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981

Economy / Economics / Re: Greek bank shares continue to fall

on: August 05, 2015, 04:35:47 PM

It may be a good time to invest in NBG, it has never been this low. It's really a 50/50 situation. If the Troika doesnt let Greece fall, whoever investing on NBG now will get pretty good returns, the problem is if the Greexit actually happens and your investment goes literally to 0. If you have something like 1K dollars lying around that you dont know where to put and you are already on Bitcoin, maybe a gamble with this may be a good investment if Greece recovers in the next 5 to 10 years.

982

Economy / Economics / Re: It's happening: Puerto Rico just defaulted for the first time

on: August 05, 2015, 04:32:38 PM

Let's not forget Puerto Rico is not some third world nation. Its US soil! A US Territory. Not some "Free Associated State" as the current Governor and his despotic Populist Democrat Party has claimed for 63 years! That said,they are Americans. They are US citizens since 1917, so it's understandable they'll not work for nothing less than American wages.

983

Economy / Economics / Re: Does Bitcoin need a new theory of money?

on: August 05, 2015, 04:26:00 PM

Quote from: davido on August 04, 2015, 10:28:13 PM Quote from: oblivi on August 04, 2015, 10:08:39 PM How Bitcoin isn't good as somethng that serves as a medium of exchange? it's the best ever. The fact we lack merchants isn't Bitcoin fault, it's people being idiot's fault. It will take time for merchants to spread, maybe one or two decades. True but some would say Bitcoin is too specialized at the moment to be considered a medium of exchange, see e.g. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2434194 But I think the problem is that the medium of exchange doesn't define what money is, it is more a description of what money does. Which is one reason we need a new theory ... I don't understand the critique of Bitcoin being "too specialized". Anyone can start a business and start accepting payments instantly. No matter what you do in your business, you can start making money out of it. Again, the problem of Bitcoin is lack of adoption, it's obvious Bitcoin is money and indeed the best form of money humanity as ever seen. Let's look at the traits of money and compare:

984

Bitcoin / Bitcoin Discussion / Re: US Bitcoin Debit Card Options

on: August 05, 2015, 04:21:35 PM

Quote from: wallywattz on August 05, 2015, 04:05:23 PM What are the options out there? I just got a WageCan debit card, but it's a bit disappointing. The exchange rate essentially cuts 4% into your balance. Plus, it stores the balance as USD, so it's not really clear to me how this is different than just withdrawing to your checking account and using a regular debit card when needed. I've heard about ANX. Any thoughts on them? Also, has Xapo made any indications as to their progress on releasing a debit card for US customers? What specifically is it with US laws/regulations that are making it harder for them to release in the US as opposed to anywhere else? I've seen X-bit has a debit card thanks to their signature campaign which is everywhere these days. https://bit-x.com/guide/bitx-cards Looks good and CEO seems like a competent guy, I saw an interview with him the other day. You need to verify your info with a bank to get any sort of withdraw/deposit volume tho.

985

Bitcoin / Bitcoin Discussion / Re: Transactions speed prevent us from going to Mainstream ?

on: August 05, 2015, 04:18:02 PM

Quote from: Mickeyb on August 05, 2015, 03:30:37 PM Quote from: OmegaStarScream on August 03, 2015, 05:31:35 PM Could this be the reason , It's like 15-20mn to get at least 1 confirmation if I'am correct ? Anyway the point is that we need some time to get transactions verified , could this actually prevent us from going to mainstream ? I mean if you want to buy something from McDonald are you supposed to wait 15mn while that's the time of your launch break ? When you are buying parking tickets are you also supposed to wait few minuts ? It wouldn't make any sense . Honestly , I'am not even sure what controls the speed of the transactions . No, this is not preventing us from going mainstream. 10 minutes for getting 1 confirmation or 60 minutes for getting 6 confirmations and being absolutely sure that that you will get your money is not a long time to wait at all. Services that we are using today are much slower (banks, credit card companies, etc..). Our problem is trust and user adoption and these 2 absolutely depend on each other. Once we get more trust from the average Joe, our user adoption will skyrocket as well. You are forgetting the fact we can't have proper user adoption as long as the blocksize problem stays unsolved. If we want mainstream tier volume in Bitcoin will need to solve this first, otherwise the network will collapse due too many people using it at once. So before mainstream step is reached, we need to get the block size increased and we need to start thinking about using LN type of solutions as well.

