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1  Economy / Speculation / I have never cashed out and looking at the actions of Apple and Paypal I'll hold on: February 07, 2014, 11:35:57 AM
Bitcoin represents your freedom. All the people saying cash out are Bitcoin newbies who don't understand what Bitcoin represents yet. We have all been there.

The best advice is don't cash out unless it is the last resort. If you truly believe Bitcoin and cryptocurrencies are better when Bitcoin is volatile and crashing you can park your wealth into another cryptocurrency which does not inflate.

But why would you want to move out of a currency internationally controlled by the people which has intrinsic value to put it into a national/poltiical currency guaranteed to inflate?

Learn how to use arbitrage and how to park your value from one form to another. Find an altcoin which has a fixed supply, with little or no inflation, and which can even pay dividends and park your value there.

When you'll receive daily, weekly, yearly dividends, your monetary value is safe from this crashing nonsense. For the newbies I suggest you spend the next few months conducting your research into the alternative currencies rather than cash out to fiat.

If you cash out to fiat you're sacrificing freedom for the illusion of security. If you can pay your bills and keep your freedom intact then don't cash out because this is just the beginning of the wave and less than 1% of the United States (and even less of the world) has purchased a Bitcoin. If you're worried about losing money then cash out when a coin is worth $100,000+ and only cash out enough to last about a year.

If my post sounds delusional with $100,000 a Bitcoin check back later this year to early 2015.
2  Economy / Speculation / Bitcoin will be 10k+ Q1 2014. on: December 12, 2013, 12:16:17 PM
I've run some calculations and have been tracking the growth trend. The rate of growth that new people are coming into Bitcoin is very high, media attention is high, and that means demand is high.

I believe Bitcoin is growing faster now than it was in April and will be growing even faster in Q1 2014 because there will be better infrastructure. Once we have an easy way to buy and store Bitcoins the demand will so far outweigh the supply that the price will go from $1000 to $10,000 within a matter of weeks. We will see growth spurts of $1000+ in a matter of 48hrs or less.

I predict it will peak out at around $15,000 and that all of this will happen between January 2014 and May 2014.  Remember this thread to see if I'm right when the time comes and if I am right you can tip me.
3  Bitcoin / Bitcoin Discussion / Will Keyhotee help to resolve the "coin tracking" issue? on: November 15, 2013, 11:49:09 PM
Keyhotee ID allows an individual to preserve their pseudo-anonymity while also allowing (if there is a court order) a trail to the real identity.

It's pseudo-anonymous because websites and businesses don't get to have your private information. But there are points in the system where you can verify your real identity so that someone knows that these transactions are from a verified person. This is a potential solution but it's not even being discussed?

Watch the video and tell me if you think this could protect privacy while also allowing for dealing with bad actors in the system?
4  Bitcoin / Legal / Should the IRS accept voluntary taxes from Bitcoin users? on: November 15, 2013, 10:17:46 PM
Suppose that a solution to the redlisting, whitelisting, blacklisting, is that instead of the government going after everyone on Silk Road or whatever the IRS instead sets up a Bitcoin address saying if you pay your share in taxes to that address that they'll look the other way.

Would you accept paying a voluntary tax to protect yourself from being arrested or having your address blacklisted?

I'm not saying this idea would work I just want to know where the Bitcoin community stands on voluntary taxes. In my opinion if the tax were something reasonable like a sales tax on every black market sale which Silk Road operators could pay to be left alone that in my opinion could resolve at least the drug issue.

I'm of the opinion that drugs should be legal but regulated and taxed. I don't think drug purchases can remain tax free because there is some harm generated to society by drug addiction and rehabs cost money to run. The taxes in my opinion should be used specifically to build rehab centers and not used for anything else.

5  Economy / Services / Signature For Sale, Please make an offer. on: November 10, 2013, 07:16:02 AM
I post often and my posts are read by many on the forum.
1463 total posts.
Activity 224.
6  Alternate cryptocurrencies / Altcoin Discussion / [WTB] 200-500 PTS. Name your price. on: November 10, 2013, 06:45:28 AM
I'm interested in buying some Protoshares. Anyone selling?
7  Other / Off-topic / Is it possible to run a completely distributed corporation and pay in BTC? on: October 30, 2013, 08:57:30 PM
I'm just wondering whether or not it is possible to do it technically speaking? Why or why not?
What would need to be built to allow for it and why aren't we seeing any distributed corporations if it is possible?

