Bitcoin Forum
October 20, 2020, 09:56:45 AM *
News: Latest Bitcoin Core release: 0.20.0 [Torrent]
  Home Help Search Login Register More  
  Show Posts
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 [45] 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 ... 463 »
881  Bitcoin / Bitcoin Discussion / Re: a 51% attack costs $20,000,000 and is devastating on: June 06, 2013, 06:52:37 PM
OP is right that you can buy a couple of hundreds of ASICs and then you could start reversing transactions and thous creating panic,

So when you have this 51% and want to do a double spend attack, who do you actually send your coins that you will later be double spending to?

Remember, this attack cost you $5 million in ASICs or something like that so you need to recoup a lot of money.   Exchanges don't let you withdraw much unless you have your identity verified.  Additionally, even if you have many anonymous accounts there will be limits to how many coins the exchange has in their hot wallet thus your hopes to withdraw coins before unleashing the 51% double spend attack will give little value.

The reason there hasn't been a malicious 51% attack is because there's no economic incentive to do so.  But this ASIC blast certainly is a nail biter if you consider how so few wafers are needed to top the current hashing capacity.    Technically and financially it is definitely doable.  There's just no payoff from carrying it out.
882  Economy / Speculation / Re: Trading Hours on: June 06, 2013, 06:34:11 PM
No. Also this has been discussed a few times before.

Here was my response in one of those threads (slightly different question ... relating to closing over the weekend)

An efficient capital market is a market that reflects all available news and information. An efficient market is also quick to absorb new information and adjust stock prices relative to that information. This is known as an informationally efficient market. Generally, efficient markets are expected to reflect all available information. If that is not the case, investors with the information may benefit leading to abnormal returns.


There aren't many (or any ?) methods for a retail investor to do forex trading over the weekend.   There was one, OANDA, but they claimed the low volume was too challenging for them where they would be taking on too much risk having to take the other side of the trades:

Of course, there is a lot of forex trading over the weekend -- just not by you or I.  Central banks, corporate and institutional (government) bankers, multinational corporations and more are all trading 24x7.

So the market is efficient for them.  The rest of us stuck with a losing forex position thanks to news that occurs over the weekend are stuck with that increasingly deteriorating position until the markets open on Monday (or Tuesday, when Monday is a banking holiday like what happened this 3-day weekend.)  

That's not the definition of an efficient market.  Market-changing information occurs over the weekend as well (with announcements oftentimes timed specifically for release over the weekend.)  Bitcoin markets don't have this restriction.    That still doesn't mean bitcoin exchanges can be considered "efficient" though.  For instance, there was a pattern called the "weekend dip" in which buyers interested in buying had insufficient cash at the ready at the exchanges in order to buy and as a result there was little buying to counter a weekend selloff until new cash arrived at the exchanges when funds sent through the banking system were credited.   Lately, however, the weekend dip opportunity seems to have abated.

At some point a financial company will start using Bitcoin as the method for moving value in and out of other assets, including offering the ability for that to continue throughout the weekend as the way to differentiate that investment offering from the competition.
883  Other / CPU/GPU Bitcoin mining hardware / Re: What kind of rig should I get if no electricity cost? on: June 06, 2013, 04:57:53 PM
Hey, so I found this (expensive) place to live that has a fixed-cost electricity. I initially didn't want to live there because of the price, but since the utilities are fixed-cost, I'm kind of considering it now.

I was wondering if anyone else has done this

Back when GPUs were used and margins were thin, (e.g., around Dec. 2011, and then again Dec. 2012 right after "halving") the only ones making money were those who paid the least for electricity.

ASICs are soooooo  much more efficient on power and so few in production yet that the cost of electricity is a tiny fraction of the ownership cost.  For example, today the cost of electricity for a BFL Jalapeno (ASIC) running a full day is about twelve cents.   That does 5.5 Ghash/s, and earns at the current difficulty about $20 worth of coins (at the current exchange rate).    So the cost of electricity is less than 1% of the revenue generated from that electricity.     A person with free electricity mining using an ASIC has relatively no advantage over a person paying a high rate for electricity.  

If you are thinking "free" electricity gives justification for buying GPU-based hardware, think again.  ASICs are shipping hard and fast (as charted here: ), and the last of the GPU's days (for mining Bitcoins) are nearly over.  It could be less than a month or two that even those with free electricity will shut down their GPU rigs (or switch them over to an alt currency that GPUs are still useful on).  
884  Bitcoin / Development & Technical Discussion / Re: What if the devs are ordered by a US judge to include a government backdoor? on: June 06, 2013, 02:46:35 PM
Check out gitian and build your own binaries.

