All posts made by crumbs in Bitcointalk.org's Wall Observer thread
1.
Post 2420179 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.03h):
Hand In Hand, Shoulder To Shoulder, Protect Your Bitcoin!
2.
Post 2421135 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.03h):
Exactly, bitcoin is meant to be used to buy and sell things, not as a store of value like gold. People who bought in thinking it was like gold are now realizing this and selling.
People who bought into gold thinking it was a store of value like gold ... oh, wait. People who bought into ... nevermind.
3.
Post 2421897 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.03h):
Goin' UP?
4.
Post 2430774 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.03h):
So now we're insulting each other for not knowing each other's languages. So progressive.
The charts are too dull. I'm a movement junky -- get strung out unless the price changes more than a dollar a minute.
5.
Post 2439576 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.03h):
Embrace Fudd
6.
Post 2439726 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.03h):
This doesn't seem a very sensible thing to say. But nice to meet you.
Fair enough, but why do you think it isn't sensible?
Are you saying that TA is less capable of interpreting a market driven by price manipulation? Should this be self-evident?
7.
Post 2439804 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.03h):
Presumably you bought in when the price went up. Even if you didn't plot it, you saw a price trajectory heading upwards and extrapolated it into the future.
No, not at all. I bought in with no idea which way it would go, with the intention of watching it very closely (almost to the exclusion of anything else), ready to cut my losses if the prices dropped more than 20% after I had bought in, and to either sell or hold if the price were to rise. That's day trading, or short term trading, defined.
Isn't that gambling, defined? Some day traders do more than simply watch the price & ignore past performance etc.
8.
Post 2439938 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.03h):
Isn't that gambling, defined? Some day traders do more than simply watch the price & ignore past performance etc.
Yes, it is really. Day trading is very much gambling, it tends not to rely on past performance (given the short period of involvement) which is likely only to be relevant over a longer period of time.
Interesting take on statistics. You feel that if X is twice as likely as Y in the long term, the short term probability is still 50/50?
9.
Post 2440175 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.03h):
Interesting take on statistics. You feel that if X is twice as likely as Y in the long term, the short term probability is still 50/50?
In this particular market, yes. In fact, in pretty much any market. Let's assume that we all think that one bitcoin will be worth $1000 in 2015, or 2014, or Sep this year. This will have next to zero impact whatsoever on how the price of one bitcoin will change between now and 24 hours from now, or a week from now.
That's simply false. Or, rather, what you're calling "next to zero impact" is in fact significant, the very thing that makes X twice as likely as Y, and separating blind gamblers from informed traders. Not that at any given moment, a gambler couldn't win while a trader loses. No. All this means is that statistically, the trader will fare better than the gambler.
In other words, going on above info & nothing else, the smart money is always on X, no matter the time span.
10.
Post 2440262 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.03h):
Isn't that gambling, defined? Some day traders do more than simply watch the price & ignore past performance etc.
Maybe it would be if the market had any volume, but since mid April/early May the market moves exclusively at the whims of traders who have 6 or 7 figures. There's little to no combined influence from a multitude of smaller players to offset the manipulation attempts of traders with huge amounts of fiat on the exchanges. People with a few thousand or a few tens of thousands of dollars can't move the market. Their combined activity can, but as individuals, they can't. So when volume is low and the price just sits there, whether a trade is profitable or not comes down to what move the whales make, because there's no market momentum because nobody wants to trade when the price is above 100 unless it's rippling from a large move. You can't tell what move one or two people with that much manipulative ability are going to make via TA.
The run we just went through to 135 after the 60-166-79 correction, once it rallied above 105ish, only happened because one or a few people would show up in the early morning or the middle of the night and shove the market up with a 5,000BTC buy, let the market settle, and then do it again the next day or the day after that. The moves raised the price because speculators decided to take a shot on riding the train, that kind of a move doesn't incite a panic sell, and the other whales won't dump against you because it's more profitable to wait for the combined momentum of smaller players who are buying to fizzle out before dumping. It is pretty much exactly what has been happening since the dumps below 120 last week as well.
The market doesn't have confidence in the price above $100, period. The only reason it's been floating here since the post-166 correction is because the market is entirely speculation and bots. Bots give the illusion that trades are happening and the market is moving upward and a whale comes behind that illusion (probably because it's his bot) and plays against it. Low volume is very dangerous.
If people thought the price was profitable we'd see the kind of volume you see between 80-90-100. People are only buying right now because they're short term speculating, exchanging B for fiat for their business, or buying and holding and not giving a fuck about what happens on smaller time frames. The price isn't dropping because a few people with 20 or 200B simply can't affect market depth.
And even when they all sell at once and do affect market depth, you still get phenomena like the other day when someone showed up and bought 15kB from 101 to 111.
Under this kind of circumstance a hard, downward, long term correction is inevitable and it's only a question of how to make money in the interim.
Manipulation like this is actually very damaging to the market because when the correction does come and it makes the news, it makes a lot of the potential newcomers to Bitcoin feel the whole system is a fraudulent scam. You only saw the massive swing from doubles to 250+ because of a huge influx of new players. If that phenomenon never happens again, you can completely forget about ever seeing $200B again, let alone higher.
I'm halfway with you. With volume getting lower, the data becomes more granular, the system becomes more probabilistic. But
just because the predictive power of [some form of TA] is lower, if it was true for large volume, it will remain true at smaller volume. Edit: Even if you assume that when market depth vanishes, remaining traders are no longer representative cross section of a deeper market, you still have no reason to assume the market becomes intractable, only that it needs to be modeled differently.
11.
Post 2440544 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.03h):
12.
