I predict that a year from now the bitcoin price will be in the quadruple digits. I just want to enshrine this prediction in its own thread. I hope somebody remembers to dig this up a year from now. In the meantime I hope to take advantage of the current bitcoin bubble. My the odds be ever in my favor.
I expect it to be $5000-10,000 a year from now. Perhaps even more than $10,000. |
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Theres lists around showing populated addresses, but from there you can't really derive much. The same person could own all the 10k addresses lying around. I like to think that the system has naturally weaved large holders out and theres only a few people that have close to 100k or more. If only 2-5 people.
But it really doesn't matter who has how many coins. Being envious of someone else's riches is a waste of time.
Doesn't Satoshi own over 1M coins? If he does, then he deserves them. And I have a feeling he'd understand how to handle them without messing with the market. I don't think they could be in better hands. +1 good for you satoshi, may your wealth outshine the rothschilds If he has 1 million coins or if anyone does then that is bad because it's inefficient. |
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This isn't about currency revolution... It's all about investment/greed speculation now. It isn't about screwing over the banks or government or evolving anything, It's now about buying in and selling at higher prices and selling for a nice paper money increase.
It's a transfer of wealth to the Bitcoin community, very good. By voting with their money, people are transfering the power to us. Once none of use need to have a day job, we can become entirely dedicated making that revolution happen for good. Your post is the best most accurate post I've read on this thread. You deserve a Bit-tip. |
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Anyway I'm digesting your paper and I think a lot of it is brilliant so you've won me over as a long term supporter. I think these sorts of currencies need more democratic processes built in because this way they can adapt better to social conditions. The one problem I see with cryptocurrencies is that they all assume that not a lot will change from now to 100 years from now. It's almost certain that Bitcoin cannot last 100 years by design. The birth of AGI or superintelligence will change everything and that hasn't really been factored into this enough.
Theoretical question, if AI or a robot does some work should that AI or robot have to be paid in some sort of cryptocurrency as well? That would potentially be an advance because it would make balance the value of human labor and robot or AI labor for instance if even robot or AI labor is accounted for. It would also provide a mechanism to potentially fund building robots and AI if the creators would be able to tax the profits of their robots.
This would mean there would be no free labor, not even if bots. This is philosophical but I figured I'd add it to the discussion because if cryptocurrency becomes more energy efficient and AI reaches artificial general intelligence and eventually super intelligence then there will be less a need for human labor at all. Why not consider that when designing cryptocurrency? The miraculous thing about Bitcoin is that the protocol can change over time; the clients just need to download new versions they agree upon. Right now the BTC protocol is good enough, but in 10 years? 20 years? 30 years? The democratic system is in place as an eventuality -- you might be surprised as to what doesn't change in 30 years, too. But if AI is designing things, well, I think it'll probably look quite a lot different than this.
But what if the insecurity or disaster comes from the governments in charge? Let's say Bitcoin is wonderful and takes off but governments like how it's set up and wont let us make changes? It has to be easy enough to make changes and thus it has to be very modular. I think the moment we get AGI everything changes and all rules of economics will be screwed. There will be no reason to hire human beings to do labor so how would human beings earn Bitcoin or any other cryptocurrency? At some point human beings will have to earn by taxing their machines somehow. Today in 2013 AI isn't able to design things, but in 2031 this may be different and AI may be able to design everything. When that happens it will impact cryptocurrencies as well and if we can plan for that possibility in the design early on then perhaps we can mitigate any potential existential threat which could come. It sounds baseless, but many people are concerned that all their jobs will be replaced by machines, robots and AI. A more energy efficient currency might only speed that up and what good is a cryptocurrency in that environment? Overall though I value your currency. I just hope when it's being programmed it has a very modular design so that it can continuously and easily be updated even if the politics make it hostile to do so. |
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Looks very good!
Just one thing: change the name to something usable and new while you can.
