Transactions in Bitcoins are going up because it takes more Bitcoins to buy the same stuff.
Godammit. I knew there was a reason why I was making twice as many trips to the corner shop after the price of milk doubled. |
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Back to the gold topic. There is a referendum in Switzerland, in November, which is likely to secure a yes vote that the SNB holds 20% of its assets in gold (currently at 7.6%). As soon as this passes the bank will have five years to reach the 20% target. There is no legal escape for it. Considering that the SNB balance sheet has recently blown out Fed/BoE/BoJ-style - it will have to buy up to 1,700 tons of gold in the open market - and take delivery! http://www.zerohedge.com/news/2014-10-28/things-make-you-go-hmmm-swiss-gold-status-quo-showdownI really think this will put a floor under the current gold price, and maybe even spark another medium-term rally. Will be interesting to watch the weasels at the SNB try to wriggle out of it ... after the shit they pulled with the EUR peg anything is possible. Shit is being pulled again! Seems like this... ...On the top floor of PayPal HQ the legendary Black Phone is ringing... Nervously the execs crowd around until one of them summons enough courage to pick up the receiver. There are no pleasantries, a voice just hisses: " Remember Wikileaks? Now its the Swiss Gold Initiative" Drrrrrrrrr. The caller has hung up, the unseen world bankster network hath spoken. https://goldswitzerland.com/swiss-gold-initiative-2014/On Wednesday, October 29, we have received notification from PayPal that they can no longer receive donations on behalf of Matterhorn Asset Management AG. The reason is that we are not a formally registered charity in Switzerland and that we must seek a different approach to raising funds for this extremely important Initiative campaign. During the past two weeks we have received donations from various parts of the world and many from the United States of America. We and the Initiative Committee, chaired by Luzi Stamm of the Swiss National Parliament, are extremely greatful for the contributions that we have received to date and this setback will not stop our effort and our commitment to go through with the Social media promotional campaign that will in fact start on November 1 in Switzerland.
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Will there only ever be 21 million checks?
Will there be only one cryptocoin? LOL. Now THAT needs framing.  |
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MOST people are used to 2 decimal place currencies. So by your own comment, they need to be considered.
Yes, everyone needs to be considered. The only clean solution here, to make it right for everyone, is to hide the ISO 4217 code in the back-end whenever possible, and display to the user whatever their locale settings are. The average wallet software should allow this kind of flexibility. This way the ISO code would become a pure technicality for low layer applications. ^ Everything here is sensible ^ It makes sense to use the same unit as used in the blockchain / by the protocol then, doesn't it?
No. The purpose of an ISO is to help make bitcoin amounts easily represented in the world's non-bitcoin, existing, mainstream/legacy financial/accounting systems. A 2dp code achieves this best. In fact, 99% of them expect it. |
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I don't even think this should be a debate. Every ISO currency makes use of 2 decimal places.
This is simply wrong: https://en.wikipedia.org/wiki/ISO_4217There are hundreds of millions of people who use currency which is not subdivided into hundredths. Why would they want to adopt two decimal places, just because bitcoin? An international standard needs to treat all peoples equally. I think we should choose the lowest common denominator (i.e. the smallest possible denominational unit) as a compromise between the diverse financial traditions. MOST people are used to 2 decimal place currencies. So by your own comment, they need to be considered. And satoshis are too ridiculously small to be useful. As the wikipedia article mentions: The code JPY is given the exponent 0, because its minor unit, the Sen, although nominally valued at 100th of a Yen is of such negligible value that it is no longer used.
Some currencies do not have any minor currency unit at all and these are given an exponent of 0, as with currencies whose minor units are unused due to negligible value.
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Methinks we crash below $200 within 8 hours.
you thinks wrong Yes. What people overlook is that a price fall from $400 to $200 requires as much doom, gloom, hate, FUD, despair, bear-mania, as the entire fall from $800 to $400. Unless there is a breakdown of the Bitcoin protocol, it becomes exponentially harder for the price to collapse downward. There is a floor, and maybe $275 was it, and $333 the lowest retrace. |
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Since Bitcoin shares gold's property of scarcity, would not that be a good thing for Bitcoin?
I think that public debate about a return to the principles of sound money is very good for Bitcoin. The Swiss vote will help kick-start debates which will hopefully spread wider. The problem is that the vast majority of the population (even in OECD countries) are unaware that 100 years of out-of-control command-and-control central bank lunacy has wrecked the world's financial system. It has created trillion dollar trade imbalances, bankrupt governments, Peak Debt, pay-later consumer culture, anti-savings bias, wealth inequality, commercial inefficiency, zombie banks, rigged markets etc, etc, ad nauseum. In the same 100 years living standards have improved due to exponential gains in science and technology, which has masked the effects of the world's dysfunctional financial system. However, things could be so much better. That's why I like Bitcoin. It is sound money, as is gold, but fit for the 21st Century. Now the Swiss might make a lot more people learn how important these matters are. |
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TA 101
1) spot trend, follow it until it shows signs of reversal
2) learn what reversal patterns are, how they relate to market psychology, where they occurred historically in these markets, and how to recognize them and their variations
3) have enough self-respect and confidence in your position that you don't have to troll threads talking your book
4) profit
TA 101 1) Realize that TA is basically bullshit and doesn't work 2) profit This is how it works:  |
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I'm very interested to see what spin and hype will be deployed toward a NO vote. Or just plan old vote rigging. A YES vote would send a shockwave. ..
