anyone can work and compete against them. This is total bullshit and further shows the dishonesty of Blockstream. There is MASSIVE desire to go to >2MB blocks. But, just because One Meg Greg doesn't want to, he uses the position that any changes must be unanimous. To suggest that the system has a 'free vote' built in is simply ridiculous. Blockstream should start their own Alt called Blockstream Coin and let Bitcoin revert back to its original form without 1MB limit. The real Bitcoin isn't the bullshit that Blockstream is forcing on us - for their own benefit where they can charge people for their sidechain access. The miners are totally blind. They can't see out of their slitty Chinese eyes. If Blockstream captures all the fees on the side chain, there will be far less fees to catch on the main chain. Miners paid for all the equipment - and now are limited by only getting main chain fees. Blockstream will get all the side chain fees. Total fees is an amount set by free market rate. Today, miners don't split those fees. Tomorrow, Blockstream will get more than have the fees as 'sidechain' network access. Who needs a 'sidechain'? Data stored on the side chain is data stored. It doesn't save any bandwidth to keep that data off the main chain. The total amount of data stored will actually INCREASE with side chain nonsense. Blockstream only wants to develop the side chain concept so they can own it and charge for it. Miners are getting fucked. And they sit there voting with Blockstream!!! Stupid fuckers. Please provide us with examples of how Blockstream has taken over control of Bitcoin and how it's damaging the ecosystem. By manipulating a very small group of Chinese miners (less than about 5 people) who don't understand shit about the protocol, One Meg Greg prevents them from joining the effort to increase blocksize. It damages the ecosystem because network transaction throughput is artificially limited in order to drive need for Blockchain proprietary 'sidechain' bullshit. |
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We've got to get together and think of some clever strategy to get this thing back from Blockstream!!! I can't believe they took over complete control of Bitcoin and now everyone is walking away. Stupid Chinese miners are a pussies!
Now, how are we going to get it back? What is our plan to pry this away from Blockstream?
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This sounds absolutely fantastic and is the way of the future..  it would be great to be honest, though i dont think that it is going to be possible soon, in my opinion we are still to early for it The future is NOW. It is already working. Believe it or not. |
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I have been tempted to use tUSD before to hedge against possible BTC price dips so I can buy back and own more BTC, the problem is keeping the tUSD in the exchange wihle you hold positions... this is why we need proper decentralized exchanges, so we can hold positions without risk of getting Goxxfinexed.
Don't hold your Tether in an exchange - you'll get Goxxifinexed. Just put your Tether on a paper wallet. 3 minutes before you need to trade, send them back to the exchange account. Tethers live happily on any normal bitcoin address!!! |
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Who really needs this thing? Anybody that is able to use EURt is also able (and even more inclined) to use Bitcoin. EURt is like offering a transportation service where passengers sit in horse buggies that are loaded on pickup trucks. That makes no sense at all.
Omni Layer is in fact the rebranded MasterCoin protocol. The founder of MasterCoin, who contributed no real work to the actual protocol other than an amateurish whitepaper made a nice cut by dumping his coins after generating a hype around it - even before an usable implementation of the protocol was available. Now he has effectively disappeared.
ya.ya.yo!
Imbecile. What if you want exchange rate protection? When Bitcoin falls 20% in one day, USDT falls 0%. There are 101 more uses. That is who needs this thing. JR didn't disappear, didn't hype, and didn't profit. You have no idea what you are talking about. Management of Omni was not ideal in the beginning for sure. But, the coders continued to build a really nice strong platform. Many good alts are built and traded on Omni today. But forget about Omni, this is about Tether. TetherUSD has done really well over the last two years, now trade over $1,000,000/ day. If Tether Euro gets up and running, it allows a very new EUR/USD channel directly on the blockchain. Unless you are a financial null, you'd know right away why this is extremely valuable. That is a shitload of traffic done every hour. If you can do it without fees, there is real benefit. Tether will be HUGE in less than 12 months. Go back to playing with your 'crypto-games'. This is something even morons can understand. |
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even tho there's still some dependency.
