yeah, the currency exchange is somewhat like that
― I, rrational (mh), Friday, 5 April 2013 14:53 (eleven years ago) link
http://maxkeiser.com/wp-content/uploads/2013/04/Screen-shot-2013-04-04-at-17.40.44.png
― buzza, Friday, 5 April 2013 15:08 (eleven years ago) link
"pretty cool" - al gore
― am0n, Friday, 5 April 2013 15:13 (eleven years ago) link
coinbase leaks users name and email: https://encrypted.google.com/search?q=site:https://coinbase.com/checkouts/
― diamonddave85, Friday, 5 April 2013 15:53 (eleven years ago) link
Your search - site:https://coinbase.com/checkouts - did not match any documents.
Suggestions:
Make sure all words are spelled correctly.Try different keywords.Try more general keywords.
― am0n, Friday, 5 April 2013 22:35 (eleven years ago) link
There is a limited number of bit coins but that's not an issue as they can be used in decimal values. If it becomes huge you'll see prices or whatever like .00013 bit coins
― Jibe, Saturday, 6 April 2013 05:34 (eleven years ago) link
OMG SO CHEAP ONLY POINT OH OH OH OH OH OH OH OH OH OH OH THIRTEEN OF A BITCOIN
― Let's Make Laugh II (Autumn Almanac), Saturday, 6 April 2013 09:21 (eleven years ago) link
Yeah, I think at the moment you've got 8 decimal places ('satoshis') to play with (even though some places aren't set up to take small fractions as payment). If it gets below that the protocol's got to be changed to allow it, as far as I can tell. Since ฿ is modelled on the way gold works, it attracts goldbug types, but it's essentially a speculative investment vehicle rather than a 'real' currency
The major problem as I see it is fractional reserve banking - if you can't create ฿s you can't loan them easily. So loans would have to be strictly transfers, unlike how it works now
Not a very noise post but I find this whole thing so fascinating
― Brakhage, Saturday, 6 April 2013 15:54 (eleven years ago) link
so loaning now isn't a transfer based business?
― Chuck E was a hero to most (s.clover), Saturday, 6 April 2013 16:03 (eleven years ago) link
WE DO NOT INVEST IN OUTDATED FINANCIAL INSTRUMENTS: REAL ESTATE, COMMODITIES, BONDS, STOCKS
― Brakhage, Saturday, 6 April 2013 16:05 (eleven years ago) link
As far as I know, fractional reserve lending actually *creates* money which is then loaned - so I have cash in the bank at the same time that cash is travelling around. Some good comment threads around this
Here's a 'lender' right here - which I'd imagine is a transfer house rather than an actual lender
― Brakhage, Saturday, 6 April 2013 16:10 (eleven years ago) link
Just a reminder, fellas: Mother's Day is May 12.
― del griffith, Saturday, 6 April 2013 18:18 (eleven years ago) link
lots of loans aren't fractional reserve actually! if i'm a private lender funding some business with a private loan, there's no fractional reserve component. fractional reserve isn't about loans (which involve actual cash transfer one way, then back the other) at all.
fractional reserve is about bank deposits and that's it. i deposit $100 in a bank. that bank then loans out e.g 90$. I still account for myself as having 100$, and the person that borrowed 90$ also now has 90$. They also have an obligation to pay that back in the future, but that doesn't net out from total money supply. So now there are $190 dollars circulating, effectively, since I can spend my money at any time, and the person with the 90$ can spend it too. This works because not everyone with deposits in a bank will be spending them at once. (sorry, econ 101 here). The same effect happens with any loan in fact. The difference is that if I hold a $90 IOU we don't count that as circulating currency, but my 90$ in the bank does count as such (because it is more fungible) even though effectively in both cases I don't have the actual physical cash but some financial obligation representing it. If I leant to a party whose IOU scrip was as good as currency, and freely exchangeable, then the same effect would occur with or without any government intervention or magic or anything. The crazies mystify the process so much that lots of misconceptions fly around regarding it.
There's no reason bitcoin is better or worse than dollars or gold or w/e else in being able to be banked fractional-reserve style.
― Chuck E was a hero to most (s.clover), Sunday, 7 April 2013 00:21 (eleven years ago) link
Anyone could start a fractional reserve bitcoin bank tomorrow. The only problem is that people would have to trust them.
― Chuck E was a hero to most (s.clover), Sunday, 7 April 2013 00:22 (eleven years ago) link
http://i.imgur.com/WYNgcYP.png
― ❏❐❑❒ (gr8080), Sunday, 7 April 2013 02:10 (eleven years ago) link
http://2.bp.blogspot.com/-NMag6mhoh90/Te7LUEniH8I/AAAAAAAAfcg/WFAey0N8FBA/s640/BitCoin+vs.+Future+of+Online+Currency+1.jpg
― pplains, Sunday, 7 April 2013 02:53 (eleven years ago) link
http://cdn.arstechnica.net/wp-content/uploads/2012/08/Layout_BitInstant_Card-640x787.png
http://printcoins.com/images/gallery/ron_paul_bill.jpg
― pplains, Sunday, 7 April 2013 02:54 (eleven years ago) link
back on track
― I, rrational (mh), Sunday, 7 April 2013 03:20 (eleven years ago) link
http://www.listentobitcoin.com/
― I offer about as much diversity as a saltine cracker. (forksclovetofu), Sunday, 7 April 2013 20:05 (eleven years ago) link
Felix Salmon on the bitcoin bubble: says bitcoin's effectively a commodity, not really a currency
https://medium.com/money-banking/2b5ef79482cb
― dow, Sunday, 7 April 2013 23:01 (eleven years ago) link
"Early last week the value of Bitcoins soared past $100 each. This week, it went past $200. If you want a Bitcoin today, it will cost you about $235, and if you wait till tomorrow, it will be more."
