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The question is how is that 10k figure derived?
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Any bet would have to be in real money.
Is $10,000 USD enough real for you ? Pretty real. I won't take any bet denominated in BTC, and I don't really trust you. Do a 2-out-of-3 multi-sig escrow bet, using someone you both trust. He puts 250 BTC in the escrow, you put 10 BTC That would still be to my disadvantage since it's pretty certain prices would flashcrash if it reaches 40. I was offering a similar bet with lower stakes to Kupsi a few months ago and we couldn't agree to terms. And I don't really think Odlav would risk 250 Bitcoins, I think he offered the bet because of the leverage he would get if the bet would be denominated in BTC.  |
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The point is how far from optimal the average user is, the distance gets larger and larger the more specialised the setup can be. That distance is smaller with scypt and will be even smaller with future proof-of-work schemes should they still be feasible. It's possible, but very very unlikely, that future schemes may make the difference small enough to not matter. But with scrypt, the distance is already large enough that it might as well be infinite and there's no reason to think it will get any smaller. It's hard to imagine a process that can best be done with random commodity hardware that people happen to tend to have lying around, especially since the capabilities of commodity hardware are changing constantly. Almost anything can be optimized. In any event, it's academic -- since there's no value created to distribute, the question of the best distribution mechanism is irrelevant. Bitcoin, by offering capabilities not previously available, created new value that its mining scheme distributes. Any future coin that wants to distribute value some particular way must first find a way to create that value. In theory that's fairly easy, the process should utilize as much of the instruction set as possible and reward other things like memory bandwidth and capacity. The scheme should also include rewards for hard-storage capacity and internet bandwidth. At this point the specialized hardware is commodity hardware. Value still comes from the USD invested into the cryptocurrency, you of all people should realize this. Do you really think ripples would have a theoretical market cap of 1 billion USD right now if they weren't made to be a good deflationary "investment"? |
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And so..to keep it decentralized Bitcoin Scrypt will do the job as there is no ASIC for it It just won't work. It's economically infeasible. If it's profitable to mine under perfect conditions (best power costs, optimal choice of hardware, etcetera) then people will build large mining setups under optimal conditionals to make the unusual profits. This will keep happening until it's barely profitable to mine even under optimal conditions. When that happens, under less than optimal conditions, it will be unprofitable to mine. There is no known way to keep mining decentralized in this sense. All the switch to scrypt does is make it easier to attack the currency because the currency can be attacked with commodity hardware that retains its value rather than specialized hardware that becomes worthless. The point is how far from optimal the average user is, the distance gets larger and larger the more specialised the setup can be. That distance is smaller with scypt and will be even smaller with future proof-of-work schemes should they still be feasible. |
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I must be the only person on earth right now who contemplates beginning to trade on/sending fiat to mtgox
Why'd you do that? The only reason I see is if you need to have instant liquidity for a couple k minimum in order to minimize slippage. Another perhaps if you trust MtGox more and want to store the funds for a longer time there. With up to 10% higher prices on MtGox, I'd have a hard time justifying it as a new market entrant. MtGox certainly deserves to starve right now given their laughable transparency. Unfortunately, the amount of gravity a body has need not have any relation to how brightly it shines. I see what you did there. |
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where do all these fines go... The "public" - with emphasis on the quotes... |
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Not
so
much
...
EM, what do you honestly expect to happen with bitcoin in the next 3-5 years? Mtgox and/or Bitpay might be gone, SR still kickin but lots of competition from alts and technical problems. I expect the Bitcoin community to be composed of Internet Libertarians for the entirety of the Project. It will be all about "spreading the word" still. sr is here to stay unless dpr gets nabbed, but another would pop up in 48 hours mtgox is already a zombie exchange bitpay will either remain or get bought out by bigger players SR has one problem right now: It's not really possible to order anonymously when all exchanges require verification, tricks like mixing and choosing the transaction output address don't really help. (Courts can get a warrant for transaction data off the exchanges) The only real solution is zerocoin which, quite frankly would be better off being implemented in an altcoin. I don't expect SR to go under because of this, the money flow just has to come from OTC and similar mechanisms. Yeah, gox is pretty much undead. This could go on for a long time still... I don't think that bitpay will stand up to scrutiny. They have been messing around on the exchanges (according to their own admission) with their clients and VC money. When the shit hits the fan on Gox there will be a lot of long faces there once they realize how much of their money was in gox accounts. |
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Not
so
much
...
EM, what do you honestly expect to happen with bitcoin in the next 3-5 years? Mtgox and/or Bitpay might be gone, SR still kickin but lots of competition from alts and technical problems. I expect the Bitcoin community to be composed of Internet Libertarians for the entirety of the Project. It will be all about "spreading the word" still. |
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Any bet would have to be in real money.
Is $10,000 USD enough real for you ? Pretty real. I won't take any bet denominated in BTC, and I don't really trust you. |
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Why is the assumption that miners are jobless bums living in squalor? Can't they make money working while their rigs mine?
Because they have heat stroke induced brain damage. |
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Any bet would have to be in real money.
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Nobody responding to my great argument right above here why price will likely go down. Anyone sees holes in my reasoning?
$40 ? hahaha :-) better odds are for $1000 because? |
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They are here to praise the gospel of Butts.
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your paypal account is flagged dude. that's why.
idiot.
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It's BitPays venture capital money used to "not sell" the Bitcoins which were payment for the asics.
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MLM is merely a free market distribution method a business chooses. As such, it is no more (or less) a scam than the one that Walmart uses.
I'm pretty sure complete lack of transparency regarding the consumer prices of their products qualifies. And they all do that. |
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It looks like a laggy trend follower to me, not particularly useful.
The black lines in the middle should be the median and the dotted lines the standard deviations.
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