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41  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: June 24, 2015, 06:47:39 AM
let's list a few of the tactics employed by the Blockstream devs:

1.  appeal to authority- "the entire dev/technical community is against this"-which they're not if you look outside core dev.
2.  scare tactics- "if Bitcoin forks, it will fail"
3.  character assassination- "Gavin hasn't coded for over a year", "we are shocked by his behavior", "he's out courting merchants, exchanges, & miners behind our backs".

i honestly ask you, which of the 3 tactics has Gavin employed on Reddit or here?  my answer is NONE.  and here we yet another example of #2 tonite by gmax:

he's getting pounded too.  and these are the reasons Blockstream will lose in the end.  no one trusts them.

I've been closely following the debate, in-fact I even tried my hand at a proposal.

I'm a very cautious man by nature. I first want to comment how the core development team has so-far done an underrepresented engineering work in computer science in keeping the Bitcoin network running.  This achievement should not be under-stated.  They have really done an remarkable job.

Part of their success has been their extremely conservative nature. In the past, when changes have been rushed through, such as BIP 16 , without full consideration of the proposed alternatives (BIP 17) we have found serious issues with them in hindsight.

To quote:
[]nullcGreg Maxwell - Bitcoin Expert 14 points 1 month ago*

To give an external perspective from Luke's on this;

I now agree that BIP17 was better; not just slightly better but very clearly better in important, meaningful ways.

At the time I preferred BIP16, in hindsight I made an error in reasoning-- part of this was that I incorrectly believed that the difference was smaller than it actually was: There were substantial differences in terms of limitations of P2SH that none of us (probably not even Luke) understood at the time. (I say not even Luke because Luke's primary argument was about the "aesthetics" of the implementation, which were not-- by themselves-- that persuasive to anyone.)

A lack of care in this deployment resulted in substantial non-trivial (3-5 blocks) network forks for a period of about two months. BIP16's irregularity resulted in alternative implementers being somewhat slower to implement and more error prone. Luke just gave a concrete example (the idiotic 520 byte limit; which I think we didn't even realize existed in BIP16 at the time, spec was updated later to mention it); another is that you can't combine multiple P2SH scripts, e.g. to get an OR where you can spend a coin with either a small script or a big one-- that one we knew existed but didn't give adequate thought to, it's turned out to be a rather annoying limitation.

At the time the fact that the BIP16 approach had more testing and work on it, especially after the embarrassing design reboot after OP_EVAL turned out to be vulnerability introducing, and Gavin's strong preference for it, combined with the assessment of "little difference" made me prefer BIP16; as anything else would have meant additional delays. In reality, it was basically years before there was widespread P2SH use, an additional delay would have been better. It's worth noting that the person (roconnor) who found the OP_EVAL flaw also preferred BIP17-- which was probably a sign we should have paid more attention to. It's not a big regret but I do consider it a lesson.

It didn't help that some people (mostly not Luke himself) tried to construct a public drama with non-technical community members over what was still just a kind of boring technical argument. Unfortunately; trying to make drama can have exactly the opposite effect of embedding people in their positions and making them immune to reason. It's almost universally a bad move if you care about achieving a high quality result. I keep trying to remind myself of the importance of deciding to be immune to political drama in order to avoid the failure modes it creates if you let it influence you.

You can see a chart of opinions at the time: BIP16 was a condorcet winner; but most people considered either approach acceptable.

Rushing important decisions is a fools game. A prudent person makes well informed and slow careful choices.

I would much prefer to suffer the discomfort of transaction fees being a few more cents, than to rush a hard fork and fuck up the community (the most valuable thing that Bitcoin has).

(From a Old Hat).
42  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: June 23, 2015, 06:55:00 AM

While I'm moderately against just increasing the block size. (I think that we should sort out the rest of the hard engineering infrastructure so we can actually support larger blocks first).

The main point is even on this forum we have nowhere near the 95%+ consensus that we need to do a hard-fork.

Gavin's latest proposal is just dangerous with only needing 75% of the miners to agree.

