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981  Alternate cryptocurrencies / Marketplace (Altcoins) / Re: 10 lots of 1,000 CK gold each -> 2014-11-3, 18:00 GMT on: November 02, 2014, 12:34:28 AM
Joseph, Earl of New Liberty bids for 3000 grams of gold at .20 monerito
982  Alternate cryptocurrencies / Altcoin Discussion / Re: Crypto Kingdom - 1991 Retro Virtual World(City) on: November 02, 2014, 12:22:25 AM
Why is nobody taking part of our joy??!?  Angry

We have procured a water-pipe, and despite the unlucky finishing of both Dom Perignon and Caviar, there is still plenty of Foie Gras left, as well as every kind of wine imaginable...

Earl David has been granted a haw right to the south from his church, and the tailors are busy filling the orders from our kingdom. So everything is fine. Citizens, rejoice with us!  Grin

Much feasting is shared all around Your Majesty.
Just this day I entertained the good Earl Sir Riccardo and his very lovely Lady Saskia at a fine dining establishment that also catered to her particular vegan proclivities.  Much delightful brewed beverages and an exotic kala improbably called a "swordfish" also made its final appearance on this earth before disappearing, leaving only savory delight in its wake.
983  Bitcoin / Bitcoin Discussion / Re: Chunk of Bitcoin Network Being Cut-Off Due to US Regulations on: November 01, 2014, 03:40:49 PM
More business strangling regulation in one country?  See the world, start over with something new.
It is less easy to find the silver lining for the USA, sometimes bad regulatory decisions are just bad decisions.

You are reading into my quote. I am not justifying these government actions and being an anarchist I certainly have no illusions about their ill intentions towards bitcoin despite how many times I hear them praise blockchain technology.

This is a war of ideals that is being fought right now and the quicker our community builds up an immunity to these expected attacks the better.

Using centralized mining pools is a security liability regardless if its an individual , gang, or government attacking.

Yes, we do agree on all that.  Even though I don't claim to be an anarchist.

My point is that this is really just bad for the USA.
It is like the government is shooting itself.
i see no silver lining for them.
984  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: November 01, 2014, 03:35:22 PM
simple theory question for all SC proponents.  so simple in fact what am i missing?

we have 13M BTC @ around $325.  SC comes along and lets say 3M BTC --> scBTC (just for illustration).  we know that the price of scBTC has to be lower given MM, newness, being unproven, risk of failure, etc.  let's say price starts off @ $100. $325

why don't arb bots circle back around and drive BTC price down to say $250-270?  multiply this by 1000 SC's.
FTFY

it can't start off @ $325 b/c the SC IS less secure and the risk of being on an entirely different ledger with less security means the instantaneous initial price has to be lower.  yes, with time the 2 prices will equilibrate, but at a lower price.

Bitstamp is sidechain controlled by central server. Is bitcoin from bitstamp worth only $100 ?
Not 100, but certainly less than true value.
LocalBitcoin price says that Bitstamp trades at a discount.
There is a rumor circulating that Bitcoin is a P2P technology.
985  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 01, 2014, 02:54:55 PM
Does anyone really doubt at this point a return to 275$?

Permabulls keep hoping, but what do they know? Wink
The real danger is not finding a new bottom from which a slow bull market can develop, that's normal,
the danger is that too many whales could panic sell below 300$ so the new bull market won't be able to
develop and we could see an extension of wave C and eventually possibly double digits. Shocked
80 $ doesn't seem impossible.

That would be awesome... I'd buy so much MOAR!!!!!1 Grin
Yeah, will also buy when it hits 80  Cheesy

Why would you do that? Wasn't btc dying? I was just in denial...
80 $ seems reasonable.

For something that's dying??
You are looking like this at the moment

Its been $80 before.
price =/= life
986  Bitcoin / Bitcoin Discussion / Re: Chunk of Bitcoin Network Being Cut-Off Due to US Regulations on: November 01, 2014, 02:52:05 PM
With one aspect this is great news as it may inspire more miners in the US to use p2p mining instead. Hopefully, this will inspire the development of more decentralized pools.

