One BTC sent.  |
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Two years from now, we're all early adopters and we're laughing at the difference between buying BTC at 20 and at 40  |
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What happens to Bitcoin if there is a hard fork and half go along while the other half refuse?
Actually, what happens to someone who holds bitcoins if there's a hard fork? Are they still valid on either one of the chains? On which one? Does the user get to decide? |
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Thanks for your prompt reply. New wallets on the way? Could you point me where I can find some info about these new wallets?
The new wallets are based on BIP 32. This is a standard that was developed with the Bitcoin-Qt core devs, and planned to be adopted by Bitcoin-Qt, Multibit, Electrum, and I'm sure others. It's a solid "deterministic wallet" algorithm that is secure and extremely flexible. And soon "standard." This means that you will have a root key and chaincode that can be plugged into any program and you'll get the same wallet (the programs most likely won't have the same wallet file format, but the addresses will all be derived the same way from the same seed data). There's a lot of cool things I'm doing with the new wallets, but it'll be some time before I get them done. And some other priorities popped up. But the important part is that since it's based on BIP 32, it will be easier to switch to and from Armory without having to create and maintain different wallets. Would it be possible to guarantee that the wallet can be restored even for someone with absolutely no skills? My main concern, and one of the reasons I chose Armory and the offline wallet option, was to ensure that in the event of my sudden demise, my family would still have access to my wallet. I'll try to keep up with Armory as the years go on, but I'd like to know that even in the worst-case scenario timing-wise, my kids would be able to access them.
This really isn't possible. The algorithm for generating addresses is based on elliptic curve cryptography, which is "complicated" and critical to the security of the scheme. No matter how you look at it, you're going to need an app that understands the input data and knows how to apply the algorithms. However, in the event of your demise, if your family finds your paper backup, they will see "Armory" and the logo on it, and only a little bit of googling should lead them to my website. Once they are there, they will eventually recover your coins. Also, as mentioned previously, brainwallet.org also generates that address chains for you, though you have to import them into an app (like Armory) in order to use them, so you might as well just get Armory and recover the wallet. And as mentioned -- even if Armory was discontinued -- if Bitcoins are valuable enough to be worth recovering, any prior version of Armory will be sufficient for recovering the coins. On that note, maybe I will add a screenshot of a paper backup to the front page, so in an event like you are talking about, the person who shows up at the website will immediately see they're at the right place. That would be a fantastic idea. In fact, why not a simple dedicated page with clear instructions, and a link that reads something along the lines of: Have you found this kind of paper wallet? Click here to learn how to recover the bitcoins from it. |
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Funny, I was just thinking this morning "what if Armory was discontinued" and came onto the forums to ask exactly this same question.
Would it be possible to guarantee that the wallet can be restored even for someone with absolutely no skills? My main concern, and one of the reasons I chose Armory and the offline wallet option, was to ensure that in the event of my sudden demise, my family would still have access to my wallet. I'll try to keep up with Armory as the years go on, but I'd like to know that even in the worst-case scenario timing-wise, my kids would be able to access them.
As an aside, I love Armory, great concept!
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Wait a minute, are you saying that today's brief dip was a correct call for the correction you predicted? I thought you said that the dip before the weekend was supposed to be smaller temporary dip and today we were supposed to have a real correction to a lower level.
yes, i suspect that this move is far from over and that the 'real' correction is starting. we should settle into a downtrend and continue until we bounce off of a strong support like $21. but tripper gave me very simple criteria: [snip]
Make some TA predictions in advance so we can be in awe of your future predicting abilities. It's easy, all you have to do is say up, down or trade in a range and there will be a good chance that you will pick the right one. 1 of 3. TA is bunk. If it's not, prove it.
i called down. the next move was down. That means you have about a 50 percent chance of being right. The evidence you talk about isn't evidence at all. For a 50/50 call, you'd have to be right something like 20-30 times in succession, uninterruptedly, for it to constitute any sort of evidence. And your down seems, at best, to be a bit of a down, a bit of an up, a bit sideways, and a jiggle. |
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producing real gold nuggets simply by exposing it to copious amounts of gold chloride, a toxic liquid substance with no actual value but which is found naturally in the environment. Uhuh.. Where can I sign up for some tons of this useless, toxic goldchloride? "lol" indeed! Ente Hey, if shitting gold were easy we'd all be doing it. |
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Heh... Weekend dip is starting to acquire a whole new meaning, no?