Here is the really bizzare part: the dependency is PURELY psychological!!! It's not the actual money held by the bank that backs up Tether - rather it is the belief and faith that when you give one USDT to someone, they will hand you a buck. Every time. Every day. Never changes. If everyone just kept using Tether normally, everyone just kept believing the next guy would give a buck in exchange for a Tether$, then it wouldn't matter if the bank caught on fire and all the backing money was gone. It 'feels' good that the backing money exists. But really, the only thing that makes Tether$ worth something is if all people are willing to exchange it for a buck, or a buck worth of something else. If everyone showed up on the same day and wanted to give back their Tethers and receive greenbacks (a bank run) the system would crash without backing funds. With backing funds, even a bank run won't damage Tether. Backing funds are only important in the event that a bank run comes. But what are the odds of a bank run? We could all use Tether for 1000 years with no bank run and no backing money - and EVERYTHING would be fine!!! This is in fact how the Fed actually works. Yet you are perfectly happy that Bank of America shows your account balance of $1000 - $1000 which doesn't really exist and there are no 'backing' funds. Indeed, the funds on deposit that back Tether are just imaginary bullshit government notes not worth anything at all!!! Tether will save so many millions in exchange fees. Go see what Transferwise did. It is a HUGE valuable company. Tether does it even better. The future is bright for Tether. |
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Hlo can we cancel bitcoin transaction. Is it possible?
Do you have a transaction id? Has it been confirmed? If yes, then you can't cancel it. This is total fiction. Just ask Vitalik how to do it. |
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Correct me if I am wrong, but Tether is somehow pegged to the fiat currencies and then linked to fiat bank accounts. What happens with the funds in these accounts, when the banks block these accounts? Is this not centralization based on the Blockchain to transfer fiat value?
Give the slow thinkers a boost here. ^smile^
Yep. It is centralized. That is a horrible, evil thing. But we have to live with some centralization. A bank (awful four letter word) does hold the funds and can impound the account. All true. For those who need a 100% bank free world, tether is not suitable. Now, for all the others, it is a very handy system that enables USD/EUR exchange and transfer all over the world for free! Presently, people are paying very large sums for the same thing. If you can get over the fact that Tether is not decentralized, then you can take good advantage. Those seeking 100% decentralization in their lives will be left dissatisfied. For some reason here at my office and even through my mobile phone here the Tether website is really slow when trying to register. You actually have me curious now and I want to rty it but I will see what happens from my house. There are no internet issues here, all good and fast, but their site is having issues, hopefully later.
You don't need to visit the tether website. Just open an account on Poloniex and get your tether there. I don't think anyone goes to the tether site. |
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strengths of Omni are the robust implementation in C++
Craig
are the implementations of Counterparty not robust? not C++? (what then?). This is a pretty good chance to lay it out there why Omni / Counterparty will succeed the future. I'd like to hear more. |
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i simply do not see how the attached meta data can ENSURE that the receiver and only the receiver can directly access funds It can't. Not any more than having bitcoin on the blockchain can assure that somebody will give you $600 for it. But, people still give $600 for a bitcoin. Similarly, people still gives one real hard USD for a tether. Everyday. Every time. see then other than using yet another protocol/handling procedure for Crypto I do not understand the purpose of these tokens and/or colored coins. I understand developing the initial prototype as a proof of concept, but going beyond that just seems silly. i would rather see the scripting within Bitcoin used for