The way to prevent this is to keep all your coins that you aren't currently spending in cold storage, with paper backups.
The good old fashioned way. |
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I think this could be a threshold for a new era in alt-coins. I'm pretty excited. However, now I'm expecting to see many more coin partnerships popping up. This could either be a good thing...or not so much.
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Winklevoss Twins are running a pump and dump. In the interview they said its so much easier to get some one interested in bitcoin than it is to explain to them how to use it. They see that as a flaw they are fixing with the etf. They want to make btc like gold. THEIR WORDs. Keep in mind now one uses gold for commerce. Clearly they don't care about the true goal of the project of creating an alternate currency/payment system that is superior and controlled directly by the community of users as opposed to the government and powerful banking cartels. Thats what makes the blockchain not only worth TRILLIONs, but also improves humanity with a free people's money the Government & Friends can't use to exploit us. The etf, make it like gold route will only make the blockchain worth some Billions.
The don't care about creating a reliable currency and unit of account for people living in oppressive 3rd world regimes, so that people and work and trade and feed their families without the terror of having their national currency constantly becoming worthless in their hands. See Zimbabwe...iran...venuzuela
Now thats fine for you if you are in the camp that bot a few grand under 100 and when it goes to 10,000 and now you quit your job and retire. But its not what i'm here for.
I pray this etf thing flops and never gets approved.
More and more I am starting to understand why satoshi got PO'd and left this community. Most of you folks here are just buying up BTC hoping for it to shoot up so you can get rich. Well good for you. But what if this incessant focus on making btc work is blinding us away from building something better.
All the alt currency attempts (with maybe namecoin as an exception) are really low grade forks, designed as pump and dumps. Shame on us. By now we should have launched a 2.0 cryptocurrency that solved the blockchain bloat problem, and moved to a better more efficient record keeping system.
If i had the technical chops, I'd do it, but i don't. A while ago I posted a few ideas for a better cryto, and got very little interest. Every one is hell bent on taking bitcoin all the way regardless of whether its the best we can come up with. I think even satoshi is surprised people are still pushing this system so aggressively whilst no one is genuinely doing a 2.0...
I've cashed out completely. I guess i just woke up to the idea that there is a better way to do this, and will wait for the better system to invest in this concept again.
I'm happy we have people who are sincerely interested in a free and open system of finance. While your suggestions might not have been given much credence whenever you posted them, I'm sure there are many other people here who aren't just interested in a get-rich quick scheme. There are enough developers and enthusiasts interested in the concept of cryptocurrencies for many of these drawbacks in the Bitcoin protocol to be addressed sooner rather than later. The problem is that the development process can take quite a while and most people who are working on their own projects don't like to divulge all their developments until they have working prototypes available. The ball has already started rolling. I expect a bright future for open source currencies. |
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How's the progress on this? I see the last commit was back in March. Any idea on when a stable release will be available?
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They're inviting the process of legally defining Bitcoin. This is how I see it at this point. Not only are they inviting it, they're guiding it. This is why I see this is a potentially detrimental set of circumstances.
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There are a few p2p exchange projects in the works. I think that's the way to go. The problem is fiat integration. Moving fiat around isn't as easy as moving Bitcoin. Most projects have the weakness of either relying on a Web of Trust, or depending on 3rd parties to perform fiat handling.
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It will probably NOT be approved by the SEC... In which case they will have to go offshore hedge fund for accredited investors. Discussed by a pro here: [–]etfamigo 5 points 4 months ago So hey. I structure ETFs for a very large company. A couple of three things: 1) The biggest issue you're going to run into is related to the concept of exemptive relief- that is, ETC (formerly a company called Faithshares, kind of funny) does not have the requisite permission from the SEC to launch non-index based products. Don't worry about making a bitcoin index, the SEC will only allow securities-based indices. Bitcoins, like all currencies, are not actually securities. 2) The best route for you would be a commodity pool built through the 19b-4 process, whereby you partner with an exchange to request permission from the SEC. Best case scenario this will take at least six months to get through, but honestly, you would not get through. 3) Seed is the last thing you should worry about. Lead market makers/IBs will put this up, provided you have (very) strong relationships with them. 4) Ok, serious here. The biggest issue is the lack of arbitragibility (not a word, but bear with me) between the ETF and the underlying bitcoins. This market is pathetically small and insanely illiquid. It simply is not a mature enough space to package into a product. PM me if you have questions. http://www.reddit.com/r/Bitcoin/comments/19hxuv/bitcoin_etf/ Wouldn't this depend on the definition of the nature of Bitcoin? Some would argue that it's more akin to a security than a currency. I've also heard people suggest that spectacles like this (SEC filings and regulations) are a way to formally define Bitcoin before moving forward with whatever plans these big players have. |
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One of my suspicions is that they want to be the head of a new and centralized Bitcoin that they hope to create. Their role in driving the legitimization (through regulation) of the currency in some hope of making it accessible to the masses might just be a front for putting it under their ultimate control. That's just one theory I've had...
