I'm Touring The United States! Starting in June, I'm conducting private events in 23 American cities. Click here for full details.

Post Reply 
The Bitcoin (BTC) thread
Author Message
Satoshi Offline
Banned

Posts: 885
Joined: Nov 2013
Post: #1451
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-15-2014 12:19 PM)pants Wrote:  JJG; He wrote that they automatically change it into USD/EUR when you keep it in your account in win-poker. As I guess none of their tables are playing for BTC. In other words two convertings took place.

Maybe if you try https://sealswithclubs.eu it will be faster. Here I think you bet bitcoin and not USD, so lower risk in currency swings.

Sealswithclubs is bitcoin only and got far less players. Winpoker was really smart to introduce bitcoin, they must have got many new players.

(03-15-2014 12:00 PM)JayJuanGee Wrote:  Satoshi:

I noticed your name change, and I was wondering how long before you would grace us with your presence in the bitcoin thread, after your name change... Smile

Yes I was surprise that the name was available.. Also I wasn't happy with my previous name. The gold membership was 0.03BTC and I bought those 0.03BTC for about 25 or 30€ cent.

Price is so stable.....
(This post was last modified: 03-15-2014 02:34 PM by Satoshi.)
03-15-2014 02:27 PM
Find all posts by this user Like Post Quote this message in a reply
JJ Roberts Offline
Banned

Posts: 1,091
Joined: Aug 2012
Post: #1452
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-15-2014 12:00 PM)JayJuanGee Wrote:  This rendition seems really weird in my thinking, and I cannot wrap my head around how a guy could receive more than he sends in this kind of a service b/c from my understanding no converting would be taking place (the most efficient means to transfer is by Bitcoin, no?), and the transfer would be totally in BTC.

I must be missing something in my thinking about this transfer?

When you send the BTC they change it into fiat at the market rate at the time (with no currency exchange charges or markup).

When you cash out they do the same in reverse.

I got more bitcoin that I sent because of a very slight change in the rate.
03-15-2014 02:37 PM
Visit this user's website Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes JJ Roberts's post:
JayJuanGee
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #1453
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-15-2014 02:27 PM)Satoshi Wrote:  Yes I was surprise that the name was available.. Also I wasn't happy with my previous name. The gold membership was 0.03BTC and I bought those 0.03BTC for about 25 or 30€ cent.

Price is so stable.....


Even though name changes are fairly subjective, you are amongst the very few who I have seen who actually chose a better name than the previous name.... NOT that I dislike your previous name... ... Your previous name was interesting in its own way...



Regarding BTC prices... yeah.. pretty uneventful for a few weeks... even though there has been some BTC price movement, it has been less than exciting kinds of movement.

The last excitement with BTC prices really came from the news about MT. Gox ceasing withdrawals... and then we did get some excitement from the bankruptcy filing... though the bankruptcy filing had mixed impact b/c some people were just relieved to have some clarification that was provided through the bankruptcy filing papers - even though people continue to find information to contradict the various factual representations made by GOX....

I cannot imagine Karpeles getting away scott free with whatever he had done... b/c the more information comes out about GOX, including information about Karpeles's past, the more fishy of a character Karpeles seems to be.
(This post was last modified: 03-15-2014 03:26 PM by JayJuanGee.)
03-15-2014 03:17 PM
Find all posts by this user Like Post Quote this message in a reply
JJ Roberts Offline
Banned

Posts: 1,091
Joined: Aug 2012
Post: #1454
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
Shit Bitcoin Fanatics Say, Part 1

http://youtu.be/reo7WbibxaQ

Shit Bitcoin Fanatics Say, Part 2

http://youtu.be/FV_kP91hJ7g

Funny but true.
03-16-2014 12:09 AM
Visit this user's website Find all posts by this user Like Post Quote this message in a reply
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #1455
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-16-2014 12:09 AM)JJ Roberts Wrote:  Shit Bitcoin Fanatics Say, Part 1

http://youtu.be/reo7WbibxaQ

Shit Bitcoin Fanatics Say, Part 2

http://youtu.be/FV_kP91hJ7g

Funny but true.



