I'm still pissed about this! I was about to pull the trigger on $1000 worth of BTCs when they were selling for $5 a piece. I thought it was such a cool idea. I downloaded the wallet and I was waiting for it to sync up. The GF was pissed because I was supposed to go grocery shopping. I shut down the wallet application thinking I would do it later in the week. And, I forgot. And when I remembered again, the price was up to $15. Waited for it to get back down and it never did.
She owes me over $50K.
References: Too many to list. PM for details. 100% satisfaction both as buyer and seller. As a seller, I ship promptly and keep buyers updated.
I'm still pissed about this! I was about to pull the trigger on $1000 worth of BTCs when they were selling for $5 a piece. I thought it was such a cool idea. I downloaded the wallet and I was waiting for it to sync up. The GF was pissed because I was supposed to go grocery shopping. I shut down the wallet application thinking I would do it later in the week. And, I forgot. And when I remembered again, the price was up to $15. Waited for it to get back down and it never did.
Don't worry, it crashed before and it will crash many more times. Buy some then.
I don't own any, but I may at some point. Kinda like PayPal, only unregulated. There is very little difference between fiat and Bitcoins other than government sanction. They are both vaporware, and both have about the same amount of rational logic to support their pricing.
I'm from the government, and I'm here to help you. Not.
I'm from bitcoin, and I'm not. Here.
Q: Are You Printing Money? Bernanke: Not Literally
Bitcoin has gone from $10 to $400 this year, and rather that put a cliche remark on an entire system/group of people, which is growing everyday, I choose to delve deeper into the interworkings/mechanics of the system to learn from it.
You don't have to be excited about it, but the fact that we are discussing it tells me that the word is out and now we have to deal with it accordingly.
It really is quite fascinating and rather deep of a rabit hole IMO, but who can argue with 5000 years of monatary tradition ie silver and gold....
Afterall they have intrinsic value right? Its just history has shown us that us humans can place intrinsic value on a number of things. (Que cliche tulip example)
Disclaimer: I have a couple blocks of AG mostly because I like them....and that whole long term investment thingy... but mainly #1
Bitcoins were conceived as ultimately being the universal electronic currency with rigid rules on creation of extra bitcoins, thus eliminating the perceived problem of inflating a currency's value through printing. Instead it has become an untraceable commodity than can be transferred over the internet. With all commodities, the value is determined by demand and supply. The supply is limited and the demand has grown. The illicit benefits that have been shown with the recent silk road arrests show what the "killer app" is for the bit coin.
Since it is a commodity and not a true currency, it will fluctuate in value based on demand.
There are web sites that sell gold and silver for bitcoins, but they are asking a hefty charge for conversion to dollars. And these sites have to convert to dollars to get their supplies of bullion. The only reason to use bitcoins now is to evade the government (not just ours). I bet the Government (not just ours) is watching web sites that accept bitcoins like a hawk!
Bitcoins were conceived as ultimately being the universal electronic currency with rigid rules on creation of extra bitcoins, thus eliminating the perceived problem of inflating a currency's value through printing.
One fascinating aspect of the Bitcoin saga is that the money creation rules for Bitcoin are almost certainly too rigid to allow it to become a global standard.
If there were currently a global currency, the appropriate money creation rule would be fairly simple describe (though somewhat harder to actually implement). The rule would be to allow the money supply to grow essentially in line with global real GDP. (this isn't quite right, but it's the right idea) If money supply growth equaled real GDP growth, there would be no inflation over the long term, and real GDP growth would equal nominal GDP growth when measured in terms of the global currency.
The challenge with Bitcoin or any other new "emerging" currency is that the growth in the number of units outstanding should be proportional to the growth in the use of the currency in commerce (broadly defined). So, while the emerging currency is gaining acceptance (and is replacing other currencies as a standard), it is OK for the number of units to grow much faster than global GDP grows. The actual growth algorithm will be non-trivial to come up with and implement.
One could say "don't worry about growing the currency and allow deflation", but this would lead to hoarding and speculation, as we are seeing with Bitcoin.