Post 2444364 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.04h):
Yeah, mini USB miners could have such a potential, if only a player could have the manufacturing resources to produce millions of them and price them reasonably, it could do so much for wider adoption... A machine that actually produces income, explain that to your grandma
I'm sure grandma has seen a Coke machine in action
13.
Post 2444464 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.04h):
Yeah, mini USB miners could have such a potential, if only a player could have the manufacturing resources to produce millions of them and price them reasonably, it could do so much for wider adoption... A machine that actually produces income, explain that to your grandma
I'm sure grandma has seen a Coke machine in action
I hope you get the idea despite of my poor English
It wasn't a language dig. I just don't see much difference between an ASIC miner & a soda vending machine. Both require electricity & minimum maintenance. Given those two, they'll both either make or lose money
14.
Post 2450428 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.04h):
The idea is to decentralize even more by making the technology easier to use by a wider audience. A BTC blackbox, a BTC credit card etc (or rpietila's paper BTC IOUs - hmmm like Ripple
) are what's needed.
We need to take the geek side out of the Bitcoin use. Make it easy to use so people can simply ignore the technology behind it and use it as they would any other currency (and each device should be a miner, to process transactions and secure the network). That's when mass adoption can really start.
OTOH, I also think that Bitcoin will be superseded, eventually, and possibly even by a GOV-launched coin (best way to beat BTC is to make it irrelevant), unless we reach critical mass within a short period of time (less than 10 years from introduction).
I can't imagine people would happily adapt some coin created by governments. Typical John Doe still has a slight doubt to everything that comes from authorities.
[...]
Typical John Doe has much stronger doubts about anonymous entities named "Satoshi"
15.
Post 2450479 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.04h):
OTOH, I also think that Bitcoin will be superseded, eventually, and possibly even by a GOV-launched coin (best way to beat BTC is to make it irrelevant), unless we reach critical mass within a short period of time (less than 10 years from introduction).
I see this Govt. backed coin oft repeated and I still have the same question. Who is going to mine this govt. coin? If they are going to be in control they would probably release it as they see fit anyway and based on that assumption why would they even need make a govt. coin when they already have USD which is basically already doing this? I don't think you can beat Bitcoin with a new form of the same old system.
If just about any government becomes convinced that digital currency similar to Bitcoin is either a real threat or has advantages over other fiat, implementation itself would be trivial.
16.
Post 2462353 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.04h):
You don't disagree, I don't believe in any moral need to follow laws that are unjust either. But if the statist are going to name you a criminal for doing what's right, then be proud to be a criminal.
No, I do disagree
They aren't crimes. Some ignorant people (governments mainly) may label them as crimes, but this doesn't make it so.
Stop being silly. Governments are not ignorant, we only wish them to be. People who break [government] laws are criminals, by definition.
17.
Post 2467474 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.04h):
To the moon!
18.
Post 2468163 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.04h):
Back to 103. Faith reestablished.
19.
Post 2489669 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.05h):
[...]
All the same, there is some tone of desperation in this. Just how heavily invested are you??
All in. Nothing better!
20.
Post 2490378 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.05h):
The true bear indicator is rpietila selling off some bitcoins.
I'd believe its to pay off the private mental institution holding him
Hear that Rpietila!? We are coming to get you! We want our unstoppable bull train back!
Chooooo choooooo
21.
Post 2493739 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.05h):
from reddit..
[–]bitcoinwisdom
"In BitcoinWisdom MtGox Charts, I found both MtGox HTTP API and WebSocket API are still working, it returns succeed result, but no new trades is found. I guess the transaction inside MtGox is not proceeded."
Mine is stuck at "subscribing to lag" (clarkmoody).
22.
Post 2493850 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.05h):
It's alive!
23.
Post 2494946 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.05h):
I simply dont understand why people still draw those lines on graphs.. all this time i have learnt just one thing.. those graphs are utterly complicated and completely useless for anyone without knowledge of TA..and all it takes is a single whale to plunge the market and make all the analysis useless.. why do people even do TA for bitcoin??
Yeaaah i am not on the forum all the time like you sarc.. i have patients to deal with.. but seriously has any of the TA ever proven correct??
Maybe 1 or 2. By coincidence.
A broken clock is right once a day...
PS: Obviously it is only once because it is a digital clock. We are talking about bitcoin here, remember?
Not if you use one of these:
24.
Post 2495268 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.05h):
Thanks for the history lesson. Hadn't fulfilled my 'learn something new everyday' quotum yet
.
Sorry -- i'm into that stuff myself (the gear, not the history)
25.
Post 2510798 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.05h):
Hang in there, bud.
26.
Post 2544483 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.06h):
If watching the missing walls gets boring, check out the latest gossip! (20 pages long
) https://bitcointalk.org/index.php?topic=238474.0
27.
Post 2558623 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.06h):
can someone explain why they should be a money transmitter?
Because they have created an org that is a central point of contact for money transmission businesses. Remember that whole "centralization is evil" thing? Well they did it anyway.
^^^ truth.
28.
Post 2558683 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.06h):
can someone explain why they should be a money transmitter? Because they have created an org that is a central point of contact for money transmission businesses. Remember that whole "centralization is evil" thing? Well they did it anyway.
The central point of contact? Pretty absurdly abstract reason to label them as a MSB
A potent PR move, if nothing else.
29.
Post 2558858 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.06h):
A potent PR move, if nothing else.
But there is any specific reasons of why they are "transmitting money" in the document? Can't read it all now.
Wasn't it you who mentioned that they were mining? Technically (afaik), that qualifies as "transmitting money."
30.
Post 2559113 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.06h):
Wasn't it you who mentioned that they were mining? Technically (afaik), that qualifies as "transmitting money."
I hadn't heard that they were mining, but that could subject them to the law if they sell their mined BTC. I can't imagine they would do that after reading the FinCen guidelines.
