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And then we can watch as all those bought bitcoins are put up for sale at $7.20.
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So, which one is more likely -
1. Bitcoin payment processors growing, Paypal market share shrinking, Paypal attacking and losing battles, btc processors successfully lobbying, Paypal going titsup, Bitcoin dominating, OR
2. Bitcoin payment processors growing, Paypal market share shrinking, Paypal adopting btc, Bitcoin dominating
I know, I know- there are other, more likely scenarios, but my point is that big businesses might actually embrace btc, especially if we quit bashing them. Not sure if I'd prefer that, but just putting that option on the table.
Paypal adopting btc why not! they could make profit simply by providing a way to exchange any kind of PP money & BTC and they could buy 100,000BTC on the side and profit BIG time by helping bitcoin on its quest for free money! BTCNo Government or corporation controls it But all Government all corporation want a piece of it. the way it should beFor PayPal: 1. Buy 100,000BTCs 2. Announce that you'll be accepting bitcoin. 3. Profit. That is actually true. They could do the biggest pump and dump ever haha If bitcoin manages to stick around for a few more years, then I think it's inevitable that this will happen (not necessarily, and doubtfully, PayPal, but somebody big enough will eventually jump in the pool and make waves). Again, I don't see it happening for while. I wouldn't bet on it until maybe even after the second block reward change. |
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genjix, how are the 50% disbursements going? It's been a while since anyone's posted about getting a payment. Just wondering if there's a hold up or if you're still making regular payments. Do you email people to notify them that you've sent a payment? Do people get emails notifying them that they're accurate and just in a queue for payments?
When I finally got an email about my claims status I was told that my "account is in the queue and waiting to be reviewed". I'm assuming that means that my account just hasn't been gotten to at all yet. Is that right? Or does it mean that there's something wrong with my information and it needs to be reviewed in more depth?
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So, which one is more likely -
1. Bitcoin payment processors growing, Paypal market share shrinking, Paypal attacking and losing battles, btc processors successfully lobbying, Paypal going titsup, Bitcoin dominating, OR
2. Bitcoin payment processors growing, Paypal market share shrinking, Paypal adopting btc, Bitcoin dominating
I know, I know- there are other, more likely scenarios, but my point is that big businesses might actually embrace btc, especially if we quit bashing them. Not sure if I'd prefer that, but just putting that option on the table.
Paypal adopting btc why not! they could make profit simply by providing a way to exchange any kind of PP money & BTC and they could buy 100,000BTC on the side and profit BIG time by helping bitcoin on its quest for free money! BTCNo Government or corporation controls it But all Government all corporation want a piece of it. the way it should beFor PayPal: 1. Buy 100,000BTCs 2. Announce that you'll be accepting bitcoin. 3. Profit. |
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It looks like we're getting into a $5-style situation... we're going to be here for quite a while, as walls build up on both sides.
I agree. I can see the price bouncing between $5 and $7 for the rest of the year. Mostly because that's where pirate told me he was going to keep it. |
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We're approaching all time highs on the visible amount of USD in MtGox - almost $1.6m.  |
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Or put another way: These numbers have nothing to do with the technology of the devices; they are the maximums that thermodynamics will allow. And they strongly imply that brute-force attacks against 256-bit keys will be infeasible until computers are built from something other than matter and occupy something other than space. http://www.schneier.com/blog/archives/2009/09/the_doghouse_cr.htmluntil computers are built from something other than matter and occupy something other than space until computers are built from something other than matter and occupy something other than space  |
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Be VERY careful when using private keys that are derived directly from a passphrase. The Bitcoin network does over 2^42 SHA256 operations per second, which is the equivalent to the number of all 8-character alphanumeric passwords every 17 seconds. Any decent miner on the Bitcoin network has enough power to bruteforce any short or easy passphrase-based private key (although deriving the address from a private key is slower than generating it in the first place).
If you want a safe(r) way for deriving keys from text, use repeated hashing using a standard such as PBKDF2 (which is repeated HMAC-SHA1) or Scrypt.
Crypto noob here, I take it by this you mean that you would want to hash a passphrase, then hash the hash some number of times. Is that right? |
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How do we know that apps like Bitaddress.org are serving up genuinely random keypairs?
If someone is not a programmer, and doesnt have the competence to review source code, is there a way to derive a keypair, using old fashioned pen and paper?
Maybe I'm misunderstanding, but the point here is not to generate random keys, but specific keys from passphrases. Am I misunderstanding what you're asking? |
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Use ripemd-160 to hash the message and blockexplorer to create the address.Use sha256. (hex will import into blockchain.info and I imagine everywhere else also) Yep, I've got a little widget on my Mac. When I want to generate a private key from a passphrase I just type in a passphrase and it'll SHA256 hash it and return it hex. Then I copy it and past it here. That website can be saved and run clientside offline, and I keep a copy on a computer that's never been connected to the net. Brainwallet, FTW. There's also this site. |
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http://webcast.web.cern.ch/webcast/play_higgs.html i know i'm a little late on making this thread as the conference is over now because i was busy watching the whole thing.The conference revealed that many independent studies got a ~126GeV and 5 sigma result (1 in 3.5million chance of being wrong). i know these are scientists so they claim that 1 in 3.5million is still inconclusive, but i think it's safe to say they found it. This is HUGE news. I don't want to go into too much detail about how big of a deal this is, but this is going to make technology advance much faster and many other things. Do you think this could have any effect on the Bitcoin market? If so, what are your predictions and why?  |
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So here is my guess:
Pirate was approached by "big players" that they want to invest USD in Bitcoin, but without moving the market.
