Bitcoins - anyone else mining? (1 Viewer)

[DrJ]

And I can't put words in Garzik's mouth or anything, but I'd suspect he sees it as more likely to fail than he did in February during that interview. This insane run up to $1,000 is just not a good thing for its future.

 

[Maelstrom]

Well, Krugman disapproves, but what you think of that probably has a lot to do with what you think of Krugman:

http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/

So far almost all of the Bitcoin discussion has been positive economics — can this actually work? And I have to say that I’m still deeply unconvinced. To be successful, money must be both a medium of exchange and a reasonably stable store of value. And it remains completely unclear why BitCoin should be a stable store of value.

...snip...

I have had and am continuing to have a dialogue with smart technologists who are very high on BitCoin — but when I try to get them to explain to me why BitCoin is a reliable store of value, they always seem to come back with explanations about how it’s a terrific medium of exchange. Even if I buy this (which I don’t, entirely), it doesn’t solve my problem. And I haven’t been able to get my correspondents to recognize that these are different questions.

I think this quote from a comment on the article describes how I feel quite well: "I'm most bullish on bitcoin when I read articles such as this one, and most skeptical when I read the thoughts of the bitcoin believers." I.E. I don't buy the hype, but I also don't buy the naysayers.

 

[Slapdash]

Well, Krugman disapproves, but what you think of that probably has a lot to do with what you think of Krugman: http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/

So far almost all of the Bitcoin discussion has been positive economics — can this actually work? And I have to say that I’m still deeply unconvinced. To be successful, money must be both a medium of exchange and a reasonably stable store of value. And it remains completely unclear why BitCoin should be a stable store of value. ...snip... I have had and am continuing to have a dialogue with smart technologists who are very high on BitCoin — but when I try to get them to explain to me why BitCoin is a reliable store of value, they always seem to come back with explanations about how it’s a terrific medium of exchange. Even if I buy this (which I don’t, entirely), it doesn’t solve my problem. And I haven’t been able to get my correspondents to recognize that these are different questions.

I think this quote from a comment on the article describes how I feel quite well: "I'm most bullish on bitcoin when I read articles such as this one, and most skeptical when I read the thoughts of the bitcoin believers." I.E. I don't buy the hype, but I also don't buy the naysayers.

I read the Stross piece he linked a couple weeks ago, very good.

 

[DrJ]

Well, Krugman disapproves, but what you think of that probably has a lot to do with what you think of Krugman: http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/

So far almost all of the Bitcoin discussion has been positive economics — can this actually work? And I have to say that I’m still deeply unconvinced. To be successful, money must be both a medium of exchange and a reasonably stable store of value. And it remains completely unclear why BitCoin should be a stable store of value. ...snip... I have had and am continuing to have a dialogue with smart technologists who are very high on BitCoin — but when I try to get them to explain to me why BitCoin is a reliable store of value, they always seem to come back with explanations about how it’s a terrific medium of exchange. Even if I buy this (which I don’t, entirely), it doesn’t solve my problem. And I haven’t been able to get my correspondents to recognize that these are different questions.

I think this quote from a comment on the article describes how I feel quite well: "I'm most bullish on bitcoin when I read articles such as this one, and most skeptical when I read the thoughts of the bitcoin believers." I.E. I don't buy the hype, but I also don't buy the naysayers.

I read the Stross piece he linked a couple weeks ago, very good.

Stross actually touches on some of the better points on why it can't really function all that well, but I actually like the agenda behind it and could do without his anti Libertarian rantings. Those are the good parts of Bitcoin.

Not a fan at all of Krugman's article at all - there's really not much meat to it and he doesn't really say much other than saying Bitcoiners aren't making a convincing argument. Which they aren't, but he really isn't either. And Bitcoin isn't exactly evil. Like Krugman and Stross, it's just misguided.

 

[Jojo the circus boy]

means that someone like me who doesn't have any is likely screwed out of even getting into this. Am I reading that right?

Yep your get rich quick dreams off of bitcoin are gone, you can either keep #####ing about it and hoping it can fail since you cannot make money off of it or move on.

Why would I get into it if it wasn't to make meatloads of cash? Why do you think there are people in it now? It ain't for yucks and grins. :wankingmotion:

Yep don't get it into, just keep showing off your raging jealousy for those that did and continue to root for Bitcoin to fail.

I've said it before, people asking about making money does not immediately mean they will root for it to fail if they determine they cannot make money through Bitcoins. People thinking it is going to fail doesn't have to have anything to do with whether they can make money with it.

There's a difference between people asking "how to mine bitcoins" and "is it profitable to mine bitcoins" and then people making statements like the below, acting like someone screwed them out of making easy money - it too easily shows where their angst is coming from. If they could easily mine they wouldn't have such an attitude:

means that someone like me who doesn't have any is likely screwed out of even getting into this. Am I reading that right?

 

[Jojo the circus boy]

Small interaction with a Bitcoin supporter on Reddit, thought the response was interesting to the "with us or against us" argument.

RllCKY

Im a big Bitcoin user and supporter. I can tell you that it pretty much IS a huge new thing. Its still very early so many fear it and don't understand it kinda like the start of the internet.

Allows so many better things to happen. Very little fees, instant transactions, impossible to be inflated, etc.

I like to call it a big #### you to banks. It's the people's money.

Maelstrom

I don't know if Bitcoin will be the final iteration. I still have a few unanswered questions, but I could definitely see a 2nd generation of digital currency taking off after Bitcoin crashes.

