oleganza

63 ms·

601.
by oleganza 13y ago
One way to start selling a bit of your stash is to actually spend some part of it. No hassle with exchanges, no fees and no tax implications. Historically, people were more willing to "cash out" by spending coins during boom per
602.
by oleganza 13y ago
If this bubble "crashes" into $1000, it's a good news to many people. This spring it went $14->$266->$100, this time it started at $140 and thus can easily go to $1000 or $2000.
603.
by oleganza 13y ago
What website will tell you how much BTC do I hold? If you can trace from some exchange or a merchant my identity linked to some bitcoins, you can equally do that with a gold dealer. Of course, you can see where bitcoins are moved, but that
604.
by oleganza 13y ago
People can find out about your coins the same way as they find out how much gold you have.
605.
by oleganza 13y ago
Software has bugs. They need to be fixed and some people may lose money. This story only proves that incentives are correctly working in favour of everyone: miners voluntarily chose to lose rewards and stay compatible with the older netwo
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by oleganza 13y ago
"you deserve to lose it" Your opinion is irrelevant. People will not put money where they need to run some robots just not to lose their funds if they have a better alternative. Freicoin thus will never have any value and therefor
607.
by oleganza 13y ago
Many people bet on Bitcoin becoming world money. Then you don't need to "liquidate" it at all. At the same time, market evolves: the more people invest tomorrow, the more btc you will be able to liquidate. When Bitcoin become
608.
by oleganza 13y ago
No one would bother with Freicoin (which leaks money) because no one will invest in it when you can invest in Bitcoin. So it will not have a crowd of people that value it, therefore it won't have "value", therefore it won&#x2
609.
by oleganza 13y ago
Last rally started at $14 and crashed into $100. This time we started at $140 around Silk Road shutdown. If this history repeats itself, the bubble may crash into whopping $1000.
610.
by oleganza 13y ago
1. Bitcoin can be explained if you take time and study it. It has no new or strange constructs in it. Hash functions and digital signatures were around for decades. You may also like this glossary: https://github.com/oleganz
611.
by oleganza 13y ago
I think, because money as any other standard is always a network effect. Networks grow exponentially, in a self-reinforcing manner. Or they don't grow at all (when at a point of saturation).
612.
by oleganza 13y ago
Instead of "accountability from the creators" you have accountability of every single investor and bitcoin business. Every single one of them is motivated enough to keep system working well and preserving their individual wealth.
613.
by oleganza 13y ago
Small addition: for something to become a currency, it must have value and market acceptance. The value is coming only from the speculative desire to hold money (either expecting it either to grow, or at least to outperform alternatives, li
614.
by oleganza 13y ago
Yes, but this was not planned ahead. Miners did abandon their rewards even being on a longer chain just to maintain trust in the system. They did not know if they will ever get their money recovered.
615.
by oleganza 13y ago
Previous "crashes" were pretty profitable: 2011: From $1 to $30 and then down to $5. 500% total gain. http://bitcoincharts.com/charts/mtgoxUSD#rg5zigDailyzczsg201... (Slow decrease in price was probably due t
616.
by oleganza 13y ago
v0.7 miners got those rewards, not v0.8 ones.
617.
by oleganza 13y ago
The world's black market is huge. The world is bigger than just U.S. If Bitcoin is banned from U.S., it won't be stopped anyway. Like war on drugs, war on Bitcoin will only raise its price. At the same time, every person even in t
618.
by oleganza 13y ago
When everyone's money is at stake, it'll be very quick. This March, when the network forked, miners with newer version 0.8 agreed to forego mining rewards and abandon their own branch (incompatible with v0.7) just to resolve the i
619.
by oleganza 13y ago
You don't need to keep bitcoins on an exchange. It's not like buying stocks or gold certificates. You can own bitcoin like having gold coins shipped to you. Even if the exchange is hacked, your usb stick isn't. Simply buy a
620.
by oleganza 13y ago
We will see a crash, of course. The question is how high this new low will be? From $500 to $300? Or from $2663 to $1300? Bitcoin will only grow slow and steady when it becomes world money. Before that happens, we'll see quick land gra
621.
by oleganza 13y ago
As for mining, there are enough bits in SHA256 to allow billion-fold increase in difficulty. And if there is a danger of breaking it much quicker, all people holding bitcoins have huge incentive to change the protocol to fix the problem. As
622.
by oleganza 13y ago
Let's bet on that. I can put 1 BTC that the price by the end of the year will be greater than $266. If it's below $14 I'll pay you 19 BTC or more (equivalent of $266 at the current prices).
623.
by oleganza 13y ago
Apple did not force anyone with their Firewire or Thunderbolt cables, yet people were doing hardware supporting it. By the way, what do you do when 5 of your friends just cannot decide where to go tonight? Do you take out your gun and force
624.
by oleganza 13y ago
Send me a message on oleganza@gmail.com (twitter: @oleganza) in 5 years and ask for 1 BTC if Bitcoin is not yet recognized as international financial instrument. I will gladly give it to you if BTC price is below $10000 or it's still n
625.
by oleganza 13y ago
That's also a way to look at it. But also consider that if there was significant demand in BTC just to spend on Silk Road, it would go away after SR is gone.
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by oleganza 13y ago
1. Scalability is a solvable technical problem. Also, there are many ways to implement fast micro payments outside the blockchain and make all IOUs resolvable within a day thus preventing all sorts of fraud (e.g. fractional reserve banking)
627.
by oleganza 13y ago
Money can only be used to exchange stuff when it has value. And it has value only when people are willing to hold it. If no one wants to invest in money long-term, then it has no value and thus cannot be used in "exchange". After
628.
by oleganza 13y ago
The bigger story about SR is that Bitcoin price did not collapse 10x after the shutdown. Which shows that Bitcoin is used as gold, speculative store of wealth. And so it reasserts itself as a viable wealth transport.
629.
by oleganza 13y ago
In 5 years it'll become world currency and in 10 years all other currencies will hyperinflate relative to it and will be abandoned. Gold will go down too as more people will learn that Bitcoin is more flexible way of "storing weal
630.
by oleganza 13y ago
Except there are many more people who earned a lot on Bitcoin purposefully, not by accident.

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