Everyone knew it would come, but only the inner circle knew when.
Pegs always fail. 
Why the Blockstream folks like to use the word for the SC "currency that is a wallet for bitcoin" still baffles me.

Bitcoin trading should be conducted by anyone that wants to do so.  There is a rumor it is a peer to peer technology.  Exchange not required.

Joseph of New Liberty is deeply grateful for finding the growing community of the Crypto Kingdom in its earliest days.  Having spent most of his younger years traveling in many lands and on the waters in both military and business pursuits, it was with great delight that the discovery of such a concentration of intelligent, industrious and wonderful people had formed such a cluster around the mysterious and perhaps unique fountains of youth.  The tales of these travelers, and their ultimate choice to settle here is one that speaks to a quality of discernment shared by most in the Crypto Kingdom, which gives this choice of destination great merit for these adventurers were not without many other options, and so it bears telling...

Joseph is the seventh son born to the union of an aging Southern Baron "Roy John" and a Baltic Baroness of the Frederick linage.  As the rules of primogenitor dictate, despite a privileged heritage, no inheritance would be expected to one thus born and so seeking to distinguish himself, gathered his weapons and armor and an innate propensity for military tactics and cleverness to work as a captain of the wall.

After not very long in this vocation, opportunities for distinguishing were swiftly apparent as the free city of his noble birth in the Caucasus borders the Ottoman Empire and fell under seige by their expanding forces.  Whilst patrolling the wall and investigating reports of disturbances in the night, the wall collapsed underneath young Joseph due to the Ottoman's tactic of undermining.  It is perhaps from this formative experience that Joseph has developed a predilection with constructing perimeter defenses and his attention to the Barbican at the Southern extent of the old town.  The collapsing stones crushed many of the invading miners and Joseph, grabbing a pick from one of those fallen ones, made quick deaths for the others and then having no other exit from the collapse, made his way into the Saracen encampment through the tunnel.
 
Due to the suddenly breached city wall, and the ensuing chaos, Joseph emerged from the tunnel and entered the nearest tent only to find that it was filled with captured women from New Liberty and other nearby cities and their eunuch harem guards.  Having the advantage of surprise and one very young quick-witted captive women, who upon seeing him enter created a distraction, Joseph was able to defeat these guards and free the women and himself and took that woman with him on a stolen horse.  Her name is Asenath.

These two, having lost their home city to the siege, adventured Northward to escape the advancing Ottomans, and after traveling through many cities and countries in this land and others, even captaining ships across ocean voyages, often heard rumors of a great land of wisdom and enlightenment that had discovered the secret of eternal youth from two special fountains of water.  Having learned in their extensive travels that the greatest virtues are love and life, (and the first depending on the second of these), they explored far and wide to discover this city of wonders and if possible add their resources to its success in the hopes of making a home there.  The stories of these adventures both together and on their own leading to the discovery of the truth of this are abridged here (with only some brief mentions), it is enough to know that Joseph of New Liberty discovered the Crypto Kingdom during the early times of its foundation, and once established there, sent for his dear friend Asenath.

Upon arrival in CryptoTown Joseph quickly took up residence and began drinking the mystic waters, and worked to establish a noteworthy presence acquiring some decent lands and improving some of these.  With a deep interest in the arts and sciences Joseph set about creating centers for appreciation of these and bringing in many foreign artifacts to populate the places within the town where these can receive the appropriate care, and seeking out any with the aptitude for crafting novel or interesting devices with either practical uses or artistic merits.  


Among the more interesting members of the household are the tinkers and artisans who having traveled together and now ultimately settled have been busily crafting devices for measurement and discovery learned in their travels.  Some of the works have great utility as well as being mechanically interesting.  Prince Joseph maintains an active letter writing campaign betwixt other men of the sciences and has shared plans of each of these devices and their components and spends many idle hours taking measurements and notes to share with his colleagues afar.  Visitors to the NL city palace are invited to review:


A large stationary and sturdy model big enough for a young child to climb inside and recline.  Visitors to Prince Joseph's City Home have seen it in the Piano Nobile front room that looks out upon the Grand Hotel across the boulevard, and younger guests may have had the opportunity to contemplate their own place in the world from within it's rotating spheres.