986

Bitcoin / Bitcoin Discussion / Re: What stops people storing large objects on the blockchain?

on: August 05, 2015, 04:14:57 PM

Quote from: Panzzer on August 05, 2015, 03:57:34 PM

Quote from: shorena on August 05, 2015, 03:52:24 PM

Quote from: Snorek on August 04, 2015, 05:53:43 PM

I believe that formula for calculating TX fee goes (I am not 100% sure):

normal_fee := 0.0005
size := X * 148 + Y * 34 + 10 +- X
fee := normal_fee / (1 - size / 500kB)

Is this is correct or I messed something?

This is for X inputs (with compressed keys) and Y outputs on a regular transaction that is spending coins, but OP wants to know about storing arbitrary data on the blockchain. If we take cryptograffiti[1] as a reference 2,000 bytes cost 0.00144600 BTC according to their preview. A ASCII picture like this costs ~0.03[2,3]. The limit on the costs is for one the fees needed for a TX and the max blocksize, but also that you need to burn bitcoin to an output that you will not be able to spend at a later date as its representing your data. There might be someday someone with the matching private key but the chances for that are as good as impossible.

Code:


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if you like it, leave a tip: 1P675gRxNwhFXgfuDu5yXwGDgwLDbXNJqz    BM-2cUDAqyqcnksx7YDtgu2y72xDxcRjPeYfo

[1] http://cryptograffiti.info/
[2] http://cryptograffiti.info/?txnr=3334
[3] https://www.blocktrail.com/BTC/tx/0fc0c50e410b62ee3a316135711116db6b4e728841c976f29ab85e2a41e0dcc3

That is very expensive and lame way of storing data unless the data is very important.

Yeah seems pretty stupid to me. The best use would be to store hashes that convert to anything. A hash can convert into an entire book for example, and you can store the hash string for peanuts.

987

Bitcoin / Bitcoin Discussion / Re: Can Bitcoin become the best technology ?

on: August 05, 2015, 03:57:42 PM

Quote from: Pk880058 on August 05, 2015, 02:54:32 PM Quote from: HeroCat on August 05, 2015, 01:35:28 PM Bitcoin can be one of best technologies, if transfer times will be aeound not more than 2 minutes hey transfer or transaction time is instant but the major problem is in the confirmation time. Confirmation time is not a problem. Credit cards take 180 days to confirm and I never see people complaining about this (well, I see it when they get unwanted chargebacks, hacks etc). But the point is, 10 min is an huge improvement vs anything previously seen. Have you ever had any problems with 10 min confirmation time? exactly you havent, and no one else has.

988

Economy / Speculation / Re: Gold collapsing. Bitcoin UP.

on: August 04, 2015, 06:02:07 PM

Quote from: lunarboy on August 04, 2015, 05:11:17 PM Quote from: Chainsaw on August 04, 2015, 05:07:37 PM Quote from: lunarboy on August 04, 2015, 04:49:23 PM Satoshi moves some coin ..... from 2009-01-09 02:54:25 https://www.reddit.com/r/Bitcoin/comments/3frht4/satoshi_nakamoto_moved_today_for_the_first_time/ https://blockchain.info/en/address/12c6DSiU4Rq3P4ZxziKxzrL5LmMBrzjrJX Debunked. It's a blockchain.info exploit. https://www.reddit.com/r/Bitcoin/comments/3frn1d/satoshis_coins_have_not_moved_blockchaininfo_is/ Awwwh thats a shame, would have made for a few interesting conversations Well that just made me skip a couple heartbeats at least. Think about it, satoshi moving coins around would be an absolute disaster. I don't want a guy with access to near 1 million coins. It's just ridiculous. We are better off with the idea of him having lost his private keys to be honest. Sure he deserves to be a millionaire from Bitcoin, but not owning that much of it in my opinion.

