The problem is we made a commodity out of BTC. Remember what it was originally stated to be. A software based payment system.
Then we began to realize we can't use it as we are able to use any other commodity. So we made it a commodity cum currency. We forgot we don't use commodities as currency in our real life.
To me it currently looks to be trying to become either a commodity or currency or hybrid. I think the coming time will tell us what it eventually becomes. In any case being a commodity cum currency in our times is not an easy identity to resolve. So I guess we gotta be patient and let it resolve. Which is again not easy because we fully believed in each label we gave it and tied our money and hence our greed & fear with it.
Why can it not be bother a commodity and a currency hybrid? I think bitcoin is still in its very early stages so it's bound to be a wild ride for quite some time and that means there's potential for profit as a speculative investment, but it may steady and slow down eventually and could become a viable currency in the future. The best case scenario would be for a bit of instability initially but a gradual price rise (so we can make some profit) before it tapers off to become stable and usable as a currency for everyone. Contrary to popular myth, money IS a commodity, regardless of its form. It is just a generally accepted commodity, rather than a specific niche. It is the grease for the bearings of commerce. Bitcoin fills this need quite well, but it's adoption remains too small. I actually agree with the article in general, though it's definitely troubling to watch it in freefall. But overall, the general bitcoin news is positive, more adoption, more awareness... why the price did not follow is a mystery to me. The inflation is not yet too great for the rate of adoption, and there is NO better way to send a payment across borders, so both it's currency utility and payment utility are working. Time will tell. |
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My first modem was a 150-baud box that I wired myself using a diagram I got from somebody or other through the (postal, of course) mail. The year was 1978. I was starting to get into computers because my parents had forbidden me to build any more CO2 lasers after I got a burn on my hand.
I used a computer that I built with a Z80 CPU following instructions from Popular Electronics and a book - and eventually worked out how to log into the Labyrinth BBS, which was on another machine about 40 miles from where I lived. The first prompt was HOW MANY NULLS DO YOU NEED? meaning, how many character transmission times were required for your machine to handle the end of the line. For me the answer was 3 because that's how long it took for the carriage return to come back to the start of the next line.
Labyrinth was mostly American Vietnam vets who'd been specialists of one sort or another in the Police Action over there, and it was pretty clannish and distrusting until some of them finally met me in person and decided I wasn't someone they needed to be all that cautious about. I don't know who they thought I MIGHT be, but if you think we have privacy concerns today, you never met these raging hair-triggered paranoids.
We had guessed wrong though about encoding standards. We were using Baudot with three parity bits, because ASCII wasn't a real standard yet.
Yeah, I'm that old. And I've been the scary kind of geeky for that long.
Howdy brother! I was on the Labyrinth just a bit later than that. Tachyon here  |
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It's called "Advice" just like you get on TV about your stock investments.
Take it or leave it.
I don't have to engage in an argument, my position is being underlined every day.
Am I happy its going down? No.
Did I prepare for it going down: Yes
Well put. I'm on both sides of this argument. I think that long term, digital currencies are the wave of monetary future. Fiat currencies always fail, due to the simple fact that central banks can inflate at will, and frequently do so to cover their own tracks or attempt to mitigate against the stupidity of governments. It never works in the long term, but it does "wonders" in the short term. Digital currencies, by contrast, inflate at a very controlled and largely unmanipulable manner. This makes them a better vehicle for finance in many ways. Also, their quick settlement period will make them attractive to financiers and businesses alike, once third party processing becomes prevalent. And yes, I do realize that removes the "trustless" paradigm for day to day purchases, but that is necessary if BTC or other digital currencies are to break into the mainstream. The average purchaser does not give a damn that his VISA card actually doesn't settle for 14 days, but he does give a damn that his bitcoin transaction takes an hour to be confirmed. With something like a VISA for BTC, that would change, as settlements up the line are cheaper and faster. Fiat currencies fail and finance the sociopaths and wars. Bitcoin is strong and useful. But fiat have their powerful points and Bitcoin has weaknesses because it's attacked and new. To be a millionnaire in Bitcoin at 152$ (low point on bitstamp Today) : 6579 BTC but it could be only 658 BTC sometime in 2015  Make no mistake here, the sociopaths will have their wars, regardless of the currency. But a BTC standard, as did gold, will restrict the sheer scale of their destructiveness. |
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It's called "Advice" just like you get on TV about your stock investments.
