Meh. Anything "Gox" to me is tainted.
Yeah, you're right. Just like all the coins which went through Silk Road. |
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Hi,
This table looks too optimistic.. It is not very right. The size of the cells which are 30$ and 1 $ is the same as the cells wich represent 1000$ and 10000$.
BR
That's called a logarithmic scale, look it up. |
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USD 8281,- bitstamp october 21st
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Right now they are at 42%. The Bitcoin Foundation should issue a directive to the GHash guys, to split their pool to two or more smaller ones. Or it should support the other mining pools, so that they could wean away some of the miners from GHash.
I don't know what's worse. The bitcoin having that power or a pool at 51% |
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FUD BUT FACT NOTICE
The real threat isn't a 51% attack, the real fear should be with more than 51% of the nethash they could force any revision to the client or protocol they wanted. If you didn't accept accept the new protocol or client, then goodbye wallet!
That should be what scares you, not some 51% attack.
/END FUD
~BCX~
No, not goodbye wallet. We would end up with two different blockchains. |
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I think you're absolutely wrong. Many high net worth individuals have come out to say they own bitcoin. We also have funds like second market, and more in the works. These people do not nor would they buy bitcoins on any of the exchanges that exist today. They would again IMO go to the major holders of today's Bitcoin and secure OTC purchases. They might even go to the major mining pools and buy direct. It wouldn't surprise me if a mining pool has already secured contracts to sell so many bitcoins at a set price over a period of mining to some key players. Everyone has an eye and a toe dipped into bitcoin, it's to risky not to, and when the time is right we will see what they want to do with it. One thing I can promise is you and I have no control, all we can do is sit back and enjoy whatever ride we are on.
+1 I agree. And boy do I like this ride! Either way, zero or infinite, I'll never forget this chronic adrenaline rush. |
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At the moment the risk/reward ratio is not that great in my opinion. At best it will go to about 1000 this year. I do not believe this year will see a 10x bubble.
So, you will only make about 50% at best for 2014 if you buy in at current prices. Given the high risk of bitcoin (can easily lose 60% in a few days) that reward is not that great.
It is also a bit optimize to think it will go to 1000. Some people actually think it could go to 100000 in a few years when the world wide adaption rate is more than the current 1%. I think these guys are dreaming. Ask the guys from 4 years ago. The one who is dreaming is you, wake up. |
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I'm really surprised more people aren't talking about this or doing something about it.
What do you suggest we do? Typically, there has been a dominant mining group since the mining pool concept was created. Many of us have tried (failed) to point out that the centralization of hash rate is undesirable, yet we continue to see it. I expect a 51% attack at some point in Bitcoin's future. It won't kill Bitcoin, only set it back while hopefully bringing more attention to working towards better decentralization practices. It may however weaken Bitcoin enough for another innovative cryptocurrency to jump it. Presumably one which is more resilient to 51% attacks. Not when there is almost no damage done. Perhaps the miners will switch back to the latest blockchain state right before the first double spends. All spends after the fork are then lost or people should charge back the BTC or send the item back they bought or pay again, or something. Does it makes sense what I say? |
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We need it easy to install & configure, clean and with intuitive gui.
No we don't. The miners are already ran by the biggest nerds. There is probably a big disadvantage for p2pool which we don't know yet. I also think there will be a 66,6% attack which will move the miners to p2pool finally. It will be the silk road event which brought us to stratospheric heights last time. |
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The problem is that there are every day more people that accept bitcoin as a payment method but very few people that actually spend them.
Most of the shops that accept bitcoin have never sold something in bitcoin.
So even when nobody spends there are more people accepting them! That really sounds good. |
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Credit doesn't exist, yet people don't seem to have much trouble spending it.
Best answer. +1 |
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Wow this is really interesting. I am not surprised at all really, but it's kind of amazing how the modern American economy seems to be set up to make people poor.
Maybe part of the problem with some people not believing in bitcoin is because they don't understand that having bitcoin is like having a ticket. Your private key is your ticket to whatever amount of btc you happen to have. And it's not possible for the system to forget that you own the btc because the blockchain is distributed over a massive amount of separate computers all over the world. So in that respect bitcoin very much exists. It exists on every hard drive that has a copy of the blockchain.
Since day one I declared all my BTC a ticket to freedom. Every day bitcoin lasts, I buy more tickets to freedom. |
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1 satoshi = 1 usd is the upper limit, see my signature
"Suppose that each person need $ 1,350,000 for a comfortable retirement, and they put all those savings into bitcoin and get 0.0135 coin, e.g. 1,350,000 satoshi, this means 1 satoshi = 1 usd, 1 BTC will worth 100 million dollars, this might be the highest possible value bitcoin can achieve" It's an awesome dream, but a dream  The upper limit is how much energy you can buy with one BTC. Dollars are irrelevant. The world turns around thanks to the sun. Everything we did or do is related to energy. A currency based on energy would be a winner but dragging around drums of oil is not convenient. That's why they invented substitutes like shells, salt, paper and gold. Now we have bitcoin which will make it magnitudes more easier to pay for energy globally. |
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Hoarding is not a problem.
It means that we all agree that bitcoin is not at it's maximum profit yet.
It sounds stupid to say bitcoin will reach $50k and spend them a second later.
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You can't touch the memories of the birth of your child or your wedding either.
You can't touch the electrons which sends your instant messages all around the world either (whatsapp, email)
So it doesn't matter if you can't touch it yes or no, it still can have value.
And if they persist to irritate about intrinsic value then ask them to stick their dick into a wall socket and see if they still agree electrons have no intrinsic value.
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Ok, let's assume that the following scenario is actually possible, I would like to know how you feel when all these thing happen at the same time:
Bitcoin is under a 66% attack (double spends are happening)
Is also banned by the US, Russian, EU and China government by threat of 30 years jail time.
The real satoshi (proven by something) is found dead, killed.
Uh, you mean 51% attack? No actually 66,6% attack Whats the difference between a 51% attack and 66.6% attack? 15,6% I'm not sure why but that really made me laugh. Thanks. You're welcome. I thought it was pretty hilarious as well  I was LMAO when I gave the 15,6 answer. |
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I think it will be sort of decentralized bitcoin exchange. Basically http://www.bitcoin.de already functions as a decentralized exchange. That means, transaction are decentralized but the website is not. |
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so far almost 70% of the people who voted would hold their coins, even if it were under a 51%+ attack. i think i'm calling bullshit. the truth is that people care about their own wealth more than they do the development of bitcoin. not that there's anything wrong with that.
The "problem" is, most people have a large amount of BTC in cold storage which is not easy to access. My largest stack is also very unaccessible. That means that I'm always too late to sell for a reasonable price. And also I invested not more than I'm willing to loose 100%. For me it is a binary bet, zero or (close to) infinite value. I'm already more than happy to be involved in this experiment. The money I've spend could not buy me more happiness and excitement for such a long time. |
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i'm thinking we should wait until bitcoin hits $1,000 before even talking about $50,000. the farther you look into the future, the less accurate you are. imo, even talking about $10k/coin within this year is overdoing it.
You should not look into the future but listen to Churchill: “The farther back you can look, the farther forward you are likely to see.” ― Winston Churchill |
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