He "knows", but I'd say it's more realistic than his other dream, the balkanization of California.
Like you 'knew' in 2011?
Did I post anything of the sort? But hell yea take your time and skim through my 7977 other posts.
Topic: The Collapse of Bitcoin Price and Why You Shouldn't Care (Read 5002 times)
Like you 'knew' in 2011?
Did I post anything of the sort? But hell yea take your time and skim through my 7977 other posts.
He "knows", but I'd say it's more realistic than his other dream, the balkanization of California.
Like you 'knew' in 2011?
Tell that to Tim Draper
Don't you think that anyone possessing 30k BTC would more likely have mined them early on?
Do you really think there is someone spent half a million USD to buy them?
That sounds even more ridiculous but don't let me interrupt you circle jerking
Do you really think there is someone spent half a million USD to buy them?
That sounds even more ridiculous but don't let me interrupt you circle jerking
30k * $285 = $8,500,000 USD
EM should be rich. Instead he is still bashing away!
He "knows", but I'd say it's more realistic than his other dream, the balkanization of California.
Tell that to Tim Draper
Tim Draper knows that bitcoin will be worth $10k in future. :-)
Tell that to Tim Draper
Don't you think that anyone possessing 30k BTC would more likely have mined them early on?
Do you really think there is someone spent half a million USD to buy them?
That sounds even more ridiculous but don't let me interrupt you circle jerking
Do you really think there is someone spent half a million USD to buy them?
That sounds even more ridiculous but don't let me interrupt you circle jerking
30k * $285 = $8,500,000 USD
This thread is a marvelous lesson to those prophesizing the death of Bitcoin today. This is from about 3 years 5 months ago, when price had dropped from $31.91 to $2.04. The arguments sound very similar to those made today.
That $2.04 low would never be seen again. Price hit $7.22 just 2.5 months later, $15.40 another 8.5 months after that, and $266 about 6 months after that. When despair sets in, sit tight, hodl, and buy.
That $2.04 low would never be seen again. Price hit $7.22 just 2.5 months later, $15.40 another 8.5 months after that, and $266 about 6 months after that. When despair sets in, sit tight, hodl, and buy.
He is so desparate that he put up over a 30,000 bitcoin bid wall on mt. gox at the 4.45-4.50 range. This is his last efforts to protect a fall into the 3's.
So, how do you know it is 1 person putting in a bid wall? If it was 1 person wouldn't they just put all them at 1 price?
How do you know it isn't a lady? Or a robot?
Maybe I'm missing something, but most of this seems rantish and unsubstantiated.
...
...I personally don't recall ever hearing of a "metaphorical money" and initial results from a google search don't turn up any relevant pages about metaphorical money, which suggests to me it's probably not something that many people value...
...
Though when was the last time you heard of a "bitcoin"? And what do you get in the initial results of a google search for Bitcoin? What does that suggest? ...I personally don't recall ever hearing of a "metaphorical money" and initial results from a google search don't turn up any relevant pages about metaphorical money, which suggests to me it's probably not something that many people value...
...
OP pretty much speaks the truth
generous donation some kind soul made to my bitcoin address in an amount greater than 1500 btc.
Wait, what? 
The only thing holding up the bitcoin price is somebody who has bought thousands of bitcoins on the way down from $30. This moron has bought so many bitcoins trying to maintain the price that he has no choice but to keep throwing more money to protect the value of his total bitcoins. He can't sell any coins now because that will just drop the price when he is the only one really buying.
He is so desparate that he put up over a 30,000 bitcoin bid wall on mt. gox at the 4.45-4.50 range. This is his last efforts to protect a fall into the 3's.
The same forces are in play that will keep bitcoin falling, like you say inflation, or so many new coins coming into the market everyday. Why buy when you can just mine. Most people into this currency are computer geeks who will just mine for their coins not buy them.
He is so desparate that he put up over a 30,000 bitcoin bid wall on mt. gox at the 4.45-4.50 range. This is his last efforts to protect a fall into the 3's.
The same forces are in play that will keep bitcoin falling, like you say inflation, or so many new coins coming into the market everyday. Why buy when you can just mine. Most people into this currency are computer geeks who will just mine for their coins not buy them.
Because at current exchange rates, mining is only profitable if all of your equipment is payed for and you don't pay for electricity.
My meger set up when I quit mining was only getting around 2 coins per day. My last 2 peak electric bills were 650 and 550... meaning i lost money on the electric bill. I only came ahead all together by selling off my hardware and the generous donation some kind soul made to my bitcoin address in an amount greater than 1500 btc.
The people that want domain registration can't get it from namecoin. If the bulk of the DNS servers on the internet start to accept .bit as a TLD to be resolved through namecoin, it will explode.
Namecoin isn't really an alternative to the ICANN-run DNS system.
