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5501  Economy / Speculation / Re: What do you expect from the halving in 2016? on: May 30, 2015, 08:56:53 PM
Nothing happened to the price as a result of the last halving. Nothing will happen to the price as a result of the next halving.
A drop in new coins by 1.8k BTC a day is nothing compared to 14 million coins currently in existence and the current 135k daily trade volume. There are so many other factors affecting the price, the drop of 1.8k BTC a day will have little effect on the price (at least in the short term).

how so, the chart clearly tell you that there was a x2 raise for the last halving, it will be the same for this or at worse we remain at current price(but at the expense of having the power cut in half, unless by that time, every farm will run with free electricity), i doubt it will go down, there is no reason for the price to go down at the halving, instead of going down...let's say, this year

The last halving was 11/28/2012 and the price that followed was flat for 3 months before the Cyprus bubble started. Furthermore, after the Cyprus bubble, the price was flat for another 5 months before the China bubble started.

So other than the two bubbles, the price was basically flat. The halving didn't seem to have any effect.

The beauty of a chart is that, like statistics, anyone can interpret it any way they want. That's why so many people believe in technical analysis.
5502  Economy / Speculation / Re: What do you expect from the halving in 2016? on: May 30, 2015, 02:48:53 AM
Nothing happened to the price as a result of the last halving. Nothing will happen to the price as a result of the next halving.

A drop in new coins by 1.8k BTC a day is nothing compared to 14 million coins currently in existence and the current 135k daily trade volume. There are so many other factors affecting the price, the drop of 1.8k BTC a day will have little effect on the price (at least in the short term).


5503  Bitcoin / Press / Re: [2015-05-29] WUK: IT'S NOT TOO LATE TO GET INTO BITCOIN, INSISTS BITCOIN JESUS on: May 29, 2015, 08:54:57 PM
Quote
Because the supply of Bitcoin is limited, the price of Bitcoin is going to have to increase and increase very substantially over time

That is not necessarily true. It assumes that the velocity stays constant (referring to MV = PQ), which is not likely to be the case. As adoption increases, the price could continue to fall just like it has been for the last year.
5504  Bitcoin / Bitcoin Discussion / Re: Brain Wallet hacked, suspect bitcoin talk hackers. on: May 29, 2015, 06:26:07 PM
Your bitcointalk password is very weak, so it could have been cracked in a short amount of time, but I don't see how anyone could have known that your bitcointalk password was the basis for a brainwallet passphrase. That seems extremely unlikely.

It is much more likely that the hash of "example123", plus variations (such as "example123example123example123"), have been precomputed by the hacker. You can probably store hashes of the 1 million most common passwords with 1000 variations each in less than 100 GB, and looking up a hash might only take a few seconds.
5505  Bitcoin / Bitcoin Discussion / Re: 'Casting out nines' instead of leading zeros on Proof of Work on: May 29, 2015, 03:55:06 PM
There are two issues:

First, in the current system, the solution is not a hash with a minimum number of leading zeros. That is a common misconception. The solution is a hash that is less than the target value. The current target value is 0x1686F5 x 2168.

Second, your system only allows a change in the difficulty by a factor of ten. That just won't work.
5506  Other / Beginners & Help / Re: How to earn bitcoin quickly? on: May 28, 2015, 07:43:06 PM
Give Mechanical Turk a try. You will make a lot more money by doing real work than by visiting faucets, and you can easily convert the money you earn to bitcoins.

https://www.mturk.com/mturk/welcome
5507  Economy / Service Announcements / Re: [2015-05-26] StiB: The Powerful BitS of Peers to Peers on: May 28, 2015, 07:04:25 PM

Vaporware
5508  Bitcoin / Bitcoin Discussion / Re: Would Bitcoin algo change mean hours/days to confirm a block?? on: May 28, 2015, 02:17:25 PM
No because the developers aren't complete retards. They would reset the difficulty or at least bring it down a lot.
Do you really think the developers would do that? Put bitcoin in jeopardy and many mining farms out of business?

The "developers", whoever they might be, cannot change the difficulty.

It is unfortunate that so many people believe that the "developers" actually have some sort of control over Bitcoin.

As far as SHA-256 being cracked, it would not affect mining that much.

It is extremely unlikely that an inverse of SHA-256 will ever be found. That has never happened for any hashing algorithm. A realistic scenario would be that a weakness is found that would make it easier and faster to solve a block. If that happened, then it would simply mean that people might be able to start mining on CPUs and GPUs again until ASICs could be developed to take advantage of the weakness. The difficulty would rise and Bitcoin would continue.
5509  Bitcoin / Press / Re: [2015-05-26] CoinDesk: Accenture: UK Government Should Regulate Bitcoin Wallets on: May 28, 2015, 12:07:41 AM
Quote
These institutions would be authorised and regulated by a central authority, such as the FCA and they would be required to:

    Issue leather currency wallets and identify the leather currency wallet owner through KYC checks
    Maintain a compliance status of each leather currency wallet
    Monitor leather currency wallet usage to check payments are between other identifiable leather currency wallets
    Monitor transactions for adherence to sanctions lists
    Be able to freeze digital currency wallets where they are being used for suspicious activity.

http://www.coindesk.com/accenture-uk-government-should-regulate-bitcoin-wallets/


How stupid is this?