This video is neither funny nor true.


Sure it is a little bit funny to see the variety of comments cited out of context, b/c a lot of these kinds of comments are made by bitcoin supporter when they explain why bitcoin is a powerful tool that challenges many payment systems and value storage systems, etc, etc.

Sure it is a little bit true yet in most respects, these multiple "true" snippets that bitcoin supporters say are cited out of context, so even though true that they are said, the snippets sound very preposterous when they are cited out of context and without the support and without various rationale.... which in the end makes the content unbelievable... and maybe even rising to the level of a lie b/c of the lack of context... the person making the statements is made to look fanatical, too b/c of his passion... which may be true that some people supporting bitcoin can appear to be very passionate about something that does NOT seem worthy of passion.

Also, we know that there are many aspects of bitcoin that are technical and difficult to explain, and some people are going to be more articulate than others in their ability to explain these bitcoin related matters. This video makes fun out of bitcoin proponents by creating these various snippets, so in the future as soon as a person hears a bitcoin proponent state one of the snippets from this video, it will cause the listener to remember the video..... and a red flag the impression that the proponent is merely a bitcoin parot.

In the end, the video was produced by some kind of a bitcoin hater that is hostile to the success of bitcoin. The comedy contained in this video is NOT accomplished in good faith, and really, in my opinion, a waste of time to watch b/c in the end the cumulative effect of the multiple snippets seem to be purposefully annoying and insulting.
03-16-2014 11:23 AM
Find all posts by this user Like Post Quote this message in a reply
Satoshi Offline
Banned

Posts: 885
Joined: Nov 2013
Post: #1456
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-16-2014 11:23 AM)JayJuanGee Wrote:  a waste of time to watch

But still writes an novel about it Banana

Did some bad trades the other day, I did see on coinmarketcap that EXEcoin was in an uptrend. So I bought for 0.5BTC for the price of 16000 satoshis I think. Then the prices started to climb really fast so I deposit another 1.5BTC and bought in for an average of 28000 satoshis or something. Then the prices started to drop and now down to 8000 satoshis not sure if I should take the lost or hold and hope for a comeback. Maybe El Maco pump it a bit? Would be nice. And I will never more drink and trade.
(This post was last modified: 03-16-2014 12:32 PM by Satoshi.)
03-16-2014 12:25 PM
Find all posts by this user Like Post Quote this message in a reply
brg444 Offline
Banned

Posts: 102
Joined: Nov 2012
Post: #1457
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-16-2014 11:23 AM)JayJuanGee Wrote:  
(03-16-2014 12:09 AM)JJ Roberts Wrote:  Shit Bitcoin Fanatics Say, Part 1

http://youtu.be/reo7WbibxaQ

Shit Bitcoin Fanatics Say, Part 2

http://youtu.be/FV_kP91hJ7g

Funny but true.



This video is neither funny nor true.


Sure it is a little bit funny to see the variety of comments cited out of context, b/c a lot of these kinds of comments are made by bitcoin supporter when they explain why bitcoin is a powerful tool that challenges many payment systems and value storage systems, etc, etc.

Sure it is a little bit true yet in most respects, these multiple "true" snippets that bitcoin supporters say are cited out of context, so even though true that they are said, the snippets sound very preposterous when they are cited out of context and without the support and without various rationale.... which in the end makes the content unbelievable... and maybe even rising to the level of a lie b/c of the lack of context... the person making the statements is made to look fanatical, too b/c of his passion... which may be true that some people supporting bitcoin can appear to be very passionate about something that does NOT seem worthy of passion.

Also, we know that there are many aspects of bitcoin that are technical and difficult to explain, and some people are going to be more articulate than others in their ability to explain these bitcoin related matters. This video makes fun out of bitcoin proponents by creating these various snippets, so in the future as soon as a person hears a bitcoin proponent state one of the snippets from this video, it will cause the listener to remember the video..... and a red flag the impression that the proponent is merely a bitcoin parot.