But how would I confirm that the official binary is compiled from the source on Github? Little point in running my own binary if 95% of all the nodes are from the official website and have a backdoor.

885  Bitcoin / Press / 2013-06-05 - The Politics of Bitcoin Mixing Services on: June 05, 2013, 11:47:24 PM
The Politics of Bitcoin Mixing Services
by Jon Matonis

If bitcoin exchange regulation becomes so effective that exchange operators are required to link specific bitcoin addresses to individual customers, then users may have few remaining choices should they want to maintain transactional privacy. [...] Mixing services for bitcoin may emerge as the next frontier in the battle for financial privacy.
Also called bitcoin laundries, these web-based services charge bitcoin holders a nominal fee to receive different bitcoins than the ones initially transferred. The sites never handle national currencies like the dollar or euro so technically they are not exchanges.
Vitalik Buterin of Bitcoin Magazine argues that [...] the core principles of the bitcoin protocol, such as user-defined anonymity and user-defined transactional privacy, remain intact due to optional mixing services.
When it comes to bitcoin oversight, regulators and law enforcement must comprehend that which is able to be constrained versus that which is not able to be constrained.

886  Bitcoin / Wallet software / Re: [ANNOUNCE] EasyWallet a browser based, deterministic wallet on: June 05, 2013, 05:36:37 PM
Here's another wallet for bitcoin

What does think of the name you chose for this?
887  Bitcoin / Meetups / Re: [SOCAL] Southern California Meetups on: June 05, 2013, 04:15:59 PM
FYI, there is a meetup planned for Wednesday, June 5th in Downtown Los Angeles.  Info here:

Bump, as that is today!
888  Bitcoin / Meetups / Re: Any Bitcoin Meetups in the Los Angeles or Orange County Areas? USA on: June 05, 2013, 04:15:47 PM
FYI, there is a meetup planned for Wednesday, June 5th in Downtown Los Angeles.  Info here:

Bump, as that is today!
889  Bitcoin / Press / Re: 2013-06-04 - Don't trust anonymous e-currencies like Bitcoin on: June 05, 2013, 05:31:55 AM
Extremely shallow analysis.

It's funny how two people generally equal in many ways can look at Bitcoin and form opinions that are polar opposites of each other.

One sees that the government has no control over Bitcoin and is all over it.   Then you have people like the author of that article, who run away from Bitcoin for that very same reason.
890  Bitcoin / Bitcoin Discussion / Re: wait for one confirmation before accept the payment? on: June 05, 2013, 05:24:00 AM
So would be 1 confirmation enough?

That will depend on a number of factors.    For an online gambling site in which the player's identity isn't known, then there is a potential to profit from double spending.  If there could be thousands of dollars to gain from double spending a payment that already had one confirmation against you then know eventually someone will succeed when attempting that. 

The reason retail merchants can today accept a bitcoin with no confirmations or just one confirmation is because there is little or no profit potential in attempting to double spend, and the customer isn't anonymous if making a purchase in-person.   For instance, you won't double spend your dinner tab without the restaurant being able to remember who you are.  And since double spends attempts frequently fail if you have to make ten attempts before attempt eleven is successful then the restaurant still makes a profit when averaging the one free meal among eleven visits in total.

SatoshiDICE protects against this by including in the payout funds from the wager transaction itself.  Thus if the wager never reaches six confirmations neither will the payout transaction.

The challenge though is to not let the game player know if the wager was a winner or not until after at least one confirmation.  SatoshiDICE holds off on this for some wagers until there is a confirmation so that a player isn't trying to double spend the losing wagers. 
891  Local / India / Re: Some of our friends spoiling our reputation across the board.! on: June 04, 2013, 11:33:09 PM
Why do some guys do this and spoil it for us to do legit business.

Meh, that didn't spoil anything.   If you look at the last posts by that forum user, scamming, trolling, and spewing disinformation is that person's whole reason for being here.   He even started a thread claiming to have stumbled across an address collision using BitAddress. 

For best results, simply don't feed the troll.
892  Economy / Service Announcements / Re: eCardOne on: June 04, 2013, 06:40:45 PM
I guess circumstances have speeded up their transfer Cheesy

And their Twitter account shows:

eCardOne is now
An official statement regarding latest changes is coming out this week. Stay tunned.
893  Bitcoin / Legal / Re: Filed a request for an administrative ruling with FinCEN this morning. on: June 04, 2013, 06:05:40 PM
FinCEN doesn't pass laws so you are free to disagree.

I'm thinking this could end up being defended in the U.S. as a free speech issue someday.

If I create words for a Twitter post and am paid cash for those words, there is no money transmission.    I created words and broadcast them.

