Bitcoin's and the future of online banking - Page 10

This wouldn't be a get rich quick thing. This took years to happen.

Yeah, growing to 440$ from 2-3$ in 3.5 years, is not a get rich quick thing. GTFO.

On November 13 2013 17:27 whamm! wrote: Whos buying up this shit? Or is it the same guys pumping up the price? So sick genjix gave me 5 btc long ago just to test it Anyway im done with get rich quick thoughts. Lol

The demand on the Chinese market exploded in the last couple of days/weeks. Also hitting a magical threshold of 400$ for the first time ever, gave it an another kick. In 2 hours after hitting 400$, it increased to 420$.

Still it seems that sooner or later the bubble will explode, people will start selling and the market will crash like it did back in April.

http://www.nytimes.com/2013/04/15/opinion/krugman-the-antisocial-network.html

this sums up bitcoins pretty well.

Yup the time to buy bitcoins has passed now its just a gamble to see if you can buy and sell before the bubble burst, but it might be worth to buy some after it totally deflates as a long run investment

On November 13 2013 13:32 iron77 wrote: Show nested quote + On November 13 2013 10:09 Achoo wrote:Some people said it was a ponzi scheme, which is not entirely false, the whole system is based on more people joining/using it thus increasing the value of bitcoins as a currency. Just to clarify, bitcoin price going up is indeed "based on more people joining/using it", however system itself won't implode, just because there is no more people joining. And that stands for pretty much any asset on Earth: gold, water, real estate, you name it.

True but your comparison is a long shot, unlike gold, water, etc Bts are not "real", its a virtual money that can be easily replaced by an other one whereas gold is , per se, impossible to reproduce in matter of qualities. It raises the question of the fragility of the nature itself of Bitcoins which could, and will, be replaced by something more advanced if we take into account the fast progress of technologies.

On November 14 2013 05:35 Stroggoz wrote: http://www.nytimes.com/2013/04/15/opinion/krugman-the-antisocial-network.html this sums up bitcoins pretty well.

Sorry but Krugman is retarded.

Just one of his brilliant previous analysis :

"By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's."

On November 14 2013 07:23 Emi wrote: Show nested quote + On November 14 2013 05:35 Stroggoz wrote: http://www.nytimes.com/2013/04/15/opinion/krugman-the-antisocial-network.html this sums up bitcoins pretty well. Sorry but Krugman is retarded.

I've read a few of his books, they make a lot of sense.

what economist would you prefer?

Well I suppose I am kind of an autodidact in economy so I don't have a particularly favorite economist.
It is just that 99% of "classical" economist wether they are austrian or keynesian dismissed bitcoins a long time ago, yet they have been proved wrong year after year.

I am clearly a libertarian so I would basically agree with most libertarian approaches.

Regarding krugman I have seen a lot of retarded quotes from him and he is basically the most ridiculed economist on /r/bitcoin, but I don't know him further than that. It's still really amusing to see how much wrong he was when he predicted in 1998 that internet had no future and was useless basically.

So if he was not even able to get internet, I don't see how you can suppose he could understand bitcoins.

On November 14 2013 07:23 Emi wrote: Show nested quote + On November 14 2013 05:35 Stroggoz wrote: http://www.nytimes.com/2013/04/15/opinion/krugman-the-antisocial-network.html this sums up bitcoins pretty well. Sorry but Krugman is retarded. Just one of his brilliant previous analysis : "By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's."

that view on the internet is shared by one of the worlds best economic historians and also leading economist in international development- Ha Joon Chang. Noting that from steamship to telegraph cut down distance time on sending messages from 3 weeks to 7-8 minutes for a 300 word message. And from fax to internet down it cut down time for word transmission from 10 seconds to 2 seconds. For economic development in developing nations the internet is fairly useless compared to washing machines and such.

As for my own thoughts on the internet, well its advanced a lot since it came about, allowing people to download big video files. For entertainment and time wasting its prob the best invention ever, for economic development i think its great but overated as well.

I dont see why you an internet forum on bitcoin makes for good economic discussion. The internet is probably the worst place for discussion on economics unless you know what your looking for. I suspect people on reddit irrationally hate Krugman because of a huge propaganda campaign carried out by corporations over the last 40-50 years to try and demonize the government and create a super liberalized global economy. (which has been done).

rumor is the fed is buying bitcoins to make it bubble then burst to change perceptions of it

On November 14 2013 08:10 julep wrote: rumor is the fed is buying bitcoins to make it bubble then burst to change perceptions of it

Don't think this is the case, FBI confiscated over $90mln in Bitcoin(should be solid $130mln+ now) when Silkmarket went down. If they started selling they would completetly crash the market - just look at what happened in April.

