Gold's chemical, electrical, and even some of its physical properties make it such that its rarity is the only thing keeping humans from using it in a variety of ways on a daily basis.
Blockchains are everywhere now. Useful, but not rare ... this is a typically naive objection. Rarity is a necessary but not sufficient condition for money to have value and only one of many monetary properties that a free market evaluates when arriving at valuations. You have much reading to do, google "subjective theory of value". Ever tried poking 100 ounces of gold through your internet jack to get it to instantly pop out on the other side of the world in your trading partner's hands? |
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mining is what gives bitcoin it's worth
People are what give Bitcoins its worth. The blockchain is totally fucking worthless without humans (duh...) gold, silver, diamonds, aluminium, steel, etc, etc are also effing worthless without humans ... however, if humans value something the expense/cost to dig it up, melt it down, calculate, compute, etc is what gives it worth ... think about it. http://szabo.best.vwh.net/shell.html... At first, the production of a commodity simply because it is costly seems quite wasteful. However, the unforgeably costly commodity repeatedly adds value by enabling beneficial wealth transfers. More of the cost is recouped every time a transaction is made possible or made less expensive. The cost, initially a complete waste, is amortized over many transactions. The monetary value of precious metals is based on this principle. It also applies to collectibles, which are more prized the rarer they are and the less forgeable this rarity is. It also applies where provably skilled or unique human labor is added to the product, as with art. ... |
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shorts are vulnerable, trapped, scared, exchange closed, positons underwater ... watching the price rise right now must be sickening.
The sharks are circling and they can smell blood, mother of all short squeezes probably gonna send the Swamp under .... if it ever comes up again.
What makes it interesting is that swap fees skyrocketed (almost immediately after I closed my short-w00t!). The bears were making almost free money borrowing BTC at such low rates, but now it will cost them to wait for the next crash. I'm certainly not calling a bottom, but I think we're close. ... it's also possible that if the Swamp is dead then another company will buy it out and sift through the wreckage in time to salvage whatever they can ... but haircuts for anybody who bogged down in there no doubt, mostly shorts sitting on imaginary profits and bagholders who were storing coinz on an exchange. meh. |
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shorts are vulnerable, trapped, scared, exchange closed, positons underwater ... watching the price rise right now must be sickening.
The sharks are circling and they can smell blood, mother of all short squeezes probably gonna send the Swamp under .... if it ever comes up again.
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do you have any update what the progress is on getting secp256k1 openssl support in the repos?
anyway bitcoin has it's own secp256k1 library on git now so there are other options
I'm going to be taking another look at Bitcoin's libraries with 0.10 and see what the best way to go is. ok, I could help with packaging that if you like. PM me if so. |
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oil was a pyramid scheme. only those early to the party made money by dumping on us latecomers bagholders!  social security is the biggest pyramid scheme in history, it's just that it is a cleverly disguised long con, designed to appeal humanities weakest emotional reactions, fear, pity, altruism |
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I stopped following the ridiculous charade that was the 'debate' for keeping ECC out of RH OpenSSL but have noticed that secp256k1 headers are there in the openssl-devel package and ECC functionality/support is generally in the openssl package now ... do you have any update what the progress is on getting secp256k1 openssl support in the repos? i.e. what's the latest farcical excuse?  anyway bitcoin has it's own secp256k1 library on git now so there are other options |
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I refuse to believe that he can not understand this, and instead believe he is simply trying out and testing new FUD against bitcoin here. Some FUD is easily refuted, other FUD requires more discussion and understanding. He has already said that he is working with his government on educating the public on the scam that is bitcoin. yes Chief FUD Tester ... if he can get some FUD to fly here he runs with it and disseminates it to the other FUDsters. It is immaterial if that FUD has valid basis in logic or has technical merit or not because the aim is to generate as much FUD as possible to discredit, not to actually critique cryptocurrencies or bitcoin technology. the current FUD is mining "cartels" FUDing ... ummm where are they exactly and what have they ever done in 6 years (when the stakes and therefore the protections were much lower)?? wanted for evidence: 1 proven malicious mining cartel |
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Whatever, I'll be fine  And if bitstamp comes back, which I think it will, it's no problem. go all in kid, you deserve it, death or glory, you only get one chance in life, think of all the riches!! So you are encouraging a kid who is already in debt to put even more loan money into a ridiculously risky (where the possible returns are not even that amazing anymore) investment and possibly face financial ruin because "death or glory"? Wow. Some perma-bull bitcoiners are even more depraved than I thought. so gullible and naive (or disingenuous) go all in short, forked-tongue, death or glory to all the bears too!! |
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If BTC had a market cap of $8 Billion I think it would be more secure to require the attacker to purchase the 51% rather than use a bunch of zombie computers + special made chips.
This should be self evident but most Bitcoiners seem to miss this important point. Even if PoS systems thus far haven't given us our Bitcoin-ready fully robust system sufficiently tested yet, everyone should be supporting research towards that goal. Anyone who doesn't see the obvious benefits of cutting out the mining waste, both financial and environmental, probably just invested all their money in ASICs or something. That or they're crazy. Mining sucks. mining is what gives bitcoin it's worth |
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Whatever, I'll be fine And if bitstamp comes back, which I think it will, it's no problem. go all in kid, you deserve it, death or glory, you only get one chance in life, think of all the riches!! |
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Perhaps I am lambchop, perhaps I am reptelia, or perhaps I am your mailman or trusted friend. I could attack any time when you least suspecting it to spread information about the true nature of bitcoin and the twisted game early adopter play to bilk greater fool investors out of their moneys!
