The turn took place on the short term (minute) time scale. This upmove was the strongest in many days and could be the start of a larger bounce / reversal.
A move above 3.7 $ will now confirm at least another move up. Do your charts ever tell you to sell? Do you just keep mum, then? |
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Pretty sure there is a lot further to fall, and the technical analysis here is basically a stopped clock at best. (When was the last time S pronounced an immediately actionable "sell" signal?) But it's premature to say the experiment's over just because the bubble is. There will be considerable renewed interest in bitcoin if someone figures out a financial arrangement involving bitcoin that works much better than corresponding arrangements using real money. The cryptographic/scripting features of bitcoin mean this is a real possibility. Arguably, this already happened with the Silk Road, but that has obvious problems, and can only support a relatively small valuation. (How small, I don't know...)
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...it's not guaranteed that it'll stay reliable and legal. But odds are it will, and if it does, I can pretty much guarantee it'll see significant growth. How can you be so sure of that? I am relatively optimistic in that regard, too, but how it's going to work is pretty murky to me. |
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Ha ha. Very humble of you.  |
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Immanuel, you may find Debt: The First 5,000 Years interesting. One of its themes is that the modern wage-based economy arises out of, and is disturbingly equivalent to, earlier slave-based economies, particularly that of the Romans. (Apparently around the time of the end of the Roman Republic, 30-40% of its human subjects were slaves. Did not know that.)
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Hi, all. A couple of basic questions. I built and ran the litecoind client yesterday. It appears that I found a block: met% ~/alien/litecoin/src/litecoind getbalance
50.00000000
met% ~/alien/litecoin/src/litecoind listsinceblock 0
{
"transactions" : [
{
"account" : "",
"category" : "generate",
"amount" : 50.00000000,
"confirmations" : 1701,
"txid" : "0d8f72a852aa00ef1fd93fbe55f309fda37bcdd11d8a5955b9fbf74e164cf201",
"time" : 1318524478
}
],
"lastblock" : "93c1660173f00a6ad58c103f07747fd0f11eac2cfe1bc1553e6ffbdd1747cca6"
}
met% seems to be the block referred to in the above transaction list. However, the "To address", "LRWpZ2hSgqAJctnhyKhc5Br94F11nR7H6J", doesn't match anything I seem to be able to pull out of litecoind. The command "litecoind getaddressesbyaccount ''" returns a different string. What is the relationship between these strings? |
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The tools described in a book like BDA actually give you more flexibility to innovate.
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I do Bayesian data analysis for a living. The bible is Gelman et al.'s Bayesian Data Analysis. Assumes a solid grounding in probabilistic reasoning.
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I'll give odds of 10 to 1 against the US launching a public military attack on Iran in the next 30 days.
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The Dollar is a regulated currency... that doesn't seem to be working out all that well. I'm not going to argue the merits of the position. This thread is about how to talk to OWS protesters about bitcoin. |
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Oh... I always thought it was "policy" that keeps the "severely entrenched concentrations of wealth" that we have now. Capture of political discourse certainly plays a role in maintaining existing wealth. But wealth will always concentrate, and always seek to entrench itself. To someone who is interested in fighting that tendency (and I think you will find that that is most OWS protestors), an unregulated currency is a problem. |
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I almost believed you for a second! Good one!
I'm totally serious. The idea that a bitcoin-dominated economy would ease redistribution of wealth, given its anonymity and irrevocable transactions, is ludicrous. |
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\Isn't what the protesters want, exactly down to almost the tiniest detail, what bitcoin will offer? Pretty unlikely. If the OWS protestors fully understood the implications of bitcoin's deflationary economics, they would be totally against it. If it were ever to become a dominant currency, it would lead to even more severely entrenched concentrations of wealth than we have now. Most of them DO NOT see the politics of the Treasury and the Federal Reserve as the core problem. In those they see a political discourse dominated by alumni of powerful financial institutions, and leads them to suspect (with some justification) that what's happened over the last three years has simply been stupendous wealth maneuvering to acquire still more stupendous wealth. It sounds as though you are probably focusing on bitcoin as a way to short-circuit the political machinations driving central bank policies. To the typical OWS protestor, this is going to look (with some justification) like attacking the symptom while ignoring the disease. |
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coblee, can block locking be done via signed file so compiling the client can be skipped?
I suggested this over IRC but got a lot of pushback. My suggestion was that I can use the alert system to send a message to all clients with a new locked block. But people were worried that I might abuse this privilege, so I didn't do it. Make it a configuration option which takes multiple signatures. Then people can decide who they want to trust in this regard. |
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I have some truly newbie mining questions. Never mined a coin before...
I've downloaded and built the litecoin source code (without miniupnp support, BTW, because on my natty ubuntu system, the miniupnpd build was complaining that it couldn't find pfvar.h, and I couldn't figure out what dependency to install to make it happy.) I put a password in ~/.litecoin/litecoin.conf, and ran "litecoind -gen." And it's doing *something*, chewing up cycles like nobody's business. But how can I get feedback on what's actually going on / whether it's working correctly, etc.?
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Marx was brilliant at describing life in a democracy. His failure was his crazy vision of a society without a state called "communism" preceded by a "dictatorship of the proletariat." Its interesting that his description still makes some sense and that people still have fantasies of a stateless society, isn't it Fred  The guy couldn't string two thoughts together without contradicting himself. He could also barely put his thoughts onto paper and make them readable either. Others have done a better job of enslaving the world in a much "nicer" and "quieter" manner than he did. You should sign up. Your arguments are at least a little more coherent than his. He was merely a pawn. Join the club. Pointers to some representative excerpts of his would be interesting. Particularly if they're in his seminal works. |
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0.1% guys hold 50% Bitcoins, that's too CENTRALIZED! And one of that 0.1% is probably BitcoinExpress! What a beautiful future we're stumbling towards! |
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Bitcoin will take off again when you can do something with it which you can't do with real money. (Not that far fetched, but hard to put a timeline on, from what I know.)
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Hey Atlas, good job. I'm not an AJ fan but we welcome all the crazies into our fold. The more the merrier. Cheers! Here's Atlas' 2 minute clip (mp3) Thanks for that. Immanuel did a good job with the introduction. |
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