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141  Economy / Goods / Re: Looking to sell a bottle of Mendis Coconut Brandy. $125,000 Authentic & RARE!! on: September 23, 2015, 06:16:20 AM
If its a round bottle why is the side around richardson's signature warped?

The flat or warped side you see around the signature might simply be an air bubble. (From a round bottle which was photographed laying on its side rather than standing upright.)

Regards,
Christopher

Ahhhh I bet that is what they were talking about.

The bottle is sideways in the picture.

That would be a huge air bubble, as if someone already opened it for a swig. Also the "air bubble" is asymmetric near the beginning of the signature. Very unlikely. I'm calling photoshop.
142  Economy / Goods / [WTB] Xbox one with or without destiny game on: September 22, 2015, 09:14:45 PM
What's the best deal you guys can get me for a brand new xbox one with or without destiny. I don't need/want any other games.
143  Economy / Goods / Re: Looking to sell a bottle of Mendis Coconut Brandy. $125,000 Authentic & RARE!! on: September 22, 2015, 09:09:18 PM
If its a round bottle why is the side around richardson's signature warped?
144  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 22, 2015, 08:08:48 AM
if 21 is successful in building this premium internet, the blockchain is going to bloat massively. A blockchain transaction for every pageview. Even BIP101 wouldn't keep up.  Perhaps that's why they support BIP100. They want to increase the blocksize limit FASTER with miner voting.  

and the plot thickens...

Premium internet (wth is that)? For a few cents a day? A majority of mining pools want to scale faster than BIP 101?

Why you always make a few good points and then torpedo them with nonsense?  Wink

Its not a blockchain transaction for every pageview. The 21 inc bitcoin computers have their own micropayment system tied into the 21 inc network, which then gets settled on the blockchain.

See my post here: https://bitcointalk.org/index.php?topic=1186115.msg12489392#msg12489392
145  Bitcoin / Bitcoin Discussion / Re: The 21 Bitcoin Computer on: September 22, 2015, 07:58:34 AM
Pretty exciting times. If this all plays out like 21 inc envisions it 11/16/2015 will go down in history as the start of the IoT.

If you want a positive outlook on how these devices could be used check out the retweets of their CEO here: https://twitter.com/balajis

If you want the negative just think in pure fiat and commercialized mining terms: These will never ever ROI on their mining capabilities (not that they were meant to...see the big picture here guys).
146  Bitcoin / Bitcoin Discussion / Re: The 21 Bitcoin Computer on: September 22, 2015, 07:30:20 AM
This device could be the start of the internet of things. This specific device is made for developers and people that want to get in on the ground floor. This is obviously not the device that your grandmother will use. Once 21 Inc proves functionality more businesses will jump in on this model of hub and spoke with using the onchain blockchain as the settlement layer to decentralize this process once again.

Here is some additional food for thought:


Quote
Virtualized symmetric multiprocessing! ESX!
Imagine a global virtualized hypercomputer with on-the-fly negotiable capacity,
participating nodes being rewarded with Bitcoins for being part of that virtual computer.
i.e. Build a singular massively distributed global scale supercomputer to blow amazon Amazon's EC2 out of the water.
A global scale cloud computing cluster using excess capacity sourced from consumer grade, consumer owned hardware. Building the next generation computer.
Bigger than any datacenter.
USING BITCOIN TO TURN THE INTERNET INTO ONE BIG COMPUTING MACHINE.
HOLY ****** SHIT!
"YOU ARE ONLY USING 10%... would you like some Bitcoin?"

