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101  Bitcoin / Bitcoin Discussion / Re: changing Bitcoin mining algorithm to non-PoW after block 630,000 on: October 12, 2014, 06:58:00 PM
If you use PoS or DPoS to mine your scamcoin then you will not need to spend any resources to mine. If you are not spending any resources to mine then it would not cost any resources to attack the network. If it does not cost anything to attack the network then the network is not secure. If the network is not secure then people will have no reason to own or accept the coin for payment, and thus the coin would have no value

Typical bitcointard thinking process.
Please show me how you attack NXT or BTSX without spending 1$.
All you would need to do to attack a PoS coin is buy up a lot of the shitcoin, transfer them to a lot of different wallets housed is various VPS that all have different IP addresses. You then attack the network, transfer the shitcoin back to an exchange, sell the shitcoin before anyone notices
102  Bitcoin / Bitcoin Discussion / Re: When you need clothes, food, rent, a car. Your go to currency is not Bitcoin... on: October 12, 2014, 06:54:08 PM
At the current moment, there's little incentive for the average joe to go buy BTC and spend it instead of using traditional payment method (cash / CC, etc.).  Maybe when merchant pass some of the savings in processing fees, will BTC thrive.
I agree, and I also think we will see more merchants offering some level of discount for paying in bitcoin. Newegg offered a (I think it was 20%) discount for orders paid for in bitcoin and they saw a massive response. I don't think that the cost savings is that large, but the principle does stand that people will be willing to pay in bitcoin when offered a discount
103  Bitcoin / Bitcoin Discussion / Re: Bitcoin will be bigger than Facebook on: October 12, 2014, 06:45:50 PM
Whoa whoa whoa, pump the brakes bro!  Before you start throwing out the Myspace analogies, take a look at the big picture:



Next in line is Ripple, and they're still quite a few magnitudes away from even sniffing Bitcoin's level.

Let's all take a breath and see things as they are.  Until something bigger comes along, there is none.

Well, That is sort of my point.  When Myspace came along Facebook was absolutely nothing.  It was sort of a fresh, just like Bitcoin was if you will.  Once Facebook went public, and Myspace already started putting out ads Facebook came back and went public and took over everything....
If you look at longer term charts you will see that the price of most altcoins have been on a long term price decline. While bitcoin has not.

Facebook added real new features to social networking that myspace did not offer. It was not merely a copy of myspace. The altcoins on the other hand do not add anything that bitcoin does not offer and is actually less secure making them less attractive
104  Bitcoin / Bitcoin Discussion / Re: Satoshi nakamoto is Sun God! a Solar deity! on: October 12, 2014, 06:39:11 PM
You can make any number of 'methods' to get satachi's name into some other phrase and get your preferred result. I don't think this means anything.

I think the fact that many people are obsessed with satachi is a real threat to bitcon's success
105  Bitcoin / Bitcoin Discussion / Re: Rise and Rise of Bitcoin - Watch the Full Movie for Free on: October 12, 2014, 06:35:45 PM
Watched it yesterday. It was very good. Sounds like buddy has a LOT of BTC if he's been mining since like 2010, and prob should have put the movie out for free so everyone can see it. Its on thepiratebay if you want to download it.

Because he has money he should use his time and money to make a movie for your enjoyment for free? If he fails to do that you should feel justified in stealing it?

Well, I have money. I suppose I should get my ass over to your house and wash your car. Don't worry about the supplies, I'll pay for the soap and wax.
I think the reason the movie was made available for free was because it should help spread the word about bitcoin and hopefully increase adoption in bitcoin (and the price). If he owns a lot of bitcoin (from mining in it's early days) then he will indirectly profit this way.

