Bitcoin Forum
June 23, 2024, 11:28:26 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
  Home Help Search Login Register More  
  Show Posts
Pages: « 1 ... 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 [400] 401 402 403 404 405 406 407 408 409 410 411 412 413 414 415 416 417 »
7981  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: January 24, 2014, 02:32:03 AM
I'm glad I moved a chunk of fiat into exchange yesterday.  Now to sit and wait.
7982  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: January 24, 2014, 12:45:12 AM
Huoboi dropping fast. Don't know why.
7983  Bitcoin / Bitcoin Discussion / Re: Bitcoins Fatal Flaw Nearly Exposed! (Theoretical)! on: January 23, 2014, 11:13:55 PM
That's just a 51% attack.  Which would be immediately detected.
7984  Economy / Economics / Re: BitCoin price determined by... on: January 23, 2014, 11:05:15 PM
Quote

What if 10TH 5nm ASIC's cost about $10, use very little (solar) power... would we still see $1000+ or fail miserably?
What about the Winkelvoss ETF...

Good question. Anybody... ?
What market do you think is the price setter right now?

The only thing that would happen is that network hashpower would go to the moon.  We would be talking exahash / second.
7985  Bitcoin / Bitcoin Discussion / Re: My Bitcoin Nightmare. on: January 23, 2014, 10:54:34 PM
 Sorry you have had such a rough time.

You can sign up for Coinjar (Australian company) and sell to them. Money in your account the next day.

It may take a few days to be verified the first time around.

I also suggest you have a computer dedicated to holding your bitcoins that runs your wallet software and nothing else. You can pick up a used computer from ex govt wholesalers for under $100.  Well worth the investment.

But yes, bitcoin is not ready for the mainstream quite yet. Security options are not good enough. Paper wallets lack functionality and hot wallets lack security.  Let's see if the hardware wallets coming out fix it.

Also consider reformatting your computer and starting from scratch because you clearly have a keylogger.

PS you dodged a bullet with Gox.  You will never see your money if you sell to them.  Use Bitstamp if you don't want to use Coinjar.
7986  Economy / Trading Discussion / Re: P2P loans for Margin Trading, Fly or Die? on: January 23, 2014, 10:59:39 AM
Looks powerful and innovative. Can you please explain more about how you are using multisig to achieve this?
7987  Bitcoin / Legal / Re: 2014-01-20 contrariancompliance: What Would a BitLicense Look Like? on: January 23, 2014, 10:50:12 AM
Broker Dealer comes with its own rule sets for compliance.  You start needing a backroom team to handle KYC / AML / maintenance of registration / reporting functions etc.   

It's not something to take on lightly.
7988  Bitcoin / Bitcoin Discussion / Re: Creative funding of bitcoin start-ups on: January 23, 2014, 06:26:12 AM
Do you have the real link instead of a tinyurl to something potentially malicious?
7989  Economy / Speculation / Re: [POLL] - Predict Bitcoin's all time high on: January 23, 2014, 03:34:55 AM
Do we expect bitcoin to be around in 50 years time?
7990  Bitcoin / Bitcoin Discussion / Re: Fractional Reserve Banking Approach on the Table for Corrupting Bitcoin Network? on: January 22, 2014, 10:14:57 PM
This seems like a bit of an opportunity for any new crypto; or for Bitcoin, if it can manage the change...a Fractional Banking-resistant Coin.

Some type of embedded auditing or some type of way to ensure that balances held across exchanges is frequently confirmed against the blockchain...is that even possible?

I do think it is desirable, since, out of control, fractional reserve banking is a bad deal for the masses, and always the biggest benefit to the 'already-rich.'

The answer is systems where the depositor continues to control the private key or part of a multi sig.  

That would be good.  I am wondering what the lowest level in the protocol / implementation would be that something like this could be achieved.  The lower the level, the less trust required=better IMO.


Pretty sure multi sig is in the core protocol just not implemented yet.  But develpers will be extremely cautious so don't expect it anytime soon.
7991  Bitcoin / Bitcoin Discussion / Re: Fractional Reserve Banking Approach on the Table for Corrupting Bitcoin Network? on: January 22, 2014, 10:03:17 PM
This seems like a bit of an opportunity for any new crypto; or for Bitcoin, if it can manage the change...a Fractional Banking-resistant Coin.

