Even as an interim solution this works
Not really. ASIC miners would jump on Terracoin for 2016 blocks and then leave = absolute catastrophy for those who would stay! So how did BYTE SUREVIVE ASICS?  They had more hash pointed at them than TRC |
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I HAVE SHOUTED THIS TO CRAZY RABBIT OUT THREADS ON IT AND LEFT FOR DEV AT GITHUB
JUST ADOPT BTC RETARGETING-- BTYE COIN HAS PROVEN THIS IS ASIC PROOF AS THEY HAD MORE HASH THAN TRC POINTED AT THEM AND THEY ARE FINE !!!!!!
Even as an interim solution this works
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LTC will skyrocket in the short term...
On another note, am I the only one worried and terrified by the fact that a single site alone(MT Gox) actually sets the price for everything..?
it doesn't if it crashes, a million compeditos would rush in, and the price would drop and I would buy buy buy |
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I am *really* sick of seeing all these "market" analysis, demand/supply etc etc.
What you are witnessing, and what BTC/Crypto Currencies are doing is a displacement event. Let me describe it as with the following examples
Imagine a high pressure vessel, linked to a low pressure vessel with a valve in the middle. When you open the valve, the high pressure gas displaces the part of the volume the low pressure gas occupied. The high pressure gas does not suddenly rush back to it own side and sit there happily, it is not "rising" is is flowing into the space which is the size of the current market. The valve mechanism and pipes to get it in, is the CC and infrastructure solution.
Or even simpler, running water into a bathtub, it displaces the gas (air) that was in the tub.
Given the size of the market, yes there is fluctuation, but this is what you would expect from filling such a large vessel from such a small beginning, sort of like local weather patterns.
The final value will be to the amount or percentage that BTC/CC's displace
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Another analogy is, a new tech displaces and old tech. Recently Flat screens replaces CRT's, no one is en masses going back to CRT's
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Better Ideas displace worse ideas
Flat earth/ or earth centric solar system / universe was (a) widely held belief, bit it was displaced quite quickly when a better description came along.
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All the market analysis or fundamentals do not understand what is happening here, we are changing the very pool (money supply/creation/flows) you have ever worked in before.
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See stocks, bonds, derivative, futures, options and all other trading instrument, never ever "made" money the just reasisgen existing money supply. That is some is now prepared to give you $400 for that stock that cost you $10. No money was made, merely existing amounts exchanged. The closet it came to money making was intercompany share swaps, and perhaps letters of credit that were indorsed and then passed around.
The money supply though has always been tightly controlled by the Govt handing out banking licenses, to ADI's and the CRR and FRB model, as well as interest rates.
CC's occupy this space, the are displacing these currencies purely because of their multiple advantages.
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While I am at it. You can prove that Chartists or Fundamentalist are false (eg there is not analysis capable of a (stock) market)
lets say you did have a analytical method to predict the market, that produced 0.5% return, then you could apply this every day to some market.
over 30 years you would with just a $100 start, you would make, (1+0.005)^(30*365) = $5.23E+23 (more money that all markets ever)
so QED chartists you are not, and never has a model that that has worked and that's the proof why the maths does not lie
Also you cannot can see into the future from now.
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You can however and look at a bathtub and see it will fill with water and that water will displace the gas that occupied that area. This is what is happening.
Government FIAT is being displaced, by CC's
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Considering how few coins I have, if I'm worth a $1 Million then Bitcoin is a success and I'm leaving it in bitcoin.
few coins? I am sure you are in the Vladamir Club at least |
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if its that ripped of and miners are making such a big profit....set up a mine?