Can miners refuse to verify blocks & accept transaction fees? If not -- facilitating money transmission. Amirite?
31.
Post 2566051 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.06h):
From speaking with people and reading online, we are just getting sick of it. Time for a change... Yes we can?
I think the sentiment is "sure, join you once i see the barricades."
32.
Post 2568238 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.06h):
I have a theory:
People keep dumping because the price doesn't go up and the price doesn't go up because people keep dumping.
I think you can apply this to the last month at least.
Isn't it kinda stupid?
See:
http://en.wikipedia.org/wiki/Keynesian_beauty_contest . That's what Bitcoin speculation is mainly about.
Or not.
33.
Post 2568262 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.06h):
The big dumpers seem to have gotten wimpy. Choo choo!
Uh.
34.
Post 2594998 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.07h):
Anyone think these circled patterns resemble (perhaps not exactly) symmetrical triangles on a falling price?
Not sure how accurate a 4hour chart is but I'd say we are about to break down a bit here...
yep! something will happen at the end of the triangle, but I don't think we can be 100% sure about a fall.. In the middle of your chart we can see also a triangle followed by a rise (between your 2d and 3d triangles)
Yes, but there is one noticeable difference that I didn't get in the picture. The 3 that I circled were preceded by high volume, not the other one. (Actually, you can see a bit of the 3 tops I'm talking about).
But I agree with you, we don't know...
According to well-established sources:
If it keeps on raining
levee's going to break
35.
Post 2607422 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.07h):
I hope we're not seeing the nascent "dead cat bouncing down the stairs" pattern. Those are the worst
36.
Post 2613709 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.07h):
I prefer the euphemism "surprise butsecs"
Edit: After all, we still have to say "hi" to those people afterwards... Wanna keep that stuff *friendly*
37.
Post 2627609 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.07h):
Get ready ... weeeeee
I feel horrible for that catus... there are soft garbage bags below, i know it.
Edit: or a window one storey down in the opposite building -- that's what he was aiming for all along!
38.
Post 2629398 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.07h):
Exactly. A mod on a bitcoin forum spreading fud is ridiculous. And not just any kind of fud but totally insane predictions trying to scare new people.
I hope his mod status will be taken away asap.
Au contraire, I find that a mod able to see
other thing than "up Up UP" is far
less dangerous.
Read that 3 times before getting it. Too many negatives
39.
Post 2647677 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.08h):
God damn... that 1500 BTC wall just got shit on. Looks like we are still going down.
Stop spreading FUDd!
40.
Post 2681054 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.09h):
Trying to remember: after a corpse bloats & floats to the surface, bobbing all nasty-like around ~69-79, does it keep floating or deflate & eventually sink
41.
Post 2705313 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.10h):
Yesterday taught me just *how* pathetic my attempts at reading the Bitcoin market are, and *how* irrelevant both TA & common sense are to this market.
Trying a new strategy today. Got me some black candles burning on both sides of the monitor, crayons for drawing pentagrams & magikal symbolz, got The Lord's Prayer queued up to loop backwards in Pro Tools. As soon as my cat learns to arch his back & hiss at the chart, i'll be set for a new day of trading
42.
Post 2707384 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.10h):
[...]Bitcoin has a limited supply. The money will disperse over the long run (rich people spend and invest, borrowers default). [...]
I can't see the logic here offhand, but, presuming that's true, does it then follow that those looking to accumulate more bitcoins than Average Joe are backing the wrong horse? Are you saying that non-inflationary currencies encourage spending?
43.
Post 2707546 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.10h):
[...]Bitcoin has a limited supply. The money will disperse over the long run (rich people spend and invest, borrowers default). [...]
I can't see the logic here offhand, but, presuming that's true, does it then follow that those looking to accumulate more bitcoins than Average Joe are backing the wrong horse? Are you saying that non-inflationary currencies encourage spending?
I think having to live a life encourages spending. Definitely a good time to be accumulating bitcoins in my book. I'm not speculating right now but if I were, I'd be aiming to have more bitcoins at the end of the month than at the beginning, whatever my strategy.
I'm not talking about spending as in the bare necessities like hookers & blow, i meant spending which could be avoided -- lending for profit, investing, "spending money to make money," the boring stuff. I simply don't see how molecular believes that Bitcoin is bound to disperse wealth. (Bitcoin: Champion of the poor.) If anything, once you discount extremes (one person owns every bitcoin), nothing encourages spending like inflation
44.
Post 2707730 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.10h):
I'm not talking about spending as in the bare necessities like hookers & blow, i meant spending which could be avoided -- lending for profit, investing, "spending money to make money," the boring stuff. I simply don't see how molecular believes that Bitcoin is bound to disperse wealth. (Bitcoin: Champion of the poor.) If anything, once you discount extremes (one person owns every bitcoin), nothing encourages spending like inflation
I believe the reasoning is that it would remove unfair advantages and wealth distribution to big banks (special loan conditions, cantillon effect etc.), plus the fact that middle-class families tend to have a larger percentage of their savings in inflation-sensitive fiat, whereas rich people can more easily diversify in the housing market, etc. .
If it wasn't for days like yesterday on MtGox, i'd have to dig deeper for proof of the opposite.
But, in all seriousness, while the rich have a definite edge in finance [
], the advantage only grows with deflationary currency [textbook stuff here]. BTW, my question was much shallower & simpler: If wealth tends to disperse in Bitcoin economy, and I'm looking to get rich (be a node of wealth concentration), it seems to follow that backing Bitcoin is not in my best interest. I think.
45.
Post 2707747 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.10h):
nothing encourages spending like inflation
Why do you want to encourage spending? Need to destroy some of that huge amount of cash you've printed up and given to your banker friends by getting the people they lend it to to feed it into some bubble or other?
