These things are called CRYPTOcurrencies for a reason. They are NOT based on trust and are SUPPOSED to be attacked.
Very good point. I disagree with this. 1) 51% attack really doesn't have to do with the 'crypto' aspect of the currency. 2) Supposed to be attacked when? On day one? On day 365? On the currency's 10th year anniversary? If people are "supposed to" be attacking it from day one, none of these currencies would have ever gotten off the ground. Bitcoin would've been forked hundreds of times if it was "supposed to" be 51% attacked. 3) Where do you get "supposed to" from anyway? Is that what a person's duty is? They are supposed to attack others' work? There's quite a big difference between attacking to improve a currency and attacking to be a dick and destroy it. 4) Not based on trust? You don't trust the open-source nature of the code or the math behind it or what? I'm not sure I understand this. I'm also not sure how I follow the logic that "not based on trust" leads to "supposed to be attacked." |
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You trolls sure do like your misinformation and propaganda.
Care to expound upon that a little bit? |
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It seems we have a couple of people on this forum with Messiah Complexes. Namely, this couple believes that certain alt-coins (and/or their users/creators) are sub-par, and due to this opinion, they feel compelled to eliminate them.
And here, we have a microcosmic example of the worst of humanity unfolding before our eyes.
Welcome to the self-vs.-other paradigm, the driving force behind every war in the history of mankind, and the reason that things like nationalism, racism, sexism, ageism, etc. exist in the first place.
All I can say is this -- when people attempt to 51% attack Bitcoin (or attack it in some other way, directly or indirectly), the actions this couple has taken toward certain alt-coins will have encouraged this to happen. Only the sub-par in you can identify the sub-par in something else; only the scam in you can identify the scam in something else. You are setting the tone for the future of the cryptocurrency/free-market revolution -- a bunch of jealous babies can't cope with new ideas. Threatened much? By the way, the way that this couple feels about these alt-chains is very much how a lot of Bitcoin skeptics feel about Bitcoin.
Please tell me why you feel so powerful behind a computer when you know that you're a pussy each and every morning that you look at yourself in the mirror. Nerds/hackers with computers are like gangsters with guns.
Disclaimer: Yeah, I hated/hate solidcoin, but I never attempted to destroy the damn thing!
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One Silver Quarter being sent to 'the joint' on Thursday, July 26th. Payment to be sent upon receipt of package. I will confirm in this thread.
I have a few more quarters to sell if anyone else is interested.
Thanks!
Confirmed  |
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This happens with BTC-e every once in a while. If you haven't experienced this interruption before then you are New. Don't get all worked up. It will be back online shortly.
Glad to hear. And yes, while I've had an account for several months, I've only really started using it in the past 30 days. |
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As long as it wasn't hacked and I still have access to my coins, I'm fine with this.
But, this is just a tactic to drop hashrate. BTC-e set the price for LTC. No price = no reason to mine. No reason to mine = lower hashrate and 51% attack.
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Well, go for it. But fork it knowing that this is helping me pay rent. Go ahead. Do it cause you can.
Thanks, appreciate the encouragement and support! Yep. |
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Wow, you're some big guy aren't you, with all your GPUs and botnets and EC2 instances? Faggot bitch.
No not really Well, go for it. But fork it knowing that this is helping me pay rent. Go ahead. Do it cause you can. |
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I will start the second fork in about 11 hours 45 minutes beginning at 11:59am GMT.For those that don't truly under stand 51% attacks Coblee the creator of LTC explained it below. I think most people don't understand a 51% attack. His fork will be mined in secret. So his EC2 instances and botnets and gpus will not be talking to any machine on the main network during the duration of the attack. Only when he is releasing the longer chain, would one of his machine need to announce the chain to everyone. So during the attack, you will not notice anything like an increase in hashrate.
