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Showing 20 of 34 results by rhinospray
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Board Announcements (Altcoins)
Re: [ANN] [VLR TOKEN] | VALOREM FOUNDATION | NICHE E-COMMERCE PLATFORM FOR THE 99%
by
rhinospray
on 23/11/2017, 11:08:03 UTC
why does the ICO date keep getting pushed back?
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Topic
Board Digital goods
Re: [Giveaway] Waffles, BitSpyder, nCore and TheGeeks
by
rhinospray
on 15/04/2016, 16:58:03 UTC
Invitation received and working.

Thanks a lot for doing this for free.

Today I was banned at TheGeeks. Asked why at IRC, was told that the invitation was "obtained illegally"  Angry
Post
Topic
Board Digital goods
Re: [Giveaway] Waffles, BitSpyder, nCore and TheGeeks
by
rhinospray
on 10/04/2016, 18:32:16 UTC
Invitation received and working.

Thanks a lot for doing this for free.
Post
Topic
Board Economics
Re: Country distribution based on forum posts
by
rhinospray
on 28/04/2013, 15:28:50 UTC
You forgot Italy, is just after Spain

You see, this is the kind of error I wanted to prevent, identifying Languages and Countries.
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Topic
Board Economics
Re: Country distribution based on forum posts
by
rhinospray
on 28/04/2013, 12:04:22 UTC
Before anybody jumps to the wrong conclusions about some european countries jumping on the bitcoin:
Only 11% of Spanish speaking population lives in Spain.
Only 5% of Portuguese speaking population lives in Portugal.
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Topic
Board Economics
Re: In an ideal world, what is the future of Bitcoin?
by
rhinospray
on 26/04/2013, 20:20:10 UTC
You got wrong the metric system and the name of the smallest unit. From the wiki:

There is a lot of discussion about the naming of these fractions of bitcoins. The leading candidates are:

    1 BTC = 1 bitcoin
    0.01 BTC = 1 cBTC = 1 centibitcoin (also referred to as bitcent)
    0.001 BTC = 1 mBTC = 1 millibitcoin (also referred to as mbit (pronounced em-bit) or millibit or even bitmill)
    0.000 001 BTC = 1 μBTC = 1 microbitcoin (also referred to as ubit (pronounced yu-bit) or microbit)

One exception is the "satoshi" which is smallest denomination currently possible

    0.000 000 01 BTC = 1 satoshi (pronounced sa-toh-shee)
Post
Topic
Board Economics
Re: Tool: Calculate the future value of a single Bitcoin
by
rhinospray
on 26/04/2013, 20:11:00 UTC
Post
Topic
Board Economics
Re: Video: Bitcoin Ponzi scheme
by
rhinospray
on 26/04/2013, 19:20:33 UTC
From wikipedia: A bubble is similar to a Ponzi scheme in that one participant gets paid by contributions from a subsequent participant (until inevitable collapse). A bubble involves ever-rising prices in an open market (for example stock, housing, or tulip bulbs) where prices rise because buyers bid more because prices are rising. Bubbles are often said to be based on the "greater fool" theory. As with the Ponzi scheme, the price exceeds the intrinsic value of the item, but unlike the Ponzi scheme, there is no single person misrepresenting the intrinsic value.

Do you think that people in a Ponzi scheme believe they are in a Ponzi scheme?
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Topic
Board Economics
Re: how many bitcoin users are there?
by
rhinospray
on 26/04/2013, 19:07:48 UTC
For that matter we don't even have a good characterization of how much of the daily transaction volume is in real commerce and how much is just zero-sum arbitrage and gaming like Satoshi-dice and Mt.Gox other then that were very sure they are the vast majority.

There is fragmentary accurate data, like an analysis of SR transactions that estimated its commercial volume during 4 months last year, the total sales of bitcoisnstore in 6 months, or the published earnings of Satoshi-Dice. If you combine all that kind of data, and apply the growth rates shown by other indicators correcting them by maturity of each market, you can get at least maximum values with a high degree of confidence.

