Bitcoin's and the future of online banking - Page 13

the more i read and think about this, the more i see competition as the main problem of bitcoin as a long term investment.

it does seem like the currency of the future and superior to using banks/credit cards/money transfers/etc, but man, competition will really cut into its value. and while being first is great, i dont think it means first stays the best forever. pokerstars wasnt first, apple was like a little brother to microsoft for years, altavista/yahoo/askjeeves were all predecessors of google. sometimes being first is great (facebook), but not every time. and this seems like an area where knock offs will not necessarily do better, but just really limit the value of this by existing

in the absence of competition in the short term, these things are going to skyrocket. but if you own a bunch, be wary of new versions showing up and ruining your value

On November 19 2013 00:01 Daut wrote: the more i read and think about this, the more i see competition as the main problem of bitcoin as a long term investment. it does seem like the currency of the future and superior to using banks/credit cards/money transfers/etc, but man, competition will really cut into its value. and while being first is great, i dont think it means first stays the best forever. pokerstars wasnt first, apple was like a little brother to microsoft for years, altavista/yahoo/askjeeves were all predecessors of google. sometimes being first is great (facebook), but not every time. and this seems like an area where knock offs will not necessarily do better, but just really limit the value of this by existing in the absence of competition in the short term, these things are going to skyrocket. but if you own a bunch, be wary of new versions showing up and ruining your value

all your examples of firsts had huge growth and made a lot of money for people who knew when to sell tho

I'm goign to find a way to get in ltc/btc i dont give a fuck im going to get the fuck in there i need to get the fuckin there holy fuck let me get in there

how do i get in?

Well, it is down 100$ iin 1 hour. Lets see if it will snowball

if u wnat to buy some btc/ltc or any other crypt ill do it for a price
but just buy bitcoins on one of the websites

This is so fascinating, history in the making in front of us.

Can anyone tell me who genjix is in this whole BTC thing? Was he the founder? One of the founders?

On November 19 2013 05:11 napoleono wrote: This is so fascinating, history in the making in front of us. Can anyone tell me who genjix is in this whole BTC thing? Was he the founder? One of the founders?

No, he wasn't. He was one of the big enthusiasts of the whole thing.

And it's going down, $900 hit and down to $577 lowest point at the moment.

On November 19 2013 05:11 napoleono wrote: This is so fascinating, history in the making in front of us. Can anyone tell me who genjix is in this whole BTC thing? Was he the founder? One of the founders?

An ex-LPer poker player who was a lead programmer on some important pieces of bitcoin client software, and hosted bitcoin conferences, highly active on forums, ran exchanges. Opened some security holes in his excahnge due to carelessly posting source code publicly (a habit from working with open-source software so long?) and lost a massive amount of other peoples money. I think he took responsibility for it like a boss iirc though. That was all a couple of years ago.

On November 19 2013 03:21 spets1 wrote: if u wnat to buy some btc/ltc or any other crypt ill do it for a price but just buy bitcoins on one of the websites

It's more so buying the ratio between ltc and btc. It doesn't matter so much what ltc does, if btc does its big drop which may have happened (i haven't looked yet) then the ratio is naturally going to shoot up.

On November 19 2013 07:44 Silver_nz wrote: Show nested quote + On November 19 2013 05:11 napoleono wrote: This is so fascinating, history in the making in front of us. Can anyone tell me who genjix is in this whole BTC thing? Was he the founder? One of the founders? An ex-LPer poker player who was a lead programmer on some important pieces of bitcoin client software, and hosted bitcoin conferences, highly active on forums, ran exchanges. Opened some security holes in his excahnge due to carelessly posting source code publicly (a habit from working with open-source software so long?) and lost a massive amount of other peoples money. I think he took responsibility for it like a boss iirc though. That was all a couple of years ago.

- He never was a lead programmer on bitcoin
- He never took responsability properly and acted like a jackass. Sorry but saying he took responsibility is lol, genjix is like the most irresponsible guy you can find.

Watching the price of a very volatile instrument trade is very lucrative. If you pick the highest and lowest point in a chart and multiply the price difference by your bankroll you can get very interesting numbers. It isn't so easy in reality. Hindsight is 20/20 and the real question should be if it was possible to predict such movement with the materials available at that time. There is no absolute truth and it is impossible to predict things very accurately. However, there is a lot to be said about doing your homework, having a very good understanding of what it is you are doing and discipline.

Daut you have a strong strategic mind, surely picking up trading will come naturally for you. However i encourage you to look past what is readily available.

If the main idea behind buying bitcoins is how it has been skyrocketing then it is burning money. The decision can be described as unintelligent speculation. If there is no sound reasoning i suggest staying away, doing nothing isn't all that bad considering how unpredictable bitcoins are. Even EMI, the ambassador of bitcoins and his site, is clueless. And he is supposedly a bitcoin expert, us mere mortals don't stand a chance.

NMcNasty, how to profit from fish trading? If you believe fish are driving the price and in fact it is something completely different then problems arise. Bitcoins aren't that new. There are people and i'd even guess investment bank type of offices that have been following the developments of bt for a long time already. Who has the edge and where does it come from? At a glance it seems major stakeholders of bitcoin have the most influence or atleast trigger frenzies. Who owns what % of the bitcoins, does anyone know?

The term short squeeze comes to mind. Maybe this is one of them. Whoever is operating the levers is printing $€.

On November 19 2013 11:53 cariadon wrote: Even EMI, the ambassador of bitcoins and his site, is clueless. And he is supposedly a bitcoin expert, us mere mortals don't stand a chance.

lol sure I am clueless. Thats probably why I bought bitcoins back in 2010 and you did not. And just FYI, I plan to keep them still at current prices.