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Guys this one is mind blowing : http://www.ted.com/talks/jeremy_howard_the_wonderful_and_terrifying_implications_of_computers_that_can_learn#What happens when we teach a computer how to learn? Technologist Jeremy Howard shares some surprising new developments in the fast-moving field of deep learning, a technique that can give computers the ability to learn Chinese, or to recognize objects in photos, or to help think through a medical diagnosis. (One deep learning tool, after watching hours of YouTube, taught itself the concept of “cats.”) Get caught up on a field that will change the way the computers around you behave … sooner than you probably think. ... more mind blowing is the number of humans that refuse to be taught how to learn ... maybe bread and circuses can be used to turn the AI's into useless obedient slothful servant drones also? |
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high octane anti-trollery http://btctheory.com/2015/01/08/bitcoins-people-problem/Stupidity is a poor excuse for failing to understand how technology and money works, but alas, we are in a world ran by a union of morons, commanded by sociopathic capitalists and politicians. Those who believe in bitcoin’s demise are the same sniveling cowards who cannot see past their own avarice and callowness to ever accomplish something great–they simply want to punch the clown each day, satisfied at the safety of being commanded by another. They are cowards happy to obey governments and laws that can only be defined as illegal and tyrannical.
These are the fools who would plead that the bitcoin’s cause can never succeed; not understanding the purpose is the struggle against the system as it is. The fools bitch of being ripped off by banks, and then offer hollow stares when told of what bitcoin can do. They demand to be told how bitcoin works, without a damn clue how fiat works. The only problem that bitcoin has is that stupid people do not want to be free and independent–they demand to be ruled and governed, and to have you dragged down with their sad little boat of life.
These clowns tell me of how pleasurable life is on their knees, and how they are allowed so many of the scraps from the table of Empire! That a life of looking towards the ground is not only a great pleasure, but one of deep honor. These people love their duty to their God of the state. They will offer any excuse to justify the needs of their master, any reason to qualify the barbarism they execute daily. There is nothing that the state can do that the slaves cannot create a justification for. If these are the very idiots that we must rely upon to help us create our change, I must animate the seriousness of the dilemma in which we have been caught. We shall never succeed if we believe these people will welcome the liberation from Plato’s Cave. |
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hey marcus, what's that infinite product function?
 Label the axes! Also, is this anything special, some kind of particular product? lol ... how lazy! you could have plotted it yourself if you are interested ... z, the horizontal, is labelled, the vertical is obvious and totally conventional, f(z). Yes, it is a special function, one can do a lot with it and lot more to be discovered yet I suspect. |
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hey marcus, what's that infinite product function?
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the swamp is following a well worn path ... first all the over-the-top KYC/AML and seizing of funds for non-compliance, then the unnatural dumping patterns and rampant short-selling (how much is by the exchange insider trading to get cheap coinz to balance out it's internal losses??) ... and now the "we got hacked!!" ... then oh but we will be closed for a few hours/days and we'll take the chance to overhaul our entire system and put up a new slick skin on our webpage this is almost the pathological progression of every other bitcoin exchange that is on it's way out ... good night, good riddance, they allowed some real scumbags (anti-bitcoiners) to set-up shop in their house. Take note, bitcoin has a way of dealing with its own .... |
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Investors are not buying anymore (for now) in this fund because:
1. They got fully loaded for a while in the last FBI auction
2. They are waiting for more FBI auctions (still 94k coins remaining)
3. Price is going down and no one likes to catch a knife (Most of investors are already at a loss, or big loss)
4. They mostly FOMO buy when there is a big rally going on
5. Fees are high (but OK if you don't understand bitcoin), but not being able to cashout when you want is just ridiculous.
6. This fund is now full of bagholders, if price keeps going down and bitcoin is not looking good when this launches the reaction could the opposite. A lot of investors trying to get out at the same time.
7. Bitcoin is having really bad press right now, "Worst investment 2014". And with Bitstamp hacked things are not going to improve. Investors will [rightly] think if one of the biggest bitcoin exchanges can't secure their bitcoins, average joe won't be able to do it (at least with current development).
That is a very good point. If the "pros" can't do it why should anyone else try? ... because the use-case for the 'pros' is completely different than your average user. Not to mention the pro use-case you specifically refer to are the highest high volume trading accounts, interfacing with the legacy banking system and tens of thousands users, with hundreds of new ones signing up, withdrawing, depositing and transacting bitcoins 24 hours of every day since they opened. |
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What is your number threshold for a amount of combined pools over 51% in which you would feel safe? 10, 20, 100? I don't think it would be hard to get 100 mining pools to conspire together.
There is no fixed number, of course. Rather, as the number of independent entities in a majority set of miners increases, their interest will be more aligned with the interest of the users. (This is true of democracy too, by the way.) In the case of bitcoin, one additional problem is that bitcoin ownership is highly concentrated too, and the largest holders are not miners. So, even if the protocol were somehow fixed to require consensus of all miners (instead of just a set with 51% power), the miners would still be largely disjoint from the users, whether one counts people or bitcoins held. So the miners might still change the protocol to increase their revenue at the expense of the users. (Would PoS be a partial solution to this problem?) The likelyhood of getting N mining entities to cooperate with a protocol change attempt depends also on the benefit that the miners will get from it. For example, I would guess that nearly all of them would approve a postponement of the next reward halving. That would destroy the confidence in Bitcoin, therefore the value of the bitcoins they want to earn. For the same reason, they wouldn't be in favor of increasing the reward per block (although that may seem tempting to some naive souls without skin in the game). ... it's pointless arguing finer points of the technology with Stolfi, his admitted politics are diametrically opposed to what Bitcoin will achieve in terms of removing the State from monetary power levers. He is utterly convinced of the righteousness of bureaucrats to be in charge of the people's money, it is almost a religious belief if you drill down and get to the core of his objections. All his technical arguments are ultimately driven by a fundamental belief (faith-based) logic that has no reasoned counter. |
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