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What do you guys think of them? What's their angle? It's my opinion that they're not the simple Bitcoin evangelist/enthusiasts that they portray themselves to be. What I do know is that they're interested in a regulated Bitcoin, and especially after their recent SEC filing, I've been running through a number of theories as to what their ultimate goal might be in all of this. I'm interested to see what you guys think.
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I think the biggest obstacle Bitcoin has ever faced, and will continue to face, is ignorance. Bitcoin presents a set of serious advances in the world of commerce and finance, though the masses have yet to educate themselves of these advances. The greatest service we could do to both Bitcoin and our fellow peers is to spread the word, disseminate knowledge, and introduce those around us to this new technology. I found out about Bitcoin 3 years ago, but only in the last year have I truly understood the full scope of its paradigm shifting nature. Though we might think progress is coming slowly, or maybe not coming at all, consider this: just over 6 years ago there was no such thing as Bitcoin, and now it's the most highly valued currency on the planet.
This is exactly wrong! Sorry for being direct, but ignorance doesn't stop something being successful! For instance, do you know how your electric is produced - down to which power station is supplying your electricity, and what size fuses you have in your property? Do you know exactly how your food is produced, down to which farm your burgers came from? Do you know exactly how to produce, write and perform in a sci fi movie? Do you need to to pay for a ticket and to enjoy the show? For almost everyone, the answer is no - yet they help do their part in making the economy work for those markets! The general public don't need to know hardly anything about bitcoin - except that it works, and is a trustworthy way to buy and sell goods. This isn't about education, its about trust and benefits - without enough of these, bitcoin isn't going to work!  For every single one of those examples that you listed, their adoption and widespread use depends on massively monopolistic structures which are in many, if not all cases, State sponsored. It's not like we really have much of a say in any of those choices. It's what our systems provide us. Bitcoin is a decentralized and open source system. This makes it's adoption entirely a product of people's awareness and willful choice to use it. This is necessarily limited by their knowledge of what it is and how it works (I'm not going to put my fiat fortunes into a shady software in which I have no clue how it works). It's my opinion that Linux is a vastly superior operating system to Windows. However, because Microsoft creates monopolies through their legal and corporate manipulations, operating systems like Linux (open-source, free, and community driven) get the short end of the stick. They don't have as many applications written for them, or anywhere near as much market share in many different regards. This is the cost of having something being free/decentralized/open source. It's adoption can't be forced on the world through law or capitalism. It must be sought out by those who seek to use it for its benefits. |
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I think the biggest obstacle Bitcoin has ever faced, and will continue to face, is ignorance. Bitcoin presents a set of serious advances in the world of commerce and finance, though the masses have yet to educate themselves of these advances. The greatest service we could do to both Bitcoin and our fellow peers is to spread the word, disseminate knowledge, and introduce those around us to this new technology. I found out about Bitcoin 3 years ago, but only in the last year have I truly understood the full scope of its paradigm shifting nature. Though we might think progress is coming slowly, or maybe not coming at all, consider this: just over 6 years ago there was no such thing as Bitcoin, and now it's the most highly valued currency on the planet.
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If FeatherCoin applies for verified accounts, then these particular accounts will get tossed. This is a worthless auction.
Funny you should mention that. It is pretty funny, isn't it lol. |
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If FeatherCoin applies for verified accounts, then these particular accounts will get tossed. This is a worthless auction.
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For all you people who just can't get enough of the trollbox, I've registered a freenode IRC: ##trollbox (take care to notice the double hashtag)
The site based version has gotten to be a little too troll-infested for my tastes, so this should act as a better venue for trading discussion. I'm sure with time it'll suffer the same fate as the original trollbox, but for the time being, this could be a nice remedy. Hopefully advertizing on bitcointalk will bring in relatively serious heads and leave the noob-tards to the website.
There's no 20 second delay, and you can post links without modifying them, and best of all...no Simplyfun! Also, you can use CAPS to your heart's content.
Hope to see you there!
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Any videos? Pictures? Articles?
You'll have to ask chrisj, he didn't tell me much more than what I've already said. |
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FeatherCoin is getting it done! They were at a major Financial Tech conference today. I talked to chrisj (the representative who attended), and he says we caught the attention of some deep pockets (pockets that can buy up a third world country or two). Haters will hate...ignorance will breed ignorance...but those doing real work and creating something of value will have the last laugh.
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In an abstract sense I'd agree with you. However, as of right now the price (hence "value") of Bitcoin is pegged to a fiat currency value (most notably USD). Because the majority of Bitcoins acquired are done so by means of purchasing through fiat, the "value" of Bitcoin is subject to drastic volatility by means of market-making and price manipulation. One day this won't be the case, and you will be right.
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