whew...I'm stuffed on popcorn...this is getting good  Yea this is ridiculous. Not only that but noone has any real proof of any of this. That's like saying that if someone wins the lottery 5 times in a row there is no real proof that they are cheating. Well I have not seen any logs from eligius that would backup the fact that blocks were withheld nor have I looked into the cheater's address's nor eligius stats to see if payments are where they "should" be. Most importantly I have not seen any proof that this person really is the person who was mining on eligius. |
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Wow, as for me, (I have two kids 5 and 6 years old) it sounds really cool, even now, when my kids are small I can start investing in their future education!!!
You can and should invest in your children's education regardless of if a particular university accepts bitcoin. Very few people have enough money in bitcoin in order to use to to pay for a college education. Very few people have enough money period compared to the cost of higher education, at least here in the USA.  College tuition makes the US's bloated, parasite-ridden healthcare system seem like a downright BARGAIN by comparison.  Which is why students are being driven deeper and deeper into debt to try to get that education. You are correct, but people are not going to borrow money, use the borrowed money to buy bitcoin then pay for their tuition. |
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I heard news about Kenya and the problems they have with money transactions, and how they are looking Bitcoin as the solution, adding
that cryptocoin will begin to compete with companies like Western Union with transaction fees... Great news ! i think this could be the
start for Bitcoin getting know worldwide.
If there can be sufficient internet access in 3rd world countries then it would be very well possible that Bitcoin could replace local currencies. |
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it's simple really. people mine alts because the difficulties are much lower than that of btc. then, when btc rises, they sell off their alts to convert to btc which causes the price of the alt to drop (because of the selloff) and in turn causes btc to rise even more because people are buying it instead of selling.
Wow, I never put the miners into consideration which is something I feel silly about overlooking honestly. The theory I had before is one I still believe but I feel the point you make is also valid then my suggestion. miners are running a lot behind the scenes. I am pretty sure big mining heavy hitters talk and make back room deals. they are pumping and dumping. alts are really a dangerous place to play. a dev can release a coin. the dev and friends can mine and mine. and then once enough people are in, they can dump. it happens over and over. Well put jabo38. I have just started paying some attention the the alts and I'm of the opinion that there is some manipulation taking place. So that does not surprise me that you'd suggest such deals taking place. When you think of whales and miners and the potential of shady deals taking place it puts a lot of things in perspective, when looking for a alternative coin to invest in I'd say. Not to mention the exchanges is just another aspect to take under consideration. I have my doubts about market manulipation by the miners. The miners have (usually) invested a lot in their machines. IMO they would be the last set of people who would attempt to manulipate the market as market manulipation only decreases trust in the coin. |
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Why did I laugh so hard at this?
Was not even worth it. He did not make much, and now he is the laughing stock. He could have easily made a ton if he picked a couple of altcoins. to mine instead, clearly he didn't do enough research before going into it and didn't understand difficulty, but his experiment did tell us one thing, a 51% attack is extremely unlikely because of the cost, which we've known all along, but it was nice to see it confirmed. What he should have done was mine on a multipool for scrypt coins. |
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I think you should move if you don't like the noise.
Or talk to the neighbor about it. And if they refuse... start recording it, and initiate a legal action to request injunctions against their noisy activity, sue for damages or to seek a noise abatement order against the neighbor. In most states, the neighbor could be liable from $50 to $100 a day. Much more, if it causes medical/psychological issues, or if it affects the value of your property or interferes with your ability to rent or sell.. You'll need to be able to prove using recordings, police reports, and your witness testimony that * The noise is excessive and disturbing, and * The neighbor is creating the noise (or e.g. is the landlord and therefore, responsible), and, * Your enjoyment of your space is affected, and * You verifiably asked the neighbor to stop the noise on multiple occasions, and they had refused or continued to make the noise. I think the neighbor has free speech rights in this situation. If you simply ask them politely to quiet down a little bit then they will probably quiet down. |
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paypal is likely to go out of business before they get on the bitcoin bandwagon ..