They are committed to buy whatever amount he offers them, as long as the price stays low.
Pirate needs Bitcoins for two reasons:
1 - he sells them for a defined rate to the big players most likely at a high premium
2 - he uses bitcoins at strategic moments when the rate goes too high to create askwalls to push the price down gently. hopefully for him he does not actually sell them.
then he uses his USD to cover his expenses to pay the interest
their hope may be to aquire a significant amount of bitcoins without overpaying. and doing it that way it may actually work.
So my guess is, as long as the bitcoin rate stays relatively low his lending scheme will go on. once the price reaches his pain point (maybe 10 USD/BTC) he will start to unwind the loans and maybe even repay the lenders (or keep all the precious bitcoins himself). in my theory it could very well end with a drastic bitcoin rate increase which could spark another mania.
is this a possibility? is there any evidence which falsifies this theory?
Ah, yes, that's why he recently announced that his interest rate will go down - he knows that the price is going to $10/BTC. High five! |
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I wonder if anyone will buy Diablo3 just to earn bitcoins lol
Doing a quick google scan, it looks like those would end up being some pretty expensive bitcoins. |
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The wall is being torn down right now... 12k BTC buy volume over the last few hours, a piddly 500 sell. In fact, the first 10k wall already went down and then 2k more was bought, so only 18k left...
Shitting dick nipples! You're right! |
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Again, this market is too small for this not to happen pretty regularly. People like to say, "You can mostly ignore market depth", but the fact is that most people do not ignore market depth, and the fact that most people don't ignore it, compels people playing in the market to react based on depth changes, which compels other people to react. This is not going to change until there are many, many more big players than there are right now.
I don't know how many times I've said that to people. This isn't the stock market! your telling me the 1/4 million dollar wall at 6.50 that was sold into, should be ignored? and when the rally first pushed over 6.60 and we saw all the ask walls pill up very quickly, we should ignore that too and just keep on buying? depth is useful on any size market. we see a lot of information, you can even see the manipulation of the market in action!but i believe their isn't much "manipulation" going on, all we are seeing is buyers & sellers trying to get the best price using wtv means are available to them. call it manipulation if you what, i call it the free market at its best. edit: I think i miss understood what was said... oh well wtv  Depth charts like GoxLive and btccharts are the only reason the "wall" type manipulation works. It's known that many traders watch these sites religiously, and that is what makes it work. Without sites like these, large orders are just a string of numbers that would otherwise go unnoticed by many people, and the depth chart just makes it stick out like a sore dick. Well, they're not going anywhere...Honestly, that this market can be manipulated so easily, and profitably, ought to actually attract better funded traders as word spreads, which, hopefully, will dampen the effect over time. |
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Again, this market is too small for this not to happen pretty regularly. People like to say, "You can mostly ignore market depth", but the fact is that most people do not ignore market depth, and the fact that most people don't ignore it, compels people playing in the market to react based on depth changes, which compels other people to react. This is not going to change until there are many, many more big players than there are right now.
I don't know how many times I've said that to people. This isn't the stock market! The manipulator speaks. He clearly has access to the bitcoins to put up a huge wall. We'd all be doing the same thing if we had 20k+ bitcoins plus a sizable amount of USD to play with. |
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Everyone wishes they had the power of the Federal Reserve Corporation to stabilize an economy on their own.
Gasp! We solved it.  |
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Again, this market is too small for this not to happen pretty regularly. People like to say, "You can mostly ignore market depth", but the fact is that most people do not ignore market depth, and the fact that most people don't ignore it, compels people playing in the market to react based on depth changes, which compels other people to react. This is not going to change until there are many, many more big players than there are right now.
I don't know how many times I've said that to people. This isn't the stock market!Internalize that, everyone. It's important. C'mon, pirate, fess up, it's you, isn't it? |
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Some serious manipulation is going on right now   Again, this market is too small for this not to happen pretty regularly. People like to say, "You can mostly ignore market depth", but the fact is that most people do not ignore market depth, and the fact that most people don't ignore it, compels people playing in the market to react based on depth changes, which compels other people to react. This is not going to change until there are many, many more big players than there are right now. My guess? As this gains more momentum we fall below $5, and then we'll see a flurry of buying as people try to snatch up more coins in the hope that the price will break the insanely strong resistance around $7.00 and $7.20, but we won't; the price probably won't make a new high beyond $6.80. |
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