I don't want to do any such thing -- my question was directed at molecular's claim that bitcoins trend to flow from higher to lower concentrations -- from the hands of the rich to the hands of the poor. Take it up with him
Edit: can't have dispersion without something flowing, can't distribute BTC without spending
46.
Post 2707766 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.10h):
nothing encourages spending like inflation
Why do you want to encourage spending?
Because the faster we use up our natural resources and pollute the planet, the better?
Spending money is identical to spending resources? Oy vey.
47.
Post 2707901 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.10h):
nothing encourages spending like inflation
Why do you want to encourage spending?
Because the faster we use up our natural resources and pollute the planet, the better?
Spending money is identical to spending resources? Oy vey.
Are you saying there is no correlation there?
You're joking? I can guarantee that earth's finite resources are not depleted when you pay for gold or my fine whores. Or milk, or stocks, or other currencies, or art, or digital goods or pretty much anything short of commodities which you intend to destroy.
48.
Post 2708054 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.10h):
Right..... because buying gold does not increase gold prices, thereby making gold mining more profitable, there increasing the amount of gold being mined, thereby consuming oil, extracting gold from the earth and doing cyanide leaching and shit. Oy vey indeed.
PS: I like gold as a monetary asset, but I would prefer it if there was no below-ground stock.
The gold i'm selling is 100% guaranteed to be stolen from senile octogenarians, never mined! Btw, you're theoretically right -- as long as the process of buying involves any amount of energy, be it as insignificant as a gesture to an auction spotter, spending does deplete finite resources by contributing toward entropy. But i like how far you've reached too.
49.
Post 2708981 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.10h):
If it wasn't for days like yesterday on MtGox, i'd have to dig deeper for proof of the opposite.
But, in all seriousness, while the rich have a definite edge in finance [
], the advantage only grows with deflationary currency [textbook stuff here]. BTW, my question was much shallower & simpler: If wealth tends to disperse in Bitcoin economy, and I'm looking to get rich (be a node of wealth concentration), it seems to follow that backing Bitcoin is not in my best interest. I think.
Here's where the rich have the edge: You put $10 in your wallet tonight, in the morning, it's worth $9 cause the government has printed up a bunch of cash and given it to their rich banker friends. Bitcoin works against that.
I dunno. I'm sure folks who bought @266 would find some fault with your logic. People nitpick like crazy, don't see *the bigger picture* like us
50.
Post 2709018 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.10h):
Or milk,
You know where milk comes from, right? You know what those animals are fed, right? You know how much oil is used to support the growth of those crops, right? Then you know how all that stuff is moved around, right?
It's cool, bro. I feed my cows all-natural, organically grown & insecticide & gen-patent free free range grass. That & bone meal, made from their mamma cows. Corn feed is for sissies.
51.
Post 2709027 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.10h):
Or milk,
You know where milk comes from, right? You know what those animals are fed, right? You know how much oil is used to support the growth of those crops, right? Then you know how all that stuff is moved around, right?
You're providing a lot of hints here. From your line of questioning alone, I'm able to deduce that;
Milk comes from those animals.
Those animals are fed those crops.
A quantity of oil large and small enough to be moved around is used to support the growth of those crops.
I know how all that stuff is moved around.... right?
Edit: Ah! I think I figured it out. Milk is actually just oil that has been refined with what seems to be an incredibly inefficient process. Thanks!
Edit2: "Those animals" are simply prepubescent oil, not ready for pumping.
52.
Post 2715117 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.10h):
The astrology part has been really interesting and mostly spot on for a few months now.
And summer isn't over yet.
Same to me, it's very, very interesting. I noted Otoh's post about a glitch about to occur, right before the pirate collapse in 2012. I've been at least paying more attention to this esotericism
I pulled this off of tradingview via nobulert. Very interesting with moon cycles and BTC.
Would be more mesmerizing if the bubble peak wasn't on the new moon
53.
Post 2715210 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.10h):
He still owes people money for that cuz he bet it'll hit 120 before 100.
Never bet with a guy whose avatar is a creepy Hitchcock flick, and whose name i always misread as Abadon
/joking/
54.
Post 2722138 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.10h):
...
Try to think of Mrs Market as a woman and treat her the way she deserves. She will reward you for ability to read her mind.
55.
Post 2724313 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.10h):
Aaand it's gone...
56.
Post 2750322 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
...So many chickens without heads running around.
The best way to deal with that is to simply wait -- they settle down eventually
57.
Post 2754587 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
The 10k dump was just a memo from Gox: "Buying BTC to pull out your Gox dollars? NO!!"
58.
Post 2755698 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
We could use a bigger ChartBuddy, couldn't we? Clicking on it every time its a pain, its much better when you can have the picture of the book at first glance.
The ones hating it can just ignore it.
+1 I have him on ignore & click "unignore" whenever i want him to weigh in. Now it takes two extra clicks & much mouse-dragging.
59.
Post 2761416 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
...
To see the truth in the false
The craving for experience is the beginning of illusion. As you now realize, your visions were but the projections of your background, of your conditioning, and it is these projections that you have experienced. Surely this is not meditation. The beginning of meditation is the understanding of the background, of the self, and without this understanding, what is called meditation, however pleasurable or painful, is merely a form of self-hypnosis. You have practised self-control, mastered thought, and concentrated on the furthering of experience. This is a self-centred occupation, it is not meditation; and to perceive that it is not meditation is the beginning of meditation. To see the truth in the false sets the mind free from the false. Freedom from the false does not come about through the desire to achieve it; it comes when the mind is no longer concerned with success with the attainment of an end. There must be the cessation of all search, and only then is there a possibility of the coming into being of that which is nameless.