something more interesting or useful. i can see a software wallet on a mobile device combined with sidechain data only allowing a client access to the balance at specific locations or giving bonus coins at certain places or even using blockchain scripting in more games that use Bitcoin or an altcoin. The only one way that i can see using this to ensure redemption is to provide one part of a key pair in the meta data and another part through another method, i still think that leave the receiver open to losing the funds to the sender, but at least that is the only weakness It doesn't matter whether or not you can 'see using'. Today $ 2,243,960 changed hands on Tether. Daily average is over a million. Loads of people find it very useful to trade USD on the blockchain. After more learn how this works, volume is going WAY up. If you have no need whatever to trade crypto-USD for crypto, no problem go buy Omni and you will be paid .05% for all that volume. At today's Omni prices that is over 6% annual return. If volume goes up, you win big. No other crypto today is paying dividends like that. Not even close. All those depend on a prayer and a hope. Omni is paying dividends NOW! |
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i simply do not see how the attached meta data can ENSURE that the receiver and only the receiver can directly access funds It can't. Not any more than having bitcoin on the blockchain can assure that somebody will give you $600 for it. But, people still give $600 for a bitcoin. Similarly, people still gives one real hard USD for a tether. Everyday. Every time. |
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Using this vehicle, the Omni Layer Foundation will engage market making in the EUR/USD pair across both decentralized exchanges and other exchange partners. No! We want USD/BTC and EUR/BTC... EURT is fully backed by a banking trust in Taiwan on a 1 to 1 basis of deposits to coins issued. This doesn't sound good at all. It looks like this will complicate things instead of simplifying them, I think... You will need an extra token to trade another token, so to speak. Trade whatever you like. It goes in all directions. Any pair you want in/out of, bam! Omni does that. The big deal is that everyday a shitload of $$$ want to go to Europe and a shitload of EUR want to go to the US. All that traffic is now done on conventional channels. Bitcoin can carry this traffic very easy and can do it today without modification. Further, the cost is just over .05% whereas with Transferwise (cheapest way) it is still over 1%!!! $ Millions in savings each day. No exaggeration about that. It is only complicated to slow thinkers. But, since it will save you tons of money, even slow thinkers will use it. |
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And appearing a USD digital coin and EURO digital coin. and the real currency is represented by the digital currency. But I think this can become a threaten for bitcoin later. Nope, it's all done on top of Bitcoin. If Bitcoin goes away, then Tether is gone too. Doesn't threaten Bitcoin at all. IT IS BITCOIN!!!! |
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If you can't understand why Euro Tether is a big fucking deal, then you haven't done the math. This will replace Transferwise - a multibillion dollar startup. |
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So volume just picked up last days and Omni just did -71% from 24h's high. I can't wrap my head at how so constantly (over)sold it is. This is truly unbelievable and restless.
Sorry you are not able to wrap your head around 'thinly traded markets'. Because volume is so low, the swings can be very large and sudden. It is like flipping a coin 3 times, all heads, and declaring for the rest of eternity a coin flip will produce heads. Maybe the sample size is too small. Flip 1000 times and your problem will be fixed. Omni is very thinly traded. It didn't really go -71%. That is sort of an artifact of the low volume. This is not the Dow Jones you know. |
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He's certainly too busy sipping a cocktail with a jew crew on the beach with our money.
You are a piece of garbage. JR did nothing but great things for all Mastercoin/Omni. The guy is about the nicest guy I've met in crypto. Ron might be a piece of work, but JR is straight up. |
