsam said its dollar conversions are increasing by about 15% a week, and its user base is growing at a weekly rate of about 12%."

This is one example, and notably the largest VC investment to date - but if you don't see this as a sign of which direction Bitcoin is moving, then you haven't been paying attention.

Rampion

legendary

Activity: 1148

Merit: 1018

Quote from: Rampion on May 30, 2013, 12:45:28 PM

In case you don't know how to read (it seems that you noobs, including our good Coinclown registered less than 1 month ago, have some problems with reading comprehension):

I'm younger than you in this forum, but my dick is much bigger than yours, so...

Quote from: Rampion on May 30, 2013, 12:45:28 PM

Silk Road? They move aprox. $1.2M per month.

Trading volume at Gox in the last 30 days is $238,479,686.66

So, come on, who are the other "criminals" using Bitcoin and moving twenty times more than Silk Road monthly? Please let me know, and please include figures, facts and sources to your groundless speculations.

And BTW, you may be tempted to say that the rest of volume in BTC's economy is just speculators trading? Well, AFAIK trading is a "legit" business - isn't it?

And now show me your figures.

What figures?
You've just provided them Roll Eyes

Bitcoin actual value = Drug Deal + Speculation + 0.0000001%

You are forgetting gambling, my friend. Which may be illegal in some third world or fascist countries, but is a LEGAL business in most of the western world.

And BTW... You just discovered that 90% of BTC's economy is mostly based on speculation? Well, that's how it is currently. You don't have to be a genius to realize that. But... Is trading/speculating a "criminal" activity? At least in my country is legit.

Last but not least, we all known Coinseeker is very butthurt for not being smart enough to buy coins when the price was $1 (or $10, BTW). Are you feeling the same pain, so you feel the urge to fill these forums of FUD?

trepper

member

Activity: 89

Merit: 12

In case you don't know how to read (it seems that you noobs, including our good Coinclown registered less than 1 month ago, have some problems with reading comprehension):

I'm younger than you in this forum, but my dick is much bigger than yours, so...

Quote from: trepper on May 30, 2013, 12:38:09 PM

Silk Road? They move aprox. $1.2M per month.

Trading volume at Gox in the last 30 days is $238,479,686.66

So, come on, who are the other "criminals" using Bitcoin and moving twenty times more than Silk Road monthly? Please let me know, and please include figures, facts and sources to your groundless speculations.

And BTW, you may be tempted to say that the rest of volume in BTC's economy is just speculators trading? Well, AFAIK trading is a "legit" business - isn't it?

And now show me your figures.

What figures?
You've just provided them Roll Eyes

Bitcoin actual value = Drug Deal + Speculation + 0.0000001%

Rampion

legendary

Activity: 1148

Merit: 1018

Quote from: Rampion on May 30, 2013, 12:21:28 PM

EDIT: and BTW, now is YOUR turn to demonstrate with facts, figures and sources that "the majority of business that is Bitcoin is not legitimate" (quoting you literally). Came on, "son", show us your cards.

I think he obviously means that there no such thing as real bitcoin business.
And I think you will have hard time proving he's wrong.
In fact you have already demonstrated he's right Grin

In case you don't know how to read (it seems that you noobs, including our good Coinclown registered less than 1 month ago, have some problems with reading comprehension):