Cass: for max security i assume you'd want to only generate keys on a virgin computer thats never been connected to the internet? how can i be assured that when i want to spend the coins from a certain key pair that the client will accept the private key? also the pub key i assume has virtually no chance of colliding with another pub key? how does the blockchain know of the pub key? by sending coins to it?
i think the public key is a hash of the private key or something, so you can not realistically make a public key you want. the block chain does not need to know the public/private key. the key gets into the chain when coins get sent to it. so the blockchain accepts any pub key presented to it that has the correctly signed bitcoin format? |
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Cass: for max security i assume you'd want to only generate keys on a virgin computer thats never been connected to the internet? how can i be assured that when i want to spend the coins from a certain key pair that the client will accept the private key? also the pub key i assume has virtually no chance of colliding with another pub key? how does the blockchain know of the pub key? by sending coins to it?
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Dow 4000 here we come.
agree with you with a target extension: take away another 0.
400 we come by 2014-2016ah yes, a fellow Prechter disciple.  |
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I've seen a couple separate bitcoin mixer services, but aren't we missing the ultimate one? I'm pretty sure MtGox dosen't send you back the same bitcoins you deposit when you withdraw, so can't one obtain untraceable coins by simply make an anonymous account, depositing and withdrawing the coins? (in randomized amounts of course) It certainly has far more volume than any of the mixer services out there.
There's no guarantee that MtGox doesn't keep a record of where the bitcoins came from and where they went to, and in fact it is in their best interest to keep these records. So, if I were to steal 100,000 btc from you, and then deposit into mt gox, and then withdraw it to another account, police could probably still get that the coins went into account x and then they went to bitcoin address y. If I then paid for something to be delivered to my home with bitcoin address y, they could contact that seller and find out where I live. Presumably a mixer would not keep these records. how would they know the sellers identity? |
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looks like to me they're trying to take down gold and silver...
It's more of a margin liquidation. If they really want to smash the crap out of silver though now is the time to raise the COMEX marging requirements. Of course all they'd do is force a lot more physical metal off the market. whats interesting is that yesterday i sold a bunch of Krugerands to my local coin dealer. at first he tried to cut his offer price to $5 below spot. his excuse was that there was a ton of Krands coming to market. eventually he gave me spot but only b/c i run alot of biz thru him. they've already raised Comex margin reqs a few times b/c of the leverage involved. i think they're going to be successful. they have no choice but to get it down b/c too much money has been heading into them for the last 11 yrs b/c of their reckless policies. everything comes to an end. |
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you seem to be doubling down and i'd be careful given what i feel is a large topping formation since 2001. we just can't assume anymore debt.
topping measured in dollars (and Euro, etc). I think we all agree. But the bet on the table is whether the Fed and central banks will continue to devalue their currencies or let the party stop cold turkey. Why do you think the Fed will stop printing money? Do you think the US will default on Social Security and Defense? they are defaulting on SS by artificially lowering the CPI. they're cutting Mcar benefits as well. defense is being slimmed down. look at NOC, RTN, LMT defense stocks. they're telling a story. |
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you seem to be doubling down and i'd be careful given what i feel is a large topping formation since 2001. we just can't assume anymore debt.
topping measured in dollars (and Euro, etc). I think we all agree. But the bet on the table is whether the Fed and central banks will continue to devalue their currencies or let the party stop cold turkey. Why do you think the Fed will stop printing money? Do you think the US will default on Social Security and Defense? my question to you is who does Bernanke pay homage to? the people or to his banking handlers? i say the latter. therefore why would he destroy the asset side of the bank's balance sheets to the benefit of the ppl? what currency is the elites billions if not trillions held in? USD. therefore why would his handlers allow him to destroy their wealth savings? who enables the banks to do their dirty work? the Fed. therefore why would the Fed let the USD self destruct which is the Fed's only franchise product? |
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looks like to me they're trying to take down gold and silver...