RllCKY

I doubt it would be Bitcoin, it could but you never know. Im sure cryptocurrencies will just be perfected over the years.

Say what? You can be a bit supporter of Bitcoin and still doubt it will be the eventual "winner" in cryptocurrency?

Oh my, look at that lopsided opinion you got over at /r/bitcoin no wonder DrJ is so scared of posting his findings there...

 

[Tom Servo]

Small interaction with a Bitcoin supporter on Reddit, thought the response was interesting to the "with us or against us" argument.

RllCKY

Im a big Bitcoin user and supporter. I can tell you that it pretty much IS a huge new thing. Its still very early so many fear it and don't understand it kinda like the start of the internet.

Allows so many better things to happen. Very little fees, instant transactions, impossible to be inflated, etc.

I like to call it a big #### you to banks. It's the people's money.

Maelstrom

I don't know if Bitcoin will be the final iteration. I still have a few unanswered questions, but I could definitely see a 2nd generation of digital currency taking off after Bitcoin crashes.

RllCKY

I doubt it would be Bitcoin, it could but you never know. Im sure cryptocurrencies will just be perfected over the years.

Say what? You can be a bit supporter of Bitcoin and still doubt it will be the eventual "winner" in cryptocurrency?

Oh my, look at that lopsided opinion you got over at /r/bitcoin no wonder DrJ is so scared of posting his findings there...

And yet you continue to cut and paste here. Et tu, Brutus?

 

[Jojo the circus boy]

The non-monetary use of Bitcoin derives its value from its globally distributed,.

not so fast... except for the two largest nations in the world.....

And except for anyone without a computer...

Good thing people in Africa have smartphones which are "computers", the bar is not as high as you are trying to make it out to be

Ostrich-boy...You seem to be completely ignoring the fact that China and India have both shut it down, and other nations are sure to follow....

This is false as well, I haven't read up on India but I can speak about China.Perhaps you can tone down the trolling and educate yourself a little before spreading FUD.

China does not recognize bitcoin as a currency, they recognize it as an asset.

China does not regulate what assets its citizens can and cannot buy, transmitting assets is legal.

Merchants are forced to accept only RMB for goods, they cannot accept USD, they cannot accept bitcoin, you cannot barter for goods (i.e. you cannot trade your eggs for noodles), etc...

It is not illegal to own bitcoin in China.

The Chinese government has stated that buying bitcoin is legal, just like buying eggs, noodles (, etc..) is legal so long as you use RMB.

The halt on deposits was due to the payment providers not following the rules.

The Chinese government is replacing existing third-party payment processors with their own state-sanctioned entities.

You can still buy bitcoin at www.huobi.com, in fact it has been the highest volume exchange for the past week. 7x the volume that MtGox is doing.

source

As far as India, just doing a cursory search - looks like PayPal is pretty much dead in India as well although this link is from 2011, so no shocker they would try to clamp down on bitcoin.

Man those price manipulators are so crafty, who would have thought they would open up accounts in China to manipulate the price and drive volume 7x higher than MtGox?

 

[Jojo the circus boy]

Small interaction with a Bitcoin supporter on Reddit, thought the response was interesting to the "with us or against us" argument.

RllCKY

Im a big Bitcoin user and supporter. I can tell you that it pretty much IS a huge new thing. Its still very early so many fear it and don't understand it kinda like the start of the internet.

Allows so many better things to happen. Very little fees, instant transactions, impossible to be inflated, etc.

I like to call it a big #### you to banks. It's the people's money.

Maelstrom

I don't know if Bitcoin will be the final iteration. I still have a few unanswered questions, but I could definitely see a 2nd generation of digital currency taking off after Bitcoin crashes.

RllCKY

I doubt it would be Bitcoin, it could but you never know. Im sure cryptocurrencies will just be perfected over the years.

Say what? You can be a bit supporter of Bitcoin and still doubt it will be the eventual "winner" in cryptocurrency?

Oh my, look at that lopsided opinion you got over at /r/bitcoin no wonder DrJ is so scared of posting his findings there...

And yet you continue to cut and paste here. Et tu, Brutus?

If you could reach deep down into that tiny brain of yours and make one post relevant to the discussion people might have a modicum of respect for you.

 

[Tom Servo]

One thing I thought of just now while I was in the shower...haven't fully developed it, but here goes:

One of the other impediments I see (beyond internet access) is the fact that there is still a large divide between the haves and the have nots. It's primarily noted along hemispheric lines (rich north/poor south), but this particular problem would cut across both hemispheres.

Basically, for you to partake in this, not only do you have to have internet access, BUT be able to mine and transact in BTC. What I could see happening is a further stratification of people: 1) internet access with mining and trading ability; 2) internet access with no economically-feasible ability to mine or trade; 3) no access at all. Essentially, instead of something that brings people together, it would further Balkanize the world along technological/economic lines.

Just throwing that out there...

 

[Tom Servo]

Small interaction with a Bitcoin supporter on Reddit, thought the response was interesting to the "with us or against us" argument.

RllCKY

Im a big Bitcoin user and supporter. I can tell you that it pretty much IS a huge new thing. Its still very early so many fear it and don't understand it kinda like the start of the internet.

Allows so many better things to happen. Very little fees, instant transactions, impossible to be inflated, etc.

I like to call it a big #### you to banks. It's the people's money.

