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1  Bitcoin / Bitcoin Discussion / Re: Will it make sense if someone turned bitcoin into paper money? on: February 25, 2018, 09:49:33 AM
Just crossed my mind today. Will it make sense if someone will create a paper money equivalent of bitcoin? And the coins will be the smallest unit of bitcoin, Satoshi? Like the currency today?  I think it is okay if it became a globally accepted currency. And it will serve as a payment for everyday goods. What do you think?
If you mean to print a wallet and the keys to it on a piece of paper and use that as payment like a dollar note, that will not work.
The bitcoins are still on the blockchain and everybody who gets that piece of paper will have all access date to remove them to a different address.
Very soon the coins will not be anymore on the address shown on the paper, so the paper note becomes worthless.

It is possible to hide the keys in a way that destroys the note or otherwise reveals the key has been broken into in order to reveal it, the same way casascius coins and newer designs work.

It would make money much more difficult to fake as well as anyone could check the public address if in doubt to the notes authenticity.
2  Alternate cryptocurrencies / Altcoin Discussion / Re: US State Georgia next in line to accept cryptocurrency for taxes on: February 25, 2018, 09:23:44 AM
Crypto acceptance by governments is what will legitimize it enough to eventually bring it mainstream, I'm very glad there are forces within governments pushing for this as a lot of the recent news, particularly in Asia have been quite negative towards cryptocurrencies in general.
3  Bitcoin / Bitcoin Discussion / Re: As a beginner is it too late ? on: February 25, 2018, 09:16:57 AM
Considering bitcoin has dropped about 50% from its highest point I wouldn't say it is too late. It might be too late to earn thousands of time your capital but it is certainly not too late to still make decent gains.

The way to answer your question is to ask yourself do you see bitcoin changing the world of finance in any way, ie will it take market share from regular cash/card/paypal transactions, or will it become a better store of wealth than gold or other types of assets? No one knows with absolute certainty the answer to those questions but if you look at the technology and development coming to bitcoin you get an idea of what the future might hold. Similarly you can get an idea by looking at the technology behind various altcoins.

Why is this important? Because if bitcoin or an alt truly becomes mainstream for transactions or the average portfolio then the price can still go up 10x if not more than the current price. So how much do you truly believe in the technology?
4  Other / Meta / Re: Should merit be earned across the whole forum? on: January 29, 2018, 01:39:48 PM
I think they should, but as it is now merit is earned mostly in specific sections of the forum. There is definitely a distribution issue.
5  Other / Meta / Re: My take on Merit on: January 29, 2018, 01:35:04 PM
What I gather from that is that anything of value should get a merit. That's also why you may award more than 1 per post. It seems like the scarcity problem is being worked on, so let's just give it time.

In that case my suggestion would be limit the number of merit per post from 50 to maybe 5 and set a limit between individual users. In addition increase the number of merit sources substantially while reducing the number of smerit each source gives to ensure a fairer distribution.
6  Other / Meta / Re: My take on Merit on: January 26, 2018, 02:10:56 AM
You are completely right that there is nowhere near enough smerit to go around, I suspect perhaps theymos is going to increase it after the initial smerit distribution is allocated, but he will need to increase it by a very large amount to even make a dent. Distribution of merit aside, I don't think the idea is that an average user should post 500*50= 25 000 posts to become a hero member. I also don't see theymos having the time to add and supervise hundreds of smerit sources.

Another point you didn't mention is that posts after the first few replies are much less likely to receive any merit as they won't be seen much, maybe it is good in the sense that some of those huge useless threads will be less lucrative to post on but it also gives less incentive to continue posting on good discussions.

As for distribution of merit, we can already see from the stats theymos posted that most of the merit is going to a few well known people in the community rather than being distributed evenly to good posts. Also it seems this meta section has been the one section where most of the merit so far has been distributed to.

Theymos also asked people to merit posts of high quality rather than posts they agree with but just as with likes on reddit this will never happen.
7  Other / Meta / Re: Motion / Appeal to allot Satoshi 21M Merit points on: January 25, 2018, 07:04:57 AM
Eh, why not? Not like he is going to ever use it now.

You can't give your Merit points away. And as per Theymos you can only give away from what you are allowed to give away, sort of like a merit balance. This depends on your activity. Go read theymos's post about it.
Lol, I thought the motion was for 21M sMerits for Satoshi. *facepalm*

Why not both sMerit points and Merit points? It wouldn't make much difference anyway, though no one would see the sMerits.
8  Other / Meta / Re: Rank system changed? on: January 25, 2018, 06:59:16 AM
You don't need merits for be a Jr. Member. You need 10 merits for be a Member. I like this new rule.

