http://bitcoinblogger.com/more-benefits-of-bitcoin/
the more u kno
― lollercoaster of rove (s.clover), Thursday, 9 January 2014 02:36 (ten years ago) link
lulz
btw I wish we could make this one the regular bitcoin thread, since the other one is unsearchable and I don't even know how the fuck to make the cent sign on my keyboard
― signed, J.P. Morgan CEO (Hurting 2), Thursday, 9 January 2014 02:40 (ten years ago) link
"...most people have nothing to say to each other!"
Never seems to stop them saying it, though.
― Aimless, Thursday, 9 January 2014 02:43 (ten years ago) link
Not sure why people are bringing up Paul Krugman quotes in reference to a (very good) analysis by Tyler Cowen. I think a lot of people are hoping Bitcoin will fail since they missed the chance to buy in when it was cheap. Cowen isn't saying it will fail, rather that it's success will inspire competition, and once that happens the value of each unit will fall.
― o. nate, Thursday, 9 January 2014 02:43 (ten years ago) link
lulz (xp)
― signed, J.P. Morgan CEO (Hurting 2), Thursday, 9 January 2014 02:44 (ten years ago) link
http://i.imgur.com/GeqM32m.png
― 龜, Thursday, 9 January 2014 02:44 (ten years ago) link
whoops double post somehow
I think a lot of people are hoping Bitcoin will fail since they missed the chance to buy in when it was cheap.
If you really believe bitcoin will succeed, then it is by its nature still cheap, since it would have to rise a lot in value/market cap to be useful. I'm mostly hoping it will fail because it's favored by anti-government, anti-central-banking libertarian nutjob morons. I think it has a chance of taking off, but its road is fraught with pitfalls.
― signed, J.P. Morgan CEO (Hurting 2), Thursday, 9 January 2014 02:47 (ten years ago) link
im hoping it will fail cause itd be funny and i hate nerds
― lag∞n, Thursday, 9 January 2014 02:48 (ten years ago) link
If you really believe bitcoin will succeed, then it is by its nature still cheap, since it would have to rise a lot in value/market cap to be useful.
That's assuming that there won't be a lot of successful competitors. The total market cap of crypto-currency may have to rise, but that might be spread among lots of Bitcoin competitors, so the value of individual Bitcoins could potentially fall.
― o. nate, Thursday, 9 January 2014 02:49 (ten years ago) link
imho it has 0% chance of working whatever the fuck that would look like
― lag∞n, Thursday, 9 January 2014 02:50 (ten years ago) link
Feel like a situation where a bunch of crypto currencies all exist at once resembles the stock market more than an actual system of currency
― 龜, Thursday, 9 January 2014 02:52 (ten years ago) link
feel like it resembles something the government would seek to regulate thereby rendering its supposed advantages irrelevant
― lag∞n, Thursday, 9 January 2014 02:54 (ten years ago) link
The total market cap of crypto-currency may have to rise, but that might be spread among lots of Bitcoin competitors, so the value of individual Bitcoins could potentially fall.
― o. nate, Wednesday, January 8, 2014 9:49 PM Bookmark Flag Post Permalink
that would be a really bad and stupid outcome for everyone involved. Having a bunch of different competing crypto-currencies would make them even less useful.
― signed, J.P. Morgan CEO (Hurting 2), Thursday, 9 January 2014 02:55 (ten years ago) link
which is too bad cause everyone is super pining for a system to transfer money without any pesky fraud protection or way to even identify the entity on the other end of the transaction
― lag∞n, Thursday, 9 January 2014 02:55 (ten years ago) link
i mean admittedly it would be cool for crime but theres the problem of the government again
― lag∞n, Thursday, 9 January 2014 02:56 (ten years ago) link
Also for bitcoin to really work as a currency i think it probably requires a big enough critical mass of people willing to believe in the mass delusion it has value in the same way that people believe a piece of paper with a serial number printed by the government has value
― 龜, Thursday, 9 January 2014 02:56 (ten years ago) link
Bitcoin's major flaw seems to be the enormous swings in its value. If someone could come up with a cryptocurrency that had built-in ways to prevent such large swings in value, that would be a serious competitor.
