Central banks don't like Bitcoin? Oh man...
People letting any central bank influence them deserve everything they get.
+1, Central banks are the root of all evil. Look guys. Bitcoin is moving forward in America. As long as these other countries try to stop it, its only going to make the demand greater. The rest of the world still envies America and wants to have the American ideal for freedom and prosperity (whether you agree that exists or if its true doesn't matter, only perception matters). So if Bitcoin is killing it in America and other first world countries, then the rest of the world will want it even more. Can you imagine the demand for Gold if it were banned in India and China? They would be dying to have it. Prohibition does not work. It's already banned in India (gold imports): http://www.zerohedge.com/news/2013-12-23/almost-every-passenger-flight-dubai-india-was-found-carrying-1-kilo-goldGold imports are NOT banned in India. The Indians were getting an influx of imports so they put a large tax on gold imports and limited the amount you could carry into the country to 1 KG. Gold imports are not free in India might be a better phrasing. |
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Yes, if it wasn't completely ignored now.
It was a document of enumerated powers until the Commerce clause was stretched beyond all reasonable bounds by the statists to transform it into a document of enumerated liberties.
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There are still the "its going to drop to X" threads where X is 1/10 or 1/50th of the price at that point. And the ones saying "no way will the price go to Y, it is too expensive at [$1/3/20/50/100/266/500/800/1200] already" threads where Y is 10-100 times the current price.
The truth is no one knows, but if adoption, speculation etc continues it will increase in price.
The point about people expecting a price jump after the halving in late 2012 is good to recall. I think a combination of the halving and press (Cyprus hype etc) played an important role in 2013. The next halving in Aug 2016-ish will be interesting to observe.
:-)
Hopefully January 2015 we'll look back at this thread and reminisce about how cheap the coins were in Dec 2013.
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The control-freak authoritarians the world over have one goal in mind - control everyone else for their own power. All the while claiming it is for their own good.
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My goal is to break even and get out, just like I did in 2011 when I decided to buy a few to speculate with on mt gox. I feel sorry for you, buying in 2011 and only breaking out   What a shit of investor you are mate  Yeah, why do it if the goal is to break even? Better to just not waste the time! |
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It may be a warning, but exchanges are heeding the warnings and shutting down. As well, it will steer investors away.
We need the exchanges to get people moved from fiat to Bitcoin.
I have a US exchange built and ready to go, but I can't risk opening due to the regulatory burdens in the US. As an exchange you must register as money transmitter in all 50 states, requiring surety bonds in each state - a lot of money - and all of that is upfront BEFORE you can get a bank to work with you. To think I pay these assholes their salary.
What about teaming with these people: https://bitcointalk.org/index.php?topic=360549.40Then, like casinos they operate, they are in their own tribal nation? |
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... There is no money to be made any more ..... really!?
The truth is that the game hasn't even begun. It was cool to make some money out of early mining or thanks to early buy-in. But the years gave proof to a way more interesting fact. Bitcoin became a whole platform of global cultural importance.
Stop whining about the changed context within which the bitcoin system is happening right now. Instead engage in creating the next smart contract system on top of the blockchain, etc. . Beating the financial establishment on their own turf is way more fun. Being successful there will be about the really big money.
Enjoy!
This. Help this guy set up an exchange ( https://bitcointalk.org/index.php?topic=360549.msg4151341#msg4151341), bank etc. A path to wealth in bitcoin now is in services built with it. Speculating won't hurt either, but mining is really taking a backseat. :-) |
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"You're a bad boy" not "Your a bad boy" - just FYI. :-) Nice to see the freedom vote. ;-) |
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It seems that most misundestood my post. Most only thought about the double spending problem in the domain of bitcoin. But my question is more general. ... Finally, if you are not a maths pro, don't comment here.
