Hi,

I have a math problem regarding my recovery seed for the Ledger Nano S.

There are 24 words. I have written down the 24 words. But as an encryption method, I have inverted the position of two of these words, two times.

I thought I know eaxctly whose of those words were inverted, but apparently this is not the case because when I enter the words in the order that I thought would be correct, this is not a valid seed.

So you could say I am very stupid, but anyway, let's work with that.

So I have 24 words. 20 words are in the right position, and 4 words are in the wrong position. I don't know which words are in good position and which words are in a bad position.

How many possibilities there are?

How to do? I need to do that in order to be able to import my private key in Electrum.

Hi guys,

I have written a cover letter and I need someone to check and correct the english mistakes that I have surely made. I need it done in less than 24 hours after sending it to you. I need a native english speaker. I will pay 0,065 BTC (25€) after getting the review.  

I expect confidentiality about the information it contains.

Send me a PM if you are interested.

Thank you,

[There will always be a limit to the blocksize]

We all should strive to maximize the value of one bitcoin. Not because of greed, but because when you maximize the value of one bitcoin, you maximize the value of the Bitcoin network. And when you maximized the value of the Bitcoin network, you maximize the utility of the Bicoin network. The price of one bitcoin is a proxy for how much value Bitcoin brings to the world. Maximal value means maximal utility and thus we see that the philantropic goal of helping in the best way possible the humanity is similar to the goal of maximizing the value of one bitcoin.

When there is an artifical limit to the blocksize, this means that the use cases of Bitcoin are reduced (higher transaction costs drive out the demand for transactions). That means the utility of Bitcoin is diminished and that means the long term value of a Bitcoin is lower than without that limit. It's a completely different limit than the 21 million one. The 21 milion limit increases the demand for bitcoins because fixed supply is highly wanted feature (on the contrary, cheap transaction is a highly wanted feature). Bitcoin owners, if they want to maximize the value of one bitcoin, should choose to remove the blocksize limit while regarding as sacred the 21 million limit. Some people like theymos, Jon Matonis or Greg Maxwell try to confuse you by mixing up the meaning of these two limits (maybe it's involuntary, maybe they are just confused themselves about that point).

An important point is that removing the artificial limit doesn't mean that there will be not limit at all. Some people think the world is a frictoinless place, but this is not true. There will always be a limit to the blocksize. The bigger a block, the higher the risk that he gets orphaned. Even without an artifical limit, miners will not produce infinitively big blocks because it won't be rational for them to do so. There will be a natural limit. There will always be scarity in blocks space and therefore there will always exist the need for transactions fees that will allowed the network to be secured when the coinbase moves toward zero.

One of the main argument of people who wants to keep 1Mb blocksize limit is that it will increase the cost of running a node. What is comical is that it is implied in their argument that if the cost of running a node increase, it's means that their are more transactions on the network: They involuntary admits that by increasing the limit we allow the transaction level to increase, thereby increasing the value of one bitcoin and the utility of the system. The core of their argument lies on a technological pessimism where technology progress would cease to follow it's empirical trajectory. Imagine if video games developpers had stopped to improve the graphism of the video games because "maybe computers will stop to improve and it's not rationale to postulate that they will". That is exactly the mindset of people who wants to keep a 1Mb limit.

If the cost of running a node increases, it's means the demand increases faster than the technological progress, which would be a really good outcome for every bitcoin owners. Where is the treshold at which point the decentralization of the system (which guarentee that the 21 million limit is enforced) is threatened? Even if it's cost 100 000$ a year to run a nodes there would still be a shit load of node around the world. Do you know how many busineses in the world have fixed cost >100,000$? Answer: a fucking lot. And do you know what will be the value of one bitcoin when the cost of running a node will be 100,000$ a year (and this is hypothetical, all this shit lies on the very dubious that the technological progress will somehow stop). Answer: a fucking lot.

Today the bottleneck of decentralization is not non-mining node but mining nodes. Blocking demand adoption because it might decrease the number of nodes while it may reshape the mining market and re-distributed the hashrate is very weird from people who say they care about decentralization.