You have until I start my new fork to to sell, transfer, move or buy and remain on the original fork. After I start the second fork I will run it for three days. Then I suspect all pools will be hit on Friday sometime dropping the hashrate so I can over take the original chain and force all nodes onto my new chain. All transactions conducted on the original chain after I start my second chain in 12 hours will simply not exist when I deploy the larger forked chain. That includes buys, sells and moves and yes this includes transactions to exchanges. So you have about 12 hours to do what you want, so get busy. I would highly suggest LTC Dev to implement a current lock in ASAP.Hey at least i'm giving you warning.  ~BCX~ Dude, do you like being a cunt? Wow, you're some big guy aren't you, with all your GPUs and botnets and EC2 instances? Faggot bitch. |
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Last week the bitcoin fairy appeared above my bed and said in a voice that sounded slightly annoyed: "I cannot give you three wishes because I'm not a traditional fairy, I'm the bitcoin fairy. It's quite unfair, I think: the other bitches get to grant 3 wishes and all I can do is beam you naked to a destination of your choosing with 1000 bitcoins salvaged from lost keys in your brainwallet for the duration of one week, at which point you'll be beamed back to your bed. So please tell me you know what bitcoins are and that are willing to go and where you wish to be transported."
Just when I was going to answer: "wow, this is cool, I'll go to <Pattaya with Bruce Wagner>", I saw a sequence from a star trek movie: the part where enterprise goes to warp drive. Just when I realized shit was probably real it stopped and I saw above my head in huge letters which seemed to be made of starlight: 'key: sha256("thebitcoinfairyrulez")'. After that faded away I came to realize people where looking at me and covering their childrens eyes. It seemed as though I was indeed in <Pattaya with Bruce Wagner>.
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Eh... I think I like what you're trying to do. I just really don't think I like the slogan. It just sounds like an infomercial to me, something that Billy Mays would've been selling (though it is totally resistant to being run over by a car  ). But, that's just my opinion. I'd like to hear others' thoughts. |
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Is anyone familiar with the early model Honda Insight? The most fuel-efficient, mass-produced consumer vehicle in history? (Yet?)
Anyone remember the technology that went into making the most fuel efficient consumer car in history?
1.0 liter 3 cylinder engine?
Lean-burn with stoichiometric gas/air ratio of 1/25.8?
Hugely plastic chassis and seats 2 comfortably plus some groceries?
It's a hybrid?
Manual transmission or a CVT?
Looked HORRIBLE as far as appearances went?
So, where the hell is all this stuff on this supposed 100mpg vehicle?
And why aren't they selling it for $150,000+?
I think anyone can tell you the answer to that...
The Insight no AC manual tranny is the MPG king but it is real close now. http://www.fueleconomy.gov/feg/calculatorSelectEngine.jsp?year=2000&make=Honda&model=InsightThe Insight is 53 combined rating under the new ratings, the Prius C is 51. The Insight with AC/auto is about 50 mpg under the new ratings. The high mpg rating (70mpg highway) on the original Insight was done on an easier test. The Insight chassis was actually just plastic covered in some spots, it was mostly aluminum and often said to be 'hand assembled' at a loss. Um, maybe the ~1,400 lb. weight helps just a smidge. |
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Molecular,
When does this offer end?
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Read through Pirate's posts. If you read inbetween the lines you will know exactly what he's doing.
Beyond taking on debt at rates that even a love child of Warren Buffett and Bill Gates couldn't repay? Fascinating quote though, where and when is this from? The part I think a lot of people miss is the differences between a rally and a crash as far as how the market reacts. So, I'll attempt to explain it.
During a...
rally a couple big buys cause people to jump on the train, riding it up the hill without much movement on the ask side of the order book.
crash a couple big sells induce panic that not only sell off coins but cause orders to be ripped from the bid side of the order book. Driving prices into the ground.
Granted, there will be people buying at any price but the traders are smart and we've got some big players in the market this time.
My two cents are free.
-pirate
Why doesn't he keep his mouth shut, if he's going to burn it to the ground? I mean, if you're George Soros and you're about to break the Bank of England by shorting the pound, surely you wouldn't be letting people know in advance? Dun dun dun.It's from the middle of January. https://bitcointalk.org/index.php?topic=58609.msg690372#msg690372 |
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In a bear market Pirate's strategy makes a lot of sense. It just does not work very well in a bull market.