Stuff like that always reminds me of a line from Hitchhiker's Guide to the Galaxy: "Learning to fly is easy. The knack lies in learning how to throw yourself at the ground and miss."
60.
Post 2770035 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
Sorry for OT, but since not much is going on:
These folks (Virtual Mining, running a banner ad on this forum) are selling preorders for...
Numbers like that make me feel so mature
61.
Post 2770053 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
huhwhuut? lmao. preorders for what?
It's a badass miner!
62.
Post 2770709 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
...they are buying BTC to transfer and sell ... they still want dollars, they just want to get them out of the country as soon as possible without using suitcases.
...
Thanks
love it.
63.
Post 2772457 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
...It's about having good money. And by good I mean: scarce, easily transferrable, fungible, easily auditable, accessible to anyone, ownable (deny access to others). Once you have that the economy (= the people) will thrive and prosper because the market can do its thing without money injections bloating it up in various places and distorting price signals.
I just wonder if the market can *still* do its thing without "monetary injections." It hasn't lived a"natural" lifestyle for so long, shooting meth to wake up, dope to get through the day & horse tranqs to fall asleep -- i doubt it could get clean without barfing all over the place, throwing temper tantrums & cleaning out my wallet for "just one more fix." What if the best we could look forward to is a series of methadone clinics, AA meetings & ugly relapses? "If you gonna be like this, might as well get back on the stuff, Lee."
64.
Post 2772718 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
...It's about having good money. And by good I mean: scarce, easily transferrable, fungible, easily auditable, accessible to anyone, ownable (deny access to others). Once you have that the economy (= the people) will thrive and prosper because the market can do its thing without money injections bloating it up in various places and distorting price signals.
I just wonder if the market can *still* do its thing without "monetary injections." It hasn't lived a"natural" lifestyle for so long, shooting meth to wake up, dope to get through the day & horse tranqs to fall asleep -- i doubt it could get clean without barfing all over the place, throwing temper tantrums & cleaning out my wallet for "just one more fix." What if the best we could look forward to is a series of methadone clinics, AA meetings & ugly relapses? "If you gonna be like this, might as well get back on the stuff, Lee."
The economy is a swarm of entities. You can talk about it like it was one organism, which is true to an extent, but on the other hand if parts of that swarm fail, it doesn't mean the whole thing dies.
If you use the swarm ro model economy, i suppose you're right, though the swarm doesn't begin to imply the interconnectedness of real economy. More like a complex ecosystem, taking millennia to emerge & something as inconsequential as a breeding pair of ship's rats to destroy. Oh, the rats die off too once the snacks are gone
Parts of the economy will die a horrible death and/or suffer severe withdrawal symptoms. Guess which parts: the ineffective ones that had been regularly injected before. The party will be over for those guys, their confidence dwindling and being replaced by suicidal wishes and hate. Some will come around, though.
Possibly. Most likely not, though. "Artificial" [quotes intentional] economy was needed to support "artificial" everything -- population, for one. There's plenty of talk about unsustainability of economy predicated on exponential growth, but that's the required *minimum* to keep up with exponential population growth. I'm sticking with the junky model.
Other parts of the economy that had previously been suppressed and kept from fair market access are going to thrive and steal the show of the fake boys on coke in their unreasonably big cars.
Which parts are you thinking of?
The cancer will die off.
If it's cancer, it metastasized a long time ago -- chemo will kill the patient
65.
Post 2772795 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
Protect yourself and hold as little fiat as you can safely get away with.
This ^^
If not Bitcoin then anything inflation proof will do as a way to store money, even things like collecting antiques
I'm not entirely sure how Bitcoin will help in that post-apocalyptic world. And as far as doomed economy? Sure, but when? I mean, i'm not quitting smoking anyhow.
66.
Post 2773077 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
... Bringing back all those triliions of offshore dollars and DIRECTLY buying countries rather than just buying political influence. All the while being viewed as 'saviours' by the sheeple.
It is possible. The corporate endgame ...
...
I wonder if the "directly" part is necessary or even desirable for them. Why get dirty when there's no need? Why install sockpuppets when you can control the real thing?
67.
Post 2773113 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
I fail to see the chicken connection.
So you are living in a vegan community? Do you grow Hemp or Lupines?
Do I really have to explain how an economy works? You don't need to produce anything yourself. Furthermore, chickens are non-mandatory in a diet. I don't eat chicken often but prefer fish, beef and pork.
Do you understand the causal relationship between urbanization and institutional violence?
I'm going to cut off this discussion because you make zero sense and frankly it's completely off topic.
He might be asking you to fill in too many blanks, but it's far from nonsense. Besides, >no volume at all<
68.
Post 2773443 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
...but I still fail to see how bureaucratic system necessarily follows from an increase in urbanization.
Need of coherent infrastructure? It's not obvious?
69.
Post 2773517 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
We could have government, laws and taxes in bitcoin world also. Governments just would be for people not for kings (banksters). If you choose to live here, you will do it by law or otherwise you can move elsewhere. Governments (or countries) would be in more equal position to one another if there would not be kings who globally dictate all governments below them.
EDIT. To make myself more clear, it's about power (money) and how power is divided to people. In this system groups that have power have become too small and in this system this power just keep on rising. This is the biggest bubble in the world which is about to explode with the help of bitcoin.
Is this a variant of the 1% controlling 40% of the wealth argument? In that case, money = money. After the initial reshuffling of the deck, the same disparities will begin to emerge if the rules of the game don't change. Bitcoin already has its millionaires & paupers, and even in this microcosm the spread between the haves & have nots is pretty big.
70.
Post 2773541 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
...but I still fail to see how bureaucratic system necessarily follows from an increase in urbanization.
Need of coherent infrastructure? It's not obvious?
In order to fly you need an airplane. Isn't that obvious?