Because Bitcoin eliminates the monopoly they have, thus destroying their business model of being price-gouging middlemen. Paypal also serves an a central authority, putting you at their mercy when they think you have somehow done wrong. |
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The funny thing is that insder trading in stocks are based on inside information of the organization, with bitcoin there is no business centralized to bitcoin.
What inside info would you have on the bitcoin network?
The inside information is regarding news related to Bitcoin in some way. For example if you knew that GOX was about to suspend withdrawals then you would sell BTC on BTC-e knowing the price is going to go down in the near future. |
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Do you need to apply for margin or do they give it to everyone? I think this sounds very risky to both the user and the exchange. |
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Are bitcoin gambling sites illegal in USA?
(sub-question: Does it make a difference where they're hosted, ie. if they're hosted outside USA?)
Lastly, If an online game involving money and payouts requires skill more than luck, is it considered gambling? And is it illegal?
To USA everything that doesnt involve giving the a part of the cake is illegal, or if its not, they will make it illegal. So much about your "freedom" Correct. According to the Boston University Law Review, U.S. regulations pertaining to online gambling are about how much money the government can make or lose and blocking competition. You, the consumer, are oppressed, as you have to pay higher prices (higher vigs and rake) and have less choices, when you have to buy from monopolies and oligopolies. You can get full explanation at http://stockbet.com/#/support/gamblingThis is not necessarily true. If a casio can reach an economy of scale then they can charge less from consumers in the form of lower house take. I'm not sure I understand your point. That's like saying that if Ford can reach an economy of scale, then the car prices will be low for the consumer and the variety and choices of cars will be enough. Therefore, there is no need for more competitive car makers, such as Hyundai, to lower price even more for the consumer, and no need for BMW to provide different types of cars. Is this what you're saying? I am saying that a healthy amount of competition is good. In places that allow gambling there are a good number of casino operators that compete with each-other. Your previous post said that consumers are forced to buy from oligopolies that have a lower house take. My point is that by having a concentrated market a casino market can lower their average expenses and that competition is great enough to pass this along to the consumer. Looking at your analogy, car makers do not primarily compete on price, they compete mainly on quality. |
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The recovery effort is getting nowhere because nobody competent is pushing forward in the courts in Japan.
I'm not sure that's the problem. I'd say the recovery effort is going nowhere because the situation is beyond recovery. They seem to be something over a billion dollars in the hole. And where did it go? That's the big question. It didn't disappear by itself. Someone has the money (especially the bank deposits). I suspect the bank deposits were used to buy BTC on other exchanges at a discount and then sell BTC on GOX (prior to halting withdrawals). As far as the BTC, I am not sure. If there was an issue with missing private keys I would think that they would have disclosed this by now, or originally. |
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All of the crypto markets are subject to massive market manulipation.
Just look at what happened when GOX was failing and the GOXcoins were trading on bitcoinbuilders website.
Yep...total Goxcoin market was driven by bots, whilst bots trading on the solvent exchanges still responded to action on Gox. This meant that Karpeles could use Willy to drive the real Bitcoin market around, which I suspect he did. I suspect that Karpeles was the 10K whale who came to Stamp on eve of crash to $400 and tricked the bots on Stamp into eating into around 6K BTC worth of his 10K limit order, as the bot traders furiously bought Bitcoin due to Stamp being undervalued in comparison with BTC-e, Bitfinex, Huobi etc, which had corrected and then ramped due to Gox crashing and then ramping right up. Due to 10K Ask wall, Stamp got stuck some $30-$40 dollars beneath spot price of the other exchanges so the bots kept buying and buying into the 10K Ask wall at $579. Two days later, Bitcoin crashed down to $400. I don't think it was so much "bots" that manulipiate the market but rather misinformation. I remember there was so many forged IRC chat logs on reddit around when Gox suspended withdrawals but did not file for bankruptcy yet. |
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This site will not actually tell you how many people use bitcoin, but rather the details of BTC transactions and the network. |
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Thanks for this and for the links that explain how 51% isn't automagically a disaster. Does anyone have a link or explanation for how Ghash.io became so popular? What is so great about them? I've been to their site and don't see anything super special or am too ignorant to recognize their awesomeness. Their rise, regardless of what they do with it, seems pretty remarkable. Thanks! There are probably two reasons why cex/ghash is so popular One - they are very good at marketing and making their website look good. If you look at their stats pages, their worker pages, the trading platform, the balance history it is very organized looks neat, is very detailed and is appealing to the eye. Now look at the stats page for eligius, the stats are nowhere near as detailed, you don't have as much information and someone who does not have a lot of knowledge about bitcoin may not be able to interpret what everything means. I think eligius is a very good pool and that absolutely nothing is wrong with it, and you generally will make exactly the same with both pools (they use different payment methods PPLNS vs CPPSRB [capped paid per share with recent backpay]). Two - They offer merged mining with several altcoins. This will increase profitability by a little bit (the small amounts matter in mining) and offer a platform to sell two of the altcoins that are merged mined. |
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So Lets say I had enough capital to buy 20 TH/s worth of machinery and could run it at $ 0.03 kw/h............could this not make money ?
