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1  Economy / Speculation / Re: Is the mempool being jammed solid for a few days now good or bad for the price? on: June 16, 2016, 09:05:40 AM
Bitcoin doesn't need fixed. People need to pick the best tool for the job.

Haha dammit, I wish I could filter posts by joined date. This is all i was thinking while reading through the thread. Bravo!
2  Economy / Speculation / Re: Analysis never ends on: November 13, 2014, 03:47:27 AM
Sorry, master, I know it's your thread, and that's the place to worship you and no false gods besides you, but just once, I'm going to quote myself

Hahaha +1 internets to oda krell. Nice call.
3  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 06, 2014, 06:47:54 AM
Coinbase is locked up!  Shocked

4  Bitcoin / Press / Re: [2014-07-09] In Bitcoin We Trust on: July 10, 2014, 02:47:03 AM
Quote
When you buy something with a credit card, you provide all the information to defraud you. That doesn't make a lot of sense. If I hand you $10 cash, unless you're going to whack me over the head, you can't get me to give you any more. With a credit card, I authorize you to charge $10 and you could charge $50 and, in the immediate term, there's no way for me to stop it. Every few weeks we find out millions of credit cards have been compromised. What we have is not really fine.

Enter bitcoin. On the security side, in a bitcoin transaction, you are never providing any other party with information that could be used to defraud you. When you send bitcoin to somebody, even if they're not trustworthy, they cannot use the information you provided to extract more money than you want to give.

Second, efficiency. In a bitcoin-like system, money can move essentially instantaneously, and the fees can be much smaller than with traditional transactions.

What is so hard for most people to grasp about it?

The hardest thing not unreasonably is that bitcoin is completely decentralized currency. There's nobody in charge, no company, no government, no consortium collectively everybody acts to run it. Most of us grew up in a world where government has oversight over currency like the dollar.
Heck, if that^ was any part of the take away value for the average nobody to remember from this piece then I consider it a huge success minus all the rest. I can imagine some minds being blown after reading that. Smiley

That's a good point. In popular media you always hear reports on how bitcoin can assist criminal enterprise, but never on the point that it vastly increases economic freedom! The media machine is out to get us!   Cheesy
5  Bitcoin / Press / [2014-07-09] In Bitcoin We Trust on: July 09, 2014, 04:29:49 PM
Article in the top section of the LA Times today, page A13. Riddled with inaccuracies as usual, but hey, all press is good press! Web version is verbatim except for a different headline:

http://www.latimes.com/opinion/op-ed/la-oe-morrison-villasenor-bitcoin-20140709-column.html

Quote
You can donate to a PAC, buy a Tesla or order a Domino's pizza using bitcoin. California just repealed a ban on such cryptocurrencies, so the question is not only "Now what?" but "What?," period. Any currency that's not tied to something like gold is essentially faith-based, but faith may be harder to come by for something like bitcoin, which took a PR hit in the Mt. Gox failure in February and has no physical existence anyway. You may want to try it out just because it's neat, says John Villasenor, a UCLA professor of electrical engineering and public policy and a Brookings Institution fellow, but it's the "decentralized trust" that underpins bitcoin transactions that is the real innovation.

Bitcoin is the biggest of the cryptocurrencies. What makes cryptocurrency different?
In a bitcoin-like system, money can move essentially instantaneously, and the fees can be much smaller than with traditional transactions. - 

I'm not one of those who believes bitcoin is going to replace the U.S. dollar. But think about some strange things we take for granted that, if you take a step back, don't make sense.

When you buy something with a credit card, you provide all the information to defraud you. That doesn't make a lot of sense. If I hand you $10 cash, unless you're going to whack me over the head, you can't get me to give you any more. With a credit card, I authorize you to charge $10 and you could charge $50 and, in the immediate term, there's no way for me to stop it. Every few weeks we find out millions of credit cards have been compromised. What we have is not really fine.

Enter bitcoin. On the security side, in a bitcoin transaction, you are never providing any other party with information that could be used to defraud you. When you send bitcoin to somebody, even if they're not trustworthy, they cannot use the information you provided to extract more money than you want to give.

