Hope Gavins bat phone is working. It's not really a problem that can be solved in code, by Gavin or anyone else, despite what all the PoS promoters say. |
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Did I miss something... what's this sell-off?
cex.io and ghash.io broke Bitcoin. Not really, but that's what the headlines say right now. |
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even if the obliviousness of speculators involved in cex.io really does result in a tragedy of the commons scenario, the returns are self-limiting. if they threaten the integrity of the whole project, no one profits, and the scheme collapses. i doubt bitcoin will be utterly destroyed, or even close, at this point, and so the worst that could happen would be a short period of blockchain instability that will be resolved after the panic dissolves the mining majority. Traders who have spent their whole careers speculating with other people's money don't care about the long term viability of anything. All they care about is whether they can sell anything they just bought for more than they paid for it. That is literally the only question that exists in their world. These people can cause a lot of damage. When they're given access to unlimited taxpayer money (overtly or covertly) they can destroy the world's financial system. Eventually Bitcoin will siphon away their ability to do this, assuming it survives through the short term. |
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GHASH isn't going to sabotage their own reputation and profits -- the incentives just don't line up. Don't be so sure about that. The problem is Wall Street and the mindset that it has spread. Right now speculators are buying mining shares on cex.io. They don't care if they are actually overpaying for their shares because they don't give a shit about the NPV of those shares - all they care about is being able to sell higher than the bought (greater fool theory). A lot of money is being thrown into Bitcoin mining by people who neither know nor care what they are actually doing. |
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I agree it's better when no-pool is so massive and p2pool should be used anyone. The problem is that ghash.io is too big compared to the rest of the network, not that the 55% of the network which isn't ghash.io isn't running the right mining software. I like p2pool too, but it's not a magic bullet. |
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I look forward to your blog post. Please also address my concern there that the customer would need more sophisticated wallet maintaining his master public at the business and his last used sequence across his devices / wallet instances otherwise it converges to a more complicated, but equivalent model of the business providing the address. http://bitcoinism.blogspot.com/2014/01/business-accounting-and-bitcoin-privacy.html |
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So? It will always keep surviving potential 51% attacks, until one time it doesn't. Also that thread is from 2011, and has no useful information about what the resolution was. The resolution was more mining on other pools. The community needs to take SOME preemptive action. Right now everyone is plugging their ears and saying "don't worry this problem will go away on its own". If you're worried about ghash.io having too much power then buy an ASIC and either solo mine or join a different pool. There is no such thing as "preemptive action" in a system designed to have no central authorities where 1 hash=1 vote. |
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So, how about registering yourself with the bitcoin foundation as a miner, providing contact details, and a phone number, receiving an SMS to confirm the authenticity of your credentials ? How about you invent your own cryptocurrency where miners need to be approved by some authority to participate and just leave Bitcoin alone? |
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Using the after effects of a massive credit bubble to argue that deflation is harmful is as rational as using the existence of hangovers to argue that one should never stop drinking.
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I didn't find the information about namecoin use with moneychanger, is it just being added as an asset, or there is any other uses for it under this software?
Namecoin can be used to associate your "identity" (Nym) with a key pair (credentials) used to authenticate as that identity. This is optional, though, and there are also other ways to create Nyms that don't depend on Namecoin. It's actually going to use Namecoin so that Namecoin can fulfil its stated purpose and not be just another altcoin people speculate on. |
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Does anyone else find it funny that those convinced that customers will have a reduced incentive to spend deflationary money forget the seller of goods and services have an equally increased incentive to sell. So won't we simply see the price change to reflect this and things carry on as always? Same with stock. The store will have the same disincentive pay for stock that is losing value (relative to depreciating currency) as the supplier will be incentivised to sell his goods? I kinda like that theory but truth is I don't know how it will turn out. Fact is, neither do those who are convinced their arguments are correct! If the PC and consumer electronics industries could figure out how to adapt to a situation where stock is losing value relative to currency (BTW, bitcoin is appreciating, not depreciating) then other kinds of merchants in a bitcoin world should be able to adapt too. |
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It's far easier to break a promise than it is to break cryptography.
OK, right ... if you use SEPA and "long and poor delay" to wire money. That why i use the "more" fast method of virwox ... but restricted by fee and amount of money. I was talking about bitcoins but I suppose fiat matters too, I guess. |
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 well ... when i have 5 BTC in my wallet on my bitcoin-QT sofware ... it's not a database. Exactly. Until you withdraw from an exchange to your own wallet you don't actually have bitcoins - you have some company's promise to give you bitcoins on demand. It's far easier to break a promise than it is to break cryptography. |
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Guess what: I feel like a fucking genius trader now because I'm finally succeeding in increasing my balance substantially. Obviously this is very easy to pull off with an asset that is constantly increasing in value. Even bad mistakes are easily forgiven over time. Even using a coin flip to decide wether to buy or sell will certainly net you an increasing USD balance over time. Or let a bunch of monkeys make the decisions, it'll work.
You'd have to compare to holding in a constantly rising market or coin-flipping to judge your own success.
Yeah, our brains are particularly bad at recognizing confirmation and selection biases. Combine that with success being addictive (dopamine rush) and now you understand why so much money changes hands in Las Vegas. |
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