minersdidit: the fact that it is proves my point.
minersdidit: testing um 15months ago ltc wasnt even on the radar
TestingUnoDosTre: LTC / BTC rate dropped to the floor and followed
akstunt600: what is your solution to the money problem minersdidit
minersdidit: as bitcoin demand increases no mechanisms exist to increase supply to market so altcoins start doing their thing
minersdidit: they go down faster and up faster
minersdidit: in the last 12months
minersdidit: now do the math 40% of 500bil devided by 21mil
minersdidit: if you notice everytime bitcoin rallys, altcoins tend to rally faster, as they are essentially substitutes to access bitcoin liquidity
minersdidit: bitcoin 40k is impossible for a reason ill quickly outline to the poor in here
TestingUnoDosTre: <minersdidit> - bitcoin won't go to 40K soon?!? but I bought because all the bitcointalk threads todl me so
minersdidit: dude quality of life is higher then 60 years ago in first world countries
akstunt600: and quality of lif is on the decline
minersdidit: the US will too
minersdidit: the roman empire took hundreds of years to unravel
minersdidit: like the rally has already occured
minersdidit: once youve already obtained wealth then you can worry about keeping it lol
akstunt600: so bitcoin is the solution
akstunt600: like the failing dollar issue HELLO
TestingUnoDosTre: because it's easy to predict the past
akstunt600: minersdidit, the fucking money problem
akstunt600: what is our solution then minersdidit
akstunt600: over the worlds currency
TestingUnoDosTre: THE END ISTH NEAR
minersdidit: keep feeding your paychecks into the pockets of miners duh.
minersdidit: youve got a bunch of failures from the last dotcom boom running around pretending to be leaders
TestingUnoDosTre: computers requjire extensive infrastructure in place to work. The internet required high bandwidth, electricity- you know civilized society
minersdidit: there isnt even any standard
minersdidit: akstunt600 yea theyve been saying that year after year, the protocol is just as bad as it was in 09
akstunt600: so yes pateches come with the territory
MisterE: 100% guarantee you its coming and I'm gonna be there with front row seats
akstunt600: and USD is on tops of the same pyramid scheme
minersdidit: no there wont be
minersdidit: they are just as bad as 1 year ago
minersdidit: dude pull up bitcoin liquidity books ie the order books
akstunt600: there will be blood over this
benkay: there's no blood.
benkay: the war hasn't even started.
akstunt600: did you read the whitepaper
akstunt600: minersdidit, thats the fcuking pooint bro
MisterE: yep and that's where the big boys play
minersdidit: bitcoin is on the ultra danger list
minersdidit: in 2014 the absolute "safest" havens are US dollars paper format, gold coin format, US treasury bills, US 2 year notes, German 2 year notes
minersdidit: when they expand it rises 1000%
MisterE: thats why there is opportunity and scams
minersdidit: when size comes into bitcoin markets the bid ask spreads widen like crazy
akstunt600: i agree there
minersdidit: look the russian ruble is down this year i think what 20%? did holding bitcoin help a russian? hed be down 35%
minersdidit: with a gold coin you can go anywhere in the world and someone will trade you X for it
TestingUnoDosTre: family has been hodling since the macedonian era
minersdidit: maybe if bitcoin becomes 1000x bigger in the future
minersdidit: unfortunately in 2014 the only option is USD in paper format and dollars
HeySteve: it does if the currency fails, as you say
MisterE: so what should they do?
minersdidit: if a chinese acquires bitcoin with RMB someone else now has the rmb
minersdidit: hence why the US dollar as bad as it is will be the last to fail not the first. the derivatives based on the dollar will fail first
minersdidit: its backed by the portfolio of US treasuries china holds
minersdidit: heysteve you are confused pal. the chinese yuan is defacto linked to the US dollar and the US bond market
minersdidit: its impossible for teh derivative to succeed when the underlying asset fails
minersdidit: and so is the russian ruble
minersdidit: the chinese RMB is a dollar derivative
minersdidit: no there isnt
MisterE: they were mych better prepared
HeySteve: right, now there is an alternative to failure-prone fiat currencies. you are proving my point
minersdidit: and russian rubble has failed like 20 times in the last 50 years alone lol
minersdidit: nothing it depends on the bondmarket
HeySteve: minersdidit, let's see what happens to USD if Russia and China continue to conduct trade in their own currencies
minersdidit: zimbambwe was fiat money the dollar is credit money
HeySteve: it all depends on your timeframe, the general trend of bitcoin is appreciating currency however
MisterE: but pretty damn fast and relentlessly the printing presses are running
minersdidit: you dont even know how the fiat system functions
HeySteve: to succeed, it just has to be better than the competition
HeySteve: with any new technology, first-movers prosper. bitcoin doesn't have to make everyone in the world wealthy to succeed
minersdidit: never knew there was a debate
MisterE: you've added nothing new to the debate for like an hour now
MisterE: thanks for entertainment while I wait for the water filter service tech
dub: who the fuck unleashed -otc upon us
akstunt600: but they arent this creative
minersdidit: the "price" you keep looking at is irrelevant because it merely reflects the last sale that occured its already history
TestingUnoDosTre: minersdidit makes me think I'm back in the days of AIM where someone has invented a bot to chat with you
minersdidit: testingunodostre: dude im the most honest guy in here.
