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500,000 BTCs dump is for wimps! 10 million BTCs dump would be way cooler, oh wait.....
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Ripple is not a competitor, it competes on the same ground as Paypal or OKPAY, and this post should be moved elsewhere.
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I am pretty sure the checkpoints can be used to prevent a reorg.
I went and found the previous message that I was referring to and re-read it. You are correct, checkpoints to prevent a blockchain reorganization from prior to the checkpoint, and I was not remembering the details of the discussion accurately. As such, I've edited my post to be more accurate. Thanks. Seems that I misunderstood this post : https://bitcointalk.org/index.php?topic=437.msg3807#msg3807Satoshi was talking about the one checkpoint 200 blocks before the then most up-to-date block, I took it to mean that every 200 blocks a checkpoint will be added. |
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As far as I am concerned, most clients implemented checkpointing, so at most you can have a reorganization going back to one/two days ago, correct me if I am wrong.
I'm pretty sure you are wrong. There are a checkpoints hard coded into the Bitcoin-Qt client, but those have only been updated as of the last time a new release (0.8.5) was built (many weeks ago). Even so, I'm not sure that those checkpoint prevent a reorganization. I think I read that they are only used to speed up synchronization on the initialization of a new client downloading the full blockchain. I am pretty sure the checkpoints can be used to prevent a reorg. Your first sentence seems to be right. |
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Would there be signals of a 51% attack or could this occur with no warning?
I suspect that the most likely attack would be a sudden large scale blockchain reorganization going back many weeks or months. You wouldn't know it was being prepared, but the results would be immediately visible once the competing blockchain is broadcast. As far as I am concerned, most clients implemented checkpointing, so at most you can have a reorganization going back to one/two days ago, correct me if I am wrong. |
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Are we repeating the pattern we saw several days ago?
Stamp breaks out first, followed by a surge in China, ended with a explosive wave on Gox.
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It's little strange... Stamp an Btc-e are going crazy, but BtcChina (ok the did before stamp) and Gox aren't moving alot.
It is strange to see BTChina not react a lot. Not sure if good news or bad news. There is definitely reaction, like breaking the 3d high, whether it's a lot or not I will leave to you to decide..  |
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Looks like China is making a move...
It is 8:00 AM there now. I guess they just needed to get their cup of coffee and get going. I am really starting to appreciate China.  green tea, please! (srsly, that stuff is good. as a lifelong coffee drinker some tea really kicks me in) Coffee?  Blasphemy! |
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Anything to stop a westerner opening and trading on a BTCChina account?
You will need a working phone number. Other than this, no verification process. Also keep in mind that it might be complicated to get (fiat) money out from there. "Might be complicated" is an understatement. Chinese citizens are limited to 50k CNY remitted per year. Considering you're probably not a Chinese citizen, you're going to have difficulties. No problems if you import a lot. It's 50K USD, not 50K CNY. Also, those who want it have not had much problem obtaining USD. A lot of us don't really care much about the law(a point that must be empathized time and again) , the USD black market is very prosperous. |
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Stamp ATH! European reinforcement has arrived! |
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Hi, Here an interesting article about Ripple : http://dealbook.nytimes.com/2013/11/11/the-rush-to-coin-virtual-money-with-real-value/?smid=tw-dealbook&seid=auto&_r=0Basically it said that Ripple is already welcomed by the financial industry and that it will receive a better greetings by governments than Bitcoin, plus the protocol don't waste any power with the mining stuff. I am uber bullish on Bitcoin but this worry me a bit. I think Ripple make good points and have a shot for at least outcompete Bitcoin in the e-commerce, remittancee and micropayments markets (but not at all in the store of value "gold-like" market, here Bitcoin will remain the king). What do you think about that? It's all fine and dandy when all nodes on your UNL are accessible, when it's not the case, however.............. Check this out: http://en.wikipedia.org/wiki/CAP_theorem |
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I was a supporter of a U.S dominated global political order, because history has invariably shown that the fall of one hegemony inevitably gives rise to a new, often much more dangerous one, especially considering the status quo: despite all that U.S has done, it's still much more benevolent and fair than Russia or China.
However it was entirely out of my expectation that something like Bitcoin can be done, because I am not Satoshi Nakamoto, and I am not the only one who had my "impossible" turned into "possible".
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But when you have to take in both factors...  Also there is IC fabrication cost, land, cooling, construction, etc... You know , there are lots of countries out there who are manufacturing electronics , and many who export those into China Don't be so sure Malaysia , Thailand and many others are taken out of the equation Remember when those floods hit Thailand and the hdd price went to the skies? Electronic components, yes. But when you want to build an entire miner from scratch with everything being purchased at home so that you can be sure there is not a backdoor somewhere..... And don't forget the commies have unrivalled capability to amass public resources should they decide to get involved... |
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I just had a bit of a "holy shit" moment.
Bitcoin will break China's control over CNY outflows.
It is very hard to get CNY out of China - the cap is 50k CNY per Chinese citizen per year. This is a big reason why there is a huge arb between USD and CNY Bitcoin exchanges: Westerners can't just wire yuan out of the country. However, as this bubble settles down and the arbitrage market does its thing, more and more individuals in China will cash in on their 50k CNY limit, since it is an easy profit opportunity. They will wire their money to Western exchanges, buy bitcoins there, and sell them domestically. The Chinese markets will drift closer in price to the Western markets.