Classic 5 wave pattern in play since Bitcoin was established. Now in the straight up/exponential wave 5. Anytime a currency/currency alternative (ie gold or silver) has doubled in 6 months or less....it wasn't long before a crash occurred. Ponzi would be proud that his work continues even today. Anything that goes up 55X in one year is far from a true currency alternative. You'd think the world was deep into hyperinflation. Imo it's behavior is no different than a pink sheet penny stock.
classic bubble chart; I don't care what it is, if the price changes like that, it's gonna crash someday... but the price on that day can still be a lot higher than it is today.
myself wouldn't touch bitcoin with a ten foot pole, even with OPM. Doesn't matter that "it's easy money, only a moron would pass up this opportunity", have heard that before
I think todays discussion alleviated some fears about whether the US was worried about Bitcoins.
If the treasury isn't seeking to get involved and seems to think that existing money laundering laws are sufficient then it takes a major concern our of the space.
It's the only reason I can see that today went ballistic.
<< <i>....... right now the major inflows are from China... Why do you think that would be? >>
Though I believe I understand the basic principals of Bit. Coin, I admit I remain somewhat ignorant about the whole thing. I know that anonymity is often touted as one of bit coins greatest strengths but couldn't its use of technology also make it vulnerable at some point.
I don't believe it's for me, but I would still like to understand it a little better, particularly to how it relates to the Chinese inflows you mentioned. Are you saying Chinese citizens are purchasing bit coins or Chinese Officials or both? Why so do you think?
Are you saying Chinese citizens are purchasing bit coins or Chinese Officials or both? Why so do you think?
The Chinese people are buying up tons of Bitcoins and I am sure there is a lot of speculation going on. But I think Bitcoins also satisfy a need for them.
You have a store of value with known limitations on quantity that can be used in a Peer to peer manner in complete anonymity. It seems like a nice way to get some cash offshore.
I think we might see another crazy move to $2k+ for bitcoin before the final nails are in the coffin. But I am certainly not going to wager my money on that bet! Way too volatile for me. You'd have to be glued to the charts to even have a chance at getting out at the right time.
How do I "short" bitcoin? Is there an ETF? Not sure how this can continue...
It can continue. It will also make lots of money for some and lose a lot of money for others, just like any other form of pure speculation. If the government wanted bitcoin to go away, it could just start attacking all of the servers that host it. I suspect that they'd much rather co-opt it for their own purposes just like they do with everything else.
It might look high right now, but the comparative size of the user base has still got to be very small. I'm guessing that the price goes higher but I wouldn't touch it even if I were rebalancing between different asset classes with Baley's money.
Q: Are You Printing Money? Bernanke: Not Literally
Any pool as to when they suddenly become worth $0.00?
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
derryb
Posts: 36,211 ✭✭✭✭✭
Comments
I knew it would happen.
<< <i>Amazing.... somehow I just cannot get excited about bitcoins... Cheers, RickO >>
Me neither, just thought the data display was unique.
Give Me Liberty or Give Me Debt
She owes me over $50K.
Loves me some shiny!
Don't worry, it crashed before and it will crash many more times. Buy some then.
I don't own any, but I may at some point. Kinda like PayPal, only unregulated. There is very little difference between fiat and Bitcoins other than government sanction. They are both vaporware, and both have about the same amount of rational logic to support their pricing.
I'm from the government, and I'm here to help you. Not.
I'm from bitcoin, and I'm not. Here.
I knew it would happen.
<< <i>a fool and his money... >>
Remind me how well Ag is doing this year??
Bitcoin has gone from $10 to $400 this year, and rather that put a cliche remark on an entire system/group of people, which is growing everyday, I choose to delve deeper into the interworkings/mechanics of the system to learn from it.
You don't have to be excited about it, but the fact that we are discussing it tells me that the word is out and now we have to deal with it accordingly.
It really is quite fascinating and rather deep of a rabit hole IMO, but who can argue with 5000 years of monatary tradition ie silver and gold....