akstunt600: you seem to forget that this wasnt supposed to grow this fast in the way it did
minersdidit: im a farmer in africa yep first thing to help my life is to download bitcoin core and sync the blockchain up
minersdidit: its a horrible distribution method hence the insane volattilty we ahve
akstunt600: mniers are the mechanism for distributins
akstunt600: minersdidit, they arent free
minersdidit: theyd still earn fees
HeySteve: arguing with people over the interweb also does nothing and adds no new value, yet here we are
HeySteve: MisterE, I don't think so. they could get PR being a part of it
HeySteve: what if poor people could make profit mining crypto on their smartphones?
MisterE: when you buy a dollar there is a spread
minersdidit: when you buy a bitcoin theres a spread
akstunt600: actually some of what is happening there is amazing
minersdidit: even if you gave a african farmer bitcoins they would instantly lose them to guys like eric voorhees
akstunt600: yeah and America is declinging and bowed toBrazil before IMF fucked them too
minersdidit: honestly some markets have been emerging for the last 3 centuries
minersdidit: why? they respond to profits
HeySteve: I am developing a currency with one of the goals being emerging market adoption
minersdidit: buy 1 BTC for 380, then sell for 365
minersdidit: you buy a bitcoin by the time you get to spend it its lost 5% of its value
minersdidit: becuase its too costly to use when you factor in the miner subsidy and bid/ask spreads
minersdidit: the funny part about bitcoin is even when you get it to connect to the "financial system"
HeySteve: just the other day I rode my elephant to the closest city with electricity so I could swap gold for bitcoin
benkay: you can trivially move money across the globe with bitcoin
minersdidit: and the miner subsidy
akstunt600: Yup, then came M-pesa
benkay: there are great remittance plays to be made using btc to move money for people, but it involves taking fiat on one side and paying fiat out on the other
kanzure: nobody outside the insular economics bubble wants money
benkay: nobody outside of the insular btc bubble wants btc
ozbot: M-Pesa - Wikipedia, the free encyclopedia
akstunt600: They use miinutes
minersdidit: and it brings up the question why would someone even want bitcoin lol
HeySteve: minersdidit, I realise you are just one of those people but in the interests of advancing the debate, light wallets do exist
MisterE: you don't need it you just keep their wallets secure for them the way Vodaphone manages their fiat balances
minersdidit: you seriously think some tribesman will have a 10TB hardrive to download the blockchain in a decade
minersdidit: dude bitcoin is a product for the first world not some shithole
minersdidit: you know the bid/ask spread
minersdidit: why would someone very poor want bitcoin? pretty sure digits on a computer are the least of their concerns
MisterE: sure it is if people beleve the text messages
minersdidit: um its not that easy to get money to a jungle in the middle of nowhere
MisterE: but people are looking at challenging them in that market using the BTC network for processing
akstunt600: they trade phone card and minutes before bitcoin tho
MisterE: moves most of the money via mobile phone for rural South Africans I was reading recently
akstunt600: you wont see it on the exchanges tho
minersdidit: wheres all the VC money too lol
akstunt600: im stuuck on CB until then
akstunt600: they will shortly
minersdidit: they dont have fiat
minersdidit: bitstamp is another sham as well youll never get large $$ out of it
minersdidit: the real exchanges on bitcoin have no volume
akstunt600: minersdidit, thats wha im saying they are gibling up cheap coins
akstunt600: and others
akstunt600: ohhh minersdidit i think your touching on one of my theories
akstunt600: http://www.reddit.com/r/litecoinmining/comments/22qr28/no_profit_there_may_be_a_way_through_market_cap/
minersdidit: theyll copy anything
steven-__: btc china guys brother made ltc
minersdidit: the troll who spawned litecoin
minersdidit: bobby lees brother runs it doesnt he
MisterE: they get pulled so much
TestingUnoDosTre: I want to buy more bitcoin, but I was a tid bit too impatient over the last couple weeks. Thoughts, words, advice?
gribble: The operation succeeded.