Yes there's silver linings to everything.  Take a bullet in the arm?  Learn to be more ambidextrous. 
Catch ebola?  Meet a nice nurse.
More business strangling regulation in one country?  See the world, start over with something new.
It is less easy to find the silver lining for the USA, sometimes bad regulatory decisions are just bad decisions.
987  Bitcoin / Legal / Re: Implication of FinCEN stance on bitcoin exchanges on: November 01, 2014, 12:34:15 PM
I think there is the possibility that this could be the end of the road for cryptocurrencies in the USA, from a practical standpoint.

Why?  It was already the case that Bitcoin exchanges had to implement Know Your Customer (KYC) for USA.. doesn't sound to me like this is saying anything new in that regard.

These new rulings will affect many merchants also.

I suspect it will take a few days before the realizations sinks in as to what has happened.

Merchants are exempt according to Lawsky. A merchant isn't the same as a payment processor. Why can't the merchants handle the bitcoin and immediately send them to coinbase or bitpay for them to instantly convert it?
lmao!  oh well hell, if he said that!  Don't get it confused, just because Lawsky say's something today doesn't mean it can't be squashed the very next week with additional BS rules and regulations.

What's this going to do to BTC in the states?  My opinion is fee's for places like Coinbase, etc. will increase dramatically, eliminating any benefit BTC might have been useful for in the past.  Most of the exchanges will likely simply refuse to work with US-based customers and unless customers are willing to break the 'law' by using non-authorized outlets we will see bitcoin ultimately die the slow death or eventually get taken over by the central bankers and hedge fund masters to be used as the underlying replacement to the USD for international trade.  Specifically for oil I'm thinking.

Bitcoin might not be the 'Peoples Currency' for much longer.

Fees will rise.  Competition will fall or exit.  Less competition, less innovation, more centralization.
This is the job of regulation.
If you've ever gone diving, you know the value of a regulator to control the flow from a high pressure tank into your soft pink lungs.  Regulators have a place, but when it doesn't even let you breath air it has failed.

That this is done in the name of "consumer protection" is the greatest tragedy.  It leaves the consumer more naked and helpless than ever and with fewer choices.

The regulation runs counter to its own claimed policy goals.  It is killing its diver.  It has failed.
988  Bitcoin / Bitcoin Discussion / Re: Chunk of Bitcoin Network Being Cut-Off Due to US Regulations on: November 01, 2014, 12:25:41 PM
Well but if the miners on that pool can simply change the pool they mine for (and that is the case) then how does this cut off 5% of the network.  Isn't it just that the hashing power moves to another pool?

Agreed. The only way that the network would lose percentages of hashing powers would be if BTC Guild operated their own mining equipment and then chose to shut this down. Otherwise members will only switch to other mining pools.

However, I think they're giving up too easily in this case. If they're profitable, and have amassed some funds, the first thing I would've done if I was them, if they truly believe in the concept of bitcoin, and are not just into it to make money, would be to move operations abroad. They have all the source code and knowledge, so they could establish themselves offshore, and in addition it would be possible to renounce their US citizenship to make their stance.

There's always the negative and positive consequences of every action, and if they chose to give in now, one can only assume that they chose that option, because it's the option that they think is best for them.

In my view however, although I don't at all like the regulatory environment that seems to become a reality, it's not the regulations that is shutting them down, but rather they're shutting themselves down because they can't or are unwilling to adapt to the new reality.

Heck, surely, if I personally had funds to set up shop offshore, and had to leave my current country because of regulatory uncertainty, I would do so in a heartbeat. However, if I did not believe so much in Bitcoin, I would rather shut it down and jump into any other business where I could make money.

As it's hard to know all the reasons why BTC Guild is deciding to shut down, pointing to the govt. and saying it's their fault we need to stop our business operations, is in my view giving up a little bit too easy.

They considered the option of moving abroad.  It would require personal sacrifices they were unwilling to undergo.

When Bitcoin people had to choose between Bitcoin and Apple iPhones, they posted videos of shooting holes in their iPhones this February, BC.info is back on the iPhone that June. 
The choice is what country to live in is somewhat more nuanced than which brand of phone to use. 
989  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: November 01, 2014, 11:51:45 AM
...
alarm bells should be going off in all Bitcoin holders heads right now.  this isn't right even if the SC concept were valid, which i don't think it is.