I guess i'm assuming you'll extrapolate along conventional lines. Are you saying that coherent infrastructure emerges without any guidance, or guided only by "invisible hand"? If everyone just starts building, we don't need any plans or leaders, that sort of thing?
Edit: There are many ways to fly -- jumping off bridges, being shot out of cannons or slingshots, making yourself a tail of a giant kite or stepping on a landmine -- is that your point?
71.
Post 2773586 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
...
Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.
You don't think there were tycoons & beggars with gold standard? We had the silly thing in US 'til the seventies! As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint: when you borrow a million dollars from a bank, do you take it home in a trunk?)
72.
Post 2773992 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
...
Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.
You don't think there were tycoons & beggars with gold standard? We had the silly thing in US 'til the seventies! As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint: when you borrow a million dollars from a bank, do you take it home in a trunk?)
It was 1971 when Nixon separated gold from USD.
What point are you trying to make?
Edit: People are easily impressed when numbers are big, charts are red & exponential, and scary words like "debt" & "inflation" are brought into play. Please understand that when a dollar buys 1/100th as much & your income is x100 bigger, those numbers imply one thing only: invest, don't hoard. Everything else stays the same, unless you fixate on numbers. As far as national debt? How does it affect you directly?
73.
Post 2774051 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
...
Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.
You don't think there were tycoons & beggars with gold standard? We had the silly thing in US 'til the seventies! As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint: when you borrow a million dollars from a bank, do you take it home in a trunk?)
It was 1971 when Nixon separated gold from USD.
What point are you trying to make?
That it's not fair that if job costs you too much you can simple print more money to buy it. That's what kings are doing today. If people don't do what they want, they simple pay more (with printed money). Economy can't work like that. It was a scheme to separate USD from gold, to trick people to slavery for the kings.
Economy not only can, but does work that way. As others have already pointed out, gold standard has nothing to do with ability to rack up debt. Further, please explain to me why it is awful for US to have its current national debt -- as a mental exercise. What would happen if it continued to climb? Expand.
74.
Post 2774059 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
75.
Post 2774101 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
...
Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.
You don't think there were tycoons & beggars with gold standard? We had the silly thing in US 'til the seventies! As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint: when you borrow a million dollars from a bank, do you take it home in a trunk?)
The trick you will have to solve in order to have this paragraph make sense, is how to get someone to accept a fractionally reserve borrowed "~bitcoin" as payment.
I have x bitcoins. I issue you & 10 other people letters of credit for x/9. Magic.
76.
Post 2774244 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
...
Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.
You don't think there were tycoons & beggars with gold standard? We had the silly thing in US 'til the seventies! As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint: when you borrow a million dollars from a bank, do you take it home in a trunk?)
The trick you will have to solve in order to have this paragraph make sense, is how to get someone to accept a fractionally reserve borrowed "~bitcoin" as payment.
I have x bitcoins. I issue you & 10 other people letters of credit for x/9. Magic.
OK, next you are going to have to solve the problem of how to get someone to accept a letter of credit for Bitcoin. Or in other words, the same thing I wrote in the last challenge to this scheme. You've done no magic yet. It is ~bitcoin, or !bitcoin if you prefer... Who accepts it?
The same person who accepts anything more interesting than a pawnshop/payday loan. Unless you're used to asking for your loans in used, nonsequential twenties, you're familiar with one piece of paper representing another.
Edit: Think "line of credit." If it seems inconceivable to you, figure out how the fractional reserve system come into being -- there's no need to "print" all the monyz you lend
Edit2 (tangent): I will also issue Crumblets, paper promissory notes denominated in bitcoins. As tangible currency, requiring no internet access or gizmos, this folding money will become more popular than Bitcoin itself.
77.
Post 2774489 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
...
It was 1971 when Nixon separated gold from USD.
Still unsure what you meant to say with your chart, but actually looked at the numbers for the first time. You sneak! 1900 to 20
20? Really? Who's doin' all the prognosticating? "Reliable Source"?
78.
Post 2775495 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
...
Fractional reserve is a confidence game. Why else do banks build such impressive structures? They want your confidence. I'm not saying it can't be done, or even that you can't do it. If it will work anywhere, it will probably work in a high-trust society like USA.
Are you saying that my Bitcoin fractional reserve lending is no better than the fiat lending we know & love? I agree. All i wanted to show is fractional reserve lending could be done without inflationary currency -- what did you think i was trying to prove?
79.
Post 2775572 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
Somebody used the word "dither" to describe what the chart's doing now, and now i can't think of anything else when i look at it.
80.
Post 2782903 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
Oh please!
81.
Post 2787470 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
How does this happen? Edit: check the numbers
82.
Post 2787507 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
How does this happen? Edit: check the numbers
someone placing a sell order at a price lower then the last order that went through, I would guess
Wouldn't the sell # reflect that?
83.
Post 2787687 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
You arent making sense.
Someone market ordered to 96.
Someone else placed an ask shortly after for 95.5
No other orders had taken place.
Lowest ask: 95.5
Current price: 96
Very simple.
Thanks. & @phoenix1. I'm not thinking.
84.
Post 2787862 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
I think it's for effect.
If you have 1k in coins, you really need fiat bad enough that you will dump them on Bitstamp at up to $10 lower than you can get them elsewhere? Doesn't ring true to me.
Could be.
But my premise is not about 'needing fiat bad enough' it is about the value of a Gox IOU vs $'s at Bitstamp. The Gox $ IOU's appear to be becoming worth less (notice the space for the moment)
The major buys on Gox do not line up with the major sells on Stamp. Your theory holds no water.
If you were interested in doing what phoenix1 describes, would you want to make it transparent & obvious?
85.
