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Author Topic: GODDAMNIT BITCOIN. STAHP.  (Read 4586 times)
r3VOLutionRefugee
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« on: April 10, 2014, 04:06:26 PM »

I know I have to expect some volatility, but fuck.  I never thought we would see the 380's again.  I know its probably going to bounce back / stablize / maybe take off, but its really getting difficult keeping the faith right now.

Just venting really.  Anybody else?
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Seth King
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« Reply #1 on: April 10, 2014, 04:26:24 PM »

Well, I'm still an optimist. I've said since the beginning that Bitcoin is going to have all sorts of hurdles and speedbumps to traverse until it reaches ubiquity. And that the early AND true believer will be greatly rewarded.

Times like these suck, but to be honest, if I lost faith in Bitcoin then I'd be forced to throw in the towel on freedom, too. Because without Bitcoin I wouldn't have any hope in a free and prosperous future for humanity.
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Agrarian_Agorist
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« Reply #2 on: April 10, 2014, 06:53:09 PM »

I don't think BitCoin is going to be what most individual people want it to be, because Wall Street is buying into it big time with Regulated Funds, like Second Market, Bitcoin Investment Trust, and Pantera Capital each with million upon millions of dollars to be dumped into Bitcoin.  While this should raise the US Dollar value of Bitcoin, however, the likely-hood that it will END THE FED like everybody wants it to becomes highly unlikely. 

High-Frequency Trading between different AltCoins will make using AltCoins for currency very unlikely.  The fact that these funds will just cash out, and sell their AltCoins so they could later buy them back cheaper and sell them high -due to the limited supply of BitCoins and LiteCoins and the amount of traders, this process will happen over and over again- will keep the price point of entry relatively high; and since most early adopters where so giddy to just spend BitCoin at Overstock and such, the only people really going to make money off of this will be the Bankers, the Creator(s), and those who were patient and held.

http://gigaom.com/2014/04/07/bitcoin-will-be-part-of-the-global-banking-order-says-circle-ceo/
http://www.coindesk.com/national-australia-bank-turns-back-bitcoin-closes-accounts/
http://www.reuters.com/article/2014/02/25/us-bitcoin-exchange-idUSBREA1O1RL20140225
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Montanarchist
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« Reply #3 on: April 11, 2014, 03:16:42 AM »

I don't think BitCoin is going to be what most individual people want it to be, because Wall Street is buying into it big time with Regulated Funds, like Second Market, Bitcoin Investment Trust, and Pantera Capital each with million upon millions of dollars to be dumped into Bitcoin.  While this should raise the US Dollar value of Bitcoin, however, the likely-hood that it will END THE FED like everybody wants it to becomes highly unlikely. 

High-Frequency Trading between different AltCoins will make using AltCoins for currency very unlikely.  The fact that these funds will just cash out, and sell their AltCoins so they could later buy them back cheaper and sell them high -due to the limited supply of BitCoins and LiteCoins and the amount of traders, this process will happen over and over again- will keep the price point of entry relatively high; and since most early adopters where so giddy to just spend BitCoin at Overstock and such, the only people really going to make money off of this will be the Bankers, the Creator(s), and those who were patient and held.

http://gigaom.com/2014/04/07/bitcoin-will-be-part-of-the-global-banking-order-says-circle-ceo/
http://www.coindesk.com/national-australia-bank-turns-back-bitcoin-closes-accounts/
http://www.reuters.com/article/2014/02/25/us-bitcoin-exchange-idUSBREA1O1RL20140225

I wonder why the Fed hasn't yet started bying bitcoin (unless they have) because acquiring a large amount would mean once mining ends they could use their vast government funding to shrink or expand the available supply. If they wanted they could by up a massive supply of Bitcoin and then flood the system with it devaluing it and causing financial strain for the "dissident" users.
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« Reply #4 on: April 11, 2014, 11:53:48 AM »

I wonder why the Fed hasn't yet started bying bitcoin (unless they have) because acquiring a large amount would mean once mining ends they could use their vast government funding to shrink or expand the available supply. If they wanted they could by up a massive supply of Bitcoin and then flood the system with it devaluing it and causing financial strain for the "dissident" users.

