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Bitcoin - The Future of Digital Currency
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Knightrous
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quote:
Originally posted by Spockie-Tech:
Price this morning = $52.. Smile

Next Stop, who knows.. I'm guessing $100 by the end of the year with what I hear is in the wind (not just speculation), but I admit thats just whistling in the dark.. Smile


$84 and rising Smile
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Post Wed Mar 27, 2013 4:53 pm 
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Spockie-Tech
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Yep.. Smile

OK, I revise..

$100 by the end of next week ! $1000 before the end of the year.

Watch the crying when it breaks $90-something, which point represents a $1-Billion market value.



Interesting times indeed.
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Post Thu Mar 28, 2013 11:16 am 
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Knightrous
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The question will be, when is the next big crash and will it really be a crash? Or will a bunch of people jump in and buy at cheap (like i did) and ride the next high to cash in Wink
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Post Thu Mar 28, 2013 11:57 am 
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Knightrous
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$100+
http://arstechnica.com/business/2013/04/bitcoin-value-triples-in-a-month-to-all-time-high-of-more-than-100/

One thing I'd like to know is if they will rescale the transaction fee on bitcoin transactions. I know in the bitcoin client that it's a default 0.01BTC / transaction, which by current value is $1/transaction. Although it does make it a bit more profitable if your a transactional processor Razz
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Post Tue Apr 02, 2013 9:50 am 
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Spockie-Tech
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You can set the client to pay whatever fee you like..

If youre not in a hurry, set it to 0, your transaction will still go through, just possibly a bit slower, since most "miners" would (I imagine) prioritize transactions with higher fees first.

When there arent any higher-fee-paid transactions in front of yours, then they will still work on hashing your transaction into the next block, since by doing so they get a spot in the block-reward payments.

In years to come as the block rewards drop off and transaction volumes increase, then paying a variable fee is a good idea to me, It means someone who isnt in a hurry can pay less than someone who wants their transactions confirmed in 10 minutes.

When will they change the *default* transaction fee if you dont edit it ? No idea, hang out on the developers channel and see. For now, set it to whatever you want in the options
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Post Wed Apr 03, 2013 1:57 pm 
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Knightrous
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Bit of a dive in the BTC again, but has recovered pretty quick.

http://arstechnica.com/business/2013/04/bitcoin-crashes-losing-nearly-half-of-its-value-in-six-hours/

Find this mysterious "Bitcoinbillionaire" some what interesting Razz
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Post Thu Apr 11, 2013 9:24 am 
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Yep, I was thinking the sudden meteroic rise to $250+ within a few weeks of touching $90 was getting a bit silly..

it was clearly being driven mainly by speculators hoping to buy up now and cash out later at the expense of latecomers, which is not the point of bitcoin at all.

I know, I wave the current coin/$ price around as well, but its intended to indicate the continuing growth of places that accept it and how useful it can/will be, not a "Look, I bought at $X and now I can sell them at $X+$Y and make a profit !". Look at the *logarithmic* curve of their price over time, and you will see its growing quite steadily. Linear curves misrepresent the true picture.

Im kind of glad to see if retrace back to the previous pre-hype levels which will hopefully be scaring off the make-a-quick-buck speculators again, although no doubt there will plenty of whingers who got caught up in the hype and end up paying for the ones that did cash out before the retrace.

Whats interesting is to see all the "see, we told you its not a real currrency!" reports that the mainstream media is now coming out with. What a pack of idiotic morons.. They just dont get it do they ? Bitcoin isnt intended to be a "trading instrument", or a make fiat-$ profit scheme.

Its a whole new digital uncontrolled "value transmission system" with no overlords to tell you what you can and cant do with your money.

In fact, I am slightly suspicious of the possibility that the recent surge/return may have been a deliberately induced blip by someone willing to drop (or make if they sold out at the right time) a million or three to try and discredit the system in the interest of scaring people away from it. I wouldnt put it past some of the big players at all, and with the present small size of the system, it wouldnt be hard for someo of the big fish to do.