I am sure that many Swiss voters think 20% is lowish, and some think it should be higher. The SNB should be buying large in the futures markets right now, ahead of the vote, or be front-run by every commodities trader in the world afterwards. (It can always unwind in the case of a No vote). Will be interesting to watch the weasels at the SNB try to wriggle out of it ... after the shit they pulled with the EUR peg anything is possible.
They could ask UBS for the billions in bail-out funds back early. There will undoubtedly be some scam accountancy off-balance-sheet tricks pulled to reduce the SNB assets. |
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Back to the gold topic. There is a referendum in Switzerland, in November, which is likely to secure a yes vote that the SNB holds 20% of its assets in gold (currently at 7.6%). As soon as this passes the bank will have five years to reach the 20% target. There is no legal escape for it. Considering that the SNB balance sheet has recently blown out Fed/BoE/BoJ-style - it will have to buy up to 1,700 tons of gold in the open market - and take delivery! http://www.zerohedge.com/news/2014-10-28/things-make-you-go-hmmm-swiss-gold-status-quo-showdownI really think this will put a floor under the current gold price, and maybe even spark another medium-term rally. |
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China took the price from ~120$ (or, quite likely, from ~14$) to ~1200$. ... But now they are realizing they are not welcome by people in this thread, so they are pulling out.
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Do we need to call the fractional units as mills and bits? Why not stick with milli-bitcoins and micro-bitcoins? People all over the world use the metric system. We should adopt it too.  Because people don't use full metric prefixes for money. No salesman puts a sticker price of 17 kilodollars on a car. No one says BillG is worth 40 gigadollars. You might use an abbreviation and say a car cost 17 "k", just as you can say 17 "grand". It is a shorthand which is in common usage. Mil has been used historically before e.g.   |
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I will leave this place soon. Bitcoin is dead, it's only down from here and i sold everything i got quite a while ago so there is nothing for me here anymore.
I tried to help the few delusional bulls who just won't give up but they don't appreciate my warnings very much. Ah well, your money. I don't care really.
I'll come back every 50 dollar drop for some entertainment. So long and thanks for buying my coins at 400. Poor schmucks.
Good luck with your pump and dump coin.
And who said there's been no good news recently? should at least be +5% not to read this depressing bullshit any more. the biggest weakness of decentralisation is that you cannot exclude any one And what if that one is a Galileo Galilei? |
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hmmm... but what if the electricity was free  Like at mom & dad's house? |
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Fair points. Also, the starting point is not zero, it is 1MB blocks which can hold 1000 differences.
I don't understand what you mean. What I mean there is that because the differences increase relatively slowly, in practice the O(1) can hold for a while. Fixed size 1MB IBLT blocks being normal while disk block volumes increase through 5MB, 10MB, 15MB, which may take quite a few years. So it is an approximation, a reasonable functional description of what is happening in that time period. Of course, mathematically, the differences mount until, at some point 2MB blocks are needed. Who knows, maybe sidechains are doing heavy lifting by then. It's still a hell of a lot better than O(n) |
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Why is it O(1) for block propagation?
If 1% of the transactions were different between 2 blocks, then the size of the IBLT would have to be 10 times larger to handle blocks that are 10 times larger.
No one else is chiming in so this is what I think: it depends. It depends upon how synchronized all the unconfirmed tx mempools are. If all nodes are 100% synchronized, then, yes, O(1) block propagation can occur, even when clearing the whole mempool. In reality, mempools vary, by how much?, well it would be nice if there were metrics on it. A 1% difference is a working number based upon allowing 6 seconds for a new transaction to fully propagate and 600 seconds between blocks. So, perhaps tx mempools are mostly non-synchronized at the margins (new tx incoming, and old tx being discarded without confirmation), and the middle 98% of the tx mempools have only a 0.1% difference. Maybe an IBLT would encounter a 0.01% difference by always selecting the "best" 50% of the unconfirmed transactions. Also, the starting point is not zero, it is 1MB blocks which can hold 1000 differences. |
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I have a question for those who still believe in a crazy price rise and mainstream adoption.
It's been 6 years. 99.9999% of the world out there doesn't give a shit about Bitcoin, bank fees, decentralization and so on.
Why do you think that after 6 years (six!!) this suddenly will change?
How delusional do you have to be to believe this?
So, just WHY are you sitting at your computer hammering out "comments" on bitcointalk, month after month after month? |
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