Second, efficiency. In a bitcoin-like system, money can move essentially instantaneously, and the fees can be much smaller than with traditional transactions.

What is so hard for most people to grasp about it?

The hardest thing not unreasonably is that bitcoin is completely decentralized currency. There's nobody in charge, no company, no government, no consortium collectively everybody acts to run it. Most of us grew up in a world where government has oversight over currency like the dollar.

Is there an actual bitcoin coin?

Strictly speaking, no. People have made little things with a capital B on them. But you can send a half-bitcoin, or .003 bitcoin. I can't send you less than a cent, but I can send you the equivalent of less than a cent in bitcoin.

How is the value of bitcoin determined?

By the market. You might say, how do we know the value of Tesla stock? There's no government body that says Tesla stock is worth X. The value is whatever willing buyers and willing sellers are willing to exchange Tesla shares for. How many dollars it costs to buy one bitcoin flows up and down, a lot like stock charges or foreign exchange charts.

What's the impact of California repealing the old law that banned alternate currencies?

I don't think it fundamentally changes the larger regulatory landscape, but it is important because it represents a more open-minded approach to bitcoin from the government of California. One big complication is that [bitcoin's] issues are both federal and state.

And that could mean regulation.

The government has money reporting laws. If you go to a traditional bank for a wire transfer for $60,000 as a down payment on a condo, that gets reported [because of] "anti-money laundering/combating the financing of terrorism" [rules]. If you send $70,000 in the bitcoin network, there's no reporting at all. The Financial Crime Enforcement Network, part of the Treasury Department, can't mail a letter and say you need to keep us in the loop. They have oversight more easily over people who change dollars into bitcoin and vice versa, but [otherwise] there's no reporting. The parties transacting in bitcoin aren't readily identifiable. They're identifiable simply by strings of numbers and letters. That does raise some regulatory questions.

Is the virtual community going to resist regulation?

The bitcoin community isn't monolithic. There's an industry organization that advocates for the ecosystem but no one person speaks for bitcoin. There's a subset of people who want to roll up their sleeves and work with regulators and bring bitcoin into the fold with appropriate legislation. Those people are presumably of the belief that that's the way to make the ecosystem grow. Others feel the whole point of bitcoin is that it's unregulated, untethered to any government mechanism for moving money, and they don't want to in effect sell out by having it become highly regulated.

What's the bitcoin-owner demographic?

In the earlier days of bitcoin, which has been around since 2009, you had to have quite a bit of technical knowledge. [It's now] far easier to use, but it's still a very tech-savvy crowd. You find people who are trying it out because it's neat. You find people who have a basic distrust of anything run by the government. And you find people attracted to it because [it is untraceable]. Not all financial systems are used for above-board [activities]. Sometimes I get a bit defensive when people say, "Gosh, bitcoin can be used for criminal purposes." So [can] cash and credit cards and checks.

How can regular people get bitcoins?

There are various providers where you can link your bank account to convert money to bitcoin. You can't just turn dollars into bitcoins in your own living room; you have to go to exchange services, with the obvious caveat that you want to be very careful to use a reputable service. Bitcoin is stored [online] in your own bitcoin "wallet" and you are free to spend it with anybody who [offers] bitcoin options.

Bitcoin isn't backed by insurance, as bank deposits are. When it's gone, it's gone. Evidence the losses when the bitcoin exchange Mt. Gox folded, and the British man who threw out his hard drive with millions in bitcoin value on it.

You're right, there isn't consumer protection at the same level there is for traditional deposits in banks. There may emerge a market for insurance for cryptocurrency, but right now there's no FDIC for bitcoin. Right after Mt. Gox went down, CNN ran a headline along the lines of "Mt. Gox Site Disappears, Future of Bitcoin in Doubt." That makes as much sense as a headline saying, "Bridge Washes Out in Storm, Automobile's Future in Doubt." I would distinguish between Mt. Gox itself and the bitcoin ecosystem.

I've read concerns about its potential for destabilizing "fiat" currencies like the dollar, not just complementing them.

