yet another bitcoin thread - DANG, the price dropped

Kiopa, is op_return for storing data reliable / easy to do programmatically now? Internet resources on this are all over the place, figured you might know.
 


Kiopa, is op_return for storing data reliable / easy to do programmatically now? Internet resources on this are all over the place, figured you might know.

I've never used OP_RETURN myself, but should be fine. I would imagine pretty near all miners are running software that's updated enough to accept OP_RETURN transactions as standard, so you shouldn't have any issues putting them in.

Not sure which (if any) clients support OP_RETURN yet, so you're most likely forming the transactions yourself. Here's a decent example of an OP_RETURN transaction though, nicely explained:

protocol - Explanation of what an OP_RETURN transaction looks like - Bitcoin Stack Exchange
 
Oh, and I should note, if whatever you're doing is time sensitive, and requires reliable to the exact second timestamps, then you shouldn't use this. Bitcoin doesn't really have a concept of time -- there isn't one timezone everyone agrees to run on, type of thing. You can see when your specific node got notified of the new block, but that's only your specific node. There is no central time server we all run off of, or anything.
 
Bitcoin is taking it on the face like a used whore. Also bitcointalk.org is down for some reason.
 
Luckily I converted most of my BTC to cocaine several months ago. In my experience it is a very stable and recession-proof commodity.
 
FUUUUCK BITCOIN PRICES DROPPING LOADS ALL OVER MY WET SATOSHI CUNT, $225 FUUCKING WHORE!!!:love-smiley-086:
:laughing-smiley-007 this is fun. It's now at $219 and may keep going down.
maybe buy a few when it dips way below 200 and hovers around 150.

Bitcoin Price Crashes Through $250 Mark
Miners pull the plug

The plummeting price of bitcoin has had ripple effects throughout the bitcoin economy. While traders may be scrambling to top-up their margin accounts or to pile on the short swaps, some miners are apparently beginning to find their positions untenable as well.

Cloud mining outfit CEX.io, for one, said it would temporarily suspend mining because the price had fallen too low. Mining difficulty, meanwhile, has plateaued and dipped over the past 30 days, but remains at an all-time high.

"[This is] the result of cloud mining costs exceeding mining profit," CEX.io chief information officer Jeffrey Smith wrote in a blog post announcing the suspension yesterday.

So how far more does the bitcoin price have to drop? As yesterday's Markets Weekly noted, several observers think it could go well below $200, after it has plunged past $250.

Martin Tillier of the Nasdaq's trading blog believes bitcoin's fair value lies somewhere in the $140 region, at a slight premium to the level it was trading at, around $120, before the bull-run in the autumn of 2013.
 
bout to pop down through $200

GTfDrON.gif
 
Booooooooooooom

$180

The real interesting thing starts to happen very soon around these levels. Miners stop mining cause there's no incentive because electricity costs more than the profit they make. This makes the whole btc network much more vulnerable to 51% attack and much slower for transactions to actually be considered approved.
 


:)

Pro-Tip: Sell / invoice in BTC. It makes handling the drops much easier.

I really like the idea of bitcoin, but there are still so many problems to be worked out.

We lost $100,000-$150,000 by using bitcoin as the method to take investment on my real estate business. This is just from last year.

What would happen would be we would offer investors shares for X amount of bitcoins based on current USD value, it would take investors up to 1 week to go out, buy bitcoins in their native currency, convert to bitcoin, send to us then to get it cashed out. The volatility overall pushed the USD value down enough that when we cashed out the BTC was worth less than the USD equivilent value when it went in.

We were told time and time again "Well, just give it enough time, eventually the volatility will swing the other way and you'll make it all back". Well, after a year we did not, and thus the $100,000+ loss of capital. Granted the investors aren't TOO upset about it, especially now, investing in my RE business has been immensely more profitable than bitcoin has for the most part over 2014.
 
Sorry to hear about the loss. However, I said "sell / invoice" in BTC -- not "take one-time investments in BTC, and promise USD payouts". However, this only works if, a) you make more than you need, b) you believe in BTC long-term, and c) you have a constant influx of BTC.
 
Can LukeP please make a comment on this, I invested my life savings in BTC because he promised it would be to $1m by now.
Lol... Good thing I know you better than that Blok, or I'd be livid. ;P

I keep swearing I won't post in these threads anymore; it honestly reminds me now of going to CNN and jumping into a political debate in the comments there... So much disinfo and opinion without and research it makes my head hurt just scanning this bullshit thread.

But I realize I got a few people around here interested, and you're not all total drooling morons, so I might have some teensy weensy responsibility to speak up around here when bitcoin dies for the 30th time.

For the record folks, the price of bitcoin is only important to the traders and investors... Bitcoin itself doesn't work any worse at $1 per coin than it does at $1000.

....And transactions are growing wonderfully, so there's literally no case to argue against bitcoin's growth: https://blockchain.info/charts/n-transactions

Bitcoin's VC investments in 2014 were higher than the entire Internet's VC investments in 1995. Venture Capital Funding for Bitcoin Startups Triples in 2014 In fact there is no other single technology being funded as heavily as bitcoin is right now.

Hint: They don't want it for bitcoin's use as a currency. Get with the fucking program, people!


At least there are alternative uses for BTC, like jewelry, electronics, computers, dentistry, etc. Oh, wait a second.
LOL!

The last time someone tried to convince me that gold had more commodity utility than bitcoin does, I think it was you Charles, right here on this board.

Watch both of these vids and just try tell me afterwards with a straight face that jewelery, conductive metal, and dental ornaments are more useful to civilization.

