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13th April 2018, 07:34 PM | #2681 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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13th April 2018, 08:56 PM | #2682 |
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13th April 2018, 09:36 PM | #2683 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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13th April 2018, 09:40 PM | #2684 |
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13th April 2018, 11:32 PM | #2685 |
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This is like pulling teeth!
Why don't you say what you mean the first time instead of trying to drag it out over 10 posts! |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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14th April 2018, 12:27 AM | #2686 |
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Bitcoin now permitted by Sharia Law. Is this its "killer app"?
Islamic Scholar Says Bitcoin is Compliant With Sharia Law
Quote:
I predict that a lot of bitcoiners will suddenly change their minds about Sharia Law and decide that it's not so bad after all. With a potential 1.6 Billion* more suckers to prop up the cryptocurrency market, what's not to like? *not the real number, but Bitcoin is immune to reality. Buy Bitcoin Now! |
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14th April 2018, 02:42 AM | #2687 |
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The South African tax authorities have said that bitcoin is not a currency but is an asset for tax purposes. Gains must be declared.
An asset has two properties. An inherent value and a price. It is the price that matters. |
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14th April 2018, 05:35 AM | #2688 |
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14th April 2018, 06:26 AM | #2689 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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15th April 2018, 06:17 AM | #2690 |
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I think my sympathies lie with the anarchists. So seeing prices like this, I don't know if it advances the dream. From what little I know, I would definitely have opposed the hard fork of Ethereum because that guy never stole from anyone. Code is law.
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15th April 2018, 11:02 PM | #2691 |
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**Agnostic theist. God/Satan/Angels/Demons may not exist - but I choose to think the probability is that they do. By personal experience.** |
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16th April 2018, 03:01 AM | #2692 |
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I still don't see a world shattering rally. BTC peaked in December at $19,843 and now stands at $8,109. The crazy bubble appears to have burst, but that doesn't necessarily mean that the value of cryptos will decline all the way to zero. As I've pointed out: Dutch tulips still have some value, as do British railway companies and various other things that have been the pretext for speculative bubbles in the past.
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16th April 2018, 03:46 AM | #2693 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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16th April 2018, 04:11 AM | #2694 |
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Speculative manias have a lot in common. If you keep saying, the past has nothing to do with the present, you may manage to persuade simpletons that the junk you're peddling is the long-sought philosophers' stone, and you will relieve them of some of their loose cash, but if you take it seriously you will end up swindling yourself.
In fact speculative bubbles were new in the west in 1637, and in 1719-20, but they're not new now, and they follow a well established pattern, discernible in the records of economic history. In the pre-regulation USA, bubbles and ensuing panics happened about every ten years. See A Brief History of Panics and Their Periodical Occurrence in the United States http://www.gutenberg.org/ebooks/7361 |
16th April 2018, 09:41 AM | #2695 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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16th April 2018, 10:04 AM | #2696 |
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That's fortunate for you, because you don't seem to be able to "soundly refute" it. You merely write nonsense words.
Quote:
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16th April 2018, 04:05 PM | #2697 |
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Of course I have. So soundly that you have never dared to admit that those posts even exist - let alone address them.
Exactly. Bitcoin is not a tulip bulb nor a choo choo train nor a debt instrument (nor a tariff which you conveniently forgot that this book is about). What you're really hoping is that "Panics and Their Periodical Occurrence", as mentioned in the book is addressing bitcoin. |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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19th April 2018, 01:56 PM | #2698 |
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20th April 2018, 07:08 AM | #2699 |
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The rally has occurred, so I claim another victory for my algorithm. $8504 at 9:06am. I’m at 100%. The algorithm is showing continued growth...followed by decline...then more growth, decline, a rally, then a correction. I can never be wrong really. All I have to do is make a prediction and wait for the volatile price to make me right! Sent from my iPhone using Tapatalk |
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20th April 2018, 09:16 AM | #2700 |
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20th April 2018, 09:25 AM | #2701 |
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20th April 2018, 09:58 AM | #2702 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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20th April 2018, 10:23 AM | #2703 |
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20th April 2018, 08:52 PM | #2704 |
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20th April 2018, 09:59 PM | #2705 |
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"To me, Hitler is the greatest man who ever lived. He truly is without fault, so simple and at the same time possessed of masculine strength" -Leni Riefenstahl Wollen owns the stage
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20th April 2018, 10:15 PM | #2706 |
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A rally is a bout of strong buying, occurring after an (over)extended decline, resulting in a return to an efficient market ...supposedly. A correction is the exact opposite. Essentially, it's the shedding of excessive panic and greed from price discovery. Supposedly. So I guess you're right, XJX is using the term incorrectly, from a technical pov. He'd be calling for an extension of the rally.
