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Re: You sold your BTC today for $15 but tomorrow your BTC will be selling for $50.
Bitcoin value should go up because it can be used to make anonymous, untraceable transactions on the internet. There is really no other way to do that right now. Only a small fraction of people (us) even know about bitcoins. Demand will definitely go up. Supply is limited. Price going up. Yay! Any professional economists to confirm?
Being able to buy socks and toothpaste with bitcoins won't make any difference for the value of bitcoin. People can just use $'s for that.
Being able to buy socks and toothpaste with bitcoins won't make any difference for the value of bitcoin. People can just use $'s for that.
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Nah, I wouldn't even go that far. Since the bitcoins don't even have a fakechain block they can't be fake. All they are is someone saying they have more then they do. When it comes time to deliver all they have is air. They don't exist. Nada, nothing.
Is there any reason an exchange operator couldn't create an account and sell a bunch of "fake" bitcoins? By "fake" I mean just setting bitcoin_balance in the database to 1,000,000 without actually having any bitcoins. As long as they stayed on the exchange everything would be fine. That is until they didn't have enough "real" bitcoins to cover transfers. I don't believe that's happening, but I'm just trying to convince myself for sure.
So I tried to sell .1 BTC at a rate of $1/btc ($0.10 total). The system forced me to sell at the lowest offer, not what I specified.
That means something other than a customer mistake was made in the system.
I was really hoping to screw with some people too....
EDIT: No, I wasn't the person that did the $2.99 trade. You can't do that from what I explained above anyway. Give it a try if you want. You will see the same thing.
That means something other than a customer mistake was made in the system.
I was really hoping to screw with some people too....
EDIT: No, I wasn't the person that did the $2.99 trade. You can't do that from what I explained above anyway. Give it a try if you want. You will see the same thing.
I just tried your experiment and the order went through. That's the way I would expect it to work. Is there something wrong with that? Wait... did you just trick me into selling 0.1 btc for a $0.10?
I take it back. I placed the order, but it was filled at the highest bid.
So I tried to sell .1 BTC at a rate of $1/btc ($0.10 total). The system forced me to sell at the lowest offer, not what I specified.
That means something other than a customer mistake was made in the system.
I was really hoping to screw with some people too....
EDIT: No, I wasn't the person that did the $2.99 trade. You can't do that from what I explained above anyway. Give it a try if you want. You will see the same thing.
That means something other than a customer mistake was made in the system.
I was really hoping to screw with some people too....
EDIT: No, I wasn't the person that did the $2.99 trade. You can't do that from what I explained above anyway. Give it a try if you want. You will see the same thing.
I just tried your experiment and the order went through. That's the way I would expect it to work. Is there something wrong with that? Wait... did you just trick me into selling 0.1 btc for a $0.10?
just what are the odds that someone knew what to look for when dropbox had their technical issue?
I'd say they are pretty good. Do you think none of the programmers working at dropbox know about bitcoin?... "Hey guys, I just published that password code, see you after lunch!" ... (quick trip to starbucks to download a few wallet.dat files) ... "hey guys, I found a problem with the password code... oops!"
A firewall is better than an av scan to protect your wallet.dat Probably there will be more and more exe's that look for wallet.dat and upload to a server somewhere. A lot of time it will come in the guise of a special video player or something along those lines. Even with a firewall, people are inclined to grant internet access to it because otherwise, the video won't play.
In this case sounds like it was likely the copy on dropbox.com.
In this case sounds like it was likely the copy on dropbox.com.
It's definitely going to be a war to try and stop it.
It is one of those things that I wonder how they could try and contain things with how far stretched Bitcoins are networked wise, is there a global power switch?
That's what is exciting... there is no way to stop it, but they have to try. Government has to because of taxes, finance has to try because of fees. It's on. It's going to make napster v. music look like a thumb wrestling match. IMHO
Bitcoin is a specification and protocol. The bitcoin client that everybody is talking about is an implementation. But for the normal user, the only thing something "is" is what is in front of their face on the screen. So for new users, the bitcoin client from bitcoin.org is bitcoin. There's a great opportunity for somebody to develop a more full-featured client (with encryption, backup, payment confirmation, etc.). I bet one will emerge soon.
Hi,
I am jyxhtyt from xbuzekastanygan. I have over 1,000 BTC, but BTC are un alowed for my cuntry. I need to send to you for safety, but I don't have necessery hardware. Please send 100 BTC to
1E7qAP6tF2qyf6FZ4FcuxTqsAupdLuM8ZD
so I can purchas hardware and send to you.
Sincerely,
jyxhtyt
I am jyxhtyt from xbuzekastanygan. I have over 1,000 BTC, but BTC are un alowed for my cuntry. I need to send to you for safety, but I don't have necessery hardware. Please send 100 BTC to
1E7qAP6tF2qyf6FZ4FcuxTqsAupdLuM8ZD
so I can purchas hardware and send to you.
Sincerely,
jyxhtyt
I'm curious what attracted John's interest in bitcoin. It's interesting to see so many financial experts are watching it. I see the main difference from previous attempts at digital cash is that there is no way to stop people from using it and its at least as untraceable (and untaxable) as regular cash.
*lol*
impressive, really.
the fact alone that someone even tries to dispute your argument proves your argument (in your mind).
that's some self-defense you built up here.
BUY BUY BUY
impressive, really.
the fact alone that someone even tries to dispute your argument proves your argument (in your mind).
that's some self-defense you built up here.
BUY BUY BUY
You got me there!
I didn't realize the circle I'd gone in.The whole point is that bitcoin is something new. Trying to understand it strictly in terms of cash, banking, stock market, etc. is not going to work. It's also completely unlike previous forms of digital cash, but really not very many people understand that yet.
we have lots of things to compare it to, not only previous e-currencies but other monetary systems throughout history and, quite frankly, other manias.
of course bitcoin has some new aspects, otherwise we wouldn't be talking about it, but "this is entirely new you can't use any existing method of valueation or compare it to anything" just isn't an argument.
if you think it is, look up what was being said during the "new economy" era and how many "page impression"-valued companies survived.
Thank you for providing an example of my point.
I'm John Nagle, the person behind Downside. Over the last decade, we predicted, well in advance, the dot-com crash (company by company), the oil spike, and the mortgage crisis. We've also explored some financial scams - Enron, Madoff, and their ilk. Downside was written up in Business Week, CNN, Fortune, etc. Our track record speaks for itself.
I've been looking at the Bitcoin world. It's amusing watching the classic forms of financial trouble happen in miniature. I have no financial position in Bitcoins, so I'm looking at this neutrally.
I've been looking at the Bitcoin world. It's amusing watching the classic forms of financial trouble happen in miniature. I have no financial position in Bitcoins, so I'm looking at this neutrally.
The whole point is that bitcoin is something new. Trying to understand it strictly in terms of cash, banking, stock market, etc. is not going to work. It's also completely unlike previous forms of digital cash, but really not very many people understand that yet. As it becomes more widely understood, more people will want bitcoins. Where will they get them? The supply is limited.