Yo how do I get in this??????
I am so shock how this became so huge impressive
I am so shock how this became so huge impressive
Official CryptoCurrency Thread (Bitcoin, Litecoin, Ethereum & More)
- Thread starter irishfury
- Start date
Madvillain
Pro
Yall say Bitcoin is tumbling ............................................... then why is something like this happening??
..
newworldafro
DeeperThanRapBiggerThanHH
ok...if you say so .... I'm not up on Bitcoin like that ..but clearly currencies are in flux .... the petroyuan is out there looking like
... and then with digital currencies coming onboard its the Wild Wild West
Somebody just bought a 2013 Lamborghini with bit coin
How much do I need to start up
How much do I need to start up
I'm long on Bitcoin, but the bubble will eventually burst before people here should jump back in. I'd probably wait 'til it tanks because the pattern tells me it might. We're reaching the return to normal, mixed with the fear phase. It's becoming more mainstream and people want in to make a quick buck.
That fukking $2,500 I thought I was making didn't turn out. It's the Wild West out there right now and it's awful trying to get your money. Coinbase took 6 fukking days to deposit my coins.
I don't like the charts now, so I just sold the second I received them. Made about $600 and kept half a Bitcoin, which I used to purchase some Namecoins. I'm just going to day trade alt coins until my 30 days at Coinbase is up and I can instantly buy Bitcoins.
That fukking $2,500 I thought I was making didn't turn out. It's the Wild West out there right now and it's awful trying to get your money. Coinbase took 6 fukking days to deposit my coins.
I don't like the charts now, so I just sold the second I received them. Made about $600 and kept half a Bitcoin, which I used to purchase some Namecoins. I'm just going to day trade alt coins until my 30 days at Coinbase is up and I can instantly buy Bitcoins.
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Madvillain
Pro
Why Bitcoin Will Never Be a Currency—in 2 Charts
Bitcoin could be Paypal 2.0, but it will never be the dollar 2.0. Not when prices would have had to fall 98.5 percent the past year if they'd been set in terms of Bitcoin.
Matthew O'Brien Dec 15 2013, 9:17 AM ET
More
Reuters
Falling prices sound like a good thing, but they're not.
When prices fall, people put off buying things. And when people put off buying things, companies put off investing. And then the economy slumps—and keeps slumping. Even worse, people are stuck trying to pay back debts that don't fall with wages that do. So bankruptcies pile up, and so do bank losses. That makes people too scared to borrow, and banks too scared to lend, which only makes prices fall even more.
This self-perpetuating cycle of doom is what sunk the global economy in the 1930s, and what, to a lesser extent, has sunk Japan since the 1990s. And it's what has been sinking us since 2008, though this time central banks have at least kept prices from falling, just barely.
Now, it doesn't make much sense, but there's actually a currency designed to create these kind of economic calamities. A currency designed for deflation. That's Bitcoin, the virtual currency you can theoretically use to buy things online. See, there's a predetermined number of bitcoins that will only grow at a low rate until 2040—and then stop. This artificial scarcity means that the dollar value of a bitcoin should go up considerably. And it has. In just the last year, it's gone up something like 64 times. That's enough that "Bitcoin millionaires" are now a thing.
Of course, a stronger Bitcoin is just another way of saying that things cost less in terms of Bitcoin. In other words, there's Bitcoin deflation. Just how much? Well, as you can see below, Peter Coy calculates that prices would have had to fall 98.5 percent the past year if they had been set in terms of Bitcoin. As point of comparison, prices fell about 10 percent a year during the worst of the Great Depression.
But prices aren't set in terms of Bitcoin. They're set in terms of dollars. So it doesn't hurt the real economy when the price of Bitcoin goes up. People just go on living their lives, mostly unaware of the virtual currency. But it does hurt the Bitcoin economy, such as it is, when the price of Bitcoin goes up. Why would anyone use their bitcoins to buy things when those bitcoins might double in value in a day—or hour—or two?
They wouldn't. Researchers found that 64 percent of bitcoins are in accounts that have never been used. And the ones that are being used aren't being used more. You can see that in the chart below from Jason Kuznicki, which looks at the dollar value of all bitcoin transactions each day divided by the dollar value of all bitcoins each day. It's hard to see any pattern here—and that's the point. If people were using bitcoins more, this ratio would be going up. It's not.
Bitcoin won't work as a currency as long as it's so deflationary. Why spend bitcoins today when they might be worth much more tomorrow? The only reason would be to buy or do things online that you can't buy or do with dollars (or euros or yuan)—something illegal. Now, black markets can be big markets, especially when it comes to evading capital controls, but not so big that Bitcoin would ever become more than a niche "currency."