The dangers of downloading the torrent and then 'donating' bitcoin is that it is very difficult to determine what the 'correct' address to send the money to is. This presents an opportunity for scammers

Correct address is correctly given in the OP as well as in http://www.coinlearn.org/movie.php. It can also be confirmed from https://twitter.com/BitcoinDoc/status/520947235329019904. Makers of the documentary could even attach their address & QR code in the movie file and upload that version to online video hosting sites like YouTube. As per http://bitcoindoc.tumblr.com/post/99826989216/the-rise-and-rise-of-bitcoin-is-currently-3-on The Rise and Rise of Bitcoin is currently #3 on iTunes for docs. I guess once the initial money raising is done from direct selling, movie makers will release the movie themselves with their address attached to the movie.
The movie file could potentially be altered and someone could use a botnet to increase the popularity of the hash of the altered file on torrent sites. Someone could make a fake twitter account with fake followers, retewaters ect.

I was not talking about this movie specifically but rather the concept of paying after the fact in bitcoin for something after you download it. Just look at what happened with the fappening, after the first person published the pictures and a BTC address, many other people quickly published other BTC addresses trying to get people to give them money
106  Bitcoin / Bitcoin Discussion / Re: Why There Should Be A Bitcoin Central Bank on: October 12, 2014, 06:29:38 PM
Fractional reserve is legalized theft. Period.
[
But who are they stealing from?

Everyone. Quite literally.

If you do not understand this, then you do not understand how fractional reserve banking works. Read the rest of this thread for the briefest of introductions to the topic.
Fractional reserves allow banks to "create" money and essentially devalues money however the amount that money is devalued is less then what can be earned by investing your money so fractional reserve banking actually facilitates people to increase their wealth and standard of living.

The only people who are negatively affected are people who have cash 'under the mattress' literately
107  Bitcoin / Bitcoin Discussion / Re: Blocks are still taking way too long. on: October 12, 2014, 06:14:15 PM
That's the problem of that particular website for not accepting your transaction when BitPay or Coinbase will accept it within seconds. Lots of businesses can accept Bitcoin on their own and not pay processing fees and still proceed with your transaction within seconds, but they chose not to.

Websites have had problems with accepting unconfirmed transactions though. There have been double spends before. BitPay and Coinbase have their own technology I believe that monitors the network for attempted double spends I think. Not sure about Coinbase but people have mentioned that about BitPay before.
Unless a website is going to be giving access to whatever is being sold immediately that cannot be reversed after 10 minutes then it should be safe to accept an unconfirmed TX. The only real time that an unconfirmed TX should not be accepted is when something is to be downloaded that would generally take less then 10 minutes to download and is not protected via DRM. 
108  Bitcoin / Bitcoin Discussion / Re: Why Apple Pay Is a Threat to Bitcoin | Coindesk | #bitcoin #applepay on: October 12, 2014, 06:09:18 PM
Second of all, Apple Pay is NOT anonymous.

It is not anonymous in the same sense that Bitcoin is, this is true. However, it does have a degree of anonymity. Your personal details are never exposed to the merchant. This is something of which several posters upthread seem to be ignorant. In this sense, Apple Pay is much more than simply replacing your plastic with your phone.

While nothing like the benefits of Bitcoin, Apple Pay still is a major improvement over current credit and debit card processes.

Apple Pay might delay Bitcoin adoption, but I don't think it will displace it.
When you use a credit card, your name as it appears on your credit card will generally be displayed on the credit card receipt. I don't see any real reason why this would be any different with apple pay. If your name is on the receipt then there is no reason why it could not be present in a database maintained by the merchant.

The major improvement that apple pay has over credit cards is that you need to carry one less thing on your person when spending money.
109  Bitcoin / Bitcoin Discussion / Re: Is Apple Pay a threat to Bitcoin? on: October 12, 2014, 06:03:09 PM
Of course its not a threat. Apple pay it still just using fiat currency.

So a bit like most of the Bitcoin payment services available where merchants take Bitcoin payment and sell it for fiat immediately?


Still going to have to pay bank and transaction fees same as using credit cards. Its like comparing apples to oranges.

So a bit like most of the Bitcoin payment services available where merchants have to pay transaction fees to the processor?

