People are going to die (rant) - page 2.

alexeft

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Quote from: nobbynobbynoob on April 09, 2013, 12:14:03 PM

Given the nature of bitcoin, its market price (Mt Gox etc.) is inordinately too low for any kind of stability in a rapidly growing bitcoin economy/ecosystem. If Bitcoin really takes off and becomes entrenched as the online currency, more than it already is, then its price may stabilize somewhat, but that will probably be well north of $10k/BTC, if not $100k+. The supply of BTC is kinda limited, y'know. Grin

Very well put.

kjj

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Quote from: myrkul on April 08, 2013, 04:09:35 PM

"In the long run, we are all dead." - John Maynard Keynes
Probably the smartest thing he ever said.

I suffered through a couple of his books. I can assure you that this was indeed the smartest thing he ever said.

nobbynobbynoob

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Given the nature of bitcoin, its market price (Mt Gox etc.) is inordinately too low for any kind of stability in a rapidly growing bitcoin economy/ecosystem. If Bitcoin really takes off and becomes entrenched as the online currency, more than it already is, then its price may stabilize somewhat, but that will probably be well north of $10k/BTC, if not $100k+. The supply of BTC is kinda limited, y'know. Grin

Qoheleth

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Spurn wild goose chases. Seek that which endures.

Quote from: donjoe on April 09, 2013, 10:42:46 AM

Quote

something even your MythicalCoin can't control.

False. Look up Paul Grignon's "Digital Coin" concept and you will see that it controls inflation/deflation very well, better than any currency system I've ever heard of.

I read the brief. Some really interesting ideas there.

I don't like that the Perpetual Coin is premined (initial distribution controlled by a despot), though, and I'm unsure as to whether digital futures barter (the essence of CCs) can work without significant PC-based lubrication (which is, again, subject to inflation/deflation as normal).

myrkul

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Quote from: donjoe on April 09, 2013, 10:42:46 AM

Quote from: myrkul on April 08, 2013, 05:16:20 PM

A ~~set, well-known~~ inflation rate, with a ~~known max limit~~, and a ~~known date~~ of reaching that limit

You are obviously clueless about what you're saying. Inflation and deflation depend not only on the supply of currency but also on the supply of real values (products and services). While you can control the BTC supply through some pre-established algorithm, you CAN'T control the evolution of the supply of real values on the market, therefore you CAN'T set the inflation to a specific value for a specific future date.

Clearly you're the clueless one here:

Some links that might help clear things up for you:
http://en.wikipedia.org/wiki/Monetary_inflation (what I was talking about)
http://en.wikipedia.org/wiki/Money_supply
http://en.wikipedia.org/wiki/Price_inflation (what you thought I was talking about)

Quote from: donjoe on April 09, 2013, 10:42:46 AM

Quote

demand for the currency itself, something even your MythicalCoin can't control.

False. Look up Paul Grignon's "Digital Coin" concept and you will see that it controls inflation/deflation very well, better than any currency system I've ever heard of.

No coin can control DEMAND for a currency, that's entirely dependent on the people who want (or do not want) the currency.

donjoe

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Quote from: myrkul on April 08, 2013, 05:16:20 PM

A ~~set, well-known~~ inflation rate, with a ~~known max limit~~, and a ~~known date~~ of reaching that limit

You are obviously clueless about what you're saying. Inflation and deflation depend not only on the supply of currency but also on the supply of real values (products and services). While you can control the BTC supply through some pre-established algorithm, you CAN'T control the evolution of the supply of real values on the market, therefore you CAN'T set the inflation to a specific value for a specific future date.

Quote

Short-term fluctuations in price are mostly due to demand for the currency itself

I'm still waiting for the day when these psychotic fluctuations end so that we can finally be confident in calling them "short-term" or "growing pains" or whatever.

Quote

something even your MythicalCoin can't control.

False. Look up Paul Grignon's "Digital Coin" concept and you will see that it controls inflation/deflation very well, better than any currency system I've ever heard of.

myrkul

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Quote from: Qoheleth on April 08, 2013, 06:55:43 PM

Quote from: BitcoinAshley on April 08, 2013, 06:52:27 PM

ITT: Silly newb OP who hasn't set foot in any other part of the forum, thinks the frat-boy mentality in the speculation subforum is indicative of the entire Bitcoin economy.

OP you are idiot, here is proof, QED Good luck with your fiat brah.

Reread the post. I'm pretty sure OP isn't even talking about Bitcointalk - they're talking about the Bitcoin section of Reddit.

Which makes it worse, no?

bb113

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People come for the bubble and stay for the bitcoin. That is what happened last time. Also, your post reminded me of this:

Quote

On July 22, 1994, the police closed the offices of MMM for tax evasion. For a few days the company attempted to continue the scheme, but soon ceased operations. At that point, Invest-Consulting, one of the company's subsidiaries, owed more than 50 billion rubles in taxes (USD 26 million), and MMM itself owed between 100 billion and 3 trillion rubles to the investors (from USD 50 million to USD 1.5 billion). In the aftermath at least 50 investors, having lost all of their money, committed suicide.

https://en.wikipedia.org/wiki/MMM_%28Ponzi_scheme_company%29

Although its pretty dumb to bet your life savings on a social and technological experiment, I am sure many people have.

