So, in order to keep our power consumption under about 2% of world wide power production, we cannot/do not want the price to get to $500,000 before era 6, which is about 2033 or so. $500k in 2033? I'll take that. I can be patient.  LOL me too  The math seems good, the world increasingly wants to go virtual, I don't see why bitcoin can potentially be the costliest currency. Well, you don't see why. And grandma keeps asking me about cold storage for her savings... Costliest here we come! |
|
|
|
BTC to $275?
Sure. $270 is the number to watch. |
|
|
|
On a serious side note, if mark gets jailed in japan... well even he doesnt deserve that...
Lying while poofing near half a billion $ and he doesn't deserve a stint in a 1st world prison system? Some countries execute people for simply possessing a certain chemical compound. read up about the japanese prison system. you will retract your comment after that more like african, me, dprk, guantanamo bay prison style This isn't summer camp, and I doubt he'll be flayed. |
|
|
|
On a serious side note, if mark gets jailed in japan... well even he doesnt deserve that...
Lying while poofing near half a billion $ and he doesn't deserve a stint in a 1st world prison system? Some countries execute people for simply possessing a certain chemical compound. |
|
|
|
 The historical data for mtgox has been archived somewhere but here is a chart of the volume data ... and the 70-80% market share was active during the death spiral of MTGox itself ... after "withdrawls" were being held was when they saw the most drastic changes in their daily volume and epople started switching over immediately... but some didn't as other exchanges had lower volume , liquidity , and prices... Additional source on the manipulation http://bitcoin.stamen.com/I show you that mtgox was less than 50% of trading volume before the chinese came and took a huge percentage. You reply with a chart from 2 years prior to the events we are talking about, followed by some hand waving. Citation still needed. |
|
|
|
MassiahofRealist: Citation needed for "at least 70-80%" From August 2013:  Chinese trading volume only went up from here, so...
|
|
|
|
There are a ton of speculative theories on Willy's purpose, but it's basically impossible to know ,even if there was a bot, it's highly unlikely that it was solely responsible for the rise in price.
It didn't have to be solely responsible, it simply needed to tip the balance of supply & demand in the northward direction. Euphoria, greed, and fresh chinese gamblers do the rest. |
|
|
|
Somebody needs to dump enough to test those big walls. Say 5k? 1k isn't going to cut it.  |
|
|
|
This post was strangely out of character for you I should say. To read references to alt-coins competition from you was a surprise! It seems more than most here you have championed the importance of the economic majority and its interest in respecting the ledger. Well unless you refer to the "spin-offs" idea, it seems out of question for me that the ledger would ever move to another chain that is not secured by the longest proof-of-work.
So some carefulness is not wasted. We will succeed simply by not failing. The seeds of success are sown into the fabric of the Bitcoin code and architecture. No, there is competition from altcoins to consider. If we leave 99% of the market on the table because of ultraconservatism about blocksize, we let an altcoin have all that, and Bitcoin gets swept by the wayside. And guess which one ends up more decentralized. The supposed conservatism or carefulness in keeping the 1MB cap (or growing it only slowly) is entirely illusory. The only position that can conceivably be called conservative is one where the blocksize cap is set as high as is likely to be feasible. The conservative option isn't "do nothing." The conservative option is to set the cap almost as high as we think any competitor will be able to feasibly do so. The network effect will take care of the slop factor, but not if that slop factor is a Texas mile because we didn't even bother aiming. Patience... Bitcoin is still in beta, its so young. Lets give it the chance to grow up without breaking it along the way. Over-patience is the same as breaking it. The result is the same because competition is ever-present. Network effect means small mistakes and sub-optimalities are forgiven, and often even substantial ones, but gigantic ones cannot be. An altcoin with orders of magnitude bigger block capabilities, able to scale on the fly because there is no limit, and experiencing no problems because the conjectured issues turned out to be frivolous...that's a tough cookie for the network effect to swallow. No one cares about an altcoin boasting 5x Bitcoin's capacity...because it's not Bitcoin. But if it boasts 100x Bitcoin's capacity, that's a game-changer. We have to at least get in the ballpark. Watching from the sidelines is not going to cut it, and I refuse to call that in any way conservative, patient, or careful. Seemed completely lucid and reasonable to me. Being lulled into complacency and justifying it with 1MB ubermensch dogma does not. |
|
|
|
Karpeles arrested..
Good. He's criminally implicated. Or criminally negligent on a real rosy day. But hey, the $1000 days were fun amirite? |
|
|
|
There exist no alternative to BTC that offer uninterdictable transactions, unfreezable funds so for anyone that care about these properties Bitcoin is the only option on the market and they will pay for the privilege of using it because they are much more important to them than convenience.
First mover advantage will get you out front with a hefty lead, but you're fooling yourself if you think there is no, and will never be, competition between cryptocoins. If you believe some posters in this thread, XMR has already supplanted BTC in a technical sense. |
|
|
|
|
Capital owners may see 3 tps as a competitive disadvantage with other value storage and transfer networks, and may be subsequently less likely to seek a position in such a network. Gold is not a great analogy because it is limited by natural forces and is protected from competition. Open source software enjoys no such protection and will be in constant competition with alternatives with quite similar characteristics.
The other side of the spectrum (huge blocks leading to unacceptable levels of node centralization), is also unattractive. There needs to be a balance between the two, commensurate with current technological limitations but also considerate of the fact that these limitations diminish over time. This is why I like Jeff's proposal, it's small enough to not place dramatic new requirements on nodes, but also large enough to quantify and analyze the effect of maxblocksize growth.
|
|
|
|
Loosing money is not lol.
lol, confirmed. |
|
|
|
Thread summary:  |
|
|
|
Only the biggest corporations (and TLAs) who can run PanoptiCoin nodes will have privacy ... and an asymetric information advantage over the plebes.
Those that are committed enough to run a full node handling 1MB blocks, will likely retain the same commitment with 2MB blocks. I'm not buying the argument that any increase in throughput automatically leaves us with a handful of nodes run by corporations and governments. I am in favor a small increase, like Jeff's 2MB. Mainly to break the ice that has formed over this polarizing debate and to measure and study the impact in preparation for more long term scaling solutions. |
|
|
|
Every time the big block, big brother, panopticoin bitcoiners come out in full force the price dumps ... any wonder?
The market is just coiling like a spring, ready to explode once all participants realize a maximum of 3 tx per second, forever, is CRITICAL for bitcoin's success 300,000 tx per day is actually not bad for a settlement rail. Growing within upload bandwidth limits puts us at 1.2 million tx per day currently and doubling roughly every 4 years. No need to hand over all our financial histories to the PanoptiCoin mike H. and his Googley-eyed buddies at the NSA. Your complete financial history has been on the public blockchain from the first transaction you made. I don't see how 2MB blocks would change this. |
|
|
|
Every time the big block, big brother, panopticoin bitcoiners come out in full force the price dumps ... any wonder?
The market is just coiling like a spring, ready to explode once all participants realize a maximum of 3 tx per second, forever, is CRITICAL for bitcoin's success (as neckbeard pokemon cards). |
|
|
|
|
Show Posts