Alarm bells went of in my head when Gavin visited the CFR and would not commit to transparency.  Then when he got back he wouldn't even give a debriefing about what went down.

Long before that alarm bells went off in my head about Hearn (who you seem to have  a man crush on for some reason) who has tried every thing he can to get Bitcoin under control of TPTB.  Unlimited growth, 'red'listing, positive ID through mainstream passports, etc, etc.

When Gavin newly proposed exponential blocksize growth that sealed it for me.  He did some good stuff back before he became 'principle scientist' and started the Bitcoin Foundation, but I've seen nothing since then.  Even his dev priorities when he did seem to have his head in more or less the right place have done very little to actually strengthen the solution.  I dunno what his trip is, but I'm convinced that it is not good for Bitcoin or my stash.

As for the Blockstream guys, making a living off an open-source project is very common and most often benefits both the community and the clients who will pay them.  You may be serious in trying to spin this thing as something nefarious, but in that case you are just showing more of you ignorance.

The point is less that "it happens all the time", and more that SC are potentially competition for Bitcoin as much as they are collaboration with Bitcoin.
How many of your competition work in the core engine of your business, and how comfortable are you with that notion?
990  Bitcoin / Legal / Re: FinCEN Ruling: US Government Ramps Up War on Cryptocurrency on: November 01, 2014, 11:39:54 AM
The US is on the process of finding the best way of regulating bitcoin, from a a digital “property” for taxation purposes to a digital “money” for regulatory and licensing purposes. It will boost the development of bitcoin and set up an good example for the other countries.

This is that famous process of finding the best by trying all the worst first?
The USA has some of the worst regulatory issues outside of Southern Europe.
991  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: October 31, 2014, 11:55:18 PM
On the conflict of interest position...
Is it a conflict of interest if a company sponsors a developer to work on Bitcoin Core?
Is it a conflict of interest if TBF sponsors a developer?
I would say that it is, but the conflict is not necessarily a horrible thing in all cases, just sometimes.

What it does do is encourage me to question the authority of the developer more than otherwise. 
I've been doing a good bit of that over the MAX_BLOCKSIZE issue vs. Gavin's proposal to patch it rather than fix it.

i don't have a problem with any of those relationships.

i said it earlier, i wouldn't mind the current bunch of guys proposing SC's be employed by individual companies like Garzik.
it's the banding together under one company that can cause a block of competitors and monoculture.

Gavin's in a special category more pristine under TBF as i'm sure he isn't being paid the big bucks, let alone have equity in a for profit. 

I am less black and white on the issue.  Everyone has conflicts, some are very serious, others are less so.
I'm not sure TBF is as pristine as all that either.  Its shades of grey, and yes, the SC issue is seriously conflicted.
992  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: October 31, 2014, 11:16:38 PM
Satoshi should dump once Bitcoin turns corrupt. Cheesy

Dump for what?
Is there something less corrupt, even with this?

On the conflict of interest position...
Is it a conflict of interest if a company sponsors a developer to work on Bitcoin Core?
Is it a conflict of interest if TBF sponsors a developer?
I would say that it is, but the conflict is not necessarily a horrible thing in all cases, just sometimes.

What it does do is encourage me to question the authority of the developer more than otherwise. 
I've been doing a good bit of that over the MAX_BLOCKSIZE issue vs. Gavin's proposal to patch it rather than fix it.
993  Other / Off-topic / Re: Fun facts on: October 31, 2014, 08:30:13 PM
Fun fact: This statement is not true.
Fun fact: That statement is factual if the "This statement" part refers to the fact that the sentence after the colon is not fun for someone.
Fun fact: This statement refers only to itself.
994  Alternate cryptocurrencies / Marketplace (Altcoins) / Re: Land auction: CryptoKingdom lots 1-C-(F3-F6), closes 2014-11-3 18:00 GMT on: October 31, 2014, 08:02:08 PM
bid 8 million for F3  and 8 million for F4

Earl Joseph of New Liberty bids 10 million moneritos each for F3 and F4 with the intention to have these be gardens, thus also improving the value and views of F5 and F6.
995  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread on: October 30, 2014, 07:56:11 PM
while i was speaking at the American Banker conference on digital currencies in NYC in July 2014, i made the argument for how blockchain technologies actually allow for more safety and automation of regulatory rules for trading securities which is good for investors as well as good for gov't regulators to not  have to an open view into the software and network to know that certain rules function as they should, are enforced and are transparent to all market participants.

i mentioned how we had a system in place now that is not transparent built on the work of a guy who was chairmen of one of the major exchanges who defrauded people of billions.

there were people there from the NY DFS and the Federal Reserve, and while I am not a mind reader I think some of them found it interesting that it is possible to build a public resources and infrastructure to encapsulate certain rules to ensure that everyone is playing on a level field.

