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1  Economy / Speculation / If you had a vast amount of hash power to hand what would you be doing with it? on: November 11, 2017, 08:47:40 PM
Would you be doing your duty on Bitcoin? Running to BCH? Taking a loss for the team or only ever seeking max profit?

If it were me I'd be trolling BCH by launching BCH Classic when it forks in a couple of days just to annoy them. I think many secretly like the EDA thing. It's exciting. And then I'd do a few more forks and airdrops until I'd run out of names for them.
2  Economy / Speculation / Segwit2X players - vanquished or on hold? on: November 08, 2017, 09:24:02 PM
What will become of the Segwit2X signees and their plans?

Namely operations such as Bitpay that made loud and divisive noises and attracted a large amount of condemnation from both nutters and normaltons.

Will they go back to business as usual or do you think this has produced permanent enmity? Will they just go off and attempt another approach via the back door or do you believe this has put this issue to bed for the foreseeable future?

I think it's positive that they were sensible enough to call time on it, though I don't know why it took so long. But the issues they were concerned about/concern trolling are still there.
3  Bitcoin / Press / [2017-11-07] Four reasons why maybe, just maybe, this isn't a bitcoin bubble on: November 08, 2017, 11:59:23 AM
http://www.telegraph.co.uk/technology/2017/11/07/four-reasons-maybe-just-maybe-isnt-bitcoin-bubble/

Paywalled so here's the text.

OK, we can all see it: bitcoin looks a lot like a bubble. It stinks of irrational exuberance: it is incredibly volatile, and not only does its price continue to increase, but it is doing so at ever accelerating rates.

It took 1,789 days for bitcoin to go from $0 to $1,000, 1,271 days for $1,000 to $2,000, and just 13 days between $6,000 and $7,000, its latest milestone.

Individuals are selling their houses and giving up their life savings to put everything into bitcoin, seemingly more out of speculation that its price will continue to rise rather than because of any serious belief in its intrinsic value.

Many of the characteristics of a classic bubble - the fact that everybody is talking about it, extreme predictions about its future price, and the parabolic price curve - appear to apply to bitcoin.

For the record, I have no idea where bitcoin’s price is going to go, and in no way do I endorse it. It is very possible -likely, even - to believe this craze won't last. But is the only way down? There are reasons to think not.


Everybody thinks it’s a bubble

When a lot of bubbles pop - the real estate crash of 2007, or the dotcom crisis of 2000 - the aftermath is often characterised by complaints that nobody saw it coming. But there is a cacophony of senior figures in the finance industry - Jamie Dimon, Tidjane Thiam, Warren Buffett - warning that bitcoin is a “fraud”, “the very definition of a bubble” and “doesn’t make sense”.

This isn’t a situation where there are no safety warnings - almost everybody who people would usually listen to on this stuff say bitcoin’s out of control. And yet, people are willing to ignore them. If nothing else, it suggests that the market is not easily spooked.

It's all a matter of timing

Bitcoin has been called a bubble for most of its lifetime. In 2011, when it dropped from a measly $33 to $2.51, The Economist noted that “the currency’s rise was the result of a speculative bubble”. The arguments advanced against it were eerily similar to those now. The same happened in 2013, when it peaked at slightly over $1,000 - a seventh of where it is today.


Bitcoin has crashed before - in 2011 and 2013 - but on both occasions, its price rapidly rose again. Looking back, you can hardly say now that it was a case of the bubble bursting. One can argue it’s only a matter of time, but on a long enough timescale, so is everything. Kodak had a long and illustrious run before it went bust in 2012, was it in a century-long camera bubble?

The total value of bitcoin - around $100bn - is tiny compared to other assets, so it might run for some time yet. Indeed, the floodgates are only just opening to institutional cash.

There is some - some - value to it

Critics of bitcoin say that apart from wild price swings and speculation, there’s nothing to it: it’s not a great way to pay for things, for example. But it isn’t exactly useless. The blockchain technology that underpins it is (at least in theory) useful for all kinds of things. Its decentralised nature makes the currency itself nearly unhackable.

And “initial coin offerings”, a way for companies to raise funds using cryptocurrencies, do have some benefits (albeit a series of scams, hacks and raised eyebrows have not enhanced their reputations).


Admittedly these are uses for blockchain and cryptocurrency in general - not bitcoin - but as the best known and original implementation of the tech, it has the position of being a barometer for the rest of the industry.

Believe it or not, it is more stable than other assets

Bitcoin might look like nonsense compared to the (relative) stability of the dollar or the pound. But this isn’t the case everywhere. Google suggests the most countries with some of the most interest in bitcoin are Bolivia, Columbia, Nigeria, Slovenia and South Africa, countries that have been hit by inflation, falling currency values or expensive money transfer services.