What Bitcoin really needs is a central bank to stabilize its value. When the demand for Bitcoin goes up, they need to print more to keep it from skyrocketing. That is, they need to decide whether they want Bitcoin to be a Ponzi scheme for techno-libertarians or an actual medium of exchange. See, the technology of Bitcoin really is revolutionary, but the currency of Bitcoin is holding it back. In other words, Bitcoin really could have use as a payments system if it had a stable value. But it doesn't, so it's just a dotcom stock. And one that could be co-opted by banks that take its technology and use it with dollars instead.
So who's the perfect person to run Bitcoin? It'd have to be someone with central banking experience. Someone who understands why deflation is a problem. And someone who thinks virtual currencies hold promise. Someone like ... Ben Bernanke.
http://www.theatlantic.com/business...-will-never-be-a-currency-in-2-charts/282364/
Bitcoin could be Paypal 2.0, but it will never be the dollar 2.0. Not when prices would have had to fall 98.5 percent the past year if they'd been set in terms of Bitcoin.
Matthew O'Brien Dec 15 2013, 9:17 AM ET
More
Reuters
Falling prices sound like a good thing, but they're not.
When prices fall, people put off buying things. And when people put off buying things, companies put off investing. And then the economy slumps—and keeps slumping. Even worse, people are stuck trying to pay back debts that don't fall with wages that do. So bankruptcies pile up, and so do bank losses. That makes people too scared to borrow, and banks too scared to lend, which only makes prices fall even more.
This self-perpetuating cycle of doom is what sunk the global economy in the 1930s, and what, to a lesser extent, has sunk Japan since the 1990s. And it's what has been sinking us since 2008, though this time central banks have at least kept prices from falling, just barely.
Now, it doesn't make much sense, but there's actually a currency designed to create these kind of economic calamities. A currency designed for deflation. That's Bitcoin, the virtual currency you can theoretically use to buy things online. See, there's a predetermined number of bitcoins that will only grow at a low rate until 2040—and then stop. This artificial scarcity means that the dollar value of a bitcoin should go up considerably. And it has. In just the last year, it's gone up something like 64 times. That's enough that "Bitcoin millionaires" are now a thing.
Of course, a stronger Bitcoin is just another way of saying that things cost less in terms of Bitcoin. In other words, there's Bitcoin deflation. Just how much? Well, as you can see below, Peter Coy calculates that prices would have had to fall 98.5 percent the past year if they had been set in terms of Bitcoin. As point of comparison, prices fell about 10 percent a year during the worst of the Great Depression.
But prices aren't set in terms of Bitcoin. They're set in terms of dollars. So it doesn't hurt the real economy when the price of Bitcoin goes up. People just go on living their lives, mostly unaware of the virtual currency. But it does hurt the Bitcoin economy, such as it is, when the price of Bitcoin goes up. Why would anyone use their bitcoins to buy things when those bitcoins might double in value in a day—or hour—or two?
They wouldn't. Researchers found that 64 percent of bitcoins are in accounts that have never been used. And the ones that are being used aren't being used more. You can see that in the chart below from Jason Kuznicki, which looks at the dollar value of all bitcoin transactions each day divided by the dollar value of all bitcoins each day. It's hard to see any pattern here—and that's the point. If people were using bitcoins more, this ratio would be going up. It's not.
Bitcoin won't work as a currency as long as it's so deflationary. Why spend bitcoins today when they might be worth much more tomorrow? The only reason would be to buy or do things online that you can't buy or do with dollars (or euros or yuan)—something illegal. Now, black markets can be big markets, especially when it comes to evading capital controls, but not so big that Bitcoin would ever become more than a niche "currency."
What Bitcoin really needs is a central bank to stabilize its value. When the demand for Bitcoin goes up, they need to print more to keep it from skyrocketing. That is, they need to decide whether they want Bitcoin to be a Ponzi scheme for techno-libertarians or an actual medium of exchange. See, the technology of Bitcoin really is revolutionary, but the currency of Bitcoin is holding it back. In other words, Bitcoin really could have use as a payments system if it had a stable value. But it doesn't, so it's just a dotcom stock. And one that could be co-opted by banks that take its technology and use it with dollars instead.
So who's the perfect person to run Bitcoin? It'd have to be someone with central banking experience. Someone who understands why deflation is a problem. And someone who thinks virtual currencies hold promise. Someone like ... Ben Bernanke.
http://www.theatlantic.com/business...-will-never-be-a-currency-in-2-charts/282364/
heisenburrr
Have Fun Staying Poor
Is this a troll article ?Why Bitcoin Will Never Be a Currency—in 2 Charts
Bitcoin could be Paypal 2.0, but it will never be the dollar 2.0. Not when prices would have had to fall 98.5 percent the past year if they'd been set in terms of Bitcoin.
Matthew O'Brien Dec 15 2013, 9:17 AM ET
More
Reuters
Falling prices sound like a good thing, but they're not.
When prices fall, people put off buying things. And when people put off buying things, companies put off investing. And then the economy slumps—and keeps slumping. Even worse, people are stuck trying to pay back debts that don't fall with wages that do. So bankruptcies pile up, and so do bank losses. That makes people too scared to borrow, and banks too scared to lend, which only makes prices fall even more.
