yea lol, i would have GIVEN 2-1 or possibly more. just wanted to throw 1-1 out there, and snap up if someone negotiated.

They probably didn't buy them early like the CIA did. And they own all the fiat, so they're more threatened by Bitcoin than most governments. Bitcoin emerging in a big way would justify the US/consumption side of the trade imbalance and take away a lot of the power that China was probably anticipating as a long-term benefit of stockpiling reserve notes. So naturally they might have some knee jerk reaction against it, but it doesn't mean they're committed to fighting it.

depends how you measure success.. I'm sure a lot of people in China are still using bitcoins, and the price is still 8x higher than it was 2 months ago.

Alibaba bans bitcoin

http://www.businessinsider.com/alibaba-bitcoin-2014-1

explain bitcoin like i'm five

https://medium.com/p/73b4257ac833

Has anyone had an issue with on BitStamp with sell transactions (or any transactions) not being accepted into the blockchain resulting in the transaction being cancelled?

Fractional reserve lending means that I, as a banker*, can lend most of your money to other people, but not all of it. Lending is the ONLY way banks can exist other than charging you a crapload of money for each transaction you make and for the favor of holding your money. If you want to avoid fractional reserve lending, you are more than welcome to use the check cashing companies. They will rape you, but I guess a good raping is worth maintaining the Austrian Economic belief system. Take one for the team.

They (the banks) have to keep some fraction of your money on hand in case you want your money now. That is what fractional reserve means.

The bank runs happened because the economy started to tank. "Crap, better get my money out of the bank while I can" since they lent out some of my money and I don't trust that those who were lent to will be able to repay.

Again, Mises was an idiot.

No. Everyone has their own wallet. That isn't the same as everyone having their own bank. Prior to bitcoin, people had wallets. It isn't an innovation that way.

The last part is ridiculous. Are you against schooling because you lack it? We have airplanes, trains and automobiles because of schools. Trains, specifically, because of government. The corporations were paid by the government (not individuals freely deciding to invest or opt out!!!) to build the railroads. Roads as well.

The part above that isn't as silly as the "zomg govment schoolschmull bad part" but it is a huge misunderstanding what a proper currency needs to do. It needs to grow in supply at or above the rate of economic growth. You do know that airplanes are worth more than a buggy, right? The world today is simply worth more than it was before we invented airplanes.

The world economy will grow (most likely) over time. Deflation of money supply isn't more money to invest. It is less.

Were you actually paying attention when I pointed that out? Steelhousecoin hasn't taken off nearly as well as I thought it would.

Beanie Babies is kind of an experiment, there is no gold, but the supply limits can be assured.[/QUOTE]

FYP. I was, for a minute, unsure whether to point out that if it fails to become a major currency then we should be allowed to really make fun of Austrian Economists for being silly people.

*I'm not actually a banker.

You can say that again.

http://en.wikipedia.org/wiki/Fractional_reserve_banking

Fractional Reserve Banking is much more than requiring the bank to simply hold a portion of the deposits on hand. It allows people to take out loans and then redeposit that as cash in another bank therefore increasing the money supply.

http://en.wikipedia.org/wiki/Full-reserve_banking

Full Reserve Banking on the other hand which I made multiple posts on earlier in this thread which no one replied to is required to keep cash on hand for all deposits(checking account balances), but you can still make time deposits(savings account CDs basically) which the bank could use to loan out funds.

All this doesn't really matter though at least with respect to bitcoin. The USD isn't going anywhere and this stuff would only matter if bitcoin really overtook the USD which I never see happening at least not in my lifetime.

Umm. Yes. Not sure what your point is. If I take out a loan, I can deposit the proceeds into another bank or buy a house.

It is kind of the point of lending. I lend you money, then you have that money and promise to pay it back with interest.

The nice thing is that we are kind enough to give you such a libertarian option right this very minute (assuming that you are in the USA)!!! Use Checkngo for your everyday transactions and buy a CD from a bank! Quite easy for you to live your utopia. It is already offered as an option!

Since the system is well in place and people generally decide to use the fractional reserve option for their checking and savings accounts, I'm not sure what the problem is. The people (other than the poor ones who have no choice but to use Checkngo) have spoken and they chose fractional reserves!

I'm assuming that you have a libertarian/Austrian economics bent. As such, the people have made their choice. They don't like your system (again, widely available as a choice).

The chance of it overtaking USD before the end of the universe is about zero.

The money supply doesn't just keep increasing, though. As you deposit money in a bank, the bank can now loan out 10x that amount, but your old bank now has to reduce it's outstanding loans by the same amount. There is an upper bound to the money supply under FRB.

You are completely wrong on so many points so I will break them down one by one for you and maybe you will learn something.

Wrong. The point of lending is to lend people capital to those who need it and provide a return to those who don't need it at the moment. It is not to increase the money supply. That should be the responsibility of the Central Bank.

I can't just decide "oh I don't like fractional so I'll just use checkngos" ezgame. It only works if everyone is on full reserve. Otherwise I get screwed by low returns on my money which is why no one with a brain uses checkngos under the fractional system.

The entire world operated on full reserve banking until the 1350s when Venetian bankers created fractional reserve banking for their own benefit. If you would actually read the links I posted you would see this is not some crazy "libertarian/Austrian" idea.

http://en.wikipedia.org/wiki/Full-reserve_banking

Economist Milton Friedman at one time advocated a 100% reserve requirement for checking accounts[6] and economist Laurence Kotlikoff has also called for an end to fractional-reserve banking.[7] Murray Rothbard stated that 100% reserve banking would eliminate the financial risks associated with bank runs.[8][9]

http://en.wikipedia.org/wiki/A_Progr...onetary_Reform


If options were traded on this I am 100% confident they would trade >$0.

Doesn't really matter. During boom times, banks lend too much, money supply grows too big, bubble inevitably bursts, banks lend too little, money supply grows too small and then cycle repeats itself all the while causing unnecessary harm to the economy.

Anything to worry about?

I saw the bet, and was interested. Would of taken if it was >$1,000 but not $999.99, there was a ~$5m wall at $1k

BTM2 - Is this your first time encountering steelhouse?

ghash hit 45% earlier today....

Bitcoin noob checking in.

I bought 1 bitcoin some time ago. It is sitting in my MultiBit wallet. I read that a paper wallet is safest. How do I get the bitcoin from MultiBit into a paper wallet?

Honestly I wouldn't sweat it if I were you, and the risk of losing by screwing up the paper wallet is probably greater than the risk of theft using Multibit, especially for that small of an amount.

But if you want to do it, bitaddress.org might be your best bet.

https://en.bitcoin.it/wiki/Securing_...#Paper_Wallets

Overstock.com now accepting bitcoins. This is pretty huge.

http://www.wired.com/business/2014/0...-bitcoin-live/

So Overstock is really accepting USD.

Is this something to be worried about

http://qz.com/165273/the-existential...s-now-at-hand/

Not 6 points short, closer to 5. You have to be >50%, not >=51%

I'm concerned about it, but P2P mining could help. Although it's to be seen if it can offer the same efficiency/reliability as centralised pools.

Im pretty sure some pool has had 45% for as long as I've been following bitcoin. Im not really sure this is a brand new hazard.

Seems like that would mean Coinbase is going to be taking a lot of liquidity from the bitcoin market.

Miners can switch pools at any time to prevent them getting over 50%.

https://blockchain.info/pools?a

Their percentage is falling.