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401  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: March 30, 2015, 09:58:35 AM
Confidently holding. Fortune favors the strong.
402  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: March 28, 2015, 08:56:48 AM
What would really make my weekend: Crash to $220.

If you're only making money
Stopped reading financial advice from a non-billionaire.
403  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: March 28, 2015, 08:40:33 AM
in the next 24 hours bitcoin will go in circles.
404  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: March 27, 2015, 11:16:36 AM
don't get tricked by chinese exchanges selling you database coins. soon btc price discovery will happen at good ol wall street. buy when uncertainty and doubt peaks <3
Damn straight. I just had the same thought on another thread.
405  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: March 27, 2015, 11:12:20 AM
People are looking at the prices on exchanges that will soon be obsolete.  When the next jump happens, the exchanges will be bypassed in favor of Wall Street. Billions will be traded and amateur exchanges will melt. We won't need to check price websites. They will be quoting Winkdex.
406  Bitcoin / Project Development / Re: [OFFICIAL THREAD] FACTOM - Offchain transactions + Factom Blocks on: March 26, 2015, 01:12:02 AM

I'm still not clear why factoids are not considered cryptocurrencies and why bitcoins or off-chain Bitcoin contracts cannot be used instead.

Reading through the white-paper cleared up a lot of questions I had.

Basically, the Bitcoin blockchain simply can't handle very large data entries - so the Factom P2P network and blockchain handles larger entries which are then hashed into the Bitcoin blockchain.  So, Factom is a layer on top of the Bitcoin blockchain.  The two chains become intertwined which strengthens both of them. Factoids are tokens that are spent in the process of entering information into Factom.  They serve as anti-spam and they also serve as a way to reward the federated servers.

Factom can operate on top of any blockchain - but they have chosen to use the Bitcoin blockchain.  Kudos to them
That sounds nearly identical to the Bitcoin Lightning Network. They plan to use a hub and spoke model with serial multisig contract micropayments. It would only add one step to hash your data through static IPs. Howeverer, the FACTOM white paper doesn't discuss how the Factom blockchain will achieve consensus. Bitcoin contracts would require an open payment channel. consisting of counterparty (not xcp) deposits.

The information about FACTOM is unclear at the moment. I'm no longer skeptical of its veracity. Execution has been Bitcoin's historical adversary.

I am not sure how the Factom blockchain achieves consensus... my guess is it will be through Federated servers with a financial stake in the network, ie: Masternodes and these masternodes will be rewarded for hosting a full node through the spending of Factoids and they communicate with each other to ensure consensus among all masternodes on a time interval.  This is purely a guess.

Another guess is those Factom blocks will contain the hashed information, the corresponding Bitcoin block hash, and through the Federated servers and/or P2P clients will host the data...

Yeah, this is still really confusing lol

I look forward to seeing more information next week.
Using Proof of Stake will end up with Masternode stakeholders owning a lot of beach front property.
Edit: Proof of Stake will allow large Factoid holders to vote on the conversion rate. They will make it prohibitively expensive to buy entry credits. Wealthy attackers can create counterfeit entries and cause genuine entries to be ignored by consensus. In other words, Proof of Stake is not a good consensus, especially for property. Wealthy factoid holders will collude to attack record systems of valuable real estate. This has already been done in countries that have gone to computerized real estate bookkeeping. It would be better to not avoid Bitcoin's consensus approach. Proof of Work offers stronger protection from such attacks.
407  Bitcoin / Project Development / Re: [OFFICIAL THREAD] FACTOM - Offchain transactions + Factom Blocks on: March 25, 2015, 08:43:24 AM

I'm still not clear why factoids are not considered cryptocurrencies and why bitcoins or off-chain Bitcoin contracts cannot be used instead.

Reading through the white-paper cleared up a lot of questions I had.

Basically, the Bitcoin blockchain simply can't handle very large data entries - so the Factom P2P network and blockchain handles larger entries which are then hashed into the Bitcoin blockchain.  So, Factom is a layer on top of the Bitcoin blockchain.  The two chains become intertwined which strengthens both of them. Factoids are tokens that are spent in the process of entering information into Factom.  They serve as anti-spam and they also serve as a way to reward the federated servers.

Factom can operate on top of any blockchain - but they have chosen to use the Bitcoin blockchain.  Kudos to them
That sounds nearly identical to the Bitcoin Lightning Network. They plan to use a hub and spoke model with serial multisig contract micropayments. It would only add one step to hash your data through static IPs. Howeverer, the FACTOM white paper doesn't discuss how the Factom blockchain will achieve consensus. Bitcoin contracts would require an open payment channel. consisting of counterparty (not xcp) deposits.