Maelstrom

I don't know if Bitcoin will be the final iteration. I still have a few unanswered questions, but I could definitely see a 2nd generation of digital currency taking off after Bitcoin crashes.

RllCKY

I doubt it would be Bitcoin, it could but you never know. Im sure cryptocurrencies will just be perfected over the years.

Say what? You can be a bit supporter of Bitcoin and still doubt it will be the eventual "winner" in cryptocurrency?

Oh my, look at that lopsided opinion you got over at /r/bitcoin no wonder DrJ is so scared of posting his findings there...

And yet you continue to cut and paste here. Et tu, Brutus?

If you could reach deep down into that tiny brain of yours and make one post relevant to the discussion people might have a modicum of respect for you.

Maybe you should see the post between ours, chief. I've been making them along with the snark.

 

[Jojo the circus boy]

Well, Krugman disapproves, but what you think of that probably has a lot to do with what you think of Krugman:

http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/

Krugman disapproved of the internet too.

Keynesian economist Paul Krugman wrote an article in 1998 that predicted that the Internet would experience a significant slowdown and the revolutionary global system wouldn't have much of an economic effect on our lives.

Writing in The Red Herring 15 years ago, Krugman discussed how most economists’ predictions are wrong. In the piece, he cited a 1967 book titled “The Year 2000” by Herman Kahn, which looks at what the future would look like for humans everywhere.

At the bottom of the article, Krugman made a list of prognostications, including two that have been completely off the mark.

The first is a prediction that the growth of the Internet would “slow drastically.” By the year 2005, Krugman states, the Internet’s economic effects wouldn’t have much bearing on our lives and wouldn’t do much on the overall realm of the United States or perhaps even the world economy.

“The growth of the Internet will slow drastically, as the flaw in "Metcalfe's law"--which states that the number of potential connections in a network is proportional to the square of the number of participants--becomes apparent: most people have nothing to say to each other!” wrote Krugman. “By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.”

The second prognostication was the impact, or lack thereof, on the job market by the Internet. Krugman opined that the number of jobs in the Internet Technology field would drop gradually and then within a decade fall dramatically.

“As the rate of technological change in computing slows, the number of jobs for IT specialists will decelerate, then actually turn down; ten years from now, the phrase information economy will sound silly,” stated Krugman.

But I respect him for making a prediction.

 

[Jojo the circus boy]

NY Post: bitcoin a win-win-win for merchants, cheap transactions, no charge backs, and attracts new customers.

 

[Jojo the circus boy]

Any trolls want to make a bold 2014 prediction?

Here's mine, Wal-Mart announces plans to accept Bitcoin as payment.

My bold one is that bitcoins are virtually worthless and yesterday's news. You saw my posts above and I think 2014 will be a big push towards financial security because of Target.

So since you only care about the bitcoin to USD ratio like the other trolls in here, what is your guess for the exchange rate on 12/31/14?

Well, I would say below 75. It's hard to say worthless <=75, because the rate can easily be manipulated with no oversight, such a large ownership in few hands and those hands wanting to keep the rate up. That said, below 75 to me means the total market value is low enough that it is inconsequential.

I don't think it will see below $100 in the next year. The flipside to the people's line of thinking here that are so high on the manipulation bandwagon is that bitcoin will need to experience some catastrophic event for the price to go down to below $75. If I had to pick a top end price for bitcoin for the next year I really don't know what's reasonable but I don't think $3000 is out of the question.

 

[Maelstrom]

NY Post: bitcoin a win-win-win for merchants, cheap transactions, no charge backs, and attracts new customers.

The only real risk for Merchants is that the price drops after they accept them and before they convert them back to USD (or their local currency). As mentioned in the article, that isn't hard to do.

It is the lack of protections for the consumer that I am concerned about in terms of it getting big time usage. And as middle-men step in to provide better protections for the consumer, that may erode some of the benefits for the merchant.

 

[cstu]

Well, Krugman disapproves, but what you think of that probably has a lot to do with what you think of Krugman:

http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/

Krugman disapproved of the internet too.

Keynesian economist Paul Krugman wrote an article in 1998 that predicted that the Internet would experience a significant slowdown and the revolutionary global system wouldn't have much of an economic effect on our lives.

Writing in The Red Herring 15 years ago, Krugman discussed how most economists’ predictions are wrong. In the piece, he cited a 1967 book titled “The Year 2000” by Herman Kahn, which looks at what the future would look like for humans everywhere.

At the bottom of the article, Krugman made a list of prognostications, including two that have been completely off the mark.

The first is a prediction that the growth of the Internet would “slow drastically.” By the year 2005, Krugman states, the Internet’s economic effects wouldn’t have much bearing on our lives and wouldn’t do much on the overall realm of the United States or perhaps even the world economy.

“The growth of the Internet will slow drastically, as the flaw in "Metcalfe's law"--which states that the number of potential connections in a network is proportional to the square of the number of participants--becomes apparent: most people have nothing to say to each other!” wrote Krugman. “By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.”

The second prognostication was the impact, or lack thereof, on the job market by the Internet. Krugman opined that the number of jobs in the Internet Technology field would drop gradually and then within a decade fall dramatically.

“As the rate of technological change in computing slows, the number of jobs for IT specialists will decelerate, then actually turn down; ten years from now, the phrase information economy will sound silly,” stated Krugman.

But I respect him for making a prediction.