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I intend to keep 50% in BTC, 30% in fiat, and 20% in altcoins regardless of what happens. The future is too uncertain to go "all in" to a single currency.
wise words I think |
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This article is one of the best & most intelligent articles I've read about why Bitcoin WON'T become the next currency: https://medium.com/money-banking/2b5ef79482cbThat guy GETS Bitcoin, and he truly understands that it is NOT a currency. It is a commodity/investment. It all comes down to the volatility and wild swings of Bitcoin pricing. Any item whose prices swing so wildly up & down can't be depended on for daily, routine transactions. Items that swing wildly up & down are considered speculative commodities (like gold), or a speculative investment (like the stock market). Nobody wants to spend $5 on a loaf of bread today, only to realize that they could have gotten that same loaf of bread for 5 cents yesterday, or that they'll have to spend $500 tomorrow for that same loaf of bread. That just isn't how currency works. Currency is STABLE. A loaf of bread is $5 today and it will be $5 tomorrow and it was $5 yesterday. If inflation happens, then MAYBE IN A YEAR'S TIME, that loaf of bread will cost me $5.05 in today's money. And MAYBE IN 2 YEAR'S TIME, that loaf of bread will cost me $5.10 in today's money. it's slow, predictable, stable, and dependable... because it's a real currency. For Bitcoin to be actually be taken seriously as a real currency -- and not a commodity worth hoarding -- the price would have to become completely stable. And there's no indication that the price will ever stabilize. Ever. Nobody is buying Bitcoins to spend them... people are buying Bitcoins to hoard them as speculative investments, just like gold or stocks. And that's why Bitcoin will not become anything rivaling currency. Now, as long as everybody realizes that Bitcoin is nothing more than the equivalent of investing in gold, or playing the stock market, or playing at a casino craps table... then i think we're thinking about Bitcoin in the right way. We're all just playing the roulette table in one big casino. Nothing more, nothing less. Not that there's anything wrong with that... it's just important to know exactly what Bitcoin is. Bitcoin is just like gold, but it's not nearly as precious because, come on, let's face it, we're basically buying & selling pac-man pellets here (as one other article perfectly nailed it). Thoughts?[/s] Nope.jpg BTC will stabilze at market penetration, its most powerful feature is the people buying in and hoarding to profit, becuase ot make more people buy in. You could run the economy on just a few coins if you wanted, it is divisible 10^8 decimal palces, plus however may zeros out front |
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no true he says he is worth 60 time what I spend annually = 60 x 7K = 420K
will buy you SFA anywhere you want to live, and leave you nothing to live on. In the next 10 years it will buy you less he is not
eg in one month 1.5 % in Sydney alone on property and this is a bad time...that's 15000 on a $mil house which this guy claims to be buying. Nope he's not even coming close in 10 years time, in a month!.
Understand that he lives in the USA. If you live in Australia and save 50-75% of what you make in AUD you will have a proportional amount. Now understand, he changed his way of life. The ERE guy is living out of an RV and does all kinds of homegrown/DIY things, but the Mr. Money Mustache guy is living alot nicer and has awesome pics of his house, cars and fun toys. Still both of them have learned to live on less than what they made when working FT. Now that they are retired they live on an amount of money that is less than the interest that is made on their money. POINT IS: They are both retired and not working and have automatic money coming in. They could still work if they wanted to... what are you doing that is assuring that at age 40? 50? 65? that you will be in their position?You can make a 100K a year and save every cent, and the house price increase will still out strip you by 50K a year....so that system does not work... |
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While TRC adopts a new targeting method suited to its unique goals
I propose that it adopt the BitCoin Targeting method.
The fact that ByteCoin has proven that even when targeted with ASICS as it was, I appears to not have suffered any huge issues (though I stand to be corrected) has provided the perfect experimental test be for both arguments, being a very new not widely adopted CrptoCurrency
This Hybrid model provides the best of both world TRC and good features, no premine, Unique features, eg long mine time thus long term insensitive and high value chain, is an interim stable solution.
Good Crtyptos Currecies provides diversity and the ability to have redundancy in the CC's space.
If ByteCoin can come so far, and it appears to have had a "stealth premine", offers nothing new, and survived an asic attack, which pushed the Hash hihger than TRC
This will provided a tested system.
Going back to the old system may not be a fix otherwise why move from it?
Anyone with any interest in TRC may voice their view in this thread:
TL;DR
Adopt the best bits Of Crypto Currencies in to TRC DNA (BTC targeting, the ByteCoin survived with), even as an interim solution.
Sorry for typo's written with other work to do.
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[/quote]
Difficulty is set in the block and there is a good reason it's set the way it is currently.
[/quote]
Elaborate::
WHY
why can't this be teased out?