The jump upwards from member is going to be hard for anyone who didn't start at their ranks. Theymos said there are only some 8k or so of smerit to go around each month once the current supply is used up.
9  Other / Meta / Re: Merit & new rank requirements on: January 25, 2018, 06:55:04 AM
When you give some one merit point for good post ,does the merit point decrease who gives the merit ?

No, you have smerit which is the points u can give away but it doesn't decrease your own merit.
10  Other / Meta / Re: 10 under merited posts on: January 25, 2018, 06:38:22 AM
I dont think you understood what theymos meant.

You are supposed to collect ten high quality posts from a single user. Not from 10 different ones.
Then they can be considered to become a merit source (assuming they are still active and theymos agrees/sees them fit to be one).

Ahh I thought the idea was that people spreading merit should be able to find the right deserving posts to spread to.
11  Alternate cryptocurrencies / Speculation (Altcoins) / Re: How soon can TRON(TRX) Make $1 on: January 25, 2018, 06:36:42 AM
Unless other coins pump similarly TRX at $1 would make it a top 3 coin, is there any specific reason why it should have a higher marketcap than all the rest?
12  Other / Meta / 10 under merited posts on: January 25, 2018, 06:17:28 AM
I type d that tyitle twice because I knew it was wrong the first time.  Still wrong.  w/e.  GF's out at a lesbian bar, BTC crashing WHY AM I HOLDING? I'LL TELL YOU WHY.  It's because I'm a bad trader and I KNOW I'M A BAD TRADER.  Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro.  Likewise the weak hands are like OH NO IT'S GOING DOWN I'M GONNA SELL he he he and then they're like OH GOD MY ASSHOLE when the SMART traders who KNOW WHAT THE FUCK THEY'RE DOING buy back in but you know what?  I'm not part of that group.  When the traders buy back in I'm already part of the market capital so GUESS WHO YOU'RE CHEATING day traders NOT ME~!  Those taunt threads saying "OHH YOU SHOULD HAVE SOLD" YEAH NO SHIT.  NO SHIT I SHOULD HAVE SOLD.  I SHOULD HAVE SOLD MOMENTS BEFORE EVERY SELL AND BOUGHT MOMENTS BEFORE EVERY BUY BUT YOU KNOW WHAT NOT EVERYBODY IS AS COOL AS YOU.  You only sell in a bear market if you are a good day trader or an illusioned noob.  The people inbetween hold.  In a zero-sum game such as this, traders can only take your money if you sell.

so i've had some whiskey
actually on the bottle it's spelled whisky
w/e
sue me
(but only if it's payable in BTC)

Source thread of the term HODL

HODL!

And so the term became popular Smiley

Right.  Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating.  In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes.  I'm sure that in 20 years there will either be very large transaction volume or no volume.

Very spot on and still relevant today

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.

I wonder though, is there a point where the difficulty of generating a new coinbase is so high that it would make more sense to try to recover keys for lost coins or steal other people's coins instead?  The difficulty of that is really high so for now it makes a lot more sense to generate but I just wonder what the real figures are.. would that ever become more productive?  Maybe Satoshi can address this..
Computers have to get about 2^200 times faster before that starts to be a problem.  Someone with lots of compute power could make more money by generating than by trying to steal.

Lost coins add value to all bitcoins

Welcome to the New Beginning

When the grand experiment that is bitcoin began, the anonymous wizard desired to test two parameters- a trustless, decentralized database enjoying security enforced by the austere relentlessness of cryptography and a robust transaction system capable of sending value across the world without intermediaries. Yet the past five years years have painfully demonstrated a third missing feature: a sufficiently powerful Turing-complete scripting language. Up until this point, most innovation in advanced applications such as domain and identity registration, user-issued currencies, smart property, smart contracts, and decentralized exchange has been highly fragmented, and implementing any of these technologies has required creating an entire meta-protocol layer or even a specialized blockchain. Theoretically, however, each and every one of these innovations and more can potentially be made hundreds of times easier to implement, and easier to scale, if only there was a stronger foundational layer with a powerful scripting language for all of these protocols to build upon. And this need is what we seek to satisfy.

Ethereum is a modular, stateful, Turing-complete contract scripting system married to a blockchain and developed with a philosophy of simplicity, universal accessibility and generalization. Our goal is to provide a platform for decentralized applications - an android of the cryptocurrency world, where all efforts can share a common set of APIs, trustless interactions and no compromises. We ask for the community to join us as volunteers, developers, investors and evangelists seeking to enable a fundamentally different paradigm for the internet and the relationships it provides.

Who is Behind Ethereum?

Our primary core devs are:

  • Vitalik Buterin → Inventor of Ethereum, protocol developer and researcher
  • Gavin Wood →Lead C++ developer
  • Jeffrey Wilcke → Lead Go developer

Primary non-development members include:

  • Anthony Di Iorio → Founder and Executive Director of the Bitcoin Alliance of Canada, Bitcoin Decentral, KryptoKit
  • Mihai Alisie → Founder of Bitcoin Magazine and Egora
  • Joseph Lubin → Software engineer, Quantitative Analyst
  • Stephan Tual → Founder of Ursium, Communications

A more extensive but non-exhaustive list of team members can be found here.