The information about FACTOM is unclear at the moment. I'm no longer skeptical of its veracity. Execution has been Bitcoin's historical adversary.
408  Economy / Service Discussion / Re: OpenBazaar - decentralized eBay on: March 25, 2015, 08:19:04 AM
Committing crimes is illegal, but writing books telling how to be a criminal is not. Closing down these sites is the job of thought police.
409  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: March 25, 2015, 08:02:00 AM
Time to sell some precious bodily fluids and buy some more bitcoins.
410  Economy / Economics / Re: Machines and money on: March 22, 2015, 06:30:36 AM
By the time we have human-like biped robots walking around and with a brain superior to actual humans we'll be way past needing to work, or at least 99% of tasks will already be automated. You tell me how an economy is supossed to work under a monetary system when 99% of jobs are being automated by machines.

I would think that that is very simple: by living off your investments in those machines, or in the machines that produce those machines, or in the machines that produce the machines that produce those machines....

Labor as the main source of income will be replaced by dividend on investment as the main source of income for humans.

You will have the "haves" who are invested in that, and the "have nots".   Those last ones can do their own economy amongst themselves, or starve.  If they starve, then the humanity that remains is entirely invested in the robot economy, and will live off their automatically generated dividends.  What your (great grand) parents have invested in, will determine your standard of living.  But if you have enough of it, you can still play on the stock market, to try to improve your situation (or fail, and starve).

Economic Darwinism, I'd say.

Human labor as a source of income will be over.  Except maybe in the sex industry. 



Would a machine with a superior intellect allow itself to be owned by "haves" as you put it?

No, but the hypothesis of Atheist was that jobs would be gone long before we had such intelligent machines.

Would machines with a superior intellect have feelings? Why would they not allow themselves to be owned?
411  Economy / Economics / Re: Machines and money on: March 22, 2015, 05:38:57 AM
By the time we have human-like biped robots walking around and with a brain superior to actual humans we'll be way past needing to work, or at least 99% of tasks will already be automated. You tell me how an economy is supossed to work under a monetary system when 99% of jobs are being automated by machines.

I would think that that is very simple: by living off your investments in those machines, or in the machines that produce those machines, or in the machines that produce the machines that produce those machines....

Labor as the main source of income will be replaced by dividend on investment as the main source of income for humans.

You will have the "haves" who are invested in that, and the "have nots".   Those last ones can do their own economy amongst themselves, or starve.  If they starve, then the humanity that remains is entirely invested in the robot economy, and will live off their automatically generated dividends.  What your (great grand) parents have invested in, will determine your standard of living.  But if you have enough of it, you can still play on the stock market, to try to improve your situation (or fail, and starve).

Economic Darwinism, I'd say.

Human labor as a source of income will be over.  Except maybe in the sex industry. 



Would a machine with a superior intellect allow itself to be owned by "haves" as you put it?
412  Bitcoin / Bitcoin Discussion / Re: Bitcoin 133MB Fork on: March 21, 2015, 08:29:13 AM
According to http://lightning.network/lightning-network.pdf
Bitcoin Can Scale
● 7 billion people making 20 blockchain
transactions per day
○ 240 GB blocks (~24,000 MB)
■ 7e9 * 20txs * 250Bytes / 144 block/day
○ ~500 Mbit/s best-case with IBLT @ 20tx/day/person
● 7 billion people roll-over 2 channels per year
○ 133 MB blocks - unlimited transactions count
■ 7e9 * 2 txs * 500Byte / 52560blocks/yr
○ ~3 Mbit/s with IBLT