Afterall they have intrinsic value right? Its just history has shown us that us humans can place intrinsic value on a number of things. (Que cliche tulip example)
Disclaimer: I have a couple blocks of AG mostly because I like them....and that whole long term investment thingy... but mainly #1
It's all about what the people want...
Very nice term Mr. jmski, thanks.
Liberty: Parent of Science & Industry
<< <i>I only believe in things I can hold in my own two hands. Therefore, I'm confident that I have a pair, but I doubt anyone else here does. >>
Become a believer, hold mine.
Give Me Liberty or Give Me Debt
<< <i>Works for me but I don't get it. >>
i dont get it either.
<< <i>
<< <i>Works for me but I don't get it. >>
i dont get it either. >>
It's showing in real time the different currencies being converted to bitcoins.
Give Me Liberty or Give Me Debt
<< <i>
<< <i>I only believe in things I can hold in my own two hands. Therefore, I'm confident that I have a pair, but I doubt anyone else here does. >>
Become a believer, hold mine. >>
it's up to each American to hold their own
Liberty: Parent of Science & Industry
<< <i>I only believe in things I can hold in my own two hands. Therefore, I'm confident that I have a pair, but I doubt anyone else here does. >>
<< <i>Become a believer, hold mine. >>
<< <i>it's up to each American to hold their own >>
the offer stands
Give Me Liberty or Give Me Debt
<< <i>I only believe in things I can hold in my own two hands. Therefore, I'm confident that I have a pair, but I doubt anyone else here does. >>
Well someone else apparently does....
Can we get back on topic now?
It's all about what the people want...
<< <i>
<< <i>I only believe in things I can hold in my own two hands. Therefore, I'm confident that I have a pair, but I doubt anyone else here does. >>
<< <i>Become a believer, hold mine. >>
<< <i>it's up to each American to hold their own >>
the offer stands
you aren't one of those "Tea-baggers", are you??
Liberty: Parent of Science & Industry
BTC Market(s) Trading
<< <i>BTC Market(s) Trading >>
IMHO
Wild/crazy doesn't begin to describe the chat Bot/box there...
Edit: Found this link, Apparently this isn't the first shady episode with BTC-e
Caveat emptor
It's all about what the people want...
Here is Peter's thoughts on Bit Coin = Gold 2.0
**** I found the entire exchange interesting enough to listen to the whole thing but if you just want the Bit Coin segment skip to 5:37 *****
Peter Schiff and The fantasy "Recovery" here in the U.S.
JC
Charles III Album
Charles III Portrait Set
Charles IV Album
Charles IV Portrait Set
If I bite a coin, will it become a bitcoin?
My Adolph A. Weinman signature
Since it is a commodity and not a true currency, it will fluctuate in value based on demand.
There are web sites that sell gold and silver for bitcoins, but they are asking a hefty charge for conversion to dollars. And these sites have to convert to dollars to get their supplies of bullion. The only reason to use bitcoins now is to evade the government (not just ours). I bet the Government (not just ours) is watching web sites that accept bitcoins like a hawk!
One fascinating aspect of the Bitcoin saga is that the money creation rules for Bitcoin are almost certainly too rigid to allow it to become a global standard.
If there were currently a global currency, the appropriate money creation rule would be fairly simple describe (though somewhat harder to actually implement). The rule would be to allow the money supply to grow essentially in line with global real GDP. (this isn't quite right, but it's the right idea) If money supply growth equaled real GDP growth, there would be no inflation over the long term, and real GDP growth would equal nominal GDP growth when measured in terms of the global currency.
The challenge with Bitcoin or any other new "emerging" currency is that the growth in the number of units outstanding should be proportional to the growth in the use of the currency in commerce (broadly defined). So, while the emerging currency is gaining acceptance (and is replacing other currencies as a standard), it is OK for the number of units to grow much faster than global GDP grows. The actual growth algorithm will be non-trivial to come up with and implement.
