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Why Bitcoin is Volatile aka I Told You So

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Re: Why Bitcoin is Volatile aka I Told You So

#41

Post by dnautics »

hmsimha wrote: post #33
dnautics wrote: post #25

I correctly called the peak at 1200 (although I did not think it would peak there twice), and I'm calling the bottom at 300. This article has a very poor opening: Bitcoin is based on the idea that money gets its intrinsic value from its scarcity, which is a misconception since money gets its intrinsic value from the volume of transactions involving goods and services that use it No, bitcoin is based on the idea that…

Are you predicting it will bottom at 300 before launching into another growth phase, or that it will remain closer to 300 thereafter? I think the latter is naive. I think bitcoin is the first currency whose perpetual deflation is ensured by the contract that defines it.

it is entirely possible that the bitcoin proprietors will change the protocol to no longer be deflationary; although that would cause some large-scale flight. I am not convinced of the keynsian model that inflation is exactly supply divided by velocity; nor of the 'crude austrian' model that inflation is function of supply only... If the demand goes to zero, so will the value.

While I think that bitcoin will recover, perpetual deflation is not guaranteed. Indeed, in general deflation of bitcoin depends on an increase in demand that outstrips the increase in supply.

Re: Why Bitcoin is Volatile aka I Told You So

#42

Post by dnautics »

simonswords82 wrote: post #31
dnautics wrote: post #25

I correctly called the peak at 1200 (although I did not think it would peak there twice), and I'm calling the bottom at 300. This article has a very poor opening: Bitcoin is based on the idea that money gets its intrinsic value from its scarcity, which is a misconception since money gets its intrinsic value from the volume of transactions involving goods and services that use it No, bitcoin is based on the idea that…

Can you shed any light on why you think it'll bottom out at 300?

it just looks like it by eye. I'll probably buy in at 450 (or lower; whatever it happens to be when I bother looking) anyways, because it's incredibly difficult to get bitcoin timing correct or not taking into account a growth factor.

A full disclosure of my bitcoin history: I bought in at 150 and cashed out at 300 because I got cold feet and I needed the money - I'd have held on if I didn't need the money. I forgot that I had an autodraw, which kept buying at the 300-ish mark, which I sold off at 900, again because I got cold feet about my 1200 mark and I needed the money. This hasn't been entirely speculative work, I have used bitcoin in 'actual bitcoin' transaction. But not silk road.

The nonprofit that I am launching on tuesday will be accepting bitcoin donations starting on friday.

Re: Why Bitcoin is Volatile aka I Told You So

#43

Post by goldenkey »

alwillis wrote: post #36
goldenkey wrote: post #23

Earlier quoted context omitted.

Ripple is a petty scam. Please don't advertise that horse dung to HN, we are smarter than that. Ripple generated 10 billion coins, they call them XRP. Of course this amount and even XRP aren't mentioned on that page you linked, an obvious bait. Ripple started giving away millions to generate buzz and use, they've yet to even give away 10% though, and the idea is to create enough value that they can eventually dump al…

I already wrote my fact checking piece today on Ripple today: https://news.ycombinator.com/item?id=6867324 . But let me quickly say: * there's no mining in Ripple, so Ripple isn't pre-minded and there's no "genesis" currency * they created 100 billion XRP, not 10 billion as you wrote * they're committed to give away 55 billion XRP to non-profits, users and business partners for the foreseeable future: https://ripple.…

* they're committed to give away 55 billion XRP to non-profits, users and business partners for the foreseeable future: https://ripple.com/ripple_primer.pdf

'Committed' Heh.

I guess Ripple is a religion, because you've got to have ulterior motives or faith in demons..

Enough said. It's a friggin' scam. Enjoy that free XRP that OpenCoin started you off with, like a baby nursing on a milk bag.

Re: Why Bitcoin is Volatile aka I Told You So

#44

Post by alwillis »

goldenkey wrote: post #43
alwillis wrote: post #36

Earlier quoted context omitted.

I already wrote my fact checking piece today on Ripple today: https://news.ycombinator.com/item?id=6867324 . But let me quickly say: * there's no mining in Ripple, so Ripple isn't pre-minded and there's no "genesis" currency * they created 100 billion XRP, not 10 billion as you wrote * they're committed to give away 55 billion XRP to non-profits, users and business partners for the foreseeable future: https://ripple.…

* they're committed to give away 55 billion XRP to non-profits, users and business partners for the foreseeable future: https://ripple.com/ripple_primer.pdf 'Committed' Heh. I guess Ripple is a religion, because you've got to have ulterior motives or faith in demons.. Enough said. It's a friggin' scam. Enjoy that free XRP that OpenCoin started you off with, like a baby nursing on a milk bag.

I guess Ripple is a religion, because you've got to have ulterior motives or faith in demons..

I don't have any ulterior motive or interest in demons.

Enough said. It's a friggin' scam. Enjoy that free XRP that OpenCoin started you off with, like a baby nursing on a milk bag.

It's kind of cool to get XRP a while ago and have the value of then increase quadruple in value in a short time.

If Ripple Labs is performing fraudulent activities, I would love to hear all about it; what would be even better: if you had some facts to back up your claims.

Re: Why Bitcoin is Volatile aka I Told You So

#45

Post by goldenkey »

alwillis wrote: post #44
goldenkey wrote: post #43

Earlier quoted context omitted.

