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BitCoin Halted
Yes, it is supposedly distributed, but that does not prevent BTC trading platform MtGox from halting trading for a bit, or 12 hours as the case may be.
In other news, according to today's leaked memo from the bearded chairman, one should move out of the BitCoin bubble and boldly go into the S&P bubble.
h/t @thedrickster1
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It's all about the spin, isn't it? Marketing.
According to this site it is 75 us dollars for 1 bitcoin. I think Mt.Gox is trying to perserve some wealth by using other exchanges to dump coins for themselves and other buddies or trying to slow the bleeding. 200 us dollars for a bitcoin was not going to last. It is fucking pixie dust and a true example of unicorns shitting skittles.
https://btc-e.com/
Magic the Gathering Online Exchange offers a trading platform and runs its underlying exchange - very poorly. Cooldown my ass, their history of piss-poor network/trade-engine performance, particularly during sell-offs, is legendary. A company that makes at least $50k a day and has virtually no overhead except bandwidth costs can't handle 20,000 fully automated account sign-ups in 24 hours?
I wonder if insiders got their money out early like in Cyprus?
Maybe this is a great object lesson. To see BTC play yo-yo for the last few days and then this is sort of like watching a time lapse film of the fate of non asset based currency. It should be a warning to us all.
Mt Gox is the casino, where the gamblers are playing. The network still works fine for individual transactions and merchants accepting coins. I can still swap my coins with anyone else in the network who has a wallet or address. I just can't speculate on them right now at that one exchange. The lesson here with bitcoin is the real value of the coin in pricing should be in electricity only which can be acurately valued based on electricity costs where the coin was generated. That can be measured and encoded into the currency itself when generating each coin. Then you can price that coin relative to the currency you want to exchange it to which normalizes out the major swings in value. I guess that is a lesson between real and nominal value also for the nonfinance people just tuning in. Bitcoin is just illustrating the worst of human behavior in greed and reinforcing that currency shouldn't also be used a gambling chip at a casino if you want it to represent a store of wealth (banks are casinos also and speculate with your stores of wealth when get right down to it). With that said crypto-currency still is the future and bitcoin when they figure out how to decentralize the exchanges will be the competitor to the stock market. You can bet your sweet ass the gamblers will go and play in the market that has the best action and they consider fair odds which is something the rigged stock market is lacking in. The stock market has become too intertwined with the government and I don't just mean regulating it. Everyone can bag on it all they want but there is a valuable learning experience going on here and the short comings point out the refinements needed in the next iteration of crypto-currency if it is to be used as money.
You state electricity should be the real value of pricing a bitcoin. I assume this is because the amount of wattage used since most mine using GPU's rather than CPU's. I do know they will set up 3 or more GPU's(graphic cards) which consume a lot of wattage. I would also assume with 3 GPU's you would need a power supply of around 800 or more watts. So my question is when the ASIC miners take over the market and put the GPU miners out the game , shouldn't the price of bitcoin rapidly drop? ASIC use around 5 to 8 watts per G/Hs so for your typical ASIC rig we are talking a quarter of power used compared to GPU rigs. This would mean more bitcoins being mined at a faster rate with less power consumption. I do understand the difficulty to mine will increase but the program must keep it somewhat efficient for miners or everyone will drop out and move to Litecoin. Maybe I don't know what the fuck I am talking about but just curious to hear some BTC miners opinions on this issue.
Base it on killowatt hours. Doesn't matter whether it is gpu or cpu, wattage of the power supply and hashes required and time taken can be priced as the absolute value of the coin in killowatt hours required to generate it. That is something we can all agree is fair peg since that is based on the electric company's rate. That is the floor value that the coin should never drop below at the lowest value. It is no different than making a part with computerized cnc machine for example. The cost of electricity is factored in the cost to produce it. No different here except we are producing electronic coins. It does require energy for production and labor aka the computer to produce it. Each coin should really cost only that at the floor price, they have a real production cost that is not 0 dollars, value is a different story. That is something we can price relative to dollars via kilowatt hours. If you produce the coin and can get more on the market great. You buy the coin and reuse it you know the least you can get it for that is a fair valuation aka cost since that is coded into the coin itself. This is another shortcoming of bitcoin. You do that you can never short them to 0 that only happens when no one wants to use them.
As far as your question yes and no the miners do mine faster but they have to be hooked into a pc far as I know. They maybe using less power but the pc is still on and using a higher wattage power supply from which the miner is I believe powers off of on the usb connection. I don't mine and frankly what I do understand you'll only get a short term benefit using the asic miners before the difficulty factor negates the extra hashing power being put forth in the system.
Thanks Dewey for the reply. I agree about the difficulty. I just see a lot of disgruntled BTC miners who will rip the coin due to being forced out by bigger and better rigs. When you start buying and selling bitcoins on a market looking at charts, a lot of these guys who are mining have no idea about trading. Its a new game for them and most traders fail.