Take it or leave it.
I don't have to engage in an argument, my position is being underlined every day.
Am I happy its going down? No.
Did I prepare for it going down: Yes
Well put. I'm on both sides of this argument. I think that long term, digital currencies are the wave of monetary future. Fiat currencies always fail, due to the simple fact that central banks can inflate at will, and frequently do so to cover their own tracks or attempt to mitigate against the stupidity of governments. It never works in the long term, but it does "wonders" in the short term. Digital currencies, by contrast, inflate at a very controlled and largely unmanipulable manner. This makes them a better vehicle for finance in many ways. Also, their quick settlement period will make them attractive to financiers and businesses alike, once third party processing becomes prevalent. And yes, I do realize that removes the "trustless" paradigm for day to day purchases, but that is necessary if BTC or other digital currencies are to break into the mainstream. The average purchaser does not give a damn that his VISA card actually doesn't settle for 14 days, but he does give a damn that his bitcoin transaction takes an hour to be confirmed. With something like a VISA for BTC, that would change, as settlements up the line are cheaper and faster. |
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I will tell you how big my blocks are if you show me tell me yours
Muahaha billo, there's no privacy when your addy is claimed and well known Except for block explorer is not in sync  Looks like he's updating it again. Does this mean we'll have to reclaim our addy's ? Ya might get that privacy yet |
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I'm not bashing. You are referring to existing sha256 miners. You are limiting speeds and wondering how? Network difficulty is one thing. RPC calls to client for getwork and getblocktemplate are the other. Unless you completely revamped your RPC calls I still can pull a hash difficulty requirement and submit it to the network from a client who's pub key is allows, I just don't see how you can limit hash rate. All I gotta do is get a block and goal and let my own mining pool software not touch the wallet client until it finds a block.
the owner of the coin was looking for people for testing and attacking the network. personally i believe that boxxa would be a great candidate for this. I agree. I'd volunteer my own services as well, but my SHA miner died  |
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550.886 coins now aging over 75 days without staking.  Hmm. Never had one go that long even with low numbers like that. It'll break eventually. Actually, I need to amend that. the ten single coin blocks are way older than that |
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lol. I can't even get past the name. Can't even say it without laughing. "How many americanpegasus coins does that cost?" LMFAO! WHATEVER!!
This crap is total scam!
Probably. But the OP is very amusing |
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Hating Islam is the wrong thing to do. Rather, we should utterly detest it.  Political correctness is not your forte, I presume? Political correctness is an oxymoron. It's impossible to please everyone, and since politics is largely about rapine and plunder under the colour of law, then by both english convention and actual meaning, the term has no meaning. |
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Besides, I do not think the OP can cap users at 500GH/s.
