I could have seen Denninger going either way. He disappointed me by being close-minded in spite of the fact that he has the technical skills to understand the system readily. Denninger understands Bitcoin extremely well - I made sure of that when I was an active and long-time member of his forum. He opposes Bitcoin because he understands it. The man is an extreme authoritarian and dislikes Bitcoin because he sees the potential it has to free people from centrally-planned money. |
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You should look into using alternatives like Bits of Proof or btcd instead of limiting yourself to bitcoind.
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The best way to financially benefit from your bitcoins is to:
1) Leave the US with your bitcoins.
2) Live in some other country that has less onerous taxation.
3) Enjoy a lower cost of living and absence of an oppressive police state.
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Perhaps eventually, government agencies will step in and enforce regulations on such services that at least include audits and insurance policies.
Government agencies will shortly become the source of such losses. It will happen like this: - Undercover agent creates an account and uses it to violate some regulation or another.
- Agency seizes the site and all their customer's bitcoins via civil asset forfeiture laws.
- If customers are given a method at all to reclaim their property, it will be via a procedure that is essentially impossible for all but the wealthiest and most lawyered.
- Everyone else is SOL.
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In 1 hour the expected # of events (blocks) is 6. The probability that there will be 1 or less is ~1.7%
In 2 hours the expected # of events (blocks) is 12. The probability that there will be 1 or less is ~0.01%
In 24 hours the expected # of events (blocks) is 144. The probability that there will be 1 or less is essentially 0 (4.198 E-61) Using the same numbers you can say: 1 hour block times should happen approximately once every 58 hours. 2 hour block times should happen approximately once every 80 days. 1 day block times should happen approximately once every 8*10 45 universe lifetimes (34 billion years). |
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Charlie talked about BitInstant in the crypto-currency conference in Atlanta last month and he seemed positive about the service making a comeback. I heard a rumour that the instant they got the licensing all the lawyers told them they needed, every bank they talked to decided they didn't want them as a customer. I think they will eventually find a way to come back, but I don't expect it to happen any time soon. |
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They are all ready to resume operations, except that no bank will touch them now. The spent a lot of time and money obtaining licensing in order to comply with US laws, and it turned out to be a trap. They would have been better off just continuing to operate illegally because then they wouldn't have wasted so many resources trying to achieve the unachievable.  |
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However, disregarding insurance and transparency for the moment, ALL shared wallet services (MtGox, inputs.io, localbitcoins, etc.) are essentially "banks" in that they have full control of the bitcoins, and simply provide you with a promise to honor any request you make to have that bitcoin sent somewhere. We don't really know for certain what any of them are doing with the bitcoins they are holding, and can't even be sure that they are maintaining 100% reserve. Several of them may be engaging in fractional reserve banking and we'd have no way of knowing unless/until there is a run on the service and they don't have enough bitcoins to honor all withdraw requests.
A lot of people are going to get burned by this sooner or later. |
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i would love to hear a rational proof for the non-aggression principal I have trouble believing that, since I typed the phrase, "rational proof for the non-aggression principal" into Google and the very first link was the book that I would recommend on the topic. So it's not like such proof is difficult to find at all for anyone who is truly interested in the subject. I don't provide links any more because almost always what happens is that someone will declare a desire for a rational argument and when shown one will reply with, "I don't like it" instead of a logical refutation. |
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Imagine removing the public schools, everyone even more ignorant than now. Surely it would be a great thing for USA. Well, for Europe it will be, more work for us, the day when the average american will be unable to do even the simplest thing  Actually it would be the opposite. Schooling is intentionally designed to inhibit education, so eliminating it would be a huge win in that regard. |
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Though i think OT is more a trading platform instead a debt-moving platform like ripples main point seems to be. But i didnt think much about it since i didnt found a use for ripple yet and couldnt test OT. OT is going to see a lot of development in the next few months. |
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Anyways, it dawned on me that law enforcement is attending bitcoin meetups undercover. The FBI, state of NY, etc have tons of money to run such an operation.
It just feels weird to have people pretend they know bitcoin and then try to be friends with you even when you know you have not broken any laws. Makes me paranoid to mentally play, "Spot the fed", while at a bitcoin meetup. It also feels like an invasion of privacy.
Thoughts? Am I paranoid? Should everyone be? Maybe I have been watching too much breaking bad.
I'm pretty there are agents of various kinds attending meetups, and acting as both buyers and sellers on LocalBitcoins. I was at a public park on Tuesday and ended up in what I thought was just a random conversation with a stranger, but after thinking about the kinds of questions he was asking I'm not sure how random it really was. |
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Its almost certainly just a photoshop (and a very easy one to make), so yes.
My first thought when I saw the picture is that it looks more like shag carpet than a field of crops. |
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Wow, its surprising how much a dollar's worth varied before the Federal Reserve was created.
They did add a lot of stability. The continual loss of value has been extremely stable ever since they have been in charge. |
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So how does one know if a trader's success is due superior skill or just plain old luck? According to every serious study that has been done on this topic: there is no such thing as skill - just illusions created by our inability to understand randomness accurately. The only way to consistently beat the market is to cheat. |
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seems these "beers" want a crash cuz they sold already and want back in, loll
to bad
choooooo chooooo
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PSA: A correction now, even a big temporary sell-off, would be totally normal.
That's not saying we'll get one, but don't panic if it happens. Of course you should panic. Just make sure you panic in the correct direction. |
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Not much luck so far 