Memcoin2 sounds like this is just a second copy of something else, and doesn't sound appealing at all
Don't make the same mistake peepeecoin made :p
How about Omegacoin? Better than Memcoin. |
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Link to the draft version of the whitepaper: DownloadNotable things about this chain: - Uses a new approach to secure hashing algorithms for the hash tree of a given block that should increase FPGA/ASIC resistance - After 27 coin years it employs a democratic system of voting to manipulate the interest rate of the block chain (users act as the central bank and regulate the rate of inflation) - Difficulty is based on the linear weighted average of the block times for the past 18 days for PoW blocks - New block reward adjustment algorithm is given that yields an 8% decrease in block reward per year - Simple PoS design (tried to strip it of as many complexities as possible) - PoW and PoS systems are designed to happily coexist, with favour slightly given to the PoW system - PoS system also intended to prevent 51% attacks Feel free to peer-review/tear it apart. I will be the first to say that I'm pretty terrible at math, so please correct any mistakes I've made. I'd love to hear why you think it's a great/terrible idea, though. Obviously I anticipate there are a lot of problems with it that I couldn't foresee, so please help me out! Figure 2 also doesn't want to display with the Y-axis title correct, not sure why that is/too tired to fix this (been working on this/thinking about it for almost 11 hours now).
The value n is
again used to determine the cycle size of the polymorphic hash chain, where
each of the 8 possibilities of a sequential memory-hard hash function are
incorporated into the hash chain once and only once; as before, in MC2 n =
8. These are also ordered in a pseudorandom fashion every cycle.
Are there details on the pseudo-random mechanism and why it is done this way? Is it secure to do it pseudo-random rather than truly random? Sorry but I'd like more information because whenever I see pseudo-random I usually perceive it as a negative red-flag.
the order will be determined by the integer ordering of the Pearson hashes
of the the Merkle root of blocks {(current block 259,200) ... (current block 259,192) – – }
such that
Huh? Okay why was this decision chosen unless it's the only way? Anyway I'm digesting your paper and I think a lot of it is brilliant so you've won me over as a long term supporter. I think these sorts of currencies need more democratic processes built in because this way they can adapt better to social conditions. The one problem I see with cryptocurrencies is that they all assume that not a lot will change from now to 100 years from now. It's almost certain that Bitcoin cannot last 100 years by design. The birth of AGI or superintelligence will change everything and that hasn't really been factored into this enough. Theoretical question, if AI or a robot does some work should that AI or robot have to be paid in some sort of cryptocurrency as well? That would potentially be an advance because it would make balance the value of human labor and robot or AI labor for instance if even robot or AI labor is accounted for. It would also provide a mechanism to potentially fund building robots and AI if the creators would be able to tax the profits of their robots. This would mean there would be no free labor, not even if bots. This is philosophical but I figured I'd add it to the discussion because if cryptocurrency becomes more energy efficient and AI reaches artificial general intelligence and eventually super intelligence then there will be less a need for human labor at all. Why not consider that when designing cryptocurrency? |
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Will be one to watch. Would it be Scrypt-based, or an offshoot of scrypt?
Heavily scrypt based (scrypt with four different secure hash algorithms and two different stream cipher algorithms for fault tolerance and ASIC resistance in arranged in the blockchain in a randomized order) This sounds quite good. I'm going to keep a close eye on this coin as it looks very interesting. I especially like the democratic element. |
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It's funny how US people take concepts born in Europe to turn them upside-down. Specifically, it's amazing how US folks call "libertarians" free market capitalists of the likes of Ron Paul, most of the times without even knowing the origins of this word. Libertarian comes from latin word "libertas" = freedom (libertá in italian; libertad in spanish; liberté in french; etc.) The term "libertarian" was used for the first time by the free thinkers of the Illustration: at the beginning it was only a metaphysical and philosophic concept opposed to the determinist philosophy. Nothing to do with politics or economics. After that, it was used for the first time in a POLITICAL and ECONOMICAL way by Joseph Déjacque and Pierre-Joseph Proudhon as a synonym of ANARCHISM. And my friends, ANARCHISM is by definition AGAINST capitalist free market. If you want to understand deeply why anarchism is against capitalism, and why anarchists are for a cooperativist and mutualist types of economy (but against totalitarian communism), please read: - God and the State, by Bakunin
- The Mutual Aid, by Kropotkin
- What is the private property? By Proudhon (the famous thinker, not the famous btctalk bear
 ) - Anarcho-syndicalism, by Rudolph Rocker
Even more specifically: the libertarian revolution was made by the workers of the region of Aragon, in Spain, in 1930. They lived from 1930 to 1938: - isolated from the republican state that ruled Spain
- exchanging goods and services for other goods and services (yes, almost without any money)
- without police, judges or any institutions
- and as a side note, without any crimes in 7/8 years (because you know that 99,99% of the crimes are related to private property, don't you?)