In the end, the video was produced by some kind of a bitcoin hater that is hostile to the success of bitcoin. The comedy contained in this video is NOT accomplished in good faith, and really, in my opinion, a waste of time to watch b/c in the end the cumulative effect of the multiple snippets seem to be purposefully annoying and insulting.

I'm sorry but you have this all wrong.

the creator of these videos is actually very supportive of Bitcoin.

you are taking this a bit too seriously Wink they are very much created in good faith and I personally couldn't help but laugh most of the time as they did remind me of some of my shortcomings in explaining Bitcoin to others

read here :
http://www.coindesk.com/current-criticis...too-early/
(This post was last modified: 03-16-2014 12:32 PM by brg444.)
03-16-2014 12:28 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes brg444's post:
JayJuanGee
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #1458
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-16-2014 12:28 PM)brg444 Wrote:  
(03-16-2014 11:23 AM)JayJuanGee Wrote:  
(03-16-2014 12:09 AM)JJ Roberts Wrote:  Shit Bitcoin Fanatics Say, Part 1

http://youtu.be/reo7WbibxaQ

Shit Bitcoin Fanatics Say, Part 2

http://youtu.be/FV_kP91hJ7g

Funny but true.



This video is neither funny nor true.


Sure it is a little bit funny to see the variety of comments cited out of context, b/c a lot of these kinds of comments are made by bitcoin supporter when they explain why bitcoin is a powerful tool that challenges many payment systems and value storage systems, etc, etc.

Sure it is a little bit true yet in most respects, these multiple "true" snippets that bitcoin supporters say are cited out of context, so even though true that they are said, the snippets sound very preposterous when they are cited out of context and without the support and without various rationale.... which in the end makes the content unbelievable... and maybe even rising to the level of a lie b/c of the lack of context... the person making the statements is made to look fanatical, too b/c of his passion... which may be true that some people supporting bitcoin can appear to be very passionate about something that does NOT seem worthy of passion.

Also, we know that there are many aspects of bitcoin that are technical and difficult to explain, and some people are going to be more articulate than others in their ability to explain these bitcoin related matters. This video makes fun out of bitcoin proponents by creating these various snippets, so in the future as soon as a person hears a bitcoin proponent state one of the snippets from this video, it will cause the listener to remember the video..... and a red flag the impression that the proponent is merely a bitcoin parot.

In the end, the video was produced by some kind of a bitcoin hater that is hostile to the success of bitcoin. The comedy contained in this video is NOT accomplished in good faith, and really, in my opinion, a waste of time to watch b/c in the end the cumulative effect of the multiple snippets seem to be purposefully annoying and insulting.

I'm sorry but you have this all wrong.

the creator of these videos is actually very supportive of Bitcoin.

you are taking this a bit too seriously Wink they are very much created in good faith and I personally couldn't help but laugh most of the time as they did remind me of some of my shortcomings in explaining Bitcoin to others

read here :
http://www.coindesk.com/current-criticis...too-early/



OKay... You may be correct that I am judging the videos too harshly and/or too seriously.

Without knowing the producer of the video, I would have thought that the video would have been created by a bitcoin hater.... go figure?

I otherwise stand my by my above comments.... for the reasons that I explained above - even though I take your point, that there may be some people, including yourself, who may find the video to be helpful in a productive way. I have no problem accepting that some people may recognize some kind of artistic and/or positive value contained in the video.
03-16-2014 01:04 PM
Find all posts by this user Like Post Quote this message in a reply
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #1459
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-16-2014 12:25 PM)Satoshi Wrote:  
(03-16-2014 11:23 AM)JayJuanGee Wrote:  a waste of time to watch

But still writes an novel about it Banana

Did some bad trades the other day, I did see on coinmarketcap that EXEcoin was in an uptrend. So I bought for 0.5BTC for the price of 16000 satoshis I think. Then the prices started to climb really fast so I deposit another 1.5BTC and bought in for an average of 28000 satoshis or something. Then the prices started to drop and now down to 8000 satoshis not sure if I should take the lost or hold and hope for a comeback. Maybe El Maco pump it a bit? Would be nice. And I will never more drink and trade.

