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1981  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: September 16, 2014, 09:42:35 PM
I personally think bitshares x has a better product than nxt with a truly decentralized AND collateralized market.  I believe this achievement is being overlooked because this is the first time in human history that any asset on earth can be traded with actual collateral backing up the trade (btsx) and enforced automatically by an algorithm instead of people.  This is NOT an IOU for an asset, which has been the only option in markets until now.  Also, the DPOS model will be great if it stands the test of time because of the 10s confirmation times. 

Bitcoin and nxt have both been tested with bailouts/qe/inflation with Mt gox and bter repectively and both have passed the test.  The question remains; is work truly required to give a money it's value?  This is more of a socionomic question and a bit harder to predict but I don't think so.  I believe we will see 3 to 5 dominant chains emerge with Bitcoin being the primary POW, or digital gold.  Other chains will provide other uses but their associated currencies will act as money in many cases.  The alternative is for Bitcoin to survive as the sole form of money with open transactions, side chains, or some type of m of n oracle system to provide collateralized markets with Bitcoin being collateral. 

Is not the alternative (bolded) more likely?  Is this a true statement?:

   The features of any appcoin can be emulated by a m-of-n oracles system that uses tokens pegged to bitcoin as fuel.  

If that is true, I don't see why, should some useful "app" actually emerge, that the equivalent systems that use bitcoin wouldn't outcompete the appcoins that use proprietary tokens.  Which, like Cypher said, suggests that the value of these proprietary tokens should trend to zero.  

The appcoins appear to be further along in development.  As a test on the btsx platform, I successfully sold 124 btsx for $5(bitusd) on Sept 11 and then sold that $5 for 134 btsx on sept 15, keeping in line with overall market prices.  This was all done completely in a decentralized system with btsx as the underlying collateral and enforced automatically by a smart contract, keeping the entire trade in a trustless, yet collateralized environment.  Once I can do this with bitcoin I will definitely take notice.  Perhaps I already can and just don't know about it?  Gold (bitgld) can also be traded.

Obviously this is in the early stages (alpha) of development and this design has never been tried before so plenty can go wrong.  The client is also buggy at this version.  I am all for a working solution and if devs can make this happen with bitcoin then that would be great.  I own both.

The appcoins are further along because that's their angle--that's the value proposition they use to monetize their proprietary tokens.  What I'm arguing is that if any of these apps prove useful, then if it is possible to create the same app but using bitcoin as fuel, then someone will create that app, and it will tend to outcompete the proprietary token.  The example you gave about the decentralized BITUSD assets is interesting and a potentially useful product.  But I don't see what's special about BitShares other than it was the first to do this.  This functionality could be built on top of bitcoin (no protocol changes), and, by learning from the BitShares experience, probably executed better. 

I don't think the bitcoin core devs should do anything in the way of "more features."  Bitcoin is just better money.  Any truly useful apps can be implemented on top using oracles, sidechains or open transactions like you said. 

I see this as a vastly more robust solution than some hodgepodge cryptocurrency with a feature set that changes from week to week.   
Hope dies last I suppose...
1982  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] SuperNET - ICO conducted by BTER + ... on: September 16, 2014, 05:16:11 PM
Proposal:

What about seeding NEW coins being developed with unique features? Devs could make their proposals and maybe one or more are chosen for funding.

This is huge in so many ways..
1983  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 16, 2014, 04:09:02 PM
Jailhouse Rock & Roll:

http://www.coinsetter.com/bitcoin-news/2014/09/16/bangladesh-central-bank-says-will-jail-bitcoin-users-1543
1984  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 16, 2014, 03:43:55 PM
What if Hedge Fund(s) have started to sell? Could it be the source of so many damn coins?
What if we had no need of speculating about this and could look up historical action of one particular BTC fund? https://bitcointalk.org/index.php?topic=337486.0

What if we could use this as an indication for other funds where we do not have the data?

