341–350 of 505 posts
Earlier quoted context omitted.
It will never fall to zero, I'll personally buy every last one of them at $0.0001 each.
It would not make sense to buy EVERY one of them, as then you're guaranteeing they won't have value to anyone else.
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There's also the cost of setting it all up, the time in learning the tech involved or hiring those who do. If it cost you $X to produce, why would you sell it to me for less than $X? You'd be losing money on the production side. The lower bound ought to be at least the cost to the miner that produced the new bitcoin (when they try and sell it or use it in the market). The upper bound is essentially nonexistent. If I…
> If it cost you $X to produce, why would you sell it to me for less than $X? You'd be losing money on the production side. "Cost of production", in an economic sense, includes opportunity cost - that is, the amount of money I could be making if I did something else with the time instead, which can be more or less taken to mean a reasonable accounting "profit". Edit: Also, I may sell it to you at a loss because I can…
Earlier quoted context omitted.
It will never fall to zero, I'll personally buy every last one of them at $0.0001 each.
It would not make sense to buy EVERY one of them, as then you're guaranteeing they won't have value to anyone else.
BTC crashed primarily because the market suddenly got flooded by Bitcoinbillionaire : http://arstechnica.com/business/2013/04/bitcoin-crashes-losi... This bares repeating... The value of BTC is in the nature of the transaction; not the currency itself. People have turned BTC into a commodity instead of actually bloody spending it. Their old fashioned thinking still ties it to traditional fiat like a smoker trying to…
Who is satoshi nakamoto?
Evidently, many hoarders/speculators decided to cash out at once -- much like the audience in a movie theater would try to go through the exit door at the same time if someone were to yell "fire!" The naive souls who recently bought bitcoins to make a 'quick buck' are in for a rude surprise. In the short run, no one knows how Bitcoin's price will fluctuate. In the long run, however, if Bitcoin continues to work as in…
There is literally no fundamental value to bitcoins. Spikes and crashes are absolutely to be expected in such a situation.
Evidently, many hoarders/speculators decided to cash out at once -- much like the audience in a movie theater would try to go through the exit door at the same time if someone were to yell "fire!" The naive souls who recently bought bitcoins to make a 'quick buck' are in for a rude surprise. In the short run, no one knows how Bitcoin's price will fluctuate. In the long run, however, if Bitcoin continues to work as in…
It's until one-two major governments decides to make it illegal to deal in bit-coins that it's price will drop to zero. It doesn't matter if they can't enforce it 100% (or even 1%). What matters is that it will kill almost all opportunities to use it as regular money for legitimate purchases by major companies etc in the future. And that it could also land your ass in jail (with ISP monitoring and such being what it…
Classic money laundering schemes use businesses which typically have large amounts of anonymous customers paying in cash - the dirty money flows in as cash purchases that didn't really happen from customers that didn't exist. The pseudonymous bitcoin doesn't seem to support this use - it will be obvious from an examinination of the block chain where that money came from.
Can anyone describe a workable money laundering scheme using bitcoin?
To everyone claiming that bitcoin isn't a currency, no shit! Currency doesn't happen overnight, it's a process to get there. Just like anything revolutionary, it takes time before anyone knows what it will be come. By the time (with a very big IF) bitcoin becomes a viable currency, it's price won't be $200 anymore. It'll be at least a few thousand per coin and people will be transacting in micro bitcoins. What bitcoi…
I have a personal reason to hate it: it thinks it's revolutionary when it's actually just... money. It solves no problems because it carries greed with it.
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As a long-time (since 2010) miner, I can tell you first-hand that there are massive DDoS attacks taking place against not only MtGox (who has already described DDoS against their infrastructure) but the pools as well. In fact, Reddit's pool (MtRed.com) is completely DOWN at the moment because of a larger DDoS than we've ever seen. You can keep drinking the "everything's fine" koolaid, or get with the reality that cur…
Nope. MtRed is down because they can't pay their miners. Variance is a bitch.
Earlier quoted context omitted.
It's until one-two major governments decides to make it illegal to deal in bit-coins that it's price will drop to zero. It doesn't matter if they can't enforce it 100% (or even 1%). What matters is that it will kill almost all opportunities to use it as regular money for legitimate purchases by major companies etc in the future. And that it could also land your ass in jail (with ISP monitoring and such being what it…
"It's until one-two major governments decides to make it illegal to deal in bit-coins..." I don't know about other governments, but I doubt the US will ever declare Bitcoin illegal (though I am told to never say never). Supporting my viewpoint, the US Treasury Department, through FinCEN, has recently tacitly approved Bitcoin: http://www.businessinsider.com/is-bitcoin-legal-2013-4 I think the US government would prefe…
Evidently, many hoarders/speculators decided to cash out at once -- much like the audience in a movie theater would try to go through the exit door at the same time if someone were to yell "fire!" The naive souls who recently bought bitcoins to make a 'quick buck' are in for a rude surprise. In the short run, no one knows how Bitcoin's price will fluctuate. In the long run, however, if Bitcoin continues to work as in…
Who did yell this time?
>>the more people around the world who adopt it
Who shall be those people?
Are we, by any chance, thinking that we should count the people in mining bitcoins or adopting a currency based on algorithms(let alone the talk about encryption/bits/bytes/code) which they do not have an iota of idea about?
Or are we considering that "naah, it's not for them 'non-techies' anyway!"?
Well, in that case it's actually fine if bitcoin is to be restricted to paying for goods/services that we (the 'techies') shall buy and we'll buy from us (the 'techies'). But then, this will go nowhere.
But 'they' can buy the bitcoins at those exchanges, can't they? No, they shall not buy sth fluctuating in price(paid in dollars and rupees) which shames any share price fluctuation or currency value change except Zimbabwean dollar. And certainly not sth that they do not understand and sth where they have to remember a cryptic and random long string and if they misplace it, forget it or even change it accidentally - well, they just lost all their bitcoins!
There's no support number to call to, no branch manager to go to and tell "well, I just happened to have my id/pwd forgotten".
To me it doesn't even look like a currency. It just looks like, from an average person's point of view, another merchandise(if we do not call dollar a merchandise)/online-'stuff' that people(better say enthusiasts) are buying. Like some share which are generated by running more and more computers.