Eight billion dollars [the current estimated value of all the bitcoin in existence] in the context of the global financial system is the tiniest drop in the bucket. I don't see bitcoin shaking the fundamental foundations of the global system.

That's not meant to be a criticism of bitcoin. If I'm going to the grocery store, I can pay cash, I can use a debit or credit card there's not really a pain point that bitcoin will help to resolve. Now, if I'm going to move $2,000 to London, there is actually a pain point where I might look at bitcoin.

Are there unintended consequences to bitcoin?

If you buy coffee and a muffin with bitcoin, most merchants immediately convert it to dollars. If you have thousands of merchants doing that, you put downward pressure on the [value of] bitcoin because you are selling bitcoin.

Do you know anything about bitcoin's supposed creator, Satoshi Nakamoto?

I know nothing more than what I've read in the press. It seems clear the person fingered in the Los Angeles area doesn't seem to be the right Satoshi Nakamoto. I have no idea who the real Satoshi Nakamoto was, and even if I did, I wouldn't go talking about it because whoever that is wanted to remain anonymous and that anonymity should be respected.
6  Bitcoin / Bitcoin Discussion / Re: Does anyone keep money in their checking accounts anymore? on: July 01, 2014, 12:27:02 AM
To OP: How do you pay your credit card bill?
7  Economy / Service Discussion / Re: Official announcement from Ghash.IO on: June 17, 2014, 02:21:16 AM
Having to trust GHash is completely beyond the point. What if they were perfectly altruistic, but someone held a gun to the operators' heads IRL while performing an attack? Removing the need for trust has the added benefit of removing responsibility to protect against wrong-doers.
8  Economy / Speculation / Re: 100% retarded on: June 13, 2014, 08:57:08 PM
Always look at the volume on Stamp before you sell.  In this case there was about 20K btc volume on a 4 hour candle which had eclipsed anything that had happened in the past 2 months. We were also on a fib line at $560 and the trendline that everyone is following is at $530, as well as various EMA lines on the 1D, 3D and 1W charts. The 'news' behind the selloff was weak as well - Someone is going to sell some coins (at auction. not even on an exchange)- so what? What does this have to do with the fundamentals of Bitcoin?

Well put, and great advice to consider fundamentals, volume, and technicals before making a trade.
9  Economy / Service Discussion / Re: I am scared! blockchain.info is showing zero balance on: June 04, 2014, 08:30:14 PM
I don't really understand why people freak out about Blockchain.info going away. I don't know if I configured it this way, but every time I make a change to my wallet (i.e. add a new address, etc), they send me an encrypted json file with all the info I need to restore my wallet elsewhere. What you should be more worried about is Blockchain.info's login screen being compromised to capture your password as you log in. (That's the element of trust involved with using their service.)

[edit]Hmm. So, since I last checked, it seems Multibit has removed the functionality from their app. So I guess we are semi-screwed if Blockchain.info went down to restore our wallets elsewhere. (I'm not sure I have the programming chops to back the wallet decryption functionality out of the Blockchain.info source code on github....)
10  Economy / Speculation / Re: Beta version of new Bitcoin price prediction model! on: June 04, 2014, 06:08:20 AM
I don't much believe in TA, whether it's done by a human or a computer. But I must admit I'm impressed by the prediction made eight hours ago of a fall from 670 to 635 which was almost spot on both in terms of timing and degree.

Were you looking at the chart here:
http://www.btcpredictions.com/Historic.php

or here?
http://www.btcpredictions.com/NewPredictor.php

For a few hours after i posted last, I checked in with the NewPredictor every once in a while, which said we'd be going through a rising swell today. The whales apparently weren't going to have that happen today. The insane thing is that the supposedly simpler predictor at Historic.php forsaw the crash 6 hours before it happened.

Got me sitting up straight and watching intently now.....
11  Economy / Speculation / Re: Beta version of new Bitcoin price prediction model! on: June 03, 2014, 04:36:47 PM
Excellent work. I've been reading The Singularity Is Near (Kurzweil) so anything neural network piques my interest  Smiley
12  Economy / Speculation / Re: A break-out? on: May 31, 2014, 01:50:54 AM
Which brings us back to the original point: you don't base your decisions on a single indicator. The end.