TestingUnoDosTre: please pull up the article... it was hilarious
mircea_popescu: [\\\]'s other gf ?
[\]: its the same troll
mircea_popescu: [\\\] dude you come on like once a year and then to argue with my ignore list. wtf is this.
mircea_popescu: TestingUnoDosTre no way they took btc in 2010 ?!
[\]: woah, did I outtroll the troll?
minersdidit: whenever i saw bitcoin foundation mugs i knew i was doing the right thing
[\]: Its easy to pull out quotes that are right when you make thousands of them. how about you point out all the quotes that were wrong?
minersdidit: best article on the topic
ozbot: The sins of the group of posers behind the so called “Bitcoin Foundation” pe Trilema - Un blog d
minersdidit: http://trilema.com/2014/the-sins-of-the-group-of-posers-behind-the-so-called-bitcoin-foundation/?utm_source=twitterfeed&utm_medium=twitter
[\]: so to make a fuss becaues bitcoin was caught is rather stupid
[\]: and 2/3 of the internet was hit by it.
MisterE: easy to rip on others
minersdidit: hence the leaving.
[\]: In fact, satoshi was the one that gave Gavin rights.
minersdidit: satoshi left because he realized the fucktards in the project and didnt want anything to do with them
[\]: the ignore list grows by one
minersdidit: its the same group of people
TestingUnoDosTre: please don't associate those two entities together
minersdidit: this bear market wont end until most of the core developmeant team is gone and btc foundation closed
benkay: by my count we're solidly in the middle of september, akstunt600
[\]: Gavin hasn't left. He's just not the lead dev.
Duffer1: i actually hope the same thing miners
MisterE: this is my first dip with the #-assets crew :)
minersdidit: then we can make a decent bottom
minersdidit: hopefully this bear market leads to most of the devoplment team leaving. gavin going is a positive step
[\]: if you've been around for a few years, you notice the pattern.
[\]: TestingUnoDosTre, MisterE, the trolls usually come out about now.
Duffer1: testing i was thinking it was one of the talk twitter heads mircea_popescu pissed off..
[\]: TestingUnoDosTre, its easy to be a bear when there's a downtrend.
TestingUnoDosTre: what caused the flood of retard into this channel today?
TestingUnoDosTre: laughing at duffer, for the record
minersdidit: gmaxwell let you out of the basement today?
[\]: oh, that's right, the troll
benkay: give it 80 years, and bitcoin will be in the same position.
minersdidit: ie in 24hrs more gold is traded then mined in a given year
minersdidit: no other commodity has that property
TestingUnoDosTre: please explain the great utility of gold to me
TestingUnoDosTre: you could say the same thing about... anything with value
minersdidit: tards think they are participating or buying a piece of "technology" lol all they are doing is transfering wealth from 1 party to another
minersdidit: they buy cars, houses, business's
minersdidit: the power consumption is low
minersdidit: dude that calculation is meanigless because half these asics cost jackshit
minersdidit: tards labor away and get their paycheck to hand over to ASK side. you know someone has to be selling BTC for fiat. if its the "future" why are they selling it
minersdidit: so its like you already mined the rewards when you sell hardware
minersdidit: only reason mining hardware is sold in the first place is because of the 20,000% markups and you get straight up fiat without having to mine BTC first then do the pain in the ass conversion
minersdidit: the operating costs are 2 dollars a coin and you sell for 370
minersdidit: the big operations dont
minersdidit: danielpbarron: you are clueless. producing an ASIC costs nothing, just becuase some scam companies sell them to retail tards for 20,000% markup does not mean they cost alot to make. the concentrated miners are producing BTC for next to free.
MGK: and GHAH mines the block
MGK: but that wont be the case ever
minersdidit: why would they do that?
MisterE: they are infinitely divisible
minersdidit: how can you get any if 80% of them are held by 50 people
MisterE: true there is also SWIFT