Joseph and Asenath both developed an affinity for these while aboard ship and learned well their use for navigation across the ocean.  These serve a more functional purpose than the armilliary sphere because they are easily portable.  By measuring the relative positions of the stars and planets, position on the open seas can be determined.

Spring driven large timepiece.  Some effort has been made by the artisans to make smaller versions but the accuracy falls off sharply, yet the work continues.  If the process is improved sufficiently a clock tower may be commissioned for the city in an appropriate place.

This metalic tube is affixed with ground and polished glass of exacting proportions such that it can provide a magnified view.  In conjunction with the torquetum it provides for accurate readings of positions of the heavenly bodies.  

Used to take astronomical measurements of the horizon, equatorial  and elliptic.  Joseph's fascination with the heavens is both practical and intellectual.  In matters of navigation it finds its practical uses, and much of the newer mathematics and methods of calculations are derived from the study of the motions of these lights in the skies.


The Artisans:
The artisans that fabricate these item are primarily contracted workers overseen by New Liberty's own master artisan who coordinates the manufacture under Joseph's supervision and instruction.  Asenath, while taking great interest in the product of these endeavors finds more interest in practical matters, however is adept at putting the finished items to good use.  Asenath also has developed some ciphers based on the mathematics which are used by Joseph in his letter writing campaigns when dealing with novel matters of science.  These letters are sent with the full knowledge that most scientific advancement may be put to military uses and there is no reliable method of sending a message that can not be intercepted.  Encoding is required.

Joseph and Asenath have been building the instruments and encouraging foreign scientists to visit the CryptoTown through their efforts but have been careful to protect the secret of the towns success, the wondrous waters from any in foreign lands that are not worthy of this knowledge.  Their support of music, the arts, and sciences is renown and they are often seen together attending the opening night of each new production in the marvelous Crypto town theaters, or when its performers visit other taverns and clubs, as well as entertained by the chanting of the monks at the Cathedral and often walking the grounds of the university area.  In the interim, as people of letters, their scientific curiosities are advanced by their own experiments which are shared at the irregular meetings of The Circle (a secretive group of nobility with an interest in the sciences within the Crypto Kingdom that gather to share knowledge).  Many of the presentations are fueled by the work of these artisans, who make the devices needed.

In addition to the professional tinker employed in the household, there is an accomplished chirurgeon who since living in Crypto Town has not seen a single sick person and has kept busy with alchemical productions and managed to fabricate distillates of mercury, phosphorous, potash, rudimentary gunpowder (black powder), opium, sulfur and metallic sulfates, arsenic, and some solvents and acids including the sulfuric acid described by Rogers Bacon.  Some experimentation on the addition of metallic sulfates to black powder has resulted in some brilliant pyrotechnics derived from methods used in the far east.

The travels of Joseph and Asenath frequently met with violent opposition, and in one such encounter this method was put to an unusual military use.  Though outnumbered and cut off from any possibility of retreat or escape, their company made use of the superstitions known among their pursuers by spreading rumors of a powerful magician supporting them that could conjure jinn (Arabian evil spirits) to fight for them.  The rumor was then stoked by soaking their campfire logs in copper sulfates and alcohol causing the fires to burn a very bright blue (the blue jinn reputed to be among the eldest).  The enemy lost morale and and battle was avoided with no casualties.

During the time in Crypto Town the New Liberty chirurgeon has been able to reproduce this effect (though its use is confined to the outdoors due to the odors).  A colonnade pavilion was contemplated and designed for the architecture competition for its display and for use as for celebratory events and may yet be constructed one day if a suitable site is selected, likely in the New Liberty Haw, or possibly atop the Prince's city estate or along the walls.  If this fireworks science is further advanced it could also be a visual delight at dusk for special jousting events and other celebrations.

