231–240 of 424 posts
Is anybody else surprised by the urgency with which they seem to be selling these coins? They only made the announcement today and you have to be registered to bid by this coming monday? Is this typical of government auctions?
Anyone care to take a guess as to how will this affect Bitcoin price?
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At what point would you accept that Bitcoin is not a scam? What percentage of the Fortune 500 accepting it? How many years? 10 years? 20 years? Can you give a number? I mean, at least Prof. Bitcorn gave us a date. An open ended "it's a scam and you people are going to learn...someday" is not very useful. And speaking of value, after years of paying $30 a pop to receive a few thousand dollars from Europe in 3-5 busine…
This is tangential to your point, but I recently did a international money transfer to a friend. The fee was $40AUD for For Bitcoin I need to: * Get the requisite amount of bitcoins, plus a percentage extra to protect against fluctuations (BTC crashed is not a valid excuse for non-payment of rent) * Help said friend set up a BTC wallet, plus security * Find a trustworthy person willing to exchange USD for BTC at some…
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That is not an irrational consideration: a dump of such a large amount would definitely drop the price of bitcoin. So if the bidder for the coins can get a 20% discount on 16 million dollars, and then drop them of on the market gradually, he might make a 5% of the initial investment. If eh discount is larger, so would the profits. What the market is doing definitely affects the decision to do a bulk purchase and dump…
It does seem an irrational consideration - why is 30k BTC (less than $20m) labeled "such a large amount" instead of "irrelevantly small amount" ? Even for BTC scale, this amount shouldn't be a big deal by itself. $20m or 30k BTC simply is not big in the financial market sense - it's a big amount for an individual or a single small company; but that's not a significant amount at all for supply/demand of any currency w…
For example, bitstamp traded 16 million dollars in the last 24hs. The sale would mean as much as an entire daily trade! http://markets.blockchain.info/
To put it in perspective, Apple stock trades 71 million avg daily volume. At 90 dollars, its 6 billion dollars a day.
If someone were to sell 6 billion dollars of apple stock in one day, remain assured that the price would tank quickly as well, regardless of apple sales or cashflow or any of its "intrinsic" value. http://www.dailyfinance.com/quote/nasdaq/apple/aapl
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At what point would you accept that Bitcoin is not a scam? What percentage of the Fortune 500 accepting it? How many years? 10 years? 20 years? Can you give a number? I mean, at least Prof. Bitcorn gave us a date. An open ended "it's a scam and you people are going to learn...someday" is not very useful. And speaking of value, after years of paying $30 a pop to receive a few thousand dollars from Europe in 3-5 busine…
This is tangential to your point, but I recently did a international money transfer to a friend. The fee was $40AUD for For Bitcoin I need to: * Get the requisite amount of bitcoins, plus a percentage extra to protect against fluctuations (BTC crashed is not a valid excuse for non-payment of rent) * Help said friend set up a BTC wallet, plus security * Find a trustworthy person willing to exchange USD for BTC at some…
- Investigate which PC she should buy
- Find someone willing to sell a PC at a fair price. This is a problem because PCs get old really quick, and some vendors will try to sell you old PCs at their original prices. I don't know how they expect PCs to be useful if they go down in value so fast. Why buy a PC today, when you can buy it at half its price in a year?
- Ask someone for help to connect all the wires
- Fail to send an email. Learn that she also needs an internet connection
- Investigate which ISP she should hire
- Etc...
With traditional mail, she just writes the letter and drops it in the post office.
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The arguments you make (speculation + deflation) have been discussed many times. The answer is always the same. Bitcoin proponents argue that they are not a problem because: 1. As the use of Bitcoin increases over time, as the exchange markets become bigger and deeper, as economic activity is surpassing speculative activity, etc, the effect of speculation are becoming smaller and smaller. There is evidence that this…
Deflation will PREVENT economic activity from surpassing speculative activity. This is the problem with deflation - people hoard instead of spending, which is why it is "generally" believed to be detrimental. It is detrimental. Bitcoin's volatility is a direct result of this feature. >Bitcoin is an experiment that will perhaps disprove it. The hilarious thing is that the experiment already proved it. You want a crypt…
Bitcoin isn't inherently deflationary. It isn't even a fixed supply, it will grow for the foreseeable future. For short periods of time it was deflationary as people speculated that it was actually worth a lot more, but that seems to have stopped.