Post 2788776 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
FOR IMMEDIATE RELEASEhttps://www.sec.gov/servlet/Satellite/News/PressRelease/Detail/PressRelease/1370539730583FOR IMMEDIATE RELEASE
2013-132 Washington D.C., July 23, 2013 — The Securities and Exchange Commission today charged a Texas man and his company with defrauding investors in a Ponzi scheme involving Bitcoin, a virtual currency traded on online exchanges for conventional currencies like the U.S. dollar or used to purchase goods or services online.
The SEC alleges that Trendon T. Shavers, who is the founder and operator of Bitcoin Savings and Trust (BTCST),...
Made my *week*
86.
Post 2790513 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
LOL@everyone moving coins to Bitsamp. Keeping money on any exchange not registered, or seeking registration, with Fincen is idiotic at this point. Any business intentionally or knowingly offering services to US citizens is subject to laws there.
Only if the business itself is in the US because US laws do not apply anywhere outside the US.
What do you mean by "business itself is in US"? What part of US was Liberty Reserve in?
87.
Post 2790734 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.11h):
What do you mean by "business itself is in US"? What part of US was Liberty Reserve in?
Proably the US did something illegal. The USA has no jurisdiction outside of its own territory and US laws only apply within its own borders.
LOL, try telling that to Viktor Bout
A Russian who was entrapped by the FBI in Thailand and suddenly he finds himself in prison in the USA.
http://en.wikipedia.org/wiki/Viktor_Bout http://www.victorbout.com/Currently doing 25 years in NY.
+1
The point is, US makes shit happen given enough interest. Good to have contingency plans.
88.
Post 2820013 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.12h):
This time fo shoo!
89.
Post 2820136 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.12h):
Sneaky whales
90.
Post 2879082 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.12h):
4 minutes, well here we go Six minute.
91.
Post 2886150 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.12h):
92.
Post 2886221 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.12h):
Volume is starting to scare me. 10kish is ok for a weekend day, but mid-week...
During the peak in mid-April, weren't we around 200k-500kish any given day?
I blame it on the bots. Dont know what they are doing, but it has to be them. They are the only things holding us back from massive volume and $10,000 btc.
My uneducated & uninformed guess is there isn't much to do on an exchange when it's a pain getting the $$$ out.
93.
Post 2886259 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.12h):
Volume is starting to scare me. 10kish is ok for a weekend day, but mid-week...
During the peak in mid-April, weren't we around 200k-500kish any given day?
I blame it on the bots. Dont know what they are doing, but it has to be them. They are the only things holding us back from massive volume and $10,000 btc.
My uneducated & uninformed guess is there isn't much to do on an exchange when it's a pain getting the $$$ out.
Or in, apparently.
94.
Post 3031236 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.14h):
...
No good. You will need a degree in extispicy to unravel his computations
Learn somethin' new every day. (right click->search->doh!:))
95.
Post 3043299 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.14h):
Lawdy
96.
Post 3043327 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.14h):
BTW, our friends removed the walls on 125/127. Maybe this is the last of their cash. Sure are desperate to get BTC...
Where are you seeing this? Clark Moody is useless right now. Bitcoinity still shows them. What site is actually functioning properly during this?
97.
Post 3043874 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.14h):
i'm betting we hit 120 before we hit 150. I've been consistently wrong thus far.
Knowing that doesn't help -- if i change my bet, that would be wrong too.
Let's see what happens when *others* use my inevitably -wrong prognostications
98.
Post 3051973 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.14h):
They aren't wasted because you get Bitcoins for them.
Nope, that's just a neat way of distributing the currency.
It's neat, but not efficient. A miner is left on as long as the bitcoins it produces are worth more than the power cost of producing them. In other words, in a (plausible) worst-case scenario, each bitcoin mined will cost just a fraction below the power burned to mine it. If the FED was working on that kind of margin, people might be even moar pissed
99.
Post 3052042 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.14h):
They aren't wasted because you get Bitcoins for them.
Nope, that's just a neat way of distributing the currency.
It's neat, but not efficient. A miner is left on as long as the bitcoins it produces are worth more than the power cost of producing them. In other words, in a (plausible) worst-case scenario, each bitcoin mined will cost just a fraction below the power burned to mine it. If the FED was working on that kind of margin, people might be even moar pissed
All bills $50 and below cost more to print than their face value.
Wow, didn't know that. A link?
Edit:
"... Details on the procedure are not in the public domain for obvious reasons. However, the
estimated cost of one dollar bill has been placed at around 8 to 9 cents per dollar bill." -- not authoritative, but unless you have some better sauce, i'm going with that.
100.
Post 3052239 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.14h):
They aren't wasted because you get Bitcoins for them.
Nope, that's just a neat way of distributing the currency.
It's neat, but not efficient. A miner is left on as long as the bitcoins it produces are worth more than the power cost of producing them. In other words, in a (plausible) worst-case scenario, each bitcoin mined will cost just a fraction below the power burned to mine it. If the FED was working on that kind of margin, people might be even moar pissed
My point was that the Bitcoin network's main purpose is not creating/distributing bitcoins.
My point is regardless of intended purpose, miners are mining for profit. That's why millions of dollars are being spent on developing ASICs which will burn trillions of KWs of energy -- or the total value of bitcoins they produce, whichever's greater
Intent is only important to Baby Jesus.
101.
Post 3052244 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.14h):
They aren't wasted because you get Bitcoins for them.
Nope, that's just a neat way of distributing the currency.
It's neat, but not efficient. A miner is left on as long as the bitcoins it produces are worth more than the power cost of producing them. In other words, in a (plausible) worst-case scenario, each bitcoin mined will cost just a fraction below the power burned to mine it. If the FED was working on that kind of margin, people might be even moar pissed
All bills $50 and below cost more to print than their face value.