We look forward to hearing more of the past engagements of our fellow nobility here.

Prince Joseph will purchase the full allocation entitled to 50 shares, and offer a vote of confidence for the management team of this historic and venerable establishment.

Further, a statement saluting both the business acumen of the Hypothecary Bank and its conservative management approach to risk, is warranted and a corresponding purchase of Bank shares has been made.

Well done all on a crisis averted.

^^  Ecuador is planning this. ^^
http://www.idgconnect.com/blog-abstract/9010/ecuador-how-new-ecash-affects-crypto-currency


If bitcoin were a national currency, this could also bring it under governance of the IMF.

We bought their oil, they bought our lie: "deficit spending works"

(is diplomatical a word?  I'd have stopped at the "c")

It's time....
They Might Be giants, Tubthumping.

https://www.youtube.com/watch?v=yf0Amcgxot8

I also get the impression that we are writing a paper for him, that discredits his imagined dystopia.

Sure it could happen, it would just take a massive preponderance of stupidity and/or lack of self interest, or coercion.
If it did happen, I would suspect the coercion first.  Most miners of any significance have plenty of self interest and very little stupidity.

Lets give him odds.  2 for 1.  I'll join in this bet, but lets make it more interesting...  Whichever fails first.  Brazil's Real, or Bitcoin.  First one to zero loses.

Jorge is living in fantasy land with his imagined world where people act against their own interests to support a cartel.
It is feasible to him, because he is doing it himself and has for his whole career as a state worker, believing that Brazil will remain solvent, or not caring that it won't and just enjoying that largess at the expense of those who can't.

Brazil "manages" their economy jerking it back and forth.  Then when it fails, workers will blame the company that leaves due to the state's mismanagement, rather than think about Alexandre Tombini's nonsense.  Sure, bring in Levy from the IMF for just a little more groupthink.

When they are done and have had their way with the poor people of Brazil, Bitcoin will remain here for them.  The Shame on Jorge for trying to convince them otherwise.

Those pressuring Naimi...  What are they expecting?  That the Saudis should influence pricing so that US fracking is profitable?

People are going to see conspiracies everywhere no matter what.  If they "do nothing" they are conspiring to "hurt the Russians", if they "manipulate prices up" they are supporting the US.  So no matter what happens, it is certainly going to be the fault of the USA.

1) It is money, just as much as anything used in trade is money.  It is not "current money" which is a term of art with a special meaning.  It means specifically the current set of bills and coins issued by the government.
2) There is no law against trading a piece of silver for a hot dog.  Is it also illegal to be circulating hot dogs?  The prosecution fabricated both law and facts to get the guilty verdict because of the vast store of silver and gold they hoped to seize.  This is a case of attempted government theft, only partially averted.
3) They hoped to claim fraud by showing that he didn't have the backing for all the gold and silver warehouse receipts, showing up in a sedan to take out what was claimed to be many tons of gold and silver (it was in fact precisely that and there was no fraud).
4) Your evidence for it being illegal is the government's claim that it is illegal rather than either the law or the facts?  By this logic everyone is guilty as soon as they are accused?
5) Change what law?  None of this was illegal.  It was a spurious claim made by government officials hoping to use the forfeiture laws to line their pockets.  At the sentencing hearing the former head of enforcement for the US Govt for Forfeiture testified ON BEHALF OF THE LIBERTY DOLLAR against the prosecution.  The prosecutors in this case here belong in jail for their use of government force to attempt to ruin the life and reputation of one of America's great living heroes for monetary freedom and liberty.

You sir, are simply uninformed and parroting the government's shit storm.  

True its a poor assumption because ghash.io miners are in fact split between several pools.  
This is a different layer of centralization (they can suddenly move them to their own pool, for example).

I mentioned a few of the layers of centralization in my previous post.
-ASIC makers
-Miners
-Pools
-Devs
Each of these are too centralized by some measures.  (the world of bitcoin is still kinda small).

