Meanwhile @ Yahoo Finance:  heading over to finance to cast my vote now  |
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here we go again free fall
My you are a nervous nellie. We are free falling upwards. Who installed the gravity inverter? / |
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Let's flip a bitcoin for which way it will break. Heads is high tails is low.
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The problem isn't 0 confirmation transactions it's if Bitcoin becomes mainstream for people using it as a source of payment, it will break as it can't handle the transaction load, and will become a clusterfuck of a problem.
There is that potential. Especially as we seem to be working against a logistic function. Most people fail to comprehend how fast things can happen. That said, we seem to have a number of tactics available right away that just require implementation. Some new heavy hitters coming in for mining as well. When combined with funding we could see significant improvements happening sooner. Note Gavin working with Coinbase may give some additional ooomph in development assisted by new capital from VCs. |
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Another 16k in block 274536. Something big is going down.  Ive only got about 10% in BTC the rest in dollars! but I'm still nervous. True that coins might not be moving to an exchange for a dump. But, bearish signs are everywhere. Also, new deposits halting as weekend approaches. Odds of a rally are pretty low. Sell now to be safe. Don't the size of the blocks include change?  |
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Every good or service that is provided backs bitcoins (in other words people will exchange it for as one of the other posters mentioned). This includes fiat. Scary eh? Except not so scary. When large crowds move they move in very predictable ways. With enough adoption the crowds will be easy to predict and this will further stabilize the price of bitcoin as adoption increases. Try to do as much as possible in bitcoin and we will realize the dream faster . |
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I will continue to convert fiat to bitcoin until my salary is all bitcoin. How about that?
Edit: This means I don't stop after 1200.
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Gather round everyone. I'll tell you how this will play out. The exchange rate will languish for a while. New money will flow to the exchanges as interest is increasing, but new buyers will be hesitant to buy, as they may suspect the price is in a downtrend, and so will hold of buying in the hope that they can get the most bitcoins for their money. This will go on for a while, maybe many months. The total amount of money waiting to buy will build over this period, and this won't be obvious by merely looking at bids on the order books.
Eventually, the distance of time will minimize the fear of this most recent run-up. A few people will buy largish amounts, then a few more, and so on. The bids will begin to pile up on the order books, and a new phase buying like we've just seen (and like we've seen many times before) will begin, which will quickly accelerate after old highs are broken.
Then repeat.
You are scaring me! What happened to our bearlama? |
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Solid support again at these levels to be honest, should have bought few from that 840 wall on Bitfinex.
Agreed, but then again, the second we think we know something it will change . 850 or so is a great floor to maintain going through the holidays. Things are going to explode next year as a new tax season begins for many regions. Buying during the lull is highly advised for the little guys. Remember the super big guys don't do much during the holidays as they are complacent and look to take the time off. |
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If they can construe Mike Caldwell's business as unlicensed money transmitting, then all bitcoin miners and users can by an extension of the same logic be considered to be the more guilty parties (and possibly businesses that post any precious metals in coin form). Users and miners are doing the deed directly, without any regulation or license :O Casascius is very much the lesser infringer, as they use the postal service to send people wallet access that is protected by a hologram housed in a coin.
So FinCEN have basically gone after an easy target because of the unique nature of his business, and what's more is that it's a business whose activity least resembles the transgression that they have charged Casascius with. Sending someone cash or a cheque in the post should also be considered money transmitting in this case. Hell, why not just simply giving people bank notes? Money is transmitted, no?
The physical thing always seems get cracked down on. It might be fun to have a 3D printer implementation of Mike's coins. I bet he would not mind giving out some designs. This way anyone can print them at a whim . |
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I need a cut and pasteable write up for why confirmation time is barely relevant with good POS implementation. I see this question so often.
If someone can point me to a good one I will use it otherwise going to try something like the below.
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Isn't 10 minutes for confirmation too long? Can't someone hack this and spend the same coins twice?
No, for most purchases simply having the transaction out in the network is sufficient. Your address can be monitored for further spends (and sufficient funds) by the POS terminal once the initial transaction is made. If there is no spend within a few seconds your odds of theft are minuscule.
But what if they send a transaction without a fee?
Same story as above, your transaction can be checked for appropriate transaction fees. As we move to new transaction fee structures the POS can monitor for what a typical transaction of that size would take to clear and apply to a block.
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Is this enough or is there something better?
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Sorry for Mike  . That said, he did not seem overly upset when last he spoke about this. |
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I still like the idea that Satoshi published his Whitepaper on the 5th of November (which you must remember, remember).
 I thought it was released in October 2008? I just actually ran across the pdf on my computer this morning and there's no date in the white paper. I thought the 5th of November was the day one of the ponzi schemes went belly up? Perhaps I'm confusing my dates... Happy Satoshi Nakamoto Day! Fifth of November = Guy Fawkes |
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Happy Satoshi day everyone. Is there going to be an iron pole and feats of strength? What tradition will we use to mark the event? Everyone send a TX to arrive at a block that would contain the exact minute/second? That would be a great way to test TX load |
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Without competition against off-chain by on-chain means eventually it devolves to the strongest cartels controlling the off-chain system.
And the problem with transaction fees is precisely why Bitcoin's design is flawed.
Luckily this all (and more) can be fixed in an altcoin.
It can be "fixed" in Bitcoin, if it actually proves to be a problem. That assumes that the vested interests who control most of the coins and most of the mining agree with the fix. They may have a cartel reason to prefer the centralization in the current design. Perhaps, but then they will also undermine the market leader status of Bitcoin itself; likely destroying their own savings and income in the process. That's not likely IMHO. If it can be fixed inside Bitcoin, it will be fixed. Agree with MoonShadow. Keep in mind that everyone focuses on the economics in the end. "greed is good." If an alternative arises that is "better" many parties will look towards alternatives to shift and maintain their existing assets vs. purchase new or build new. |
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If you give the media bitcoins. They pump so they can buy more with their bitcoins. |
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From the statistics blog I linked, a visual aid to help people understand the dangers of exponential extrapolation. This is a logarithmic chart, the straight lines are exponential curves. I always get a laugh from this one...  old but still fun |
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