Wow, didn't know that. A link?
Edit: "Answer
The printing and reproduction of the dollar bill is a task that is reserved for the US government. Details on the procedure are not in the public domain for obvious reasons. However, the estimated cost of one dollar bill has been placed at around 8 to 9 cents per dollar bill." -- not authoritative, but unless you have some better sauce, i'm going with that.
You aren't counting the fact that they have to re-print the bill every period of time. I was looking for a source until I found this:
http://advancedriskology.com/the-day-i-bought-15000/. Then I had a really good time and figured I'd find a source later.
I'm certain that they haven't considered the cost from when the cotton seed is placed in soil, nor for what that soil could otherwise be used.
I'm certain they haven't considered the cost of creating the universe which contains the sun which makes the seeds grow either, what's your point?
Edit: When you buy a book, presume all the costs are covered, including the cost of growing the tree that makes the paper that the bookbinder uses to make the book.
102.
Post 3052293 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.14h):
...
Actually they sort of have. These costs are factored into the cost of the material from which the bill is made.
And, of course, we're talking dollar bills -- the cost of printing fives, tens & twenties doesn't go up proportionately. Perhaps we could petition the FED to make money last *loo0nger* -- that'll save us money
103.
Post 3052369 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.14h):
They aren't wasted because you get Bitcoins for them.
Nope, that's just a neat way of distributing the currency.
It's neat, but not efficient. A miner is left on as long as the bitcoins it produces are worth more than the power cost of producing them. In other words, in a (plausible) worst-case scenario, each bitcoin mined will cost just a fraction below the power burned to mine it. If the FED was working on that kind of margin, people might be even moar pissed
My point was that the Bitcoin network's main purpose is not creating/distributing bitcoins.
My point is regardless of intended purpose, miners are mining for profit. That's why millions of dollars are being spent on developing ASICs which will burn trillions of KWs of energy -- or the total value of bitcoins they produce, whichever's greater
Intent is only important to Baby Jesus.
The original conversation was about wasted resources. The poster "Kazu" suggested that the resources are not wasted because bitcoins are created in the process.
The resources are not wasted because they power a network which allows anyone, anywhere in the world, to transfer value to anyone, anywhere in the world, without requiring permission from a third party. It also allows individuals to store value without risk of seizure. The more resources the honest nodes employ, the more resources the dishonest nodes will require to attack the network. Since I value the properties of the network, I do not consider those resources employed by the honest nodes to be wasted.
None of this has anything to do with coin creation and distribution, nor those who profit from it.
I didn't realize we were quibbling over semantics. Nothing is wasted if someone derives something from it, even when the derived value is the simple joy of knowing how much you have wasted.
If the convenience of sending a dollar around the world is worth a hundred dollars of burnt electricity to you, who am i to argue? Value is subjective, you're correct.
104.
Post 3052414 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.14h):
It looks like
my prognostication is going to fail again. Consider using me as the oracle that is consistently wrong.
105.
Post 3053007 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.14h):
...
Hm, well its Verizon 4G and regular time warner internet, which both function fine on all websites.. except Bitcoinity, Clarkmoody, Bitcoinwisdom, bitcointalk, blockchained.com, trading.i286
weird. Im ready to go into panic mode but I have to be at my computer to do so lol.
Fine for me (east coast) -- even clarkmoody.
106.
Post 3053186 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.14h):
If you check the timing
of this, you'll see that's when the price started creeping down. Coincidence?
107.
Post 3093886 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.15h):
I'm one of the "select few" and I'll tell you. With the help of Sherlock Holmes, we've assembled a crack team who can break substitution cyphers in a matter of days, sometimes hours!
Think twice before encrypting your critical data with your secret decoder ring.
I really can't tell if you guys actually believe the FUD you are posting or if you are legitimately confused about how encryption, and more specifically, bitcoin work.
Anything that relies on AES encryption is compromised. Don't give me "yea but 256 takes so much longer to brute force than 128 bit" blah blah. If the US Gov has an unprecedented method to speed up brute force of 128 bit, they can surely use it on 256 bit.
*edit* re encrypting wallets ^
You kids have to start thinking outside the box. Me & my cryptobuddies at NSA have been cracking SHA256 way before it hit mainstream.
Mechanically
108.
Post 3097606 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.15h):
About
here, on the 30th, i have predicted that we'll hit 120 before we hit 150, with a warning that my predictions are always wrong.
Here, we were a few bucks away from 150, and i pointed out that it looks like i'm wrong again.
Let's see if this wrongness streak keeps up
109.
Post 3097777 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.15h):
About
here, on the 30th, i have predicted that we'll hit 120 before we hit 150, with a warning that my predictions are always wrong.
Here, we were a few bucks away from 150, and i pointed out that it looks like i'm wrong again.
Let's see if this wrongness streak keeps up
I'ts a trap, don't not listen to crumbs!
If i'm consistently wrong, my predictions are useless to me (if i act on the opposite of what i predicted, that would effectively change my prediction and *also* be wrong). but you can use me as the-oracle-who's-always-wrong, and just put a tilde in front of everything i say. Profit.
Edit: I just want to see if documenting my ever-awful predictions changes the outcome, too...
110.
Post 3100059 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.15h):
wow. i cant tell if the dog is simply sniffing the elephant's ass, or if the elephant is enjoying the dog putting his nose in strange places.
must be bullish.
Am I the only one that thinks it's a pony??
111.
Post 3100344 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.15h):
Hey! Did anyone realize, that chartbuddy is broken? [bearish news]
Not broken, haxored by NSA trying to root mah bitcoins
112.
Post 3793469 (copy this link) (by crumbs) (scraped on 2020-04-04_Sat_11.31h):
Weee
Anyone want to call it?
