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Nothing that has happened in the last year is satoshi's fault. Bitcoin is like the world wide web - it is beyond the control of it's creator and developing in unforseen ways. Crypto in general is a very exciting space and we still don't know which coin will win the race - and I expect satoshi will be as surprised with the final result as anyone else.
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Don't be mean to @r0ach. So what if he lost money with bitshares. Plenty of people have lost money in this space, including those who bought BTC at $1000. And others (like me) have lost money because various exchanges have collapsed (mtgox, mintpal, cryptsy).
There is barely a person in this space who hasn't lost a little money because it is the wild west out there - even if you are great at trading and time everything well, there is an exchange scammer waiting to nick your profits.
So don't bring up his past losses - that's plain unkind.
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It could be several things. Are you based in Germany? If so, they run extra checks because German banks have a reputation of being lax and letting fraud happen. Here is a thread from 2014 illustrating the German problem: https://www.reddit.com/r/Bitcoin/comments/29qn6h/kraken_account_frozen_funds_in_hostage/The other issue might be with the amount you have withdrawn. I expect that lower amounts go through automatically but higher amounts need to be signed off. Again this is standard practice. my experience is that German banks are stricter in enforcing regulations than banks in other EU countries. It's Kraken's experience that counts - they've been operating for some time and will have developed profiles of the countries they are dealing with, and will have built that into their risk algos. Judging by what they've said elsewhere, they also run all transactions against blacklists issued to them by various govt fraud agencies, to ensure they arn't dealing with people they shouldn't be. |
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It could be several things. Are you based in Germany? If so, they run extra checks because German banks have a reputation of being lax and letting fraud happen. Here is a thread from 2014 illustrating the German problem: https://www.reddit.com/r/Bitcoin/comments/29qn6h/kraken_account_frozen_funds_in_hostage/The other issue might be with the amount you have withdrawn. I expect that lower amounts go through automatically but higher amounts need to be signed off. Again this is standard practice. |
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http://www.coindesk.com/russias-bitcoin-ban-draft-bill-withdrawn/A bill prepared by Russia's Ministry of Finance targeting the creation and circulation of so-called money surrogates, a classification that would include digital currencies like bitcoin, has been at least temporarily withdrawn from consideration following comments from the country’s Justice Ministry.
As reported by regional news source RNS last week, the bill – popularly known as the "Russian bitcoin ban" – received some negative feedback after the Justice Ministry is said to have objected to the bill on the grounds that its comments were not incorporated. The national legislature, the Duma, has been deliberating the bill since earlier this year.
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I don´t give a fat rat´s ass. Not sure about Portugal but Germany is just fucking ridiculous, highest electricity prices in Europe...  fucking expensive, around 33 us-cents per kwH, and then bragging about negative wholesale electricity prices when the sun shines alot? PEOPLE PAY 33 CENTS no matter what the wholesale electricity price is!!!!!!! People pay 33 cents for something that would cost 10 cents in a non bolshevist, free market economy. A small number of people benefit (those with large houses and ability to borrow big). Large, renowned companies like RWE and EON are close to being broke. Many towns depend on their dividends and are now broke, too. Welfare recipients need their electrical bill subsidized...not in Venezuela..in GERMANY. Middle class has to pay and pay and pay for this bullshit. This whole renewable energy shit is just newspeak ecofascist propaganda LEAVE ME ALONE WITH THAT GREEN SHIT UNTIL IT WORKS IN A FREE MARKET ECONOMYGermany's electricity is expensive because Merkel panicked after the Fukushima disaster and shut down all the nuclear power plants - even though Germany doesn't have much of a coast-line and isn't in an earthquake zone, so no danger of tsunamis etc. If you already have nuclear power plants, you should continue to run them - the expensive part is setting them up, and those are sunk costs for existing plants. So run them right to the end of their lives to get the maximum value out of them. No sense in shutting them early. |
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What seems to be happening is that bitcoin approaches $470, the blocks get full and backlogs build, the market reacts and the price falls. We've seen this scenario three times already. I think $470 is a ceiling till the blocksize thing gets resolved.
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The fact that everyone already knows what Coinbase is and now they're throwing away their entire marketing, image, and name recognition is probably the dumbest corporate move I've seen in Bitcoin so far. Who signed off on that? Is it a unilateral Brian Strongarm move?
