Bitcoin's horoscope for Monday August 20, 2012
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In another month or two we get to the point when Saturn, the ruler of Capricorn & hence Bitcoin moves in to a new zodiac sign & that begins the start of a different era for Bitcoins, which means that right now we are edging towards the end of an era and it's often the case that just when things are about to change they become at their most intense, the contrast gets cranked right up.
In November Bitcoin's ruler Saturn moves into a new position, triggering a series of events which encourage a review of restrictions you’d once accepted.
Alternatively to a supposed positive resolution on Bitcoin's legal status, this could mean a removal of 1Mb per block restriction currently in place. |
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These "secret algorithms" thingy is really bizarre...
It opens up the door for conspiracy and hostile take over in the future.
Remember the powers that control current financial system have been able to get where they are by first creating the "problem" and then showing the "solution". It's a very simple scheme and it pretty much always worked.
So the following scenario is possible:
- they first create a "mystery miner" (Pirate's GPUMAX anyone?) which gets dangerously close to the half of the network hashpower.
- in response to that, lead developers of several Bitcoin clients publish a plea to community to switch to a new "secret algorithm" conveniently supported by "benevolent" ASIC manufacturer BFL.
- they will keep the algorithm secret so that those "terrorists" don't have a chance to attack again.
See where it's going...?
We need more projects like ASICMINER to diversify, otherwise it won't end well.
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Hmm so we know what "the glitch" in the middle of August was... Now if we take a look at the next few quotes: Bitcoin's horoscope for Monday August 20, 2012
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In another month or two we get to the point when Saturn, the ruler of Capricorn & hence Bitcoin moves in to a new zodiac sign & that begins the start of a different era for Bitcoins, which means that right now we are edging towards the end of an era and it's often the case that just when things are about to change they become at their most intense, the contrast gets cranked right up.
In November Bitcoin's ruler Saturn moves into a new position, triggering a series of events which encourage a review of restrictions you’d once accepted.
and this one: I'm not gonna say what the announcement is....but I will say that you are all wrong and no one is even close lol (Well...some of you were kinda close)
-Charlie
You mentioned something once before I think, about a surprise that will change what people think the government thinks of bitcoins... so I'll guess its some sort of basis for bitcoin being protected legally Ok, I take it back. Your the closest. Nuff said, Im gonna get shot for saying this much. ...things start to look really interesting  Definitely love this thread! |
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 At some point they will want bitcoins too, guess who will employ them! |
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Can bitcoins break $5,000 in 20 years?
I think everybody forgets one little detail in this train of thought - the dollar will be long gone by that time! Or you seriously believe Chinese will keep buying US debt for another 20 years...  |
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GPU mining Bitcoin window is closing now, either wait for ASICs to come into the game around October or try GPU mining Litecoins and either keep them or sell for BTC.
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so is it official yet? has anyone heard a peep from pirate since friday?
He's been in and out of IRC changing names between pirateat40 and steamship. It's bizarre really. When he's "steamship" he's been offering to buy pirate debt at reduced rates. No idea if he's serious. Steamship? Hmm... was Titanic a steamship? |
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Don't worry too much about it, it's part of a karmic cycle.
We are all here to experience duality - good and bad, rich and poor, healthy and ill, male and female.
As soul travels from lifetime to lifetime it chooses what aspects of duality it wants to learn the most.
Living different lives in different genders is part of the game, otherwise you won't get the full experience.
Once soul has perfected itself as male or female it is that part of the cycle when it reincarnates in opposite gender. It takes approximately three lifetimes to get used to this new experience - consciousness tends to have some inertia in this regard.
All people will have to go through this at some point of their journey through the Universe to keep their karmic balance. Many old souls have gone through this many times, again that's part of the game we all play.
So don't worry and think of it as just another kind of experience that you might want to learn from.
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My major concern with this is that vast majority of coins might reside in cold wallets and won't be able to participate in signing. So this technique encourages users to hold large amounts of coins online without password protection or otherwise prompt user to enter password while he/she might be asleep.
Also miners/pools might be hesitant to accept this change where they would share the profit with some random guy on the network.
Other than that I read the proposal and I find it interesting to at least keep brainstorming it.
One more concern about the whole idea - the "black hole" effect. If one person or small group of wealthy persons gain control of both hash power and large amount of coins (one usually leads to another) they eventually can overtake the network and take full control of it. We might end up with Rothschilds of Bitcoin/Litecoin who will be able to build the best chain of any length almost for free. With just mining to protect the network, wealthy people usually tend to get lazy and they would need to SPEND their precious coins on a new hardware only to gain ever decreasing amount of coins which might not be profitable in the end. While new generations of energetic people with little wealth will be eager to work on advanced mining equipment and BUILD the stuff themselves to get the remaining coins and thus maintain a healthy network. Again considering that only a fraction of all coins will be in online wallets, all the attacker needs to do is to have enough coins for signatures to compete with the live wallets on the network, not the whole coinage in existence. |
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Just WOW! How did you get that started? I'm in Chile and people politely ask about bitcoin when I mention it but then I try to slow down as I barely see real interest and don't want to annoy people with my toy. I would love to do the same here but wouldn't know how to approach it.