So that only requires a 3Mbit/s internet connection. That's reasonable now, but not needed until 7B people are making UNLIMITED bitcoin transactions per day. I think we're past the 20MB debate. Time to move on and get over it. MPs 1MB fork will be long forgotten.
413  Bitcoin / Bitcoin Discussion / Re: Who's brave/stupid enough to invest their life savings into Bitcoin? on: March 20, 2015, 08:41:56 AM
I am thinking of selling my houise for bitcoins. Is it a good idea?
I already did. I went almost all in at 240.
414  Bitcoin / Bitcoin Discussion / Re: Goldman Sachs Report Says Bitcoin Could Shape 'Future of Finance' on: March 20, 2015, 04:19:28 AM
I see where you're coming from and I know there are many more than those two.  Unfortunately we have an unlimited memory for wrong-doing.  Things like $6000 shower curtains last forever.  However the other 5 million or more people in the financial services space from bank tellers to your 401k advisor or securities lawyer would be a more accurate representation.  Equally most of the people even at Goldman.  The problems are not the people or even the .1% of bad apples, it literally boils down to an unaccountable, fractionally reserved monetary system with no oversight or checks or balances or even audits.  No business built on this foundation can ever have the chance to be regarded as credible.  The negative actions and fines against HSBC, Barclays, JP Morgan and all the others, masks the source of the actual problem, the World Reserve Currency.  Unfortunately it was designed with the best of intentions but the path to hell has been paved with those.
There was never any good intentions. The American Founding Fathers prohibited central banks from tainting the New World. Such corrupt banking systems have been known for many centuries. They infect nations by claiming to solve economic problems with easy pain-free solutions. They are the drug lords of finance.
415  Bitcoin / Bitcoin Discussion / Re: What type of system would it take for you to regard it as a threat to Bitcoin? on: March 20, 2015, 03:57:57 AM
Sentient true general A.I., but there's close to zero probability of such technology emerging in time to save fiat from the looming black hole that is bitcoin.
I'm thinking more swarm intelligence perhaps. The Internet of Cyber-Ant colonies gobbling all the money and putting us humans into highly efficient habitats.
416  Bitcoin / Bitcoin Discussion / Re: Do you call it the block chain or blockchain on: March 20, 2015, 03:44:37 AM
I only call the Bitcoin version "Blockchain" but call an altcoin a "blockchain" if it uses Proof-of-Work to build it. Satoshi's "block chain" still exists for those that also use his extra spaces between sentences.
417  Bitcoin / Project Development / Re: EliptiBox - Ultra secured Hardware Wallet packed with unique features. on: March 20, 2015, 03:35:20 AM
I want to believe.

This is sending up all sorts of red flags. I'm sorry, but I just can't believe. It's too good to be true and we've seen so many scams using the same announcement strategy. Please come out into the open if you want us to trust you or at least partner silently with a known developer. I am very much looking forward to your open source to be released at some point. Good luck with your venture!
418  Economy / Speculation / Re: I already sold all my coins... waiting to get back at $200 on: March 20, 2015, 03:15:37 AM
Dollar cost averaging is the most sensible strategy for investment and divestment. Anything else is gambling.
419  Bitcoin / Project Development / Re: [OFFICIAL THREAD] FACTOM - Offchain transactions + Factom Blocks on: March 20, 2015, 03:06:24 AM
How different is Factom compared to a website like http://www.proofofexistence.com/?

Factom is different in a number of ways.  PoE hashes single files and records the hash into the Bitcoin Blockchain.  You could log many files if you wanted to, and only reveal the files you wish at a later date.  

PoE only hashes a single digital thing per Bitcoin transaction.  Factom combines many entries together and places a single hash into the Blockchain every 10 minutes.  Even if thousands or even millions of entries were placed into Factom, only the fixed entries are placed into Bitcoin.

Factom allows whatever data you like to be hashed and secured.  So the data entered and maintained by the Factom network is more flexible.

Factom is way cheaper. PoE charges 5 mBTC to log an entry (~$1.46 at the moment).  Factom would cost roughly ~$0.001 to record an entry.  That's because everyone using the system is "sharing" the Bitcoin entry.

Proof-of-existence charges $1.50 because he can, and he maintains a servers with a database of all the hashes he created.  But, anyone can do the same thing on their own and put a document hash on the blockchain for less than $0.05 -  with a small script like this.

Aren't you afraid that if the cost per entry is too low, spam will increase?

  

Factom combines hashes off chain, and submits a merkle sum tree, so that all hashes can be verified to avoid spamming the blockchain, as at scale which is the hope it would result in huge amounts of data on the chain.

Factom uses federated servers, and incentives to operate to maintain a system as independent as possible. Any other script at scale will cause massive blowback from developers, because of perceived spam. We saw with satoshidice how the limit for dust transactions was upped to reduce their use of the blockchain in their desired way. While it's not an instant result, I would classify what factom is trying to do as the most courteous solution, and scalable, where huge amounts of hashes can be processed off chain, and only one merkle tree is needed per block.
Each developer invents nomenclature for their process, but the processes are so similar sometimes it's difficult to see if in fact they are related technologies. Is this process similar to payment channels? In this case perhaps the multisignature transactions are updated with each document filing?
420  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: March 20, 2015, 02:57:01 AM
This is what happens when you try to hold down a bull.


Guy in the hat be like "I'm goin' over there to short altcoins."
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