For many people in these countries, bitcoin may represent a safer, more stable and more convenient store of value than local currencies.
4  Economy / Speculation / Segwit2X - prove to me it's going to happen. on: November 01, 2017, 11:42:17 AM
Because I'm still struggling to find much out about Bitcoin's single biggest ever attempted upgrade/hijack/disaster/salvation.

We're less than two weeks or so away now and as far as I can tell we still know very little other than bland PR speak. I've seen no reviews of code. The lead developer has just launched some alt. Plenty of businesses have come out against it. Even the ones that advocated it are not going to call it Bitcoin when it launches. Barely a single miner has said anything about their actual intentions. It has no nodes other than Amazon discount specials.

Big blockers have their BCH and that's humming along steadily. I still don't believe it's going to happen myself. Convince me otherwise.

5  Bitcoin / Bitcoin Discussion / Your close security shaves on: October 30, 2017, 10:17:49 AM
What have they been?

This is a great read - https://www.wired.com/story/i-forgot-my-pin-an-epic-tale-of-losing-dollar30000-in-bitcoin/

TLDR - the guy lost his seed and pin and had to wait for a Trezor vulnerability to be exposed and a tame coding genius to exploit it to save his BTC.

Have you found yourself in a similar situation where your carefully thought through plan to secure your funds bit you on the arse?

6  Bitcoin / Alternative clients / How many phone wallets been hacked? on: October 21, 2017, 02:55:53 PM
If so, how did it happen?

There must be millions of phone wallets downloaded but you rarely if ever hear of security problems, other than direct physical access of course, so what are the known cases?
7  Bitcoin / Press / [2017-10-18] The Stampede Is Coming on: October 18, 2017, 08:28:59 PM
This is an interesting read - http://thereformedbroker.com/2017/10/18/an-evening-in-wonderland/ from a former sceptic attending a New York crypto summit.

One of the more interesting things to take away from it is that money is moving from the companies towards favouring investing in the coins themselves. The traditional VC route really has not paid off so far. It would've done far, far better going into the coins themselves.
8  Economy / Speculation / Ledger X kicks off on: October 17, 2017, 03:42:42 PM
Unless I'm much mistaken it's started rolling - http://data.ledgerx.com

What's your forecast on its effects in the coming months? Lots of fun, another damp squib, absolute dystopia?
9  Other / Politics & Society / The gaps between languages on: October 16, 2017, 10:04:35 PM
And what gets lost between them?

If you read a translated book or subtitles you're not reading what the author wrote, it's the translator's effort. I know enough of a couple of languages to know that quite often what's being fed to you is radically different to the original work.

Similarly if you're some guy from Lesotho who only speaks your local dialect, how much of the world's knowledge is being denied to you by the lack of translation? What about your government as they're likely to be the one and only news source in that language? Surely objectivity and neutrality is almost non existent if someone's information sources are that limited. How much of his knowledge is being denied to anyone who doesn't speak what he does?

There must be mountains of information, art and learning that disappears between cultures because of this.

Is this an unpublicised cultural disaster or does the right info always find a way?

10  Bitcoin / Bitcoin Discussion / Bitcoin predictions that came true on: October 09, 2017, 11:27:51 PM
What ones can you think of? I don't mean price stuff, all of them will arrive at some point, I mean use cases and predictions about Bitcoin in general.

One of the most interesting ones is when the first rumblings of forks turned up with Bitcoin XT or whatever it was. It was declared that it would be an altcoin here and elsewhere to much uproar. When it finally did come to life as BCH it was indeed an alt. And now S2X is slowly being declared an alt too by the exchanges themselves.
11  Economy / Speculation / Is S2X already on life support? on: October 07, 2017, 10:08:47 AM
Bitfinex have stated that for practical reasons S2X won't be Bitcoin - https://www.bitfinex.com/posts/223

Coinbase have acknowledged there'll be two chains if it happens and it may take several days to access them - https://blog.coinbase.com/update-on-the-bitcoin-segwit2x-hard-fork-69426f14bc85

These are two of the biggest players and their actions have confirmed that the NYA thing will do exactly what it aimed to avoid.

I can see the Chinese miners being mindless enough to crack on until they realise it's worthless, but I don't see why anyone else is going to bother any more.

Is S2X in the bag or will it be yet another toothless boogeyman?
12  Bitcoin / Development & Technical Discussion / If Bitcoin at protocol level is Great Firewalled, what are the options? on: September 18, 2017, 06:36:32 PM
It may of course be utter rubbish, but let's say the Chinese government does block internet access to the blockchain itself.

As TOR seems very hit and miss there and VPNs are slowly being hunted to extinction what would be the options for a Chinese person who wanted to interact with it? Does the Blockstream satellite thing work?
13  Economy / Exchanges / What will be Bitfinex and Tether's end game? on: September 03, 2017, 06:27:41 PM
20 million Tethers yesterday. 25 million today. It's nearing 400 million 'dollars' now. With a 70-80 billion dollar market cap, which is bilge of course, that might mean USDT has amounted to 10-20% of the money driving Bitcoin, let alone alts.