[ame="http://www.youtube.com/watch?v=YIVAluSL9SU"]http://www.youtube.com/watch?v=YIVAluSL9SU[/ame]

Longer but SO worth it:

[ame="http://www.youtube.com/watch?v=4nOfHpOFhN8"]http://www.youtube.com/watch?v=4nOfHpOFhN8[/ame]


We lost $100,000-$150,000 by using bitcoin as the method to take investment on my real estate business. This is just from last year.
WTF were you holding onto that for?!?? Surely you had heard that you shouldn't invest anything into bitcoin that you can't afford to throw away?

Bitcoin isn't even in 1.0 status yet! It's a beta fucking software!!!

Regardless, you'd be the worst kind of moron to sell now. Hodl or lose it all.




Until bitcoin is as easy and safe to use as a credit/debit card it's going to face an uphill battle.
Agreed. Hence the $400 Million in VC money spent in the last year to make bitcoin safe and easy to use as a debit card. It'll payoff this year, sometime.

Specifically about safety; multisig wallets and hardware wallets combined are completely hackproof, and available now. You can use GreenAddress.it with a Ledger hardware wallet right now for a total of $39 today to have perfect security, with convenient apps too.
 
Lol... Good thing I know you better than that Blok, or I'd be livid. ;P

I keep swearing I won't post in these threads anymore; it honestly reminds me now of going to CNN and jumping into a political debate in the comments there... So much disinfo and opinion without and research it makes my head hurt just scanning this bullshit thread.

But I realize I got a few people around here interested, and you're not all total drooling morons, so I might have some teensy weensy responsibility to speak up around here when bitcoin dies for the 30th time.

For the record folks, the price of bitcoin is only important to the traders and investors... Bitcoin itself doesn't work any worse at $1 per coin than it does at $1000.

....And transactions are growing wonderfully, so there's literally no case to argue against bitcoin's growth: https://blockchain.info/charts/n-transactions

Bitcoin's VC investments in 2014 were higher than the entire Internet's VC investments in 1995. Venture Capital Funding for Bitcoin Startups Triples in 2014 In fact there is no other single technology being funded as heavily as bitcoin is right now.

Hint: They don't want it for bitcoin's use as a currency. Get with the fucking program, people!



LOL!

The last time someone tried to convince me that gold had more commodity utility than bitcoin does, I think it was you Charles, right here on this board.

Watch both of these vids and just try tell me afterwards with a straight face that jewelery, conductive metal, and dental ornaments are more useful to civilization.

The real value of bitcoin and crypto currency technology - Bitcoin Properly - YouTube

Longer but SO worth it:

Bitcoin 101 - A Million Killer Apps - Bitcoin's Big Bang of Disruption - Part 1 of 2 - YouTube



WTF were you holding onto that for?!?? Surely you had heard that you shouldn't invest anything into bitcoin that you can't afford to throw away?

Bitcoin isn't even in 1.0 status yet! It's a beta fucking software!!!

Regardless, you'd be the worst kind of moron to sell now. Hodl or lose it all.





Agreed. Hence the $400 Million in VC money spent in the last year to make bitcoin safe and easy to use as a debit card. It'll payoff this year, sometime.

Specifically about safety; multisig wallets and hardware wallets combined are completely hackproof, and available now. You can use GreenAddress.it with a Ledger hardware wallet right now for a total of $39 today to have perfect security, with convenient apps too.

Doesn't money serve the purpose of commerce? It was our/my assumption (And the investors too) that bitcoin would be somewhat more stable than it actually was, and thus the swings cost everyone a boatload of money. Although wallet-to-wallet transactions are fast, actually converting it to other currencies (And deposits in banks) is quite slow. Sure you could meet some guy in a dark alley way and convert your BTC to fiat or vice versa, but even legit entities that do that have very low limits. Thus businesses are stuck with payments that take much longer than the alternatives.

Well, cost everyone except me since i've been in mostly USD over the past year. I've made plenty of money off the drop of bitcoin against the USD as all these investments were valued in USD and now I look great due to converting investor money to USD and using it to buy assets. The loss on bitcoin was $100k-$150k, the gain in USD value was over $300k. Great time to be in USD, not so much bitcoin.

Granted I still am thankful for being able to locate investors who are interested in bitcoin as that's how I was able to locate my investors to begin with. My goal here is to point out some major issues with bitcoin.
 
It was our/my assumption (And the investors too) that bitcoin would be somewhat more stable than it actually was
See how you used the word "was," as if bitcoin exists only in the past?

Your time horizon is simply way too low... Years ago I was spouting on here that I doubt bitcoin could really be less volatile until 2017 or so, after tons of mainstream adoption driving the price up to 5 or 6 digits.

There may be another price spike in 2015, but even if so, there is no way in hell the volatility is going to level out this year or next... I'm thinking 2018 now for those troubles to be behind it.

Volatility is the only drawback bitcoin has as a currency... But it's an important one and if it never levels out, it'll never be a real currency.

I stand by my previous assertations that it will level out with prices in the 6 figure range, which would only happen after the majority of the planet is using bitcoin on a daily basis. -It's just not there yet but I know it will be eventually... The blockchain is just to unfathomably useful for it not to get there in time.

It can level out at such high prices because even when fluctuating $10,000 each way every day, the cost of goods you're likely to use some bitcoin for are such a small percentage of the price of 1 bitcoin that it's not a large fluctuation of price down on the level of the cost of lunch.

When lunch costs 2 bits, (0.000002 btc) no vendor is going to change the price of that lunch to 3 bits and then 1 bit day in and day out because the price of a bitcoin costs 510,000 one day and 490,000 the next day.

Market volatility, like security, is solved by very large numbers.