They're trying to determine the currency's value based on its dollar or euro exchange rate, in an illiquid, low-volume market. The fact that ultimately every Bitcoin has to be converted back to a traditional currency unit makes the whole thing worse than any FX market, even if it were highly liquid, which it will never be so long as there is no penalty for saving but in fact a powerful incentive - the hope of appreciation vs. whichever currency into which one plans to cash out. Sounds an awful lot like a speculation vehicle.
Gold would be no different, but for the nearly universal agreement that is possesses (variable) exchange value.
Gold and Bitcoins both have their flaws, which is a shame, because the alternatives' only real benefit is sheer liquidity/fungibility. It's a shame. If Bitcoins, like gold until not too long ago, was the agreed-upon (even if by fiat) currency, no one would be raising the current issues because they wouldn't exist. Any other fiat currency would have the exact same problems if its validity as legal tender with practical exchange value was not established.
That and the fact that Bitcoin is by and for naive and idealistic geeks (and Silk Roadies) with enormous egos and lots of chips on their shoulders, with no understanding of economics or finance.
Totant, I respect your opinions and I enjoy reading your comments but gold IS different. So is silver.
The argument seems to be between virtual currency and hard currency. I can positively tell you, my friend, that gold is undefeated. It's like 1000354493749 and 0 throughout history. OK, a little hyperbole there, but gold is undefeated still. It is a metal and it is worth some value to someone; that is fact and always has been and always will be.
BTC not so much.
"I just see a lot of disgruntled BTC miners who will rip the coin due to being forced out by bigger and better rigs."
Dude, come off it. You have no coin...you have electrons. Look, I have tried to be nice. I have tried BTC myself. I support your ideas of no central bank but you have yourself a central bank in Mt GoX. And it's a btc bank holiday today! Really?
You do not see what is happening? This has been said before, perhaps I should refine it a bit: You have no metal and have no real assets and you want to launch a fiat currency anonymously? Well, isn't that special? I wonder if anyone has done that before?
If I have told you kids once; I have told you a thousand times, BUY SILVER DIMES. Are you deaf? That is what you will need in the future and not btc. Trust me, you will need them.
DCH, you are a good fellow and give some bright hope for the future. Let's go sit down for a minute if we could. Crypto-currency is not the future. It's going to be hacked over and over again and the sheep shorn over and over again. That's what I see going on here. You know that I am sympathetic to BTC but let's call a spade a spade. The intentions of BTC were inspiring and admirable and maybe...no, I have to stop...
Sorry, and I know how much time and effort went into this. Hell, I had time and effort into BTC too but I was dragged in kicking and screaming. I just can't see how it will work DCH. I understand the "rebel yell" aspect and that is why I still support BTCers but we need to get real. If you don't hold it, you don't own it. Essence.
To my fellow hard asset ZHers: BTC is the proverbial spiritual battle referred to in Fight Club. Go a little easy on them this time. BTCers are ZHers too.
Please review
http://www.youtube.com/watch?v=zylOvgnenQw
The Bitcoin system, as you note, depends on electricity, which in turn relies on electrical conductors, physical stuff. I see the "physical" stuff getting yanked out for its value (irony if/when someone receives Bitcoin for stolen electrical wiring).
Infrastructure getting vandalized. Wages dropping. Disposable income dropping. "Upgrades" to computing devices are in decline. Energy costs (affordability [refer to "disposable income dropping"]) are increasing. Is THIS an environment that would tend to promote Bitcoin?
More of the world is like the following than most (living sheltered lives) care to admit (my wife is from here):
http://craigandange.com/?p=1965
There is plenty of natural resources left to keep the world running. There is so much natural gas out there just waiting to be pulled out of the ground. And you can make plastic out of it which means less oil used to make plastic based products. We use so much plastic as is now, metal is going to be less and less in demand as the years goes on except applications where it is absolutely necessary to for them to be used. Besides a lot of the exist metal will get recycled anyways. The money potential of natural gas is too great for it not be exploited. The regulation is really about setting up the infrastructure and control methods for the bigs boy so no little guys get in and grow too big. They are trying to prevent the next wave of Rockefellers from muscling in on their established territories here.
I'm no fanboi or apologist for Bitcoin, still the tinfoil hat wearer in me thinks one thing... GOVERNMENT.
Actually a tinfoil bodysuit will protect you from tazers and microwave weapons. Maybe it was demonized by those people working on the technology. A bit like the epithet, 'Anti-semite' was thought up by people intent on genociding the world.
I prefer to call it a faraday cage
A wearable faraday cage.
A Faraday Cape? Faraday Catsuit.
"GOVERNMENT" is but the CONDUIT. The actual power behind it all is, well, TPTB...
i still luv u bitcoin
Bitch-coins bitchez???
