71–80 of 104 posts
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Why would I want to spend Bitcoins that are increasing in value? I'll spend them on the way down, not up.
Why would I ever save dollars when they're always decreasing in value?
This is just ridiculous. If Overstock is the biggest retailer in the world accepting Bitcoin, and on their opening day they only manage $130,000 in sales (130 BTC), what does that tell you about the volume of Bitcoin actually being used in trade and commerce rather than speculation? There are 12.5 Million BTC in circulation. I don't doubt that Bitcoin will become a revolutionary system of payments and money storage d…
Why would I want to spend Bitcoins that are increasing in value? I'll spend them on the way down, not up.
Earlier quoted context omitted.
What happens when the mining difficulty exceeds the cost of electricity to run the ASIC miners?
In theory, people will turn off miners and difficulty will reduce.
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If you believe that overstock will lead to increased demand for BTC (perhaps not due solely to overstock but a wave of merchants who follow suit) and that the demand outpaces BTC's inflation (i.e. the ~3600BTC mined into existence each day), then BTC's value will rise as a consequence.
The Overstock case doesn't increase net demand for bitcoins. This is how Overstock works. I have dollars and I want to buy something on Overstock. I buy some bitcoins with my dollars. I send bitcoins to Overstock and Overstock sends me the product. Overstock then sells the bitcoins to convert back to dollars. So there is a buy and a sell for each transaction which creates no net demand for bitcoins. And if you consid…
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Really? If that was the case the bust of DPR and the downfall of SR should drive the price of BTC down, to it's knees - since it was the only market where BTC was treated like a curency . This fact shows that either BTC is not as rational as one might think or that big players (or a small team of players) are trying to keep the price as high as possible (by not selling in bulk). Note that if A. Shamir's paper is corr…
I don't see why the closing of silk road should have resulted in a drop of the price if "prices rise immediately in anticipation of positive future events." The closing of silk road lead people to anticipate that bitcoin would come to be associted with mostly legitimate purposes instead of nefarious ones in the future. So the price rose. (That was only part of it though; the senate hearings had a greater effect.)
I sure hope Overstock's opsec people are securing their bitcoin wallets. Worst news to hear would be that someone took their bitcoins out of their wallets the next day.
This is just ridiculous. If Overstock is the biggest retailer in the world accepting Bitcoin, and on their opening day they only manage $130,000 in sales (130 BTC), what does that tell you about the volume of Bitcoin actually being used in trade and commerce rather than speculation? There are 12.5 Million BTC in circulation. I don't doubt that Bitcoin will become a revolutionary system of payments and money storage d…
I feel sorry for those buying bitcoins at prices $900+, seriously! China has two more weeks until the shut down - so far Huobi and a couple of other exchanges still allow bank transfers into the exchanges and the Chinese are making their last profits. When Yuan stops flowing into the exchanges (or becomes much harder), the only Yuans you can get to buy is when you sell. I'm sure people will figure out to buy via frie…
The press must know by now Mtgox is an inflated price, but they still continue to reference it as the price of bitcoin .