It's only the exchange that is being named GDAX. The main wallet is still coinbase. As for why they are doing it. The best explanation I saw was the following: Previously: Coinbase - A Bitcoin Payment Processor, Storage, and Exchange Now: Coinbase (GDAX) - A Digital Assets Payment Processor, Storage, and Exchange They arn't sure that bitcoin will survive so are rebranding for cryptos in general. |
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Very nice, just 3 years too late
It's better late than never, litecoin still has a chance to redeem its lost glory. If it was added on it's own, yeah. But all the attention (and money) are now with Ether. The litecoin price hasn't really moved with this news. |
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@Stoat
Is that article you just posted one of yours?
I think there is still time for the miners to switch to Bitcoin Classic and for bitcoin to get the bigger blocks before the halving. The ball is in their court - I find it hard to believe that they will sit there paralyzed and not act while the value in btc drains away.
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https://medium.com/the-coinbase-blog/what-happened-at-the-satoshi-roundtable-6c11a10d8cdf#.5t9b4f9t4Armstrong is hedging against a scenario he lays out here: The next block reward halving is coming up in July. Let’s say that miners on average are able to mine a coin for $250 (I don’t know the exact number, so this is a guess). After the halving in July their cost to mine a coin will double to $500. If the bitcoin price stays around $425, it will be unprofitable for a number of miners to continue mining.
The implication of this is that we could see a reduction of hashing power on the network at the July halving date. Perhaps in the range of 10–50% (I don’t have a good way to estimate this, if anyone does please post it).
In a worst case, let’s say that 50% of hashing power turns off at the block halving because it is no longer profitable for those miners. This would mean that we start getting blocks mined every 20 minutes on average instead of 10 minutes. But blocks are already 70% full today. If the average confirmation time goes to 20 minutes, it means that we will be at 140% of capacity on every block, and start accumulating a backlog.
Bitcoin has a mechanism to adjust the difficulty of proof-of-work when hashing power changes. This happens every 2,016 blocks, which is normally about two weeks. But if we’re mining a block only every 20 minutes, then this will take four weeks.
It gets worse. Even after four weeks of being over capacity waiting for the difficulty to adjust, there is still up to another two weeks of backlog to churn through before getting back to “normal” (70% capacity and occasional delays). So you are looking at about a six week period of ~2 week confirmation times or drastically higher transaction fees. In addition, with so many pending transactions the mempools of most nodes will fill up, meaning it is likely that most bitcoin transactions will not even relay, much less confirm. This could prevent merchants and wallets from getting a notification about a transaction for weeks.
If this causes the bitcoin price to fall, it will make mining less profitable, and a negative spiral could happen.
It’s unclear what the likelihood is of the above scenario (admitedly, I’ve described a worst case scenario). With the new supply of bitcoin halving, this could also drive the price up. And it’s difficult to estimate what % of hashing power could turn off at the halving. It could be much less than 50%. But I also feel that there is no reason to risk it and it’s incredibly irresponsible to play things so close to the edge. The network today, with 70% of blocks full, is already experiencing congestion issues and backlogs. Any reduction in hashing power will exacerbate the problem.
The fact that bitcoin core has allowed the network to reach this point is incredibly negligent, and I think says a lot about their motivations and competency as a team. There is no reason to roll the dice and see if this failure scenario comes to fruition.
Good catch. I think he tried his best to get the miners see that they needed to switch to Classic. They refused, so he is protecting his business by ensuring that even if bitcoin goes down, crypto as a whole does not. We now have a full house of exchanges that trade ether against fiat: Coinbase, Kraken, BTC-E, Bitfinex and Gemini. |
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This alarm bell went off in my head as well. Why now? I'm never mad at a company changing focus, but at such a critical /uncertain time, given blocksize/halving/eth competition concerns, why? Is someone aware of something we don't know? Because this transition is not free, capital and manhours will be spent to accommodate this rebranding/restructuring. and given how shrewdly this company has been ran, I don't expect a capital outlay without commiserate return.