Perhaps it was a problem with the OP - given this is a bitcoin forum and you didn't properly define the scope as being more general. If you mathematically define the problem, then the question of whether or not there is a mathematical answer may become clear and it will certainly let the mathematically inclined respond. In short, maybe expecting people to answer a non-mathematically defined problem mathematically is at the root of the answers that you got. And if you don't want other comments, make a thread that you can moderate. :-) |
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Capitalists and governments will always step in when there's money to be made. And if they can just keep printing money to buy BTC, then they could print themselves out of debt or just buy the entire world.
They can until someone finally realises their money is worthless and says "Precious metals, jewels or natural resources, please, I can wipe my ass with your paper". We are getting really close to that moment. This. Once enough people realize that the paper is now worthless their game will be up. We aren't there yet, but the time may be close if the printing continues for long. |
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Hi, My own two cents are to use the strengths of the tribe and the independent nation status that make you unique. 1. Mining is great if it is primarily for teaching and learning for those people who have a technical interest. It is important to have a group who understand these aspects. 2. There is also the advantage of location where heat dissipation isn't as large a concern in winter. :-) 3. The big competitive advantage though is the unique legal structure being an independent nation offers. I think it is clear the US government recognizes it in respect to casinos, so should with other things too. So the question is how to leverage the competitive advantages that you have and that is by offering services to the world that might be difficult or impossible elsewhere. This probably includes online gambling (with IP blocks no doubt for some countries-which is somewhat meaningless for bitcoin obviously), exchanges (which since you are a nation provides different rules versus the rules in each US state), and banks to help the exchange. (There may be things like a Silk Road replacement that are possible, but they would attract the wrong kind of attention in my opinion). There are probably many other things that you can provide that give you a competitive advantage under your legal status and I think that could be of great benefit to the tribe and to bitcoin itself. The key is what is the advantage you have and it isn't in mining except as a learning tool because the mining ROI is difficult for everyone. If you intend to set up an exchange etc once you have people up to speed you could no doubt get investors because there you have a great advantage over many others. Again given the nation status, getting investors could be much different than what is required outside the reservation. Services like this will provide a good recurring income stream and a lot of valuable technical education to many people that is not just applicable to bitcoin. You'd want to go through whatever legal reviews are available (if any, if needed) before doing this, but this sentence encapsulates the advantage you have over many others, a much freer environment to do business. And that is worth a lot. Ok well in response to the question of speaking with tribal governing bodies, I have already had meetings with our He Sapa Oyate Council and they gave me the go ahead as long it will help the community. I know several elders there that are excited about t he program and looking forward to it's development. As far as the Mining aspect we Do have some donated gear coming in which people are looking forward to seeing the basics of how things start out. Alot of people mentioned just buying BTC instead of mining...the problem with that is unemployment still hovers around 83.5% average income is around $7,000 a year...people struggle to get the basics....where would they get the income to buy BTC for training purposes? not trying to be a smart ass...just saying. Thats the main purpose for the Mining element...is to generate enough to A:) Show the Viability of a major tribal Mining cluster and B:) to generate enough BTC for young people to train on with exchange trading that they can learn effective trading strategies. The Commercial Businesses can accept it pretty easy so thats a no brainer but it's getting our people started in learning how the tech works and how to use it...without keeping it on a HD and later finding out you just dumped $6.7M in the landfill...LOL
-Payu-
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I am sure they can never be $50k per 1 bitcoin. It is unbelievable.
50X increase from 1000USD? Not so unbelievable, it only requires 50X more demand... Absolutly, We traveled from 3 Cents to 1300$ since late 2008 (Since Satoshi's first Block) its just 5 years and today we are in 1K which is 1000 s times so nothing is hard in bitcoin world, recent happy news is Btc China got good deposit optionAt the beginning of 2013 people didn't think it would hit $100 let alone $1000. Shoot, dollar parity was even a big deal. :-) |
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Please don't talk down to people like that, it's not constructive, and given the nature of a lot of the conversations on this board, I don't think this was an invalid question.