This self-perpetuating cycle of doom is what sunk the global economy in the 1930s, and what, to a lesser extent, has sunk Japan since the 1990s. And it's what has been sinking us since 2008, though this time central banks have at least kept prices from falling, just barely.
Now, it doesn't make much sense, but there's actually a currency designed to create these kind of economic calamities. A currency designed for deflation. That's Bitcoin, the virtual currency you can theoretically use to buy things online. See, there's a predetermined number of bitcoins that will only grow at a low rate until 2040—and then stop. This artificial scarcity means that the dollar value of a bitcoin should go up considerably. And it has. In just the last year, it's gone up something like 64 times. That's enough that "Bitcoin millionaires" are now a thing.
Of course, a stronger Bitcoin is just another way of saying that things cost less in terms of Bitcoin. In other words, there's Bitcoin deflation. Just how much? Well, as you can see below, Peter Coy calculates that prices would have had to fall 98.5 percent the past year if they had been set in terms of Bitcoin. As point of comparison, prices fell about 10 percent a year during the worst of the Great Depression.
But prices aren't set in terms of Bitcoin. They're set in terms of dollars. So it doesn't hurt the real economy when the price of Bitcoin goes up. People just go on living their lives, mostly unaware of the virtual currency. But it does hurt the Bitcoin economy, such as it is, when the price of Bitcoin goes up. Why would anyone use their bitcoins to buy things when those bitcoins might double in value in a day—or hour—or two?
They wouldn't. Researchers found that 64 percent of bitcoins are in accounts that have never been used. And the ones that are being used aren't being used more. You can see that in the chart below from Jason Kuznicki, which looks at the dollar value of all bitcoin transactions each day divided by the dollar value of all bitcoins each day. It's hard to see any pattern here—and that's the point. If people were using bitcoins more, this ratio would be going up. It's not.
Bitcoin won't work as a currency as long as it's so deflationary. Why spend bitcoins today when they might be worth much more tomorrow? The only reason would be to buy or do things online that you can't buy or do with dollars (or euros or yuan)—something illegal. Now, black markets can be big markets, especially when it comes to evading capital controls, but not so big that Bitcoin would ever become more than a niche "currency."
What Bitcoin really needs is a central bank to stabilize its value. When the demand for Bitcoin goes up, they need to print more to keep it from skyrocketing. That is, they need to decide whether they want Bitcoin to be a Ponzi scheme for techno-libertarians or an actual medium of exchange. See, the technology of Bitcoin really is revolutionary, but the currency of Bitcoin is holding it back. In other words, Bitcoin really could have use as a payments system if it had a stable value. But it doesn't, so it's just a dotcom stock. And one that could be co-opted by banks that take its technology and use it with dollars instead.
So who's the perfect person to run Bitcoin? It'd have to be someone with central banking experience. Someone who understands why deflation is a problem. And someone who thinks virtual currencies hold promise. Someone like ... Ben Bernanke.
http://www.theatlantic.com/business...-will-never-be-a-currency-in-2-charts/282364/
The amount of stupidity and lazyness spewed by these journalist is unbelievable.
Ben Bernanke ?
Madvillain
Pro
Is this a troll article ?
The amount of stupidity and lazyness spewed by these journalist is unbelievable.
Ben Bernanke ?
I think the Bernanke thing was clearly a joke, but what are your gripes?
heisenburrr
Have Fun Staying Poor
the article writer is missing the whole point of Bitcoin and is clearly uneducated about his subject.
Maybe Bernanke was a joke, but this :
Is a sign that someone hasn't been doing his homeworks. That someone could even suggest such idiocy is beyond me. The whole reason for Bitcoin's existence is its decentralized aspect.
Then he puts together meaningless charts regarding the deflationary aspect of Bitcoin. Totally ignoring the fact that the whole concept is in its infancy and still in a price discovery phase.
Should we expect Bitcoin to go up 1000% every year so that it follows his most amusing Bitcoin Consumer Price index chart ?
If you can't see how shortsighted this article is, I can't help you.
Madvillain
Pro
But that's the problem with recognizing it as a legitimate currency, in his opinion. Same reason folks who wanna abolish our central bank/go to the gold standard just sound silly.
heisenburrr
Have Fun Staying Poor
no that's not the problem, that's his solution to problems that don't exist within Bitcoin.
once I read Ponzi scheme, the whole credibility of this article went to the bushes
Madvillain
Pro
I think the article has undertones as a larger critique of unregulated currency, and why it doesn't really have a place in today's world. Bitcoin's technology is awesome, but the Libertarian economic philosophy that drives it is deeply flawed.
heisenburrr
Have Fun Staying Poor
so tell me what are those valid critique cause clearly I seem to have missed them.
Deflation ? It is a valid concern (although this too can be argued) but the way he presents it using the current high volatility of Bitcoin is just misguided.