Silver and Gold bitchez!!! :)
I have silver, but I put money into bitcoin because I was not happy for my flotsam to sit in a bank. Are you going to tell me that 'Banks are safe as houses'
Meh, MtGox is only one of many BTC exchanges. Moving your coins out of them and into any other exchange is as easy as a button click.
This is an interesting experiment to watch, though. Does a non-coerced market "halt" really solve anything? We'll find out!
Bitcoins? We don't need no stikin' Bitcons! Sound of gun being cocked.
I heard the Japanese are going to peg off the BitCoin.
I heard Iran will only sell oil in bitcoin.
You don't pull on Superman's cape,
You don't spit into the wind,
You don't pull the mask off the ole Lone Ranger
and you don't Bitcoin around Ben....
if he can corner gold and perplexify KB then he sure as hell can corner bitchcoin, what did the kids think was gonna happen when they threatened the dark lord
Sounds like unscheduled maintenance to me. Not classy from an IT perspective, but otherwise not a big deal. Why they said "to let the market cool down" on the front page is beyond me. The time for that would have been 1-2PM EST yesterday, while they had a 1+ hour lag and people were panic selling.
They also posted that they were working on a new exchange engine. If it's not terrible, it stands to be awesome (in comparison with their current laggy system).
upgrade our data base
is code for "The NSA is "helping us upgrade to a better system" cheers
bitcoin will be gone before 2014. it's all bullshit, and if it is something serious, it will be destroyed.
Well I look forward to seeing how that's done... for the record, I disagree, and I look forward to seeing bitcoin survive the "bitcoin-ocalypse" prophecy.
Who has control over all the control points? Do you? Do you have control over the physical media layers? The main Internet routers?
I worry that a lot of people who might be capable of critical thinking have tossed it to the wind over an emotional revulsion to the current banking system/monster. Jump from the frying pan...
I was never an officer, let alone a "General," but it doesn't take some "brilliant" military strategist to understand the importance of control points.
How certain are those who support Bitcoin that they're not just being marketed to? Is it, as someone else noted above, just a trial program to test the waters? Could there be any better group of people to test things on than the "anti-fiat" folks? I've seen this movie play before...
btc-e is still up. Mt Gox has been suffering massive ddos attacks... every fucking windows user in the world must be wondering why their lappy is running so darn slow. Bot net wranglers making the big benny bucks right now. Crypto currencies are a major threat to TPTB, they have only just begun pulling out all the stops. This is make or break time for the crypto currency paradigm. I don't think they are going away but if they do it won't be because the concept is flawed; it will be as a result of a full on scorched earth onslaught by the central bankers. All out war bitchez...
the only crypto currency that will prevail will be sponsored by the BIS and it's member banks. Bitcoin is a ahead of it's time.
At some point the big boys will have no choice because the world will advance and they will have to move foward like it or not to keep their control on things. When the crowd is all over in one corner and the control freak is by itself in the other it has no choice but to accept what the crowd wants if it can't use secondary control mechanisms to bring them back over.
Careful about assuming the direction of the "push-pull." It might very well likely be that the "big boys" are driving people into the corner. Keep in mind that they didn't get to be the "big boys" without understanding how to control. And it's the very notion of "control" that should demonstrate the vulnerabilities: it is THEY who control the physical layers of the entire networking system. Think Khyber Pass...
I suppose that I just don't understand what people are really trying to get away from. If it's fiat/FRNs, then fine. If it's TPTB, well, I'm just not seeing how... Laws most certainly will evolve to ensure that there can be NO means of currency exchange that can dodge taxation; simple language such as this is going to throttle any exchange mechanisms such as Bitcoin.
It's not TPTB DDOSing the site. They can just shut it down if they want to. It is other hackers trying to teach you a lesson that you refuse to learn.
Lession #1 - don't use this website, because people like us can hack it.
Lesson #2 - this time next week silver will no longer be manipulated.
Mt Gox is also learning a simple web adminstrator lesson. In another lifetime when I use to do irc chat servers we used to have to deal with this sort of shit all the time. You need to have your own weapons or contract out to other people with them to attack back. There is that old saying about not bringing a knife to a gunfight. These things tend to be nothing more than typical guys having a my dick is bigger than yours sword fight. It is like playground bullies, you don't fight back you keep getting bullied same holds true if you want a truely free market you got to fight back against the bullies like it or not. Free ain't free, it requires work.
Hmmm, Bitcoin is an electronic currency and for that matter, so is EUR, USD, all of them. What then could be another possible medium for exchange? Something with intrinsic value. Something that can never be destroyed by central bankers. Like physical gold and silver?
A central point serving a peer-to-peer entity is a point of failure and hence it has now failed. Don't go blaming bitcoin, go blame Mt Gox.
If you scald yourself with hot water, do you blame the hot water ?
if your bank closes and you have a paper contract with signatures you can go to court with it.
