Finally, this is one more demonstration that proposals to require telecommunications providers and device manufacturers to build law enforcement backdoors in their products are a terrible, terrible idea. As security experts have rightly insisted all along, requiring companies to keep a repository of keys to unlock those backdoors makes the key repository itself a prime target for the most sophisticated attackers—like NSA and GCHQ. It would be both arrogant and foolhardy in the extreme to suppose that only “good” attackers will be successful in these efforts. http://www.cato.org/blog/how-nsa-stole-keys-phone?utm_content=buffer4a05b&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer Currently, both with sim-cards and one-time-password systems like password generating devices and the google authenticator, the secret must be shared between the card/device and the service provider (telecom/bank). The time has now come for devices where the user generates the secret, it never leaves the device, and the identification is served by signing a challenge message. For security, the device should have a screen and some minimal input capability. Hey! I just reinvented the Trezor! Steve Gibson's SQRL project works along this line whereby users login to websites using a private key on their device after being presented a new, freshly generated QR code at each login. it gets rid of the entire username/pwd concept. |
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Here is a thought for those who think the bitcoin blockchain should be used for all kinds of notary stuff.
To guarantee the timestamp and the integrity of documents, only a single miner would be needed, which in that case would not need to expend energy, just create the blocks in a timely manner. Why is this enough? Because the whole chain is known at all times, and to cheat, the miner has to unwind the chain down to the document he wants to tamper with, and recreate the rest of the chain. This will then be obvious to all.
not sure what you're trying to get at but that would be totally unworkable. that sole miner would have 100% of the consensus which would allow unfettered rewriting of the entire BC if he so wished. the community has to prevent any such tampering and the only way to do that is to distribute the ledger across space and across many different miners to enforce against that type of cheating. Sure, but the purpose with this one is not to be money, just to create a tamper proof history. Add distributed mining on a small scale to make the system relatively failsafe. how much distribution? 10 nodes, 20 nodes, 100 nodes? how do you motivate them to process the documents? how do they get paid? or do the volunteer miners have a collective interest to "do it for free" which then puts into question the possibility of collusion for fraudulent purposes? |
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Finally, this is one more demonstration that proposals to require telecommunications providers and device manufacturers to build law enforcement backdoors in their products are a terrible, terrible idea. As security experts have rightly insisted all along, requiring companies to keep a repository of keys to unlock those backdoors makes the key repository itself a prime target for the most sophisticated attackers—like NSA and GCHQ. It would be both arrogant and foolhardy in the extreme to suppose that only “good” attackers will be successful in these efforts. http://www.cato.org/blog/how-nsa-stole-keys-phone?utm_content=buffer4a05b&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
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silver leading to the downside; again. i'd like to see this cycle break to new lows:  |
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Here is a thought for those who think the bitcoin blockchain should be used for all kinds of notary stuff.
To guarantee the timestamp and the integrity of documents, only a single miner would be needed, which in that case would not need to expend energy, just create the blocks in a timely manner. Why is this enough? Because the whole chain is known at all times, and to cheat, the miner has to unwind the chain down to the document he wants to tamper with, and recreate the rest of the chain. This will then be obvious to all.
not sure what you're trying to get at but that would be totally unworkable. that sole miner would have 100% of the consensus which would allow unfettered rewriting of the entire BC if he so wished. the community has to prevent any such tampering and the only way to do that is to distribute the ledger across space and across many different miners to enforce against that type of cheating. |
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I bought on the way down. I dont have a lot of money but i am trying to build a position. I have lost hard and I am now trying to fight my way back
you don't lose until you sell. the key is to be patient. this is a multi-year process and more like a multi-decadal process. having said the latter, though, i think we will see a dramatic resolution to the Bitcoin question in the next 5 years. |
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This is the concept I have been trying to push for a long time especially as it relates to UST's. I think it's accurate and this guy agrees: In other words, we’ve reached the limit of what can be accomplished and with NIRP creating new market perversions on an almost daily basis, the unintended consequences of continuing to delve deeper into the new paranormal are making the game ever more dangerous as we now ow have central banks accidentally creating deflation while simultaneously embedding enormous amounts of risk in fixed income markets by sapping every last vestige of liquidity. http://www.zerohedge.com/news/2015-03-01/are-central-banks-creating-deflationIt is in there, but it could be said simpler: Fucking with the interest rate produces distortions in the investment signals, therefore a misadapted capital structure, which means lower prosperity. you're right. i left out the word "f*cking". |
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extraordinary. meanwhile: Gold collapsing. Bitcoin UP. |
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This is the concept I have been trying to push for a long time especially as it relates to UST's. I think it's accurate and this guy agrees: In other words, we’ve reached the limit of what can be accomplished and with NIRP creating new market perversions on an almost daily basis, the unintended consequences of continuing to delve deeper into the new paranormal are making the game ever more dangerous as we now ow have central banks accidentally creating deflation while simultaneously embedding enormous amounts of risk in fixed income markets by sapping every last vestige of liquidity. http://www.zerohedge.com/news/2015-03-01/are-central-banks-creating-deflation |
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Continued mining decentralization:  |
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during the 2 mo i pounded on Zhou's ass during Oct-Nov, i kept identifying red flags everywhere. the way he had set things up was flawed from the beginning. i pointed out problems like "slippage" with mtgox. anytime he had to hedge an already executed customers order and got delayed due to a bad connection with mtgox i'm sure it set him up for a catastrophic loss. i told him i could set up accts at both places and short and buy simultaneously to "frontrun" his hedging. i could tell by his lack of response or immature responses that he was thinking about what i was saying and then he would change his algorithm suddenly. this was a huge red flag and from that point on i knew i had him. interspersed throughout this time, small outbursts and screams would occur from customers complaining about being Zhoutonged (another term i coined) from a malfunction of his algorithm. in response he would change the algorithm yet again, apologize, say a few nice things, and reimburse customers which again is a huge red flag of someone trying to perpetuate the ponzi. Zhou kept changing his stories and explanations. he writes a ton but says very little.