Just say it's a new global international currency that will take over the world! That should get you some eye-brows. Then explain the details |
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Actually this kind of features of bitcoin scares me a bit. Some here see it as a mean for tax evasion but with monitoring committees it can lead to only monitored funds to count as bitcoin.
How does a politician proof he is not accepting illegal donations? You showed it. Watching only wallet at the authorities.
How does a company proof it is paying its taxes? Just the same way. Watching only wallet at the authorities.
How is a private person proofing to pay taxes? Just the same way. Watching only wallet at the authorities.
Next step would be to accept donations to the US politicians only from wallets registered with the US authorities because only these are clean coins?
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Yes I like it for the political campaigns but you see what I'm scared of.
My guess is that it's going to be prohibitively difficult cost-wise for any government to do that. By the time they recognize Bitcoin as a currency (they have to do it if they want to regulate it) the authorities won't have enough coins to hire needed amount of people to monitor everything. Right now they can print nice green papers out of their a$$ and pay CIA, FBI, NSA and others to spy on you. With Bitcoin they will have to come up with a better way to spend their precious coins. Libertarians will be the ultimate financial power in the world due to Bitcoin early adoption, so no worries here. Fasten your seat belt and enjoy the ride! //Inspired by: http://www.youtube.com/watch?v=0XxWGBjGMco |
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My major concern with this is that vast majority of coins might reside in cold wallets and won't be able to participate in signing. So this technique encourages users to hold large amounts of coins online without password protection or otherwise prompt user to enter password while he/she might be asleep.
Also miners/pools might be hesitant to accept this change where they would share the profit with some random guy on the network.
Other than that I read the proposal and I find it interesting to at least keep brainstorming it.
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i herd rumors the govt is going to shut down and seize all bitcoin servers from the owners next month!
That's unnecessary, all they have to do is raid the Bitcoin offices and shut down their building. Bitcoin is history... Yes, and arrest the Bitcoin CEO... |
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My right to purchase would be active for a week after December 1st, 2013. The seller of the Bitcoins would be obligated to sell them to me if I choose to buy them.
How much would this contract cost?
If it continues like what we see now, you might just buy enough coins for the money you want to pay for the contract So far out of money ~18 month long contracts in such an illiquid marketplace, yep the premium is not trivial. But it gives desired risk profile, I suppose. Yeah, December 2013 is a long time, I wonder what happens if dollar is not around anymore by that time |
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My right to purchase would be active for a week after December 1st, 2013. The seller of the Bitcoins would be obligated to sell them to me if I choose to buy them.
How much would this contract cost?
If it continues like what we see now, you might just buy enough coins for the money you want to pay for the contract |
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Now I wish glbse supported litecoin investments using litecoin
If it doesn't, competitors will grab some of its market share Check out https://cryptostocks.com/ they support LTC for securities since 16th of August. |
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I think the proper solution for two-party escrow should revolve around the idea that in order to initiate the deal both parties (seller and buyer) should first interlock small percentage of coins in a way that they will get them back once the deal is done. The payment for the deal should be put on top of that. This should create incentive for both parties to behave nicely and unlock the funds, so that they can get their original coins back.
Is it possible to come up with technical solution for this via multiple-sig or math tricks?
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I have managed to get a close friend to invest a little. He took some convincing, but he has doubled his money already so he's quite happy. My mum also invested a tiny bit and she is up 50% On the whole though, most people I've spoken to try to warn me that the whole thing could be a scam. I mention the word decentralised and they just look at me funny! I figured we better use more commonly known terms instead of technical ones, something like: Bitcoin - first independent global Internet currency! Also I convinced one guy by sending him link to the "American Dream" YouTube video http://www.youtube.com/watch?v=ZPWH5TlbloUBut sometimes it's better talk pure business instead of being antagonistic towards something. If you're talking to an online store highlight small fee, worldwide use and no chargebacks. My 2 bit cents. |
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There's going to be a new Litecoin release soon that includes all of Bitcoin's recent fixes. Thanks to the the help from pooler and fanquake. We created a new Litecoin github project and rebranched from Bitcoin and added in all the Litecoin changes. We are currently testing the code to make sure everything still works. If you'd like to help out, come by IRC channel #litecoin-dev on freenode.net
Stay tuned.
Rebranching from latest Bitcoin... does it mean we will get BIP16 (multisig) as well? I think it required some careful planning and support from pools before it was fully enabled in Bitcoin. |
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