This means you will be able to move money in and out of China freely, by buying bitcoins on one end and selling them on the other. Chinese citizens will act in rational self-interest to effectively "sell" their 50k CNY export limits.
If wealthy Chinese people would like to buy lots of expensive things directly from the West... now they can, by purchasing the import limits of others by proxy.
Of course, China will not like this.
You can't stop people selling bitcoins, how can you? They will just sell it under different names in their online shops if you try to crack down. I was also worried when people were selling bitcoins and wanted to convince them so they stop. But now I'm not worried any more. They want to sell? Let them. The true value of bitcoin is rising anyway because of ever bigger infrastructure that is created every day. Which means, the price will be higher no matter what and should not come from holding coins in pockets. Just be patient and don't sell your coins if you need some profit that way but still I much more prefer to simply create my own site that accepts bitcoin instead of speculation or holding. It benefit's everyone that way. I meant you can't stop Chinese online sellers doing Bitcoin sales, even if the government cracks down on exchanges. It may even be the case that government is aware of the futility of such crack down and decides to leave us alone. Anyway, if Bitcoin gets really big, what's stopping them from building several huge farms and mine the hell out of it? Who wants to compete with China in Bitcoin mining cost? If it comes to : Electricity cost > Russia Workforce > Bangladesh or India But when you have to take in both factors... Also there is IC fabrication cost, land, cooling, construction, etc... |
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I just had a bit of a "holy shit" moment.
Bitcoin will break China's control over CNY outflows.
It is very hard to get CNY out of China - the cap is 50k CNY per Chinese citizen per year. This is a big reason why there is a huge arb between USD and CNY Bitcoin exchanges: Westerners can't just wire yuan out of the country. However, as this bubble settles down and the arbitrage market does its thing, more and more individuals in China will cash in on their 50k CNY limit, since it is an easy profit opportunity. They will wire their money to Western exchanges, buy bitcoins there, and sell them domestically. The Chinese markets will drift closer in price to the Western markets.
This means you will be able to move money in and out of China freely, by buying bitcoins on one end and selling them on the other. Chinese citizens will act in rational self-interest to effectively "sell" their 50k CNY export limits.
If wealthy Chinese people would like to buy lots of expensive things directly from the West... now they can, by purchasing the import limits of others by proxy.
Of course, China will not like this.
You can't stop people selling bitcoins, how can you? They will just sell it under different names in their online shops if you try to crack down. I was also worried when people were selling bitcoins and wanted to convince them so they stop. But now I'm not worried any more. They want to sell? Let them. The true value of bitcoin is rising anyway because of ever bigger infrastructure that is created every day. Which means, the price will be higher no matter what and should not come from holding coins in pockets. Just be patient and don't sell your coins if you need some profit that way but still I much more prefer to simply create my own site that accepts bitcoin instead of speculation or holding. It benefit's everyone that way. I meant you can't stop Chinese online sellers doing Bitcoin sales, even if the government cracks down on exchanges. It may even be the case that government is aware of the futility of such crack down and decides to leave us alone. Anyway, if Bitcoin gets really big, what's stopping them from building several huge farms and mine the hell out of it? Who wants to compete with China in Bitcoin mining cost? |
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I just had a bit of a "holy shit" moment.
Bitcoin will break China's control over CNY outflows.
It is very hard to get CNY out of China - the cap is 50k CNY per Chinese citizen per year. This is a big reason why there is a huge arb between USD and CNY Bitcoin exchanges: Westerners can't just wire yuan out of the country. However, as this bubble settles down and the arbitrage market does its thing, more and more individuals in China will cash in on their 50k CNY limit, since it is an easy profit opportunity. They will wire their money to Western exchanges, buy bitcoins there, and sell them domestically. The Chinese markets will drift closer in price to the Western markets.
This means you will be able to move money in and out of China freely, by buying bitcoins on one end and selling them on the other. Chinese citizens will act in rational self-interest to effectively "sell" their 50k CNY export limits.
If wealthy Chinese people would like to buy lots of expensive things directly from the West... now they can, by purchasing the import limits of others by proxy.
Of course, China will not like this.
You can't stop people selling bitcoins, how can you? They will just sell it under different names in their online shops if you try to crack down. |
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Anyone who thinks Chinese have difficulties obtaining USDs must have never been there(Hint: we don't always do things according to the law), but again it's more bullshit from the OP.
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Given in your scenario the US govt has just destroyed the dollar (due to excessive printing) and wiped out trillions of dollars held by bond holders WTF would I want to purchase a coin where they are in control of the printing?
It is like saying you have some gold coins and someone is selling turds. Would you trade your gold coins for turds? Um ... no.
What if the vast majority of the public went with it? USCoin would get the publicity, the acceptance and the volume that Bitcoin can't. So basically the Gov is going to tell the public:"USD is in trouble! It's in such big trouble that i have to make a Bitcoin copycat, better run from it as soon as possible!"? |
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While I agree with a lot of things said on this thread, history keeps reminding us that it's very often the case the fall of one great hegemony/tyranny will only give birth to a more ruthless/fierce one, that's, probably, until Bitcoin. The status quo should not be destroyed until we're sure we have one technically superior to replace it.
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Pure baseless speculation: Obama may have his own "Coolidge prosperity", while the consequences of his policy will fall on his successor, they both have one of the worst presidents in the U.S history as their predecessors as well. SO it's going to be many years before the Depression strikes in its full force.
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