All this until they were crushed by the fascist counter-revolution. You can read a detailed report of how they lived in: Anarchosyndicalism, libertarian communism and the state: the CNT in Zaragoza and Aragón, 1930-1937, by Kelsey Graham. Online you will easily find a PDF of this book and the others mentioned earlier. These guys were "the libertarians", and they would hang themselves if they'd hear a free market capitalist calling himself a libertarian. Just call him an ultra-liberal, an ultra-capitalist, a free market capitalist or an anti-state capitalist: that'd more precise. And now, do you want to understand quickly why Anarchists (or libertarians) are AGAINST capitalism? Because they are against any kind of coercive power, and CAPITALISM is coercive by nature. "Free market" is not free at all for an anarchist, because its freedom gives you two choices only: A) You adapt to free market rules or B) you starve to death. That's not the kind of freedom a libertarian/anarchist is looking for. This is why somebody calling himself an "anarcho-capitalist" or a "capitalist libertarian" is a joke. It's a like a "nazi-jew" or a "capitalist free market communist". I mean, it's an OXYMORON, full stop. Anarchism isn't specifically against the freemarket but it's safe to say that anarchism is the root of libertarianism. |
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To all the people complaining about people spending their Bitcoin, new adopters don't have enough Bitcoins to realistically spend their Bitcoins. If you only have 1BTC then spending it isn't going to be on your mind. If you have 1000 BTC like the last generation of adopters then you should be investing and spending. If you have 100 BTC then you should be investing but not spending. If you have 1 BTC you should be saving.
The problem is it's hard to earn new BTC but easy to spend it all away. This can be changed by allowing content to be sold via BTC. Music, movies, writing, stuff like this which a lot of people can do should generate BTC. If it doesn't then you cannot blame the holders of BTC for not spending it. What can a person with 1 BTC buy with 1mBTC?
Right now not enough can be bought with 1BTC so this person would be wise to save and hold until the market increases the value of 1BTC to the point where thousands of products and services can be bought with it, but would anyone realistically spend their last dollar? And do we call that person greedy for not spending it?
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URSAY is my issue still being worked on? Please confirm.
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You have no idea how much money you lost...  |
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In the end, is anyone using BTC for anything other than speculating?
I think that if BTC survives after the bursting of this bubble, then it will truly become an alternative global currency.
If it doesn't- another digital currency will come along and pick up on the lessons learned.
I'd love to sell my content for Bitcoin. I'm just waiting for the infrastructure to allow micropayments via Bitcoin instead of dollars and then I'm all in. |
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I don't get it..a lot of the new comers into Bitcoin are treating Bitcoin as a get rich quick scheme.
I've seen posts here (and other places) going on about how they're going to take out huge, huge loans to buy Bitcoin.
Why? Simply so they can hold, hold, hold, and resell at a higher price....
I also know a couple people personally that are buying to resell...One of them has 2.7 mill invested. He's going to dump as soon as his investment reaches 25%. I know someone else that doesn't even have a job and she put all assets into Bitcoin.
I feel like nowadays every newcomer is acquiring Bitcoins to get rich. They aren't here for anything else. This is a giant greed bubble IMO. Nothing else.
This isn't about currency revolution... It's all about investment/greed speculation now. It isn't about screwing over the banks or government or evolving anything, It's now about buying in and selling at higher prices and selling for a nice paper money increase.
Greedy speculators will be the death of Bitcoin.. If hacks and the government don't kill it first. This whole thing is becoming a joke really due to human greed.
You Idiots taking out a second mortgage on your house and living off ramen (I know several of you personally (4)) I will give you no sympathy when this greed raged currency crashes.
I will keep using Bitcoin if it = 1 cent or 100 bucks, It doesn't matter to me.