― o. nate, Thursday, 9 January 2014 02:58 (ten years ago) link
hmm almost like if you had some sort of central regulating body that could control the flow of cash in response to market pressures
― lag∞n, Thursday, 9 January 2014 02:59 (ten years ago) link
also in the $1000 range it suffers from "holy shit that's a lot of money" syndrome, like apple stock. What they should really do is rename the redenominated 1000th bitcoins and call them "New Bitcoins" or something, then drop the "new" after a little while.
― signed, J.P. Morgan CEO (Hurting 2), Thursday, 9 January 2014 02:59 (ten years ago) link
lol lagoon
― signed, J.P. Morgan CEO (Hurting 2), Thursday, 9 January 2014 03:00 (ten years ago) link
Bitcoin has managed to solve lots of difficult coordination problems without requiring a central regulating body. Maybe there's a way to do that with the exchange rate volatility problem. xxp
― o. nate, Thursday, 9 January 2014 03:01 (ten years ago) link
well not as long as you have a fixed amount of the currency
― signed, J.P. Morgan CEO (Hurting 2), Thursday, 9 January 2014 03:01 (ten years ago) link
ya its not a coordination problem, its a problem w the fundamental concept of the thing
― lag∞n, Thursday, 9 January 2014 03:02 (ten years ago) link
its like the gold standard except worse cause theres not any actual stuff
That's true of bitcoin, but not necessarily true of any possible decentralized, P2P currency.
― o. nate, Thursday, 9 January 2014 03:05 (ten years ago) link
it would be pretty interesting if there were a way to "code" a currency that self-regulated its supply, but I don't know how the fuck that would work practically
― signed, J.P. Morgan CEO (Hurting 2), Thursday, 9 January 2014 03:05 (ten years ago) link
where does money even come from, makes u think
― lag∞n, Thursday, 9 January 2014 03:06 (ten years ago) link
someone just fiats it into existence or something, a wizard?
― lag∞n, Thursday, 9 January 2014 03:07 (ten years ago) link
three wizards
― Clay, Thursday, 9 January 2014 03:08 (ten years ago) link
maybe peter thiel can raise an army on his little private island nation and use it to force people to take bitcoin
― signed, J.P. Morgan CEO (Hurting 2), Thursday, 9 January 2014 03:09 (ten years ago) link
i want that island to be real more than almost anything
― lag∞n, Thursday, 9 January 2014 03:10 (ten years ago) link
Feel like if this happened it would take approx .1 sec for somebody to hack it and flood the market for the lulz
― 龜, Thursday, 9 January 2014 03:11 (ten years ago) link
― Clay, Wednesday, January 8, 2014 10:08 PM (8 minutes ago) Bookmark Flag Post Permalink
ty m8 good info *edits wikipedia*
― lag∞n, Thursday, 9 January 2014 03:17 (ten years ago) link
https://www.youtube.com/watch?v=Hk9uevsHvAE
― i like HOOS but this took the cake off my table (BIG HOOS aka the steendriver), Thursday, 9 January 2014 14:40 (ten years ago) link
^
― UK Cop Humour (Bananaman Begins), Thursday, 9 January 2014 15:14 (ten years ago) link
I don't see any way it can succeed without the government either regulating it or creating their own cryptocurrency. I find this stuff fascinating but it feels something like a bunch of people saying "let's make our own country where you don't have to wear seatbelts or obey a speedlimit", then constantly getting seriously injured in car wrecks
― frogbs, Thursday, 9 January 2014 15:19 (ten years ago) link
I thought the only reason bitcoin was kind of a thing was because you could buy drugs and shit on the silk road website that got taken down by the feds
― panettone for the painfully alone (mayor jingleberries), Thursday, 9 January 2014 15:41 (ten years ago) link
Cowen isn't saying it will fail, rather that it's success will inspire competition, and once that happens the value of each unit will fall.
He is, subtly. While increased competition decreases its price, it also decreases its value of exchange, unit, and store—rendering it non-functional.