A bit like many peope claimed to have found evidence that Microsoft was secretly funding (through several shell and investment companies) SCO's infamous legal IP attacks against Linux in an attempt to kill it with litigation so it wasnt a long term threat to their business. (and we all know how well *that* worked out for them, dont we?).

Like *any* currency in the world isnt subject to swings and inflation/deflation etc. Because Bitcoin is still fairly small (*only* a billion dollars), its easy for the big fish to push its price around all over the place with a mere million or two of manipulated buying and selling patterns, so theyre having fun suckering all the dumb day traders trying to milk $ out of the volatility.

Anyway, I did read a couple of positive reports amongst all the "we told you so !" twits at the moment.

Someone pointed out that in 1995, there were just a few geeks playing with this new thing called "The Internet" and raving about it while most of the population knew S.F.A. about it. 5 years later, it was seeping into mainstream conciousness, although many were still asking, "But, what *good* is it ?".. 10 years after that, and its now accepted as an indispensible business tool and most people cannot concieve of a life without it now.

Same with "Yuppie Phones" in the 80's/early 90's. Once the wanky toy of a few rich yuppies, now every teenager is usually on their 3rd phone before they even get their driving license.

Give Bitcoin 2, 5 or 10 years, and then see where its at. For mainstream analysts to be lol'ing at it now is just embarrasingly short sighted of them in my opinion.

The good news is, thanks to the Internet, their opinions will likely still be on record and come back to haunt them and show how closed minded they were in another 10 years Smile

In fact, Im so sure that its benefits will cause it to win out long term, that I'm willing put my money where my mouth is.

I will bet that, in just 1 year from now, Bitcoins will be over $250/coin over a rolling 1 month average figure (not peaks or troughs). If they are *not*, then whoever feels like betting against it, I will pay $250Au. If they *are*, you have to pay me *1* Bitcoin.

If anyone wants to take me up on this, payment must be made to the winner within 1 week of todays date (12April) in 2014. Any potential takers, you have until the 19th April 2013 to accept this bet, and you must publicly do so by posting here before then. Offer only available to people I personally know. (basically experienced Roboteers Wink )

Hows that for an offer ? If Im wrong, you get $250 of Aus fiat $. You can wait until Bitcoins are worth nothing (as detractors think they will be) to buy the 1 coin, and you will only have to spend a small amount of $ to cover the bet.. Bargain !

But if Im right, then you had better buy one now while theyre *only* ~$90 to cover the bet, or you might end up having to pay $250 (or *more*) to buy it later if they succeed in eventual mass adoption as I think they will.

So.. Is anyone willing to back up their opinion with cash ? and bet they wont continue to grow, despite the fluctuations as Speculators jump in and out ? Wink
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Post Fri Apr 12, 2013 8:03 pm 
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Knightrous
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Mining Bitcoins has stepped up to another level of crazy Smile

http://learn.adafruit.com/piminer-raspberry-pi-bitcoin-miner/initial-setup-and-assembly
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Post Mon Jun 24, 2013 11:24 am 
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Spockie-Tech
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Do I win my bet yet ? Wink

Current Price, - $535 USD$, $567 AUD$. Avg for November, ~$330

Last 6 months


Last 1 month



Just *18 months ago



Why ?
http://en.wikipedia.org/wiki/Quantitative_easing
http://en.wikipedia.org/wiki/Currency_War_of_200911
copy the URL, it doesnt like the -

"In August 2012, the Bank of England issued a report stating that its quantitative easing policies had benefited mainly the wealthy. For example, the report said that the QE program had boosted the value of stocks and bonds by 26%, or about $970 billion. About 40% of those gains went to the richest 5% of British households.[78][79]

Dhaval Joshi of BCA Research wrote that "QE cash ends up overwhelmingly in profits, thereby exacerbating already extreme income inequality and the consequent social tensions that arise from it".[79]

Economist Anthony Randazzo of the Reason Foundation wrote that QE "is fundamentally a regressive redistribution program that has been boosting wealth for those already engaged in the financial sector or those who already own homes, but passing little along to the rest of the economy. It is a primary driver of income inequality".[79]