The answer to your question ultimately depends on two things: One - how fast the difficulty increases. This will determine how much your machines will mine in the future as well as the future value of your miners. Two - the price that you pay for the machines. This will help determine when/if you will ever reach ROI. I assume that you would purchase 28nm machines. You generally "have" to assume that the price of bitcoin will remain flat when calculating ROI as if you think it will increase then you would be better off simply buying bitcoin. IMO the best way to profit off of miners is to buy miners at the market price (or slightly below if possible) then resell it right away to someone else quickly, before the miner looses any value. You could then keep what it mines as profit. Miners will lose value as the difficulty increases as they will produce less bitcoin |
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Most governments currencies are back up by Minerals or something else. Gold, Silver, Water, Food, Fruits, ect, at least in theory.
They are back up with military. Most governments use neither. Most governments will either back their currency by their economy (when they do this they have control over their money supply) or have their currency pegged to the US Dollar (when they do this they essentially are forced to adapt to us monetary policy but get the stability of the dollar). |
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In the United States the power of the President is very constrained regarding the economy, in many ways much more than prime ministers in other systems.
If you look historically probably the most influential president at trying to move the economy was FDR and even his new deal was almost derailed by the US Supreme Court, e.g. minimum wage law, that was actually passed by Congress was illegal according to the court until the next year when it wasn't. Other presidents, Ford, Carter, even more pathetic.
So while the president can sometimes set the tone, either willingly or otherwise, outside of their appointment of the Chair of the Federal Reserve, not a lot they can do, assuming good will.
The president can influence what laws that congress at least proposes. The president can regulate via the various government agencies (EPA - obama has used the EPA a lot, SEC, DEA, DOJ, HHS, OCC). The president can put pressure on Congress to get certain law passed (he is not always successful, but always can start a public debate) |
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we almost broke $550, $500 is not so far away
I don't see us going back to $500. I have been wrong many times though. I think we are in the midst of too much good news right now... many good news and weak hand still sell their BTC we need super big news that will help many investor believe in BTC like 30000 government sanctioned coins for sale at auction likely to sell under market price? The coins will likely sell for a discount anyway the guys buying this amount will not sold in a long time, they will hold them for sure. That is not necessarily true. When companies offer a "secondary" offering of stock (offering a large amount of stock for sale after it has gone public) the stock usually trades at somewhat of a discount and the buyer will often sell it on the open market right away, profiting off the difference between what they bought it at and the price they sold on the market. Kind of like an arbitrage. I would not be surprised if people did not at least attempt to do this for the FBI auction. |
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What is wrong with Circle to my knowledge they are just a payment processor for smartphones
Insert converter and send
Simply put they are a service not anything more or less and help with merchant adoption
Some people do not like the fact that Circle would act like a "bank" in that users would send coins to their account and then circle would encourage users to send money to other circle users in an off blochchain fashion. As of now Circle does not plan on having any fees and to my knowledge do not plan on lending your coins that you deposit (operating on a fractional reserve) |
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I don't think any of the exchanges allow for short selling at all.
Well you are totally wrong. All the big ones do, except Stamp. How do they collect on loans if the price goes up too much before you cover your short trade? Do you need to submit a credit application? I can see huge problems with short selling bitcoin. |
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