Now where can you complain about mtgox going off the grid ?
Yeah cause investers never get hosed by the courts in favor banks... **cough MF GLOBAL cough** **Hack Cyprus hack** **dry heave ENRON dry heave** **spittle home buyers spittle**
Anyone catch BBG this morning with Betty, Sarah and the other guy, bashing BitCoin? Dude said no government would allow it to become an acceptable medium of exchange. Got into a discussion on groups with Super computers being able to manipulate the "market". Who would have access to super computing resources to manipulate these markets with DDoS attacks. My money's on state sponsored terrorism. Probably NSA/CIA/MI6/Mossad etc.
You said all that needs to be said.
Trying to beat "them" on Their playing field- ha!
Setting it all up in a virtual world makes it a whole hell of a lot easier for "them" to steal from you.
"Men argue, nature acts." - Voltaire
Understand the most important forces and work WITH them, for they will win out over those that work in opposition (virtual realm). Yeah, I know, it's a long shot, but I'm thinking that one day it'll catch on...
Just like in stocks they never care about the up, only the down. It can go up 100 days in a row and gain 85% and everything is cool. As soon as the downside starts then the complaining comes out of the woodwork - halts, pumpers saying its a bargain etc.
BitCoins will become worthless when the government starts demanding from merchants of actual products the mailing addresses of the people who are purchasing with BitCoins. Then the anonymity piece is done.
It's sort of like stealing someone's credit card and buying a bunch of shit online. It doesn't take long before someone figures out where the stuff is going.
And once you can't buy stuff anonymously with BitCoins, then it'll cease to be money because you can't securely monetize them.
Yeah, cause people always do exactly what the government demands... as is clearly evident by the complete lack of black markets... oh wait.
Yeah, cause all your information is private on the internets and there are no weak spots to exploit.
Black Markets ultimately deal through the "White Markets" (refer to HSBC's money laundering as an example of a "White Market" participant enabling "Black Market" participants). Wasn't it acknowledged that if not for the flow of "Black Market" money during the big financial meltdown things would have been a LOT worse, perhaps even fatal?
The majority of action takes place in energy and food. ALL of the big players are, obviously, working WITH/IN the existing system. I don't watch the politics on the energy side, but on the Ag side I see ample evidence of market control by the Big Players; ANYTHING that would threaten these markets is a "must crush" for TPTB.
You cannot change the existing system. If Bitcoin relies on the existing system (infrastructure) then I cannot see how it can change it.
Will people come to accept some other means of managing currencies? Of course! Over the long-haul, however, I'm just NOT seeing "electronic" currencies as meeting the needs of the masses (because of the required infrastructure).
"BitCoins will become worthless when the government starts demanding from merchants of actual products the mailing addresses of the people who are purchasing with BitCoins"
What government would that be? The one world dictatorship that you lust for but doesn't exist yet?
The Bitcoin Channel
The one that looks a vendor that they know operates in their country and says "let me look at your books". Or does that need to be a global government for some assbag to do a google search?
GOVERNMENT is the CONDUIT! Big corporations ensure that the government works for them, which, if you read things like "War Is A Racket," you'd know that it's they that want government to collect taxes so that there can be force available to protect them (yes, folks here should KNOW that businesses just pass along the costs to the customers, in which case business gets its protection through the barrel of guns stuck at OUR heads).
Either things are consolidating or they are not. POWER tends to consolidate. The threat of any OWG follows this tendency to consolidate power. I do NOT believe that any OWG will appear (because there won't be the available energy to support it). This, however, does NOT mean that there are forces moving in this direction.
It's easier to set up control checkpoints at the major routing hubs/nodes than it is to patrol every street corner for PMs.
Well, the thing thats happening with Bitcoins, is the same thing that is happening to gold. When something goes up rapidly, it must corret, and come down where it belongs. Add deflation to that, and the outlook for gold is not a very shiny one.
http://www.youtube.com/watch?v=NmFo-LKHGY0
That something can go to zero is not the question. The question is what will take the longest to get there...
SPX investors about to realise that they can be bitcoined too, as the money turns and flows the other way.
Changing margin limits?
Oh wait no, that's for silver market market manipulation.
"...we would like to reassure you but no we were not last night victim of a DDoS but instead victim of our own success!"
-- from mtgox.com this morning
Capatalist oppression at work.
Israel Banks Limiting Bitcoin Buying – Waiting for Regulatory Decisions
http://forexmagnates.com/israel-banks-limiting-bitcoin-buying-waiting-fo...
"On a silver lining, the fact that banks are approaching regulators for a decision means that rules from governments around the world should be forthcoming. As such, if there are provisions that deal with money laundering and legality, it could lead to easier outflows to bitcoin exchanges which would make the currency more readily available. On the other hand, they may just ban them outright due to client safety and money laundering issues."