I am curious to the detail on this as well. What stops a person from running multiple wallets that each have a separate asic pointed to them? Someone would do that and use the backup pool feature to send the excess over 500GH to their backup pool for each device. You might be able to run multiple wallets on same machine and just modify the rpcport for the asic to connect on. Edit: so if someone made a quick program to act as an "AllStars Mining Proxy" that was able to have all asics point to it and it can redistribute the hash to several wallets it would be ideal. The program could also contain its own temporary wallets and handle the transfers to a master wallet. All miners must sign their blocks. All miners must "register" their public key before they are permitted to mine with that key. Blocks signed by the same public key are invalid if they are too close together by some rule Without revealing to much details yet, each user will have to sign their blocks. All miners must register their public key before they are permitted to mine with that key. Every miner will be assinged an 'api key', wich allows up to XXX hashrate to be submitted. Every hash above it will be transfered to the backup pool. Forget everything in excistence up to date. Your miner username wil become a key that will be provided by an automated system preventing the same user to retrieve hundreds of keys. Like said before, this will not be your average QT wallet. The wallet will be in sync with the main server, who grants miners rights on hashrate. You can compare it to the principle of Authy, you get a registered key every X amount of time who validates your access to finding blocks. But rest assured, it will be extremely hard (if not impossible) to bypass the hashrate limit. Once our source goes public, many new coins will implent this method as well imao. Quick update; After being sick all day, i will assure the website and IPO goes live in a couple of hours You just got more respect from me for admitting to arrogant opinions. I thought I was the only one who posted that way One should never express a humble opinion. I'm quite curious how you intend to achieve this, watching closely. Best of luck, and with .5 TH max, if you can actually pull that off, I'll definitely be mining come the proper time. |
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You missed a very important synonym: Goxxed Please correct this mistake. I think perhaps the scale needs to be considered... Gox did a whale of a job and got away with it. Paycoin is small potatoes by comparison. |
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I'm in mobile now, and will post the details about how we will limit the speed once I'm home from work.
Yes, some coin developers actually have a job instead of relying on getting money for free.
You can always watch the MIN (minerals) as how they implented the speed limit, it will be based upon that.
Lol'd at that. Yeah, I know a couple such developers, and they have decent coins. I will look at minerals, and await your reply. Drink coffee in large quantities and enjoy your day |
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I"m a bit confused. If OC is setting up a pool, but only in wallet mining is allowed, what's the purpose?
And how do you intend to throttle the speed? (pure curiousity here, I think it's an interesting concept.)
also, with only in wallet mining, why SHA? A puny sha rig will bury your speed limit pretty fast. I'd think you would want something a bit more CPU/GPU centric.
I sometimes come off harsh, so just in case, no FUD intended. I'm interested. Not in the IPO, but in mining.
Let me answer your questions (or at least try to) IPODoes that answer your question? Besides, I do not think the OP can cap users at 500GH/s. Depending on how it's handled, IPO is not a dirty word. But if I do anything with this coin, it's gonna be mining. I like mining I don't see how it could be capped either, but I'm not a coder, so who knows? I'm curious as to how they intend to do that. I suppose it could be done by using IP ban if the power gets to high, but what's a fair way to do it? There are a lot of 1+ TH/s rigs out there. I don't have any, damn it, but I have friends who do. They're not even terribly expensive any more. Now if he was aiming at 50 TH/s, that would seem reasonable for SHA. Personally, I get the feeling this wasn't well thought through. I'd have chosen X11 or something like, keep it to GPU's and CPU's. Or go big and not care  You have your answer If this coin passes through the IPO stage it will be raped in the mining phase. Guaranteed. I have seen many alts getting raped lately and there are MANY members who would love to rape this too so long as they get most of the coins. Can't argue with your logic, unfortunately. but I remain curious. If they do have a way to throttle the network, it could be interesting. |
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I"m a bit confused. If OC is setting up a pool, but only in wallet mining is allowed, what's the purpose?
And how do you intend to throttle the speed? (pure curiousity here, I think it's an interesting concept.)
also, with only in wallet mining, why SHA? A puny sha rig will bury your speed limit pretty fast. I'd think you would want something a bit more CPU/GPU centric.
I sometimes come off harsh, so just in case, no FUD intended. I'm interested. Not in the IPO, but in mining.
Let me answer your questions (or at least try to) IPODoes that answer your question? Besides, I do not think the OP can cap users at 500GH/s. Depending on how it's handled, IPO is not a dirty word. But if I do anything with this coin, it's gonna be mining. I like mining I don't see how it could be capped either, but I'm not a coder, so who knows? I'm curious as to how they intend to do that. I suppose it could be done by using IP ban if the power gets to high, but what's a fair way to do it? There are a lot of 1+ TH/s rigs out there. I don't have any, damn it, but I have friends who do. They're not even terribly expensive any more. Now if he was aiming at 50 TH/s, that would seem reasonable for SHA. Personally, I get the feeling this wasn't well thought through. I'd have chosen X11 or something like, keep it to GPU's and CPU's. Or go big and not care |
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I"m a bit confused. If OC is setting up a pool, but only in wallet mining is allowed, what's the purpose?