989

Economy / Speculation / Re: rpietila Calling the Bottom

on: August 04, 2015, 05:28:51 PM

Quote from: Warren Buffert on August 04, 2015, 04:58:05 PM Quote from: rpietila on August 15, 2014, 01:01:00 PM The price shows the daily birth rate. I am writing this from a castle that I bought with money earned by trading Bitcoin based on the very premise I have explained to you here. Don't lose the faith people. Taxes, maintenance, and utilities on these castles aren't cheap (they're very drafty, after all). Risto needs more bag holders to keep up on his payments! It sucks that some people got filthy rich out of luck by being at the right time doing the right thing, but that doesn't change the value Bitcoin has and the technology itself, so like it or not, the early ristos out there are about to get a lot more richer in the next decade because this thing is never going away at this point. Let's just deal with the facts and try to profit from it as much as possible instead of crying about how unfair life is.

990

Economy / Economics / Re: Price stability

on: August 04, 2015, 05:23:59 PM

Bitcoin will never have a fair distribution of the price because fairness is impossible unless you regulate the price itself with artificial regulations. Since that isnt happening the best you can hope for is that the price gets redistributed after a couple of bubbles bursting and therefore whales selling their coins in panic sell phases, going to less fortunate hands.

991

Economy / Economics / Re: How too get rich

on: August 04, 2015, 05:00:39 PM

Quote from: lahm-44 on August 04, 2015, 12:35:32 PM its easy..just do some hard work and don't take any type of shortcuts..well that's depend on you to invest or not and also depends on how much amount you have target Again, hard work never gets you anywhere. You can't work hard for live simply because your health will deteriorate due too much stress and high cortisol. A some sort of passive income is needed to not go insane. I need something that will give me money doing nothing or as little energy spent as possible, just like the rich do. Being rich is so easy, they just rent their properties and spend the rest of the day on leisure. I wish I was that lucky.

992

Economy / Speculation / Re: Athens stock market set to open Monday.

on: August 04, 2015, 04:43:09 PM

The national bank of greece is going to depressing all time lows. It will either recover delivering good returns, or greece is going bankrupt pretty soon. Anyone feeling lucky enough to bet some money on this?

993

Economy / Economics / Re: First Greece...who next?

on: August 04, 2015, 04:31:22 PM

Quote from: Elwar on August 04, 2015, 12:38:25 PM Quote from: neurotypical on August 04, 2015, 12:03:35 AM Puerto Rico just default, is everyone in here sleeping or what? http://www.thestreet.com/story/13203815/1/why-a-puerto-rican-default-is-more-dangerous-than-you-think.html And then: http://www.nytimes.com/2015/08/04/business/dealbook/puerto-rico-decides-to-skip-bond-payment.html Cant wait to see what happens with the stock market tomorrow. The biggest impact on Bitcoin usually comes when the country starts raiding bank accounts or if their currency will be impacted. Interesting development to watch though. But the people need to be aware on Bitcoin first. A country can become an absolute mess like Greece or Puerto Rico right now, and BTC may not have an impact beyond mere speculation of already Bitcoiners. We need people to be aware that the alternative exists first, but like some have said, it may take a lot of years before the average population is aware, and in countries like PR and Greece things arrive slower technologically speaking.

994

Economy / Economics / Re: It's happening: Puerto Rico just defaulted for the first time

on: August 04, 2015, 04:27:43 PM

Quote from: eerygarden on August 04, 2015, 03:56:03 PM Quote from: AtheistAKASaneBrain on August 04, 2015, 02:07:18 PM Quote from: Amph on August 04, 2015, 06:20:22 AM Quote from: Andy4.4 on August 04, 2015, 05:02:23 AM Just wait and watch, there will be more members coming to defaulters list. which will be translated in more opportunity to embrace and increase bitcoin price, hopefully at least oen of those will turn the light off on fiat if not we can get at least a good hype that might make bitcoin stronger There is not a single country that is ready for BTC and BTC is not ready for any country, the volume would most likely collapse the network. We need to fix the blocksize etc issues before we can think about that. The blocksize debate is not currently an issue. It will only become an issue when adoption surges and the devs will probably approach it in a reactionary manner. The good news is that the moment is being anticipated and hopefully a solution will be applied that can be compared to mild turbulence. True, but you can never predict when the Bitcoin network will have tons of people flocking in desperately if their economies go bankrupt. You cant never know when it can go viral and lots of new users can appear out of nowhere, so we might as well get ready as soon as possible to support that.

995

Economy / Economics / Re: what state assets have Greece agreed to hand over?

on: August 04, 2015, 04:10:11 PM

Maybe its a good opportunity to invest now? I think that the NBG will be back up EVEN IF grexit, though it may take a little time. The "international" community has absolutely no interest to let greece go full on broke because they will want them to continue paying interest in the billions. furthermore NBG is a NATIONAL BANK. NBG is the first to survive, although EUROBANK may be something to look at.

