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321  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: April 19, 2015, 10:59:11 AM
And yet they still haven't learned to stop using Gox type exchanges.
322  Economy / Economics / Re: I read a thread on destroying bitcoins I have a better idea. on: April 19, 2015, 06:27:18 AM
Sending to the genesis block is destroying bitcoins because that block can't be spent.

The output of the transaction 4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b (the 50 BTC coinbase transaction) cannot be spent, but the other bitcoins at 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa can be spent.
I can see why newly created outputs could be spent, but I doubt there is a client built for handling that transaction without using coin control.
323  Alternate cryptocurrencies / Altcoin Discussion / Re: [XMR] Monero Speculation on: April 19, 2015, 02:35:03 AM

The United States is found on the principle that the people have a duty to not allow tyranny. Clearly the current living conditions (in the United States) are far more tyrannical than the ones that forced the independence in 1776, and are listed in the Declaration. If I was American, I would be among the true patriots, following not only the spirit, but also the letter of the Declaration of Independence in not allowing tyranny in my life, and a good place to start is where it is most apparent, in the realm of money.


This is hyperbolic rhetoric, in my opinion, especially with the parenthetical qualification "(in the United States)". In 1776 the people living in the soon-to-be states were paying fealty to a king thousands of miles away, having to let his soldiers stay in their homes, living with no representation, slavery, indentured servitude, and oppression of women, natives, and imported slave labor, etc. Maybe if you left off the qualification you could argue that the USA is now oppressing/tyrannizing people in other countries, but I'd still call that quite a stretch.
So you are saying the USA is not tyrannical?
324  Economy / Economics / Re: I read a thread on destroying bitcoins I have a better idea. on: April 19, 2015, 12:41:25 AM
Sending to the genesis block is destroying bitcoins because that block can't be spent.
325  Bitcoin / Development & Technical Discussion / Re: Could this idea address the scalability issue? on: April 19, 2015, 12:23:56 AM
https://lightning.network
There are also discussion threads about it.

cool stuff. thanks for link!

Lightning is very cool, the whitepaper is a *little* difficult to parse if you're not switched on to that way of thinking. Thankfully, rusty has a series of posts he wrote explaining Lightning as he understands it:

http://rusty.ozlabs.org/?p=450
http://rusty.ozlabs.org/?p=462
http://rusty.ozlabs.org/?p=467
http://rusty.ozlabs.org/?p=477

It's imperative to understand *why* Lightning or something similar is important: it solves the scalability issue without sacrificing breaking Bitcoin's trustless model.

I was at the Bitcoin Africa conference over the past two days and I heard more than one speaker (Jonathan Levin from Chainalysis, in particular) say that in order to scale Bitcoin we need to add trust. Needless to say they earned my ire, and a good shafting of critical Tweets (such passive aggressive, much brave, wow;)

Thanks for stopping by to check out my thread fp. I had a feeling that my idea was either broken or already on someones radar.

Can this be done with monero do you think? We have time locks already right? We just need multisig. Is the dev team hopeful about being able to work out a method of doing multisig in monero in future?
It would be great if someone developed this on any altcoin. But they usually wait for Bitcoin to develop it because altcoins are all pump and dump scams. That's hyperbole, but probably true in most cases.
326  Economy / Economics / Re: Can a coin that is primarily a store-of-value succeed? on: April 18, 2015, 03:15:32 AM
Store-of-value was programmed into us by the Scientology Overlords so they might easily take our gold when they return. Bitcoin is a secret weapon created on the Planet Satoshi to defeat the Scientologists.  Grin
327  Bitcoin / Development & Technical Discussion / Re: Could this idea address the scalability issue? on: April 18, 2015, 01:47:27 AM
http://Https://lightning.network
There are also discussion threads about it.
328  Economy / Speculation / Re: POLL:How likely do you think it is we see double digits in 2015? on: April 18, 2015, 12:38:00 AM
All centralized exchanges would shut down if that happened. Then truly decentralized exchanges would thrive. Let's see them skin the sheep.

You must be new here, but your "legendary" status says otherwise. What did Gox, BTC-e and Stamp all do 2 years ago before we broke above $100? Were they losing their asses or did they open up because they knew it was a lucrative business even below $100?
I'd actually wager a guess that they make more money at lower prices because volumes are higher and more people are able to buy more with the same balance. Their actual USD fees wouldn't change much if at all but their BTC fees would double. Win win.
"You can sheer a sheep many times, but skin it only once." In bitcoin's case meaning unregulated central exchanges will be finally exposed as bad for bitcoin because they favor fiat profit taking. Even Wall Street doesn't allow such volatility. Decentralized exchanges will slow down trading and allow natural price discovery without panic trading. Also such low prices are boring and nobody will care anymore. Bitcoin will go back to hobby status until the next development wave creates more disruptive technology that eliminates exchanges entirely.
329  Bitcoin / Press / Re: [2015-04-16] Factom Will Sell Up to 100% of its Bitcoin Reserves on: April 17, 2015, 02:10:12 PM
Reminds me of the Ethereum Bitcoin dump. They had dumped some 30K coins all of a sudden, which crashed the Bitcoin prices then. And now it is the turn of Factom to dump their coins.
I wonder why they use Bitcoin for their fundraisers and not wire transfers like bitcoins are bought.
330  Bitcoin / Press / Re: [2015-04-14] Guardian: Paedophiles sell child abuse images for bitcoin on: April 17, 2015, 11:48:42 AM
Obvious honeypot to get paedos to use traceable bitcoins like the DEA tried to do.
331  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: April 17, 2015, 11:35:49 AM
The explanation for the glitch at OkCoin will be interesting.
332  Bitcoin / Development & Technical Discussion / Re: how will lightning users find compatible payment channels? on: April 17, 2015, 09:36:40 AM
Looks like I schooled myself with that scenario.  I see what problem you're pointing out now.  AB's funding transaction and BC's funding transaction cannot interact with each other directly.  It doesn't matter what B's output on AB is.  If B's output on BC is 0 then he/she cannot send any more BTC on that channel without transacting on the block chain.