Agreed.... it is bitch and very tempting to attempt to profit off of a potential alt coin pump and dump. ... to get in on the pump rather than getting in on the dump....

As I write, there are 173 alt coins listed on coinmarketcap, and probably there are nearly 1,000 other possible alt coins that are NOT listed on that site in order to get in on "the ground floor."

Rolling with the various alts does seem like a luck of the draw scenario... in which the variables vary... if that makes any sense.. .. even when you may know some of the fundamentals of that particular alt, there maybe also be some unknowns.. including whether one whale pumps are dumps... at the same time that you decide to invest.

In my current thinking, relatively speaking, at the moment, bitcoin seems to be the most stable long term... even though there are several alts that seem to have a lot of upside potential (even more than bitcoin).
03-16-2014 02:15 PM
Find all posts by this user Like Post Quote this message in a reply
pants Offline
Banned

Posts: 681
Joined: Nov 2012
Post: #1460
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-16-2014 12:09 AM)JJ Roberts Wrote:  Shit Bitcoin Fanatics Say, Part 1

http://youtu.be/reo7WbibxaQ

Shit Bitcoin Fanatics Say, Part 2

http://youtu.be/FV_kP91hJ7g

Funny but true.

i laughed hard. I almost said all those things =)
03-16-2014 02:26 PM
Find all posts by this user Like Post Quote this message in a reply
Satoshi Offline
Banned

Posts: 885
Joined: Nov 2013
Post: #1461
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-16-2014 02:15 PM)JayJuanGee Wrote:  
(03-16-2014 12:25 PM)Satoshi Wrote:  
(03-16-2014 11:23 AM)JayJuanGee Wrote:  a waste of time to watch

But still writes an novel about it Banana

Did some bad trades the other day, I did see on coinmarketcap that EXEcoin was in an uptrend. So I bought for 0.5BTC for the price of 16000 satoshis I think. Then the prices started to climb really fast so I deposit another 1.5BTC and bought in for an average of 28000 satoshis or something. Then the prices started to drop and now down to 8000 satoshis not sure if I should take the lost or hold and hope for a comeback. Maybe El Maco pump it a bit? Would be nice. And I will never more drink and trade.

Agreed.... it is bitch and very tempting to attempt to profit off of a potential alt coin pump and dump. ... to get in on the pump rather than getting in on the dump....

As I write, there are 173 alt coins listed on coinmarketcap, and probably there are nearly 1,000 other possible alt coins that are NOT listed on that site in order to get in on "the ground floor."

Rolling with the various alts does seem like a luck of the draw scenario... in which the variables vary... if that makes any sense.. .. even when you may know some of the fundamentals of that particular alt, there maybe also be some unknowns.. including whether one whale pumps are dumps... at the same time that you decide to invest.

In my current thinking, relatively speaking, at the moment, bitcoin seems to be the most stable long term... even though there are several alts that seem to have a lot of upside potential (even more than bitcoin).
Yeah.. I was in on time, however instead of selling when I should have, I bought more, witch was a stupid move.
Bitcoin is def most stable long term with Litcoin after.. Litcoin has been around for a long time and got stable blockchain community and development.. Concidering that there will be four times as many Litcoin than bitcoins the real price if comparing with BTC should be 630$ against 17,3/3 = 4,35$. So that's how much bigger BTC are.

Many of the alts have upsides, as said however none of them got the network power of bitcoin.

Look at this charts how much coins been moving lately, but still almost no trading happening.
03-16-2014 04:22 PM
Find all posts by this user Like Post Quote this message in a reply
JJ Roberts Offline
Banned

Posts: 1,091
Joined: Aug 2012
Post: #1462
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-16-2014 01:04 PM)JayJuanGee Wrote:  Without knowing the producer of the video, I would have thought that the video would have been created by a bitcoin hater.... go figure?

Yeah the guy in that video is a huge bitcoin fan in real life.