Our ether sale is available at http://ethereum.org ; the site contains all needed instructions.

The Next Step: Some Links

Welcome to the Ethereum Ecosystem:


Contact Us:

General Queries
info@ethereum.org

Ethereum's introduction

We know that Bitcoin's resistance to attack is based on the cost for the attacker to overwhelm the network, or at least to control a large fraction of its computing power. We assume this cost will continue to rise in the future so attacks will be infeasible even for well-funded attackers.

But the computational power of the network is proportional to difficulty; and it appears that difficulty is proportional to bitcoin price. It follows that unless bitcoins become substantially more valuable than they are today, the Bitcoin network will never be substantially more resistant to attack than it is today.

For Bitcoin to succeed and become secure, bitcoins must become vastly more expensive.

A good economic explanation

An idea that's too big to fail.

It didn't fail  Smiley

I thought I'd write about the last four years, an eventful time for Bitcoin and me.

For those who don't know me, I'm Hal Finney. I got my start in crypto working on an early version of PGP, working closely with Phil Zimmermann. When Phil decided to start PGP Corporation, I was one of the first hires. I would work on PGP until my retirement. At the same time, I got involved with the Cypherpunks. I ran the first cryptographically based anonymous remailer, among other activities.

Fast forward to late 2008 and the announcement of Bitcoin. I've noticed that cryptographic graybeards (I was in my mid 50's) tend to get cynical. I was more idealistic; I have always loved crypto, the mystery and the paradox of it.

When Satoshi announced Bitcoin on the cryptography mailing list, he got a skeptical reception at best. Cryptographers have seen too many grand schemes by clueless noobs. They tend to have a knee jerk reaction.

I was more positive. I had long been interested in cryptographic payment schemes. Plus I was lucky enough to meet and extensively correspond with both Wei Dai and Nick Szabo, generally acknowledged to have created ideas that would be realized with Bitcoin. I had made an attempt to create my own proof of work based currency, called RPOW. So I found Bitcoin facinating.

When Satoshi announced the first release of the software, I grabbed it right away. I think I was the first person besides Satoshi to run bitcoin. I mined block 70-something, and I was the recipient of the first bitcoin transaction, when Satoshi sent ten coins to me as a test. I carried on an email conversation with Satoshi over the next few days, mostly me reporting bugs and him fixing them.

Today, Satoshi's true identity has become a mystery. But at the time, I thought I was dealing with a young man of Japanese ancestry who was very smart and sincere. I've had the good fortune to know many brilliant people over the course of my life, so I recognize the signs.

After a few days, bitcoin was running pretty stably, so I left it running. Those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU. I mined several blocks over the next days. But I turned it off because it made my computer run hot, and the fan noise bothered me. In retrospect, I wish I had kept it up longer, but on the other hand I was extraordinarily lucky to be there at the beginning. It's one of those glass half full half empty things.

The next I heard of Bitcoin was late 2010, when I was surprised to find that it was not only still going, bitcoins actually had monetary value. I dusted off my old wallet, and was relieved to discover that my bitcoins were still there. As the price climbed up to real money, I transferred the coins into an offline wallet, where hopefully they'll be worth something to my heirs.

Speaking of heirs, I got a surprise in 2009, when I was suddenly diagnosed with a fatal disease. I was in the best shape of my life at the start of that year, I'd lost a lot of weight and taken up distance running. I'd run several half marathons, and I was starting to train for a full marathon. I worked my way up to 20+ mile runs, and I thought I was all set. That's when everything went wrong.

My body began to fail. I slurred my speech, lost strength in my hands, and my legs were slow to recover. In August, 2009, I was given the diagnosis of ALS, also called Lou Gehrig's disease, after the famous baseball player who got it.

ALS is a disease that kills moter neurons, which carry signals from the brain to the muscles. It causes first weakness, then gradually increasing paralysis. It is usually fatal in 2 to 5 years. My symptoms were mild at first and I continued to work, but fatigue and voice problems forced me to retire in early 2011. Since then the disease has continued its inexorable progression.

Today, I am essentially paralyzed. I am fed through a tube, and my breathing is assisted through another tube. I operate the computer using a commercial eyetracker system. It also has a speech synthesizer, so this is my voice now. I spend all day in my power wheelchair. I worked up an interface using an arduino so that I can adjust my wheelchair's position using my eyes.