I'm all ears.

Please post refined appraisal incorporating the "other indicators"   Wink


http://www.babypips.com/school

Go read all of that and don't come back until you're done.
That goes for all the noob traders.

13  Economy / Speculation / Re: Another Bitcoin Analyst on: May 28, 2014, 03:42:24 AM
Geez, now I remember why I stopped hanging around the speculation forums. If you guys studied TA for as much time as you spent shitting on each other, you'd all be rich! (Or so broke that you'd need to sell your computers, so I wouldn't hear from you anyway  Grin)

In any case, /unsub
14  Economy / Speculation / Re: Another Bitcoin Analyst on: May 27, 2014, 10:00:10 PM
My thought since the Willy analysis came out is how could any TA be appropriate or applicable after a huge, price-influencing chunk of trading was found to essentially be fraudulent? TA is based on human trading tendencies and risk appetites, so when $100M+ gets pumped into the market without risk, doesnt that sort of break the foundation that TA is supposed to rely on?

7% of one exchange which at the time only accounted for 15% of market share.

Meh.

I dont think market share is the pertinent fact, though. I think its that for a majority of the bubble period(s), mtgox was the price reference and trend setter. I believe the willy report looks into that a bit.
15  Economy / Speculation / Re: Another Bitcoin Analyst on: May 27, 2014, 09:41:32 PM
My thought since the Willy analysis came out is how could any TA be appropriate or applicable after a huge, price-influencing chunk of trading was found to essentially be fraudulent? TA is based on human trading tendencies and risk appetites, so when $100M+ gets pumped into the market without risk, doesnt that sort of break the foundation that TA is supposed to rely on?
16  Economy / Speculation / Re: Rick James believes the end of capitulation is close! on: May 15, 2014, 03:41:44 AM
Finally some TA/prediction I can get behind.

I'm extra glad the RJR lines were made with the spraycan instead of the line tool.

You mean cocaine lines. Hence the Rick James reference.
17  Economy / Speculation / Re: rpietila Wall Observer - the Quality TA Thread ;) on: April 12, 2014, 02:53:50 AM
Rising prices on falling volume/RSI in highly oversold territory makes me feel like a reversal is imminent in this little run-up we've had today. How likely do you guys think a double bottom is approaching? I believe there was some mention of it at the beginning of the crash a few pages back.
18  Economy / Service Discussion / Re: Paypal 10% discount on Overstock purchases, hmmm, I wonder why: on: April 11, 2014, 04:04:05 AM
That's Overstock giving a discount, not PayPal.

Is it though? I suppose I'd have to see in what context PayPal is mentioned in the email. In the OP it indeed looks cursory, like they might be mentioned there by accident.
19  Bitcoin / Bitcoin Discussion / Fully open-source PC: Bunnie Huang's "Novena" on: April 07, 2014, 06:16:06 AM
Been very excited about this since he started blogging about the development. Nearly everything about the hardware is open source. The prices for finished products seem pretty reasonable as well.

Crowd-funding through crowdsupply:
https://www.crowdsupply.com/kosagi/novena-open-laptop

Source:
http://www.kosagi.com/w/index.php?title=Novena_PVT_Design_Source

I suppose the few remaining things that could spy on you are your storage devices (SSD, sd cards, etc)... or maybe that can be circumvented with software? You certainly have better control over data flow with a fully open source system.

Anyway, I have no affiliation with those guys, I just read about the crowdfunding campaign on Hackaday and decided to share. There's usually some healthy discussion (not to mention many apps and programs) on bitcointalk about helping you keep your private key data safe, and being able to trust your hardware is the next big step toward a fully secure bitcoin usage environment.
20  Bitcoin / Press / [2014-03-10] Dorian Satoshi Nakamoto: What do we really know? on: March 10, 2014, 05:06:05 PM
I've only skimmed it so far, but seems like a pretty extensive/thorough article about Dorian.

https://medium.com/p/ec57f44b6a01

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