ryoder 1,590
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The Fed didn't, but FinCen did a couple of weeks back:
http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2013-G001.pdf
http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2013-G001.pdf
Quoteduh. Everyone that invests in a winner is happy, and those who pick losers are not. Hindsight is an amazing investor. And yet, unlike many growing markets, bitcoin is approaching maturity, so it is trending towards a zero sum game.
LOL
The beast had an exponential growth curve only 2 days ago. It crashed to a level where it was still worth 3x what it was only months before.
I would not be so hasty to suggest that reasonable growth is going to cease.
QuoteThose 22M coins translate to 2-4 billion dollars...mere peanuts when the US economy is over 15 trillion dollars. It's never going to be significant. But yes, maybe you'll take a few greater fools for some money.
It is never going to be significant?
LOL. You should be a Billionaire with insight like that.
It is a relativley finite rescource like gold. If you understand a little bit about how bitcoins are 'mined' and how that relates back to the security of the currency. Then you may not be so quick to judge.
All finances are now depandant on online servers, computers and networking. Bitcoin may well be more secure than the dollar in times to come.
We can only wait and see.
QuoteWhenever you see articles like "Meet the Investment X Millionaires" with an implied "get in while the going is good," it's generally a sign that the going already happened and the next entrants in are going to be transferring their money to the current sellers.
These guys made Bank. There are more to come.
It is quite clear that a new currency cannot maintain such rapid growth. It can still grow however and it can grow faster than dollars or Gold.
The exponential growth curve of a couple of days ago is due to interest in the currency. Not because it is such a poorly designed system.
The larger the pool the smoother the transitions will be. In the meantine people will ride the wave, some will make shitloads and others will lose out.
One thing is for sure, it is not going to disapear unless it is forced to by those it is competing against.
Quote"Ripple" - An alternative to BC: http://blogs.reuters.com/...e-promise-of-ripple/
Well, at least they didn't name it "Thunderbird", or "NightTrain".Laugh
I like the chart that only shows the crash, extend the chart back a couple of months and it paints a different story.
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I'm very curious to see treasuries response.
why would they?
I should have clarified. Not a response in UST, but by the treasury department.
I had no trouble understanding you. My answer was to that.
Why the FUCK would the Treasury department spend every a few minutes worrying about it? They control trillions of dollars. The entire bitcoin world is worth less than the money JPM lost last year with that rogue trader in a couple days.
http://bitcoincharts.com/markets/currency/USD.html
Click here for an example of the idiocy. In the last minute, bitcoins have sold for prices between 69 and 102$. Which pretty much says you bitcoin traders are fucking idiots, along with a couple guys stealing your fortunes doing arbitrage.
QuoteQuoteduh. Everyone that invests in a winner is happy, and those who pick losers are not. Hindsight is an amazing investor. And yet, unlike many growing markets, bitcoin is approaching maturity, so it is trending towards a zero sum game.
LOL
The beast had an exponential growth curve only 2 days ago. It crashed to a level where it was still worth 3x what it was only months before.
I would not be so hasty to suggest that reasonable growth is going to cease.
I said it is trending towards a zero sum game. Please look it up so we can have an intelligent conversation.
11M bitcoins exist, 3600 / day are created for the next couple years, then dropping in half again. In the next 27 years, another 11M total will be created. So yes, it's already a mature market, so virtually all the profits are going to made at the expense of your patsies. (Now look up "Greater Fool" theory of investment)
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QuoteThose 22M coins translate to 2-4 billion dollars...mere peanuts when the US economy is over 15 trillion dollars. It's never going to be significant. But yes, maybe you'll take a few greater fools for some money.
It is never going to be significant?
LOL. You should be a Billionaire with insight like that.
It is a relativley finite rescource like gold. If you understand a little bit about how bitcoins are 'mined' and how that relates back to the security of the currency. Then you may not be so quick to judge.