And why do you assume this is Pirate's strategy. Do you really think he's that stupid? I've discussed his risk profile with him and he's not as dumb as you assume. Again, I'll ask: Where is one scrap of evidence that your claims have anything to do with reality? We already know his strategy works very well in a bear market. The proof in that he has not missed a payment. Let us see how he does in a bull market particularly one where the BTC / USD price rises sharply. This is too generalized a statement. Rising 'sharply' isn't necessarily the issue -- it's when it rises sharply, and if that rise holds. Keep in mind that unless he's retarded (and improbably lucky), he will never have 100% USD or BTC. But, suppose that he is holding mostly BTC -- this BTC is what is needed to be sold and drive the price down so he can repurchase BTC for interest payments. If the price rises sharply while he is holding BTC, this is a non-issue. In fact, it rocks for him. He will simply sell at a higher price and profit like crazy. If, however, the prices rises sharply AFTER he cashes out his BTC, then this becomes a problem. Pirate now needs to go to a secondary approach -- sparking a rally with hes newly acquired USD so that he will once again have an opportunity to sell higher than his purchase price. So, Pirate will try to spark a rally in the same manner that he has before. Typically, when Pirate sparks a rally, he initiates a sell-wall in order to invite more traders to create their own sell bids. This sell-wall has 2 advantages -- 1) It helps accumulate more sell orders around his sell-wall, or 2) it may encourage other traders to drop the price for him. Knowing this, there is a main, general way to fuck with Pirate, but it requires an insane amount of capital. You will need an amount of capital equal to Pirate's capital. But, the community at large has such capital. Buy. Buy like fucking mad. This needs to begin after a crash. You need to buy and keep buying. You need to buy all of his sell walls and drive the price up. BUT, you cannot fill in new orders in the order book. There needs to be a permanent margin between the price at which this post-crash rally begins and the new price. If this margin persists for 1 week, Pirate will eventually default on his interest payments. For example, lets say the price is at $9 when Pirate crashes it to $8. This is when you need to buy. Buy buy buy up to $9, $10, $11, etc. But, there needs to be a near empty order book on the buy side between $8 and the new price or else Pirate will be able to generate a profit still. After all, Pirate will, of course, be among the first to buy once he sees a rally is occurring, so he will convert back to BTC. But, if there are so few orders in the order book, he will not be able to profit. The final icing on the cake would be an absolutely massive bid wall at $8, a wall so large that Pirate would lose all BTC holdings if he were to attempt to try to crash the market below $8 to spark a new crash and buy at even lower prices. In other words. Wherever the next crash stops, that needs to be where an insurmountable bid wall forms. After that bid wall forms, go all in and Pirate will default. The problem with this, of course, is that unless only a few people could pull off this massive bidwall stunt, it could never be coordinated with so many people involved, and some people would end up losing a whoooole lot of money. |
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The part I think a lot of people miss is the differences between a rally and a crash as far as how the market reacts. So, I'll attempt to explain it.
During a...
rally a couple big buys cause people to jump on the train, riding it up the hill without much movement on the ask side of the order book.
crash a couple big sells induce panic that not only sell off coins but cause orders to be ripped from the bid side of the order book. Driving prices into the ground.
Granted, there will be people buying at any price but the traders are smart and we've got some big players in the market this time.
My two cents are free.
-pirate
Read through Pirate's posts. If you read inbetween the lines you will know exactly what he's doing. |
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His strategy is to sell high and then buy low.
Right, but in order to sell high, the market must first be high. He can't afford to wait for the market to rise on its own, so he has to buy to push it up. And in order to buy low, the market must first be low. Again, he can't afford to wait for the market to drop on its own, so he has to sell to push it down. In order for this to work, he has to wait for the walls to be replaced before he can change direction. Anyone who recognizes this strategy can buy into the walls on a change from down to up or sell into the walls on a change from up to down and take the profits the manipulator intended for themselves. Joel Katz hit the nail on the head. With one exception (though he might have implied this when he said 'walls need to be replaced') -- Pirate is the one putting up the walls. After a rally, Pirate places a buy wall. Why does he do this if he doesn't intend to keep buying? He is simply waiting for additional buy orders to fill in around the support wall. When a sufficient amount of buy orders fill in, then he will sell like mad and crash the price. After a crash, Pirate places a sell wall, even though he does not intend to keep selling. Why does he do this? He is simply waiting for additional sell orders to fill in around the sell wall. When a sufficient amount of sell orders fill in, Pirate erects a true buy wall as a blockade for additional sellers and then starts buying to fuel a rally. |
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Cool post, OP.
So...you're saying that, like the Dark Knight with the bat signal, we should create the Bitcoin signal? A bright, illuminated 'BTC' on a dark silhouette projected into the night sky on each new moon? Brilliant!
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