141–150 of 424 posts
Will they announce the winning bidders? Those coins will then be linked to the winners' identities permanently in the block chain. Talk about painting a target on oneself.
Does Donald Trump or Bill Gates have to shy away the fact that they have seemingly endless amounts of money?
The price has tanked today as a result of this. http://cryptowat.ch/btce/btcusd/1hr/ Market started going crazy earlier today when DPR's seized coins started to move. https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN4... The downtrend is only accelerating.
The volatility in the bitcoin price just demonstrates how the majority of the people trading it have no conception of how to value the underlying asset (i.e. demand for a low cost transaction system) and thus it is speculators leading speculators a la the blind leading the blind. The current sharp price decrease is because people are worried that whoever wins this auction (and the subsequent auction of DPR's coins) w…
They have no conception of how to value the underlying asset because the underlying asset has absolutely no value. Bitcoin is one of the purest scams that has ever been conceived. Even subprime real estate, pets.com stock, dutch Tulip Bulbs etc. had some value. You're buying and selling a hash - a number. It's absolutely worthless. That people are being suckered into buying these, ASICs costing tens of thousands and backordered to make them etc. is a real close-up seat to how a bubble works, how a scam works, and how the luminaries in the tech field can be lined up in a row to endorse the scam. Is there a tech bubble? "Bitcoin" is the word that can answer that question as easily as "pets.com" and "Webvan" did 15 years ago. At least those companies actually performed a valuable service, Bitcoins are worthless.
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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…
Bitcoins have value because they let you buy things.
The price has tanked today as a result of this. http://cryptowat.ch/btce/btcusd/1hr/ Market started going crazy earlier today when DPR's seized coins started to move. https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN4... The downtrend is only accelerating.
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…
This is the fundamental answer to "why is any representative money valuable?" If people don't have confidence that they can offer the money in the future, they won't accept the money today.
> To me the real currency would have to be something in the realm of Folding@home. I'm not sure how it would work of if its computationally feasible, but I do know people would pay for the results of useful computations such as that.
As far as I know, that can't happen, at least not in a proof of work system. The work in a proof of work system can't be severable from the specific information it is designed to secure (in Bitcoin, that would be transactions on the block chain). This isn't exactly a scholarly source, but it's from the "Chief Cryptographer for the Ripple protocol": http://bitcoin.stackexchange.com/questions/11649/intrinsical...
I'm not very familiar with other cryptocurrency systems, like proof of stake, but I know there are some attempts at cryptocurrencies that use computation with unrelated useful side effects.
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I didn't downvote, but I have to wonder what you're threshhold for not being a scam is? What companies will have to accept it, and how long will it have to be around? I'm pretty amazed that people still think it's a scam when huge companies with massive legal departments are accepting it. That's some pretty extreme skepticism. BTW, there are plenty of easy, legitimate ways to short Bitcoin, but given your extraordina…
Huge companies with massive legal departments don't accept bitcoin. They contract with smaller VC-funded startups to accept it and assume the risk and pay the large retailer in cash at sale time. The large retailers neither accept nor hold bitcoin directly, nor should they (as a merchant, you don't want to be holding something that loses 10% of its value during your business hours as bitcoin did today). The large ret…
If someone accepts PayPal while insuring against the possibility of not being paid "not accept PayPal"?
If a non-US vendor uses forward/option contracts to maintain cash flow in the local currency, do they "not accept" USD?
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It will only serve to legitimize bitcoin if anything causing a possible increase in price and won't directly affect the price through the sale.
* price goes up * price goes down * price stays the same * anything else happens "THIS IS GREAT NEWS FOR BITCOIN!!"
- Price stays flat: "Obviously, market cap is too low to support a legitimate currency."
- Price goes up: "Obviously, it can't work because it's a deflationary currency."
- Price goes down: "Obviously it a bubble that's popping."
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If you were the US Marshals, would you entrust the government's money[1] to an unregulated Bitcoin exchange? [1] As to whether the government is morally, ethically, or legally entitled to the seized properties, I have no opinion. I don't know anything about the situation.
I'm not sure one could possibly argue that this is morally or ethically "right". Legally it's apparently a-ok though. These coins were technically owned by all the people with accounts on the Silk Road and were not necessarily going to be used for illegal transactions. For all we know this is basically government stolen money from some guy who wanted to buy a sandwich with Bitcoin just for the laughs and to say he di…
They only made the announcement today and you have to be registered to bid by this coming monday?
Is this typical of government auctions?