And this is how it will go...
Do people demand a really just system? Well, we'll arrange it so that they'll be satisfied with one that's a little less unjust ... They want a revolution, and we'll give them reforms -- lots of reforms; we'll drown them in reforms. Or rather, we'll drown them in promises of reforms, because we'll never give them real ones either!!
DARIO FO, Accidental Death of an Anarchist
The next managed economy.
The pump and dumpers are having a blast.
...in your mouth...
In your mom's mouth. Oooooohhh hahahaha.
They just found out their ticker was hacked and that was why it ran up to 250 probably. There are other tickers and Mt Gox was always way off. It is not like this would be the first time. The last time they ran it to zero instead of 250.
Wake me up when BitCoin is at Parity with Pet Rocks
Halted? Hmmm. Okay, back to gold everyone.
Another astute ZHer stated yesterday, "The market will give you a second chance but rarely a third". That was some really good advice. So is buying some silver dimes already for fucks sake. I have another shipment coming today. I am taking delivery on what we will need in the (near) future.
Peace.
All is on schedule for the NWO...1st , no guns 2nd, no free capitolism 3rd, total planetary control/tyranny...if/when America gives in to them, it's totally over for the rest....cause we are the only ones with guns...are all you f'ers going to sitn there on your hands and run your mouthes and computers and wait until it's totally too late...I fear it may be too late now...have pity on your souls!
Shits and Giggles
Lets see .....
If 8 bits equals one byte, perhaps we can regroup, change the name of the company and do a reissue.
Call it a consolidation.
Just take that.
Nothing like the added benefits of becoming overwhelmingly popular.
Though I currently own 0.02 bitcoins, I count myself as an interested bystander at this stage, and that doesn't smell of bullshit to me. Call me naive, but I tend to believe that they've had trouble keeping up with the rate at which new accounts are opening, rather than this being anything sinsister.
Better hope to have some fast fiber connections, with that rate the blockchain file will be in the terabytes soon.
HONEY WHEN ARE WE GOING TO ORDER THE PIZZA!!!!!
I need to wait for the wallet file to download so I can place an order, it says 62 hours left.
Don't be a moron. The client only needs to download it once one and then it updates from there. There are also many lightweight online wallets. Try again shill.
The Bitcoin Cannel
BitCoin apologist
Dollar-pologist? Eur-pologist? Bonds, treasuries, beanie babies?
Crack, oxy, Coors light, anyone? Guns & tons of ammo? Size 3 diapers?
Bitcoin is up and running. Check here: https://blockchain.info/
What's haltet is one of the Online-Exchanges, were you can trade your Fiat for Bitcoins. Bitcoin will survive this, but some weak hearts maybe not.
LOL - we don't need no stinkin' exchanges!!
That's correct. Bitcoin does not need the exchange.
If Wells Fargo shut down their online banking, would there be an article here entitled "US Dollar Halted!!!" ?
So how exactly would you determine the price without a working exchange?
I see Max Keiser and some other bitcoin vanguards are apparently working on a new exchange in London. THey no doubt have freshly minted millions made from selling bitcoind to newly impoverished europeans - who now perversely have been WIPED OUT thanks to them being hereded into BUTTcoin / Clitcoin. He has the expertise to do it too I think, but the boot of the establishment knows no bounds. It will be interesting, and I like the idea - but am not naive enough to think that this is the way we can finally stick it to the man.
However I'm in the process of requisitioning some "IT upgrades" at work ( a couple of bitcoin miners ) to sit and work away.
"...who now perversely have been WIPED OUT thanks to them being hereded into BUTTcoin..."
Bitcoin, whatever its flaws, is not at fault for the shit-storm in euro-hell. Those fascists-at-heart did this to themselves. Let them wallow in it, injest it, bathe in their own euro-stink. Start a new world war and finish the job, for Christ's sake.
I'm sure other exchanges besides mtgox are running, and the actual bitcoin network itself is running fine. Even if the protocols and the implementation are fine, it doesn't protect against a speculative bubble. I am, however, impressed with the speed at which it collapsed - I think Computer Aided Speculative Madness is an interesting thing to behold.
1) With proper precautions, (i.e. proxies and changing the receiving address) it's possible to perform financial transactions in a relatively untracable manner. It is therefore possible to move resources between jurisdictions without others being able to determine what has happened. Bitcoin has utility regardless of the per-unit value.
2) It is relatively resistant to coersion. As governments become more desperate, they will resort to more and more severe measures to extort resources from their beleagured denizens. Resources such as bank accounts and retirement funds are low hanging fruit, ripe for governments to pick. Gold and Silver in safe boxes are also relatively easy to confiscate. It's possible to have the encrypted wallet stored "elsewhere" so you have something to start over with even after all your accounts have been taken and you've had to leave with nothing other than the clothes on your back. On the other hand, it requires a complex infrastructure to work, so if the ability of the bitcoin clients to use the internet is blocked (either by protocol or disabling the internet) bitcoin won't work correctly.
