marcus, with respect, you're missing the point.
There are 5-6 other exchanges. They don't have volume, even though they have good-enough or better-than mtgox trading engines and interfaces.
They don't have volume because of the inertia of people giving mtgox a second chance. Then a third, fourth, fifth and sixth chance, even while the fuckups keep getting bigger.
Hissin' and moanin' is what gets newbies to notice that mtgox is associated with a bunch of hissin and moaning and hopefully pick a different exchange to join.
So do some productive moaning too and spread the word: Boycott MTGOX. They're incorrigible.
Can't say I ever endorsed them after the infamous "I was Goxxed!" rollback fiasco and the onerous requirements on customer interrogations (suspect data-mining motives) ... I've never used them and don't have intention to unless I see a massive change in operations. ... but damn they get some volume, there is no telling the stupidity of most people. Gox are incorrigible, don't use them people! How was that? |
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Could you not redirect the "surplus" hashpower to another pool of your choice (P2Pool springs to mind) until the "threat" has passed?
Details around fees might be problematic but I'd imagine there might be a smaller pool or two out there that might be happy to get the boost from time to time and forgo fees for a super miner like BTCGuild overflow.
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Enough with the a hissin' 'n moanin' ... we've known this for ages ... get your sorry asses out there and build somethiing better. It's a wide open free market and there is enormous greenfields potential for new exchanges, tons of moolah to be made ... show us all what ya got besides big ideas and big yaps  |
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http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10876905With $600 stuffed in one pocket and a smartphone tucked in the other, Patricio Fink struck a deal that's joining thousands like it in a virtual revolution.
The Argentine software developer was dealing in bitcoins getting an injection of the cybercurrency in exchange for a wad of real greenbacks he handed to a pair of Australian tourists in a Buenos Aires Starbucks. Fink wanted to add to his electronic wallet. The visitors wanted spending money at black market rates without the risk of getting roughed up in one of the Argentine capital's black market exchanges.
In the safety of the coffee shop, the tourists transferred Fink their bitcoins through an app on their smartphone and walked away with the cash.
"It's something that is new," said Fink, 24, who described the deal to The Associated Press over Skype. "And it's working."
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in fact I think these attacks will only serve to make the whole bitcoin ecosystem stronger.
However, by tolerating criminal activity, against whoever, then authorities are allowing a culture to build up and desensitising the norms as to what is permissible behaviour. Therefore, it is only a matter of time until these types of attacks and malign forces that have been tolerated in the bitcoin sphere, turn their guns on the establishment exchanges, banks, institutions. They play a dangerous game thinking they can allow fires like these to burn only for them.
And what exactly could they possibly do? Really, the bitcoin ecosystem just needs to step up the quality of their game. Currently they are behaving like amateurs. What does not kill you only makes you stronger and the Bitcoin economy will mature. In the meantime, enjoy the trees getting shaken and weak hands selling. And this type of cyberwarfare happens against corporate companies all the time. The average cost is $6m and 4% to the stock price. Not expecting them to do anything or that they could do much besides talking about it. However, the contrast is stark when there is similar attacks against established institutions it is all over the media and then a few months later some guys in FBI parka jackets frog-march some hapless autistic teenage kid in a hoody out of his mother's basement, and proudly and solemnly declare "We got the anonymous haxor!" Absolutely the bitcoin ecosystem needs to up its game, and it is doing a pretty good job of improving to each level so far imho. Currently they are amateurs which is why they behave that way ...  but still it works. My main point actually was that if bitcoin ultimately succeeds, then whatever it has had to endure will turn upon established institutions who will look like ripe plump targets in comparison at that point. |
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And I thought the entry hurdles were high when I started buying precious metals 8 years ago. But, that was *nothing*. I have never felt so stupid, afraid, jacked-around and all over sick just trying to give my money to someone to buy something, ever. I thought this is what all the *smart* people are doing. I guess the bitcoin world is running out of smarts.
