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0 confirmation transactions work fine! The risk of a double spend is extremely low for low value transactions. For high value ones, 6 confirms is vastly faster than a wire transfer, or ACH, or SEPA.
Getting tired of noobs thinking they know anything . . .
the noobs are numerous
we must be patient and teach them how things work in bitcoin land.
been mining since May 2011. not sure that would be considered a noob.
Yes bitcoin is way too slow for everyday transactions. But some people didn't notice because they don't use it, they stick it in a paper wallet under their bed and that's it.
I've thought this too, and then I thought what tHash thought. Will people really go through the hassle of trying to double-spend transactions worth a couple of dollars, or even hundreds? I have no idea how feasible that is; I assume none of the standard clients will allow it. (My own service works on 0 confirmations, but will revert the subscription if it doesn't get the confirmations. Should be a viable route for many services, I guess – but of course not all.)
I know this is off topic, but there's not much on-topic to say at the moment, is there? Except perhaps… do you think any of the people who sold at 1000–1200 have cashed out any considerable portion? Or is pretty much all the money still in the exchanges? I'm assuming the latter, in which case things could go
really fast after 1000 is broken, right?
That is another stumbling block for economists. Infation encourages people to spend or invest their currency as soon as possible, thus keeping the economy in motion. Deflation has the opposite effect, it encourages people to hoard the currency. If bitcoins increase in value, they will be hoarded, and therfore will be less used in trade, and therefore their usefulness will be limited, and therefore their value will collapse. How will this paradox get resolved?
This is of course a perfectly valid argument (and a common one), but what about:
1. Even if people hoard in order to further their wealth, they will still have to eventually buy something with their money, or the furthering of their wealth was all in vain (diving in a McDucky sea of physical bitcoin aside). So money will still be spent, except it can be spent when people
want to spend it, with no outside pressure.
2. If the value should start to collapse due to low usefulness due to hoarding, then the hoarders would get an incentive to stop hoarding, which would make it more useful again (giving the hoarders a new reason to hoard, and thus a new reason not to hoard, etc.). This will bring a little volatility (much less than today's), but I certainly see a case for an equilibrium.
Disclaimer: I am not an economist. I'm making guesses here (if that separates me from the economists).
Not trying to predict the price (I can't do that, so I don't trade). But for those who do: does it really matter at all that it's the weekend, this time? I mean, the point with the weekend is no fiat entering the exchanges, but this time there must have been a lot of fiat entering the exchanges during the last week, and most of it is still on the sidelines, along with the fiat from the selling daytraders. And all the traders know this, right?
https://i.imgflip.com/5z62v.jpgProbably this is why I don't day trade. Setting the charts to hours (or less) would put me into constant Fry mode.
Of course, I have nothing against day traders. But we might have a problem with pseudo-hodlers reading this thread and picking up "sentiments" that have absolutely nothing to do with long-term hodling.
$840 is a real wall if anyone cares. Feel free to sell into it. Thank you.
ya does feel like we are bottoming and getting ready for new highs.
If 798 gets confirmed my bottom is 766 - unfortunately i think we'll stay sometime in this range till a trigger/fundamentals
I have no idea which exchange people are referring to when they're throwing around 840s, 798s and 766s like this. Is it just me?