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Bitfinex should be buying up these BFX tokens at a discount. They can pay off their debt at a 60-70% discount.
Yep. I think that is very likely indeed. They will need some liquidity today to do that, but it is a good way for them to reduce their $62M liability fairly, and fairly quickly. firstly 64% of all reserves are held to users as "active balance" should users decide to cashout 36% is lost bitfinex does not have this 36% bitfinex gave users 36% of tokens (vapour, no value, no backing) bitfinex has NOTHING LEFT OVER to actually "buy up" the tokens even at a discount.. if they had funds they could easily have decreased the overall debt to everyone.. obviously.. but what would happen is other USERS will put up buy orders when the tokens are exchangeable, at stupidly low prices to buy the debt off people at a discount. this is where for instance a user that supposedly has 1btc (now 0.64btc after hack) does not withdraw the 0.64btc but instead puts a low buy order to buy an example of atleast 584 tokens(equivalent of bfx valuation of 1btc debt (days ago but meaningless after that)) for 0.64btc.. which would give the user 1.3btc of debt tokens.(equivalent of bfx valuation debt (days ago but meaningless after that)) ofcourse people will try to get more tokens for less solvent bitcoins because the 'valuation of future repayment may be considerably different it makes logical sense that some people will try to take advantage of a chance to buy debt cheap in the hope it reaps rewards later. its a risk, but as i said bitfinex wont initially by up the debt at a discount as they have nothing spare.. Wrong. The 36% was calculated based on how much was stolen. It did not take into account any consideration for bitfinex's stash of money which might actually be considerable. You incorrectly imagined they put their entire stash into the debt pool before calculating the distribution? Why would they do that? Then they'd have no operating capital. Besides, the crooks didn't get to their money, just the customer wallets. Bitfinex put their own money in a safe place. They might have millions in that safe place. Why do you think they'd put those millions into making the customer wallets whole again? No way. They will issue the token/ious and hope they can repay them later. They did not give up all their own cash today. |
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It's been said a lot but probably not enough -
NEVER KEEP ANY SIGNIFICANT AMOUNT OF BTC AT AN EXCHANGE
Now it seems to be NO Exchanges can trust
You see, this is the stupid part. If there is need for trust, then you are not using bitcoin correctly. |
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Yet another, another exchange bites the dust... | No. | Company | Estimated loss / Status | | 1) | Mt. 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unknown | | 31) | CryptoXchange | ??? unknown | | 32) | MyCoin | ??? unknown | | 33) | Bitomat | ??? unknown | | 34) | Bitp.it | ??? unknown | | 35) | Brasil Bitcoin Market | ??? unknown | | 36) | BTC Buy | ??? unknown | | 37) | Btctip | ??? unknown | | 38) | Bit-Bank | ??? unknown | | 39) | Bitmit | ??? unknown | | 40) | Sheep Marketplace | ??? unknown | | 41) | hashie.co | ??? unknown | | 42) | Moolah | ??? unknown | | 43) | Seals with Clubs | ??? unknown | | 44) | mcxnow | ??? unknown | | 45) | x-bt | ??? unknown | | 46) | Justcoin | ??? unknown | | 47) | KCMOCOLO | ??? unknown | | 48) | Vekja | ??? unknown | | 49) | Bitmarket.eu | ??? unknown | | 50) | MyBitcoin | ??? unknown | | 51) | Bitscalper | ??? unknown | | 52) | BS&T | ??? unknown | | 53) | FeedZeBirds | ??? unknown | | 54) | btcxchange.ro | ??? unknown | | 55) | CoinEX.pw | ??? unknown | | 56) | AMT | ??? unknown | | 57) | HashTrade | ??? unknown | | 58) | WBX | ??? unknown | | 59) | Coinlenders | ??? unknown | | 60) | Paytunia | ??? unknown | | 61) | NeoBee | ??? unknown | | 62) | HASRA | ??? unknown | | 63) | MinerSource | ??? unknown | | 64) | Alpha Technology | ??? unknown | | 65) | Coinedup | ??? unknown | | 66) | BitcoinMax | ??? unknown | | 67) | Evolution Market | ??? unknown | | 68) | The Bitcoin Show | ??? unknown | | 69) | El Show de Bitcoin | ??? unknown | | 70) | Le Bitcoin Show | ??? unknown | | 71) | Ellet | ??? unknown | | 72) | Take My Bitcoins | ??? unknown | | 73) | Coinabul | ??? unknown | | 74) | Bitmine | ??? unknown | | 75) | MyBitcoinTrade | ??? unknown | | 76) | BIPS | ??? unknown | | 77) | LabRatMining | ??? unknown | | 78) | BlackBankMarket | ??? unknown | | 79) | OneWallet | ??? unknown | | 80) | Virtex | ??? unknown | | 81) | BitFunder | ??? unknown | | 82) | Bitcoin Development Fund | ??? unknown | | 83) | Netsolus | ??? unknown | | 84) | Nimbus Mining | ??? unknown | | 85) | Coinware | ??? unknown | | 86) | LiquidBits | ??? unknown | | 87) | DZ Miner Coop | ??? unknown | | 88) | GPUMAX Technologies LLC | ??? unknown | | 89) | Virtual Mining Corporation | ??? unknown | | 90) | Active Mining Corporation | ??? unknown | | 91) | BTC Mining Corporation | ??? unknown | | 92) | Litecoin Global | ??? unknown | | 93) | Bitcoin Rain | ??? unknown | | 94) | EgoPay | ??? unknown | | 95) | Coinographic | ??? unknown | | 96) | AMHash1 | ??? unknown | | 97) | Altcoin Herald | ??? unknown | | 98) | CryptoDouble | ??? unknown | | 99) | Cryptomine.io | ??? unknown | | 100) | Cryptory | ??? unknown | | 101) | Dicebitco.in | ??? unknown | | 102) | Dice.ninja | ??? unknown | | 103) | Lunamine | ??? unknown | | 104) | ShareXcoin | ??? unknown | | 105) | BitDayTrade | ??? unknown | | 106) | Labcoin | ??? unknown | | 107) | Kronos.io | ??? unknown | | 108) | Britcoin | ??? unknown | | 109) | Bitcoinary | ??? unknown | | 110) | Robocoin | ??? unknown | | 111) | updown.bt | ??? unknown | | 112) | NXT-E | ??? unknown | | 123) | WeExchange | ??? unknown | | 124) | BitcoinGunParts | ??? unknown | | 125) | BitcoinForFlowers | ??? unknown | | 126) | FastCash4Bitcoins | ??? unknown | | 127) | CleanBit | ??? unknown | | 128) | AurumXChange | ??? unknown | | 129) | WMXchange | ??? unknown | | 130) | Cam 4 BTC | ??? unknown | | 131) | Flexcoin | ??? unknown | | 132) | BTCZone | ??? unknown | | 133) | Bittalk Media Ltd | ??? unknown | | 134) | CAVirtex | ??? unknown | | 135) | MMOExchange | ??? unknown | | 136) | OGRR | ??? unknown | | 137) | betsofbitco.in | ??? unknown | | 138) | rollin.io | ??? unknown | | 139) | Paysius | ??? unknown | | 140) | Bitcoin2CDKey | ??? unknown | | 141) | WalletBit | ??? unknown | | 142) | Bitcoin Cloud Hashing | ??? unknown | | 143) | Liquid Nitrogen Overclocking | ??? unknown | | 144) | 50btc | ??? unknown | | 145) | Deepbit | ??? unknown | | 146) | ZenMiner | ??? unknown | | 147) | Aquifer | ??? unknown | | 148) | lovebitcoins.org | ??? unknown | | 149) | BtcTree | ??? unknown | | 150) | Atlantis | ??? unknown | | 151) | Buttcoin.org | ??? unknown | | 152) | sirarthur.net | ??? unknown | | 153) | Atomic-Trade.com | ??? unknown | | 154) | Bitfountain | ??? unknown | | 155) | CryptoChange | ??? unknown | | 156) | BitBitcoin | ??? unknown | | 157) | BTC on Tilt | ??? unknown | | 158) | LendMeCoin | ??? unknown | | 159) | Coin Mining Coop | ??? unknown | | 160) | BitSpend | ??? unknown | | 161) | BitcoinRealty | ??? unknown | | 162) | BitcoinCashout | ??? unknown | | 163) | Bitcoin Solutions LLC | ??? unknown | | 164) | BiddingPond | ??? unknown | | 165) | Black Arrow | ??? unknown | | 166) | Vircurex | ??? unknown | | 167) | BTCFPGA | ??? unknown | | 168) | ForBitcoin | ??? unknown | | 169) | Gamma Bitcoin Fund | ??? unknown | | 170) | BitcoinTraining | ??? unknown | | 171) | BitcoinFX | ??? unknown | | 172) | puddinpop | ??? unknown | | 173) | bitcoinPool | ??? unknown | | 174) | BTC Guild | ??? unknown | | 175) | MTRed | ??? unknown | | 176) | Triplemining | ??? unknown | | 177) | BitPing | ??? unknown | | 178) | Ubitex | ??? unknown | | 179) | Bitcoin7 | ??? unknown | | 180) | LIF | ??? unknown | | 181) | Bitcoin Rebate | ??? 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unknown | | 210) | Cryptsy | ??? unknown | | 211) | Bonafide | $850,000 | | 212) | BitSimple | ??? unknown | | 213) | Tangible Cryptography | ??? unknown | | 214) | Xapo | $40 million! | | 215) | Mintspare | ??? unknown | | 216) | Mike Hearn | Gone Fishin' | | 217) | Romit | ??? unknown | | 218) | Vault of Satoshi | ??? unknown | | 219) | Swisscex | ??? unknown | | 220) | Coinsetter | $3 million | | 221) | Armory | $13 Million | | 222) | ZeusHash | ??? unknown | | 223) | Uphold / Bitreserve | $110 Million | | 224) | ANXPro | ??? unknown | | 225) | Bitcoin XT | | | 226) | Bitcoin Classic | | | 227) | CoinTrader | ??? unknown | | 228) | KnC Miner | $32M | | 229) | Bitfinex | $60M |
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