Put some trust in your fellow men https://localbitcoins.com/you might meet someone interesting too. Uh, hello...this is where most of the flaking is taking place. I thought I could get around the bs in the whole money exchange/delay/verification/fees nightmare by dealing with someone local who was just us folks. But, nnnnoooooo. When the price started going up, you have never seen such a flaky, unresponsive, deal cancelling, price gouging bunch of dollar-signs-in-their-eyes amateurs, ever. I would laugh if I didn't feel so insulted. I have the email threads and cancelled deals to prove it. A bunch of geeks with new money, watchout! Guess I'll go back to coinbase, the week delay is doable if I actually get coins at the end. Everyone in my locale has bailed, I'm the only btc nut for 300 miles in all directions! ommfff! I expected so much more from the Silicon Valley Digiteratti! Ouch, that's sounds like a nightmare ... I guess bitcoin has changed from the good ole days now that the sharks have entered the pool. |
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And I thought the entry hurdles were high when I started buying precious metals 8 years ago. But, that was *nothing*. I have never felt so stupid, afraid, jacked-around and all over sick just trying to give my money to someone to buy something, ever. I thought this is what all the *smart* people are doing. I guess the bitcoin world is running out of smarts.
Put some trust in your fellow men https://localbitcoins.com/you might meet someone interesting too. |
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What I find interesting is how the authorities are tolerating these known attacks on bitcoin sites as it is effectively criminal activity (they may even be encouraging or facilitating it in some way). For instance, if the same activity were taking place against banks, NYSE, IRS, etc there would be hell and fury raining down from everywhere. I don't think bitcoin businesses need the same protections as the established financial systems, in fact I think these attacks will only serve to make the whole bitcoin ecosystem stronger.
However, by tolerating criminal activity, against whoever, then authorities are allowing a culture to build up and desensitising the norms as to what is permissible behaviour. Therefore, it is only a matter of time until these types of attacks and malign forces that have been tolerated in the bitcoin sphere, turn their guns on the establishment exchanges, banks, institutions. They play a dangerous game thinking they can allow fires like these to burn only for them.
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Gotta agree here. It makes sense from a systems point of view what is happening here as well. The more they increase bureaucracy, tracking, monitoring, control the more unwieldly, unreliable and corrupted the whole apparatus becomes and the more they have to try to patch it up with bureaucracy, tracking, monitoring, control ... they are in a death spiral of increasing State control that can only led to more State control of everything until there is outright facism or totalitarian socialism and collapse. The only way out of the death spiral of an increasing bloated, ineffective State requiring more bloated, ineffective State to fix it up is to release control completely. Devolve the power back to people, deconstruct the tracking, monitoring, control apparatus and collapse the State back to 5%-10% of economy (or less) and try to a maintain it there as long as possible to prevent the complexity death spiral from beginning again. |
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Bitcoin's percentage move action today is ultra bullish for the medium long term. (I wish I wasn't writing this because it is my best rational analysis of markets but the absolute figures involved conjure up emotions and make it sound like pumping and bubble-licious talk ... but some people might like to hear it.)
I thought I was dreaming when I saw the stilletto it painted at $25-20 correction (25% stilletto in matter of minutes) and thought to myself this sucker is going to $50 maybe $75 or higher ... then it did the same thing again when it touched $50 for first time and retreated to $36 (25%) and then bounced back in next to no time ... these stilletto patterns all the way are evidence of more money waiting to get in basically "buying the dips" analysis but a little more sophisticated analysis of post dip action ... it is not the collapse that is the tell it is all in the bounce back and follow through. Sawtooth trading analysis is something very similar from commodities bull runs that uses similar patterns.
Now, today it just dropped from $260 to ~$110 and is bouncing back by almost 80-100% off the low ... this is a mother-of-all stilletto pattern that has got my hands shaking. We could easily be going north of $1000 in the medium term and bodes for higher again in the longer term.
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... and we should listen to an apologist for a failed currency system, who calls himself a "failed investment banker" because?