I propose these regulations:

  • Issue leather wallets and identify the leather wallet owner through KYC checks
  • Maintain a compliance status of each leather wallet
  • Monitor leather wallet usage to check payments are between other identifiable leather wallets
  • Monitor transactions for adherence to sanctions lists
  • Be able to freeze leather wallets where they are being used for suspicious activity.

They are just as ridiculous.
5510  Bitcoin / Bitcoin Discussion / Re: A few tips to increase the anonymity of your BTC transactions on: May 27, 2015, 11:56:10 PM
There is no need to use a mixer for most bitcoiners. Just don't send all your bitcoin to 1 single address, keep funds spread out among lots of addresses and no one knows how much bitcoin you have.

It is the number of wallets, not addresses, that is important. Without careful use of coin control, all the addresses in a wallet will be linked to each other. So if somebody knows one of the addresses in your wallet, they can know them all (with some limitations).
5511  Economy / Service Discussion / Re: Bitaddress.org on: May 27, 2015, 09:45:29 PM
Would you trust that encryption to protect your coins?  Basically if you had 1000 BTC on the paper wallet and a +20 char passphrase should one be confident that crackin your actual private key is not possible?


BIP-38 is very secure as long as your passphrase is strong. A passphrase with 20 random characters is fairly strong and not likely to be cracked, but a passphrase with 4 5-letter words is not.
5512  Economy / Service Announcements / Re: CoinGathering - Cryptocurrency Magazine (NEW) on: May 27, 2015, 09:20:30 PM
Why does everything have to have "coin" or "bit" in the name?
5513  Economy / Economics / Re: New research: Using Time-Series and Sentiment Analysis to Detect the Determinant on: May 27, 2015, 03:57:18 PM
Correlation does not imply causation. Q.E.D.
5514  Economy / Economics / Re: The Next Step for Digital Currencies on: May 26, 2015, 04:01:38 PM
The least egalitarian way to distribute bitcoins is to give them away. The most is to trade an equal amount of value for them, which is how it is done now.
5515  Other / Beginners & Help / Re: A guide to how Bitcoin works under the hood. Blockchain and Transactions on: May 26, 2015, 09:00:32 AM
About transaction fees:
Now the fee is no more the difference between all inputs and all outputs, but it is determined by the client in relation to its size and priority, am I right?

It has not changed. The fee is paid by making the outputs less than the inputs. The amount is determined by the client, generally by using the policies in Bitcoin Core that consider the size of the transaction and the age of the bitcoins.
5516  Other / Meta / Re: [2015-05-25] Is Joshua Zipkin Responsible for the Bitcointalk Hack? on: May 26, 2015, 08:11:17 AM


Betteridge's law of headlines

Betteridge's law of headlines is an adage that states: "Any headline that ends in a question mark can be answered by the word no." It is named after Ian Betteridge, a British technology journalist.
5517  Economy / Economics / Re: 2014 Poll: How many bitcoins do you own? on: May 21, 2015, 11:03:18 PM
My balance is more like .4 btc.
Anyone with more then what I have Im pretty jealous...
Gee, if you only had another $150, you could have a whole bitcoin.
I know plenty of first world folks who wouldn't be able to spare that type of money for something that isn't of immediate benefit to them. Huge numbers of people are out of cash before the end of the month.
Not everyone is a virile success with money socked away.

I agree that there are a lot of people that should not be holding substantial amounts of BTC because of the risk. However, ...

In general, someone who supports themself but cannot save $20 a month is living beyond their means. Those huge numbers of people would be in much better shape if they would lower their standard of living and save at least a small amount of money each month.
5518  Bitcoin / Bitcoin Discussion / Re: BASIS on: May 21, 2015, 04:06:47 PM
The base of bitcoin was a person who was just dead. Some says that he was Murdered some says he sucided.Can any one give me a fair explanation of it.Can anyone tell me what is the basis of bitcoin. Or why was the bitcoin was evercreated or why it exist now

The basis of bitcoin is this: https://bitcoin.org/bitcoin.pdf
5519  Economy / Economics / Re: 2014 Poll: How many bitcoins do you own? on: May 21, 2015, 04:04:12 PM
My balance is more like .4 btc.

Anyone with more then what I have Im pretty jealous...

Gee, if you only had another $150, you could have a whole bitcoin.
5520  Economy / Economics / Re: Major Banks Admit Price Fixing... Hugh Penalties on: May 21, 2015, 03:18:26 PM
A monetary penalty is no penalty at all when you can print all the money you need...

I wish they would start executing these fuckers like George Carlin suggested.  You'd see shit clean up really quick.

Banks don't print money. They don't need to.
They just make them magically appear in their computers by passing a few numbers to them.
Then those numbers are converted to physical money since they "lend it to you" (which basically means they are giving the command to the computer that X amount of the numbers they added have to be paid by person A in physical money).

this the reason why they want to remove cash completely, they want to have full control on their dirty scam, printing is a thing on the past, now with all the electronic money, it's like no one is holding anything anymore

Just to clarify ... when people talk about banks or governments printing money, they are referring to general money creation, and not the actual printing of notes on paper. At the height of U.S. QE, the Fed was printing $85 billion per month, but it not was not issuing 850 million $100 bills.
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