I think there will be a correction before we hit infinity.
made my day
Topic: The Bitcoin Singularity is Near - page 3. (Read 20707 times)
made my day
I think there will be a correction before we hit infinity.
you all might be posting in a sockpuppet thread.
you know the guy who posted that a graphic that included
"the new paradigm" comes before "big selloff"
OR
its just my usual paranoia.
Anyway
Bitcoin Singularity
is an anagram for
sin city abultion rig
which clearly refers to the end of fed-printed money
by butterfly laps (pun)asics - could it be anymore clear?
you know the guy who posted that a graphic that included
"the new paradigm" comes before "big selloff"
OR
its just my usual paranoia.
Anyway
Bitcoin Singularity
is an anagram for
sin city abultion rig
which clearly refers to the end of fed-printed money
by butterfly laps (pun)asics - could it be anymore clear?
In other words, Bitcoin will eventually be worth more than any amount of fiat currency in the world combined? 
x/0 = ∞
In other words, Bitcoin will eventually be worth more than any amount of fiat currency in the world combined?
As you approach a singularity, value approaches infinity.
What is a fucking singularity anyway?
There seems to be multiple definitions.
This is also the normality.
I was under the impression singularity meant stabilization? I have been wrong before though There seems to be multiple definitions.
This is also the normality.
What is a fucking singularity anyway?
There seems to be multiple definitions.
This is also the normality.
There seems to be multiple definitions.
This is also the normality.
Haven't logged into my MtGox account in over a year. I've bought and sold many bitcoins in that time and find the alternatives to be quite good. I don't see how not trusting MtGox is a huge problem. I hope they lose more trust and marketshare.
just curious, did you use the mtGox price as a baseline? thanks.
Nope, I base my prices on what I can replace them for on the markets I do use.
Bitcoins are probably a great long-term 'investment', but...
1) Many people have good reason to not trust MtGox.
2) Go back to #1, it's a huge problem.
Some of us remember May/June/July 2011, so it's a wise idea to sell some into big rallies, or BETTER yet, spend some BTC and/or help build the economy with useful projects.
1) Many people have good reason to not trust MtGox.
2) Go back to #1, it's a huge problem.
...
When we look at Bitcoin in terms of expected value, the odds are thus astronomical. The only reason Bitcoins don't trade for 100k USD right now is because...
When we look at Bitcoin in terms of expected value, the odds are thus astronomical. The only reason Bitcoins don't trade for 100k USD right now is because...
Some of us remember May/June/July 2011, so it's a wise idea to sell some into big rallies, or BETTER yet, spend some BTC and/or help build the economy with useful projects.
It's perfectly possible to do wihtout MtGox in my opinion. Hope the competition keeps growing.
Bitcoin hasnt increased in value fiat has dropped in value 
The thing is, this is actually true. Of course the effect of Bitcoin on the value of fiat is still insignificant, but I can imagine a future where Bitcoin becomes a serious competing currency.
I don't believe this will be a zero-sum game since the technological advantages of Bitcoin will be good for the economy and thus create wealth in itself, but I have to admit that most of the wealth we as early adopters gain, will be at a cost to all the fiat money in the world. However, since there is so much of it, I doubt anybody will notice. And fiat has a long history of becoming worth less every year anyway.
Bitcoin hasnt increased in value fiat has dropped in value
Bitcoins are probably a great long-term 'investment', but...
1) Many people have good reason to not trust MtGox.
2) Go back to #1, it's a huge problem.
Some of us remember May/June/July 2011, so it's a wise idea to sell some into big rallies, or BETTER yet, spend some BTC and/or help build the economy with useful projects.
1) Many people have good reason to not trust MtGox.
2) Go back to #1, it's a huge problem.
...
When we look at Bitcoin in terms of expected value, the odds are thus astronomical. The only reason Bitcoins don't trade for 100k USD right now is because...
When we look at Bitcoin in terms of expected value, the odds are thus astronomical. The only reason Bitcoins don't trade for 100k USD right now is because...
Some of us remember May/June/July 2011, so it's a wise idea to sell some into big rallies, or BETTER yet, spend some BTC and/or help build the economy with useful projects.
Haven't logged into my MtGox account in over a year. I've bought and sold many bitcoins in that time and find the alternatives to be quite good. I don't see how not trusting MtGox is a huge problem. I hope they lose more trust and marketshare.
I hope they lose marketshare too, they control way too much of BTC's trade at the moment. Until that changes, I agree with Bit_Happy.
Haven't logged into my MtGox account in over a year. I've bought and sold many bitcoins in that time and find the alternatives to be quite good. I don't see how not trusting MtGox is a huge problem. I hope they lose more trust and marketshare.
just curious, did you use the mtGox price as a baseline? thanks.