What if the people pumping/hyping GABI had confronted reality and done this, maybe they would have been less disappointed now?  Shocked

SMBIT is an excellent contrarian indicator.

Smart money is dumping btc on exchanges to hold down marks for contract coins.  This much I know for a fact.  I then speculate:  When that dam breaks, there will be a mighty wave.

That is so wicked it is probably true!!!
1985  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 16, 2014, 01:49:41 PM
http://blogs.wsj.com/moneybeat/2014/09/16/digital-currency-council-brings-bitcoins-three-rs-to-wall-street/
1986  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: September 16, 2014, 01:43:11 PM
I personally think bitshares x has a better product than nxt with a truly decentralized AND collateralized market.  I believe this achievement is being overlooked because this is the first time in human history that any asset on earth can be traded with actual collateral backing up the trade (btsx) and enforced automatically by an algorithm instead of people.  This is NOT an IOU for an asset, which has been the only option in markets until now.  Also, the DPOS model will be great if it stands the test of time because of the 10s confirmation times. 

Bitcoin and nxt have both been tested with bailouts/qe/inflation with Mt gox and bter repectively and both have passed the test.  The question remains; is work truly required to give a money it's value?  This is more of a socionomic question and a bit harder to predict but I don't think so.  I believe we will see 3 to 5 dominant chains emerge with Bitcoin being the primary POW, or digital gold.  Other chains will provide other uses but their associated currencies will act as money in many cases.  The alternative is for Bitcoin to survive as the sole form of money with open transactions, side chains, or some type of m of n oracle system to provide collateralized markets with Bitcoin being collateral. 
I like your thoughts, I will stalk you to see on what are you up to in this forum!  Cool
1987  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 16, 2014, 10:15:26 AM
What if Hedge Fund(s) have started to sell? Could it be the source of so many damn coins?
What if we had no need of speculating about this and could look up historical action of one particular BTC fund? https://bitcointalk.org/index.php?topic=337486.0

What if we could use this as an indication for other funds where we do not have the data?

What if the people pumping/hyping GABI had confronted reality and done this, maybe they would have been less disappointed now?  Shocked
I watch this thread but as far as I understand they don't sell big, right?
1988  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 16, 2014, 10:06:31 AM
What if Hedge Fund(s) have started to sell? Could it be the source of so many damn coins?
1989  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: September 16, 2014, 10:02:55 AM
Pile of Shit coins can not go anywhere because you can not stop progress. Daily superior technology hits the market endlessly diluting the market. Software is cheap and easy to replace starting a new chain is no effort. It is akin to a parallel system, start again and again.
With Bitcoin progress is made too with new better miners hitting the market the technology is hardware based the chain stays the same, akin to a serial system keep building atop of the foundation.   
In software we tend to 'lock in' (excellent analysis here: http://www.amazon.com/You-Are-Not-Gadget-Manifesto/dp/0307389979) but on the other hand first mover advantage is highly overestimated too (netscape, myspace, etc).

It is difficult to know the result because Bitcoin is both asset/currency/commodity/store of value etc AND software.

I guess we will learn sooner or later!
1990  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 16, 2014, 09:15:50 AM
Orderbook doesn't seems good.

SSub 470 we go

New target 350+-20
Probably this - I am out...
1991  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: September 16, 2014, 09:00:48 AM
Mining tends to centralisation.

PoS tends to centralisation.

Everything that can be CENTRALISED, will be centralised - the opposite holds true too.

It is a never ending battle - technology is bringing us closer to freedom and enslavement at the same time.

Stop arguing which is more decentralised, fair, anti gvt etc.

The point is our personal stance.

I don't see a problem if 1000 people decide to make exchanges between them based on shit (Proof of Shit), debt, gold or PoW.

Important thing is to decide what kind of power distribution they want.