I would much prefer Bitcoin to continue to work with 1MB blocks, than be destroyed on the reckless quest for larger blocks.
43  Economy / Speculation / Hope Bitcoin Price continues to stagnate (not up or down) for another 6 mth. on: March 01, 2015, 05:18:14 AM
Quite frankly, the Bitcoin infrastructure isn't ready for another big rally just now.  But I think in 6 months this will be looking much more solid for a hard rally.
44  Economy / Speculation / Re: Trezor and other Secure Wallets will have a large effect on the Bitcoin Price on: February 09, 2015, 12:06:50 PM
When this happens, I believe significantly because of secure wallets, we will be officially at the start of the next major bull market. (it is important to remember that the bitcoin prices is dictated by people who do not spend bitcoins rather those who do).

Security is definitely a large roadblock for those considering to buy bitcoins, but I don't agree that the bitcoin price is dictated by people who don't spend or sell any bitcoins. It's a part of a much more complex equation, because if nobody would spend or sell any coins the market would be extremely illiquid which also deters potential buyers (no sellers, no buyers). So it's not that easy.

The price of Bitcoin is dictated by it's scarcity. If half the number of bitcoins are traded at twice the price the liquidity stays the same.
45  Economy / Speculation / Trezor and other Secure Wallets will have a large effect on the Bitcoin Price on: February 08, 2015, 04:14:38 AM
I believe one of the main reasons for the slow decline of the bitcoin prices is that people who wish to invest a large amount of money do not feel comfortable about securely storing a large amount of value.

With BIP32 and TREZOR investors are starting to feel more confident that they can indeed manage holding their own Bitcoins.

Once a significant proportion of investors move to such secure Bitcoin storage technologies I believe that the incentive to sell will become much diminished.

I suspect that the in unofficial markets (such as Local Bitcoins and OTC) will be the first places to dry up in excess liquidity. (as in the average price on these markets will be higher than say on Bitstamp).

When this happens, I believe significantly because of secure wallets, we will be officially at the start of the next major bull market. (it is important to remember that the bitcoin prices is dictated by people who do not spend bitcoins rather those who do).

46  Bitcoin / Alternative clients / Re: A minimal full node client in F# on: January 24, 2015, 04:25:34 PM
If you wish to have additional exposure, you could compose and send an email to the the Bitcoin Development Mailing List.
47  Bitcoin / Alternative clients / Re: A minimal full node client in F# on: January 24, 2015, 04:24:22 PM
Great Work!  Grin Grin

Have you picked a license for the code yet?
48  Economy / Speculation / Re: Time to say goodbye on: January 18, 2015, 01:50:28 AM
Goodbye! (from a bitcointalk vagrant).
49  Bitcoin / Project Development / Re: Moneychanger (Windows Builds) - Out of Date! on: October 30, 2014, 01:01:37 AM
These builds are out of date.

The new version uses cmake, and is in super-heavy active development.

My old windows build system dosent work with it.
50  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: October 30, 2014, 12:58:28 AM
Meanwhile, Gold collapsing,  bitcoin (also collapsing)

Oil too.

What is up? Just USD?

The USD is entering the 'red giant' phase, having exhausted its primary fuel of gold and silver backing and now being powered by the less dense energy source of hydrocarbon hegemony.  Although less productive, the economic bloat of malinvestment results in a higher apparent magnitude via the financialization process. 

That is why gold/silver/BTC (stuff you have) are collapsing, while insurance/food/medicine/education (stuff you need) costs are soaring.

While less massive bodies of fiat may ultimately wind up as harmless white dwarfs, the USD is so large it will enter a phase equivalent to carbon-burning when runaway debt-monetization overcomes the hydrostatic equilibrium provided by petrodollars.

This will result in a supernova of hyperinflation, and finally a black hole will remain where the global reserve currency once existed.

that's good  Cheesy

Really good analogy! (Except I would expect to see a deflationary collapse of the red-giant, before an hyperinflationary super-nova explosion.)
51  Economy / Speculation / Re: Been here before. on: August 16, 2014, 10:32:51 AM
At some price it only take as small amount of new money invested to keep the price afloat.

Unless you expect that people are genuinely going to forget about Bitcoin and move on to something else...   In that case I would recommend you take your investment elsewhere and hold naked shorts on Bitcoin.

However I don't see the 'core' interest in Bitcoin decreasing; instead I see a huge amount of the worlds most talented people building infrastructure to support and build the possibilities of what blockchain technology can provide.  Every month that goes past the Bitcoin infrastructure is in a better position to support a larger and larger popular movement into cypto.

