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$1000 again.. http://bitcoinity.org/markets/mtgox/USD
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Hold hold hold
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For me Bitcoin is an all or nothing bet; If it becomes a functional practical currency,
There is nothing about the Bitcoin to make it a functional practical currency. Money supply is a planning instrument of countries alongside taxation. Even without precious metal backing going beyond Betton Woods we still have a number of mechanisms such as the World Bank, IMF, ECB and a number of alliances and pacts to prop things up. Bitcoins are just a P2P game and as such more like Tulips for geeks.
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There is nothing about the Bitcoin to make it a functional practical currency. Money supply is a planning instrument of countries alongside taxation. Even without precious metal backing going beyond Betton Woods we still have a number of mechanisms such as the World Bank, IMF, ECB and a number of alliances and pacts to prop things up.
I accept the argument that a currency without a military force to incensive its use is weaker than those with it however I really don't understand the analogy with 'tulips' in anyway.
A tulip has no actual or potential practical use other than looking & smelling nice. The tulip bubble was purely down to people speculating the price would increase. No one was buying 'tulips' thinking someday someone is going to figure out a really valuable use for these plants.
The tulip bubble is as much more in common with the current bubble for pieces of art.
http://www.telegraph.co.uk/culture/art/artsales/9850514/The-most-expensive-artworks-in-pictures.html
Apparently spending £158 million for this childish scrawl is a 'good' investment.
That being said I am worried by the Chinese authorities movements against Bitcoin. The greatfirewall has shown if they want they can control decentralised technologies without much bother. Chinese ebay has banned the sale of bitcoin mining devices.
http://www.coindesk.com/chinas-ebay-bans-bitcoins-and-mining-gear/
A currency that can't be used in the worlds largest economy has less value.
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• #486
Anyone who talks as if they know exactly what's going to happen with bitcoin is wrong. Plain and simple. It's a fun experiment and I'm enjoying watching it.
That makes it sound like it's a 50/50 chance of it succeeding. Which I don't think is the case (#notaneconomist). However, here are to reasons why I wouldn't put much hope in bitcoins:
1) It's being treated as an asset from which money can be made, not as something which has a value in itself (people are not using them to buy goods, for the most part). This reminds me of something... (http://upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Shiller_IE2_Fig_2-1.png/726px-Shiller_IE2_Fig_2-1.png)
2) If houses can get caught in a bubble - real physical assets - I wouldn't hold out too much hope for the digital wallet.
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Horatio, what? I said it's an interesting experiment to watch, nothing about 50/50 odds. I'm not exactly sure what points you're trying to make (I think they're both the same one: that houses are in a bubble, and so are bitcoins) but I don't really agree or disagree. Lots of people are using them for lots of reasons, including speculation, just like many fiat currencies. In the future they'll either be worth less than they are now, the same, or more. Nobody knows what will happen, even you.
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• #488
Horatio, what? I said it's an interesting experiment to watch, nothing about 50/50 odds. I'm not exactly sure what points you're trying to make (I think they're both the same one: that houses are in a bubble, and so are bitcoins) but I don't really agree or disagree. Lots of people are using them for lots of reasons, including speculation, just like many fiat currencies. In the future they'll either be worth less than they are now, the same, or more. Nobody knows what will happen, even you.
My post was more of a response in general. Although your post (along with tommy's) was what got me thinking about the "all or nothing" attitude, which is a simplification (even if it wasn't your intention - so apologies). My point was that this attitude looks incredibly silly to me.
However, I do agree it's interesting to watch (and a bit frustrating. I wish I bought a bunch when they were worthless, obviously).
In terms of "my points," they are not the same, but they are built off of each other. The first is about speculation in general, the second is about speculation in something which is (essentially) intrinsically worthless.
That is, in the midst of the house bubble it made sense for many people to buy. It was logical/rational to buy into it (in particular for first-time home owners). Everything said prices were going up, and you needed a home to live in. If you could buy one, it made sense. The price would only go up after, so it'd be more expensive in the future (or you'd make more money in the future if you bought now). This logic, however, does not carry on to bitcoins (or tulips).
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Due to legal pressure we are launching today...
http://coinyeco.in/If Kayne West's lawyers can't stop somthing no one can.
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Reading about Ross Ulbricht (aka Dread Pirate Roberts)
Asking for 33 million $ in bitcoin back from United states law enforcement taken from unencrypted wallet used for Silkroad user escow payments....
(Good luck with that)
https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqXAlso thought to have another 80 million in another private wallet that was encrypted which I guess he will get back eventually as it they'll never be able to prove in if it contains anything illegal or any gains from legal activity.
Possible $80 million provided enough motivation for him to remember the key to human memory.
Made me start thinking if Bitcoin could cause huge problems for taxation collection.
Essentially a business or individual could invest capital gains made in sterling into bitcoin held within an encrypted wallet and then stupidly forget the private key.
The gain would legitimately be wiped from recorded taxable income, if you are lucky you might remember the private key after a few months into the next tax year and so the gain would rematerialise only against that years allowance.
Or you might not even bother to tell the taxman anything as without an expert investigation of blockchain transactions the bitcoin would be untraceable anyway.
This is a major problem for bitcoin because not only is it a currency without a military backing.. its a currency that undermines ones that do.
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Cover story this week
http://www.businessweek.com/articles/2014-01-09/bitcoin-mining-chips-gear-computing-groups-competition-heats-up#r=most popular -
Anyone ever used or understand how the Brixton E-pound works?
http://brixtonpound.org/b-e-currency/Allows users to pay for goods & services via sms txt message.
Appears to simply be a centrally held ledger which is updated upon receiving messages.http://brixtonpound.org/wp-content/uploads/2011/09/A5-e-currency-leaflet2.pdf
Worried that it doesnt look very secure, as if the central ledger is compromised all my credit could disappear.
The ICT platform we are using, called ‘Monea’, is based on the Cyclos ICT platform. The ICT platform has been developed over a ten-year period by the Dutch NGO the Social Trade Organisation – and the current version is 3.5.6.
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Bitcoin / Bitcoins / Crypto Currency
Posted by
@hippy
Merrill Lynch don't agree with either of you.
Estimate the value of $1,300
Its strange that a bank would be bullish about bitcoin considering they have most too loose from its success - Unless its a double bluff..
http://www.ibtimes.com/bitcoin-worth-1300-merrill-lynchs-case-virtual-currencys-value-9-charts-1496744
For me Bitcoin is an all or nothing bet; If it becomes a functional practical currency, then its benefits and cost savings mean it would replace traditional currency transactions all together.. making a valuation of $40k a bitcoin not unfair, but if it doesn't its nothing more than $0.
http://fiatleak.com - shows all bitcoin transactions happening worldwide in realtime, still a long way to go.