If the two pools collude for a 51% attack, what would they gain? A double spend? What would the double spend get them? Suppose it was for something like a Lamborghini which would be a good sized purchase. Probably won't happen because the dealer is going to wait a reasonable number of confirmations - more than 6 no doubt - or use escrow. So large purchases are pretty much out. So it would be for something less. What happens after a double spend for $10,000 then? The double spend is seen (whomever the double-spend is against will point it out ASAP if it is of any size and/or it will be noticed by others), and the pools lose 95% of their members within hours or days. The pool is done and the operator loses a lot of recurring income from fees. So it seems unlikely. Alternatively, what happens to the bitcoin price if the two pools collude and the miners stay with them to help keep the collusion going? The price of bitcoin plummets and the pools and miners lose out again. No rational miners will stay with pools colluding so any attack will be short-lived, so it would only be attempted for a large reward, but no large transaction will be accepted without many confirmations or escrow making a double-spend unlikely to be profitable for the pools. Perhaps a state-sponorsored pool might try it solely to destroy bitcoin, but every day that becomes less likely due to the increasing hash rate. Perhaps 3 years ago pre-GPUs it would have been easy. With the GPUs, it was still possible, but 2013's ASIC explosion has made it much more difficult and much more expensive to even consider. With the miners shipping now and next year it will become even more unlikely. Obviously more decentralization is better as various people have said with regard to p2pool, but some ASICs can't mine with it reliably, and it is not nearly as easy to set up. I believe this will improve with time. I certainly hope it will because p2pool-like mining is an important part of the future of bitcoin. Regarding the quote above, people get frustrated because the same question has been asked and discussed hundreds of times on here. His questions are valid because if the person can't answer them, then they may not be clear on some of the concepts, and so the question comes from misconceptions. ;-) |
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Flip your tablet over, you must be looking at it upside down.
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I agree, the odds of a Federal Judge giving him the bitcoins back is very, very, low. I think he is fighting for himself and crypto-currencies too. Questions are:
1. Will they force him to disclose any private keys he hasn't disclosed?
2. How will the classify bitcoin?
3. What will become of it? Auction? Ignored?
...
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What is needed is the following to ensure that bitcoin survives: - Get Duck Dynasty's Phil Robertson to condemn bitcoin - Get GLADD to endorse bitcoin - Get Greenpeace to accept bitcoin donations - Get HIV/AIDS awareness groups to accept bitcoin donations - Get Cracker Barrel to accept bitcoin After that no Central Banker would dare to attack bitcoin for fear of the wrath that would fall upon them. |
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Bitcoin is doing well even given how early we are in the process, but ease of use is sorely lacking. The technical minded can do it, but it needs a Netscape-type increase in ease of use, or an iPhone-type innovation in terms of smartphone ease of use. Bitcoin will do well without that, but the market will expand tremendously if it is as easy as using a credit card.
That my 0.02 BTC
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From the New York Post: http://nypost.com/2013/12/23/government-robbed-me-of-33m-in-bitcoins-silk-road-pirate/The Internet “pirate” accused of running the notorious illegal-drug-peddling Web site Silk Road claims that the feds are the real buccaneers — robbing him to the tune of $33.6 million worth of the encrypted, virtual currency bitcoin.
Ross Ulbricht — who was arrested in October for allegedly masterminding the mysterious “deep Web” site — recently filed legal papers in Manhattan federal court admitting he “has an interest as owner” of the more than 173,000 bitcoins the government seized through forfeiture from Silk Road. ... |
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Now that we are on full custom ASICs we are done with the multiple order of magnitude increases in efficiency.
From were on out advances in mining hardware will be bound by Moore's law, doubling every 18 months so, as die shrinks and incremental architecture improvements are achieved.
I would expect that by this coming summer (Northern hemisphere) we will be able to purchase equipment that will not be obsolete nearly as quickly as we see now.
I believe you are right. Going from CPU to GPU had a similar ramp and then slowed until the ASICs this year. |
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...this kid is only 18 ...
KID? He is 18 and can vote etc. This isn't some 11 year old. That said, sorry that he lost it, as others have said, hopefully he can earn it back and get back to where he was. ;-) |
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