It's an awful prediction but in his defense ecommerce was in its infancy and PayPal didn't even exist when he wrote that.

Although I'm at "most people have nothing to say to each other!"

 

[cstu]

NY Post: bitcoin a win-win-win for merchants, cheap transactions, no charge backs, and attracts new customers.

The only real risk for Merchants is that the price drops after they accept them and before they convert them back to USD (or their local currency). As mentioned in the article, that isn't hard to do.

It is the lack of protections for the consumer that I am concerned about in terms of it getting big time usage. And as middle-men step in to provide better protections for the consumer, that may erode some of the benefits for the merchant.

Major companies aren't going to risk their bottom line by accepting an unregulated, volatile and easily manipulated currency.

 

[Sarnoff]

Well, Krugman disapproves, but what you think of that probably has a lot to do with what you think of Krugman:

http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/

Krugman disapproved of the internet too.

Keynesian economist Paul Krugman wrote an article in 1998 that predicted that the Internet would experience a significant slowdown and the revolutionary global system wouldn't have much of an economic effect on our lives.

Writing in The Red Herring 15 years ago, Krugman discussed how most economists predictions are wrong. In the piece, he cited a 1967 book titled The Year 2000 by Herman Kahn, which looks at what the future would look like for humans everywhere.

At the bottom of the article, Krugman made a list of prognostications, including two that have been completely off the mark.

The first is a prediction that the growth of the Internet would slow drastically. By the year 2005, Krugman states, the Internets economic effects wouldnt have much bearing on our lives and wouldnt do much on the overall realm of the United States or perhaps even the world economy.

The growth of the Internet will slow drastically, as the flaw in "Metcalfe's law"--which states that the number of potential connections in a network is proportional to the square of the number of participants--becomes apparent: most people have nothing to say to each other! wrote Krugman. By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.

The second prognostication was the impact, or lack thereof, on the job market by the Internet. Krugman opined that the number of jobs in the Internet Technology field would drop gradually and then within a decade fall dramatically.

As the rate of technological change in computing slows, the number of jobs for IT specialists will decelerate, then actually turn down; ten years from now, the phrase information economy will sound silly, stated Krugman.

But I respect him for making a prediction.

It's an awful prediction but in his defense ecommerce was in its infancy and PayPal didn't even exist when he wrote that.

Although I'm at "most people have nothing to say to each other!"

he was dead-on with that one

 

[Jojo the circus boy]

NY Post: bitcoin a win-win-win for merchants, cheap transactions, no charge backs, and attracts new customers.

The only real risk for Merchants is that the price drops after they accept them and before they convert them back to USD (or their local currency). As mentioned in the article, that isn't hard to do.

It is the lack of protections for the consumer that I am concerned about in terms of it getting big time usage. And as middle-men step in to provide better protections for the consumer, that may erode some of the benefits for the merchant.

I think that risk is worth 5-10% of their daily business sales which they haven't started scraping yet at bars in nyc and if they settle daily, the risk is even further minimized. It would take 1 huge day of bitcoin sales and a big drop in price for this to have any real loss to their business.

 

[cstu]

NY Post: bitcoin a win-win-win for merchants, cheap transactions, no charge backs, and attracts new customers.

The only real risk for Merchants is that the price drops after they accept them and before they convert them back to USD (or their local currency). As mentioned in the article, that isn't hard to do.

It is the lack of protections for the consumer that I am concerned about in terms of it getting big time usage. And as middle-men step in to provide better protections for the consumer, that may erode some of the benefits for the merchant.

I think that risk is worth 5-10% of their daily business sales which they haven't started scraping yet at bars in nyc and if they settle daily, the risk is even further minimized. It would take 1 huge day of bitcoin sales and a big drop in price for this to have any real loss to their business.

Is Hal Finney an alcoholic?

 

[Sarnoff]

One thing I thought of just now while I was in the shower...haven't fully developed it, but here goes:

One of the other impediments I see (beyond internet access) is the fact that there is still a large divide between the haves and the have nots. It's primarily noted along hemispheric lines (rich north/poor south), but this particular problem would cut across both hemispheres.

Basically, for you to partake in this, not only do you have to have internet access, BUT be able to mine and transact in BTC. What I could see happening is a further stratification of people: 1) internet access with mining and trading ability; 2) internet access with no economically-feasible ability to mine or trade; 3) no access at all. Essentially, instead of something that brings people together, it would further Balkanize the world along technological/economic lines.

Just throwing that out there...

Perfect for the Walmart crowd

 

[DrJ]

Any trolls want to make a bold 2014 prediction?Here's mine, Wal-Mart announces plans to accept Bitcoin as payment.

My bold one is that bitcoins are virtually worthless and yesterday's news. You saw my posts above and I think 2014 will be a big push towards financial security because of Target.

So since you only care about the bitcoin to USD ratio like the other trolls in here, what is your guess for the exchange rate on 12/31/14?

Well, I would say below 75. It's hard to say worthless <=75, because the rate can easily be manipulated with no oversight, such a large ownership in few hands and those hands wanting to keep the rate up. That said, below 75 to me means the total market value is low enough that it is inconsequential.

I don't think it will see below $100 in the next year. The flipside to the people's line of thinking here that are so high on the manipulation bandwagon is that bitcoin will need to experience some catastrophic event for the price to go down to below $75. If I had to pick a top end price for bitcoin for the next year I really don't know what's reasonable but I don't think $3000 is out of the question.