For all the talk on how revolutionary Bitcoin can be all the corporations seem to be exactly as they were. When are we going to completely demolish the archaic corporation and replace it with a new way of doing things?

8  Bitcoin / Development & Technical Discussion / Establishing trust in a decentralized market on: October 27, 2013, 09:23:14 AM
Establishing trust in a decentralized market

Any decentralized exchange such as Mastercoin or Coloredcoin or Bitshares will require the ability for pseudo-anonymous rating and reputation systems on issuers. This advance could help to establish trust. Does anyone have ideas on how to do this in a decentralized market environment?

If someone is selling something in a decentralized manner then trust is everything because there is no central regulator. This is the main problem which needs to be solved.
9  Alternate cryptocurrencies / Altcoin Discussion / Primecoin to reach 0.05 by the end of the month. on: July 18, 2013, 05:05:56 AM
I predict that before August 1st Primecoin will reach 0.05.

Now is the time to buy in because this coin has the PPC difficulty algorithm. The more it is mined the more scarce it will become and the more it will be worth to whomever is holding it. The time to buy is now, before the GPU miners and ASIC miners figure out how to mine this coin and difficulty skyrockets through the roof.

Once that happens 0.05 will be considered cheap and we may be looking at 0.1-0.2.
The time to buy is now.

10  Bitcoin / Development & Technical Discussion / Idea: Web based wallet which automatically buys Asicminer (or other shares). on: July 13, 2013, 11:28:26 PM
Is such a thing possible to make? Would colored coins make it possible?

The wallet should accept any kind of coin. The coins deposited into this special investment/savings wallet should automatically buy any shares or  bonds you set it to. It should be perfectly scriptable.

Is this possible?
11  Other / Off-topic / Idea: IQ test site which rewards highest IQ scorers in cryptocoins. on: July 07, 2013, 05:43:29 AM
The idea here is to take Raven's progressive matrices and other culturally agnostic IQ tests and set it up so the higher the individual scores the more coins they get.

The highest scorer should receive a bounty of a basket of various crytocurrencies including Bitcoin, Litecoin, PPcoin, Primecoin, Novacoin etc. Only this bounty should not pay out all at once but at random times and amounts over a period of 1 month similar to how Devcoin receiver shares pay out.

The goal of this site should not be to make people compete with each other but to encourage people to surpass their previous highest score. The goal of the test should also be to provide incentive for people to take the IQ test in such a way that motivation is high prior to taking the test (low motivation can skew the test results). Finally the reward in a basket of cryptocoins would be to make the winners into stakeholders in the future of cryptocurrencies.

Please tear apart my idea. If you think it's a good idea you can tip me
BTC 1MMzmBAJHQogC759fF3xGK4dtbYVn96BgE
LTC LL3p9GnhH8HGtYSbwq6WQ1hSYvjWjAEwyH
12  Bitcoin / Bitcoin Discussion / We should petition/demand all high IQ societies accept Bitcoin membership dues on: July 06, 2013, 10:54:32 PM
It is predicted by me that as unemployment continues to rise the IQ of those who are unemployed will also continue to rise in correlation. It is time to approach the high IQ societies and get them to accept Bitcoin as payment for membership dues.

I ask those among the cryptocurrency community who are active members of these societies to also mention Bitcoin and cryptocurrencies to any member who is unemployed or bored. Also please add to the list of societies if I've missed any.

13  Alternate cryptocurrencies / Altcoin Discussion / PPC is a good buy. on: July 05, 2013, 02:35:59 AM
It's going to rise for sure with the rise in difficulty. It's going to have it's difficulty rise because of ASICs and because it's more profitable to mine than Bitcoin. It's supply is controlled by its difficulty. It's price is determined by supply and demand.

Demand is going to rise because PPC is more stable than Bitcoin and while Bitcoin is crashing down, people will put their Bitcoin into PPC. On top of that, when you find out your ASICs are now obsolete for Bitcoin that only leaves PPC to mine.

PPC is going to become incredibly scarce incredibly fast this summer. If demand stays the same the price will double. If demand increases it could get over $1 or even up to $3. It has 19 million coins like Litecoin but with a lower rate of inflation than Litecoin. It's not vulnerable to 51% attacks and it's very stable in it's price without much volaility.

