Bitcoins - digital currency - Page 654 - Business, Finances and Investing Forum

LOL. Who would go against hitting USD220 ever again at even money - it's like 50:50 to do 10% in a fortnight.

In other news...
insight.is announced at btcmiami
augur.net growing its team for decentralized prediction markets

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01-17-2015 , 02:35 PM

#16327

PickyTooth

adept

Join Date: Dec 2004 Posts: 855

Quote:

Originally Posted by Deep

LOL. Who would go against hitting USD220 ever again at even money - it's like 50:50 to do 10% in a fortnight.

In other news...
insight.is announced at btcmiami
augur.net growing its team for decentralized prediction markets

But according to Toothsoother btc transaction times are a huge flaw of bitcoin? How will bitcoin ever be able to compete vs other cryptos that offer instant transactions ?!?!

The key thing he seems to be missing time and time again is that btc is this organic evolving thing. He loves repeating "name me one thing that btc does better than what exists today" completely missing the point. The point is that entirely new apps can now exist that couldn't exist before btc.

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01-17-2015 , 03:01 PM

#16328

domer2

Carpal \'Tunnel

Join Date: Jul 2006 Posts: 34,140

Quote:

Originally Posted by halcyon229

if you are so sure about this, please post screenshots of your current short positions

how do i short bitcoins?

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01-17-2015 , 03:17 PM

#16329

au4all

veteran

Join Date: Apr 2011 Posts: 2,872

Quote:

Originally Posted by heltok

Bitcoin have a potential upside of around $4M/BTC, if we could argue that to be likely do you think Bitcoin would trade for $200/BTC? You need to lower your standards for likelihood or just stay away from investing.

What we are claiming is on the line
1. Bitcoin works
2. Bitcoin is faster, cheaper, more pseudonymous or has lower barrier on entry for some purposes in the short term, which should lead to short term growth
3. Short term growth has been the case
4. Further short term growth seems likely based on 2
5. Long term bitcoin could be faster, cheaper etc than alternatives
6. 4 might lead to to 5

Why should any of that cause the price to go up?

Do you believe that there's some economic law where things that work (or are fast) go up in price?

To see how ridiculous that is: Give me 5 example where pseudonymous products out-paced their less-pseudonymous competitors.

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01-17-2015 , 03:38 PM

#16330

PickyTooth

adept

Join Date: Dec 2004 Posts: 855

Quote:

Originally Posted by au4all

What "works" means in this case is that btc succeeds at creating and open platform for permissionless innovation. This is where the similarities to the internet are drawn. The assumption is that holding btc is ~ to holding an index of all the companies being built in the space.

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01-17-2015 , 05:07 PM

#16331

theskillzdatklls

Pooh-Bah

Join Date: May 2008 Posts: 4,917

Quote:

Originally Posted by domer2

how do i short bitcoins?

bit fin ex.com. no spaces. for some reason 2p2 has this website blocked.

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01-17-2015 , 08:13 PM

#16332

samsonh

Pooh-Bah

Join Date: Dec 2005 Posts: 3,535

If bitcoin was going to explode, it would be now, conditions are perfect! But it doesn't, because it is not a good idea long term. Sorry TC

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01-17-2015 , 09:46 PM

#16333

Deep

grinder

Join Date: Jul 2012 Posts: 433

Sure are a lot of naysayers for a thread that has followed an open protocol grow from millions to billions in estimated value over the course of a few years.

It may fail but it certainly hasn't and isn't failing now.

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01-17-2015 , 09:53 PM

#16334

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,535

I'm not much into predicting short term moves so I don't need to hear it if BTC goes up :-) But BTC just feels weak right now.. a huge drop and there doesn't appear to be any big money coming in to get "bargain" prices. A lot of big drops have been followed by quick strong rallies. That doesn't appear to be happening right now.

I feel like any sideways days is a win for the bears.

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01-17-2015 , 10:09 PM

#16335

TomCollins

Carpal \'Tunnel

Join Date: Jul 2003 Posts: 43,064

Quote:

Originally Posted by samsonh

If bitcoin was going to explode, it would be now, conditions are perfect! But it doesn't, because it is not a good idea long term. Sorry TC

How are "conditions perfect"? Infrastructure is very minimal.

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01-18-2015 , 05:26 PM

#16336

heltok

old hand

Join Date: May 2012 Posts: 1,695

You can now send bitcoins with facebook. Pretty neat with one time tips, you make a link send it to some friend. They just click connect with facebook and *boom* they have your bitcoins. Then they can send those bitcoins to their friends, evolution or wherever they want.

No fees, instant, no signup needed etc. Will make legacy banking look very dated...

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01-18-2015 , 08:38 PM

#16337

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 51,682

Is it with some hokey fb app? I did it like 6 months ago. Sent doge as well. The interface is still quite poor and requires you to join a group as well

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01-19-2015 , 11:46 AM

#16338

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,535

Has anybody by any chance withdrawn any money from bitstamp after the shutdown. Obv I snap withdrew my funds. Says the wire transfer was finished on Jan 11th, but have yet to receive. Had done a transfer with the same exact info a couple months earlier and I got the money a couple days after it said it was finished.