He doesn't take himself too seriously and his observations about the kind of conversations that BC fans get into is both funny and accurate.
(This post was last modified: 03-16-2014 04:48 PM by JJ Roberts.)
03-16-2014 04:47 PM
Visit this user's website Find all posts by this user Like Post Quote this message in a reply
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #1463
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-16-2014 04:47 PM)JJ Roberts Wrote:  
(03-16-2014 01:04 PM)JayJuanGee Wrote:  Without knowing the producer of the video, I would have thought that the video would have been created by a bitcoin hater.... go figure?

Yeah the guy in that video is a huge bitcoin fan in real life.

He doesn't take himself too seriously and his observations about the kind of conversations that BC fans get into is both funny and accurate.


Maybe the video is more funny from the start if a guy realizes that the producer is a bitcoin enthusiast, but I still retain the belief that his video does a disservice to bitcoin, even if he had good intentions.... and even if he captured some social realities within his "art."

Personally, I will give the guy more of a break though, if I were to know that he had good intentions....
03-16-2014 07:33 PM
Find all posts by this user Like Post Quote this message in a reply
Satoshi Offline
Banned

Posts: 885
Joined: Nov 2013
Post: #1464
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
http://www.bit-sky.com/index.php/english?limitstart=0

Daily analysis which seems to be pretty spot on at least the last two weeks.
03-17-2014 02:55 PM
Find all posts by this user Like Post Quote this message in a reply
pants Offline
Banned

Posts: 681
Joined: Nov 2012
Post: #1465
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
400 bitcoin ATMs in dubai! These guys don´t dip their toe in.

[Image: BjAgFRmCEAAyN6A.jpg]
03-18-2014 02:11 PM
Find all posts by this user Like Post Quote this message in a reply
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #1466
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-18-2014 02:11 PM)pants Wrote:  400 bitcoin ATMs in dubai! These guys don´t dip their toe in.

[Image: BjAgFRmCEAAyN6A.jpg]


Agreed... Actions speak louder than words. I had heard this too, and accordingly, i was wondering what the fuck any small location would need with 400 bitcoin machines.... I believe that there may be a total of 3 opened and announced bitcoin machines in the whole USA, at the moment....

Certainly, these kinds of bitcoin expansion developments should cause reasonable observers to conclude that maybe, possibly this bitcoin thing-a-ma-jiggy may be going somewhere, in the upward direction, in the near future? just maybe?

BTW, my next buy point is at $590, if we dip that low within the next few days... currently, we are hovering in the lower $600s - largely between $606 and $620.
03-18-2014 02:34 PM
Find all posts by this user Like Post Quote this message in a reply
Steve9 Offline
Woodpecker
**

Posts: 282
Joined: Feb 2012
Reputation: 10
Post: #1467
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
Good analysis from Casey Research :

Quote: The price of Bitcoin, simply put, is the digital embodiment of the “greater fool theory.” It’s driven by all of its predicted uses and by all the demand that has built up, but not by any underlying value. Bitcoins are just spent computer cycles, which are in ample supply and can easily be spent again and again. You can’t burn it like oil, or turn it into flatware or electronics.

In a twisted, Escheresque logic, its value lies only in the demand lopsided liquidity bestowed upon it from its perceived future value.

With speculation accounting for the bulk of the volume in the Bitcoin market, not much comes in or out of the exchanges each day. In fact, given the transaction volume—actual bitcoin transactions between various “wallets” the single most popular recipients of bitcoins today, according to tracking firm blockchain.info—these are not currency exchanges at all.

Nope, and now that the Silk Road, Sheep, and Silk Road II illicit goods marketplaces have been shut down, it’s not that either.

Second in volume to the exchanges is now gambling… as if that’s much different. In particular, one strange gambling destination named for the mythic founder of Bitcoin: SatoshiDICE.com. Its wallets, which have to be known publicly for the site to work, account for 8 of the top 10 bitcoin transfer addresses in the world today. One Bitcoin wiki lists at least 50 sites similar to it.

http://www.caseyresearch.com/cdd/bitcoin...cial-histo
03-19-2014 08:58 PM
Find all posts by this user Like Post Quote this message in a reply
JJ Roberts Offline
Banned

Posts: 1,091
Joined: Aug 2012
Post: #1468
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
Anything that people value that is believed to be scarce has intrinsic value by nature.

