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Please anyone information about Vircurex !!??   

I have well over 200.000 us$ stuck in there !!! please anyone !!!

Its like a game of chicken. Who will give in first? The miners who invested a lot of money to support and secure the protocol or the developers who could move somewhere else after theyre done with BTC? One of them knows that the other cant play this game for long.

I really do doubt it is a cabal of bankers and stuff.

in what world a centralized, pre-mined, pump and dump, buggy, in some case bloated, insecure altcoin is better than bitcoin?
maybe next time you make a throwaway account, make sure to also give us some example

Yes I am aware that it is not really that big of an issue. But as an improvement for the protocol it will be always good for the longterm.


Segwit is required to open the network for other technologies to be developed on the network. Do you deny that Segwit improves and makes Bitcoin more secure and robust?

They will have to comprise at some point. If they kepe having backlogs of transactions people won't do stuff with bitcoin, then price will go down. It will regulate itself out in the end!

network effect

Indeed, it is somewhat delusionally to think that if some asset in a liquid market has high volatility as expressed in a major fiat, such as the US dollar, it is the dollar that is fluctuating and not the asset.  In the relatively short term, big fiat are very stable units of account (unless something quite spectacular happens) in the sense that a quantity of this fiat represents a constant market value of commodities, whether it is bread, computers, cars, bananas, coffee, theatre tickets, or... other stable currencies.

Of course, and that was I think the essence of cryptoanarchists' remark, this is somewhat self-referential.  But in the end, it doesn't matter.  If you can buy about the same amount of Big Macs, bread, tooth brush, cars, bananas etc... with, directly, or after exchanging it for another currency, it HAS a stable value.  Because in the end, value, that is an amount of Big Macs, bread, tooth brush, cars and bananas.

In the very long run, fiat currencies are less good units of account ; but then, not much is, because the notion itself of "same value" in remote and totally different economies is ill defined.  How do you compare the value of, say, a dagger in the 7th century with something today ?

But a thing even used as a major currency, that doesn't have a price-stabilizing mechanism, will NEVER stabilize, simply because of the variable economic activity, and the variable velocity of money in Fisher's formula:

Q.P = M . V

From which: P = M . V / Q, the price level depends on V and on Q.   V depends heavily on the hoarding habits of people, and Q depends on the economic activity.  If M is a hard number, it will never be stable.  Especially if a large part of M is being hoarded, and V is very sensitive to the small amount of non-hoarded coins.

If there's a feedback mechanism from P to M, which is what central banks do, then this can stabilize P.  If no such mechanism is known, P will be very dependent on V and Q.

I dont think we have "a long time".  I think it might already be holding the price rise back.

Just because Satoshi said and did this or said that does not mean his word is law or he is correct all of the time. Did he not put the 1mb limit? Removing it now would centralize mining and make the blockchain unmmanageably very large.


You want it to scale, yes many people do. Why not fix the malleability issues first with Segwit and then make it scale through offchain means?

In this thread: people whining that they're unable to force third parties to compromise Bitcoin.

Right, let's just get this straight.  

The US dollar is not volatile compared to Bitcoin.  Furthermore, the volatility in the day that it has typically varies around the same price range, while Bitcoin can swing by huge percentages in the course of a few days.

People here can imagine a life without USD, but that's just it:  imagining.  It will take time because Bitcoin's volatility is based on people's confidence, which is not as high as it will be yet.

Sure, it's not 100% accurate (the Big Mac Index is pretty close), but it's a damn good way to determine what the value and spending power of your Bitcoin is and what it has been in the few years that it's existed for.

Of course not.  In Europe, many currencies were replaced by the Euro, and the Euro didn't "rise" against these currencies to replace them.   The Euro got more and more participants, and replaced bigger and bigger markets, as new countries adopted the Euro, but the Euro didn't "rise" against these other currencies.  

Imagine that an imaginary bitcoin was emitted at against, say, $1 in the beginning, and that it had an emission scheme to keep it around $1.  (my proposal is to have proof of work that is about $1 worth, and can do as much proof of work as you want and emit as many coins as you want with that: if you are willing to burn about a million $ worth in proof of work, you own now a million coins ; if you want to burn a billion $ worth of PoW, you now own a billion coins).  Suppose that people like it, and start using it more and more.  Slowly, it starts to replace payments about everywhere.  The extra demand for the currency, to be able to use it (Fisher's formula) would make it rise in value, but that makes it more interesting to mine it, and it costs about the value of $1 to mine it, so people will mine a lot of it until it lowers again to near $1 value.  If it is less than $1 in value, nobody will spend PoW on it to make more of them, and none get emitted.  But if more people use them, more and more coins are in circulation.  The monetary mass, the market cap rise, and they replace soon most payments.  But nobody can get rich with it.  It is a currency.  Its value is stable (the value of about $1 of proof of work).  You can write a contract in it.  You know its value will remain stable (at least, will not deflate like crazy and become a rare collector's item).