According to this: http://coinmarketcap.com/
Novacoin has been really bullish during the last 7 days. Is it a bubble forming? I honestly think that NVC is just another scamcoin ( copy-paste from LTC + copy-paste from PPC ). Therefore it really bothers me that it's going up like that. Can anyone explain the phenomenon?

http://www.scribd.com/doc/155504772/Bitcoin-2-Freedom-of-Transaction

So, Know Your Customer Scoring, to be more exact? Let's say All the bitcoins I currently own are gotten from mixing services because I like online anonymity. Now suddenly a wild KYC regulation appears. This means that my bitcoins become worthless? I don't want them to become worthless so I will sell them as quickly as possible when bitcoin 2 comes out. Everyone does that. Price drops as fuck. What do?

edit:
Thing that really pisses me off in this "bitcoin 2": your cold storages will be given to randomly chosen "active" bitcoin addresses to combat dead coins. Also, they want to add possibility for charge backs to bitcoin. I say bitcoin 2 is evil and can cause major disruption in the market. I would pull out my coins or convert the value of my bitcoins to some other alt coins until things settle out with bitcoin.

Pic related. I hereby speculate that at least a short term rally is coming and we might see triple some serious digits again.

Edit on August 14, 2013:


Original content from July 10, 2013:

[Proof of Human Work]

If anyone doesn't know the Conway's Game of Life yet, watch this: http://coinmarketcap.com/

The idea would be using reversing a given state in game of life as proof of work.
LIFE(initial_state) -> new_state // this is fairly fast
new_state -> initial_state // this gets really complex

Yes, there are problems: Gardens of Eden
And I personally haven't figured out a solution to these problems BUT even if the game of life is not suitable for a CC, the reason why I'm introducing this approach is to get us closer to a CC that somehow embeds Proof of Human Work in its PoW. A hypothesis is that for some particular problems a human mind combined with computing power can generate PoWs faster than a supercomputer on its own.

For example, take a look at Fold It (http://www.youtube.com/watch?v=bo99JjnfdA8)
This is a live example of a problem where humans are vastly better at solving problems than computers on their own.

So, my idea is to come up with a CC that has its PoW made so that human assistance is required, a human entity has to manually participate in the process of mining blocks.

I have one idea. What if everyone holding bitcoins started to buy ASICs and obviously paid with bitcoins? This means that the ASIC manufacturers probably sold the bitcoins in exchanges which made the price of bitcoin crash. When ASICs are delivered the buyers want their ROI and the price increases again.

http://www.naturalnews.com/040859_Skynet_quantum_computing_D-Wave_Systems.html

So, does that mean Bitcoin is soon to become irrelevant?

[component coins will be destroyed]

1. IP Coin
The coin would be made so that it would distinguish between the IPs that originated new blocks. If a block is found from the same IP several times in some time period then it would be somewhat banned for finding new blocks until some certain time passes. This would make using mining pools pretty much useless and also having a garage full of ASICs. The 51% attack would be less likely and the key for mining is not only having a great processing power but also finding IPs that are not yet used for mining.

2. Super Coin
This coin would combine a set of existing and valuable coins. To mine super coins one must mine all the supported coins. Each coin it supports, provides one dimension to the user's coin vector. For example, if the super coin contained Bitcoin, Litecoin and P2P Coin then the coin vector would have 3 dimensions.
If the user has 3 bitcoins, 3000 litecoins and 10000 P2P coins then the super coin looks how many bitcoins, litecoins and P2P coins are out there currently, so if the total number of these coins is as follows:
BTC: 10 000 000
LTC: 40 000 000
PPC: 100 000 000

then in that context the user has:
BTC: 3 / 10 000 000 = 0.0000003
LTC: 3000 / 40 000 000 = 0.000075
PPC: 10000 / 100 000 000 = 0.0001

The share of super coins would be the vector length of the user's coin vector:
Sqrt( 0.0000003*0.0000003 + 0.000075*0.000075 + 0.0001*0.0001 ) = 0.000126491

This would be multiplied with some constant to make it look human friendly, so for example the amount of super coins that corresponds to the given coin vector would be: 126.491 SPC

Or ( 0.0000003 * 0.000075 * 0.0001 ) * 1 000 000 000 000 000 000 = 2250
1 000 000 000 000 000 000 is just a constant

To get supercoins one must have all its component coins. To spend super coins, the component coins will be destroyed and the super coins will be sent to the receiver as normally coins are sent.