One could say "don't worry about growing the currency and allow deflation", but this would lead to hoarding and speculation, as we are seeing with Bitcoin.
a crash occurred. Ponzi would be proud that his work continues even today. Anything that goes up 55X in one year is far from a true currency alternative. You'd think the world was deep into hyperinflation. Imo it's
behavior is no different than a pink sheet penny stock.
Seeing the inflow like this makes me want to buy more. I bought 5 coins on Thurs for 370. I am quoted $510.00 if I wanted to sell them.
<< <i>Imo it's behavior is no different than a pink sheet penny stock. >>
Except that it's going up instead of down.
$570 at the moment.
**Update: $610.
My Adolph A. Weinman signature
Knowledge is the enemy of fear
Forget the trillion dollar platinum coin, soon the government might be able to pay off the national debt with a single bitcoin!
**Update: 3 hours later and it's $750.
I should have put my money in bitcoins instead of state quarter spoons!
My Adolph A. Weinman signature
<< <i>Amazing.... somehow I just cannot get excited about bitcoins... Cheers, RickO >>
These buyers liked Tulips also......................
These buyers liked Tulips also......................
If you try hard you will see some differences...
Start with the fact that right now the major inflows are from China... Why do you think that would be?
<< <i><< Amazing.... somehow I just cannot get excited about bitcoins... Cheers, RickO >>
These buyers liked Tulips also......................
If you try hard you will see some differences...
Start with the fact that right now the major inflows are from China... Why do you think that would be? >>
I wish you the best my friend..cheers
Kip
Weekly price chart July 2010 to November 2013
myself wouldn't touch bitcoin with a ten foot pole, even with OPM. Doesn't matter that "it's easy money, only a moron would pass up this opportunity", have heard that before
Liberty: Parent of Science & Industry
It's all about what the people want...
I think todays discussion alleviated some fears about whether the US was worried about Bitcoins.
If the treasury isn't seeking to get involved and seems to think that existing money laundering laws are sufficient then it takes a major concern our of the space.
It's the only reason I can see that today went ballistic.
<< <i>....... right now the major inflows are from China... Why do you think that would be? >>
Though I believe I understand the basic principals of Bit. Coin, I admit I remain somewhat ignorant about the whole thing.
I know that anonymity is often touted as one of bit coins greatest strengths but couldn't its use of technology also make it vulnerable at some point.
I don't believe it's for me, but I would still like to understand it a little better, particularly to how it relates to the Chinese inflows you mentioned.
Are you saying Chinese citizens are purchasing bit coins or Chinese Officials or both? Why so do you think?
Charles III Album
Charles III Portrait Set
Charles IV Album
Charles IV Portrait Set
I think I'll buy one tonight and retire tomorrow.
My Adolph A. Weinman signature
Knowledge is the enemy of fear
The Chinese people are buying up tons of Bitcoins and I am sure there is a lot of speculation going on. But I think Bitcoins also satisfy a need for them.
You have a store of value with known limitations on quantity that can be used in a Peer to peer manner in complete anonymity. It seems like a nice way to get some cash offshore.
Give Me Liberty or Give Me Debt
Cohodk --I know that's a pretty transparent statement, but please elaborate! (where on the chart are we today?)
I think we might see another crazy move to $2k+ for bitcoin before the final nails are in the coffin. But I am certainly not going to wager my money on that bet! Way too volatile for me. You'd have to be glued to the charts to even have a chance at getting out at the right time.
I knew it would happen.
<< <i>That chart above is what silver is going to look like.
Cohodk --I know that's a pretty transparent statement, but please elaborate! (where on the chart are we today?) >>
23rd bar from the right.
Knowledge is the enemy of fear
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It can continue. It will also make lots of money for some and lose a lot of money for others, just like any other form of pure speculation. If the government wanted bitcoin to go away, it could just start attacking all of the servers that host it. I suspect that they'd much rather co-opt it for their own purposes just like they do with everything else.
It might look high right now, but the comparative size of the user base has still got to be very small. I'm guessing that the price goes higher but I wouldn't touch it even if I were rebalancing between different asset classes with Baley's money.
I knew it would happen.
Give Me Liberty or Give Me Debt