then there was the time when Zhou publicly came out and tried to influence the market by stating that there were no more USD reserves and that it would be a good time to sell BTC. oh i pounded his ass good for that one and he finally apologized. what owner of an exchange attempts to influence the market direction unless it benefitted himself in some way? i could tell that the whipsaws and volatility were costing him and customers money yet the Zhoutonging continued. this was his way of stripping money at customers expense. he actually had to to stay profitable.
and then the culmination of my efforts came from the "double ramp" (my term) from $3.50-$4.90 in a couple of minutes that i personally orchestrated. if you'll remember that down in the dumps of those times it had become fashionable to short every ramp with leverage from Zhou as inevitably the price would turn back down and go lower. the Bears were making money like crazy doing this and were partying it up. I had already helped turn the tide @ $2 by being over a third of that bid wall and i could see the trend had changed to upwards but the Bears didn't see it and were still shorting each ramp. so i waited for someone else to perform the first ramp from $2.90 to $3.90 or so (fuzzy on the exact start price). the Bears predictably came in shorting with leverage and the price came back in to $3.50. and then i hit the BUY button with a massive order. i'm sorry but i smiled big as the price took off up to $4.90 and the screams from the Bears was loud, clear and palpable. there was blood everywhere. so many ppl got Zhoutonged from that one. see the problem with his setup was that his algo, the way it was written, was hyperreactive to those buying spikes madly trying to hedge while buyers madly tried to buy while shorts madly tried to cover while everyone else was being Zhoutonged. it was beautiful.
in the end, nobody listened and i gave up taking criticism from everyone for attacking a 17 yo, especially from the Bears defending Zhou. God bless them. may they rest in peace.
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A problem greece cant fix it based on production.
They have no export/import things from their own country. Meanwhile china, we all love almost everything we have here in the U.S is "Made in China" so it creates millionaires for them.
Greece is nothing but a tourist attraction, unless they understand their own mechanics to the problem.
Well, if they don't export anything, then Bitcoin theoretically would be precisely the type of currency the Greek people should want to adopt. It goes up in value over the long run as well their purchasing power. Just sit back and consume. Bitcoin still doesn't save them. They could buy up the bitcoins with whatever euros they have on hand, but then they'll still need to spend their bitcoins. If they are trying to spend more than they earn - no matter what currency is involved - eventually they'll run out of money. I think you're missing the bigger picture. The first country that introduces an honest currency should prosper. People who may have never found it worthwhile to work or strive in the past will for the first time have an incentive to participate in a real economy not distorted by corrupt monetary policy. |
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It's important to know that currently we always have a chain of forced liquidations, because forced liquidations will push the price to trigger more forced liquidations. We will just make sure that they are fully hedged in the market and the prices are reasonable.
so how do you define "reasonable"? no offense but your business model is doomed. especially since mtgox, the major exchange, is going to be offering similar hedging options. you will always be one step behind them in reacting to volatility as they will be the HFT and you will be the retail equivalent. not to be mean but i think you're offering to reverse trades for those customers wiped out in the last ramp b/c if you don't your client base will never return and you need to keep them alive and in the game. this is going to keep happening over and over again. I was wrong. It eventually stopped. |
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How many?
A lot, seriously. LOL! Way to go Zhoutong. I'm rooting for you.  Long live Coinjar! Oops, wrong company. |
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time to get this thread going again.
so who got Zhoutawnged today?
Note the added twang for color. |
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