Hi,

I am unrelated to this fund but the managers are friends of mine and I think this is a good idea to bring fresh fiat into crypto, it also may turn to be a good investment idea for you people already in crypto.

Here's the announcement:

I am pleased to announce the relase to the CryptoCoins hedge fund, result of months of work at CFA Consulting.

CryptoCoins is a hedge fund invested in crypto currencies, mainly Bitcoin. Based on the Nxt Asset Exchange (asset ID: 615502203617265072), it use it as the backbone for its trading, but since it is primarily aimed at attracting people from the non crypto world, it will be tradable directly in euros through the CCEDK exchange platform, chosen among other reasons for its quick reaction time.
It aims at hedging the risks associated with the high Bitcoin volatility.
The CryptoCoins hedge fund was backtested between October 2013 and October 2014:



Documentation is available for this fund here:
•   A six-page fund’s presentation
•   A fourteen-page procedure to learn how to buy the fund from the Asset Exchange
•   A thirty-page procedure to learn how to buy the fund with euros from CCEDK
•   A two-page procedure to learn how to actively participate in the trading choices of CryptoCoins and earn money from it


Updates concerning the fund can be found here.

Hi,

In a lot of countries the tax rate is different if the asset is hold longer than 1 year or not.
So in the case of bitcoins, what kind of documents one should show to the fiscal admnistration for proving since when he has the bitcoins?

Bonjour à tous.

J'ai récemment commencé la rédaction d'un blog où j'explique le fonctionnement du protocole pour les newbies. Il y aura également des réflexions économico-politiques, je parlerai des coins de nouvelles générations, de l'actualité, etc. L'ambition est de faire un blog livrant une réflexion profonde orientée sur le long-terme, avec une certaine liberté de parole.

http://france-bitcoin.net/

https://exante.eu/press/news/397/

First of all, why every body was talking about Bitcoin Investment Trust but nobody was talking about this hedge fund?

Then they say they have $35 million under management. Let's assume a 50$ per BTC average price. Am I mistaken if I make the following calculation : 35 000 000 / 50 = 700 000 BTC
Do they really have ~700k BTC or do I make a error logic somewhere?

http://bits.blogs.nytimes.com/2013/11/23/study-suggests-link-between-dread-pirate-roberts-and-satoshi-nakamoto/?_r=0

After Mr. Ulbricht was arrested last month, the scientists used public information to begin tracing Silk Road-related transactions. Among their discoveries was a particular transfer to an account controlled by Mr. Ulbricht from another that had been created in January 2009, during the very earliest days of the bitcoin network, which was set up the previous year.

Although the authors state that they cannot prove that that account belongs to the person who created the bitcoin currency, it is widely believed that the first accounts belong to a person who identifies himself as “Satoshi Nakamoto,” but who has remained anonymous and has not been publicly heard from since 2010.

Hi,

I had installed recently Bitcoin-qt 0.8.5 and while it didn't finish to download the blockchain he stopped working, I couldn't open it, instead I had the error message "Failed to read block".

So I deinstalled it and try to reinstall it but I am still running into the same message "Failed to read block". What should I do?

Hi,

Here an interesting article about Ripple : http://dealbook.nytimes.com/2013/11/11/the-rush-to-coin-virtual-money-with-real-value/?smid=tw-dealbook&seid=auto&_r=0

Basically it said that Ripple is already welcomed by the financial industry and that it will receive a better greetings by governments than Bitcoin, plus the protocol don't waste any power with the mining stuff.

I am uber bullish on Bitcoin but this worry me a bit. I think Ripple make good points and has a shot for at least outcompete Bitcoin in the e-commerce, remittancee and micropayments markets (but not at all in the store of value "gold-like" market, here Bitcoin will remain the king).

What do you think about that?

In this article http://www.coindesk.com/bitcoin-price-long-term-potential/ the author says that the velocity is 9.

Where does this number come from ?

If it's true, and given that the velocity of fiat currencies is around 1.5, I think everyone who complain about hoarding and the economic effects of a deflationary currency should just stop telling bullshit.