BFX/Tether still haven't provided any evidence that USDT is anything other than made up funbux.

A Bitfinex employee themselves suggested that the way to redeem Tethers for real dollars is to go to Kraken which is the one and only USD/USDT market.

https://www.reddit.com/r/BitcoinMarkets/comments/6uarbw/so_whats_the_subs_opinion_on_this_finex_and/dlxngwb/

This also means that Bitfinex has effectively offloaded the dollar peg to whatever chump on Kraken buys the idea and coughs up.

Where is this going to end?
14  Other / Politics & Society / Show us your local political campaign commercials on: September 02, 2017, 07:27:48 PM
Inspired by this - https://www.youtube.com/watch?v=F_B0uiOSKbM

which I'm still struggling to believe isn't satire, I would like you to share the commercials your local politicians run. I've seen a few American ones and again I couldn't believe it wasn't comedy it was that syrupy and shite.

Let's see who you're voting for wherever you are.
15  Economy / Speculation / The Social Engineering Thread on: August 17, 2017, 04:49:44 PM
Is it real? Is everyone well meaning? Are there bad actors compromised by states? Have we all been hypnotised by Core's soothing words? Is Bitmain controlled by a joystick installed in Xi Jinpgin's desk? Does everyone want it to succeed but can't see eye to eye?

This is self moderated so I might even socially engineer you. HA.

But I would like to hear some theories or examples. Any of the usual boring shit from the usual suspects will be deleted. It's been heard a trillion times here. I'd like the thoughts of people who rarely pipe up about their observations.

Item number 1 - Bitpay failing to mention that the upgrade offered to their users comes with forking fun - https://twitter.com/BitPay/status/898182956912705537
16  Bitcoin / Bitcoin Discussion / Has your attitude to BTC been influenced by your local currency? on: August 13, 2017, 05:20:31 PM
As a British person  it's fairly clear that GBP will continue spiralling down the limescaley toilet of doom for many years to come.

For reasons unknown my dear old dad keeps most of his money in GBP despite becoming a citizen of EU country. I no longer give a shit because most of my value is in crypto and is staying that way. I was unmoved by the exchange rate collapse after the Brexit vote and will continue to be fully insulated as we all slowly starve to death.

How many people here have paid attention and gotten into Bitcoin primarily because of the weakness of their local currency? Or the cumbersome restrictions placed on moving it?

I assume we have more than few South Americans here. Who else and what is your story?
17  Economy / Collectibles / At what price level do you start peeling rather than selling? on: August 13, 2017, 11:37:36 AM
I think it's safe to say that the premiums will continue to go down as the price rises. Similarly the risks of selling become ever more alarming.

I have a few ungraded coins. There's no way I'm posting them off to ANACS now and the people flogging them on Ebay must have some type of death wish.

The addition of Bitcoin Cash also rather messes with things too.

At some point in the future what will your plans be if you need to liquidate your Casascius coins?
18  Economy / Speculation / Old hands, what is your current engagement level? on: August 11, 2017, 08:58:30 PM
Now that every single person here is quite stunningly rich, at least for tonight, has your level of engagement with crypto land plateaued a little or are you as turned on as ever?

Are you increasing your portfolios with wonderful shitcoins, staying put completely, selling like mad or too busy with ladyboys wiping their posteriors on your faces?

Speaking for myself the prices are now so far beyond where I began and there are now so many projects that I'm just sitting there and observing more than anything. The social science side of it is more interesting than ever, but the market bit feels a tad surreal now.
19  Other / Off-topic / What security measures would you take as a dark market kingpin? on: July 29, 2017, 07:26:02 PM
I am not outing myself here. I think it's a silly business, but I've been reading about Ross Ulbricht again and of course Mr Alphabay.

Both of them operated in a very silly manner. Two people knew Ross's involvement in SR from minute one, there's leaving of his gmail address buried in the Bitcointalk server, and his operating SR in public places allowing the feds to grab his laptop before it could be encrypted.

With Mr Alphabay there was of course leaving his email address, but also flaunting Lambos and mountains of property.

So if you were to embark on such a life, how would you do it differently?

I for one would begin by only doing my nefarious business in a locked chamber. If you can wipe your laptop with one button press, you can physically isolate yourself for long enough if someone comes for you.

What else would you do?
20  Economy / Speculation / 2MB hard fork? on: July 20, 2017, 09:27:45 PM
So what's going to be the deal with this?

Now it's all sweetness and light as Segwit smiles upon us, what do you reckon will become of the 2MB hard fork?

Will everyone who agreed to it fall away and wait to see what Segwit does or will they follow through?

Hard forking seems rather more fundamental to me.
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