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shucks, i would love to meet The Legend. BTW, i haven't seen Synaptic since i tried unsuccessfully to bet him 100 BTC a few weeks ago. so you're not the first to ask these chumps to put their money where their mouth is. |
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It's still difficult to explain to people that saving hurts economy
wow, that hurts. i've grown up a saver and always will be. i don't mind debt when necessary like for my mortgage and business but i've since paid both off given the crisis which has been debt driven. you seem to be doubling down and i'd be careful given what i feel is a large topping formation since 2001. we just can't assume anymore debt. have you studied demographics? we and China are getting much older and these elders are moving into the dependent state. they also sell stocks and RE during retirement not to mention draw on SS and Mcar. they'll be many fewer workers to support those dependents. did you see the labor participation rate this AM? |
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Bingo. Whatever acts as a reserve does so. A medium of exchange can then function as a CFD, somewhat similar to how fiat currencies work today in usage (exchanging fractions of net assets for fractions of net worth while maintaining reserves of both). Bitcoin works both ways and in a more flexible manner than gold - once the majority of Bitcoins have been mined, your share of the BTC pool will effectively remain constant. You can either store the value or transact it. Gold still has its purpose as a final fail-safe should the network that Bitcoin relies up on actually be compromised sufficiently. I don't know about you, but I think this subtle shift is as game-changing as industrial manufacturing. we agree. except that i could see gold lose a huge amt of its appeal if btc assumes the mantle of reserve currency. my ultimate prediction is that the world moves to a Bitcoin based USD standard. this way we could maintain a strict 10:1 fractional reserve which could be strictly enforced by instantaneously moving the reserve (Bitcoin) back and forth btwn countries out of balance while also maintaining a modest leveraged system that would allow entrepreneurship AND banking. this also allows the US to maintain its leadership role which i'm sure our Mandarins desperately wish to hold onto. |
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It looks like your bitcoins have already been sent to Mt.Gox account. Just a thought. how can u tell they're mtgox accts? |
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People tend to buy (long term) deflationary commodities in times of crisis.
Just look at gold, it's as if it's price has no ceiling. The long and short term highs have constantly been broken for ages.
what can't go on forever, won't. |
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from FOFOA:
"Some time ago gold not only was used as money but also circulated as currency. It had always been money and people had no use for a separate currency to represent "gold money" so they stamped the gold itself and used it as circulating currency. From the start, one thing most thinkers can't quite grasp is that "money does not have to circulate"! The first "world money", gold money that is, could stay locked up and still represent value and wealth. People had but to agree on who owned it in exchange for goods and services. You have all read the articles about how paper receipts for "gold money" were later circulated and became paper currency receipts, then paper currency, then just currency."
well, there you go Bitcoin!
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Bank of New York Mellon is charging to deposit money in an account.....
how rapacious is that? |
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No, please do. I posted to the forums so that anyone can chime in...
I'm always open to constructive criticism and different points of view.
Good to know! I've noticed that economic-types can get pretty heated when their views are threatened instead of agreeing to disagree without further hard evidence. you're quite right; the economy has multiple moving parts and some can be deflating while others inflating. i guess one way to describe the business cycle would be at peaks and troughs the economy can have a mix but when looking at the middle of the rise or fall from those peaks and troughs then you get more absolute inflation or deflation.
i've read 3 of the 5 above authors so i'm not doing too bad. Feketes analyses are most intriguing. i went to one of his courses and i like his description of how the UST bond market players anticipate the Feds buying helping to drive down interest rates which will suck the lifeblood out of the real economy.
Yes, and Armstrong's work elaborates on the cyclical nature of markets. It's similar to the additive effect of wavelengths, but imagine this multiplied many times over.  Exactly - using the currency for monetization of debt (promise of return/work) without value (the return/work) kicks back valueless currency. Not conspicuous, but still outright theft. If you haven't read FOFOA, the perspective presented is biased toward the Euro and its ties to gold. My concern is the human control element of the currency as opposed to Bitcoin's decentralized and near-instantaneously self-correcting mechanisms. i believe in cycles too. but whats this about the Euros ties to gold? how so? i have a short on the Euro too as i think the union will eventually blow apart. with all the troubles over there how could anyone buy the Euro? |
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In a mass selloff like today, just about everything gets liquidated as margin calls come in and people flee to safety. Treasuries and the USD were about the only long positions that fared well today. Interestingly, the Swiss Franc held up despite the gov't attempt to devalue the currency.
If we're heading for 2008 redeux, the miner stocks will be taken down with the rest of equities.
everything you say here is absolutely correct. my only slight disagreement is the "flee to safety" part. i'd say its more like "forced to buy dollars by having to liquidate assets". yours implies a choice; mine implies force. |
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“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation DEFLATION, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.” this is the money quote. the problem with the system as it exists today with bankers knowing when they're going to ramp liquidity AND when they're going to shut it off, means the rest of us shleps continually have to play catch up. in other words; we never win. |
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i have confirmed tonite that we have a confirmed bearish primary trend change according to Dow Theory. this is the first time we have seen this since the March 09 lows. this is bad news and i would caution all commodity inflationists that a bear market means DEFLATION.
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