Bitcoins are probably a great long-term 'investment', but...
1) Many people have good reason to not trust MtGox.
2) Go back to #1, it's a huge problem.
Some of us remember May/June/July 2011, so it's a wise idea to sell some into big rallies, or BETTER yet, spend some BTC and/or help build the economy with useful projects.
1) Many people have good reason to not trust MtGox.
2) Go back to #1, it's a huge problem.
...
When we look at Bitcoin in terms of expected value, the odds are thus astronomical. The only reason Bitcoins don't trade for 100k USD right now is because...
When we look at Bitcoin in terms of expected value, the odds are thus astronomical. The only reason Bitcoins don't trade for 100k USD right now is because...
Some of us remember May/June/July 2011, so it's a wise idea to sell some into big rallies, or BETTER yet, spend some BTC and/or help build the economy with useful projects.
Haven't logged into my MtGox account in over a year. I've bought and sold many bitcoins in that time and find the alternatives to be quite good. I don't see how not trusting MtGox is a huge problem. I hope they lose more trust and marketshare.
Bitcoins are probably a great long-term 'investment', but...
1) Many people have good reason to not trust MtGox.
2) Go back to #1, it's a huge problem.
Some of us remember May/June/July 2011, so it's a wise idea to sell some into big rallies, or BETTER yet, spend some BTC and/or help build the economy with useful projects.
1) Many people have good reason to not trust MtGox.
2) Go back to #1, it's a huge problem.
...
When we look at Bitcoin in terms of expected value, the odds are thus astronomical. The only reason Bitcoins don't trade for 100k USD right now is because...
When we look at Bitcoin in terms of expected value, the odds are thus astronomical. The only reason Bitcoins don't trade for 100k USD right now is because...
Some of us remember May/June/July 2011, so it's a wise idea to sell some into big rallies, or BETTER yet, spend some BTC and/or help build the economy with useful projects.
Quote
[...] Then banks will find out that this may one day be the backbone of international money transfers and that it will be essential for them not to miss out. [...]
I have a feeling this won't be embraced by banks. If anything, I think they will be the greatest threat to bitcoin by either lobbying governments to stop it, or a direct attempt to sabotage it.
||bit
I believe it is unavoidable. And banks aren't all that bad, they do provide useful services. They are simply much too large and costing all of us too much money due to the fact that they are so close to the money creators at central banks. Bitcoin will take this away from them and there is absolutely nothing that can be done about it. Sabotage is highly unlikely to succeed and lobbying governments won't work either, just look at the war on drugs.
Quote
[...] Then banks will find out that this may one day be the backbone of international money transfers and that it will be essential for them not to miss out. [...]
I have a feeling this won't be embraced by banks. If anything, I think they will be the greatest threat to bitcoin by either lobbying governments to stop it, or a direct attempt to sabotage it.
||bit
Except for the small, upstart, 'renegade' banks that are shooting for the fences and adopt the disruptive superior bitcoin tech. to intentionally out-compete and bring down the big, entrenched, dinosaurs. It's how capitalism is supposed to work.
Quote
[...] Then banks will find out that this may one day be the backbone of international money transfers and that it will be essential for them not to miss out. [...]
I have a feeling this won't be embraced by banks. If anything, I think they will be the greatest threat to bitcoin by either lobbying governments to stop it, or a direct attempt to sabotage it.
||bit
From Ron/Shamir: "If we sum up the amounts accumulated at the 609,270 addresses which only receive and never send any BTC's, we see that they contain 7,019,100 BTC's, which are almost 78% of all existing BTC's."
This is way way different from saying that 70% of 'coins' (whatever that means) never move. If every bitcoin moved every single hour but everyone always used new addresses then every single address with coins at it would receive but never send!
This is way way different from saying that 70% of 'coins' (whatever that means) never move. If every bitcoin moved every single hour but everyone always used new addresses then every single address with coins at it would receive but never send!
Of course you are right, but then again you'll find that one of the conclusions from their paper was that many bitcoins are in some way dormant, while a much smaller number is very active. The point is that this is a clue to the amount of fiat invested in Bitcoin, which I believe is much lower than number of mined coins * price (I would guesstimate somewhere around 100 million USD).
As the price goes up further, some of the currently dormant coins will wake up. If I were an early adapter in possession of 25k BTC, a price of 24 USD would probably be a good moment to sell a small percentage to cover your initial investment. As the price goes up even more, I might sell some more to buy a car, a yacht, a house or whatever. The fact of the matter is that right now, bitcoins are far more scarce than we believe them to be.
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