Bitcoin discussion and news

[ExtraRefined]

There's a human translation of the Chinese statement on /r/bitcoin

http://www.reddit.com/r/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/

 

[camouflage]

Latest news on why bitcoin is coming down.
Camouflage, did you already know why?
http://dailysilverupdate.com/blog/2...arns-about-bitcoin-crashes-market-below-1000/

Well, I'm no longer associated with the ruling echelons of the Chinese Communist Party if that's what you mean.

Big price drop, something must have panicked the pidgeons, what could the matter be? Ah, an Official Announcement.

 

[Idaho]

Then there was the bank of America analyst saying that people should buy. Bitcoin is mental.

 

[t0bytoo]

Then there was the bank of America analyst saying that people should buy. Bitcoin is mental.

Here's a copy of the bank of america report.
https://s3.amazonaws.com/s3.documentcloud.org/documents/885843/banks-research-report-on-bitcoin.pdf

The writer seems to have a decent understanding of bitcoin.

 

[t0bytoo]

Why can't the FBI use the same techniques to follow BTC for the major drugs sellers on these sites?

Also, what do you speculators think about this?

I think the problem with this model is that the mean value is too small to be of much interest. i.e. Once we reach a low mean valuation the coins won't be worth much But then I'm a bitcoin optimist...

ETA Maybe that's the point... There's a lot of chatter about cashing out today.

 

[Idaho]

it looks like a bubble. It probably is a bubble. But there is a chance that it's not. That the curve we are seeing is just an adoption curve. Ten years ago, only nerds and weirdos bought things on the Internet. Now grannies do their supermarket shop online. An online presence 5 years ago was for porn stars and hipsters. Now how many people are on Facebook? The jump from fringe to mass market is getting shorter. The communication revolution has touched so much of our economic activity, yet the actual fabric of money has remained untouched.

Is bitcoin THE new money? Maybe not. Is it just a global ponzi/pyramid of epic proportions ? Maybe. But if there is a chance
that it is becomes something, and is used to cover 5% of all online transactions in 5 years time..

As a system it's years ahead of the others in terms of distribution and crash testing. It's been in the hands of grifters, sharks and scammers for 4 years and they haven't broken it.

 

[Crispy]

Are the Trade Volume bars in that chart graded in BTC or USD?

 

[Idaho]

The difference between it and other ponzi/pyramids is that it's been through 3 pump and dump cycles and each time has actually benefited from them. While people cash out or get burnt, the infrastructure remains for the next phase.

 

[Idaho]

Whoa... it's almost as much fun on the way down as the way up!

 

[Monkeygrinder's Organ]

Coin goes up...

 

[savoloysam]

Coin goes down...

www.rt.com/business/bitcoin-value-downfall-china-889/

 

[Idaho]

That's a fairly inaccurate article. The Chinese didn't really clamp down at all. It's was more of just the government waking up and noticing a fad and saying "yeah...er .. ok - but can the banks stay out of providing btc services at the moment".

 

[joustmaster]

Krusty the clown made a joke about losing money on the bitcoin market, in last nights episode of the simpsons.

 

[camouflage]

Krusty the clown made a joke about losing money on the bitcoin market, in last nights episode of the simpsons.

Woah...bitcoin has arrived. Im afraid, what if it really does go all dystopian now that Crusty has spoken.

 

[pocketscience]

Apple asks Gliph to remove the ability to send bitcoin despite allowing other ecommerce including PayPal and Square.
http://www.theguardian.com/technolo...itcoin-payments-on-secure-messaging-app-gliph

Coinbase itself, one of the two online wallets which Gliph uses to enable the Bitcoin payments, was also forced off the App Store in November, and Blockchain.info's wallet app was pulled from the App store in 2012.

Apple, which declined to comment on the issue, has been giving conflicting reasons to the developers of bitcoin apps. Blockchain were told that "the facilitation of trading of virtual currency is not appropriate for the App Store," a rule which has no counterpart in the company's ownApp Store guidelines.

They've probably just a=started developing their own virtual currency and in 5 years time they'll be telling everyone they invented it.

 

[Idaho]

Yep they have been working on it. Also they like to take a cut of payments that go through their stuff.

 

[Fez909]

Bitcoin is so 2013

 

[Belushi]

4 Chan

 

[Crispy]

It took them this long?

 

[pinkychukkles]

Sell! Sell! Sell!

Is there any definitive guide for transferring the blockchain over to a new computer that prevents the need to sync the whole goddamn thing again? I tried a few days ago and although when I first opened the program on the new machine it said 'reindexing blockchain' it then still proceeded to sync with the network and take the best part of 24hrs to complete. Perhaps I didn't copy over all the required files but I would've thought that if you can copy over the blockchain, it should basically be ready to go when you fire it up on the other computer?

 

[ddraig]

almost 50% down!
http://www.theguardian.com/technolo...-processors-digital-cryptocurrency?CMP=twt_gu

 

[DRINK?]

looks like the bitcoing ponzi is going down, quelle surprise

 

[not-bono-ever]

youse did dump them at over $1K yes ?

 

[Idaho]

looks like the bitcoing ponzi is going down, quelle surprise

It's going down, but it'll be back up again at some point.

 

[lt35]

I bought a coin a £380, might buy some more if it dips lower

eta: if you compare the mtgox charts gbp vs usd, the gbp one looks chopppier and the usd one goes on wilder trends. Interesting

 

[bi0boy]

youse did dump them at over $1K yes ?

I sold at $480


Since first buying at $140 I have bought and sold numerous times and overall made a loss of about 2%.

 

[Belushi]

 

[J Ed]

Hilarious reading about libertarians' personal wealth being wiped out

 

[beesonthewhatnow]

Hilarious reading about libertarians' personal wealth being wiped out

Link?

 

[J Ed]

Mostly on reddit on www.reddit.com/r/bitcoin