The effective fee that consumers have to pay to use apple pay (credit cards) is much higher then the effective fee that consumers pay when sending a bitcoin TX. There is also still the chargeback risk to merchants essentially making a apple pay transaction be unconfirmed for months

The fact that apple pay uses fiat does not matter
110  Economy / Lending / Re: [Offering] Loans for trusted members on: October 12, 2014, 05:55:43 PM
.2 to help give out loans myself while I am waiting on repayments. I can payback .215 within a week, most probably before that. Let me know if you can do this for me, and I'll post my address.
This is a very risky proposition and likely a scam. If someone were to lend money for them to lend money then they are not only risking that the borrower will pay back but also you are trusting his judgement that he will make prudent loans that will be repaid

Even if I get defaulted on I still have my current loans that are out to payback, so there's no risk since I can just buy more anyways.
You should only lend to someone an amount less then what their reputation is worth (if lending unsecured - you did not offer any collateral so it should be assumed you are asking for an unsecured loan). Your reputation is not worth .215 (nor is it worth .2). Much of the trust that you have exchanged appears to not have been legit trades but rather just agreements done via PM to give eachother trust
111  Bitcoin / Bitcoin Discussion / Re: Is Chase QuickPay a threat to Bitcoin? on: October 12, 2014, 05:52:17 PM
No.

Chase QuickPay is a threat to paypal as is is very similar to paypal and is a competitor to paypal. It is also similarly reversible and relies on a central authority (chase) to keep track of your balance
112  Economy / Lending / Re: [Offering] Loans for trusted members on: October 12, 2014, 05:50:30 PM
.2 to help give out loans myself while I am waiting on repayments. I can payback .215 within a week, most probably before that. Let me know if you can do this for me, and I'll post my address.
This is a very risky proposition and likely a scam. If someone were to lend money for them to lend money then they are not only risking that the borrower will pay back but also you are trusting his judgement that he will make prudent loans that will be repaid
113  Bitcoin / Bitcoin Discussion / Re: Rise and Rise of Bitcoin - Watch the Full Movie for Free on: October 12, 2014, 05:47:16 PM
Watched it yesterday. It was very good. Sounds like buddy has a LOT of BTC if he's been mining since like 2010, and prob should have put the movie out for free so everyone can see it. Its on thepiratebay if you want to download it.

Because he has money he should use his time and money to make a movie for your enjoyment for free? If he fails to do that you should feel justified in stealing it?

Well, I have money. I suppose I should get my ass over to your house and wash your car. Don't worry about the supplies, I'll pay for the soap and wax.
I think the reason the movie was made available for free was because it should help spread the word about bitcoin and hopefully increase adoption in bitcoin (and the price). If he owns a lot of bitcoin (from mining in it's early days) then he will indirectly profit this way.

The dangers of downloading the torrent and then 'donating' bitcoin is that it is very difficult to determine what the 'correct' address to send the money to is. This presents an opportunity for scammers
114  Bitcoin / Bitcoin Discussion / Re: Is old 3.5 floppy safer than USB drive for cold storage? on: October 12, 2014, 05:39:04 PM
It's enough, for me, to live in a gated community with armed guards roaming, with CCTV all over the place. And of course, I am armed myself.
[...]

Sometimes the "attack" can come from unexpected angles. There was a thread the other day where a guy lost his private keys he had on his phone wallet. Turns out his kids had access to the phone and deleted the Mycelium data (but not the app) to make room for a game they wanted to play.

My kids are under 3 years old. While they know how to play on the ipad mini and my phone (and have accidentally deleted apps), I don't have any coins stored there, for precisely that reason, because they keep playing Pou or Fruit Ninja or Temple Run, and keep spending all my hard earned play money.

I would probably reserve a phone unit specifically for bitcoin purposes that no one else uses, but nah, that's what my laptops are for. (full drive encrypted, so no one opens it but me.)
In order for this to be sufficiently secure you would need to keep your FDE password long/complex enough so that it cannot easily be guessed and is different from other passwords. Cold storage however, by definition is not used very often. Your risk is that you do not enter your password often enough so that you remember your FDE password and lose access to your computer and private key.
115  Bitcoin / Bitcoin Discussion / Re: Interesting ways to store your private keys for offline wallets on: October 12, 2014, 05:31:35 PM
Make a small hole in a titanium screw, either ingrave the privkey inside that cavity, or insert something durable with the privkey engraved on it within the cavity. Seal it. Now, go and break your arm, insert a few screws to fix it. The screw with the privkey goes along with the other screw. If somebody ever asks, just say you were in a horrible ice skating accident when you tried to qualify for the nationals. Privkey secured. Retrieval might be another matter, but you're in this for the long term, no?
This is a bad idea. Not only should you not hurt yourself to keep your money safe, but you would also need to further hurt yourself to be able to spend your money. In order for cold storage to be effective it not only needs to be safe from attackers but also allow you to be able to spend your money with semi ease.