It's a great alternative to the "MIT PGP keyserver", which is uncomfortably centralized.
It's a great alternative to some (but not all) of the functionality provided by the PGP Web Of Trust, which doesn't become useful/secure until you know lots of people who use it.
It's a great alternative to the awful "aopf8y3aw.onion" naming system used for Tor-hosted services (particularly those who fear seizure of their ICANN-name as a way of being shut down).
The way to assess a government currency is to look at the stability and trustworthiness of the government behind it. The way to assess something like bitcoin is to look at the stability and trustworthiness of the bitcoin community and the bitcoin infrastructure. That is harder to assess than a government is, but not by much.
That is one of many metrics to base your expectations of the future price of the good in question, but is not a reason for why the item became or will become a currency in the first place.
I care.
I want to buy cheap Bitcoins.
I want to buy cheap Bitcoins.
You can give just about anything to just about anyone else.
No.Why the question mark? How am I supposed to give "anything" to people in arbitrary places on Earth?
And more on topic, how am I supposed to send small amounts money to people in those places? And to people who don't have, or can't have bank accounts? Or who don't want to have them? Or who don't want to share their personal details? Or whom I don't want to share my personal details with? Never mind businesses who pay obscene amounts in fees to make these transfers. Your idea about free (in every sense of the word) transactions not being a marketable property is extremely misguided, regardless of Bitcoin.
Bitcoin has utility for me, since I transfer money across the globe all the time and many of my acquaintances already use BTC.
So bitcoin has utility for you because you can send them to someone else, and it has utility for them because they can send them to someone else, etc., etc..Sounds pretty circular to me. It leaves out the original reason for anyone choosing to acquire a bitcoin in the first place.
Describe to me how you call something a currency if it doesn't have this circular property.
Besides, it is the original reason, because there is nothing else without significant disadvantages to Bitcoin that I can use.
Bitcoin is a decentralized ledger of which people can decrease a number associated with one of their private keys by some amount and increase the number(s) associated with one or more other private keys by a total of no more than the same amount.
This makes it's uselessness for most people even more obvious. Who cares about those numbers in the first place? What meaning do these numbers have to people? Since these numbers are not representing something people already value (hopefully you're wondering why someone would bother to create a ledger for something they didn't value?), they only matter initially if you falsely believe (or more strangely, pretend) they represent money (this would be the sole source of their valuation).
This makes it's uselessness for most people even more obvious. Who cares about those numbers in the first place? What meaning do these numbers have to people? Since these numbers are not representing something people already value (hopefully you're wondering why someone would bother to create a ledger for something they didn't value?), they only matter initially if you falsely believe (or more strangely, pretend) they represent money (this would be the sole source of their valuation).
Sorry but your conjecture is not very convincing, if only because it reeks of historicism. Also, it collapses right after people care about those numbers. Bitcoin system itself is the monopoly of coin production. The coin itself is "backed" by its utility.
As I said before, as long as enough people falsely believe bitcoin is money or that it has the potential of becoming a money, it will likely be traded, but only for as long as enough people continue to believe this. That's why bitcoin was ever traded at a price to begin with and why it still has a price. But unless some changes (to be shared at a later date if not discovered by someone else sooner) are made to the system, bitcoin's price will eventually drop to whatever price the few people (those that will just not stop believing that it's a money or has that potential) will pay for it.
This is spot on. So, for instance, if "few" means 10, you won't call it money. 1000? 1000000? Where do you draw the line to define common? Why don't we focus on the parties involved rather than the ratio to total human population?
What changes are you proposing by the way? Why the secrecy?
Namecoin solved its issue with merged mining (hopefully in effect in a few hours).
Yes, many bitcoin miners will likely help prop up or further increase namecoin difficulty (not necessarily namecoin prices) with merged mining, but if bitcoin prices drop far enough that bitcoin mining becomes unprofitable for most miners, both bitcoin and namecoin will end up in the same situation that merged mining is supposed to get namecoin out of. Unfortunately for bitcoin, there is no larger, more popular blockchain network to piggy back onto when bitcoin becomes unprofitable to mine.Yeah, that's why I said several years of development is still needed.
Having said that, I don't think miners falling off that fast is not a clear and present danger. If it is, we should change re-targeting rules, which is arguably an easy thing to do.
You guys are thinking way harder than I am.
BTC just underwent a small crash, we should see a resurgence in about 4-12 hours given the past 4 weeks as an indicator.
BTC just underwent a small crash, we should see a resurgence in about 4-12 hours given the past 4 weeks as an indicator.
only in btcusd.. >10% is "small"
You guys are thinking way harder than I am.
BTC just underwent a small crash, we should see a resurgence in about 4-12 hours given the past 4 weeks as an indicator.
BTC just underwent a small crash, we should see a resurgence in about 4-12 hours given the past 4 weeks as an indicator.
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