There is tons of reasons why bitcoins is a superior form of money so do your homework. I foresaw this coming a long time ago.

You even talk about "short squeeze" that tell a lot about how uninformed you are about bitcoins. There is almost no shorting in bitcoins, due to many reasons but mainly the lack of good leveraged exchanges.

ofc buying bitcoins because it has been going up up up up is the stupidest way to invest. Buy bitcoins only if you are convinced that this is a superior form of money & financial paradigm.

For me : instantaneous, infinitly fungible, 0 transactions costs, scalable, impossible to conterfeit, predictable monetary supply, decentralised thus impossible to close down and control, and anonimity do the trick.

There is no other form of money (besides bitcoin clones) that comes anywhere close to those properties.

This is gold 2.0. This is what is email to postal cards.

On November 19 2013 11:53 cariadon wrote: Watching the price of a very volatile instrument trade is very lucrative. If you pick the highest and lowest point in a chart and multiply the price difference by your bankroll you can get very interesting numbers. It isn't so easy in reality. Hindsight is 20/20 and the real question should be if it was possible to predict such movement with the materials available at that time. There is no absolute truth and it is impossible to predict things very accurately. However, there is a lot to be said about doing your homework, having a very good understanding of what it is you are doing and discipline. .

To make a step in your direction however, I 100% agree that trying to make winnings trade on short time frame is really hard and that the price is impredictible especially short term.

I never thought that bitcoins would have been so popular so fast, I could not imagine what is happening now before a few years.

Also, as you said, the bitcoin markets (especially those who own bitcoins) is full of newbie traders : people that bought bitcoins early and have no clue on how to trade and just dump coins or dump buy orders without spreading them, thus creating many "spikes" and prices fluctuation in very tiny amount of time.

In classical markets, all the big players use broker firm who will orders their traders to do VWAP (volume weighted average price) trading ensuring the price move smoothly

On November 19 2013 12:35 Emi wrote: ofc buying bitcoins because it has been going up up up up is the stupidest way to invest. Buy bitcoins only if you are convinced that this is a superior form of money & financial paradigm. For me : instantaneous, infinitly fungible, 0 transactions costs, scalable, impossible to conterfeit, predictable monetary supply, decentralised thus impossible to close down and control, and anonimity do the trick. There is no other form of money (besides bitcoin clones) that comes anywhere close to those properties. This is gold 2.0. This is what is email to postal cards.

Then it's better to invest not in bitcoin itself, but what companies digital currency would make big.

On November 19 2013 12:51 Gnarly wrote: Show nested quote + On November 19 2013 12:35 Emi wrote: ofc buying bitcoins because it has been going up up up up is the stupidest way to invest. Buy bitcoins only if you are convinced that this is a superior form of money & financial paradigm. For me : instantaneous, infinitly fungible, 0 transactions costs, scalable, impossible to conterfeit, predictable monetary supply, decentralised thus impossible to close down and control, and anonimity do the trick. There is no other form of money (besides bitcoin clones) that comes anywhere close to those properties. This is gold 2.0. This is what is email to postal cards. Then it's better to invest not in bitcoin itself, but what companies digital currency would make big.

Yes acually big players (investors from the internet period) are usually doing both

Digital currency wallets, security, and exchanges are the first things that come to mind. Do you see anything else?

Any business can be making money on the bitcoin market, this is still "normal" money but yeah what most needed right now are exchange and way to easilly change bitcoins to fiat and vice versa.

Gambling has been a very profitable venture historically however with bitcoins, cause it is so much easier to gamble, you don't even need to register and wait for a wire to start gambling and there is no limit.

For example on just-dice it is not too uncommon to see people betting more than 100k$ at a time

There is one guy that did a 900k$ bet and lost it all on one bet

On November 19 2013 11:53 cariadon wrote: Watching the price of a very volatile instrument trade is very lucrative. If you pick the highest and lowest point in a chart and multiply the price difference by your bankroll you can get very interesting numbers. It isn't so easy in reality. Hindsight is 20/20 and the real question should be if it was possible to predict such movement with the materials available at that time. There is no absolute truth and it is impossible to predict things very accurately. However, there is a lot to be said about doing your homework, having a very good understanding of what it is you are doing and discipline. Daut you have a strong strategic mind, surely picking up trading will come naturally for you. However i encourage you to look past what is readily available. If the main idea behind buying bitcoins is how it has been skyrocketing then it is burning money. The decision can be described as unintelligent speculation. If there is no sound reasoning i suggest staying away, doing nothing isn't all that bad considering how unpredictable bitcoins are. Even EMI, the ambassador of bitcoins and his site, is clueless. And he is supposedly a bitcoin expert, us mere mortals don't stand a chance. NMcNasty, how to profit from fish trading? If you believe fish are driving the price and in fact it is something completely different then problems arise. Bitcoins aren't that new. There are people and i'd even guess investment bank type of offices that have been following the developments of bt for a long time already. Who has the edge and where does it come from? At a glance it seems major stakeholders of bitcoin have the most influence or atleast trigger frenzies. Who owns what % of the bitcoins, does anyone know? The term short squeeze comes to mind. Maybe this is one of them. Whoever is operating the levers is printing $€.

im not looking to trade on the current volatility of the market. im just looking for the best entry point. i would much rather buy in at $300/btc than at $700. im on the same page as emi now with regards to this being the future of banking, and i dont think in the coming weeks bitcoin clones are a problem. thats an issue at the earliest a few months down the road and possibly longer.

i want to invest in bitcoins, its clones and companies that will do well because of their existence.