Some type of embedded auditing or some type of way to ensure that balances held across exchanges is frequently confirmed against the blockchain...is that even possible?

I do think it is desirable, since, out of control, fractional reserve banking is a bad deal for the masses, and always the biggest benefit to the 'already-rich.'

The answer is systems where the depositor continues to control the private key or part of a multi sig. 
7992  Bitcoin / Bitcoin Discussion / Re: Fractional Reserve Banking Approach on the Table for Corrupting Bitcoin Network? on: January 22, 2014, 10:01:43 PM
Regarding fractional reserve lending of bitcoin it is a very dangerous game.  If the price jumps by 1000% your debts (measured in fiat) also jump 1000%.  

This can make you insolvent very fast.  My guess is that Gox has been fractional reserve banking bitcoin since day 1 and has been caught on the wrong side of a 10,000% price increase which means they could be $US billions of dollars in the hole.  They can keep going until someone sues them in Japan for not coughing up their fiat (which will happen if not now then on the next price jump).

Ironically this makes new exchanges safer than old ones because they have not had the opportunity to get caught with their pants down for such a huge price swing.  
7993  Bitcoin / Bitcoin Discussion / Re: Fractional Reserve Banking Approach on the Table for Corrupting Bitcoin Network? on: January 22, 2014, 09:56:16 PM
Is there no way of telling that a particular coin has its source in mining rather than a promissory note?

The more relevant question is: Is a particular BTC promissory backed by actual BTC, and if so to what extent.

By the way there may be a situation developing with gold. Just search for "GATA German gold". If the conspiracy theorists are proven correct and this blows up it will have a profound impact not only on the gold market but also on the BTC market.

I don't follow gold but know it is claimed the US does not have the German's gold. What would be the impact on the gold market if this is true?  I don't see a direct impact in fiat which is not backed by anything.
7994  Bitcoin / Bitcoin Discussion / Re: Fractional Reserve Banking Approach on the Table for Corrupting Bitcoin Network? on: January 22, 2014, 09:44:19 PM
Many suspect Mt Gox of engaging in fractional reserve banking hence the fiat withdrawal problems.  

Good luck auditing any exchange they won't cooperate.

By definition any fiat or bitcoin held on an exchange is an IOU.  The comment above is correct in that the market is factoring in a 15% risk premium for Gox USD.   If it is true that Yen withdrawals on Gox are also broken then the 15% premium is too low IMHO.   
7995  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: January 22, 2014, 12:32:12 PM
But not enough to tip the apple  cart.  Which is good because I have very little fiat on exchange at this moment.
7996  Economy / Speculation / Re: I own BTC and part of me doesn't want it to reach $10,000 because on: January 22, 2014, 12:24:20 PM
$1 million USD won't go very far in Sydney or Vancouver or Whistler or Shanghai or Singapore or ...
7997  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: January 22, 2014, 11:51:01 AM
Momentary excitement over sitting  back quietly at 811 on stamp. 
7998  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: January 22, 2014, 11:33:23 AM
Stamp broken below tight range to 810 USD

Wall at 810 under attack 70 btc in a blink
7999  Bitcoin / Mining / Re: Is it still possible to solo mine a block? on: January 22, 2014, 03:58:31 AM
I believe it is your hash rate divided by total hash rate.   So if my math is correct it is 0.000000269% per block or 0.000045% percent chance per day.

Which is on average slightly more than once every 10,000 years if difficulty remained constant as of today.  Which it won't.

Suffice to say you should not expect to solve a block solo mining.
8000  Economy / Speculation / Re: Warren Buffet Investing In Bitcoin on: January 22, 2014, 01:57:06 AM
No chance.  Warren Buffet would consider Bitcoin to be a WMD just like CDOs.
Pages: « 1 ... 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 [400] 401 402 403 404 405 406 407 408 409 410 411 412 413 414 415 416 417 »
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!