"It is not a bubble" is what we hear every time from people invested in an asset hoping it will make them rich.
Before the dotcom bubble burst, dotcom shares were not a bubble said the people investing in shares. It can only go up they said. NASDAQ is going to the moon and will reach 100.000. They said. And then they lost.
Before the housing price bubble burst, house prices were not a bubble said people who were borrowing more and more money. It can only go up they said, because there will never be more land. They said. And then they lost.
It is so predictable that it is sad.
Bitcoin is currently as big as the ruble. Think about how big Russia is, withs its 140 millions inhabitants sand the second or third oil reserves in the world ( among many other things ). Bitcoin is as big as that, with no economy to back it up.
If Bitcoin grow by 20x, it will be in the same league as the USD. Think about it: a currency that currently supports up to 500k transaction a day ( which couldn't power a medium-sized city ) nearly as big as the USD.
Theres no chance for a digital currency in placing a fiat currency. We all know that fiat is being used by all people all over the world and it already established its name and its uses worldwide and for bitcoin no matter how it flies , it cant still place fiat currency , so this means banks would be still there because fiat do store on banks.
I agree with you, bitcoin and bank is two totally different concept, bitcoin's existence doesn't have anything to deal with banks and the fact that no matter how high bitcoin can grow or how low it can get, banks aren't affected by any of them. Therefore, bitcoin certainly can't replace banks, not to mention make them disappear.
Bitcoin makes some bank functions obsolete, but not all of them.
From the top of my head: bitcoin cannot do the following: -lending & borrowing -letter of credits -chargebacks
Bitcoin is not a currency its a steak. My corner grocer had T-bones on sale last week for $5.99 a pound, this week theyre $10.99 and next week they might be $6.99. You are never going to know the exact price of btc or steak until you check the price today. Welcome to the world of commodity trading; glad you could join us.
When I price a steak in chicken wing, then it becomes relatively stable.
Bitcoin will eventually become less volatile. The market is still very small and relatively small influxes of money can be very large compared to the market value of the coins in circulation. It's still a very young baby, don't forget that.
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BoardEconomics
Re: First offer accepted for 300k per coin
by
papa_snurf
on 28/04/2013, 21:24:59 UTC
Wut?
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BoardDevelopment & Technical Discussion
Re: Bitcoin clients should have a MESSAGE option !
BItcoin prices are back in rally mode, just one week after it looked like the bubble had started to burst.
Early Friday, Bitcoin prices traded as high as $136.43 before pulling back to $119.36. That's more than double this week's low of $50.
Trading volume doubled in just two hours.
The price of the virtual currency, which was created by an anonymous hacker just four years ago, has increased almost 20-fold this year. It gained particular attention in the wake of a mini-bank run in Cyprus, which had raised concerns about the health of government-backed paper currencies like the euro and the U.S. dollar.
I think the goal of this Press center should be to make the press's job easier and the standard used for inclusion should be competence and professionalism along with established reputations in the Bitcoin community. I do not see why political ideology is relevant or should be used for any type of test or standard for inclusion.
Bitcoin has always been a political project. Hell, all money is political (google's definition: Of or relating to the government or the public affairs of a country).
Excluding somebody because of his political beliefs is akin to a purge. As far as I'm concerned anybody who passes well on TV and who don't come off as a crackpot could be on this list.
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BoardBitcoin Discussion
Re: Roger Ver and Jon Matonis pushed aside now that Bitcoin is becoming mainstream
I will say that I have always thought of Tony Gallippi as the best at pitching bitcoin. Everybody else mixes politics and computer science to various degrees in their bitcoin pitch, but Tony's is 100% business.
Jeff Berwick is not too bad as well.
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BoardBitcoin Discussion
Re: Roger Ver and Jon Matonis pushed aside now that Bitcoin is becoming mainstream
You have potentially the most important invention in the history of mankind, but you try to gift-wrap it in a nice little politically-correct package. What are you afraid of? If Bitcoin is an efficient system, it will be adopted regardless of the opinions of some of the speakers.
First, I think Bitcoin is amazing but it is objectively way less important than the invention of fire, electricity, the contraceptive pill, and a bunch of other stuff. You'd rather have Bitcoin or antibiotics?
Second, it is naive to think that the future has already been written. There's nothing ineluctable about Bitcoin and its image will impact its adoption. Put Ben Laden in charge of the PR, and you will see what will happen to your beloved currency (hint: it won't be pretty).
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BoardService Discussion
Re: Mtgox claim officially turned bitcoin into Ponzi
There is no doubt that we are expecting a violent crash of Bitcoin after trading resumes, but we are confident that this Panic Sell will be temporarily and that Bitcoin will rise again.
This claim can be recognized as promising of further high returns.
A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes, the fraudsters focus on attracting new money to make promised payments to earlier-stage investors and to use for personal expenses, instead of engaging in any legitimate investment activity.
Bitcoin missed only one sign of financial pyramid: promises of high returns. And here is it! Congrats gox, well done.
Except that mtgox are not a bitcoin organizer...
They are just giving their opinion. If this is a ponzi then everybody who has a blog and who comments on where the SP500 is heading is running a Ponzi.
OK i read a lot around the illuminati, new world order and to some people 'all that shite'. I dont believe in it, however I do think there is a strong possibility of its existence.