317700+ entries in 2.375s
tiberiusiv: if you spent your bitcoins 3months ago on
a new television, you just paid 300% more for it then paying with fiat
tiberiusiv: jurov: nope in
a fixed monetary system the prices will never be cheaper then fiat.
tiberiusiv: we arent argueing, i was simply explaining its impossible for
a business that accepts BTC only to be viable against
a fiat competitor
tiberiusiv: and then they cannot cover their shorts, ie come up with the fiat to buy BTC at 10x the price to repay
a loan
tiberiusiv: which is
a statistical 0 when compared to the 100k+ BTC users
ThickAsThieves: i'm playing
a drinking game, every time tiberius quotes
a % with authority
Namworld: I tried lending and it burned. I tried buying/flipping/holding stocks and it's
a huge success. I tried options but I'm kind of failing at that.
tiberiusiv: suppose you want to purchase
a $1k laptop
Namworld: It's
a currency exchange CAD <-> BTC
Namworld: It's also
a Bitcoin derived income.
tiberiusiv: out of the tens of thousands of metal miners, not even
a handful are profitable
Namworld: Most of minings thing end up being
a losing proposition it seems.
tiberiusiv: you havent made
a profit until youve realized it.
tiberiusiv: so it will be
a natural tendancy even in bitcoin for 1% to have all the wealth
tiberiusiv: theres
a reason why its the same people making the $ over and over
tiberiusiv: trading is 0 sum, for someone to make money there has to be
a loser
tiberiusiv: yes and theres
a reason 99% of them lose
mjr_: especially if someone is running
a bot and market making
Bugpowder: So I placed
a set of bids at 45-50, and by bids at 30 and 35 that I no longer have funds for disappear from the order bood
mjr_: on
a buy order or sell?
mjr_: otc is
a good price signal i think
chmod755: on
a small exchange my money is more powerful!
mjr_: at least from
a depth perspective
mjr_: anyways, my point is that gox is probably
a horrible signal to listen to
chmod755: ya, but if it changes from like
a few tx per month
chmod755: i don't have
a bank account in the US tho
chmod755: ThickAsThieves, just make
a minimum on the bets
Bugpowder: ThickAsThieves: first mover advantage. S.DICE will never be beaten by
a clone either
ThickAsThieves: cant use bitcoincentral when they wasnt such
a premium in USD
ThickAsThieves: the irony is that lesser exchanges must match gox price to have
a fair chance of getting enough users to not rely on gox
Bugpowder: splnkr: This is just
a speculative pullback. Not related to WSJ
chmod755: ThickAsThieves, bitcoin central never had
a problem
mjr_: every user at gox gives
a positive externality
chmod755: ThickAsThieves, so what would happen if gox had
a huge security issue....
ThickAsThieves: gox is
a standard because
a standard was needed to let the market work better
mjr_: competing markets drive everyone to
a certain price set by the market
mjr_: no gas station would say $20
a gallon, when across the street it says $5
a gallon
chmod755: smickles, it's your choice to trust
a web service with your coins.....
tiberiusiv: so one guy thinks mtgox is
a gas station, another that mt gox trades occur on the blockchain and
a third who thinks gribble sets the price.
smickles: chmod755: at one point, i made
a full switch to bitfloor, then they got robbed
tiberiusiv: mjr mtgox doesnt make up
a big % of the blockchain transactions
chmod755: big news about cyprus....
a country with 300,000 citizens.... as
a EU citizen nothing has changed for me during the last 5 years
Bugpowder: tiberiusiv: I agree there has been
a move to bunds.
smickles: long story short, with the house i was trying to sell for btc, i ended up getting
a qualified renter who declined to use btc to pay rent
ThickAsThieves: in summary, gox influences price heavily, i have not heard
a sound argument otherwise
tiberiusiv: bugpowder: majority of russian funds were converted into german bonds over
a year ago.
smickles: tiberiusiv: i was trying to sell
a house when btc was at 2
smickles: my bot used the mtgox order book to
a given depth to determin spot
Bugpowder: I'm just annoyed that I had
a 100BTC buy order at 52.139 that didn't quite get hit on the dip
tiberiusiv: gox website could be
a blank page and it would make 0 difference
tiberiusiv:
a seller looks for the bid, and
a buyer looks for the ask
tiberiusiv: on
a street corner driving prices down
mod6: im using it as
a simple example dickweed
splnkr: not just
a specific type of asset
splnkr: my understanding of "market" is
a place where buyers and sellers can exchange
splnkr: tiberiusiv: this is
a semantic argument
splnkr: without
a liquid means of exchanging non-BTC funds among exchanges, i don't see how they're one market
tiberiusiv: they arent racing each other to
a bottom
mod6: there needs to be
a few more exchanges with just as much or more liquidity and volume which don't race eachother to "
a bottom" but just find
a happy stable price amongst themselfs
mod6: the OIX is simply getting to be
a better ave
mod6: still, what
a toolbox
mod6: and with UNIX, it's tried and true, open and tested. and loved by the best compsci people in the world for
a /reason/
mod6: We have
a world to conquer out there, and we don't want to end up like Unix.
mod6: this might be one of the more idiot posts in
a while
smickles: "electronic harmonic variance" sounds like shit spewed from
a powerband salesman
tiberiusiv: bitinstant has like
a 25% chance your transfer fails
kakobrekla: Coinbase uses MongoDB for their primary datastore for their web app, api requests, etc. Coinbase is
a decentralized, digital currency that is changing the world of payments.
MJR__: the price is
a function of the difficulty
MJR__: 10 million you still pay it off in
a month
MJR__: they are projecting that when you get it the difficulty will be
a lot higher
Bowjob: since, having >20k pre orders.. is
a nightmare
Bowjob: Actually, I had half
a mind to plot all of BFL's delays on
a chart
jurov: but the last comment "OKPAY should be refunded, too" may cause quite
a shitstorm
MJR__: even with that new difficulty jump an Avalon more than pays for itself in
a week
MJR__: wow going to be
a big jump...