Using that techniques I obtain that during March the maximum commercial volume was $31m, split in 7,6% drugs, 84,4% casinos and a very optimistic 9% for retail. Gaming is an internal industry and should be counted even if its a zero-sum and does not create value. Exchanges are excluded because they are just connections to other currencies, and we would be counting twice the commercial transactions (entry/exit).
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Topic
Board Economics
Re: Video: Bitcoin Ponzi scheme
by
rhinospray
on 26/04/2013, 14:17:00 UTC
Bitcoin is not a zero sum game because bitcoin economy is creating some value. According to my calculations pure commercial transactions till now (excluding exchanges as their fees are part of the zero sum game) could have produced up to $12m in earnings since inception, around 1.1$/BTC

So, to be exact, bitcoin is an almost zero sum game  just now.

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Topic
Board Economics
Re: how many bitcoin users are there?
by
rhinospray
on 26/04/2013, 10:48:57 UTC
Those three figures mostly overlap.
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Topic
Board Economics
Re: how many bitcoin users are there?
by
rhinospray
on 26/04/2013, 10:06:01 UTC
I have calculated less than 1,200,000 (if you count speculators as users)
Post
Topic
Board Economics
Re: In an ideal world, what is the future of Bitcoin?
by
rhinospray
on 26/04/2013, 09:26:44 UTC
Ideal world and bitcoin just don't mix.
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Topic
Board Economics
Re: Who controls the price?
by
rhinospray
on 26/04/2013, 09:16:50 UTC
If I ask you how much the BTC is worth right now, what is your reference?  What will you base your answer on?

Now, try think outside the box (I know it is impossible, but one may still try) and explain how this works.

So, what makes the value of a BTC any less subjected to the same manipulative forces than fiat currency is subjected to?


The reference I use to value bitcoin is the same used to value the other currencies: How successful the economy that support it is, and will be in the future. Usually this is measured by some factors like total revenue,  money velocity and inflation. Total revenue in bitcoin just now is ridiculously low, less than 3% of Market Cap monthly, but there are people that are confident in a great growth potential, and speculate based in this future value.

In normal currencies the ratio of daily commercial transactions to speculation is usually so high that the exchange rates move comparatively slow following the speculative trend.  However for bitcoin that ratio is inverted, speculation is 97% of volume,  and the exchange rate is based on speculation about its future value, like it happens with stocks. If/when revenue growths enough or speculation is tempered by reality checks,  bitcoin value will go back from its future value to the intrinsec one (ouch!)
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Board Economics
Re: Predicting market/exchange movement visually (by looking at a historical graph)
by
rhinospray
on 26/04/2013, 08:16:49 UTC
It's called Technical analysis, and there are quite opposite views of its usefulness. 
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Topic
Board Economics
Re: A long term fundamental analysis of bitcoin
by
rhinospray
on 23/04/2013, 12:07:08 UTC
In a fiat money inflated world, there is no reliable long term medium of saving: House will depreciation, gold is not convenient to use, bond have risk of default, stock will crash when recession strikes ... Bitcoin is almost a perfect store of value due to its technology advantage and limited supply

When you buy a house, you are paying the salary of the workers that build it, the margins of the constructor, creating business for the raw material producers, etc...By doing this you are creating wealth that it disseminates by the society. When you buy bonds you allow countries to build infrastructures that ease and accelerate commercial development. When you buy stocks you help sound enterprises to expand, investigate, grow, create employment and pay your salary. Money in movement creates wealth.

When your just store your Money in gold, bitcoin or under your bed, you are effectively taking out all that power to actively create wealth from the economy, and you are actually producing an economic slowdown. You just become an economic parasite that not only do not contribute to economy, but benefit from the work, intelligence and the willingness to take risk of all the others that are making your country grow and be a better place to live, while doing nothing.

