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2001  Bitcoin / Bitcoin Discussion / Re: POW vs POS? on: October 04, 2014, 05:35:40 AM
PoS coupons minted at mining, non-transferable, with wide distribution... could be the answer to the huge energy sink of PoW mining.


Like Auroracoin? Epic fail.
2002  Bitcoin / Bitcoin Discussion / Re: Do bank office buildings use more energy than an ASIC miner? on: October 04, 2014, 05:26:36 AM

Banks don't do anything that can't be done by a machine.
To make an accurate comparison you would need to measure the amount held by banks, the amount transferred by banks, the amount transferred by places like WU, and the total energy consumption of all banks and MSBs like WU. You would then compare the amounts transacted with bitcoin (actual economical transactions) and the market cap of bitcoin with the energy consumption of ASICs and the energy consumption required to keep private keys safe 
Those numbers have been roughly extrapolated. It will need to grow by a few orders of magnitude, but not much more. I think the OP was a little simplistic in comparing a person to an ASIC. It's not like anyone would ever replace a human job with a machine. While it's possible that Bitcoin's currency status will falter because fees get too high, Bitcoin metacoins will easily handle all electronic global transactions with machine precision and be fully automated. Bitcoin itself will not need to grow infinitely because local off blockchain servers and sidechains will mitigate tasking Bitcoin miners with trivial purchases.
2003  Bitcoin / Bitcoin Discussion / Re: How Could Bitcoin Evolve? on: October 04, 2014, 04:56:56 AM
Bitcoin is simple like the four chemicals (GTCA) in DNA. Nothing better has evolved even after major extinction events. Bitcoin may not need to evolve. Everything will just evolve around it.
2004  Bitcoin / Bitcoin Discussion / Re: Will we ever know Satoshi's next project? on: October 04, 2014, 04:44:43 AM
I think he signed an NDA with the big G and was given a golden parachute. He doesn't have the keys to the mining wallet. E.S. (ykwim) saved his life and he's here just like one of us now and grateful to be alive to see his baby grow.
2005  Economy / Speculation / Re: Troll theory on: October 04, 2014, 04:32:09 AM
This was not what I had in mind. Whatever. Time for a break.
I think that was a shining example of what your OP hypothesized.
2006  Bitcoin / Bitcoin Discussion / Re: POW vs POS? on: October 04, 2014, 04:30:09 AM
pow = a couple of giant mining farms run by millionaires make money and everyone else saw their investment collapse 70% in the last year thanks to these farms dumping most of the million or so newly generated coins on exchange to pay their costs.
The mining farmers are the first geniuses to figure out how to outcompete other miners. To the victor go the spoils. This is a celebration of capitalism!
2007  Bitcoin / Bitcoin Discussion / Re: United we stand, divided we fall - the coming rise of cryptofiat on: October 04, 2014, 04:27:23 AM
There might be a misunderstanding of PoS if one considers it fiat.
PoS is distributed not by random miners competing for a lottery, it is distributed by people (either directly or using an anonymization algorithm) that can choose to take (optionally anonymous) irrevocable capital control. Fiat is also distributed by people that maintain capital controls. So far there is no significant difference between paper money and PoS except that foreign agents can't counterfeit PoS.

I know that people are working on trying to make a fair PoS system, but it is turning out to be a wild goose chase.
2008  Economy / Speculation / Re: Troll theory on: October 04, 2014, 04:15:40 AM

people couldn’t see $300 at few weeks before now they see it, people refused to listen to falllling to sell at $6xx 5xx 4xx or even 38x now they regret it

soon the same thing will just happen again at $300 200 100 1x,

if you refuse to admit the fact of bitcoin's downfall and decide to bury your head in the sand and still try to fool yourself with "this is just paper losses, i don't sell i don't lose false" then you deserve to lose all of your money
So what? Are you claiming to be a savior? Do you claim to have magical powers that see the future? Or maybe, you are just a troll.
2009  Bitcoin / Bitcoin Discussion / Re: United we stand, divided we fall - the coming rise of cryptofiat on: October 04, 2014, 03:59:18 AM
At least this confirms that PoS is fiat.
Not a all. PoS is a technology, like PoW is.

Making it mandatory to use this particular crypto would make it fiat. Fiat means "let it be done" (like fiat lux) and, on the particular topic of currency, it means that a currency have been established as legal by decree.
Any currency that has value from obligation (decree) instead of actual value is fiat. If a government can hardfork at will and not let users decide if they like it or not, this is fiat. Banknote or cryptographic token, this makes not difference. And the exact protocol (PoW, PoS, PoB, PoI, PoT...) makes no difference.
Quote
Making it mandatory to use this particular crypto would make it fiat.
This can't be done with PoW. It can only be done with PoS. You can't force anyone to use a PoW because you don't control it. Your little tinpot dictatorship will be outgunned by your superior enemies that will overpower your miners and reverse their transactions. It would be a tactical error to use PoW in an oppressive regime. PoW is for the free man.
2010  Economy / Speculation / Re: Troll theory on: October 04, 2014, 03:41:20 AM
Quote
falllling was banned, which means a trend reversal has occured! https://bitcointalk.org/index.php?topic=809325.0

Moderator Blitz is suspected of being (paid or fooled) by permabulls and scammers to ban falllling from warning people about the incoming bitcoin final capitulation

now he should feel guilty and cover people's losses, his admin right should be lifted by the forum admin asap