Of course, I might be a paranoid Chicken Little, but even so I urge you to examine the situation that you're in today and evaluate your options. There is value in examining past crisises and see how they played out. I don't think there's any perfect answer for storing wealth or transferring it.
I used to think people were stupid.
Until I realized
It was a fact.
Per the website......We're always on. Buy and sell Bitcoin 24/7/365 with the world's most sophisticated trading platform.
BitCoin is the end.
http://www.youtube.com/watch?v=QDosr6CJuC4
I'm not a proponent, but I've wished the best for those who entered the game for whatever reason appealed to them.
I still hope for those involved that, perhaps it stabilizes and operates in the manner in which it was designed.
So:
Media touting multiple sites and stories, drawing attention to this fledgling operation.
Massive upward moves being cheered on.
A few stories of individuals accepting this new currency for a variety of products and services.
Up up and away she goes
Bug meets windshield (for many, but not all)
Legitimacy, credibilty and confidence questioned.
Does this sound familiar?
I thank the metal Gods every day for the opportunity to accumulate at these depressed levels. Not in it to make fiat..I'm in it not to lose my modest, simple, happy existence (or relative control over my daily life)
I need more time.
F**k all of you criminal pieces of shit.
Don't B uh H8Ter. Criminal pieces of shit are people, too. Except when they're governemnt robots, of course.
Heh heh, cool! You said "Metal Gods". takes me back a day or two.
Also: What was the first thing that went through the bug's mind when he hit the windshield?
His ass.
Won't one exchange being offline with orders placed screw up the entire blockchain?
If one person's wallet says the Bitcoins are worth $178 and others that were running on an operating exchange are valued at $75, won't that break the blockchain security and cause all kinds of issues?
Last month didn't a whole mess of people lose their entire wallets because their blocks read differently from the other traded blocks?
Integrity of the Blockchain is Bitcoin. If it loses that, there is nothing. Or am I wrong.
.....
I was reading about Bitcoin mining. On a Bitcoin site they were listing AMD GPUs from 2009 as being the best cards to mine coins. I don't really understand that because a Samsung Galaxy's GPU has more processing power than a video card from 2009. Should I look for a Bitcoin Android miner? I would think that Nvidia CUDA cards built for 3D rendering would be the best. I've got a baox of old video cards from 2006-2010 sitting in my house. I'll sell the ATI card I paid $200 for in 2008 for $1200 to a Bitcoin miner. ANY TAKERS!!!!
The way Bitcoins are awarded also seems strange. They are awarded in blocks of 25 to the miner who completes the algorithm, and then the next problem is released at the next interval. The equations are released at set intervals and more than one block can be mined at once, however you can not mine future blocks. If all blocks are currently solved, and none are released, every single Bitcoin miner will be attempting to solve the next block released to be awarded the coins. So you have no guarantee of being awarded coins, even if you spend $50k on Bitcoin mining computers.
The remaining 11 million Bitcoins are supposed to take over 140 years to mine. Based on what Butterfly Labs posts, a single 1200 GH/s would be able to mine the entire allotment of Bitcoins for 2013, based on the release. I don't know how anyone thinks that is possible. If you have 1000 people chasing a single block, only one of them is going to get it.
From what I read if you tried to set aside a high end computer to do some Bitcoin mining, it will take three years before you can even find a block to mine. So the only way to mine right now is to mine in pools. Peer mining, and shared spoils. At $200 per Bitcoin entering into a shared pool might get you $1.50 after a few days. However the electricity you used to obtain that $1.50 probably cost more.
Also as Bitcoin become harder to mine, the pools must become larger, and therefore the individual reward will become smaller. I suspect that is what was really behind the supposed increase in value. In order to maintain any purchasing power of mined Bitcoins, the value must exponentially increase. Nobody is going to spend $2500 on a machine and $200 of electricity to nab a piece of a Bitcoin worth a couple bucks.
In the end the entire concept really is stupid. Like buying up land in Second Life. The first people did make a decent amount of cash, but everyone that came after chasing virtual riches came away empty handed.
"Won't one exchange being offline with orders placed screw up the entire blockchain?"
You cannot possibly be this dumb can you? Some stupid exchange somewhere has nothing to do with the integrity of the blockchain. Why uneducated idiots and morons insist upon commenting about something they obviously have no knowledge of is beyond me.
Watch the blockchain run fine in real time:
http://blockchain.info/
The Bitcoin Channel
He i snot dumb, just not informed of the particulars. No need to join the chavs and name call every post.
Best summary yet adr,
I had similar thoughts but spared myself of following a folly with myself involved and get junked helpless by bitcoin pushers.
Some of the technicals you got wrong with but if you dare to make a strong statement for or against something, have a stringent conclusion. Full score from me on this for you
and exploring this touchy subject.