So I'm thinking...
There are billions of computers in the world today. We are putting millions more online every single day.
How much of the global pool of internet-connected computing resources
[compute, storage, bandwidth, memory]
is idle (i.e. just going to waste, generating heat) at any particular time?
Well, most of it.
21's "Grand plan" could involve putting these idle, wasteful computing resources to some productive use.
If this is technically feasible, it's the biggest business plan since... I don't even know.
Balaji has said, "Bitcoin is bigger than google." i.e. if google pointed 100% of their computing resources at Bitcoin mining, they'd have 1% of the network. And nobody could understand what he was on about.
Google datacenters are general purpouse computing hardware, SHA-256 miners only do one thing.
It's often said: You're only using 10% of your brain. That is false. But most of your neurons are running idle.
Running NOPs. Waiting for work to come by.
If 21 could unlock the metaphorical (or actual) 90% of computing resources that are being wasted,
and put a good fraction to some productive use. That would obviously be a huge, huge, huge deal.
Bitcoin provides the economic incentive to unlock these resources.
You could be rewarded with satoshis or millibits by the second or by the minute.
For letting 21 borrow your hardware and renting it out.
What if, instead of simply building more computers,
we use bitcoins as the economic lubricant to utilize
the unused capacity of hundreds of millions of computers
running on idle in homes, schools, offices and datacenters.
So you can agree to throw those spare compute resources at protein folding or business problems,
Turning your machine (PC, server, laptop, router, fridge) into a part-time node in a global virtual supercomputer.
You pimp out your hardware to google so that they don't have to build that new expensive datacenter, but use your home computer instead.
No worrying about cooling costs!
The world is filled with increasingly powerful computing devices.
Most of them doing nothing, most of the time.
See for yourself:
If you happen to be on a Windows machine:
Press Ctrl+Alt+Delete.
Go to task manager.
Show processes from all users.
Sort by CPU time.
At the top... you'll find "System idle process.", likely at 80-90%
On Linux/Mac you can use https://en.wikipedia.org/wiki/Top_(software), for example.
Hey! Is that 90% of your CPU time going to waste? (Oh no! Think of the environment!)
How much of your available bandwidth are you using right now?
Less than 10%? Less than 1%?
Your processors are running idle for the majority of the time.
Most of your available bandwidth is unused, right this very moment.
The case of Google and shrinking hardware cost

One of the more important clever things Google did when starting out was....
using consumer hardware. not crazy expensive server hardware.
Normal consumer HDDS, farms of normal PCs to crawl the web.
Brilliant, in retrospect.
This brought costs way down. This made Google feasible.
Perhaps Google could hire [a part of] 21's computer in the sky to run MapReduce or other algorithms, maybe not.
You'd presumably be limited to Embarrassingly parallel problems.
But many important problems are embarrassingly parallel.
see: https://en.wikipedia.org/wiki/List_of_distributed_computing_projects
or any distributed computing project you care to think about.
21 could bring not thousands, but millions and eventually billions of computers, to bear on problems, by working in their spare time. Using idle CPU cycles. Because you can reimburse the worker nodes in BTC.
You'll get paid for it! Current distributed computing projects cannot reward contributors with money.
This one can.
Using BTC transactions to negotiate use of spare computing resources (Storage, CPU, Bandwidth) for unknown applications. We can build a global supercloud.
The general public still has no idea what their business plan is.
But this could be one piece of it.
A note on Bayesian inference:

From the set of all possible hypotheses, describing all possible worlds that fit the available evidence,
which hypotheses are more likely to be true, given what we know?
When judging the probability of hypotheses being true based on partial evidence.
Building an "internet-sized computer" isn't the only hypothesis that fits the evidence...
...but it knocks making toasters out of the park.
...so 21 is SKYNET?

Very obviously, 21 Inc. is not simply about putting chips in people's hardware to make money off of mining.
Perhaps then, 21 is hoarding Bitcoins to PAY PEOPLE for RENTING OUT their GENERAL (not application specific) computing hardware for BTC.
Perhaps they are putting BTC hardware wallets and SHA-256 miners in routers and SoC silicon.
For some unrevealed future use.
...Sidechains and micropayments

This one is obvious. No Skynet on the mainchain. Not with 1MB blocks.
--> Enter Lightning networks.
But 21 Inc. has already mined > 65K BTC, according to year-old data.
For themselves? Or... to pay the worker nodes of Skynet.
...encrypt everything:

Every work unit delivered by 21/skynet would need strong unbackdoored, unbreakable encryption.
Which imbues the whole "Golden Key" encryption backdoor debate with new importance.
Privacy... Is a solvable problem. You can distribute your business secrets
IFF there is unbackdoored, trustworthy encryption.
...getting grandma to use Bitcoin.

With SoC integration (Intel, Qualcomm) and hardware wallets grandma will be using Bitcoin,
if she buys the latest laptop. This is their "phase #3", so perhaps a five years to a decade out?
...Think bigger

21's gameplan is definitely a multi year, likely a multi decade play.
Endgame: In 2030, most grid-connected computers will be part of THE COMPUTER.
Tesla/Powerwall future citywide storage and excess electricity.