Controlled and not artificially manipulated inflation is a socially good think, because it damages the hoarders that don't produce nothing, and obliges them to lend, invest or use their money if they don't want to see  it slowly disappear. Deflation is socially bad because it produces just the opposite.

What bitcoin should have done for the economy is to eliminate credit card processors, the banks and the political and economical barriers and at the some time protect you from artificial inflation. All that money that otherwise would end making the rich richer, would be injected to the social economy, accelerating wealth creation and distribution. That's the VALUE I thought bitcoin had, and that's why I adopted it.

As it is now, bitcoin is just $1,400m of wealth taken from economy and kept in a freezer. Just a poorer version of gold, way more risky and with no industrial uses. If global economy collapses, gold still would be valuable, unlike bitcoin.

I spent the last weeks painfully collecting and analyzing the few and fractional real data that exist about bitcoin economy: what it shows is that in the most optimistic case the monthly commercial revenue is now $35m, mostly from socially undesirable activities like gaming and drugs. Sure It will grow if bitcoin does not collapse before, very fast at the beginning but after that, we already have data from other similar game-changing technology like online commerce that took 10 years to multiply by 4 its volume. No way that the real value of bitcoins reach the one assumed by its market capitalization in at least 5 years.
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Topic
Board Speculation
Re: How does it feel to have sold at $110?
by
rhinospray
on 21/04/2013, 23:31:33 UTC
How does it feel to have sold at $110?
For somebody buying at $11? Like he got 1000%. Good luck getting that, you will not really know until you sell...
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Topic
Board Economics
Re: Bitcoin is a flawed technology
by
rhinospray
on 20/04/2013, 13:13:39 UTC
Bitcoin is an implementation of crypto-currency that has shown that it can work. Bitcoin failed to forecast the consequences of wild speculation (or if it forecasted, then Satoshi is a real evil person) and other problems, but crypto-currencies are still a sound idea. In my opinion, unless all those  problems are solved bitcoin will fail, and other not yet existing crypto-currency, designed to solve those problems, will be able to succeed
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Topic
Board Economics
Re: Bitcoin is a flawed technology
by
rhinospray
on 20/04/2013, 11:20:45 UTC
I agree with the flawed part, but not on the reason:
You can simply use a safe ewallet like the blockchain.info.
Post
Topic
Board Economics
Re: Quantitative analysis of total number of users of Bitcoin as a time series
by
rhinospray
on 20/04/2013, 11:10:43 UTC
I have been trying to get similar information.

-downloads of the cliente are unreliable. One user can male multiples downloads, many users can download it just for curiosity and abandon it after waiting a few hours for the chainblock to load
-number of addresses is not indicative as some one explained before me

I want count effective users: Users that have downloaded the client and got 0.001BTC  from the bitcoin faucet are not real users, they are just testing or are curious.
I am interested in users that have, let's say, al least a bitcoin.

Given the ridiculously small information that I have found till know, this is my approach:

1) Count users at entry points to the bitcoin economy:  exchanges.  Mtgox had 72% of the total trading volume till this month were it has go down to 64%. If we knew the number of accounts signed each month we could make an extrapolation of total users. It would be inexact because the volume of trade per user can vary between exchanges wildly, but then I think that users moving more volume are "higher quality" users for my purpose, that is to measure effective use of the currency.  Till now I have not found this info, only specific data commented by Mtgox for the last two months

2) Use other stats to estimate rate of growth in number of users, like downloads of client, blockchain.info charts on new users of their e-wallets, this kind of info

About 1) the only inf I have is the published data by MtGox: "The number of new account opened went from 60k for March alone to 75k new account created for the first few days
of April! We now have roughly 20,000 new accounts created each day."
Combining this 60K data point with 2) you are able to guess-estimate the maximum number of accounts created.

3) Count or estimate other effective users born inside the bitcoin economy: miners, traders, goods sellers, users that bough bitcoins directly from other users.

I have only made a rough calculation that I intend to make more precise but my numbers give a MAXIMUM number of effective users of 1,200,000