I think I see why people are not interested.
ermmm... they can't use a search engine and read?
That which does not kill us, only makes us stronger.
Gold, Silver and Bitcoin will destroy fiat
That which did not kill us, is learning from its mistakes. Lurking, hiding, biding its time. Waiting for you to lower your guard, waiting for the next opportunity.
Sleep tight!
Yawn. Only a disingenuous moron or liar would say Bitcoin is halted. Tyler? Bitcoin can never be halted. The guy across the cube from me can still take my cash and send me bitcoins, the only issue is at what price. Mt. Gox' sad little exchange is just more fodder for the bashers and idiots who have no idea what they are talking about. Please just get a life and go away.
The Bitcoin Channel
relevant avatar is relevant.
The problem with bit-coin
1) Its not widely used/accepted
2) Its digital , The FRN is digital, what is the difference?
3) Since the currency is not elastic at all, eventually a bit-coin would "be too valuable to spend" hense making it worthless because you can't cut one bit-coin into bit cents, so bit-coin is only good from my understanding of it for large transactions and savings.
4)Its still fiat, its exactly like Federal Reserve Notes, but less elastic.... there are not enough bit-coins in circulation.
5)Gold/Silver is better because even though more of it is mined and the amount in circulation rises, it rises slowly,steadily, predictably and it just manages to keep up with population growth, PLUS you CAN cut a gold/silver coin /bar/ in half and spend it pretty easily.... how are you going to chop up digital dollars to spend them ? its like having a 100$ bill and going out to try and buy gum with it, but the seller has no change for the 100$ bill.... so you endup not being able to buy the gum.... or buying a 25cent stick of gum for 100$ which is stupid.
Bit-Coin is a bubble.... its fake.... its FIAT.... JUST LIKE THE FRN DOLLAR SAME SHIT, you cant even get small denominations of FRN'S from the banks anymore, everyone gets stuck with useless 100$ bills that no tellers want to accept "we dont accept bills over 20$ / 50$" because it presents too many problems for businesses to break change for 100$ bills.... especially when the BANKS like JPMORGAN CHASE, CITI BANK , HSBC and TDBANK are OBVIOUSLY counterfeitng 100$ bills and putting them into circulation (everytime I visit a banks atm it spits out "brand new crisp 100$ bills dated 1952" at which point I have to go-inside and get it exchanged for different bills!)
Gold and silver may be better, but only in the LONG run, as they are currently being shorted. That is the problem. I spent years building up a portfolio, and it is still in the doldrums. If I keep spare cash in the bank, the EU are going to template it away, if I keep it cash, then they declare all notes terrorist paper and POOF. Bitcoin was an alternative. Maybe turning upwards at 100 per coin now, I cross my fingers, because there is nowhere else working cash to be. Silver coins will not be functional currency when silver hits $50k per ounce. Bitcoin, do more studying, is actually MORE divisible than gold and silver, up to one part in a hundred million. At that kind of division, gold and silver will get lost in the folds of your skin.
"Silver coins will not be functional currency when silver hits $50k per ounce."
Really? OK. Let's trade all my Bitcoins for your silver...
Ok Ill give you 30kg of silver for lets see 360 bitcoins. How does that sound? This offer lasts 30 minutes.
Beautiful. Here are my shiny, mint-condtion 'trons... Whoops! Just went to zero. Sorry about that.
So how's that silver doing?
I was being serious. A serious offer. But you can only match that with sarcasm and a weak attempt at wit.
Yeah, me too. You've got my 'trons. Where's my silver?
I disagree about the statement that silver will be useless when it is $50,000 /oz. It's a matter of perspective. When it takes $50,000 to buy an ounce of silver, it will take thousands of dollars to buy a chocolate bar, but a silver nickel will still buy a chocolate bar.
Silver nickels?
I never saw one myself, until a month ago.
As per WIkipedia:
The first ever Canadian five-cent coins were struck by the Royal Mint in London as part of the introductory 1858 coinage of the Province of Canada. The coins were the same size and general composition as the corresponding American coins of the time, so the five-cent coin was based on the half dime. Although the American denomination was introduced as a larger copper-nickel coin in 1866, and the 5 cent silver was retired in 1873, the Canadian five-cent coins remained small and silver until 1922.
Not useless, money, but not currency. No more a usable currency than silver 1kg bars are today.
Which is why form-factor is important. If one's smallest unit of exchange is greater than most people's entire supply of currency, then one will have trouble engaging in trade / commerce. The same situation can be found today with paper money. No convenience store is going to trade me a bag of chips, and pop for $5.00 if I hand them a 10,000 dollar bill. It's not worth the hassle. I will either have to offer to pay more than the price being asked (which will immediately arouse suspicion), make a larger purchase, or go to a money changer.