If I cryptographically sign a message using my own software and computing device and am paid cash for that message, there is no money transmission.   I created the message and broadcast it.

Bitcoin is the square peg of money.
894  Bitcoin / Press / Re: NEW articles in Press Forum on: June 04, 2013, 04:48:57 PM
2013-06-04 - Why There Is a Demand for Liberty Reserve's Serv
895  Bitcoin / Press / 2013-06-04 - Why There Is a Demand for Liberty Reserve's Serv on: June 04, 2013, 04:48:21 PM
Why There Is a Demand for Liberty Reserve's Services
by Jon Matonis

In a free society with a market-driven economy, payment privacy and payment finality are legitimate and useful features of a currency physical or digital.
By default, Federal Reserve-issued physical cash comes with payment privacy and payment finality.
Once troublesome physical cash is finally eradicated, any digital currency with privacy and irreversibility attributes will be next for scheduled termination. In the case of Liberty Reserve, It's not the individual infractions committed by clients of Liberty Reserve that are worrisome to the regulators, it's the fact that a semi-reliable platform for private payments existed in the first place.
If banks and traditional financial institutions still respected basic client privacy and facilitated some form of digital payments that did not always involve harmful reversibility to the merchants, then companies like Liberty Reserve wouldn't even be necessary.
To protect themselves, merchants require payment finality or irreversible payment methods. That means using only international wires or services like Liberty Reserve.
Business sectors that benefit from payment finality include [gold bullion sales,] online casino gaming, sports betting, lotteries, adult services, pawn shops, credit repair services, debt settlement services, and virtual currency exchanges that involve the trade of other negotiable instruments or the loading of prepaid cards.
The Liberty Reserve payment system acted as an international wire service for regions of the world that were totally ignored or blockaded by SWIFT and the international banking system.
Choice in currency is a freedom of speech issue. Failing to recognize that fact only serves to strengthen the entrenched payment oligarchies and to undermine personal liberties in the transactions environment.
Expect to see a lot more [money exiting the digital banking system] especially since the free market has been mostly stripped of digital payment finality and 'Cyprus-ed' has become a verb."

896  Economy / Speculation / Re: Online Payment Systems Have Been Decimated on: June 04, 2013, 04:44:56 PM
Its downright insane. I never thought I'd see anything quite so insane as this. They literally shut down every single exchanger that was remotely trustworthy that allowed you to buy Liberty Reserve. Thats insane.

Looks like AurumXChange's VouchX (a redeemable code) could be gone too now, as is claimed by a merchant:

AurumXchange suspends all VouchX codes?
897  Economy / Service Discussion / AurumXchange suspends all VouchX codes? Anyone can confirm? on: June 04, 2013, 04:10:35 PM
A tweet by @ICBIT_se reads "AurumXchange suspends all VouchX codes":

That wouldn't be surprising but the AurumXChange site doesn't show anything and I still could get a quote.

Could anyone confirm?

[Edit: The last post by AurumXChange forum account / Roberto was more than a month ago:
 -;u=4741 ]
898  Bitcoin / Bitcoin Discussion / Re: bitaddress generated existing address? how to spend [1 BTC BOUNTY] on: June 04, 2013, 09:40:17 AM
Where do I use the command

If you trust that your computer is secure:

Also, you might want to track this:

easy offline transactions
899  Bitcoin / Development & Technical Discussion / Re: What if the devs are ordered by a US judge to include a government backdoor? on: June 04, 2013, 09:33:27 AM
Let's say the IRS wants to be able to confiscate bitcoins from tax evaders. So they go to the US courts to get this. A judge ends up ordering the dev team to include a government backdoor so the IRS can take funds away from those who don't pay taxes.

The devs would be forced to comply right?

Open source software makes it so that every change is visible.  

Currently the Bitcoin-Qt/bitcoind release is signed by the Bitcoin Foundation ... which means the release won't work for Windows 8 and Mac users (as an update) unless Bitconi Foundation signs it.   This makes it difficult for some other dev team members who are not a party to this hypothetical IRS backdoor demand to be able to release updates to the client without this backdoor themselves.   It would probably have to be a fork with a different name (and signed by some other organization).

But the developers don't have final say as to what changes are accepted for the Bitcoin protocol.  It is the economic majority who decides:
900  Economy / Service Announcements / Re: eCardOne on: June 04, 2013, 09:16:16 AM
Do you have an alternative domain? The U.S. is being particularly idiotic and dictatorial these days.

The sites do have an SSL certificate, though there's no guarantee is owned by Dagensia (eCardOne).

Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 [45] 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 ... 463 »
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!