So it could go to 1/7 of it's current value. Or maybe 4x it's current value. You carved out a nice big range here. Jojo the predictor.

 

[DrJ]

Well, Krugman disapproves, but what you think of that probably has a lot to do with what you think of Krugman: http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/

Krugman disapproved of the internet too.

Keynesian economist Paul Krugman wrote an article in 1998 that predicted that the Internet would experience a significant slowdown and the revolutionary global system wouldn't have much of an economic effect on our lives.Writing in The Red Herring 15 years ago, Krugman discussed how most economists’ predictions are wrong. In the piece, he cited a 1967 book titled “The Year 2000” by Herman Kahn, which looks at what the future would look like for humans everywhere.At the bottom of the article, Krugman made a list of prognostications, including two that have been completely off the mark.The first is a prediction that the growth of the Internet would “slow drastically.” By the year 2005, Krugman states, the Internet’s economic effects wouldn’t have much bearing on our lives and wouldn’t do much on the overall realm of the United States or perhaps even the world economy.“The growth of the Internet will slow drastically, as the flaw in "Metcalfe's law"--which states that the number of potential connections in a network is proportional to the square of the number of participants--becomes apparent: most people have nothing to say to each other!” wrote Krugman. “By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.”The second prognostication was the impact, or lack thereof, on the job market by the Internet. Krugman opined that the number of jobs in the Internet Technology field would drop gradually and then within a decade fall dramatically.“As the rate of technological change in computing slows, the number of jobs for IT specialists will decelerate, then actually turn down; ten years from now, the phrase information economy will sound silly,” stated Krugman.

But I respect him for making a prediction.

Yeah, as much of a windbag as Krugman is, he's still got you beat by just having the balls to make a prediction

 

[Jojo the circus boy]

Any trolls want to make a bold 2014 prediction?Here's mine, Wal-Mart announces plans to accept Bitcoin as payment.

My bold one is that bitcoins are virtually worthless and yesterday's news. You saw my posts above and I think 2014 will be a big push towards financial security because of Target.

So since you only care about the bitcoin to USD ratio like the other trolls in here, what is your guess for the exchange rate on 12/31/14?

Well, I would say below 75. It's hard to say worthless <=75, because the rate can easily be manipulated with no oversight, such a large ownership in few hands and those hands wanting to keep the rate up. That said, below 75 to me means the total market value is low enough that it is inconsequential.

I don't think it will see below $100 in the next year. The flipside to the people's line of thinking here that are so high on the manipulation bandwagon is that bitcoin will need to experience some catastrophic event for the price to go down to below $75. If I had to pick a top end price for bitcoin for the next year I really don't know what's reasonable but I don't think $3000 is out of the question.

So it could go to 1/7 of it's current value. Or maybe 4x it's current value. You carved out a nice big range here. Jojo the predictor.

Well, Krugman disapproves, but what you think of that probably has a lot to do with what you think of Krugman: http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/

Krugman disapproved of the internet too.

Keynesian economist Paul Krugman wrote an article in 1998 that predicted that the Internet would experience a significant slowdown and the revolutionary global system wouldn't have much of an economic effect on our lives.Writing in The Red Herring 15 years ago, Krugman discussed how most economists’ predictions are wrong. In the piece, he cited a 1967 book titled “The Year 2000” by Herman Kahn, which looks at what the future would look like for humans everywhere.At the bottom of the article, Krugman made a list of prognostications, including two that have been completely off the mark.The first is a prediction that the growth of the Internet would “slow drastically.” By the year 2005, Krugman states, the Internet’s economic effects wouldn’t have much bearing on our lives and wouldn’t do much on the overall realm of the United States or perhaps even the world economy.“The growth of the Internet will slow drastically, as the flaw in "Metcalfe's law"--which states that the number of potential connections in a network is proportional to the square of the number of participants--becomes apparent: most people have nothing to say to each other!” wrote Krugman. “By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.”The second prognostication was the impact, or lack thereof, on the job market by the Internet. Krugman opined that the number of jobs in the Internet Technology field would drop gradually and then within a decade fall dramatically.“As the rate of technological change in computing slows, the number of jobs for IT specialists will decelerate, then actually turn down; ten years from now, the phrase information economy will sound silly,” stated Krugman.

But I respect him for making a prediction.

Yeah, as much of a windbag as Krugman is, he's still got you beat by just having the balls to make a prediction

Do you have any clue what the range of bitcoin price was in 2013 or do you just take wild swings in the dark at trying to insult, that's some inferiority complex you are struggling with.bitcoin 52-week low: $121.32

bitcoin 52-week high: $1237.96

Could you be any more inconsistent with your insults? back to ignore

 

[Jojo the circus boy]

Even the insults from the doomsayers aren't original.

Not sure how I can handle the PCP skittles guy thinking my analogy is poor. You're normally so grounded in reality Just crushing.

Please keep posting price updates of wild swings to drive home the point that BTC appears to be a speculative bubble.

Chad Green doesn't know when Martin left his house, doesn't remember it happening but remembers asking him to buy him Skittles as he was walking out the door. Believe what you want as to why it was important for him to lie about it.

Keep calling out posters with your head in the sand about a technology you don't understand nor can you put a valuation on other than to cite the price action and call it a bubble, you couldn't be more naive and arrogant.