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Okay, I think this will be my final word on this (if anyone cares or is listening). Basically it comes down to a philosophical call since the number of variables and unknowns going into the decision lead to an incalculable analysis, at least I don't see any good way to reduce the variable set to get a meaningful result without over-simplifying the problem with speculative, weak assumptions. In that case, as Gavin is saying, we should just leave it up to the market, our intuitions, our future ingenuity, trust in ability to solve anything that comes up and basically hope for the best. So now I'm thinking, let the max_block_size float up to any unlimited size. But have a limit on how fast it can rise that makes practical sense, a rate limiter of some sort so it can grow as fast the network grows but not so fast that an attacker could game it over the medium/short term to force smaller users off the network with unrealistic hardware upgrade requirements. Ultimately though have an infinite limit to max block size in the long term, as Mike Hearn says. As a first blush in pseudo-code; if (MAX_BLOCK_SIZE < multiple of the median size of the last 1008 blocks) ## Gavin A.'s rule to let MAX_BLOCK_SIZE float proportionally to recent median block size history, weekly check
NEW_MAX_BLOCK_SIZE = multiple of the median size of the last 1008 blocks
if ( NEW_MAX_BLOCK_SIZE < (2^(1/52))* MAX_BLOCK_SIZE ) ## Jeff G.'s rule as a weekly time-based rate limit on MAX_BLOCK_SIZE to yearly doubling (Moore's law)
then {MAX_BLOCK_SIZE = NEW_MAX_BLOCK_SIZE }
else
MAX_BLOCK_SIZE =(2^(1/52))* MAX_BLOCK_SIZE
endif
endif
Infinite max block size growth possible but rate limited to yearly doubling rate. |
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I look forward to hacking those newbs.  MtGox and others have already learned some hard lessons about cybersecurity; no doubt any competitors who make it to market once BTC is popular will have to be prepared. Yeah, good point. This is no territory for fat, cat soft targets that's for sure. |
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Today I've sold another part of my bitcoins and now I have money enough to completely pay off all our debts to customers and contractors.
Thanks to Lady Luck and Satoshi Nakamoto for the resurrection of my business!
I'm so inspired with bitcoin that I'm thinking about launching serious bitcoin related business project. Will announce it soon.
and there you have it ... first proof that a small bitcoin holding has proved to be a viable hedge against a failed banking system. |
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I have a feeling Iceland is a key level. Everybody knows what it is. Saying "Bitcoin > Iceland" is a pretty good one liner.
You can already say that if you use the monetary base (M0) instead of M1. These 11M bitcoins we are using in this calculation are Bitcoin's monetary base and M1/2/3/4 as Bitcoin has no fiduciary money so far. Yeah, I agree. The bitcoin float is more like M0. Also it turns out these digital fiat bank deposits (M1) are not as sterile as economists/banker/govts would have us believe, it seems like there are hidden claims on them by sovereign and other unspecified creditors (particularly look at deposit "covered bonds" and convertible notes that are being traded against customers deposits in the shadow banking system.) When you have bitcoin keys in your possession they are clearly more liquid than fiat bank deposits, so it is more like cash and coins i.e. physical currency. Imho the globe is slowly waking up to the fact that digital fiat is actually encumbered with liabilities and not as good as money as physical cash. |
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Did someone say they were giving out spankings, or was that in another thread.?
Just curious...
Thread promises spankings, delivers middle-management pep talk. Rah-rah-rah! ... WHACK! Boom-t-shikka-boom-t-shikka ... WHACK! WHACK! La-la-la! ... WHACK! ... better? |
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But you can't make tooth fillings or electrical contacts out of Bitcoins.  Yep, pros and cons, swings and roundabouts, horses for courses ... don't get wedded to any one investment, keep your eye on the ball, watch The Man, diversify, be happy, sleep well. |
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Is this live yet?
Has anyone done bitcoin trades on this platform yet?
... yeah, looks like it's live, doesn't appear to be any trades gone through yet (on UK IG) ... the spreads are huge and doesn't appear to be any stop loss facility enabled for these bets, expire 31-May-13  gonna take some steel balls for anyone to take options on this puppy. |
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Maybe twice a week? Wed. Sat.?
Edit: actually after listening to the casual chat format (I liked it) maybe daily is possible (speaking from a listener's perspective this is). The grind of pumping it out might get to you but that is your call obviously.
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Cool, a doer.
Send me a link to your code and I'll start building tests, use cases porting it to multiple platforms whatever you like for it .... reserve the right to quarterback after the real work is done though.
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