An inflating currency would never catch on. It's a hot potato situation of "I don't actually want to own it because it's decreasing in value. If I do have some, I want to dump it on the next sucker as fast as possible to minimize my losses."
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Bitcoins are absolutely worthless. If there is any sign of a tech bubble, it is these worthless hashes that people pay hundreds of dollars for. One of the genius aspects of the Bitcoin scam is the limited output and increasing difficulty as it goes on. This keeps the scam going longer. If it were like tulip bulbs, or subprime real estate, or pets.com type stocks, the bubble would eventually burst. With the types of b…
Do you believe that there are not any people who want an anonymous(Edit: pseudononymous), decentralized currency?
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Further to your point: BTC at least has the property that someone cannot arbitrarily create a new unit (without doing the requisite, increasingly difficult, work). What exists with BTC is 21 million or so unique valid hashes and no others can be created. With money, say USD, there exist trillions and no guarantee that some party (the government) will not create massive amounts of additional units.
What if, one day, someone equips with quantum computer + smart can figure out the private hashes in anyone's wallet base on the public BTC record? Would the BTC become completely worthless immediately?
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The arguments you make (speculation + deflation) have been discussed many times. The answer is always the same. Bitcoin proponents argue that they are not a problem because: 1. As the use of Bitcoin increases over time, as the exchange markets become bigger and deeper, as economic activity is surpassing speculative activity, etc, the effect of speculation are becoming smaller and smaller. There is evidence that this…
Bitcoin proponents tend to have a vested interest and can be.. less than objective. @1: A trade alone does not help BTC stabilise. We ARE seeing an increase in BTC trade, but all of this is pegged to local currency, and usually traded out for that immediately. As it is held for a very short period, there is no real effect on price, and is essentially the same as cashing out.[1] What might help BTC stabilise would be…
2: "encouraging hoarding": no, this is not what was observed in practice with Bitcoin. I can't remember if it was Bitpay or Coinbase, but they have explained in a blog post seeing the exact opposite effect: during a Bitcoin bubble, people tend to spend or sell more bitcoins (to cash in on their newfound fortunes).
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This is tangential to your point, but I recently did a international money transfer to a friend. The fee was $40AUD for For Bitcoin I need to: * Get the requisite amount of bitcoins, plus a percentage extra to protect against fluctuations (BTC crashed is not a valid excuse for non-payment of rent) * Help said friend set up a BTC wallet, plus security * Find a trustworthy person willing to exchange USD for BTC at some…
Yeah, my grandma has also run into some troubles when trying to send an email. She had to: - Investigate which PC she should buy - Find someone willing to sell a PC at a fair price. This is a problem because PCs get old really quick, and some vendors will try to sell you old PCs at their original prices. I don't know how they expect PCs to be useful if they go down in value so fast. Why buy a PC today, when you can b…
When someone tries to use bitcoin and fails, they can lose their home. When silk road 2 lost their users' bitcoins to theft, there was a comment on Reddit about a silk road user who became homeless because they had converted their savings into bitcoin and stored the coins in silk road's webwallet. When the coins were lost, so was their home, since they could no longer afford rent.
Bitcoin needs to become pro-consumer with strong protections and convenience. There are dozens of ways to lose your money, so no one wants to convert a sizable portion of their wealth into bitcoin, which means no one has bitcoin on hand to spend at a whim. Eventually merchants are going to start wondering why they're bothering to let people buy their products via bitcoin since very few people buy anything via bitcoin.
If bitcoin becomes safe and convenient, bitcoin adoption will follow.