The silly thing that Jorge does is assume that not only will these all perpetually get worse (instead by most evidence they are trending toward better), but that it will be fatal and are fated to be so.  There is not any evidence for his assumption, it appears to simply be prejudicial.  He started here with it and it may be his job to perpetuate it since he does work for the State.

ANNOUNCING - STONETON STAFFING AND CONSULTATION

Services offered:
 - Providing expert staffing for your business and household.
 - Brokering or retaining staff that have outgrown their role (Don't fire them, sell their contract to someone that needs their services!)
 - Consultation with "right-sizing" your business needs, figuring out what you need in order to optimize your staffing and helping you to communicate this properly and timely.  Whether you are looking to earn monerito, stone, science, culture, personal services, armed protection or have a special need, we can help.

Offices are opening in convenient locations near you.

See ¹
See ²
See ¹
See ²
See ²

It seems your opinion is that there is no need for bitcoin and that banks and arbitrary enforcements based on claims of thefts conducted by centralized controls of wealth ledgers are the way to go.
This is fine for you.  Others may want alternatives to this to exist in the world and use each type of wealth unit for its purpose.

Generally, we disagree on most everything in this post, with especially your assumptions about what future behaviors will occur.  These things haven't happened yet.  With vigilance and individual action, these things may never happen because it is done in the open, and not in secret banking ledgers, as pointed out previously in my last post to you (which you apparently ignored).


¹Certain of the matters discussed in this post are about future performance and constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on the poster's beliefs as well as assumptions made. When used herein, the words “anticipate,” “intend,” “estimate,” "may," “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves.

²They have worked so far.  Check the block chain to see if it is still incrementing.  Since your assertion is contrary to established fact, please show evidence.

I'd be looking at the other end, rather than extraction.  Oil transportation and refining (and use).
Cheap oil will be around for a while, usage will increase, so pipelines, refining, and big users like airlines, etc.

Great.  Everyone has expectations.   You should be able to look deeper too.  Get past these little issues.
The centralization of the pooling is only one layer of the mask.  There is also centralization of the mining, and centralization of ASIC production, core dev centralization.

Each layer is a problem and has a risk of cartelling.  The Nash equilibrium inherent in the incentive structure doesn't prevent any centralization, it merely makes it less likely, given merely economic incentives.
If Bitcoin ever becomes meaningful enough to threaten any of the real power structures in play, the game changes.

So your critique is pretty thin, we're not only aware of the issues, some of us get pretty noisy when one of them gets amplified.  This is one of the ways that the risks are addressed.   Because the block chain is right out in the open, so much of this is visible and addressable as it happens.  

The fundamental issue is that the centralization that concerns you, and which is inherent in Bitcoin, is incredibly minuscule when compared to EVERY OTHER FORM OF MONEY with its almost nonexistent barrier to entry.  It is the reason many of us like it.  Governments are busy trying to set up barriers for people to be their own banks with Bitcoin and force people to use the current banking cartels, but ultimately it is a bit difficult to prevent so long as it is easy to download and run a node.

You are worried that Bitcoin is not better at the thing that it happens to be pretty good at, such that it beats every other choice?

The "perfect" will always be the enemy of the "good".
We'd all like perfect, but if you wait for it, you miss what's good.

Aww, give him a break, it is a public Uni, so government payroll and in a country arguably even more socialist than the US.  It is a handicap difficult for most to overcome, at least until they are tenured.
We can't expect him to even nibble at the hand that feeds him.  Even though the criticisms are fairly speculative, at least he is looking at it.

Mid-length bond, 90 real-days

1@70

The theory of right angles also survived the builders of house in which it was first used.  In a long enough time frame, the implementation must fall ahead of the knowledge.  This is a less profound observation than you might imagine.

That "survives" may be centuries away, or weeks, depending on how things get hacked up.

Presumably he refers to sidechains.pdf section 6.1 which describes the forgeability during the contest period by sufficient proof of work via mining.