People believe that white diamonds are scarce (when there is actually a huge surplus of the things) and people believe they have value (when they are just useless lumps of carbon with no re-sale value).

Bitcoins on the other hand actually are scarce.

As for their value. Like all things, they are worth what people are prepared to pay for them.
03-19-2014 09:07 PM
Visit this user's website Find all posts by this user Like Post Quote this message in a reply
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #1469
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-19-2014 08:58 PM)Steve9 Wrote:  Good analysis from Casey Research :

Quote: The price of Bitcoin, simply put, is the digital embodiment of the “greater fool theory.” It’s driven by all of its predicted uses and by all the demand that has built up, but not by any underlying value. Bitcoins are just spent computer cycles, which are in ample supply and can easily be spent again and again. You can’t burn it like oil, or turn it into flatware or electronics.

In a twisted, Escheresque logic, its value lies only in the demand lopsided liquidity bestowed upon it from its perceived future value.

With speculation accounting for the bulk of the volume in the Bitcoin market, not much comes in or out of the exchanges each day. In fact, given the transaction volume—actual bitcoin transactions between various “wallets” the single most popular recipients of bitcoins today, according to tracking firm blockchain.info—these are not currency exchanges at all.

Nope, and now that the Silk Road, Sheep, and Silk Road II illicit goods marketplaces have been shut down, it’s not that either.

Second in volume to the exchanges is now gambling… as if that’s much different. In particular, one strange gambling destination named for the mythic founder of Bitcoin: SatoshiDICE.com. Its wallets, which have to be known publicly for the site to work, account for 8 of the top 10 bitcoin transfer addresses in the world today. One Bitcoin wiki lists at least 50 sites similar to it.

http://www.caseyresearch.com/cdd/bitcoin...cial-histo


There is nothing profound about the analysis of that article... In fact the analysis is very superficial and seemingly inclined to spread negative information regarding the illicit uses, and shows little to no understanding of the various applications of bitcoin or the innovative ingenuity of bitcoin and the expanding bitcoin network...

Surely, bitcoin could fail either in the long term of the short term due to fewer people interested in investing into it, but that is NOT the current case with bitcoin and the various networking and investing into it and around it and the spreading of the word about bitcoin continues to increase and the increased uses in more and more locations around the globe... besides gambling and illicit applications.

So this article's description of computer cycles seems to be suggesting triviality and duplicating it... There is some truth to this fiction, but bitcoin truly is innovative in its non-duplicativeness. ... And, so what if some other currency becomes more popular, at some point, than bitcoin. We are just NOT at that place, yet... so we can cross that bridge when and if we get there.

Steve9, you tend to be very good and insightful with financial matters b/c I have seen a lot of good posts from you; however, if you think that your cited article is enlightening for guys active in this thread, you need to read up on bitcoin b/c that article falls quite short.. Maybe read bitcoin threads on RVF, including this thread, and there is at least one other good RVF bitcoin thread. Otherwise, you should do your bitcoin homework - b/c that article that you cited surely is lacking in depth, beyond attempts at spreading bitcoin FUD. And, there are a lot of very smart people in the financial world that either do NOT understand bitcoin or they are spreading these various kinds of superficial bitcoin FUD and proclaiming that it captures the essence of what is going on with bitcoin.
03-19-2014 09:34 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes JayJuanGee's post:
Satoshi
Grit Offline
Kingfisher
***

Posts: 532
Joined: Aug 2012
Reputation: 7
Post: #1470
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
I keep hitting a wall thinking about the MtGox losers, and the implications. As far as i can figure, they were speculators trying to treat bitcoin like an asset...

My understanding of bitcoin is like a magical envelope you could put cash in and send across the ocean without theft or mailing fees... In other words, a "container" that cash goes into.

Whereas gold (and other hard assets) are hardly transferrable, especially across international boundaries...
...and cash like US dollars is moderately transferrable, but problematic (think of risking cash in a stamp envelope, or cash in a suitcase)...