* they're committed to give away 55 billion XRP to non-profits, users and business partners for the foreseeable future: https://ripple.com/ripple_primer.pdf 'Committed' Heh. I guess Ripple is a religion, because you've got to have ulterior motives or faith in demons.. Enough said. It's a friggin' scam. Enjoy that free XRP that OpenCoin started you off with, like a baby nursing on a milk bag.

I guess Ripple is a religion, because you've got to have ulterior motives or faith in demons.. I don't have any ulterior motive or interest in demons. Enough said. It's a friggin' scam. Enjoy that free XRP that OpenCoin started you off with, like a baby nursing on a milk bag. It's kind of cool to get XRP a while ago and have the value of then increase quadruple in value in a short time. If Ripple Labs is performing f…

Fact: XRP is a fiat currency created by Ripple so they can profit off of when it increases in value. They control a majority share of it and can pretty much destroy/affect the value of XRP by market manipulation. It is a scam, through and through. You have stated no counter-facts to their motives and their iron-grip on XRP.

Re: Why Bitcoin is Volatile aka I Told You So

#46

Post by alwillis »

goldenkey wrote: post #45
alwillis wrote: post #44

Earlier quoted context omitted.

I guess Ripple is a religion, because you've got to have ulterior motives or faith in demons.. I don't have any ulterior motive or interest in demons. Enough said. It's a friggin' scam. Enjoy that free XRP that OpenCoin started you off with, like a baby nursing on a milk bag. It's kind of cool to get XRP a while ago and have the value of then increase quadruple in value in a short time. If Ripple Labs is performing f…

Fact: XRP is a fiat currency created by Ripple so they can profit off of when it increases in value. They control a majority share of it and can pretty much destroy/affect the value of XRP by market manipulation. It is a scam, through and through. You have stated no counter-facts to their motives and their iron-grip on XRP.

Fact: XRP is a fiat currency created by Ripple so they can profit off of when it increases in value. They control a majority share of it and can pretty much destroy/affect the value of XRP by market manipulation.

I'm sorry, I thought you wanted to discuss facts. XRP is not a fiat currency—only a government can create a fiat currency—you know, fiat currency exists because of government decree.

Yes, Ripple Labs hopes to benefit from the increase in value of XRP over time; they've been quite public about that. Unlike you, I have no problem if these guys get rich for disrupting and fixing our broken and fragmented payment system.

The flip side is that all of us with XRP stand to do pretty well too, which is also okay.

The fact that Ripple Labs holding the majority of XRP now is no different than when a company goes public and holds on to shares. Sergey Brin has over 27 million shares in Google, but nobody believes Google is a scam.

You thinking that Ripple Labs would destroy the value of XRP is conjecture and speculation. Unless you have any proof otherwise—which you don't—there's not really much more to say.

They have started publicly that they are going to give away 55 billion XRP; only a tiny fraction so far have been distributed. Again, unless you have proof otherwise, why should we listen to or believe you? You're just making shit up.

Meanwhile, the rest of us will continue to benefit from using the Ripple payment network and the increasing value of XRP.

Re: Why Bitcoin is Volatile aka I Told You So

#47

Post by alwillis »

goldenkey wrote: post #45
alwillis wrote: post #44

Earlier quoted context omitted.

I guess Ripple is a religion, because you've got to have ulterior motives or faith in demons.. I don't have any ulterior motive or interest in demons. Enough said. It's a friggin' scam. Enjoy that free XRP that OpenCoin started you off with, like a baby nursing on a milk bag. It's kind of cool to get XRP a while ago and have the value of then increase quadruple in value in a short time. If Ripple Labs is performing f…

Fact: XRP is a fiat currency created by Ripple so they can profit off of when it increases in value. They control a majority share of it and can pretty much destroy/affect the value of XRP by market manipulation. It is a scam, through and through. You have stated no counter-facts to their motives and their iron-grip on XRP.

I responded to your earlier rant that was full of speculation, conjecture and straight up lies here: https://news.ycombinator.com/item?id=6867514

Oddly enough, there was no response…

Re: Why Bitcoin is Volatile aka I Told You So

#48

Post by goldenkey »

alwillis wrote: post #46
goldenkey wrote: post #45

Earlier quoted context omitted.

Fact: XRP is a fiat currency created by Ripple so they can profit off of when it increases in value. They control a majority share of it and can pretty much destroy/affect the value of XRP by market manipulation. It is a scam, through and through. You have stated no counter-facts to their motives and their iron-grip on XRP.

Fact: XRP is a fiat currency created by Ripple so they can profit off of when it increases in value. They control a majority share of it and can pretty much destroy/affect the value of XRP by market manipulation. I'm sorry, I thought you wanted to discuss facts. XRP is not a fiat currency—only a government can create a fiat currency—you know, fiat currency exists because of government decree. Yes, Ripple Labs hopes t…

A fiat currency is any money declared by a government to be legal tender.[1] state-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard.[2] money without intrinsic value.[3][4]

Fiat is latin for "it shall be." Ripple XRP was basically conjured up, it has no value, it has no origin except for the Ripple corp. Now keep sucking on that Ripple currency milk bag. Maybe the ponzi scheme will peel out for you and you'll be able to fund that storybook startup of yours.

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