Having said that, these are just ideas. Feel free to propose corrections or generally discuss what you think of my ideas.

How to create a bitcoin alternative that has its proof of work algorithm randomly changing (self-modifying) so that no ASICS could ever be built for mining?

I propose embedding some scripting language like Lua (or completely custom) to the coin. The script would be saved in the blockchain once and all the next blocks can be mined only with the algorithm described in that script.

If a block is found then the reward for the next block would decrease if a miner used the same script. This means that miners can use the same algorithm only a couple of times and should be constantly proposing new and different algorithms for mining.

The algorithm should be randomly generated and there should be limitations for it. For example the size cannot be larger than 1KB.

Knowing that it's proven to be impossible to make a program that could find out if another program really does what it is supposed to do I suspect that such altcoin remains utopic. However, the problem statement is still there and maybe the means for finding a solution can be changed to achieve the same goal. Discuss.

If a government can manufacture a train full of tanks:
http://www.youtube.com/watch?v=7PTfF6wmqcU

Then it can easily manufacture a train full of ASICs. This won't be a 51% attack, it would be 99% attack.

Prove me wrong.

[NSFW]

Just look at the gigantic bullish signs - the periodic upward spikes in prices on the long term charts. All of these look more like premature ejaculations than crashes.

Eventually bears will get burnt. Pics related.

NSFW
http://www.hyena.net.ee/Pic/bearTrap/sprint1.jpg
http://www.hyena.net.ee/Pic/bearTrap/sprint2.jpg
http://www.hyena.net.ee/Pic/bearTrap/sprint3.jpg
http://www.hyena.net.ee/Pic/bearTrap/sprint4.jpg

Discuss:


Also, someone should make a modified version of this:
http://www.youtube.com/watch?v=GA8z7f7a2Pk
stating something like "bitcoin dance party"

I'm sick and tired of facebook's supremacy.
Has anyone thought about decentralizing a social network service?

It should base on private/public key cryptography except your account's data should not be stored on the network I guess. The protocol should just make it possible to discover friends and get their news, likes and shares easily.

I don't feel it being impossible and I'd love to host my own front end to my social media data. It would be pretty much like a normal homepage except it would have its own standardized API for other people to fetch my updates.

Somewhat similarly to wordpress (open source, easy to set up).

Actually I'm not sure if it even needs the private/public key cryptography at all. Any thoughts?

Hi! Yesterday I received this notice that facebook has detected unusual IP accessing my account. I did not recognize it and therefore was asked to change my password. The strange thing about it was that the ip that had accessed my account did not display any location on map nor ISP name or anything. It was just an IP number.

The IP was something like that: 10.x.y.z I can't remember what the x y and z were but I guess it doesn't matter because IPs that start with the number 10 belong to the private network anyway. This means that my account was accessed from some facebook's internal servers?

Any suggestions? Am I being monitored by THE GOVERNMENT? (No kidding, this creeps me out and I'm considering starting to use VPN)

Also, suggest me good bitcoin VPNs. Should I go for Air VPN?

So just to speculate on that. Let's say we'll see massive electronics failure due to extreme solar activity.Would there be any point to make a paper backup of my wallet.dat before the ~21st of December? Can magnetic storms corrupt digitally stored binary data? Maybe it would be smart to print out the bitcoin's protocol or the source code just in case?

I'm just curious what are your thoughts on this end of the world scenario. I think it either doesn't bring us back to the stone age or if it does bitcoin would be the last thing to worry about.

Hi! I'm restricted to newbie status thus I cannot make this post in the original thread: https://bitcointalk.org/index.php?topic=50936.0

Where is the algorithm stored for restoring the wallet?

This is my imaginary scenario:
1. For some reason Electrum Bitcoin Client disappears with its electrum.dat files.
2. For some reason all the source code of this software disappears from the web.
Yet, I still have my list of words for restoring my wallet. How can I restore it?

This is what I intend to do:
I print out the list of my mnemonic words on a paper.
On the other side of that paper I will print out the python source code that would restore my wallet knowing these words.

Is this possible? Is this already done? How to do it? Any support for this idea?