Actually changing money might become a really good business - exchanging those 100 / 1000 oz bars for junk silver. Just don't do it in the temple.
3 and 4 are contradictions.
You can divide a BC into unlimited number of fractions. You can have .0000000001 BitCoins. The inelastic supply leading to non-circulation is not a problem.
Electronic gold can circulate the same way.
Actually, looking back, if the Aztecs and Incas used bitcoins they would probably still be around today - instead, they used that gold-shit stuff...
Mmm-yeah, didn't work the 1st time, either.
I had a dream that Stalin visted me. There was Uncle Joe; pipe in hand and the kind of twinkle in his eye that only the greatest mass murderer of the 20th century could have.
"Comrade Stalin, does the People's Central Committee advise the acquisition of bitcoins?"
"I don't know, comrade. How many army divisions has bitcoin got?"
If you were net long bitcoin >50 and didnt sell yet.
Look in the mirror.
What you C is an anii
Next up....BitGold.
I love price volatility! After several purchases and sales I´m back in with all profits (except now 5 Gold Maple leafs) - Just bought 200 BTC´s, purchased at BTC24EUR for €67 per BTC (aprox. €13,400 EUR = $17,500)
BITCOIN is worse then trading pennystocks. Really, -50% in one day on multiple occasions is worse then 90% of the microcrap I trade.. smh at the sheeple..
Gonna put that on your epitaph?
Effectively, freezing asset prices.
Don't cry for me Argentina.....
If I buy a shirt at a store, and it costs $10.00, and I then leave the store, immediately turn around and go back in and see the shirt now costs $2.00, have I been 'Bitcoined' ?
Or is it BitCONNED ?
No, you're just a good democrat. You see, the extra 8$ you paid for the 2$ T-shirt is going to buy shirts for all the less-fortunates who have suffered at the hand of racist bastards like you for 200 years.
Now get back in line, turd-factory.
+1 for using the expression "turd-factory".
I am a racist bastard for buying a shirt ? Guess you are a fucking douche bag for commenting on it. Seems the Bitcoin scenario could work both ways. I just posted on the scenario where it could work against a person.
You probably prance around naked and wish for Republican dildos to fuck you in the ass.
Now get back to blowing Congressmen...both parties.
Hey thanks. That scenario you offer could function in the context of pretty much anything, not just bitcoin. Just thought you might enjoy some garden-variety progressive rhetoric to help wash-down that tasty Obama re-election.
You are correct. Gave you a +1 since it's all in good fun anyway and you are right in the sense that not only can the reverse take place with Bitcoin...it can with any currency or anything. Part of my point is it happens a heck of a lot faster with Bitcoin...at least now it does. Fucker is volatile.
I don't do politics, but for the record, I didn't vote for the dude. In all honesty, it don't matter who lives in that house now. We need to blow up the entire city (D.C. that is) by voting them all out. Freaking anti-inclumbent campaign.
But they are like what Jesse Ventura reffered to in Predator as an Alabama tick....they are dug in good.
Did it give you exclusive encription data for your money?
At this point I care very little if it goes up or down since I´m only ¨investing¨ Bitcoin profits. What I want is alot of volatility in both directions... After every sale I buy 2-3 gold coins and wait for the price to go back down where I can once again buy the same number of BTC´s with the leftovers. Process repeats while the PM accumulates. In the unlikely case that Max Keiser is right then one day BTC becomes an important part of my assets and in the worst case scenario, the gold coins that I accumulate are a nice payment for my time.
12 hours? It's only temporary, while JPM move BTC onto comex.
fiat is as fiat does.
With Mt.Gox halted (the largest exchange for BTC), there are now at least 3 active marketplaces i see for BTC.. bitfloor, bitstamp and btc-e. they all have the USD price both bid & ask way different from each other. Bitstamp is 50.00/50.05 while bitfloor is 83.62/88.00 .. why cant I arbitrage this? (can i?) buy one sell the other .. no? what am i missing?
www.bitcoin.de
ah, my friend the invisible hand, no sooner than 10 minutes after posting this, the price spread between both of those exchanges have converged around $79... :)
All that glitters, even virtually, isn't gold.
I learned that lesson at my momma's teat.
So your mama's tits glitter?!?
Like you don't already know...
The Bitcoin market is small, so I have an idea that could make us a lot of money. If everybody on ZeroHedge will agree to buy a certain amount of Bitcoins at the same time, and then turn around and sell the Bitcoins at the same time, we could get rich.
Sure thing! We'll get Betty, Veronica, Richie & Jughead to help out....it'll be great!
Mt. Gox isn't the only exchange out there. https://btc-e.com/ has been up and trading the entire time.
fonestar
come on man if your gonna go 4 pages deep with your shit and get bitchcoin slapped all the way thru every page don't pull out from page 5 to 9 that's weak man show some strength of conviction and go the distance
Huh.