Here are my thoughts from another thread after reading the paper: I just read it. They misunderstand one key thing: Currently, when there are two branches of equal length, the choice of each miner is arbitrary, effectively determined by the network topology and latency. Our change explicitly randomizes this arbitrary choice, and therefore does not introduce new vulnerabilities.
The choice is not arbitrary. Miners work on the first block they see. The "attack" is to withold a found block until someone else publishes a block. Then you publish your block and split the miners. Except, you didn't broadcast until you saw the other block. And by that time, probably half of the network had seen it too. So that leaves you, a single broadcast node competing against the broadcast power of half the nodes in the network for the remaining portion the mining power. Their "fix" is to randomize the choice any time a node sees a different fork than the one they see. Not only does this require you to track each fork (so they don't spam you with the same one, eventually you would "randomly" choose it), but it allows their attack a chance to work. Without their proposed fix, they would be pissing into the wind. |
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If you add up all the BTC volume across all currencies for MtGox its about 780,000BTC over 30 days.. so BTCChina still has a little ways to go to knock them off the top in terms of BTC Volume.
Not to mention BTCChina has zero trade fees at the moment, which makes me very suspicious about their volumes.
You can't just "add up" all the BTC volume across all currencies for Mt. Gox. That would be double-counting. To understand this, one needs to understand how Mt. Gox works. You see, Mt. Gox doesn't have a market for each currency. Rather, all currencies share a single trade book. When an order is placed with one currency, it is injected into the trade book and potentially matched with other currencies. Thus, traders in obscure currencies have the benefit of being able to trade with a more mainstream currency. There are then two types of Mt. Gox transactions: transactions with two of the same currency markets (e.g. USD and USD or EUR and EUR), and transactions between two different currency markets (e.g. USD and EUR). Because the USD market is so much larger, most of the volume for other currency markets has already been counted in the USD currency market. Thus, adding up the volume across all currencies for Mt. Gox is a gross overestimate. The USD volume is much, much closer to actual volume. Are you 100% sure of that? because i had order in euro that were not fulfilled completely while an equivalent higher price in $ was hit. He's right, but they add the standard 3% forex fee their bank charges them to convert fiat currencies. |
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it is getting instabil now, one 1k sell and it will crash heavy.
We can only hope there are still some bears alive with the balls. I know I've got my bids set. |
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Wow.
Two hundred Fucking Fifty??
What the hell guys.
China yes, other than that Any fundamental change to BTC to sustain the rise?
I dont get it. Did the Winklevii S1 get through?
Only 21 million. Ever. |
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How about today?
Today as we post Mt gox high $250 current bid ask is 244.01/ 245.06 BTCChina High $248.86 bid/ask is 244.32/244.79 Futures High $256.89 Bid ask 245.5/ 259.5 ( TOP and Bottom) current 255.99 $300 today or even by Saturday most unlikely Today, before you posted, we hit $257 on gox. |
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SUM ASK must be depleted!
under 20k on gox |
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Come on. We need one of these threads. By the way why is there no tracking site for coinbase prices? I'm seeing Buy Price $253.18 Sell Price $252.96 right now.
https://coinbase.com/chartsis all I know of also, title needs more !!! |
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Gox BTC withdraws are taking ages again.
 i was just about to post a question on this subject. withdrew my last coins there and got more and more nervous because my txid hasn't shown up at blockchain.info after half an hour. i've never had this problem before, how long can this take at maximum? It can take a while. My last transfer from Localbitcoins to MTGox took me about an hour - as the transfer is only accepted after 6 checks. The 6 confirmations rule for deposits is widely known. hlynur is asking about withdrawals, which previously were broadcast within minutes but have been taking several hours lately to even appear on the network, let alone get confirmed in a block. |
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ew fiat  draw fiat from BTC stash when needed, Bitcoin is your new retirement account Until the tax man accepts payment in BTC, that's unfortunately not a realistic argument. Taxes are included in "draw fiat from BTC stash WHEN NEEDED". |
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Has anyone actually read the study? It seems like a legitimate problem from a cursory glance. Bitcoin miners should take steps to prevent selfish mining.
As the paper points out, what we thought was a 51% attack looks to be a 26% attack.
I just read it. They misunderstand one key thing: Currently, when there are two branches of equal length, the choice of each miner is arbitrary, effectively determined by the network topology and latency. Our change explicitly randomizes this arbitrary choice, and therefore does not introduce new vulnerabilities.