Yes, it will never be significant. Put it this way...the (semi) legal medical pot market for California alone is a billion dollars per year. And the greater illegal drug trade is hundreds of billions. So bitcoins couldn't even cover one single use case.
Now say the value grossly inflates 100 or 1000x. Sounds perfect for current holders...reward them for doing nothing. But despite claims otherwise, money doesn't get created out of thin air like this.
QuoteWhenever you see articles like "Meet the Investment X Millionaires" with an implied "get in while the going is good," it's generally a sign that the going already happened and the next entrants in are going to be transferring their money to the current sellers.
Quote
These guys made Bank. There are more to come.
nah, these guys are trying to extract as much out as they can, and then be the dotbomber's who sold their companies in 1999 (See Mark Cuban).
I'm not going to call them scamsters...their suckers deserve their losses. But I won't call them smart or good people either.
QuoteQuotei can say with absolute confidence that Wall Street does not care nor see's it as a threat to anything.
Yet...
There are some serious millionaires being produced out of this.
The bankers are too busy keeping their fractional ponzie scheme going/afloat to keep up with nerd libertarians that actually have a better system.
It will just take more time for others to gain confidence in bitcoin. Seeing millionaires emerge is great for confidence.
See how the status quo is opposed to it, though they cannot refute the facts.
Growth is growth, even if it spikes and drops as it has, the trend is still upwards.
http://www.bloomberg.com/video/bitcoin-value-plunges-after-cyber-attack-HO7aFuM7Q_eDb12g9ow7vw.html
Listen to what is said here, are the sataus quo so confident? I don't think so, the young man seems to be the ,most confident here.
Please read my post before you attempt to insult me. i do not care either way which way your hippie coins go. Im completely neutral on their success or failure. they are no threat to me and the banking system. if they become some new currency, which goes against all of world history, i will make a market in them and profit.
Millionaires being created means nothing. the guy who created Crocs shoes is a multi millionaire and Nike is doing fine. Millionaires are created all the time, it does not mean it will unseat the competition. Especially when the competition is the most recognized, accepted and trusted currency in the world. one that transacts a countless amount of transactions a day.
You should listen to me, im a financial wizard.
For those who doubt my knowledge just wait till i flip my Flooz, Flattr, Ripple, Ven, WofW, canadian gold sand stocks, russian grocery store shares and all my carbon credits for a huge profit. then im going to buy the Coachella festival and party with the RHCP's. only after i kick out all the vendors and create a barter system using only my new Weekender Coins. then no one can doubt my genius.
"The point is, I'm weird, but I never felt weird."
John Frusciante
John Frusciante
QuoteQuote
Meanwhile, the Dow continues to rise today. Not saying it also doesn't fluctuate, but I'm far more concerned with long term investments than speculative gambles.
You don't think that stocks are speculative gambles?
In any case, I don't think anyone is suggesting that people should speculate or gamble on bitcoins. The concept started as and still is a repudiation of central banks and fiat currencies.
It all boils down to trust. You seem to trust the dollar, trust stocks, trust central bankers and trust the politicians that influence monetary policy.
There are plenty of other people that do not trust these parties and the numbers are growing daily, it's only natural that an alternative will emerge.
Will bitcoins be the predominant alternative? It's possible, but it's going to have to take it's knocks first.
If the market grows to a trillion dollars we're talking 40,000 per bitcoin.... so, i could see why some may be interested in speculating.
I'm very curious to see treasuries response.
you are correct, it all comes down to trust. i do trust my USD's more than most currencies. of course, when in Rome i trust my Euro's more. It comes down to what you are able to transact in. When i go to the car wash, they make me buy their coins. they have a value, if i want to wash my car. so do the carnival tickets i buy if i want to take my girl on the ferris wheel. they are all the same thing, just vary in float and recognition.
The problem is there is a tiny Bitcoin float and they are not accepted by my coffee vendor. so they are still very inconvenient for day to day transactions. so, like most, ill keep my local currencies.