And how do you intend to throttle the speed? (pure curiousity here, I think it's an interesting concept.)
also, with only in wallet mining, why SHA? A puny sha rig will bury your speed limit pretty fast. I'd think you would want something a bit more CPU/GPU centric.
I sometimes come off harsh, so just in case, no FUD intended. I'm interested. Not in the IPO, but in mining.
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Done.... Now for some real FUD... I've been mining at http://fud.hashhot.com for a awhile now and it seems as if they have done a runner with my FUD. There's been a notice there that says:- We are investingating issues in the backend. Your shares and hashrate are safe and we will fix things ASAP. Blockupdate disabled, blocks and transactions confirmations are delayed Payouts disabled, you will not receive any coins to your offline wallet for the time being.----END Its been there for 4 days and they are not answering emails. surly it dont take 4 days to fix!! I estimate they owe me 10K FUD. I'm not a happy Fudder It's an MPOS pool, which I have set up several of for my own and a few other's private use, so I know what the problem LIKELY is, and you're right, it don't take 4 days to fix. Of course the operator might be off on holiday or something... If you trust the operator, let it be for now and pester them a bit. They need to reset MPOS and stratum. It takes five minutes max if it's just gotten out of sync. A bit longer if it has to repair the payout database, but no more than four or five hours once it's done. The most likely cause is a few orphans got recorded wrong, which causes MPOS to be overcautious. It usually corrects itself, but it triggers a failsafe that requires restarting stratum and MPOS. If you don't trust the operator, GTFO of that pool and hope you're wrong Sorry, best I got. |
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something went badly wrong in his supply chain.
Exactly! Not enough new customers to support payouts to old customers. That's the only supply chain they had. That was covered in the post. Don't try to put me in a position I did not take. You may be right, but let it play out, and if you're going to quote me, do it in context. |
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Excellent post Biomech, I'm glad to see the voice of reason appear finally. Although I've not had any private messages with PBM / Boyko I am still prepared to give him the opportunity to do the right thing All the threats that have been made in here have done nothing to help, and in truth may well have made it worse. We must be patient and let the process run it's course. LOL you may well be accused of being Jason Boyko too, just like I have been, what fun eh ? LOL. I've been accused of worse. My real identity is pretty well known and easy to come by. They can fling whatever they wish. However, it frightens me how many times I have been called the "voice of reason" on Bitcointalk. My friends would disagree vehemently |
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Crazy. Now is the time to change something. We have to keep the Bitcoin world clean from scammers. Otherwise it will never reach the mainstream.
I totally disagree, and for evidence present the US dollar. Scamming and the mainstream are so intertwined that I don't think that either could exist without the other. |
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Fellas you might want to look at bitcoin prices today before you start another group buy.
299 great I am hoping for a drop to 200 . Why so? Can't speak for Phillip of course, but I'd like to see that as well. I think it will help to get the flow going OUTSIDE of exchanges. More payment options, more adoption, and a longer term stability all militate towards a lower cost of entry right now. I'd like to see a good floor followed by a relatively steady rise as adoption increases. The roller coaster is fun, but it makes large scale adoption a very risky proposition for businesses, and ultimately, if BTC is going to win that's what needs to happen. As time goes on and it becomes increasingly difficult to get BTC, then the price should rise vs. other currencies, but right now it just doesn't have the necessary market penetration. I think we all hoped it would happen faster, but I never really believed it would. All things considered, excpet price, 2014 was a very positive year for bitcoin. It's rare that I encounter someone who hasn't heard of it these days, and at the same time last year the usual response was "bit what?". |
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