Brian Armstrong has been a strong advocate of on chain scaling. In fact, Theymos banned his support people who were trying to help people with deposits on /r/bitcoin for something Brian said on Twitter about bigger blocksizes (not /r/bitcoin). Based on that and the way Blockstream ignored exchanges it has been my belief for awhile that Brian has had his eyes open for what would satisfy onchain scaling and be adoptable by the masses. (All my theory). Ethereum volume has been hard to ignore - it looks like he's taking a big risk. Even R0ACH says if bitcoin doesn't go up significantly pre-halving that it can be considered a failure ... it's looking to me like it's going to go down which in conjunction with the halving of rewards could pull miners off and overload the already overloaded blockchain. Which could be bad. Watch things closely over the next several weeks. Agree with what you wrote. This is Armstrong giving up on bitcoin - it is clear that the Chinese miners arn't interested in scaling because it affects the way they work thanks to the great firewall - and Blockstream was also completely disinterested in the fact that the full blocks were hurting exchanges and other businesses. I think he feels he's banged his head on the wall long enough and is now looking for an alternative, and is trying our Ether. If that doesn't work, he'll try out another alt. But with Coinbase, Kraken and BTC-E all offering direct fiat/Eth pairs, there is no longer any need for anyone to buy bitcoin in order to purchase Ether. |
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poor bank  Deposits in a bank don't belong to the bank. They belong to the customers. Poor customers! I think this is negative news. Customers don't deserve to be stolen from, and the thief seems to think donating a tiny portion to fighting isis makes it all right - but it doesn't. |
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And how much energy was used to produce these panels, transport and install them? How much energy will be used to maintain them?
I bet you you'll not get back the energy you already spent on building and installing these arrays, even after 25 years of useful life of these panels.
At 30% efficiency, the net energy equation is negative.
Not much more than the energy it costs to set up a coal or gas-fired generator plant. The cost of setting up each type of plant is broadly similar. But with the renewables, the inputs - sunshine and wind - are free. It is a massive burden on an economy to have to import coal and gas - costs money, contributes to your trade deficit and depresses GDP. So good for Portugal, hopefully this can bring down their deficit - and if they produce enough they can even start exporting surplus electricity to Spain. But I can understand the coal and gas producers screaming and hollering - they've lost a customer! Knowing politicians will seek to maintain the balance on the one hand we have the polluters and the other we have to bring the solution to minimize pollution building sources of renewable energy, but the companies that produce nergy with Fossil fuel will not want to stay with losses. In my opinion it had taken a long time to have clean energy. A single nuclear power plant would produce TEN TIMES the power of that expensive, finicky solar farm that Portugal would like you to believe is so wonderful. And that nuclear solution would run day and night, instead of just when there was bright sunlight. Have you checked out Portugal's climate? There is plenty of bright sunlight. Nuclear power stations are expensive to build - they are better suited to cold climates that don't have the benefit of sunshine (or strong wind as Portugal gets from the Atlantic). |
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According to the following thread from 2014: https://forum.ethereum.org/discussion/11/founders-and-issuance12.5% of the pre-mine was given to the founders, with a time-lock of 1 year. So they could start selling from 2015 onwards - we don't know how much they've sold. Given the spike a couple of months ago, I'd be surprised if they didn't sell some. I think Buterin sold 25% a few months ago - but we don't know how much he sold in 2015. |
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I think on Fiverr, customers can pay for services using bitcoin, but the workers doing the gigs get paid by Paypal, and the paypal fees are deducted from their earnings. On top of that workers pay a 20% fee to fiverr. So a gig might cost the customer $5, but the worker gets $4 minus the paypal fees for withdrawing.
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AVG would have stopped it
AVG is pretty hopeless - all it does is use up massive system resources to find minor stuff. I think the moral of this story is that you need to keep your coins on a separate clean computer that is off-line and is used for nothing but storing coins. Do all your other stuff on a computer that doesn't have anything in it that can be stolen. |
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And how much energy was used to produce these panels, transport and install them? How much energy will be used to maintain them?
I bet you you'll not get back the energy you already spent on building and installing these arrays, even after 25 years of useful life of these panels.
At 30% efficiency, the net energy equation is negative.
Not much more than the energy it costs to set up a coal or gas-fired generator plant. The cost of setting up each type of plant is broadly similar. But with the renewables, the inputs - sunshine and wind - are free. It is a massive burden on an economy to have to import coal and gas - costs money, contributes to your trade deficit and depresses GDP. So good for Portugal, hopefully this can bring down their deficit - and if they produce enough they can even start exporting surplus electricity to Spain. But I can understand the coal and gas producers screaming and hollering - they've lost a customer! |
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Good timing.. Sold mine when it touched 10$..
Congratulations. ETH is trading just now 40 percent above your exit point at 14$. Please ask R0ach for your donation receipt. "Thank you for giving us the opportunity to serve you. We appreciate your business and the confidence you have placed in us".  CoinManic1 did fine selling for $10 if he bought for much lower. Only fools try to pick the top. Everyone else knows that banking decent profits keeps you solvent. People who hang on for the top usually end up losing money - because the point always comes where they wait for it to go higher and it starts falling instead... |
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