Over the years, I've seen the following cycles:

1.  base infrastructure is developed to support a market.
2.  popular investment movement into bitcoin.
3.  infrastructure is over strained and hacks, companies collapse, and legal issues arise.
4.  bitcoin price progressively collapses for the all-time highs.
5.  the 'core' bitcoin community tirelessly work to build better infrastructure.
6.  the cycle repeats.

I believe we are the phase 4-5 phase as listed above.  At some point the infrastructure will become ready again, and the popular movement will overshoot the price again.  However maybe this time we will be looking it overshooting to $50 000, and retracing to $10 000.  I however suspect that the next cycle is going to be shorter, as the network effects at such such sizes are extremely powerful.

So.  I don't know what will indeed happen... However there certainly are established adoption cycle pattens that are quite observable and tested.

TLDL:  Have fun and and be ready to change your short position into a long.
52  Economy / Services / Re: [Programing C++] Reimplementation of zlib: ISO C++11! [20 BTC] on: August 12, 2014, 04:35:38 PM
I am a little confused - zlib is written in C not C++ and creating a C interface to a C++ implementation makes little sense (do you have any other examples of such things?).

I am very familiar with zlib (I use it in CIYAM) and am also very familiar with reworking C code for C++ (but that always tends to mean a C++ wrapper over the C code).

Why would you want a C library re-written in C++?

I don't want the code to 're-written' but rather re-designed for modern C++ code.  Not just a wrapper on the existing zlib code.
53  Economy / Services / Re: [Programing C++] Reimplementation of zlib: ISO C++11! [20 BTC] on: August 12, 2014, 03:56:28 PM
I am a experienced C++ programer, so I will, of course be following and checking the work.
54  Economy / Services / [Programing C++] Reimplementation of zlib: ISO C++11! [20 BTC] on: August 12, 2014, 03:12:36 PM
20 BTC project.

For an expert programer who has some spare time:

  • I wish to commission a reimplementation of zlib in C++11.
  • Not focused on performance.   Focus on safe, correct, and easy to ready code.  Should still be fast on a modern compiler.
  • This implementation should take advantage of the new C++11 features.
  • Include a C interface that is compatible with zlib.

MIT style license.


We are not looking for a good wrapper, but a ground up reimplementation, using modern code.

This code only needs to compile with:  GCC 4.8, LLVM/clang 3.4, and MS Visual C++ 2013

This code need to be supported: Linux, MacOS X Mavericks, and Windows 7 SP1 (and later).

CMake build system +  Unit and Functional Tests.

We advice to not to start work until we have confirmed a plan with you.

please contact me at:  da2ce7 .. at ..

55  Bitcoin / Project Development / Re: Moneychanger (Windows Builds) - v0.92.c (inc. Open Transactions) on: August 10, 2014, 10:10:59 AM
sorry guys, I have been traveling.  I will try and make a new build sometime soonish.  Grin

The error that Moneychagner cannot start is because of not packaging a QT dependency.

There has been a huge amount of work on Open Transactions since the last build.  There may be quite abit of work to create another build.

56  Bitcoin / Press / [2014-06-09] Telegraph: The coming digital anarchy on: June 09, 2014, 03:16:23 PM
Bitcoin is giving banks a run for their money. Now the same technology threatens to eradicate social networks, stock markets, even national governments. Are we heading towards an anarchic future where centralised power of any kind will dissolve?

The best article on bitcoin I've read in the Mainstream media... ever.
57  Bitcoin / Project Development / Re: Moneychanger (Windows Builds) - v0.92.c (inc. Open Transactions) on: May 15, 2014, 09:57:03 AM
New Version.  0.92.c
58  Bitcoin / Project Development / Re: Moneychanger (Windows Builds) - v0.91.b (inc. Open Transactions) on: March 14, 2014, 07:02:49 AM
New Build.  Grin

59  Bitcoin / Project Development / Re: Moneychanger (Windows Builds) - v0.91.a (inc. Open Transactions) on: March 03, 2014, 07:07:09 AM
OT 0.91.a for Windows (inc Moneychanger released!).
60  Bitcoin / Project Development / Re: Moneychanger (Windows Builds) - v0.90.c v4 (inc. Open Transactions) on: March 02, 2014, 01:08:36 PM
We have completed quite a few changes under the hood.  Shall soon have a new release.
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