Bitcoins seem to have gotten a lot of attention. mostly because of the price swing. they are NOT new. this sort of thing is not new. as evidenced by Flooz, car wash coins and carnival tickets. a lot of people seem to be very excited because this is all new to them. i appreciate your enthusiasm but you really should pick up a history or finance book before you make claims to a new world order.
"The point is, I'm weird, but I never felt weird."
John Frusciante
John Frusciante
QuotePlease read my post before you attempt to insult me.
I read you post and I am not trying to insult you.
All I am saying is that no one can say with absolute confidence what is going to happen here.
Central banking 'is' a ponzie scheme, derivatives is gambling. You know this.
All these things are subject to failure and success. they will make some rich and others might lose everything.
The difference with Bitcoin is it is a pure free market enterprise. The market will decide not some ass-holes in a board meeting.
That is what I like about it.
Looks like you are caught up in the dogma created by the status quo.
https://en.bitcoin.it/wiki/Myths
Nobody knows where this is going. These are not tulip bulbs.
https://en.bitcoin.it/wiki/Myths
Nobody knows where this is going. These are not tulip bulbs.
QuoteQuotePlease read my post before you attempt to insult me.
I read you post and I am not trying to insult you.
All I am saying is that no one can say with absolute confidence what is going to happen here.
Central banking 'is' a ponzie scheme, derivatives is gambling. You know this.
All these things are subject to failure and success. they will make some rich and others might lose everything.
The difference with Bitcoin is it is a pure free market enterprise. The market will decide not some ass-holes in a board meeting.
That is what I like about it.
i dont think the derivatives that make it possible to insure my home are gambling. nor the ones that helped build the bridges and tunnels i travel over and through. Or the ones used by my airplane carrier to fuel the aircraft i travel on. i could go on but suspect you do not understand what i am saying.
i truly hope your Bitcoins take off. I've seen the spread on these trades and i could make a fortune on them. i really doubt it because unlike you, my excitement for them is tempered by my actual knowledge of finance. i hope im wrong, id like to make enough that i could pay John Frusciante to come back to the band. i miss him. Coachella will not be the same without him.
"The point is, I'm weird, but I never felt weird."
John Frusciante
John Frusciante
I never claimed to be invested in botcoins. My interest is limited to the potential of a digital currency becoming an alternative store of vale for those with an innate distrust of central banks.
I may fund an account with a small amout, but if I do it will only be a token sign of support for the concept.
I have no reason to question your education in finance or experience in the funancial services industry. You might do well by exercising the same level of restraint before making assumptions where your only basis is a differing of opinion on a specific topic.
I may fund an account with a small amout, but if I do it will only be a token sign of support for the concept.
I have no reason to question your education in finance or experience in the funancial services industry. You might do well by exercising the same level of restraint before making assumptions where your only basis is a differing of opinion on a specific topic.
QuoteLooks like you are caught up in the dogma created by the status quo.
https://en.bitcoin.it/wiki/Myths
Nobody knows where this is going. These are not tulip bulbs.
And you're caught up in the dogma of "It's different this time."
As weekender wrote: " i appreciate your enthusiasm but you really should pick up a history or finance book before you make claims to a new world order. "
We've been around the block a few times already, seen this dance before.
What ManagedPrime writes - 'I might get one or two to show token support' - that's as far as it's going for most people. And since there's only 11M of these whole units, that's not far in a world of 6B. It's a penny stock for a few people to fleece many others. These are exactly tulip bulbs...except for the fact that you can actually do something with tulip bulbs.
How do you explain prices that vary by 50% across multiple exchanges at any given moment? Money laundering is one answer. That it's a toy construct is the other.
"Ripple" - An alternative to BC: http://blogs.reuters.com/felix-salmon/2013/04/11/the-promise-of-ripple/
Well, at least they didn't name it "Thunderbird", or "NightTrain".
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