In May 2013, Federal Reserve Bank of Dallas President Richard Fisher said that cheap money has made rich people richer, but has not done quite as much for working Americans.[80] Most of the financial assets in America are owned by the wealthiest 5% of Americans. According to Fed data, the top 5% own 60% of the nation's individually held financial assets. They own 82% of individually held stocks and over 90% of individually held bonds.[79]
Criticism by BRIC countries[edit]

BRIC countries have criticized the QE carried out by the central banks of developed nations. They share the argument that such actions amount to protectionism and competitive devaluation. As net exporters whose currencies are partially pegged to the dollar, they protest that QE causes inflation to rise in their countries and penalizes their industries.[81][82][83][84]"
"

The old story, The Rich get richer. Well, no more..


and recently, China has joined in, Theres a few billion more people who want access to the world markets without government interference.

Realtime Data
http://bitcoinity.org/markets/mtgox/AUD
http://fiatleak.com/


Im tipping ~$1000 within 3 - 6 months, possibly faster.

The world is finally freeing itself from the chokehold of the Central Bankers and Thieves who print a few billion every day, effectively stealing from *your pockets without you being able to do a thing about it.

http://www.forbes.com/sites/richardfinger/2013/09/20/the-federal-reserve-is-making-a-big-mistake/

There are farmers in Australia selling Beef direct for Bitcoins,
http://honestbeef.com/
Pubs in Sydney where you can buy a beer over the counter,
http://www.dailytelegraph.com.au/news/sydney-pub-first-to-accept-virtual-cash-bitcoins-as-payment-for-beer/story-fni0cx4q-1226729145313

and no end of places starting to take the only money that is free of those who own the printing presses.

https://www.spendbitcoins.com/places/

Wish you'd listened when I told you about them at $3each ?

But dont worry, they've got a *long way to go yet... I remember people saying "Gee, If only Id bought them at $10, I might have missed the boat at $30.. ! "

Who wouldnt like some $30 coins now ?

See you in the future Guys !
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Post Mon Nov 18, 2013 9:33 am 
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Knightrous
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Good to see it booming, but still a long way to go Smile
IMO, touting the whole "Should have bought them when they were $3 and now they are $500" isn't really promoting the use of bitcoins. It just says your interested in playing ponzy schemes or stock markets Wink

Good to see people are adopting it in every day life, I'm very interested to see how honest beef goes, it looks like a very useable service if it holds true. The more services that come to market like that, the better!

One thing I'm not a fan of with bitcoin is the fractionality of the whole numbers. Maybe it's a little OCD kicking in, but I'm more of a fan of buying things in whole numbers. I go to the service station and pay $55.39 cents for fuel, paying 0.103945 bitcoins is a bit painful. I guess it's kind of the reversal of currencies like the Yen where it's basically x10 for everything.

Since your the only highly versed bitcoin person on here, how does the bitcoin network deal with the loss of coins, say the 26000 coins ($27M) seized by the FBI when they sunk Dread Pirate Roberts and the Silk Road ?
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Post Mon Nov 18, 2013 1:19 pm 
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Spockie-Tech
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Id say its just starting to accelerate now. watch the next year for the major excitement Smile

As I said a post or so ago, touting the current price may seem like a speculative thing, but its not, Its really the only way to measure their *worth.. AT the Moment. Give it a few more years, and local currencies will be measured by how many bitcoins they are worth Smile


There are all sorts of services available these days. (You can hire me and pay with them if you like Smile ) what we need now is for someone to do a decent directory overlay on google maps or something of where you can spend them over time. be interesting to see it popping up.. Smile

Lost coins are lost coins. If no-one has the encryption keys for them, they are gone forever (some people have speculated that it might eventually be possible with enough crypto power to recover old lost coins, but its not likely any time soon with current crypto tech).

This has caused some people to go "but thats silly, if they do that, they will eventually all dissapear to accident ! - To which the answer is - So ? With their infinite divisibility, the whole world can run on 1 bitcoin if necessary.