Spoiler

Excited to see Dr J's charts

Equally excited to see OstrichBoy

explain them away by dancing in circles with straw men to the tune of 500 words a pop.Until he has the balls to post some of his crap to /r/bitcoin I'm not going to bother commenting

ETA: My comment also was aimed how you didn't have the balls to buy bitcoins before the massive runup and are now trying to make it off your sig.

Yeah, as much of a windbag as Krugman is, he's still got you beat by just having the balls to make a prediction

The reason I went to this trouble was to show why your statement "that bitcoins must deflate or they become worthless" is patently false.

you can lead a horse to water...

It doesn't do anything to demonstrate the need for deflation.

That's what I have been posting about for the past day...why you insist on "bitcoins need to deflate or they become worthless" is beyond me, there is certainly no mechanism related to mining that would support that assertion.

Spoiler

Actually, that's not entirely true. Unlike your patently false assertion that ...

 

[DrJ]

Do you have any clue what the range of bitcoin price was in 2013 or do you just take wild swings in the dark at trying to insult, that's some inferiority complex you are struggling with.Could you be any more inconsistent with your insults? back to ignore

More empty promises?

 

[DrJ]

With jojo being so erratic, I'm surprised he hasn't created an alias to agree with himself yet.

 

[Slapdash]

You are a lunatic

 

[Tom Servo]

You are a lunatic

Gotta admit the nested spoiler tags are a nice touch.

 

[Jojo the circus boy]

You are a lunatic

Gotta admit the nested spoiler tags are a nice touch.

Spoiler

You mean,

let me understand this cause,

ya know maybe it's me,

I'm a little ####ed up maybe,

but I'm funny how,

I mean funny like I'm a clown,

I amuse you?

I make you laugh,

I'm here to ####in' amuse you?

 

[Jojo the circus boy]

7 months of Bitcoin growth in 2013 courtesy of CoinMap.org

http://coinmap.org/

 

[Tom Servo]

You are a lunatic

Gotta admit the nested spoiler tags are a nice touch.

Spoiler

You mean,

let me understand this cause,

ya know maybe it's me,

I'm a little ####ed up maybe,

but I'm funny how,

I mean funny like I'm a clown,

I amuse you?

I make you laugh,

I'm here to ####in' amuse you?

Exactly. Make sure your internet balloons are placed so the world can see your genius.

 

[stbugs]

7 months of Bitcoin growth in 2013 courtesy of CoinMap.org

http://coinmap.org/

Man, I love your links. There are 3 things on coinmap in the Charlotte area.

1. Charlotte Bitcoin Consulting, which only has a gmail address and no URL. Man, that sure is a sign of a real business, especially when I google the name and there is nothing about them.

2. Arboretum Cleaners - I can't find a web site for them, just a yelp link, which also has no link.

3. Innovative Web Design - Hey, there is a web site for them and not a mention of bitcoin. The best part? The PayPal link to purchase web design right on the front page. The second best part? Here is one of their marquee clients for a web site: Torrey Mercer This video has 40k hits, this is a major league shop, might as well be Britney Spears.

I know you want to make things bigger than they are, but keep the links coming. Just like the Amazon one (send me a bitcoin and I'll place an order for you on Amazon for 2 day shipping as well), these links really are the gifts that keep on giving.

 

[Jojo the circus boy]

7 months of Bitcoin growth in 2013 courtesy of CoinMap.org

http://coinmap.org/

Man, I love your links. There are 3 things on coinmap in the Charlotte area.1. Charlotte Bitcoin Consulting, which only has a gmail address and no URL. Man, that sure is a sign of a real business, especially when I google the name and there is nothing about them.

2. Arboretum Cleaners - I can't find a web site for them, just a yelp link, which also has no link.

3. Innovative Web Design - Hey, there is a web site for them and not a mention of bitcoin. The best part? The PayPal link to purchase web design right on the front page. The second best part? Here is one of their marquee clients for a web site: Torrey Mercer This video has 40k hits, this is a major league shop, might as well be Britney Spears.

I know you want to make things bigger than they are, but keep the links coming. Just like the Amazon one (send me a bitcoin and I'll place an order for you on Amazon for 2 day shipping as well), these links really are the gifts that keep on giving.

Why did you leave out http://www.waterbeancoffee.com/?

And what is your point? that Charlotte, NC is not the mecca of bitcoin? Do you really think that was the point of my post? Keep hating

I know you are really bad at the internet:

Arboretum Cleaners

Since you are so interested in spending bitcoin, did you call any of these establishments up to see if they would take your bitcoin off your hands? I'm guessing no.

 

[stbugs]

7 months of Bitcoin growth in 2013 courtesy of CoinMap.org

http://coinmap.org/

Man, I love your links. There are 3 things on coinmap in the Charlotte area.1. Charlotte Bitcoin Consulting, which only has a gmail address and no URL. Man, that sure is a sign of a real business, especially when I google the name and there is nothing about them.

2. Arboretum Cleaners - I can't find a web site for them, just a yelp link, which also has no link.

3. Innovative Web Design - Hey, there is a web site for them and not a mention of bitcoin. The best part? The PayPal link to purchase web design right on the front page. The second best part? Here is one of their marquee clients for a web site: Torrey Mercer This video has 40k hits, this is a major league shop, might as well be Britney Spears.

I know you want to make things bigger than they are, but keep the links coming. Just like the Amazon one (send me a bitcoin and I'll place an order for you on Amazon for 2 day shipping as well), these links really are the gifts that keep on giving.