My original prediction (check the date and look at the charts to confirm I know what I'm talking about):

Price is determined by market cap and the total coins in circulation. If PPcoin has more total coins in circulation than the market cap then the price of each coin will remain under a dollar. The inflation rate of PPcoin is still high, this means if you're waiting for PPcoins to be worth a dollar anytime soon the difficulty will have to go up sharply within months along with the market cap.

There are 19 million PPcoins but PPcoin has a shrinking market cap which just lost 11.02%!

Just have a look at the charts.

This is a signal to mine PPcoins but do not buy them because the price is going to drop into the single digits soon. Mine them while the difficulty is very low and the inflation rate is high, because eventually the difficulty will be high and you'll have no choice but to buy. The main focus of the PPcoin community should be to increase market cap as quickly as possible. Get businesses to accept PPcoin and build businesses around PPcoin or the prices will continue to drop on your investment if you bought PPcoins.

And then I wrote:

Just watch, in the next week the price is going to go down even more and it's all because the inflation rate increases while the market cap is shrinking that you have the signal that this about to happen. The supply is going to increase while the demand will decrease which lowers the price. This will continue to happen until the difficulty rises in such a way that the supply doesn't increase faster than demand.

The difficulty is going up sharply. The marketcap will lag behind but when it goes up as well the price will shoot up to $1 or more. I made the post to buy PPC because I believe Sunny King has been proven correct with his difficulty formula. He knew ASICs were on the way when he designed PPC and designed PPC to take advantage of this fact within the PPC algorithm itself which is adjusted according to Moore's law and not some arbitrary way.  No one listened to me when I said PPC would go down into the single digits and no one listened to me when I said it would rise, now I'm saying it will go to $1 and buy.

I don't know how long this will take and anything could happen, so don't buy more than you can afford to lose. But I've bought in.
14  Alternate cryptocurrencies / Altcoin Discussion / PPC is now the most profitable SHA256 based coin to mine. on: July 04, 2013, 06:24:33 AM
And I'm going to predict that miners will figure this out within a few days to a week and the price of PPC will surpass $0.50.

Look at the difficulty, with PPC the higher the difficulty the more scarce the coin. PPC unlike Bitcoin does not rely on halving but on Moore's law. This means ASICs actually will make PPC supply very scarce. On top of that Proof of Stake will make it even more scarce than it ordinarily could be.

Two suggestions: Buy PPC. Mine PPC.

Throw your ASICs at PPC because it's more profitable to mine than BTC.
Buy PPC right before you do it of course.

15  Alternate cryptocurrencies / Altcoin Discussion / AskDevs (a solution to the controversy and quality problems with Devtome) on: June 22, 2013, 12:04:43 PM

An idea for a site to leverage cryptocurrencies. A business model. A better Devtome.

This is a site I would set up myself if I had both the time, resources and expertise. Since I do not, instead I'll give this idea to the community so that maybe a bounty or series of bounties can be set up to create this site for the benefit of both the community, and for Devcoin.

The idea is to create a question/answer site which leverages the knowledge of the crowd/community. The difference between this site and all the other similar ask sites is that this site will pay people for answers creating a market which both funds the site but also encourages people to share knowledge and give answers. Unlike Devtome where knowledge is shared but it's not always relevant to solving a particular problem, this would be relevant to solving particular problems. In this way quality would not go down and there would not be an issue with individuals spamming.

The mechanics of the site would work like this:

1) People ask a question to the site, pledging Devcoins as the bounty to whomever answers it.
2) Viewers will see the questions pop up and vote up the questions by adding to the bounty. Each vote will cost Devcoins.
3) People begin answering the questions, the best answer(s) collect the bounty. The person asking the question can set it so the top 5 best answers or the top 1 best answer etc. In the case of multiple parties giving good answers the bounty would be split between each proportionally.

If anyone can implement this idea then contact me and let me know, or maybe we can set up a bounty if we think the idea can work. I do think this would be better than Devtome is today. But please give this idea a thorough peer review and shoot it down if it wont work.