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"To me, Hitler is the greatest man who ever lived. He truly is without fault, so simple and at the same time possessed of masculine strength" -Leni Riefenstahl Wollen owns the stage
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20th April 2018, 10:30 PM | #2707 |
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I have been over this many times. There are a lot of differences between bitcoin and tulip bulbs but I will only mention one: The tulip mania only lasted one year and never recurred while bitcoin has gone through many price cycles in its 10 year history and there are no signs of it ending.
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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21st April 2018, 01:17 AM | #2708 |
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One risk of holding Bitcoin is the potential loss due to software flaws. See Old JavaScript Crypto Flaw Puts Bitcoin Funds at Risk.
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21st April 2018, 03:25 AM | #2709 |
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Statements such as "less than 48 bits of entropy", "more predictable than it should be" or "may guess the account's private key" are pretty vague. It doesn't tell us how vulnerable the old addresses are.
Still, the advice given at the end of the article is good advice:
Quote:
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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21st April 2018, 02:59 PM | #2710 |
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21st April 2018, 05:49 PM | #2711 |
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Interesting case. My nephew remembered he bought a bitcoin years ago, found it somehow, and bought a car. Pretty well my only direct evidence that bitcoin is any use.
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21st April 2018, 10:31 PM | #2712 |
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23rd April 2018, 06:52 AM | #2713 |
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Death to Videodrome! Long live the new flesh! |
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23rd April 2018, 01:30 PM | #2714 |
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Do you actually have this or is this a thought experiment? In any case, you are leaving out fees, which can be quite substantial for such large transfers. The miners charge fees and so do the exchanges. Bitcoin speculation, such as you are modeling here, is too expensive. If you bought your bitcoin at the recent low point, let’s say 6500, it would have cost you 650000 plus fees to buy that bitcoin. Add in trading fees and Your profit is substantially lower. I got lucky as I bought my bitcoin super low and sold when super high. I paid through the nose to convert to USD. Sent from my iPhone using Tapatalk |
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23rd April 2018, 10:28 PM | #2715 |
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If you see my first post on this you will see that I proposed we all play a game. Start with 100 bitcoin and see if one can improve on just selling all of them outright.
Darned if the price does not keep rising. I will have to be more sure of a peak which means selling just after it has a definite drop. So far I am making "money" on a rising market. You are right about fees and other expenses. |
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24th April 2018, 07:18 AM | #2716 |
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24th April 2018, 12:26 PM | #2717 |
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So, any plans for people to use these bitcoins for anything other than buying drugs, hiring hitmen, or paying off ransomware attackers? Does Amazon, say, have any plans to accept it as currency?
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24th April 2018, 10:14 PM | #2718 |
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I don't know that there is an end game.
I suspect that crypto-currencies in one form or another are here to stay. They obviously can't replace conventional currencies but they will probably complement them to some extent. (Bitcoin itself probably won't be used as an everyday currency because of its built in spending disincentives). What is more interesting is the blockchain. It has far more potential uses than just ledger entries. Electronic voting and smart contracts are 2 possible applications. Since blockchain entries are immutable they are much more reliable than paper records. If nameless electronic wallets were permissible then blockchain technology could be used for fiat currencies as well as crypto-currencies (yes, I know, politicians and bankers are having an apoplexy at the mere thought). |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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25th April 2018, 03:58 AM | #2719 |
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25th April 2018, 04:23 AM | #2720 |
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Paypal guy might have lanced the boil. Bitcoin down 7% since.
http://www.nzherald.co.nz/business/n...ectid=12039408 |
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