Why did you leave out http://www.waterbeancoffee.com/?

And what is your point? that Charlotte, NC is not the mecca of bitcoin? Do you really think that was the point of my post? Keep hating

I know you are really bad at the internet:

Arboretum Cleaners

Since you are so interested in spending bitcoin, did you call any of these establishments up to see if they would take your bitcoin off your hands? I'm guessing no.

I will admit that I missed the Coffee Cup icon, I was looking at the bitcoin sign. Funny thing though is that there isn't a single mention of bitcoins on their web site. How do they expect to pull in people who will drive 4 hours to a Subway with no promotion on the web site?

LOL, I saw the google plus link. Do you equate that with a web site? Since you think you are so smart, does this detail on your link for Arboretum Cleaners describe their embrace of bitcoin? Is a price change for excessive hair code for we accept bitcoins?

We are a full service cleaners including alterations, shoe repair, and wash and fold.

Laundry shirts - 1.89

Pants - 3.99

Jacket/Blazer - 6.85

2 Pc. Suit - 9.85

Tie - 4.85

Sweaters - 4.85

Blouses - 4.85

Dress - 6.85

Some items may be subject to price change depending on work involved including but not exclusively:

• excessive hair,
• inside lining,
• beading,
• sequins.

An extra charge of 3 will be incurred for same-day service which is available before 9am on weekdays.

It's funny how you think you are so smart and I am bad at the internet and you post a link to Google plus that has no more info than other sites like Yelp, i.e. their location, phone # and a tiny description of services. Again, are you really that obtuse to consider the link you posted to be a web site?

Keep the links coming, they are the best part of this thread IMHO.

 

[Tom Servo]

http://coinmap.org/
You know, I'm checking out this map. I don't see anyplaces in the Congo that takes BTC. Of course, that also applies to Ethiopia, Sudan, Chad, Niger, Tanzania, Libya, or Algeria...pretty much most of Africa. Sadly, Omar the goat herder won't be taking BTC with his cell phone anytime soon, at least until those Internet balloons are up and floating.

(And I so wanted an "My parents went to the Arab Spring and all I got was this lousy t-shirt" shirt.)

 

[stbugs]

http://coinmap.org/
You know, I'm checking out this map. I don't see anyplaces in the Congo that takes BTC. Of course, that also applies to Ethiopia, Sudan, Chad, Niger, Tanzania, Libya, or Algeria...pretty much most of Africa. Sadly, Omar the goat herder won't be taking BTC with his cell phone anytime soon, at least until those Internet balloons are up and floating.

(And I so wanted an "My parents went to the Arab Spring and all I got was this lousy t-shirt" shirt.)

Well, they can walk to Morocco and swim to the Canary Islands and shop at sexshop21.com. For some reason, I decided not to click on the link.

 

[Politician Spock]

You are a lunatic

Gotta admit the nested spoiler tags are a nice touch.

My 2014 prediction....

"Bitcoin... Now with spoiler tags for your protection"

 

[Tom Servo]

You are a lunatic

Gotta admit the nested spoiler tags are a nice touch.

My 2014 prediction....

"Bitcoin... Now with spoiler tags for your protection"

Do they come in Magnum size?

 

[Jojo the circus boy]

It's funny how you think you are so smart and I am bad at the internet and you post a link to Google plus that has no more info than other sites like Yelp, i.e. their location, phone # and a tiny description of services. Again, are you really that obtuse to consider the link you posted to be a web site?

Keep the links coming, they are the best part of this thread IMHO.

Since you are so interested in spending bitcoin, did you call any of these establishments up to see if they would take your bitcoin off your hands? I'm guessing no.

 

[Tom Servo]

It's funny how you think you are so smart and I am bad at the internet and you post a link to Google plus that has no more info than other sites like Yelp, i.e. their location, phone # and a tiny description of services. Again, are you really that obtuse to consider the link you posted to be a web site?

Keep the links coming, they are the best part of this thread IMHO.

Since you are so interested in spending bitcoin, did you call any of these establishments up to see if they would take your bitcoin off your hands? I'm guessing no.

Why don't you call for us and report back.

 

[Slapdash]

It's funny how you think you are so smart and I am bad at the internet and you post a link to Google plus that has no more info than other sites like Yelp, i.e. their location, phone # and a tiny description of services. Again, are you really that obtuse to consider the link you posted to be a web site?

Keep the links coming, they are the best part of this thread IMHO.

Since you are so interested in spending bitcoin, did you call any of these establishments up to see if they would take your bitcoin off your hands? I'm guessing no.

Why don't you call for us and report back.

Maybe his phone company doesn't accept bitcoins and cut his line when he didn't pay?

 

[Politician Spock]

You are a lunatic

Gotta admit the nested spoiler tags are a nice touch.

My 2014 prediction....

"Bitcoin... Now with spoiler tags for your protection"

Do they come in Magnum size?

"Bitcoin... Ribbed for your pleasure"

 

[Jojo the circus boy]

It's funny how you think you are so smart and I am bad at the internet and you post a link to Google plus that has no more info than other sites like Yelp, i.e. their location, phone # and a tiny description of services. Again, are you really that obtuse to consider the link you posted to be a web site?

Keep the links coming, they are the best part of this thread IMHO.

Since you are so interested in spending bitcoin, did you call any of these establishments up to see if they would take your bitcoin off your hands? I'm guessing no.