I think a lot of people are hoping Bitcoin will fail since they missed the chance to buy in when it was cheap. Cowen isn't saying it will fail, rather that it's success will inspire competition, and once that happens the value of each unit will fall.
This is absurd. I have 500 BTC, mostly from mining, and I think the idea, the implementation, and community is idiotic.
― Allen (etaeoe), Thursday, 9 January 2014 15:54 (ten years ago) link
Holy shit
I didn't know that I was posting in the presence of a Bitcoinionaire
― 龜, Thursday, 9 January 2014 15:57 (ten years ago) link
I don't see any way it can succeed without the government either regulating it or creating their own cryptocurrency.
The government is already regulating it. In the US, if you exchange Bitcoins for real currency, you have to register and perform money-laundering background checks.
http://arstechnica.com/tech-policy/2013/03/us-regulator-bitcoin-exchanges-must-comply-with-money-laundering-laws/
― o. nate, Thursday, 9 January 2014 16:26 (ten years ago) link
Yeah but that's an example of government regulation designed to make it harder to use
― 龜, Thursday, 9 January 2014 16:30 (ten years ago) link
anytime you start to get the idea that bitcoin might succeed, it's a good idea to read this:https://twitter.com/shit_rbtc_says
― signed, J.P. Morgan CEO (Hurting 2), Thursday, 9 January 2014 16:35 (ten years ago) link
Unless you’re Coinbase …
― Allen (etaeoe), Thursday, 9 January 2014 16:40 (ten years ago) link
etaeoe have you attempted to cash in any of yr coins was it a pain
― lag∞n, Thursday, 9 January 2014 16:42 (ten years ago) link
Re: Coinbase and regulation, an e-mail I was forwarded written by 44r0n Gr33n5p4n:
Coinbase is many things, but "compliant" is not one of them. It has =registered with FinCEN=97as a corporation with a Delaware address that =appears to have no real connection with them. But it has not even =applied for a money transmission license in any state thus far, even =though it told FinCEN that it=92s doing business everywhere. This is a =direct violation of those states=92 laws as well as 18 U.S.C. =A7 1960. =Earlier this month, Fred Ehrsam admitted at a panel at Stanford Law =School that Coinbase is being investigated by FinCEN. I have the =recording if you=92d like to hear it; I=92m considering just posting it =on-line regardless. As you may or may not know, my company is suing =Coinbase and many other unlicensed money transmitters =(http://www.plainsite.org/flashlight/case.html?id=3D2434524), but my =involvement doesn=92t make the facts any less true. Secondly, there is not a "lack of regulation" in the U.S. surrounding =Bitcoin as you state. There is certainly a lack of understanding about =the many laws and regulations that exist, and the supposed lack of =regulation is a theme that has been wrongly promulgated in the popular =media. But Bitcoin is actually quite regulated in the United States, and =always has been. The FinCEN guidance issued in March merely clarified =that fact for anyone who claimed it wasn=92t the case. It=92s not even a =gray area. These companies currently require licenses and do not have =them. They are breaking the law, whether one agrees with it or not.
― Allen (etaeoe), Thursday, 9 January 2014 16:43 (ten years ago) link
Not yet. I need to speak to a tax accountant. I’m 100% confident I’ll be audited for having anomalous capital gains (my personal investments are all equity from employment and typical risk-adverse Vanguard retirement stuff). If you’re curious, the liquidity issue isn’t too bad. I’m permitted to sell 50 BTC per day.
― Allen (etaeoe), Thursday, 9 January 2014 16:46 (ten years ago) link
ya the liquidity issues prob more pertain to the people w millions of these things
― lag∞n, Thursday, 9 January 2014 16:48 (ten years ago) link
like i think we already had this chart but almost all the bitcoins are just sitting there
http://static3.businessinsider.com/image/52a74254eab8eacb2266bfa7-828-454/bitcoin%20pie%20ownershp.png
― lag∞n, Thursday, 9 January 2014 16:49 (ten years ago) link
Cash out via swiss bank
Start a shell holding company in the Caymans or BVI
Profit
― 龜, Thursday, 9 January 2014 16:50 (ten years ago) link