996

Bitcoin / Bitcoin Discussion / Re: How to do this with bitcoin ;D

on: August 04, 2015, 03:55:26 PM

Quote from: LaudaM on August 04, 2015, 03:54:11 PM This should be moved to the off topic section. This could be done either by printing a ton of paper wallets (even better since you can throw at him empty wallets), or by using physical coins (not recommended, as this might hurt). Let's be honest tho, paper wallets on the air will never look as cool as dollar bills flying around the place. I will miss those things once cash gets banned the goverment. The upside is people could potentially start using Bitcoin as a result.

997

Bitcoin / Bitcoin Discussion / Re: Coin.mx shutdown by federal government, top executives arrested

on: August 04, 2015, 03:46:22 PM

Quote from: tokeweed on July 22, 2015, 05:15:26 AM Are Bittrex, Cryptsy and Poloniex in danger of being shut down by the Feds? Poloniex twitted this the other day: https://www.bitcoin.com/en/bitcoin-news/1801388864699469581-poloniex-leaves-new-york-due-to-bitlicense So anyone holding coins in New York withdraw them, or else you will lose them. As expected, regulations start ruining Bitcoin and companies will be forced to leave wherever those insane regulations are taking place.

998

Economy / Economics / Re: Globally Accepted Bitcoins international ATM Card

on: August 03, 2015, 04:13:31 PM

Quote from: HarHarHar9965 on August 01, 2015, 08:55:18 AM Quote from: Harry Hood on August 01, 2015, 06:27:52 AM So how does this work exactly? Are you a bitcoin bank that we keep funds with that we can then spend where bitcoin is accepted (using your debit card) or withdraw funds from a participating ATM - is that how it works? Regarding ATMs, how many ATMs are in your network? How do I know if there's one near me? Forgive my lack of knowledge on this and I appreciate your response! I think they are providing an ATM card which is supported by majority of all ATM machines, which is very common nowadays. Also, there is nothing called a bitcoin bank, rather bitcoin was created to destroy the idea of having financial institutions like banks. I think they're just providing an ATM service and an online wallet maybe, idk. I don't really feel the need of Bitcoin ATMs at the moment, because the market is very small right now due to lack of knowledge of bitcoins to the masses. It needs a few more years for people to start needing btc ATMs. There are some ways already to get Bitcoin for cash in some countries. I think Romania, Spain, Poland among others have some sort of system where you can go with your smartphone to almost any ATM and get your BTC converted back into Bitcoin through Halcash, all you need is a smartphone, way more convenient than carrying additional cards, already got enough shit on my wallet. Im not sure how safe those practices are tho.

999

Economy / Economics / Re: Is it better to save money or invest it?

on: August 03, 2015, 04:00:08 PM

Quote from: Amph on August 03, 2015, 11:08:56 AM Quote from: Pk880058 on August 03, 2015, 09:40:20 AM If you save your money then it's amount will remain the same. But in case of investing it, you can increase the money, may be many folds. Higher the risk and higher the return. no it won't remain the same you will actually lose money if you save and nothign else, because the inflationary nature of fiat(i'm assuming that you will leave your wealth in fiat form) will be agianst the purchase power of your money, in the end you will buy less thing this is also happen very fast in 3-5 years, because if i'm not mistaken the the average inflation is around 8% per year for fiat currency True, and not only that but the salaries are going lower and lower. So if you are a wageslave like most of us are, it's guaranteed the purchasing power goes down. If you are an entrepreneur, people has less purchasing power = has less motivation to buy your products and services. It's all a chain of never ending poverty. Lucky we have alternatives to save our wealth now like BTC.

1000

Bitcoin / Bitcoin Discussion / Bitcoin and the Autonomous Robot Economy (vid)

on: August 03, 2015, 03:49:54 PM

https://www.youtube.com/watch?v=61km5RwxQdw Nice short video on the future applications of Bitcoin along with automation of the machines. Really mind blowing stuff. History changed in 2008 when Bitcoin was released. Programmable money will have an endless stream of unpredictable applications that we don't even know yet. Feels good owning a couple of entire units of the most important network ever.

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