I'm glad I moved a chunk of fiat into exchange yesterday. Now to sit and wait.
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Huoboi dropping fast. Don't know why.
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That's just a 51% attack. Which would be immediately detected.
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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.
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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.
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Looks powerful and innovative. Can you please explain more about how you are using multisig to achieve this?
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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.
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Do you have the real link instead of a tinyurl to something potentially malicious?
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Do we expect bitcoin to be around in 50 years time?
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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.
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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.
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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.
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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.
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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.
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But not enough to tip the apple cart. Which is good because I have very little fiat on exchange at this moment.
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$1 million USD won't go very far in Sydney or Vancouver or Whistler or Shanghai or Singapore or ...
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Momentary excitement over sitting back quietly at 811 on stamp.
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Stamp broken below tight range to 810 USD
Wall at 810 under attack 70 btc in a blink
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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.
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No chance. Warren Buffet would consider Bitcoin to be a WMD just like CDOs.
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