On November 14 2013 07:36 Emi wrote: Well I suppose I am kind of an autodidact in economy so I don't have a particularly favorite economist. It is just that 99% of "classical" economist wether they are austrian or keynesian dismissed bitcoins a long time ago, yet they have been proved wrong year after year. I am clearly a libertarian so I would basically agree with most libertarian approaches. Regarding krugman I have seen a lot of retarded quotes from him and he is basically the most ridiculed economist on /r/bitcoin, but I don't know him further than that. It's still really amusing to see how much wrong he was when he predicted in 1998 that internet had no future and was useless basically. So if he was not even able to get internet, I don't see how you can suppose he could understand bitcoins.

How much would be the 60k worth of BTCs stolen from you worth now? Did you ever get back some of them?

On November 14 2013 08:59 Defrag wrote: Show nested quote + On November 14 2013 08:10 julep wrote: rumor is the fed is buying bitcoins to make it bubble then burst to change perceptions of it Don't think this is the case, FBI confiscated over $90mln in Bitcoin(should be solid $130mln+ now) when Silkmarket went down. If they started selling they would completetly crash the market - just look at what happened in April.

More like 250 mln+. The bust happened early October and price more than tripled since.

On November 14 2013 08:59 Defrag wrote: Show nested quote + On November 14 2013 08:10 julep wrote: rumor is the fed is buying bitcoins to make it bubble then burst to change perceptions of it Don't think this is the case, FBI confiscated over $90mln in Bitcoin(should be solid $130mln+ now) when Silkmarket went down. If they started selling they would completetly crash the market - just look at what happened in April.

Wat? What happened in April?

On November 14 2013 11:08 cariadon wrote: Show nested quote + On November 14 2013 08:59 Defrag wrote:   On November 14 2013 08:10 julep wrote: rumor is the fed is buying bitcoins to make it bubble then burst to change perceptions of it Don't think this is the case, FBI confiscated over $90mln in Bitcoin(should be solid $130mln+ now) when Silkmarket went down. If they started selling they would completetly crash the market - just look at what happened in April. Wat? What happened in April?

The first BTC bubble burst.

On November 14 2013 11:08 cariadon wrote: Show nested quote + On November 14 2013 08:59 Defrag wrote:   On November 14 2013 08:10 julep wrote: rumor is the fed is buying bitcoins to make it bubble then burst to change perceptions of it Don't think this is the case, FBI confiscated over $90mln in Bitcoin(should be solid $130mln+ now) when Silkmarket went down. If they started selling they would completetly crash the market - just look at what happened in April. Wat? What happened in April?

Bitcoin value crashed, going from ~280$ to $50 in a span of 4h.

On November 14 2013 12:30 napoleono wrote: Show nested quote + On November 14 2013 11:08 cariadon wrote:   On November 14 2013 08:59 Defrag wrote:   On November 14 2013 08:10 julep wrote: rumor is the fed is buying bitcoins to make it bubble then burst to change perceptions of it Don't think this is the case, FBI confiscated over $90mln in Bitcoin(should be solid $130mln+ now) when Silkmarket went down. If they started selling they would completetly crash the market - just look at what happened in April. Wat? What happened in April? The first BTC bubble burst.

second*

The first one was June 2011

From what I've read up so far its just one thing i dont understand about bit coins. Who/what issues them? And since they re virtual, whats keeping a group of capable hackers just printing a lot for themselves

On November 14 2013 18:26 Spitfiree wrote: From what I've read up so far its just one thing i dont understand about bit coins. Who/what issues them? And since they re virtual, whats keeping a group of capable hackers just printing a lot for themselves

For the sake of simplification, just imagine that all bitcoins that ever will be created already exist, no more will be issued. ( 99% true anyway). Bitcoin is a distributed network, and each major node in the network checks every other node. If a hacker claims "hey I have 100billion bitcoins" this will go out and be checked against every other node in the network. unless everyone else agrees that he has 100billion, his transaction will be automatically rejected. So basically a hacker has to take over at least 51% of the computers in the world in order to print off bitcoins for themselves.
This is wildly simplified, but its basically accounting - where one account book of transaction is check against another account book. Just like how banks discover fraud with audits, only in bitcoin its automatic and auditing all the time.