The choice is not arbitrary. Miners work on the first block they see. The "attack" is to withold a found block until someone else publishes a block. Then you publish your block and split the miners. Except, you didn't broadcast until you saw the other block. And by that time, probably half of the network had seen it too. So that leaves you, a single broadcast node competing against the broadcast power of half the nodes in the network for the remaining portion the mining power. Their "fix" is to randomize the choice any time a node sees a different fork than the one they see. Not only does this require you to track each fork (so they don't spam you with the same one, eventually you would "randomly" choose it), but it allows their attack a chance to work. Without their proposed fix, they would be pissing into the wind. |
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What's even more shocking is the level of support above $215 (unless those are fake buy walls of course :p).
Aren't walls always fake? If I've learned anything from my years in bitcoins, it's that all walls everywhere are fake. Walls are simultaneously fake and real, until observed. Then they become one or the other, depending on the testing conditions. This is called Quantum Speculation. It's science, bro. Dude like...whoaa man. Like....whoa. I'm high w/ a bag of popcorn, watching several tickers. popcorn.... that's what I'm missing |
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How does the look of the order book influence your thoughts?
If the bid side is low on volume, what are peoples thoughts on whats gonna happen to the price the next coming week.
In an upwards vertical market, bids always chase. |
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Bitcoin generation is controlled by miners and it's too early to tell if at some point they won't decide to not half the rewards or do something similar that effects bitcoin scarcity.
It's not just the miners but all the client nodes that would have to agree to such a change. Miners can give themselves whatever block reward they want, but if the block does not conform to the agreed rules such blocks will be rejected by the network. Even if 99% of the miners decided to try this the network would reject all such attempts the 1% of honest miners would become the true chain. That is what is so strong about a decentralized protocol. Everyone has to agree to a change, even you. That is a power that we do not have with fiat today... I'll have to read up on that. I understood that to be a bit different. What's stoping some entity from controlling a majority of nodes then? Those seem to be much cheaper then miners aren't they? Also such a fork of bitcoin would certainly effect it's value. Which is the discussion here that bitcoin is better then gold because it is scarce. The secondary issue of alt coins should also be mentioned in the scarcity discussion. Some will say that all Alts aren't bitcoin and are inferior which while possibly true does effect the scarcity claim since I'm sure plenty of bitcoin holders diversify and hold some alts as well which in effect means there are more crypto units per gold unit and more continue to get created. Having the majority of nodes does nothing. The point is, you can't change the rules without updating all the nodes to accept the rule change. If you do change the rules, you will fork from the chain everybody calls bitcoin. Unless you get all of the exchanges and merchant processors to follow your new rules, you won't change bitcoin. You will only have a fork with different rules that other people may or may not give some value. |
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You are falling into the psychological trap of "needing to own whole bitcoins". Think of it as buying an mBTC for $2, not a BTC for 200. Time to change the exchanges so we buy mBTC and show mBTC in the wallets. Psychologically then the whole thing becomes much more palatable.
Normal people don't buy whole bars of gold (ingots) they buy by the ounce. Now we should buy BTC by the mBTC not by the coin.
Protip: 1000 mBTC = 1 BTC |
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Gox withdrawals work well in some places, not in others.
Regarding arbitrage, in any case you will have fees. This will limit what you can do profitably, even if your funds flow is working properly. Trade fees on both exchanges and multiple fiat wire fees will keep the gap from closing completely. That said, opportunities do appear sometimes if you keep an eye out.
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C'mon let's not rain on robocoin's parade by letting this thread denigrate into yet another ripple smackdown.  There is one very simple reason that any vc or marketing specialist will understand, why ripple can never succeed (at least in its current form): It has no elevator pitch. And probably can never have one due to its inherent complexity. Elevator pitches aren't for explaining the details. They are for grabbing someone's attention if you happen to get lucky and be in an elevator with them for 10 seconds. Bitcion can allow you to beat WU on fees and speed for international money transmission.
Bitcoin can not be seized to bail out bankers who made bad decisions.
etc. If your hook grabs them, let them lead with their questions. |
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One of the comments in the forbes article brought up a very good point. Put these ATMs in or near international airports for quick and easy transfer to national currency.
This x21000000 |
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So just delete "wave" talk from non-wave threads. Problem solved.
Why don't we talk about wave talk for 5 more posts? Seriously, how is this any more on topic? |
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