It has been an adjustment, but my life is not too bad. I can still read, listen to music, and watch TV and movies. I recently discovered that I can even write code. It's very slow, probably 50 times slower than I was before. But I still love programming and it gives me goals. Currently I'm working on something Mike Hearn suggested, using the security features of modern processors, designed to support "Trusted Computing", to harden Bitcoin wallets. It's almost ready to release. I just have to do the documentation.

And of course the price gyrations of bitcoins are entertaining to me. I have skin in the game. But I came by my bitcoins through luck, with little credit to me. I lived through the crash of 2011. So I've seen it before. Easy come, easy go.

That's my story. I'm pretty lucky overall. Even with the ALS, my life is very satisfying. But my life expectancy is limited. Those discussions about inheriting your bitcoins are of more than academic interest. My bitcoins are stored in our safe deposit box, and my son and daughter are tech savvy. I think they're safe enough. I'm comfortable with my legacy.
[edited slightly]

Hal will be missed.

I just want to report that I successfully traded 10,000 bitcoins for pizza.

Pictures: http://heliacal.net/~solar/bitcoin/pizza/

Thanks jercos!

Confirmation a real trade happened!

I spent it all on pizza long ago:  https://blockchain.info/address/1XPTgDRhN8RFnzniWCddobD9iKZatrvH4

3-4 years ago there were less than 100 people frequenting this forum, and I was pretty happy to trade 10,000 coins for pizza.  I mean people can say I'm stupid, but it was a great deal at the time.  I don't think anyone could have known it would take off like this. Smiley

Laszlo




Laszlo must have really enjoyed that pizza Smiley
13  Bitcoin / Bitcoin Discussion / Re: Who is Satoshi Nakamoto? on: January 25, 2018, 03:33:44 AM
Well obviously no one knows... or very few people know (I still think that there are a couple original bitcoiners on this forum who are 99% sure that they know who Satoshi is).

Whats your favourite theory?

Mine is that it was John Nash   Roll Eyes

Please provide some proof for your theories. Would love to look into them!

Well one thing I am certain of is that he is either dead or he lost the private keys to his wallets, its inconceivable that every single wallet identified as his has never had a single satoshi transferred since he disappeared.

Going with the theory that he is dead the most obvious answer is Hal Finney.
14  Economy / Trading Discussion / Re: How do you Panic? on: December 22, 2017, 07:32:38 PM
I think panic is not the right term. For me its "worried". Were all worried when BTC falls coz alt coin price also fall. But Im sure that theres a main reason why BTC is down at the moment. I think a lot of people are withdrawing money because of the holiday season. I know that it will recover the price fall soon. We dont need to panic I guess. Were just on the seasonal struggle coz a lot of people is being generous I guess to the point that they sell their coins and make a holiday parties. I think it is normal. Im sure it will recover soon. Good luck to all!

Yep similar for me, I worry but I don't panic sell. I think I've learned my lesson already many times on how futile it is to panic sell and watch it go back up.
15  Bitcoin / Bitcoin Discussion / Re: Is it over?? on: December 22, 2017, 07:28:54 PM
It probably is over, though we could be in for a round 2 a few days down the line before a real recovery but probably this was it since we actually did drop quite hard from the top.
16  Bitcoin / Bitcoin Discussion / Re: Bitcoin is making us money while we sleep, people! on: December 06, 2017, 03:39:46 PM
Bitcoin Price Tears Beyond $9,750 - Setting the new record all-time high.

That's probably it, bitcoin is making us money from thin air...  
Bitcoin is making us rich doing nothing literally Grin
Do you agree with me? share your thoughts



it’s about 10 days and bitcoin add more than 3000$ .

crazy bitcoin only do this

But it won't last forever, eventually it will crash hard before returning to its normal long term trend.
17  Alternate cryptocurrencies / Speculation (Altcoins) / Re: bitcoin $15000 on: November 30, 2017, 11:30:04 PM
It looks like bitcoin is going parabolic already, I think 15k is possible by January but I think if that's the case it will have a bigger crash than the one this last day.
18  Alternate cryptocurrencies / Tokens (Altcoins) / Re: 🚀[ANN][PoSToken]World's First PoS Smart Contract Token[3rd ROUND AIRDROP LIVE] on: October 19, 2017, 07:32:29 PM
Nice airdrop, thank you for that!
19  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][CND] Cindicator - Hybrid Intelligence for Financial Markets - September 12 on: September 13, 2017, 09:50:41 AM
nice concept with this project but if i may ask, is this project part of starta accelerator?

Hello, thank you! Starta is Cindicator's early stage investor

I don't suppose starta token holders will get some airdrop from this project now?

That would be nice  Grin
20  Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple not so many banks after all? on: August 31, 2017, 09:14:04 PM
I cannot believe people are still going along with the myth that banks are somehow going to start transacting directly in XRP.

They use Ripple's blockchain technology but will never use the currency itself, it gives no advantage to them and is basically useless for performing transactions.
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