Technology is a weapon but it can be used by all sides... (just wait to see a gvt based PoW and what ASICS will mine in that case...I would mine them instead of BTC for sure!)
1992  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 16, 2014, 04:18:17 AM
So anyway, we're just a few days away from an event that should begin to provide buying pressure to Bitcoin.  Still a chance we could go a great deal lower until this happens.  After that, I expect the ramp up that began on 10/2/2013.  I'll let you know when the day hits.

It is a secret event for us?
1993  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 15, 2014, 05:16:26 PM
So... weekend is over, bitfinex offer 3 months mining contracts that you can short, litecoin has taken a dump, Silk Road 2.0 is under attack.
1) what these contracts mean for BTC price?
2) SR2 under attack? what happened? deja vu?
1994  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 15, 2014, 04:47:30 PM
600 dump on Stamp, 500 on Finex and tried to push down the price on Huobi, same old story every other day. Whale buyer is still on Finex, supporting the price and no one seems to be following the dumpers on other exchanges. Huobi determined not to let the price cross 2,920. Rinse and repeat really, going nowhere fast and some mysterious dumper having a seemingly never ending supply of coins.

CONTINUED TRANSFER OF WEALTH   Wink


Maybe that is the million bitcoin question......?  


 Transferred from who to whom?


From Hal Finney to anybody that wants to buy.


He could have a hundreds of thousands.
I think I had read he said he was not a whale but I am not sure....
1995  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 15, 2014, 03:43:49 PM
600 dump on Stamp, 500 on Finex and tried to push down the price on Huobi, same old story every other day. Whale buyer is still on Finex, supporting the price and no one seems to be following the dumpers on other exchanges. Huobi determined not to let the price cross 2,920. Rinse and repeat really, going nowhere fast and some mysterious dumper having a seemingly never ending supply of coins.
I bet they sell at a loss + borrowed coins
1996  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 15, 2014, 03:38:14 PM
There is a serious buyer at Bitfinex massacring the coordinated dumps there and at Bitstamp lol

He want the sellers to bleed, he plays with them!!
1997  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][SIM] Simcoin - A Simple Coin on: September 15, 2014, 11:26:25 AM
Let me elaborate a bit, why this seems like a problem.

TF design has a "built-in" race condition (which in my opinion is a consequence of its inherent fragility) and this race condition can lead to double spends.

It's one thing when you need 51% of stake or PoW to double spend and quite another when it's a race condition in your forging algorithm.

Which you don't even intend to fix, but instead tell people "oh, just wait 10+ confirmations, you'll be alright".

If we give up 51% requirement so easily then anyone can do "instant transactions". They just won't be worth much.
Could you elaborate on this?

DISCLAIMER: I own <500K NXT
1998  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 15, 2014, 10:58:58 AM
Finex is bullish, China and Bitstamp bearish!

I suppose by the end of the week we will know if we will move past 500$ or 450$.

The good think is that volume seems to be picking up.

Or maybe, all week, BTC prices will stay between $465 and $485, which does NOT seem to be too out there as far as possibilities?
Again? I will puke  Tongue
1999  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 15, 2014, 10:41:55 AM
Finex is bullish, China and Bitstamp bearish!

I suppose by the end of the week we will know if we will move past 500$ or 450$.

The good think is that volume seems to be picking up.
2000  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 14, 2014, 04:08:08 PM
Did we ever have in BTC history a battle like this one at 480$ ?

Maybe 1$ (I was not around).

Last thing I can remember is the 100-130$ period but more stretched in time.

From the pre 266$ bubble (and after the 10$) I can't remember anything too..

EDIT: Maybe the 5$ on 2012 and 10$ same period, more stretched in time too

Two whole weeks? Over $490 four days ago?

LOL You trolling/joking again?
Lol no trolling!

I think the battle then was not as dramatic and fluctuated more violently

OK. How about the last 2.5 weeks of Sept last year? An epic battle at $128.

Some people thought we'd achieved the elusive "stability". LOL
This is the closest one I have in mind too

We know how that one ended up.  Smiley
When in doubt HODL
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