What luke said has been taken out of context, Anyone who is coming in here trying to say that hundreds of millions of USD, EURO and YEN hasn't been converted into BTC these last few weeks is kidding themselves.
Bitcoin hits $100
- Thread starter lcver
- Start date
Seriously? Is that what you think happened?
I'm more prone to believe that $10M was just the lunch hour one wednesday in Cyprus last week.
Course not. I just had to post that value so that the correlation between the two terms are clear.
What we are trying to say is that $1b was not allocated out of the USD or any other currency and moved into BC.
If you agree that the price of btc is mostly speculative right now, then I don't see how you can think that at least $1B of other currencies wasn't traded for bitcoins.
Each net price rise rests on the shoulders of all price rises before it.
...And someone paid money (not bitcoins) to raise those.... All the way up from $0.01.
But that's happening only on the small percent of bitcoins changing hands. Eg. only 20% of the total BTC available traded hands [for actual currency] in the last 30 days. If ALL Bitcoins moved at $100+ in the last 30 days, then yes, we can say $1 billion went into BTC.
This is ridiculously pathetic. lukep, you are fucking retarded my man. To be as informed as you are and be so utterly stupid, you make me smh and facepalm all at the same time. Go take a class in Finance or something, jeez. I'm hiding your posts from now on.
I especially liked the above article. The possibility of this (digital money) marginalizing cash and the current cash & banking system. The trouble & cost of using cash is miminal for us here, but for the rest of the world (especially the 2~3 billion poor, the system-D) it's a significant cost and they're already using mobile phones to overcome many of these transactional barriers. It's like they've hurdled over this huge technological gap that used to exist between the 1st world via the use of mobile phones. We're sort of like the 'old fashioned ones' who haven't fully gone mobile yet
Fascinating read:The largest payment platform on Earth can reach 2 billion people
31% of Kenya’s GDP is spent through mobile phones – Quartz
Maybe they're not using bitcoins yet, but it does make you wonder what could happen if they start to. The Big Picture of all this when you combine the two: mobile phones + bitcoins. In this case, the 'financial revolution' might start from the world's 'outskirts' first and then hit us last since we're still very comfy with the current system.
I especially liked the above article. The possibility of this (digital money) marginalizing cash and the current cash & banking system. The trouble & cost of using cash is miminal for us here, but for the rest of the world (especially the 2~3 billion poor, the system-D) it's a significant cost and they're already using mobile phones to overcome many of these transactional barriers. It's like they've hurdled over this huge technological gap that used to exist between the 1st world via the use of mobile phones. We're sort of like the 'old fashioned ones' who haven't fully gone mobile yet
The largest payment platform on Earth can reach 2 billion people
31% of Kenya’s GDP is spent through mobile phones – Quartz
Maybe they're not using bitcoins yet, but it does make you wonder what could happen if they start to. The Big Picture of all this when you combine the two: mobile phones + bitcoins. In this case, the 'financial revolution' might start from the world's 'outskirts' first and then hit us last since we're still very comfy with the current system.
Why would someone switch from normal cash + mobile phones, like they're doing now, to BTC/mobile?
Curious. Why complicate it?
Alright, one last response for the night. (Yes, it's too fucking hot here and I'm sleeping in the daytime lol.)
Is value being created from nothing?
Market Cap's definition, if boiled down to one word, is: value.
I submit that the value of this currency, which is, after all, fiat and comprises no assets, is measured by what people have paid for it, nothing more.
With me so far?
If we were to run with your definition of Market Cap being nothing more than the recent small percent changes times quantity (which i'm guessing you learned from valuing stocks), then I have to ask: What then created the VALUE of that market cap?
Your idea of it means it has no value... It's just one ledger entry times another, yet that's not the definition of market cap. Value is.
So do you claim that something valued at $1.4 billion has no value?
Utterly devastated... Wait... Who were you again?
Maan, just read the 2 articles/posts I mentioned re: mobile phone transactions. Alot of the mobile phone transactions going on in those parts of the world don't rely on cash per se. It's in many ways digital (so to speak).
I read the articles.
I guess when fanatics are given the opportunity to think, they shut down.
Pathetic.
Why would Kenyans move from m-pesa to Bitcoin?
Riley Pool? The critically acclaimed e-gangster badass? I wouldn't be calling anyone pathetic, your affiliate guru-poo blog is an ad riddled piece of shit and you know it.
[ame=http://www.youtube.com/watch?v=UllMDEmFERg]Peter Schiff talks about Gold Silver Bitcoin - YouTube[/ame]
Why would anyone move into bitcoins?
All I'm really saying is that there are other parts of the world where ppl seem to be more motivated to use something different from their existing currencies or cash, not to be controlled by their corrupt govts & bankers, and who don't have easy access even to opening a simple bank acct. And no, I'm not quite the hardcore fanatic like lukep
(sorry luke :1orglaugh: ). I just find this interesting & fascinating.
lol...
Typical bitcoin user.
Chick: have you heard of these things called bit coins?
Peter: Yea, it's pretty dumb.
Chick: But.. but... okay.
Look at her face starting at about 3:17 when he compares Bitcoins to Beanie Babies. lol