...bitcoin is supposed to be the most transient and impermanent. Keep a supply of coins to make lots of frequent transactions, no more.

Then we would see the value of having bitcoins. I wonder how this will work itself out with the legions of nerds thinking about getting rich quick.
03-19-2014 11:28 PM
Find all posts by this user Like Post Quote this message in a reply
JJ Roberts Offline
Banned

Posts: 1,091
Joined: Aug 2012
Post: #1471
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-19-2014 11:28 PM)Grit Wrote:  ...bitcoin is supposed to be the most transient and impermanent.

bitcoin is permanent

Once a bitcoin exists, it always exists

You lose the wallet it is in (eg hard drive crash and you didn't backup) you lose access to the coins for good but they continue to exist.
03-19-2014 11:35 PM
Visit this user's website Find all posts by this user Like Post Quote this message in a reply
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #1472
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
Here's an article to digest that captures broader themes in which bankers are fighting with technology.... and bitcoin certainly plays a role in that ideological struggle.

http://www.wired.com/opinion/2014/02/sil...-backlash/

Additionally, there may be questions about whether bitcoin will be one of those technological innovations that allows for some escape from borders that are imposed on us by banks and governments... but also gouge regular people in a variety of ways.

Certainly, none of these tensions are going to play out quickly, but bankers are likely having a love hate relationship with bitcoin... and some may jump on board under the if you cant beat them join them philosophy.... but likely, they are NOT going to jump on board too quickly, without trying a few bitcoin undermining maneuvers, first..
03-20-2014 01:59 AM
Find all posts by this user Like Post Quote this message in a reply
Satoshi Offline
Banned

Posts: 885
Joined: Nov 2013
Post: #1473
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
Yeah if there soon will be a bitcoin ATM in every corner in Dubai and a small amount of auroracoin to everyone in Iceland it looks good plus all the other adoption and development that is ongoing.

Sold almost after the LTC peak at 19,74$ or something I think, they are pretty cheap now but might not rise again until BTC does or what do you think?
03-20-2014 02:19 AM
Find all posts by this user Like Post Quote this message in a reply
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #1474
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-19-2014 11:28 PM)Grit Wrote:  I keep hitting a wall thinking about the MtGox losers, and the implications. As far as i can figure, they were speculators trying to treat bitcoin like an asset...

My understanding of bitcoin is like a magical envelope you could put cash in and send across the ocean without theft or mailing fees... In other words, a "container" that cash goes into.

Whereas gold (and other hard assets) are hardly transferrable, especially across international boundaries...
...and cash like US dollars is moderately transferrable, but problematic (think of risking cash in a stamp envelope, or cash in a suitcase)...

...bitcoin is supposed to be the most transient and impermanent. Keep a supply of coins to make lots of frequent transactions, no more.

Then we would see the value of having bitcoins. I wonder how this will work itself out with the legions of nerds thinking about getting rich quick.

Grit:

I don't see anything really wrong with your thinking as described in your post, as long as we are NOT trying to pigeon-hole bitcoin too much into any one category or even necessarily to serve more broadly than it is ready to serve (based on current infrastructure) - b/c ultimately bitcoin has the power of serving quite a few differing and varying functions. Bitcoin can function as a storage of value, as a currency, as a public ledger, as a money transmitter and/or as an investment speculation vehicle. It can serve these functions separately on a small scale or at the same time and on a larger scale (but bitcoin and the world is NOT quite ready for the larger scale applications, yet)... and users of bitcoin can chose the extent to which they attempt to apply any or all of these functions.

The various drama around bitcoin and some of the disinformation around bitcoin may cause a lot of us to get lost in figuring out how we can keep an eye on bitcoin developments and possibly learn from those various developments - whether bitcoin succeeds or crashes, there are a lot of activities around bitcoin that, likely, will NOT be ending anytime in the very near future.... and there are a lot of innovations that are amazingly fascinating... in that very smart people are developing around the bitcoin space in a large number of ways through various kinds of businesses and/or various kinds of alt coins that may or may NOT be directly competing with bitcoin.

