Meep.
I have nothing to add - just trying to work out how this'll affect the market.
Considerations:
1) Rate seems to go down at weekends (easier to sell, than buy I guess). Had been intending to sell now and then re-buy when the drop came.
2) Difficulty spike 'should' make coins value go up, I think price/difficulty has always roughly held.
3) Last week has been 'disruptive' - firstly somebody dumping their early coins and slamming the market, and now somebody minting them insanely.
I have nothing to add - just trying to work out how this'll affect the market.
Considerations:
1) Rate seems to go down at weekends (easier to sell, than buy I guess). Had been intending to sell now and then re-buy when the drop came.
2) Difficulty spike 'should' make coins value go up, I think price/difficulty has always roughly held.
3) Last week has been 'disruptive' - firstly somebody dumping their early coins and slamming the market, and now somebody minting them insanely.
This suggests that some well heeled personalities are stress testing the system.
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4) Guess this all boils down to whether bitcoins will 'make it' and have 'value' - So far this has been a bubble perpetuated by us. If one person rolls up and takes all the coins, then I'm reasonably sure a fair few of us will drift away. Mr custom-chip (I love conspiracy) will have a shit-load of coins in a market that's losing interest. What will he do - he'll dump them. Personally I think if this happens, it's over.
5) Mt Gox market. Just looking at the spread, there are an awful lot more sellers than buyers. Maybe this is because buyers just rock up and pay what the market is asking, whilst sellers will leave high offers standing - but it's not a healthy supply/demand distribution.
I'll give you $10 for each of your's and then you can go take your Zoloft.
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6) What do we do with bitcoins? Putting aside I have a few of them I'd like to sell for untold wealth, really? For a purely anonymous transaction, they're dandy - but this is surely a very rare transaction? Even on SR (which it vanishing can't help the price of BC) it can only protect the seller - whilst giving no protection to the buyer. At least if one were to mail off cash you'd have a clue where to go if ripped off.
Really? You suffer from a serious lack of imagination, and seem to be heavily influenced by the BS media reports. Does anyone really think that the feds have the resources to monitor the outgoing shipments of these vendors? Do you people watch too much TV? What do you think happens? They set a stakeout of the guy's front mailbox? No, these guys have runners that move the shipments to various dropboxes and post offices. The cops don't have teh resources to follow them all, so the only reall option that they have is to arrest the runner, but then that tells the vendor that he is being watched, and he suspends business activities. Nor does the government have the resources to intercept mail in route. And if they started doing that often, UPS would start complaining openly about the cost burdens. This kind of mail smuggling has been going on for decades. The only new addition is Bitcoin.
