Just a quick reminder that even though we are 10 times faster than the 500 fastest super computers on earth (in doing what we are doing), we are far from out of reach to a dedicated attacker.

If I had the job to destroy bitcoin, I would borrow $20 million to build my own little asic mining op. $20 million is about what people claim BFL raised, right? Ok, make it 40 million then, but as I said, the money will come back. I only need it temporarily.

Lets assume you can mine almost at a profit, which is the case. Ok, lets do that. Lets increase our hashing power to 51% for $40 million. This is possible as there hasn't been more money invested in current ASICs. If we haven't been profitable before, now we are profitable because we can drive all the competition out of the market. All block rewards are ours. We don't interfere with any transaction as by that we would discriminate our blocks and the devs could counter our attack. We just mine all the bitcoins and behave but let the world know that nobody will mine except for us. We sell the mined coins to pay back our debt and divert hashing power that's being freed to other block chains that surely will come up. Now we can set the rules and have inflation at will.

Am I off by some millions? Am I missing some basic protection against such an attack? Are there really more miners that would try to overpower this attacker than there are miners that would just leave once it turned out this thing was ongoing? I doubt it.



I'm afraid this can only be countered by some proof of stake. Too sad PPCoin is not an option. I kind of hope that such an attack would drive the original bitcoin to proof of stake.

<tinfoilhat>Maybe we already operate at the mercy of IMF, FED, world bank, etc., we already have full approval and bitcoin is meant to replace the dollar. Not being destroyed long ago is a very bullish sign. What would be the sense in destroying Bitcoin rather later than sooner, now that VCs are entering the field? All investors are going to be pissed about whoever destroys bitcoin, so why have more enemies than necessary?

among dollar on paper, dollar from a bank account, gold, silver, bitcoin from a random anonymous person, bitcoin is the only thing I can take without having to be afraid to get a fake bill, transfer from a hacked account that will be undone, some metal that is worth nothing.

to be fair, bitcoin taint might be an issue at some point but i hope with zerocoin we will have truly fungible bitcoins.

yeah good luck. How many stores don't take $100 bills? How often have you been offered a "real gold chain/coin/whatever" for a hell of a bargain? How many people try to cash out on their hacked bank accounts? Let me guess: you were heavily invested in Pirate@40

So how about the 100 dollars for $50? How about the gold and silver coins? Lets add a bank transfer: If you give me $50, I will send you $100. I will even send them first if you insist.

If I sell you a soda and you give me a dollar and I don't give you the soda claiming you didn't give me a dollar, what can you do?
If "I sell you a soda for $1 to this address: …" and I don't give you the soda, what can you do?

Sure, you might answer question one with some violence towards me or my store.
With bitcoin you have all the benefits of an on the record transaction like credit card payment combined with full anonymity as long as there are no complaints.

About Bitcoin's value: If somebody shows you a gold/silver/bit coin or a $100 bill and offers you to buy it for half its value, would you buy it?

There was a thread once where somebody promised quite some reward for the best guess of the bitcoin price by some date. Back then I also did the analysis of how bullishness/bearishness correlates to the post count. It turned out there was a clear correlation between spread and post count. The more posts the more they agreed on a moderately higher price.

Damn. Found it. I post too much: https://bitcointalk.org/index.php?topic=138028.msg1472018#msg1472018

I would say we can all be very bullish for the next episode:

*risehandsforbeta* if it's open source.

Oh, that would be great news if only it would mean what it reads like. So they evaluate the chargeback risks? The identity theft risks? The third party risks? The devaluation risks? Sounds like soon the FED will abandon the Dollar for some superior kind of money.

What is this thread about? Would you mind trolling somewhere else? OP would you mind removing some noise? I come here to get updates on the project, not to read personal insults between others.

That feature is announced for the rewrite.

This is the most natural thing a multi-currency exchange should do. Of course if they take too high fees, others can do arbitrage for cheaper. Basically if the fee is 1%, an actual $$ wall should be 1% stronger than the auto-arbitrage-€-wall. A "buy 1000Ƀ@$120" would be a "buy 1000Ƀ@$119.8" in all other currencies. If you can exchange $$ for €€ cheaper, you can squeeze your offer in between.

wtf? Should we switch to $ct.? I mean people do if it applies and use $1M if it applies. Same with bitcoin. Please stop making problems where there are no problems.

(I met several people that did not understand that bitcoins are divisible and that is a problem. not the use of BTC or mBTC. Explain it well and assume people will miss the divisibility point.)

Yeah, get active about it. We are trying to organise something in Viña del Mar now. My target is 50 people end of June

Winter is coming … ewww …

Too bad they don't accept coins. Who paid for this advertisement? Thanx anyway.

To collect donations, the girl would not even need a smartphone. Much safer would be to just have a QR-Code.

Would you be interested in supporting local meetings?
The deal would be that you get people to meet in bigger groups and connect that event with "localbitcoins.com".
For that I would like to put up an advertisement not for "MtGox+5% near the central station" but for "Meetup 27th of June at Higgins hotel in Viña". Of course at these meetups there would also be an exchange opportunity and again it would be exchanges that you would not get a share of, so again let me suggest to question your revenue model.
I would pay for each guest you get me to publicly join my bitcoin meetup (unless you get tons of fake accounts roaming your platform to use up my funds without anybody showing up)
I could imagine all users always getting invited to the closest (time and distance) 3 events and I could imagine paying 10ct. for each user that "joins" assuming 10% actually would show up. I would not run these meetups for profit but I guess some people would sponsor such fees. If this kind of per advertisement fees is still not acceptable for you, please still use your access to local users to push bitcoin events on a local level.
If anything, such a service would get your users use the site more than today.

Bullshit. Here is the graph: http://bitcoincharts.com/charts/mtgoxUSD#rg90zig12-hourztgSzm1g10zm2g25zxzi1gOBVzvzcv

Start playing. For me the OBV does not look bullish at all but maybe it would help to know more about it than just gut feeling about a rising chart.

This is a request, not an offer. How much would you pledge for that?