Excess power plays into it. 21's Skynet wants to profitably use that excess power.
One internet-sized computer. Powered by Bitcoin.
And this is why Qualcomm and Intel's CEO are involved in 21.

147  Economy / Economics / Re: Cash will be abolished & negative interest rates via bank accounts enforced on: September 19, 2015, 12:20:14 AM
"Soon cryptocurrency will be the only 'free' money left" they probably won't let this happen for sure , it will become a threat for them definitly however if this happens for one reason or another , we will definitly go to the moon Grin

Is decentralized code not above law?
148  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 18, 2015, 05:35:56 AM
Banks have more liabilities than just M1 (checking deposits etc). What about M2? CDs? 

Quote
DEFINITION of 'M2'
A measure of money supply that includes cash and checking deposits (M1) as well as near money. “Near money" in M2 includes savings deposits, money market mutual funds and other time deposits, which are less liquid and not as suitable as exchange mediums but can be quickly converted into cash or checking deposits.

Yes, money market funds. Ask the people with money market funds at Lehman Bros what happens when they break the buck. 

Also, why do you think they suspended mark-to-market accounting?  I think you know damn well almost every investment bank has a prop trading desk where they gamble in the markets.  And it's the bonds that may prove most problematic. Puerto Rico may end up being worse that Greece.

M1, M2, etc., in no way represent 'liabilities of banks'.  They are measures of how much money (in US dollars) exists.  M1 is all the money that exists in the form of cash and demand accounts, i.e., all the dollars in the world that are immediately spendable.  The other Ms add other money that exists but is not immediately liquid. like bank reserves, savings accounts, CDs, etc.

Your initial claim was basically that banks have 'underperforming loans' that exceed the actual amount of money that even exists.  While I guess this is theoretically possible, it seems to me to be highly unlikely.

In any case, the intent of my initial post was not to defend the solvency of the banks, but rather to bring attention to the unnaturally huge amount of excess reserves held by banks now - especially considering that the level of excess reserves has (naturally) been vanishingly close to zero throughout the history of banking - and maybe get someone to wonder why this has changed, and maybe even wonder what the implications of this change might be.

You really are frustrating.  Every dollar in existence was LENT into existence either by the Fed expanding it's balance sheet to buy bonds or by fractional reserve lending. You know this.  Of course there is more debt than money, because ALL that money has to be paid back at interest.

M2 is almost all liabilities of the  bank, just as M1 is.  I can't even think of an exception to this except M0
which as you know is a tiny fraction of M1.  And who gives a rip what your intentions were? You were responding to MY post and after arguing against a point I never made, you want to change the subject. 

ALL banks have more liabilities than they can meet if they all come due at the same time. That's been known for ages, since I was a kid watching It's a Wonderful Life. What is new is that the loans are massively undercollateralized by markets being propped up artificially. This ranges from mortgages being propped up by the FED buying MBSs to government bonds bought by the Fed from primary dealers days after auction. 

Now you could say "who cares if the loans are undercollaterized as long as the payments are being made?" but that's what I'm getting at. The loans AREN'T being repaid in a growing number of cases ranging from sovereigns (Greece, PR) to payday loans.  You can't see this immediately because of the churn. It's perfectly normal and healthy to refinance at a lower rate, but some are borrowing at HIGHER rates just to make payments on earlier loans at LOWER rates. This is clearly unsustainable.  Honest accounting would show all of those loans as worthless.  The PRIMARY reason for ZIRP is to hide this state of affairs and it's why it can't ever end. 



I could not have said it better myself.
149  Economy / Economics / Re: Lyth0s' Economic Troubles Thread on: September 18, 2015, 05:09:03 AM
No fed rate hike today (not surprising). Maybe NIRP or QE4 incoming soon. FOMC had one person state possible NIRP, which is a new thought circulating in the FOMC that Yellen is currently downplaying. What is really most interesting though is that US stock markets actually went down a little today (S&P 500 down 0.26%) whereas they normally would have seen a nice gain after investors worries about a rate hike are diminished. Very interesting.

150  Economy / Digital goods / Re: WTB Guild Wars 2 Gold USA Servers on: September 02, 2015, 09:38:44 PM
Still looking to buy some GW2 gold Tongue
151  Economy / Digital goods / Re: WTB Guild Wars 2 Gold USA Servers on: September 02, 2015, 04:10:09 AM
Someone told me GW2 gold typically sells between 8-12 cents per gold. Do you have experience trading at this price in the past? I personally haven't traded GW2 gold before but I understand that this is well below market price from what I understand.