Imagine a world where corruption is not possible.
Those with vision will walk toward this world one step at a time.
Counterparty has cleared the path, and given it wheels.

As the old world fades into the past, the work of government becomes less necessary, their job done before they awake and so have less need of our taxes and time.
996  Alternate cryptocurrencies / Marketplace (Altcoins) / Re: Land auction: CryptoKingdom lot 1-C-F1, closes 2014-10-30 19:00 GMT on: October 30, 2014, 07:36:16 PM
proride bids 22 millions moneritos for F1.
proride bids 30 millions moneritos for F1.
proride bids 50 millions moneritos for F1.
proride bids 60 millions moneritos for F1.

Server time says the bid came too late.

Sir Joseph wins the auction with a bid of 55 million.

With all due respects to His Majesty.  This is quite an incredible bargain, and I am both pleased and astounded.
It can only be attributed to the fact that there are so few of us yet.  Frankly I expected to pay at least twice this.
997  Bitcoin / Development & Technical Discussion / Re: Increasing the block size is a good idea; 50%/year is probably too aggressive on: October 30, 2014, 05:43:31 PM
What is the reason to stop at 20MB?  That just seems to be pushing things further into the future to make the decision.

It does mean that the 32MB message size limit wouldn't be a problem though.
Under Gavin's 2nd proposal, (starting at 20MB and +40% per year) >32MB is 2 years out.

Most blocks are about 1/3 MB, so the proposal is more or less for about 100x current utilization 2 years forward.
998  Bitcoin / Legal / Re: FinCEN Ruling: US Government Ramps Up War on Cryptocurrency on: October 30, 2014, 05:39:50 PM
Why would fincen waste time going after miners.  If they manage to regulatory sink btc a a viable financial instrument in the public's eye then they managed to kill two birds with one stone.

I suspect mining regulations will soon follow if they end up determining that bitcoin needs another nail and its proverbial coffin

Miners are stationary targets.  The easy prey get saved for later.
999  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: October 30, 2014, 05:23:27 PM
fundamentally, i disagree with the core observation of the Sidechain Whitepaper which originally stated (interestingly, it seems they've changed it):

"the core observation is that “Bitcoin” the blockchain is conceptually independent from “bitcoin” the asset: if we had technology
to support the movement of assets between blockchains, new systems could be developed which
users could adopt by simply reusing the existing bitcoin currency"


http://www.blockstream.com/sidechains.pdf

as i've said since the start of my participation in Bitcoin: Bitcoin the currency is inextricably linked and intertwined with its blockchain.  the blockchain is nothing without the currency.

i'd also flip that around by saying that Bitcoin the currency is nothing without its blockchain.

given all the potential risks and complexities introduced by Sidechains, are they something we should be serious about?

But they are not saying that in the way you suggest they are. Their point is not that Bitcoin the blockchain doesn't need "bitcoin" the asset but that the asset should not have to be tied only to the Bitcoin blockchain but could, conceptually, be used on other blockchains.

Conceptually...   Yes.  It is an interesting concept.  Proof of that, is that we are even taking up pages about it here, and it is pretty off-topic.
It will have an interesting journey from concept to market reality.
At the moment, it remains a concept.
I like the concept, the details will be very important to implementing it.   It would be very easy to get it wrong, and underestimating the challenge it presents would be at our own peril.
The most likely outcome is that it will add value to bitcoin, and subtract some value from some speculators.
1000  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 30, 2014, 05:08:36 PM
I like to think of this topic as a type of Doomclock. When it reaches 10.000 pages, Bitcoin will be decimated.
You know the original definition of decimate is killing 1/10th, yes?

Bitcoin gets decimated all the time, somehow Bitcoin is still a thing though.
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