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Nah the name should by BaSE-777 eg base 7even counting basement with seven asics the home base of 7 Chmod 777 /thread Lets make a quick list of important information placed in this thread thus far: Name suggestions:-the Magnificent Seven (profMac) -the Seven Samurai (cryptojournal) -Bebop Batch Miners (W-M) -(CoinHoarder and the) Seven Dwarfs(koquillion) -SEV-ALON (silvercoins) -Pediatric Hospice (mrbrt) -Moria (matt608) Willing to buy shares:- bitrocket - cryptojournal - dchou - ibminer - khamark - koquillion - silvercoins - skyhigh2004 -W-M (for whatever reason my post went under the radar before) -mrbrt -ThingNL Wanting to sell shares:- Rampion (2BTC) - TheJuice (partial) The investors-only-forum is online on http://yourcoins.org/forums/index.php. Accounts will be verified by CoinHoarder when sending the email you registered your account with to him in a PM here on BitcoinTalk. (He will start unlocking accounts at the end of this day, because of Easter) EDIT: Added mrbrt and ThingNL to the buyers list. |
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MODS- I'm posting this hear because it's about bitcoin
Right now, TRC has ground to a halt because it's difficulty was taken sky-high thanks to some ASICS that hopped on the network and then hopped off, leaving the difficulty incredibly high, and it taking everyone else forever to solve the block required to bring it down. It's brought the network to a standstill (although there is a fix being released for this).
Although of course TRC difficulties are incredibly low, so it makes this sort of attack easy to do- it does make one wonder how the bitcoin network would react. As we grow and grow, eventually we will get to a size large enough that we are threatening for various other interest groups (if we aren't already). Although ASICS have made it much more expensive to attack the network, they haven't yet become widespread enough to claim we are really 'safe'.
If a State actor (for example China) were to put some time and money into it, they as well could develop a line of ASICS (indeed the only functioning ASICS are out of china- the government need really only seize their already completed designs and pay the factory to seriously ramp up production). With a large ASIC farm one could take the Bitcoin difficulty so high that when they leave the network the remaining bitcoin miners are stuck for hours trying to solve one block. As TRC shows you need only to slow down block production by a couple hours to induce widescale panic.
Thoughts?
Could difficulty be set by inverse of transaction volume level being sort x hash rate so the more transaction you have the dificulty goes down ir decoupling difficulty to generate new block and the block chain from the transaction difficulty, thus avoiding the point your asic to mine, they could still do that but not affect the transactions side of the CC |
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Lots of steady buying volume, I wouldn't be surprised if we hit $200 by end of today.
thats my feel while not even a bull, as this is not a market or even something that cannot be described by anthing to date it is actually an expansion into and displacement of existing world currency value a good drop would shake it out a bit.... anyway....remember this is a displacement even, not a rising market, or a market. The Currecny value in typical other instruments exists, and is being displaced. Think about a pressure vessel, when there is a vacuum, (low pressure) and you open the valve to the high pressure system, the high pressure just rushes in, and does not rush out again. This is what is happening |
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when will it hit 200$, its looks like it really wants to go
also 15K que at 'Gox
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The problem with this guys plan is that by the time you could spend his 1 mill, it would barely buy you a house/flat in (Sydney, City you want to live X) yet alone meet any living costs
Untrue. The guy has done it, study the site and learn how. not true he says he is worth 60 time what he spends annually = 60 x 7K = 420K 420K will buy you SFA anywhere you want to live, and leave you nothing to live on. In the next 10 years it will buy you even less eg in one month 1.5 % in Sydney alone on property and this is a bad time...that's 15000 on a $mil house which this guy claims to be buying. Nope he's not even coming close in 10 years time. |
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Actually, lets ignore the conspiracy theories (CHINA attacks bitcoin) or far fetched (Earthquake kills all the ASICS), and lets consider a very plausible senario- lets say there is a manufacturing fault in the ASIC machines, one that will take awhile to notice or become apparently. What if the machines all fail after x number of hours- and what if an entire batch were to fail more or less, at the same time? That's a more plausible situation. Someone should be able to compute the effect this would have on the Block creation rate.
Does PPC suffer the same Problem....? |
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