They already have a significant leg up on most of us with the seizure of the silk road bitcoins. 
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Montanarchist
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« Reply #5 on: April 11, 2014, 04:33:34 PM »

I wonder why the Fed hasn't yet started bying bitcoin (unless they have) because acquiring a large amount would mean once mining ends they could use their vast government funding to shrink or expand the available supply. If they wanted they could by up a massive supply of Bitcoin and then flood the system with it devaluing it and causing financial strain for the "dissident" users.

They already have a significant leg up on most of us with the seizure of the silk road bitcoins. 

Very true.
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"What is steel, compared to the hand that wields it!"
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"The more I see of what you call civilization, the more highly I think of what you call savagery!"
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r3VOLutionRefugee
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« Reply #6 on: April 15, 2014, 04:26:58 AM »

Well, I'm still an optimist. I've said since the beginning that Bitcoin is going to have all sorts of hurdles and speedbumps to traverse until it reaches ubiquity. And that the early AND true believer will be greatly rewarded.

Times like these suck, but to be honest, if I lost faith in Bitcoin then I'd be forced to throw in the towel on freedom, too. Because without Bitcoin I wouldn't have any hope in a free and prosperous future for humanity.

Aaaaaand its on the mend.  I knew I probably shouldn't have gotten too bent out of shape, but it was REALLY pushing low for awhile.  I'm guessing its going to be fine in the long run.
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Agrarian_Agorist
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« Reply #7 on: April 15, 2014, 10:49:07 AM »

Well, I'm still an optimist. I've said since the beginning that Bitcoin is going to have all sorts of hurdles and speedbumps to traverse until it reaches ubiquity. And that the early AND true believer will be greatly rewarded.

Times like these suck, but to be honest, if I lost faith in Bitcoin then I'd be forced to throw in the towel on freedom, too. Because without Bitcoin I wouldn't have any hope in a free and prosperous future for humanity.

Aaaaaand its on the mend.  I knew I probably shouldn't have gotten too bent out of shape, but it was REALLY pushing low for awhile.  I'm guessing its going to be fine in the long run.

I suppose it matters what your definition of "fine" is.  If you are only concerned with Bitcoin's relative value to the US Dollar than it will be ok for a while now that Wall Street is going to be dumping hundreds of millions of dollars into Regulated Funds.  However, if by "fine" you meant that Bitcoin would END THE FED as was the supposed original purposes, then the very fact that Wall Street is dumping hundreds of millions of dollars into Regulated Funds will place the Regulated Funds as the place to invest money and therefore destroy all but limited trade outside of the system; meaning only person to person transactions could ever be free. All companies who would decide to truly accept Bitcoins will be regulated ie controlled by governments, and therefore the Bitcoin economy will be ended. Also, don't forget that once High-Frequency Trading starts, the ability for Bitcoin or other virtual currencies -which are traded in this manner- to be used as currency will be severely diminished, due to the relative value changing rapidly.

Also, companies like Overstock are not actually accepting Bitcoin, so this already hampers Bitcoin's ability to END THE FED, because Overstock receives US Dollars, therefore keeping the FED right where it is.

There are two different Bitcoin proponents: 1) Who wants the relative value of Bitcoin -in comparison to the US dollar- to increase, and 2) Those who want Bitcoin to END THE FED, and central banking in general.  Most early adopters were of the second type, however, most have become of the first type as governments, bankers, and businesses have started to limit the ability -for Bitcoin and other virtual currencies- to end central banking via regulation, taxation, and intimidation.

So it depends on what your actual goals of Bitcoin are, to be able to determine if Bitcoin will be "fine."  If you wanted Bitcoin to be able to END THE FED and central banking, then it is quite clear that Bitcoin is not nor will not be "fine."
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« Reply #8 on: April 18, 2014, 11:13:30 AM »

Well, I'm still an optimist. I've said since the beginning that Bitcoin is going to have all sorts of hurdles and speedbumps to traverse until it reaches ubiquity. And that the early AND true believer will be greatly rewarded.

Times like these suck, but to be honest, if I lost faith in Bitcoin then I'd be forced to throw in the towel on freedom, too. Because without Bitcoin I wouldn't have any hope in a free and prosperous future for humanity.

Improvise adapt overcome.
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