You would also risk that the doctor would put in the incorrect screw in your arm (you would not be able to put them in yourself)
116  Bitcoin / Bitcoin Discussion / Re: Is stealing bitcoins illegal? on: October 12, 2014, 05:26:05 PM
Stealing anything is illegal, even bitcoins, if: 1) there is a law; 2) if someone makes a valid claim against someone who stole the bitcoins.

Stealing anything is wrong. Maybe it is not illegal. But it is wrong. The things that make it illegal are as listed in the first paragraph above, and repeated here:
1. If there is a law against it;
2. If someone makes a valid claim that someone else has stolen his bitcoins, thereby depriving him of his property unlawfully.

Smiley

what if you steal a thieves' bitcoins, like the people that stole from Silk Road

morality, legality on that?    Smiley
This would still be illegal. The reason or person that you steal from does not matter in the eyes of the law, although stealing certain high amounts or stealing from certain people can be treated more harshly.

The fact that bitcoin is fungible means that you cannot determine if the bitcoin that was stolen from SR is the "same" bitcoin that you stole from the thief
117  Bitcoin / Bitcoin Discussion / Re: Why There Should Be A Bitcoin Central Bank on: October 12, 2014, 05:23:41 PM
Fractional reserve is legalized theft. Period.
I assume that you are implying that banks are the ones stealing. But who are they stealing from? The deposit-holders can withdraw their money anytime they wish so they do not lose out. If you are saying that it is stealing because of inflation, then the interest that banks pay traditionally is higher then the inflation rate and the rate that can generally be earned via investing is greater then inflation.
118  Economy / Service Discussion / Re: Random 0.00001 BTC from Laxo Trade? on: October 12, 2014, 05:20:42 PM
They are helping the miners because they are paying TXs fees in blocks that are not full so the miners get more revenue then they otherwise would be able to get. The massive number of outputs they are creating has caused their "spam" to be received and noticed by a lot of people so they are getting a good amount of attention. I would approach them with caution as I would with any other business that I would need to trust my bitcoin with

Thank god transaction fees are not very low. It still doesn't seem to deter some people from spamming the blockchain.
What is the problem with this spam? Laxotrade is paying their fair share in miners' fee which is the same that everyone pays for a similar transaction.
119  Bitcoin / Bitcoin Discussion / Re: Gavin Andresen Proposes Bitcoin Hard Fork to Address Network Scalability on: October 12, 2014, 05:19:23 PM
needs to be done.  bitcoin wasn't just built perfectly the first time.  it needs adjustments and this is one of them.
The block size was appropriate for it's early days when there were few transactions, and balanced the resources needed to run a node with maintaining the ability to have a lot of TX per block. 

As bitcoin has evolved into more of a payment method, more transactions will occur every second which  equals more space in each block
120  Bitcoin / Bitcoin Discussion / Re: Man's bitcoin mining leads to police raiding his home on: October 12, 2014, 05:14:59 PM
Our country is not quite that bad, at least not yet. The real issue is that the legalism of marijuana is going to lead to a less productive workforce which means a slower growing economy

Legalization of marijuana does not imply wider use and a less productive workforce. It will only drive the drug lords out of business and result in higher tax collections.
This is not necessarily the case. In CO there have been a number of robberies at drug dispensaries that have been connected to drug gangs.

It also means that people will be able to openly carry drugs after they buy them but does not mean the people will buy drugs legally. This means that drug gangs can sell more potent drugs and does not need to worry about transporting drugs discreetly as the penalty for doing so would be removed
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