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Adam will win.
Damn, Adam had a chance until this happened |
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Even Proudhon is right twice a day... TA is just so much snake oil, as the number of unknown variables is greater than 1.
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Why didn't the price raise more than it did? there was a small jump to 27.50 after the announcement but now we're back at 27
If this does introduce new users to Bitcoin, there is going to be a delay from the point when they decide they want to get involved to the point when they actually get involved. Let's call it "the fiat exchange delay". And because the announcement was on a Thursday, plus a day or so until people figure out how to get fiat into the exchanges, plus the weekend... we won't see an effect until Tuesday of next week at the very earliest. The recent rise could be people who already are sitting on fiat in the exchanges trying to get a jump on the rest of the crowd, but there are at least three or four other theories to explain it as well, and no reason to favour one over the other. |
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Wait, What?
There is already a cash card loadable with bitcoins? Where can I get one?
It's a bit hard to order it from them, and check the fees and limits very carefully. I find for the moment it's easier to have a Coinbase account linked to my bank account... at least until the Bitinstant debit card finally makes an appearance. |
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I kinda wonder what bears have to go by besides patterns they think they see in charts. Do they take into account current newsworthy developments. Do they take into account new potential markets opening up based on announcements? Would they be able to recognize patterns that fooled them in the past without observational bias?
But the cool thing is, when you look BACK at the charts, you COULD have predicted every single move. The success rate for backwards prediction is always pretty damn close to 100 percent So the theory goes like this: 1) We're in a bubble. We must be, since prices are going up beyond what I feel comfortable with. 2) Since we're in a bubble, it will pop, or "correct" at some point... soon... really 3) Not sure when that correction will come, could be at $27, could be at $33, could be at $124, but when it comes, it will come. 4) Once the correction has happened, I'll let you know about it, and you'll see I was right. QED |
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Inoticed the weekend dip recently. So I've been calculating, and thinking and starring at graphs etc. the last 3 weekends could have netted anywhere from 10% to 28% (if you bought/sold at EXACTLY the right times) So this weekend I tried it out. Lucky I'm only toying with 10BTC while I get a feel for this, cuz this weekend has been a mindfuck! Steady up for several days then the first increase I jump the first sign of a dip (at $22.50) then the fkn thing went back up too fast. Now it looks like it's trying to compensate, but it's just fucking with me by bouncing between $23.00 & $23.80. Anyhoo, I'm not really losing money if I fuck up while this upward trend continues. I just don't have the same ammount of bitcoins I started with!  You didn't read the theory or even any of the previous posts, did you? But the title says it all... weekend dip myth... what more can there possibly be to it? |
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Two things:
1) Bitcoin is not a stock
2) Ever heard of milli-BTC? Or of micro-BTC?
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Two words: the peak of desperation  Or, as we call it in this universe, four words and an emoticon |
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While Reddit isn’t exactly a “mainstream” site yet, it is definitely the most widely used site to start accepting bitcoin that I can think of. The part of the copy that I don't follow reads: As people start using bitcoin on Reddit, they’ll want to take their wallets to other merchants. That build of demand will hopefully break bitcoin into the mainstream. Are they planning to make Reddit Gold work payments outside of Reddit? No, I think it is saying that "If reddit makes bitcoin more popular, then bitcoin users will want bitcoin to be accepted on other mainstream sites." or something. It means that if you're setting up a wallet to pay Reddit, well, now that you have a wallet, you're going to be curious as to where else you can spend these Bitcoin thingies... |
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Reddit has 43 million users.
Say 1 % understand cryptography, that is 430 000 users
Say 1 % understand money systems, that is 4300 users
Say 1 % have the means, that is 43 users
Say 1 % have the guts, that is 0.43 user.
Shit lets round that to 100 new bitcoin users.
Not bad for a single day
You are making a lot of assumptions. The fact of the matter is that as bitcoin gains traction, fewer people will feel the need to know the underlying processes of how it works in order to trust the fact that it works. Instead, they will just be relying on the fact that many people already use it, and trust that these people have already looked into it. Herd-like behavior might be dumb at times, but at other times it is greatly time-efficient. How many people who use Google understand the workings behind HTML? |
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