What is a final capitulation? Can you give me an example of such a financial phenomenon in history or are you promoting an agenda?

bitcoin is slowly(not too slow as you have been seen) going back to where it came from at $0.1 or $0.0001 and will stay around there for a while then very likely it will fade out off sight and eventually die
[sarcasm]Ok nice theory.  Very well thought out.[/sarcasm]
2011  Bitcoin / Bitcoin Discussion / Re: United we stand, divided we fall - the coming rise of cryptofiat on: October 04, 2014, 03:32:59 AM
At least this confirms that PoS is fiat.
2012  Economy / Speculation / Re: Troll theory on: October 04, 2014, 03:24:06 AM
Quote
falllling was banned, which means a trend reversal has occured! https://bitcointalk.org/index.php?topic=809325.0

Moderator Blitz is suspected of being (paid or fooled) by permabulls and scammers to ban falllling from warning people about the incoming bitcoin final capitulation

now he should feel guilty and cover people's losses, his admin right should be lifted by the forum admin asap

What is a final capitulation? Can you give me an example of such a financial phenomenon in history or are you promoting an agenda?
2013  Bitcoin / Bitcoin Discussion / Re: United we stand, divided we fall - the coming rise of cryptofiat on: October 04, 2014, 12:05:13 AM
I've been saying that state issued PoS coins are a good option for governments. I don't think premined PoW coins are ever a good idea. They (PoS) offer everything a centrally planned state needs. There can never be fair exchanges between them because of politics so instead people will use Bitcoin as a currency basket to exchange on decentralized markets.
2014  Economy / Speculation / Re: I'm All In - Sold My House! on: October 03, 2014, 11:56:11 PM
no man, according to these forums

"you only lose when you sell"  Wink



Which is true.

Then the reverse is true, you're not a millionaire if you're sitting on 1000's of BTC until you sell them.
It's more of a corallary of the old adage "you make your money when you buy."
2015  Bitcoin / Bitcoin Discussion / Re: United we stand, divided we fall - the coming rise of cryptofiat on: October 03, 2014, 11:04:19 PM
I like the term cryptofiat.
2016  Bitcoin / Bitcoin Discussion / Re: Why do most of FUD creators are newbies! Whats their plan? on: October 03, 2014, 04:16:50 PM
Those posts are good places to collect ignores before they waste my time in real discussions.
2017  Bitcoin / Bitcoin Discussion / Re: Russia to Issue Ban and fines for Cryptocurrency Use on: October 03, 2014, 04:11:38 PM
It won't be long before 50k rubles isn't worth a pack of Russian cigarettes.
2018  Bitcoin / Press / Re: [2014-09-18] Bitcoin Core Developer Jeff Garzik Believes NXT is a “Scamcoin” on: October 03, 2014, 03:56:59 PM

NXT is owned by ONE party so its just nod good.

Stop lying Smiley
NXT may be controlled by one party. There's no real world way to verify either way. It's like Byzantine Generals using anonymous couriers instead of their own recruits (to borrow a metaphor to use as a simile). The couriers may be trustworthy or they may be spies. No military trained General would ever trust such a courier, yet NXT people trust anonymous stakeholders (or their appointees) to not be bad agents. It's downright irresponsible to develop such a system.
2019  Bitcoin / Bitcoin Discussion / Re: Ready to admit bitcoin is a failure? on: October 03, 2014, 03:40:01 PM
Very simple

Miners need a good value to make mining profitable, ( unless you know an electric company who accepts bitcoins as payments they need cash to pay the bills)  if the value of the coin becomes so low it is no longer profitable to mine, BOOM instant failure, no miners means no transactions getting processed , if no one is processing transaction the coin fails.

So you see the value is just as important as the structure behind the transaction protocol Smiley


There are variety of asic miners mining all with different cost of mining - so thinking all of sudden at least half of them turn off the miner is pretty unrealistic. Unless the price crash to single digit this year it is safe to assume no retarging difficulty decrease will be over 30% (the same 30%, but increase we saw this year). So still 13 minutes of average confirmation time, no instant failure at all!
I'm still seeing a 10 minute average blocks per hour and not expecting any slowdown. Miners still want fresh coins. Market volume doesn't reflect any trend in selling. A few are selling, but most are holding. The ones that are selling desperately need the cash and the rest of us know that when the market comes back it will be impossible to get the coins back cheap.

Exchanges and brokers are placing buy and sell limits to how many coins can be exchanged. DDOS attacks tend to hurt panic buyers. It's just not worth worrying about someone dumping coins because it will be their loss in the long run. Regulated markets can be gamed this way, but Bitcoin will burn anyone trying to game the system because it is unregulated. We are seeing a wealth transfer from the speculators to the long term investors.
2020  Bitcoin / Bitcoin Discussion / Re: Do bank office buildings use more energy than an ASIC miner? on: October 03, 2014, 02:30:46 AM
I think you have to have a loose grasp on many concepts to even ask this question.

Do Post Offices use more energy than an email server?  Do bicycle messengers sweat more than fax machines?

In the USA, Post Offices are being closed in favor of parcel services. Many towns don't have them anymore. Besides, you can't email Grandma's cookies, but you can email and sign a contract. I didn't know bicycle messengers could deliver messages overseas, or was that a strawman?

Not a fan of banks. But you will have to agree that banks do a lot more than money transfers.
It would be more accurate to compare Bitcoin to Western Union locations...
Banks don't do anything that can't be done by a machine.
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