Oh my no that is very very unheard of high. Maybe when the game first came out or something. Right now most buyers pay $0.032/gold so I'm getting a $0.60 discount on 300 gold.
152  Economy / Digital goods / WTB Guild Wars 2 Gold USA Servers on: September 02, 2015, 12:31:28 AM
Hi guys. I'm looking to buy 300 guild wars 2 (GW2) gold for $9 in Bitcoin from USA servers.

Post or PM if you have some gold for sale Cheesy
153  Economy / Economics / Re: What you will do if bitcoin price drops to 50$ and you have lots of bitcoin on: August 28, 2015, 03:21:59 PM
Buy more obviously. Gotta catch 'em all
154  Economy / Speculation / Re: Direction is NNE (north northeast) - MOON TIME on: August 05, 2015, 12:21:22 PM
speculation is adoption - using bitcoin as a longterm store of value and diversification factor against other assets.

Also, all this talk about NNE direction I fear is jinxing bitcoin.

When your status will raise from "Newbie" to "Legendary", your fear will disappear ...

Let the truth be spoken.
155  Bitcoin / Bitcoin Discussion / Re: Bitcoin is the undisputed global public ledger, but we need a private one too. on: August 05, 2015, 04:58:38 AM
That's why Monero exists with ring signatures. You're entire financial history should not be public knowledge to anyone/everyone around the world.
156  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: July 30, 2015, 05:47:22 AM
This sideways and slightly upward movement breaking the downtrend from 2013 is better than the alternative.

157  Economy / Speculation / Re: Direction is NNE (north northeast) - MOON TIME on: July 30, 2015, 05:39:33 AM
It looks more & more that bitcoin is currently rising not using cup & handle trajectory,  but that bitcoin is actually rising using trendline (curve)  started in June.  

That is actually  much beter because people have time to step on train.  MOON (not immediately but 4sure this year) will therefore have much higher tarrget.

Graph with trendline anyone?

158  Economy / Speculation / Re: [Trading Simulator] A fun & free Speculation Game - SWITCH TO BPI ON JULY 15 !!! on: July 30, 2015, 05:38:28 AM
I hodl them long time.
159  Economy / Speculation / Re: Direction is NNE (north northeast) - MOON TIME on: July 29, 2015, 03:51:50 AM

Its all about that 1 week MACD though (which has been green since $236). It's fooled us one, but hopefully not again Smiley
160  Economy / Goods / Re: [Request][WTB] Wine from 2008, private winery "bitcoin" --Details inside on: July 29, 2015, 03:46:11 AM
Hello. As many of you know I'm a long time permabull and I have no doubt that bitcoin will take over much of the financial system and its price/value will skyrocket sometime over the next coming years.

With that being said I would like to know if anyone has connections to any private wineries that would be willing to make a "bitcoin" wine out of a grape stock from 2008. I will purchase multiple of these bottles from you and I have no problem paying $250/bottle for the right quality.

I will be buying cases these bottles of wine at $1000/btc, $5000/BTC, $10,000/BTC etc. And I'm sure you will also have many other customers. The label must be professionally made with a nice bottle design.

I'm interested in wines that are either Zinfandel's or something similar to Roscato Rosso Dolce. Yes you may call my palate immature if you like Smiley


I'm open to suggestions/comments etc.

Gotta love wine, cool idea. Is the bitcoin connection the fact that you're using grapes from 2008? And given the price points you list it sounds like you want to buy wine (from any decent winery) at the years when bitcoin reaches specific milestones, i.e., when it was created, when it hits $1000 (will this be Dec. 2013?), when it hits $5000, when it hits $10,000, etc.

Is this what you're doing?

Do you want the wineries to have anything to do with bitcoin?


Yeah the years will be when it hits milestones in terms of price (an objective number that we can all measure). First case of bottles to be bought when we hit $1000 again. 2008 is a very special year as it is the year of the the birth of Bitcoin as an Idea (whitepaper released).

The winery itself can just keep making excellent wine and don't need to take bitcoin directly (although that is a MAJOR plus), otherwise I will find someone to place the order for me in exchange for bitcoin. The bottle itself being a work of art + good tasting wine is key. I've been contacted by one party so far that is going to look into it and provide me with more details, but I'd like to hear from others.
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