I've contacted them and they are looking into it. Have this weird feeling people are going to start popping up complaining withdrawals are taking a long time like on GOX!

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01-19-2015 , 12:38 PM

#16339

Marn

veteran

Join Date: Nov 2005 Posts: 2,092

I made a withdrawal from Bitstamp on Jan 15th and received the money today.

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01-19-2015 , 07:32 PM

#16340

samsonh

Pooh-Bah

Join Date: Dec 2005 Posts: 3,535

Quote:

Originally Posted by TomCollins

How are "conditions perfect"? Infrastructure is very minimal.

Several major global currencies are undergoing upheaval/devaluation right now. They ought to be buying Bitcoin right, you know, because it is noninflationary and anonymous and instant. But those people are clearly not buying it.

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01-19-2015 , 08:49 PM

#16341

Dutch101

veteran

Join Date: Jun 2010 Posts: 2,022

I don't think your average Russian is going to look at bitcoin and see it as a better place to hold his wealth than the ruble. After all bitcoin is dropping just as fast or even faster than the ruble. Russians and people in similar places will do what they have done for a long time now. Buy gold, US$ or Swiss francs. It will take years before people will see bitcoin as being stable enough to be a store of wealth. It is not even certain it will ever get there without an entity behind it to stabilize it.

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01-19-2015 , 09:41 PM

#16342

samsonh

Pooh-Bah

Join Date: Dec 2005 Posts: 3,535

Quote:

Originally Posted by Dutch101

Yeah that was kind of my point.

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01-19-2015 , 09:56 PM

#16343

TomCollins

Carpal \'Tunnel

Join Date: Jul 2003 Posts: 43,064

Quote:

Originally Posted by samsonh

So you either don't understand Bitcoin, are trolling, or both.

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01-20-2015 , 12:46 AM

#16344

samsonh

Pooh-Bah

Join Date: Dec 2005 Posts: 3,535

Quote:

Originally Posted by TomCollins

So you either don't understand Bitcoin, are trolling, or both.

I've read much of this thread, certainly not all. Why would Russians, Europeans, and Japanese not be wanting to buy bitcoins to preserve their wealth? The market cap of Bitcoin is relatively small and money keeps draining out of it. That tells me that these relatively tech savvy citizens don't have any faith in it. Correct?

Not trolling. To me if Bitcoin adoption was going to take place, it would be now. Why not? And why after several years is the infrastructure of Bitcoin still so poor?(your words, not mine).

I know a decent amount about currencies tc, you may just have to trust me on this.

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01-20-2015 , 07:01 AM

#16345

ValarMorghulis

son of winter

Join Date: Mar 2006 Posts: 3,053

Quote:

Originally Posted by samsonh

"In 1982, the Internet Protocol Suite (TCP/IP) was standardized and the concept of a world-wide network of fully interconnected TCP/IP networks called the Internet was introduced."

How come the infrastructure of the internet was still so bad in the early 1990s after a decade to build it? How come it wasn't more useful and everyone hadn't already started using it, if it promised to be a great thing that would change the way we do things?

There will be plenty of other currency crises in the future. Give crypto another decade to build up infrastructure and see what it looks like.

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01-20-2015 , 07:09 AM

#16346

ianlippert

Pooh-Bah

Join Date: Apr 2005 Posts: 4,960

TC, you are still bullish on Bitcoin after its drop to $200? Curious what you think the future of Bitcoin holds and how you think it will get back up to $1000+?

Not trolling, just curious. I am still pro-Bitcoin.

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01-20-2015 , 08:10 AM

#16347

sirlanka

enthusiast

Join Date: Nov 2011 Posts: 74

Quote:

Originally Posted by samsonh

Why would Russians, Europeans, and Japanese not be wanting to buy bitcoins to preserve their wealth?

Because they won´t see a digital currency that has lost 3/4 of it´s value over the last year as a safe store of value. Perception matters.

Also if they look into it they will see that the inflation of Bitcoin is higher atm than most fiat currencies.

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01-20-2015 , 08:54 AM

#16348

samsonh

Pooh-Bah

Join Date: Dec 2005 Posts: 3,535

Quote:

Originally Posted by sirlanka

But it's the chicken or the egg. Bitcoin has lost money because no money is moving into it. The market cap of Bitcoin is so low it doesn't take much to move the price a decent amount.

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01-20-2015 , 09:16 AM

#16349

ValarMorghulis

son of winter

Join Date: Mar 2006 Posts: 3,053

Quote:

Originally Posted by samsonh

But it's the chicken or the egg. Bitcoin has lost money because no money is moving into it. The market cap of Bitcoin is so low it doesn't take much to move the price a decent amount.

So if everyone put money into bitcoin at once, then it would move up and everyone wins? That just makes bitcoin a ponzi.

Bitcoin (and other cryptos) needs to be useful first, and a store of wealth second.