You people expecting an infinite price increase so they can sell out and retire, I will be here to laugh at you when it falls through the floor because of speculative greed.
I think the difference isn't about greed. Everyone expects to get something in return for their investment either their time or their money. The difference is some people understand what Bitcoin is and why it is and some people don't. If you work via the Internet already, and have made money online before, then you are in an excellent position to understand the value of Bitcoin. It's the best form of payment the Internet can offer and if you produce content and currently get paid pennies on the dollar then Bitcoin will be good for you. |
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Hello guys (my first post outside the newbie world \o/), I would like to present you Bitcoin-bot.com which is a website I created for auto trading Bitcoins on Bitcoin-24.com and MtGox.com Bitcoin-bot.com is designed to do a few things for you yet : 1. it will warn you by email/SMS when BTC market price reach prices from your preferences, here is an example : send me an email if market price is lower than 55€ 2. it will warn you by email/SMS when BTC market price rises or falls over a given period, here is an example : send me an email if market price rises by €5 in less than 1 hour 3. it will place market orders bids/asks when market price reach prices from your preferences, here is an example of what you can do : If the market price of BTC is less than €55.5 then I buy 2.3BTC for €55.75 each 4. it will send you email reports every 1/6/12/24 hours to follow changes of Bitcoin market price And more features to come. There is a forever free account to enjoy all its features. Prices for all plans and sms are in BTC and they change according to market price. I don't know if I explain well (I'm french so I do my best), and the website is available both in english and french. If you have more questions, I'm here to answer ! https://bitcoin-bot.comIf it's open source then I support it. I might even be able to take your code and improve on it. |
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Official announcement - Bit Trader releases commercial Bitcoin and Litecoin trading client. Trade Litecoin and Bitcoin on BTC-e and Bitcoin on Mt.Gox. https://www.bit-trader.net No offense if you work for this company but is it open source or not? I've got enough programming skill to write my own bit trader and others like me want to know that this software is safe and not putting us at risk. Show us the code. |
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I made a post on the forums as I have not gotten any response from bitinstant in the last 24 hours. I made a withdraw from mtgox via a code to bitinstant to transfer to paypal. My mtgox code was "cashed in" but the funds did not appear in my paypal. There was an error in the API response string that stated INSUFFICIENT FUNDS
I still have no refund in mtgox or deposit into my paypal, and no response to my email or 'live' chat thingy on the website, which pretty much just submitted my question and said I would receive a response in my email (so much for 'live'?)
I would BEWARE of using bitinstant at this point as it doesn't appear transactions are going through. Sadly, my transaction was worth a lot of USD.. which is why I'm so focused on getting this issue resolved, with zero response coming from bitinstant in regards to this issue.
As I said, BEWARE!!!
I understand how you feel. Although $503 isn't a lot of USD for most people, it is for a college student. It's a month of rent. |
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Still waiting for my $503.95 in Bitcoins. I hope to get it soon because watching the price go up like this over the weekend is not fun at all.
I'll keep checking back here periodically.
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As I'm new to Bitcoin I don't have a good sense of Bitcoin's current or potential rise in value. I would imagine that there are many who are ready to jump into Bitcoin solely due to it's meteoric rise in the past month or from the start of this year. I would think, too, that as, or if, Bitcoin becomes very much mainstream it's appreciation potential would certainly taper off.
Does anyone anywhere track the growth of retail establishments, whether on-line or brick and mortar, accepting Bitcoins? I would assume that the longevity of Bitcoin would depend on it's eventual fulfillment as a utility to make common, everyday purchases.
I'm cut short on this post as I have to leave, like, NOW.
But I've some other thoughts I'd like to add. Later.
In a couple years it will be as popular as Paypal. Why would you shop with Paypal when you can use Bitcoin? |
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If you decide to sell BTC for $ how do you declare that on your taxes? How much goes to taxes?
This is something that never seems to get discussed. I would guess it comes as income right?
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Don't risk more BTC than you are willing to lose This should be plastered everywhere on this site, as a PSA. The stories I'm seeing of mortgages, unaware wives and people chasing a quick mean to cover FIAT loans terrifies me. Nothings wrong with taking a loan to buy BTC as long as its a loan you can afford to pay back. |
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