http://bitcoinpride.com/media/queldorei/shopper/logo.png
― witepriv and i (buzza), Wednesday, 10 April 2013 15:29 (eleven years ago) link
http://i.imgur.com/b2w7tzR.png
― lag∞n, Wednesday, 10 April 2013 19:01 (eleven years ago) link
buh-oh
― zero dark (s1ocki), Wednesday, 10 April 2013 19:10 (eleven years ago) link
the 10,000 BTC pizza order
― diamonddave85, Wednesday, 10 April 2013 19:15 (eleven years ago) link
print edition header of the chicago tribune business section today has a huge bitcoin symbol on it, will try and snap a pic
― jokestoldforu (gr8080), Wednesday, 10 April 2013 19:16 (eleven years ago) link
1.4 million dollar pizza order in today's bitcoin: http://blockchain.info/address/17SkEw2md5avVNyYgj6RiXuQKNwkXaxFyQ
― diamonddave85, Wednesday, 10 April 2013 19:17 (eleven years ago) link
Financial Times calls this '#000000 Wednesday'
― Brakhage, Wednesday, 10 April 2013 20:50 (eleven years ago) link
that is really funny
― frogbs, Wednesday, 10 April 2013 20:57 (eleven years ago) link
so, what caused this crash? i know there was a programming hiccup that caused a slump some time ago
― goole, Wednesday, 10 April 2013 21:05 (eleven years ago) link
Rory R. O'Rourke @Mejwell 1h
YO DUDES major bitcoin traders are attempting to stabilize market by buying huge swaths of bitcoin, like that FILTHY FED #bitcoin #btc
― Matt Armstrong, Wednesday, 10 April 2013 21:07 (eleven years ago) link
DDOS apparentlyhttp://techcrunch.com/2013/04/10/bitcoin-crash/
― gr8 tr∞lls i have known (forksclovetofu), Wednesday, 10 April 2013 21:36 (eleven years ago) link
The Tokyo-based exchange said last week that hackers are engaging in a strategy to manipulate the price of the currency: “Attackers wait until the price of Bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their Bitcoins, wait for the price to drop to a certain amount, then stop the attack and start buying as much as they can. Repeat this two or three times like we saw over the past few days and they profit.”
― am0n, Wednesday, 10 April 2013 21:41 (eleven years ago) link
"hackers"
― am0n, Wednesday, 10 April 2013 21:42 (eleven years ago) link
im not sure that explanation makes any sense
― lag∞n, Wednesday, 10 April 2013 21:43 (eleven years ago) link
sounds like basically just the shit that happens when you have a relatively liquidity but overcapitalized commodity. stockpiling, manipulation, etc.
― Chuck E was a hero to most (s.clover), Wednesday, 10 April 2013 21:44 (eleven years ago) link
not even necessarily intentional. price hits a certain amount and some big holders decide to take profits. maybe the downturn causes a few other people to act more quickly and dump their coins too. typically in a major market there are lots of other orders and algos and bots that tend to even things out and take advantage of these moves before they just throw everything around so wildly (which works until those algos all line up and multiply effects instead of mitigating them). but this isn't a major market with all those institutions trying to bleed out arbitrage and regulate movements and etc, and so when people act, it has sharp and catastrophic affects on the market.
― Chuck E was a hero to most (s.clover), Wednesday, 10 April 2013 21:47 (eleven years ago) link
noted leet haxor George Soros
― Matt Armstrong, Wednesday, 10 April 2013 21:53 (eleven years ago) link
It's really not a "hack" at all, it's more like penny stock manipulation
― --808 542137 (Hurting 2), Wednesday, 10 April 2013 21:58 (eleven years ago) link
im not sure that explanation makes any sense― lag∞n, Wednesday, April 10, 2013 5:43 PM
this should clear things up
http://siliconangle.com/files/2011/08/bitcoin-crash.png
― am0n, Wednesday, 10 April 2013 22:03 (eleven years ago) link
http://www.naturalnews.com/gallery/300x250/Money/Coins-Crash-Money.jpg
― Heyman (crüt), Wednesday, 10 April 2013 22:04 (eleven years ago) link
http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2013/4/10/1365626013983/Bitcoin-010.jpg
problem is you can hold it imho
― lag∞n, Wednesday, 10 April 2013 22:05 (eleven years ago) link
http://siliconangle.com/files/2013/01/bitcoin-hand-drop.jpg
― Heyman (crüt), Wednesday, 10 April 2013 22:06 (eleven years ago) link
that seems like a pretty good scam, brb, buying a few grand in bitcoins
― I, rrational (mh), Wednesday, 10 April 2013 22:40 (eleven years ago) link
buy low sell high breh
― --808 542137 (Hurting 2), Wednesday, 10 April 2013 22:44 (eleven years ago) link
then dump enough of your stock to tank the market considerably and make people rush, then buy up more of them. rinse, repeat
― I, rrational (mh), Wednesday, 10 April 2013 22:45 (eleven years ago) link
what could go wrong
― lag∞n, Wednesday, 10 April 2013 22:46 (eleven years ago) link
idk, people do this in Diablo 3 all the time
― I, rrational (mh), Wednesday, 10 April 2013 22:46 (eleven years ago) link
yo... anybody wanna trade some bitcoins
― 乒乓, Wednesday, 10 April 2013 22:50 (eleven years ago) link
http://i.imgur.com/gdURUT9.pnghttp://i.imgur.com/gdURUT9.pnghttp://i.imgur.com/gdURUT9.png i got 3 bitcoins right here... will sell them for 20$ each
― 乒乓, Wednesday, 10 April 2013 22:52 (eleven years ago) link