16  Alternate cryptocurrencies / Altcoin Discussion / Devtome killed by Bitbanter on: June 19, 2013, 10:55:49 PM
Just for the record, I did not create Bitbanter but I saw it on Reddit.
17  Bitcoin / Development & Technical Discussion / We need Cryptocurrency open standards and to promote modular software designs. on: May 17, 2013, 08:46:19 PM
The main problem I'm seeing which could hurt or slow the adoption of Cryptocurrencies is the insistence in developing exclusively for Bitcoin as a platform or protocol instead of developing standards for Cryptocurrencies.

What I mean is all the various wallets, all the various tools offering Bitcoin support, all the businesses developing ATM machines, all the businesses developing debit cards, all the businesses and programmers seem to be focused on a specific coin (Bitcoin) instead of a more general focus on cryptocurrencies as a technology.

This in my opinion is going to be a huge flaw in the future. It's similar to the flaw of designing to a specific web technology instead of to an agreed upon standard and then we cannot update the web without breaking a bunch of old websites. We need to develop for the agreed upon standard and design software to be modular so that any protocol can be plugged in.

A wallet should be designed to have the coin choice as a plugin. It can start with Bitcoin as the main plugin, but the Litecoin, PPcoin, Namecoin, any coin should be able to work in that wallet as a plugin. Instead we have people having to write wallets over and over again. What we need to agree upon is a standardized Cryptocurrency wallet design specification for example. Mozilla had to rebuild the browser by bringing in the idea of extensions to increase functionality. In the case of Bitcoins or Cryptocurrencies in general we are still designing the software to be some niche product instead of designing it like it's going to be part of the web itself. As a result you could end up with a situation like where multiple different video players like Real Player vs Adobe Flash and users having to download both, or the same problems we had when sites having to be designed to work in IE or in Netscape/Mozilla. We can't make these mistakes again, designs have to be modular and we probably will have to set up a for profit organization to pay highly skilled programmers to develop some professional quality infrastructure, API's, libraries, classes, functions, etc.

Mozilla used the Foundation model and this can work. The corporate model also works because QT follows that model.

18  Bitcoin / Bitcoin Discussion / How can we form a Bitcoin investment syndicate? on: May 15, 2013, 08:22:16 PM
This is an idea built around a question.

To define a syndicate:

A syndicate is a self-organizing group of individuals, companies, corporations or entities formed to transact some specific business, or to promote a common interest. In most cases formed groups aim to scale up their profits.

Distribution syndicate:
A group of investment banks that work to underwrite and sell an initial public offering (IPO) of securities to the market. Investment banks often form syndicates when working on large securities offerings to reduce risk and to increase the potential network of contacts through which to sell the securities. This is especially true in the case of firm commitment offerings, where the distributing syndicate may suffer considerable losses if the full offering cannot be sold.

Some advantages I can think of are:

1. Coordinated buying pools so that miners and investors can agree in advance.
2. Buying pools can reveal the demand to mining pools.
3. Political protection should a day come when Bitcoin comes under political attack.

A lot of talk about protecting the blockchain from technical attack or protecting Bitcoin from technical insecurity but what about protecting the blockchain and Bitcoin from political attack? That would mean protecting those who mine and protecting the community itself on the political level. This would require a much more sophisticated level of organization but if we can all agree on a self sustaining cause of protecting Bitcoin or maintaining Bitcoin profitability then we can easily form a syndicate or syndicates around that.
19  Economy / Speculation / How long until Oprah discusses Bitcoin? What effect will it have on the price? on: May 01, 2013, 02:25:13 AM
How long do you think it will be before Oprah interviews a Bitcoin miner and brings Bitcoin into the mainstream? What effect will it have on the price if she starts talking about it? Has anyone tried to contact her people to get her to research it?
20  Bitcoin / Project Development / Should a Bitcoin based coin for gaming/gamification be developed? on: April 29, 2013, 01:18:35 PM
The purpose would be to allow game makers to utilize this unified virtual currency which can then be traded into BTC. If this unified virtual currency is adopted by enough games and is deflationary enough, it could be highly sought after within each of the games it's implemented in.

Say if a future WoW had the new Xcoin instead of WoW gold and lets say a bunch of mainstream game makers agree to use this currency, but let's say this currency is also deflationary, could it work?

The purpose of this coin would be the gamification of work. This coin could be used in any video game, or ARG to provide a currency so that the gamers could make real money just as sports athletes, prize fighters and others make a living from their games. Of course this will not happen overnight, but if there can be Devcoin why not Xcoin?
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