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105
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Bitcoin / Bitcoin Discussion / Re: LTB's bitcoin 2013 News Coverage "Part 1:Interview with Eric Voorhees"
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on: May 23, 2013, 03:57:42 AM
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Okay, I just listened to the whole thing. Very nice!
I just have to comment on the very end about alt-coins. Usually it seems I agree with Erik Voorhees at a 99.999% ratio, but both he and the interviewer are far from my thinking here.
The questioning started off immediately on the wrong foot, suggesting an alt-coin needs to replace Bitcoin to be successful, and Erik went along with that premise. What they both don't seem to consider is an alt-coin working alongside Bitcoin.
Why would Litecoin need to replace Bitcoin to be successful? Why would you imagine the market must use either or, with only one reigning supreme? I understand that's how people are used to looking at products in a store, pricing shown in only one currency, but I believe that will change. I almost feel some people view alt-coins as a threat to Bitcoin, but that's not it at all. I completely agree Bitcoin will not likely be displaced by an alt-coin, but that's not the hope of alt-coin supporters.
Alt-coins actually strengthen cryptocurrency overall. I've posted various ways this is so. Last, yes, Litecoin does have network effect, which is growing. There are goods and services being developed targeted just at litecoins, far more so than the newest alt-coins, similar to how Litecoin is positioned relative to Bitcoin now.
Short-term, yes it is very possible for alt-chains to live alongside Bitcoin. Indeed LiteCoin already is accepted in a few places alongside BTC. But long term, money works in such a way that the most widely accepted one tends to win out over the competitors unless there is some other factor preventing this natural process from continuing. In the case of fiat currencies, each nation mandates that its currency is used. If they didn't then the dollar would likely be used worldwide right now. Over time, the alt-coins will become worthless and one main crypto currency will dominate everything (maybe it'll be Bitcoin or something else, but one coin will rule them all). It's just a matter of network effects... this is why we all use the same email protocol. The caveat to this is if there is a niche which Bitcoin cannot fill, then an alt-coin might live there. But this is the exception to the rule that one main coin should come to dominate. |
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107
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Bitcoin / Bitcoin Discussion / Re: Exchange volume is more decentralized now then ever ...
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on: May 22, 2013, 09:37:59 PM
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Why doesn't Coinbase make that list? I thought they do a lot of conversion?
Their conversion is done via Gox, unless I'm mistaken. Gox's actual percentage is far lower than people think. There are also dark pools and the OTC market with large trades that are done, never shown on the exchange's volume. Plus, many tiny person to person exchanges. Bitcoin is actually so decentralized that you don't actually realize (nor can you even know) all the places in which it's exchanged. |
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109
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Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx
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on: May 17, 2013, 02:44:30 PM
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Also questions posted previously and waiting on response.
- Has the $5000/month cap changed for the new employee?
- How is the conversion calculated (because I see no consistency between months) ...Start/End of the month, btc average month price, expected trend value? The information on how these numbers are calculated are integeral to ensure honest business is being conducted, and that we're not just shitting magic numbers...As well as a demonstration that the last 2 months did have some sort of calculation alg in common so that we can see there was no deceit involved in the past addtional fees.
These are good questions. At the end of this month, I'll detail the current expenses and what people can expect going forward. |
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113
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Economy / Gambling / Re: SatoshiDICE.com - The World's Most Popular Bitcoin Game
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on: May 16, 2013, 05:36:27 PM
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It would have been really nice if you guys posted that on your website today. I bet 3 btc, completely unaware of this and have received nothing back, nor a response from your support. Are you just taking the funds sent and running? What gives?
I imagine your transaction might find its way back to you. |
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114
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Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx
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on: May 16, 2013, 05:29:29 PM
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1) Leave US access open, continue collecting that revenue, and maintain exposure to tail-risk shut-down event.
or
2) Block US IP access to the website, and greatly reduce the catastrophic tail risk.
I understand the sentiment here is negative. I would encourage everyone involved in Bitcoin to start playing the long game, and I'll leave it at that.
If people in the US do not like this, then they should be working to get rid of the freedom-crushing laws which caused this action to be taken. But Peter, America is the land of the free! |
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115
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Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx
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on: May 16, 2013, 04:37:01 PM
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1) Leave US access open, continue collecting that revenue, and maintain exposure to tail-risk shut-down event.
or
2) Block US IP access to the website, and greatly reduce the catastrophic tail risk.
I understand the sentiment here is negative. I would encourage everyone involved in Bitcoin to start playing the long game, and I'll leave it at that.
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117
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Bitcoin / Bitcoin Discussion / Re: War has started
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on: May 15, 2013, 03:10:25 AM
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Interesting tweet. Nassim N. Taleb @nntaleb18m
For bitcoin to make it it needs to be banned by a few governments and critiqued by policy makers. Otherwise it will fade. #Antifragile.
Taleb is my fav mega-genius Nah, he discovered the black swan, but Satoshi made one. +1 |
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118
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Bitcoin / Project Development / Re: Implementing “Ultimate blockchain compression & trust-free lite nodes”
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on: May 14, 2013, 12:53:32 AM
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Maaku, instead of whining and complaining about the size of the blockchain, you have stepped up like a man to solve the situation. You've just been sent a grant of 150 Bitcoins by myself, on behalf of SatoshiDICE, for the ongoing growth and development of this amazing technology we call Bitcoin. (Note to SD shareholders, this is a personal contribution, not coming out of SD earnings) Further, if after three months, Alan (whom I respect very highly) recommends further development, I will commit to funding another three months (we'll revisit the btc amount based on the exchange rate then). Please contact me on skype (evoorhees) and we can discuss further. And I agree with Alan that this needs a better name  |
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119
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Economy / Gambling / Re: mem's BITCOIN GAMBLING LIST
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on: May 13, 2013, 04:22:36 PM
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* hosted on stock platform MPEx, which I boycott. Mem, thank you for changing the SatoshiDice listing to the above. It is fair and reasonable. I appreciate it. |
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120
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Economy / Gambling / Re: SatoshiDICE.com - The World's Most Popular Bitcoin Game
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on: May 13, 2013, 03:35:14 PM
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Hey Erik, do you mind sharing how much of your shareholder's money are you paying your girlfriend? Let me guess, it's going to be denominated in BTC so 10 hours of social media nets you $5000 from the shareholders? Also, please share when you are going to dump another tranche  My girlfriend doesn't work for me or SatoshiDice. No more tranches will ever be released. |
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