There is no other way to do it, without opening up the problem with current money, which is who do you allow to create new coins ? Better to answer "No-one" and deal with the issues that brings up than the other way around. All this is addressed in the bitcoin myths page here - https://en.bitcoin.it/wiki/Myths#Lost_coins_can.27t_be_replaced_and_this_is_bad


As far as paying people 0.0004326 bitcoins, this has already been thought of too.. https://en.bitcoin.it/wiki/Satoshi - When bitcoins reach a reasonable level of mass-acceptance, 1 bitcoin will be worth so much, it will be something like "1 Bushel of Gold", and most people will dream of owning *1. Satoshis are intended to be the intermediate-term unit for trade. Bitcoin is the name of the system,

https://en.bitcoin.it/wiki/Satoshi

You could go the other way and buy a cup of coffee for $10-Trillion. Smile
http://www.ebay.com.au/sch/i.html?_trksid=p2050601.m570.l1313.TR0.TRC0.Xzimbabwe+trillion&_nkw=zimbabwe+trillion&_sacat=0&_from=R40
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Post Tue Nov 26, 2013 4:34 pm 
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seanet1310



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The massive unstable increases in price yet again show this is not a currency but instead a glorified stock. If a currency was this unstable compared to all major exchanges it would be ridiculed to no end. The problem is at the very core of the design and one some people consider a good thing.

Over the weekend the BBC broadcast a story on this, one of the guests was who they claimed was the founder of the worlds largest bitcoin exchange. I did not catch the name of his organisation but even he said based on the research his company had been doing only 5% of bitcoins were used as money and the rest are being used as an investment.

As others have said, if this is the future (and that is very questionable) it is highly unlikely we have stumbled on the perfect or best solution first time. I personally laugh every time I hear someone got their bitcoins stolen or they got ripped off. An infinete amount more protection if you bank with a registered and regulated entity and use visa or mastercard (still risks but o so very low in comparision)
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Post Tue Nov 26, 2013 6:19 pm 
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Spockie-Tech
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Laugh away, people always do at things they dont understand. Smile

Bitcoin may not be a "perfect "solution, few things are, but as I have said before, it is something *new, and it has many positive attributes that no other "Currency" in the history of the world has *ever had.

And you know what is common to *all of those other "Sensible Currencies" of the past , based on the same principles of todays curencies (Fiat)?
They have ALL *failed * and no longer exist. Usually within a few generations. Thats "Stable" is it ?

Bitcoins are new, and will take a few years to settle down to where the value fluctuations are minor percentage points, just like todays currencies. If you cant deal with that,, then use an existing service like BitPay who will immediately convert your received bitcoins into whatever local currency you prefer and the uncertainty is gone.

Of course, its only unstable if you look day-to-day. You *could look at it and say that on average,, it has done nothing but *increase in value, as its adoption grows, but that would require taking a long view instead of ridiculing it because you dont like it.

But hey, Electric Cars arent perfect yet.. so keep on driving your petrol car, wait until the electric guys get them better (which will happen much slower, if ever if everyone took that view), stick with what you know, The guys printing 3 billion dollars a day would love to be able to keep stealing from your pocket for as long as possible.

Your better solution is ?? Oh, you dont have one, you just know that this one isnt it huh ? Right, Enjoy.
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Last edited by Spockie-Tech on Tue Nov 26, 2013 8:56 pm; edited 1 time in total

Post Tue Nov 26, 2013 6:58 pm 
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Spockie-Tech
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Oh, and by the way. *Unstable recent price rise huh ?
Perhaps you would like to take a look at the *correct way to view the long term growth,
a logarithmic chart ?



Looks pretty good to me. Unstable where ?
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Post Tue Nov 26, 2013 7:11 pm 
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Spockie-Tech
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AdaFruit now accepts bitcoins for payments.
Get your Open Source Techno Bits and Microcontroller Widgets here

http://www.adafruit.com/blog/2013/11/25/adafruit-now-accepts-bitcoin-for-purchases-bitcoin-bitpay/

The same Adafruit that is such an innovative company in New York, that Limor Fried (Lady Ada) was invited to a "Hangout" (Video Chat) with Their President Obama for a chat.

http://www.youtube.com/watch?v=Kw9fhI8pRMA

Sound more and more like a "serious" currency every day doesn't it ? ;-P Razz
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Post Wed Nov 27, 2013 10:10 am 
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