I think the solution to this will be multifaceted.  As the network grows, BGP-like routing systems can emerge to find working paths for transactions.  Also, I see a market incentive for hub-and-spoke 2-of-3 payment channels emerging, with well-funded, well-connected hubs charging higher fees.
Exactly. Fees will be the reward in this case, not an altcoin that so many others are convinced are needed. Fees are something everyone understands.
333  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: April 17, 2015, 09:16:25 AM
The Science Is Settled!!!

Is Economics a science now?
The results just seem to be for sale to the highest bidders.
The international war on cash is accelerating.

What's next?...fine art, rare goods, will only exist in registries with a bank?
After cash is banned, it's likely gold will be next. They tried it once before and this time they will succeed. While nations are trying to repatriate their gold and Wall Street issues paper gold, physical gold itself will be under attack.
334  Economy / Speculation / Re: POLL:How likely do you think it is we see double digits in 2015? on: April 17, 2015, 09:00:50 AM
All centralized exchanges would shut down if that happened. Then truly decentralized exchanges would thrive. Let's see them skin the sheep.
335  Bitcoin / Bitcoin Discussion / Re: Why One Bitcoin Core Developer Thinks Cryptocurrencies Have A Dreadful Future on: April 17, 2015, 08:02:04 AM
Quote
He is a Core developer.... ffs ...if he jump ship, at the sight of the smallest wave, many will follow. Core developers are the captains of the ship, they should navigate us out of trouble or go down with the ship.

They have absolutely no obligation to do that, I think we all knew awhile back that special interests like the Bitcoin foundation among others would try to ruin Bitcoin and this is going to be part of what does it, I think the biggest trouble will happen if you ever have legislators trying to make changes to the code themselves at which point you can expect an immediate exodus.
This is a problem with every volunteer organization that ever existed. It's called a schizm.

There is no such thing as a Core developer other than anyone that contributes some bugfixes to the code or contributes features to Github. Few developers agree on features and many have left Bitcoin to make altcoins. Most of them have no concept of security and consensus. The one notable exception was Satoshi himself. But nobody knows where he went or what he is doing.
336  Bitcoin / Bitcoin Discussion / Re: Why One Bitcoin Core Developer Thinks Cryptocurrencies Have A Dreadful Future on: April 16, 2015, 11:51:14 PM
I have said this before and I say it again, the usage of dedicated hardware is a huge risk because it leads to some sort of centralization that can be used by the Dark forces to attack BTC, just like he says.

HOWEVER this is simple to circumvent, it is always possible to change the algo to something that can only be done by GPU's or CPU's again - and it is not realistically possible to require licensed for those. Or, if the bad guys start monitoring electricity usage, use a POS solution. NXT requires no mining at all.

I do not agree with Todd about the risks of regulating the core protocol because it is impossible to force the majority to support a compilation that supports stuff like blacklisting.  Smiley

Weak points are the fiat conversion and the dedicated hardware, that's for sure.
How are GPUs and CPUs not dedicated hardware? Are they all identical? Are their architectures public domain? If your algo benefits from one over another what's to stop that manufacturer from making special deals?
337  Bitcoin / Bitcoin Discussion / Re: Why One Bitcoin Core Developer Thinks Cryptocurrencies Have A Dreadful Future on: April 16, 2015, 11:45:59 AM
Countries that claim to be ruled by law have no legitimate reason to treat Bitcoin different than any other assets. Bitcoin can also resist unlawful states. It's funny nothing in his perspective has any historical references. He seems to repeat the mistakes of other cynics regarding scientific breakthroughs.
338  Other / Meta / Re: "THE LIST" on: April 16, 2015, 11:28:05 AM
Sounds like you should be an administrator.
339  Bitcoin / Bitcoin Discussion / Re: Bitcoin Use In Philippines on: April 16, 2015, 11:25:21 AM
Yeah I don't know how I'm using bitcoins here in the Philippines. I have fiber optic internet in the poor Muslim island of Mindanao. Sometimes I even use bitcoins while drinking my mocha at Starbucks or Krispy Kreme. The perception of poverty is from folks that haven't been to the Southern USA. In fact it's difficult to find a Filipino not staring at their mobile device. More filipinos are on Facebook that any other nation per capita.
340  Bitcoin / Bitcoin Discussion / Re: Why One Bitcoin Core Developer Thinks Cryptocurrencies Have A Dreadful Future on: April 16, 2015, 08:31:01 AM
i don't see any other reason for his negativity other than buy cheap coins, a core dev should encourage the adoption(not but telling the false of course, we all know that bitcoin is in a despair phase) but a dev, should talking about addressing bug/problem related to btc, instead of "fudderising" it
He isn't your employee. He is writing new code for bitcoin for free, so he didn't take any obligations to us. Why do you think that you can speculate about btc future and he shouldn't?

Think of all Bitcoin holders as business stockholders because they own a piece of the Bitcoin system. Trusted stockholders and officers are required by law to act in the best interest of corporations. While there is no such law for Bitcoin, the reasons for those law are just as valid in a decentralized business entity. The value of Bitcoin doesn't grow through earnings, it grows through deflation.
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