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re: Predict the 12/31/2014 bitcoin price (plus 2013 year in review)
Posted on 1/3/14 at 6:27 pm to Cold Cous Cous
Posted on 1/3/14 at 6:27 pm to Cold Cous Cous
quote:
That's what I'm trying to understand. So you can buy a bitcoin for $884, but you essentially cannot sell a bitcoin for any price (in dollars). But that doesn't make any sense, because for every buyer there has to be a seller. If I log onto Mt Gox and deposit $884, I presume it will show one bitcoin in my "wallet." But where does that bitcoin come from, if not from some other guy's account, which now has one less bitcoin and 884 more dollars?
MtGox isn't the one selling you a bitcoin, it's another person.
You deposit $884 USD on MtGox and it sits in your account until you place an order. Another person deposits 1 bitcoin and it sits in his account until he places an order. MtGox only facilitates the exchange between the two of you.
So yes, you can sell a bitcoin for dollars on MtGox. It's just that when you choose to withdraw your dollars it will take a very, very long time to get it.
1
Posted on 1/3/14 at 6:28 pm to bamafan425
quote:
You think BitCoin is already so established that an altcoin couldn't compete with them?
Bitcoin has both the first mover advantage and the network effect playing in its favor.
Theoretically could an altcoin overtake bitcoin? Yes. But realistically, it won't happen.
Like I mentioned, bitcoin can adopt any new features of other coins if the bitcoin market chooses it.
Posted on 1/3/14 at 6:32 pm to WikiTiger
Got it. So the trades are happening on the exchange in more or less real time, but the model citizens who no doubt run Mt Gox are being slow about letting you make withdrawals.
Oh and my prediction for btc at the end of the year is $724.
Oh and my prediction for btc at the end of the year is $724.
Posted on 1/3/14 at 6:33 pm to WikiTiger
quote:
Like I mentioned, bitcoin can adopt any new features of other coins if the bitcoin market chooses it.
How can that be guaranteed?
Posted on 1/3/14 at 6:34 pm to WikiTiger
quote:No, are you? So the exchange you're using is not a valid metric for your contest?
I explained why in that post. Are you dense?
quote:So it was the only exchange with "significant volume" but you claim people can't get their money out easily? What is wrong with those two statements?
MtGox was the only exchange with significant volume for the entire year.
Could it be you're lying about MtGox not allowing withdrawals?
quote:LINK
MtGox Resumes USD Withdrawals
by Vitalik Buterin on July 4, 2013 0
The largest Bitcoin exchange, MtGox, has announced that they are resuming USD withdrawals around the world, putting an end to two weeks of hiatus. A long backlog of withdrawal requests had been accumulated over the period, so it will take over a month before processing times finally return to normal, but MtGox expects that the main disruptions are now over.
I Googled the above article because I remember I made a comment in one of your bitcoin threads several months ago about MtGox not allowing USD withdrawals and you went into your usual name-calling rage accusing me of "lying" because MtGox had fixed their withdrawal problems and had resumed paying out customers wanting their USD. You said I was lying by telling other posters that MtGox would not pay out USD to their customers. Now you're telling me I'm lying because I quoted MtGox and MtGox is not paying out USD to their customers.
What is the truth?
As I wrote earlier, you are so dishonest.
Posted on 1/3/14 at 6:36 pm to WikiTiger
quote:Riiiigghhhht....
uh no, you moron. I posted it at 5:42 and edited at 5:45 to fix typos and shite.
Posted on 1/3/14 at 6:46 pm to bamafan425
quote:
How can that be guaranteed?
Nothing can be guaranteed obviously. That's why I say "if the market chooses."
Any changes to the protocol would require a software update. The change would have to go into effect simultaneously with a majority of the computing power running the bitcoin network.
This could be done by the community announcing the new software today and making it go into effect at a specific block number that will occur, say, 6 months into the future, so that will give everyone time to update their software. Once the block number is reached, if the majority have updated, then the new features will be implemented on the network.
FWIW, here's the bitcoin source code: https://github.com/bitcoin/bitcoin
you are welcome to go make changes to it. no guarantee the changes will be adopted, though.
but if the idea is good enough and people are incentivized to implement the new version with the new features, then it will get done. It's not just a financial free market, it's also a free market of ideas.
Posted on 1/3/14 at 6:48 pm to WikiTiger
quote:
My prediction
$15.00
Posted on 1/3/14 at 7:07 pm to Cold Cous Cous
quote:
other exchanges work fine to convert both ways, it's just Mt Gox that's broken, why does Mt Gox have the highest volume of trades?
Posted on 1/3/14 at 7:26 pm to WikiTiger
quote:
Predict the 12/31/2014 bitcoin price
$190
Posted on 1/3/14 at 7:26 pm to WikiTiger
quote:
I think what is most disturbing in all of this is that the Money Board community is so terrified of LSURussian that they won't call him out on his bullshite. C, Broke, Benny, you are all smart enough to see through his games but you never call him out. Why?
I'm mostly offended that you don't think I'm smart. That's all I've gotten out of this debate.
Posted on 1/3/14 at 8:42 pm to ell_13
i still dont understand why so many people would use mtgox if they are so slow at releasing you your money.
if you use coinbase to buy for a lower cost then you can sell to mtgox and make 10% in profit or close to that. why wouldnt people be abusing that difference?
if you use coinbase to buy for a lower cost then you can sell to mtgox and make 10% in profit or close to that. why wouldnt people be abusing that difference?
Posted on 1/3/14 at 9:05 pm to brbowhunter
quote:
i still dont understand why so many people would use mtgox if they are so slow at releasing you your money.
Perhaps it's because most volume is not in USD? I believe his comments about difficulty at Mt. Gox were only for USD. From what I've read, bitcoin is particularly attractive to people in abusive regimes.
Posted on 1/3/14 at 10:06 pm to WikiTiger
Because I think bitcoin is a Ponzi scheme. I like the idea of crypto currencies. This is just a big pump and dump.
Posted on 1/3/14 at 10:10 pm to WikiTiger
Alt coins are gaining acceptance faster than Bitcoins at the moment if price is the primary judge.
Posted on 1/3/14 at 10:28 pm to C
So, is it true you're terrified of me? 
Posted on 1/3/14 at 10:42 pm to LSURussian
I don't have the energy to argue with everyone
Posted on 1/4/14 at 1:08 am to C
quote:
Because I think bitcoin is a Ponzi scheme.
I don't think it qualifies as a Ponzi scheme. It certainly seems possible for it to go to zero, though.
Posted on 1/4/14 at 10:25 am to ell_13
quote:I think you're smart. But the real question is are you terrified of me?
I think what is most disturbing in all of this is that the Money Board community is so terrified of LSURussian that they won't call him out on his bullshite. C, Broke, Benny, you are all smart enough to see through his games but you never call him out. Why?
I'm mostly offended that you don't think I'm smart. That's all I've gotten out of this debate.
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