Qoheleth

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Spurn wild goose chases. Seek that which endures.

Quote from: BitcoinAshley on April 08, 2013, 06:52:27 PM

ITT: Silly newb OP who hasn't set foot in any other part of the forum, thinks the frat-boy mentality in the speculation subforum is indicative of the entire Bitcoin economy.

OP you are idiot, here is proof, QED Good luck with your fiat brah.

Reread the post. I'm pretty sure OP isn't even talking about Bitcointalk - they're talking about the Bitcoin section of Reddit.

BitcoinAshley

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ITT: Silly newb OP who hasn't set foot in any other part of the forum, thinks the frat-boy mentality in the speculation subforum is indicative of the entire Bitcoin economy.

OP you are idiot, here is proof, QED Good luck with your fiat brah.

SlaveInDebt

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Your Minion

Just strolling through.
http://youtu.be/eujCeBC4Lh0

meowmeowbrowncow

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Re: how the media might use a BTC crash and the possible suicides - yes, they'll be as sensational as possible. It's a sad comment about news in general.
Though, it would a truly financially related suicide. Not a BTC suicide.

Corollary neq Causality

Re: BTC-based business insolvency. Currency exposure doth suck in volatile markets.

Sadly, volatility truly does detract from BTC's usefulness as a currency.

BrightAnarchist

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Qoheleth

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Spurn wild goose chases. Seek that which endures.

I guess your main annoyance is with the Reddit crowd. Can't comment on that - haven't been there, biased against the site as a whole. But I may as well say that for what it's worth,

Quote from: shamntalk on April 08, 2013, 04:06:46 PM

That's the same people currently haranguing the newbies into investing blindly,

I'm trying to speak out against this kind of counterproductive bullshit as often as possible. With prices rising exponentially for three months now, it needs to be drilled into everyone's head that Bitcoin is still a beta software suite, a speculative asset, and a foetal economy; if they choose to invest, good on them and best of luck, but they need to understand that that investment is speculative and liable to lose any portion of its value at any time.

It selects for naivete or predation in new users, and besides, means that it's Aunt Violet, and not people who understood the asset and its risks, losing her shirt when the correction arrives.

Newscastix

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I thought about too... in regards to lost wallets...

Aaaaand here is one:

http://www.reddit.com/r/Bitcoin/comments/1bx0ws/remember_to_backup_your_bitcoins_to_multiple/

At least he found a backup Shocked

But we will hear similar stories more often in the future... including suicides...

Zooey

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Time you enjoy wasting is not wasted time.

tl;dr

myrkul

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Quote from: donjoe on April 08, 2013, 04:52:17 PM

Quote from: shamntalk on April 08, 2013, 04:06:46 PM

That's right, I speculate we're going to see some bitcoin-related suicides, and the mass media will lap it up, ruining a perfectly good crypto-currency with tons of potential.

Yeah, that's why I hope this thing crashes for good sooner rather than later. It's already served its purpose of piquing people's interest in the notion of digital currency and providing a cryptographic proof of concept, it can be phased out now in favor of a properly thought out digital currency system that takes more seriously the need for a stable price and tight correspondence between the amount of currency and the amount of real values (products & services) existing on the market at any given time (two crucial aspects that the Bitcoin system clearly does not address seriously).

No, Bitcoin is plenty well thought out wrt money supply. A set, well-known inflation rate, with a known max limit, and a known date of reaching that limit ensure long-term stability. Short-term fluctuations in price are mostly due to demand for the currency itself, something even your MythicalCoin can't control.

Minor Miner

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Quote from: Crypt_Current on April 08, 2013, 05:09:11 PM

Quote from: Minor Miner on April 08, 2013, 05:06:07 PM

Quote from: myrkul on April 08, 2013, 04:09:35 PM

"In the long run, we are all dead." - John Maynard Keynes
Probably the smartest thing he ever said.

The only thing he ever said that was fact based

facts? such as "the long run" and "we are all"
Pretty well-defined technicals there. Roll Eyes

Keynesians are not known for giving you dates to trade on. more known for "I know better than you so be quiet because things are getting better"

Crypt_Current

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Quote from: Minor Miner on April 08, 2013, 05:06:07 PM

Quote from: myrkul on April 08, 2013, 04:09:35 PM

"In the long run, we are all dead." - John Maynard Keynes
Probably the smartest thing he ever said.

The only thing he ever said that was fact based

facts? such as "the long run" and "we are all"
Pretty well-defined technicals there. Roll Eyes

Minor Miner

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Be A Digital Miner

Quote from: myrkul on April 08, 2013, 04:09:35 PM

"In the long run, we are all dead." - John Maynard Keynes
Probably the smartest thing he ever said.

The only thing he ever said that was fact based

Topic: People are going to die (rant) - page 2. (Read 6882 times)