Why don't you call for us and report back.

Why don't you continue to make lame accusations about your local dry cleaners not having a website and actively accepting bitcoin without verifying. Small businesses use coinmap to advertise their business, you act like they are not allowed to use coinmap unless they actively promote it.

You haters are desperate to find anything wrong with bitcoin.

 

[Tom Servo]

Why don't you continue to make lame accusations about your local dry cleaners not having a website and actively accepting bitcoin without verifying. Small businesses use coinmap to advertise their business, you act like they are not allowed to use coinmap unless they actively promote it.

You haters are desperate to find anything wrong with bitcoin.

I did my research and NOBODY within 60 miles of my NW PA home takes bitcoin. I'll go further and state that if I asked 100 people what they are, I would be lucky if I got 1. The issue is that many of the businesses in my area are lucky to be in business, let alone have a website, further to even know of and accept what many would call "funny money". To project a bit, I would say a solid majority of small businesses in rural areas of this country don't need another hassle for something for which there is no knowledge, let alone interest.

But I'm a hater.

 

[stbugs]

It's funny how you think you are so smart and I am bad at the internet and you post a link to Google plus that has no more info than other sites like Yelp, i.e. their location, phone # and a tiny description of services. Again, are you really that obtuse to consider the link you posted to be a web site?

Keep the links coming, they are the best part of this thread IMHO.

Since you are so interested in spending bitcoin, did you call any of these establishments up to see if they would take your bitcoin off your hands? I'm guessing no.

Like you, I have no bitcoins, so I have no interest in calling them and I didn't call them. I just liked surfing that site to see what was available as your links are always amusing. I also felt like posting all the details of the link I saw that you felt was somehow proving that I "missed" a web site and was bad at the Internet. So, now that I answered your question, would you mind answering mine:

Do you equate that with a web site? Since you think you are so smart, does this detail on your link for Arboretum Cleaners describe their embrace of bitcoin? Is a price change for excessive hair code for we accept bitcoins?

 

[stbugs]

Why don't you continue to make lame accusations about your local dry cleaners not having a website and actively accepting bitcoin without verifying. Small businesses use coinmap to advertise their business, you act like they are not allowed to use coinmap unless they actively promote it.

You haters are desperate to find anything wrong with bitcoin.

I did my research and NOBODY within 60 miles of my NW PA home takes bitcoin. I'll go further and state that if I asked 100 people what they are, I would be lucky if I got 1. The issue is that many of the businesses in my area are lucky to be in business, let alone have a website, further to even know of and accept what many would call "funny money". To project a bit, I would say a solid majority of small businesses in rural areas of this country don't need another hassle for something for which there is no knowledge, let alone interest.

But I'm a hater.

60 miles? C'mon, at 75 mph, you can drive 300 miles. If you were a bitcoin enthusiast, you would drive 4 hours and spend $40 in fuel for the honor of paying 1 bitcoin for a sub at subway. Stop being lazy. I am starting to think that my stake in servocoin isn't going to be worth much.

 

[Slapdash]

Why don't you continue to make lame accusations about your local dry cleaners not having a website and actively accepting bitcoin without verifying. Small businesses use coinmap to advertise their business, you act like they are not allowed to use coinmap unless they actively promote it.

You haters are desperate to find anything wrong with bitcoin.

I did my research and NOBODY within 60 miles of my NW PA home takes bitcoin. I'll go further and state that if I asked 100 people what they are, I would be lucky if I got 1. The issue is that many of the businesses in my area are lucky to be in business, let alone have a website, further to even know of and accept what many would call "funny money". To project a bit, I would say a solid majority of small businesses in rural areas of this country don't need another hassle for something for which there is no knowledge, let alone interest.

But I'm a hater.

60 miles? C'mon, at 75 mph, you can drive 300 miles. If you were a bitcoin enthusiast, you would drive 4 hours and spend $40 in fuel for the honor of paying 1 bitcoin for a sub at subway. Stop being lazy. I am starting to think that my stake in servocoin isn't going to be worth much.

I wonder if you'd lose more money on the fuel or the exchange rate during that trip?

 

[fantasycurse42]

Any trolls want to make a bold 2014 prediction?

Here's mine, Wal-Mart announces plans to accept Bitcoin as payment.

There is bold and then there is foolish. America's largest retailer & their half trillion in annual business has no need to accept an unknown form of currency with extremely volatile swings in value.

My not so bold prediction; Walmart never accepts Bitcoin

 

[Jojo the circus boy]

It's funny how you think you are so smart and I am bad at the internet and you post a link to Google plus that has no more info than other sites like Yelp, i.e. their location, phone # and a tiny description of services. Again, are you really that obtuse to consider the link you posted to be a web site?

Keep the links coming, they are the best part of this thread IMHO.

Since you are so interested in spending bitcoin, did you call any of these establishments up to see if they would take your bitcoin off your hands? I'm guessing no.

Like you, I have no bitcoins, so I have no interest in calling them and I didn't call them. I just liked surfing that site to see what was available as your links are always amusing. I also felt like posting all the details of the link I saw that you felt was somehow proving that I "missed" a web site and was bad at the Internet. So, now that I answered your question, would you mind answering mine:Do you equate that with a web site? Since you think you are so smart, does this detail on your link for Arboretum Cleaners describe their embrace of bitcoin? Is a price change for excessive hair code for we accept bitcoins?

Is there a question in English buried deep in there somewhere?