The thread you linked has a bunch of questions that were left unanswered and Sunny King pointed out that there are problems with the coin. I don't think that's the best solution either. TRC is kinda fucked,

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Re: BTE BlockChain stalled? 3 hours+ tx not in blockchain, no new blocks
Today at 06:17:20 AM
   
Reply with quote  #19
Quote from: BitHits on Today at 06:09:53 AM
Things appear to have .. synced back up.

tx now confirmed and showing in blockexplorer

Also blockexplorer now shows the missing blocks.

Smiley BTE recovered a lot faster than TRC did.

http://www.bteex.com/
I just get a blank page. Am I missing something?

Originally posted at Reddit

Playing Devil's Advocate here....

Let's play a game:  I'll be the Central Bank with say, 10 billion USD to devote to the "problem" of bitcoin.  You try to think of why my plan won't succeed.    

• I win when I can cause situations that scare users away from using Bitcoins.  
• I lose when non-technical users successfully and satisfactorily use any currency that's not controlled by a central bank.

So I'm assuming everyone understands why central banks will never like Bitcoin.

It's a construct completely outside their control, and since they get their power from issuing and being the central clearing house for paper currencies the mere existence of an alternative that doesn't have those problems is very dangerous, because it's obviously a better deal for its users in the medium-long term.

You can't manipulate a currency unless you have a lot of it at your disposal. With dollars, that's easy - Just create some new currency.
But with Bitcoin, you can't do that - So what do you do as a central bank with the ability to create as much paper money as you want.....
You buy a bunch of bitcoins, and the price doesn't matter. Actually, it's BETTER for you if your buying causes the price to go up, the more the better.

The total market cap for Bitcoin just hit 1 billion, so if the Fed wanted to buy 10% at current market rates best case scenario it would be 100 million, which is pocket change for the entities we're talking about. The demand spike creates a price spike which pulls media attention which brings new buyers which feeds higher prices which feeds more media attention, the cycle becomes self perpetuating after a while. That's where we are now.

Because Bitcoin's fundamentals (stable supply, distributed decision making, borderless operation) don't really leave room to argue they're worse than Dollars, the only argument that can reasonably made against them is that they're unstable and therefore unsafe for the average person to use.

So the way you do that is help the price go way up by buying in quantity over a reasonable period of time without regard to the price, then once you've cornered a reasonable proportion of the market (say 5-10%) you dump them all at once, smash the price, and incur massive losses for the new users who bought in during the climb through higher prices.
Then (after the market exhausts itself at the bottom) you DO NOT buy any of your coins back, since the dollar amount is trivial it's better to leave the impression that demand in the market has completely left town.

This also means you can use the same trick of accumulating -> causes bubble -> encourages newbies to get in -> sell large stake -> pop bubble -> cause newbie panic -> advise currency is unsafe -> wait for fundamentals to become important again -> repeat

What do you think, why wouldn't this be easy for any major central bank to do?

Yeah Aussies are funny: strange laws: Walked down the street in Brisbane with a bud in the corner of my moth. A mother with a child approaches me in the opposite direction and covers her sons eyes while giving me the look as if I was a junkie with a needle sticking out of my fore arm.

Another time on a train I was threatend by a conducter that caught me smoking in the buffer between cars, which is as good as outside the train: "If I see you with a smoke in you hand at any time for the remainder of this journey, the train will be stopped and you will be left in the bush!". This was around 450 Mi from anything.

Male kindergarten workers can't put a band aid on a child or be alone with children!

On the other hand, most Australians I've met are really down to earth respectfull and freindly and welcoming strangers with open arms.

Well thanks for the flashback, but out of subject!!!

Virtual market cap is a virtual number, one that cannot be translated into real cash.

Say I start a great company, with 100 million shares. I get investers, make profit and after a while the company is worth $100 million.

I hold 99% of the shares and IPO the 1%. After a while they trade for $100 each. That would make my 99% be worth 9.9 billions. However, it's a purely virtual market cap. As soon as I try to cash out a few percent of those shares, it would crash the market since it only has a real market cap of $100 million. You just can't make 10 billion out of 100 million just by saying it is worth that or force it by scarcity. It will never work, any significant selling will drop the price back to its real value of $1 per share.

Bitcoin has exactly the same problem. There are 11 million coins, hoarded by many early adopters. But only 1% of coins are actively traded, maybe 20 million has flowed into the bitcoin market lately by naive gamblers buying coins for $100+ the last few weeks.

If it appears a peak is reached and the price drops a bit, everyone that hoards will try to cash in. But before even 5% of people manage to sell, the price will have dropped like a rock. It's impossible all 11 million coins are cashable, its real market cap just isn't big enough.

See the Terracoin block explorer:
http://cryptocoinexplorer.com:3750/chain/Terracoin?count=60&hi=101628

9 blocks in the past day. It's slowed a bit, but it'll get there.  Point your hardware at the network if you want to move it along.

I think the next block will be 1/4 the difficulty, but then it gets complicated.  The actual math is in the code:
https://github.com/terracoin/terracoin/compare/9b7445bed6...d147fa77c7

This website seems to have a pretty accurate block count.  I don't think it's real-time though.
http://dustcoin.com/mining

Right now, 2 blocks left before the difficulty adjustment. Then another block before the new algorithm kicks in, I believe

I have another little, simple, but very useful adjustment proposition:
change formating to make every order show at the same number of decimals.
change this:
   0.0016
 0.00298
 0.00998
     0.01
into this:
 0.001600
 0.002980
 0.009980
 0.010000
or  force it to align to the left:
 0.0016
 0.00298
 0.00998
 0.01

-------------------------------



also:
I change my orders [sorry for giving you another work Anon136 ]

add 500BTE  @ 0.00198
decrase size 5000BTE to 1500BTE
decrase size 8500BTE to 3000BTE


/edit:

i just recieved Anon136's excrow it this very moment, since it was escrow , not a normal trade, I will add You, Anon136 , as succesful trade in my sign, is it ok?

We're not there yet,



if i'm right, we still have to mine 4 blocks to trigger the update

Sorry guys I was 2 hour drive away and a family matter delayed my Sunday -
Will try again

LGV

check it out guys! we have a real domain and some updates to the orderbook. Courtesy of jubalix. Thanks jubalix!

I'm all for currency competition, I hope there are hundreds of variants made in the future so that we have even more options, but *duplicate copies* should be ignored completely as money grabs.

Hard to ignore the hash rate

Network hashrate: 793.28 GH/s

-Bytecoin- the 1:1 bitcoin copycat. really bad difficulty adjustment for altcoin, extremally high hashrate for that young coin.

I'm all for currency competition, I hope there are hundreds of variants made in the future so that we have even more options, but *duplicate copies* should be ignored completely as money grabs.

Hard to ignore the hash rate

Network hashrate: 793.28 GH/s

-Bytecoin- the 1:1 bitcoin copycat. really bad difficulty adjustment for altcoin, extremally high hashrate for that young coin.