So, I recommend that anyone with some curiosity about bitcoin or any other crypto currencies to invest a little bit of their time (and use a little bit of money - maybe just as little as $100) just to get toes wet and to play around with bitcoin or other alt currencies to some extent and to monitor the various developments pertaining to bitoin from a user's perspective. I have only been into bitcoin for about 4 months, and I am still trying to figure out various technical aspects and application and developments... and frustrating b/c I like Apple products, yet Apple seems to be quite hostile dickheads towards bitcoin - at least the bitcoin apps, so far.


(03-20-2014 02:19 AM)Satoshi Wrote:  Yeah if there soon will be a bitcoin ATM in every corner in Dubai and a small amount of auroracoin to everyone in Iceland it looks good plus all the other adoption and development that is ongoing.

The variety of infrastructure is going to cause some kicking-in of upward price adjustment and upward adoptation, at some point.... even though it may take several months...

(03-20-2014 02:19 AM)Satoshi Wrote:  Sold almost after the LTC peak at 19,74$ or something I think, they are pretty cheap now but might not rise again until BTC does or what do you think?

I believe lite coin had made it up to $21.10 in a flash rise.. ... Yeah.. I am too chickenshit to trade or to really know what to do. I could see the pump and dump coming and it seemed to fall in the typical pattern, but i guess I was being too optimistic that maybe the price would stay up there a little bit more.... b/c it is getting more and wider acceptance.. but really it does NOT seem to add much if anything to bitcoin.

I am really thinking about selling all of my alts on the next time that BTC rises... and then just put all those proceeds into BTC (or maybe the alt of that moment... donald duck coin??? )... But maybe when the time comes and they all rise, then maybe I will get some foggy and false expectations that they will stay high or keep rising or some other silly notion.

So far, trading does NOT seem to be my forte,... Smile..
03-20-2014 02:40 AM
Find all posts by this user Like Post Quote this message in a reply
Satoshi Offline
Banned

Posts: 885
Joined: Nov 2013
Post: #1475
RE: The Bitcoin thread (formerly "Bitcoins up 60% in less than a month")
(03-20-2014 02:40 AM)JayJuanGee Wrote:  I believe lite coin had made it up to $21.10 in a flash rise.. ... Yeah.. I am too chickenshit to trade or to really know what to do. I could see the pump and dump coming and it seemed to fall in the typical pattern, but i guess I was being too optimistic that maybe the price would stay up there a little bit more.... b/c it is getting more and wider acceptance.. but really it does NOT seem to add much if anything to bitcoin.

I am really thinking about selling all of my alts on the next time that BTC rises... and then just put all those proceeds into BTC (or maybe the alt of that moment... donald duck coin??? )... But maybe when the time comes and they all rise, then maybe I will get some foggy and false expectations that they will stay high or keep rising or some other silly notion.

So far, trading does NOT seem to be my forte,... Smile..

Never touched $21 at bitfinex but didn't track the other exchanges. However I was already holding since a few days back got in at $17,4 I think. Alt-coins follow BTC just stronger dosn't they so if there is another bubble soon there might be better to be in a strong. LTC and several other alts gained more than BTC in November if I'm not wrong. And that's why they are all cheap now IMO... That Chinese link I posted earlier is really good.
BTC price was going down slowly from $620 to $600 to stop there between $599.5-602. Market is more stable than ever and the exchanges follow each other closely.
03-20-2014 03:07 AM
Find all posts by this user Like Post Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  IRS: Bitcoin is not currency assman 23 7,791 07-06-2019 08:37 PM
Last Post: Deepdiver
  Bitcoin & Cryptocurrency Profit & Loss Trackers & Capital Gains Calculators jamaicabound 2 4,795 06-01-2019 09:03 AM
Last Post: Dr. Howard
  DACing for Cryptodummies: Hassle-Free and Easy Bitcoin Investing SamuelBRoberts 108 33,436 12-26-2018 08:27 PM
Last Post: redbeard

Forum Jump:


User(s) browsing this thread: 1 Guest(s)

Contact Us | RooshV.com | Return to Top | Return to Content | Mobile Version | RSS Syndication