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641  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 18, 2015, 10:47:21 PM
all in b4 massive pump of all time.

Hm?  not sure if I see it.   Undecided

Keep watching  Wink  Grin

haahahahaha... I'm starting to see signs of it now.....  Wink


642  Bitcoin / Bitcoin Discussion / Re: Block Space Cost and Usgae on: November 18, 2015, 10:32:41 PM
You can certainly use blockchains for this purpose, but it's best to use one that's designed for it.  I'm sure there are altcoins and other projects better suited to this sort of thing.  File storage sounds like it could be 'Maidsafe' or 'Storj' territory, so perhaps look into those and any other similar concepts.  

the main reason to store data on the blockchain is so that the data cannot be modified after.

say i write up a contract on a piece of paper, "if bitcoin price goes to 350 i will send 0.1BTC to DooMAD" we both sign it. then price goes up to 351, but don't pay up, I say the contract stated "375" as the price, and i have made a fake copy of the contract with the modified info.

how do we solve this, without trusting a 3rd party?

we store the contract on the blockchain, but we don't need the contract itself on the blockchain, just something that authenticates the contract, so all we have to put on the blockchain is the hash of the contract. with that you can prove what the contents of the contact are.
643  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 18, 2015, 08:29:34 PM
all in b4 massive pump of all time.
644  Bitcoin / Bitcoin Discussion / Re: Block Space Cost and Usgae on: November 18, 2015, 07:10:46 PM
What you said isn't a workaround, what you said is what you should do. How do you expect Bitcoin to scale if we flood it with videos? I mean look at Youtube, imagine if we had to host all those videos on the blockchain. No amount of blocksize increases would ever allow for such a thing.

the "blockchain" could contain every single pieces of information known to man!

all you have to do is collated every single pieces of information known to man, and then get a 64bit hash of that info, and save that to the blockchain!

one or a few node(s) holds the actual data, every other node holds the proof / timestamp of this data, bacily.

now anyone can dwl and verify the data. without bloating up the network with data.
645  Bitcoin / Bitcoin Discussion / Re: Block Space Cost and Usgae on: November 18, 2015, 07:03:35 PM
Adam imagine if all bitcoiners wanted to store one video each on the blockchain and that was possible. Bitcoin would be a history right away. I think that with this everything is said. We don't really need bigger blocks just to store videos on the blockchain!

the thing is not everyone would want to because it's expensive to do it.

if miners are OK with holding millions of GB's of data  so long as they get paid... who's to say this is bad?

problem is the miner that mines the block gets paid say 1BTC to fill that block with data, then every other miner has to agree to also store this data but they didn't get paid anything...

running a full node now requires MASSIVE HD and would literally take forever to dwl? maybe, maybe not!

full nodes do not need my video file to authenticate BTC TXs, they don't need the TX_Raw_data part of any bitcoin TX. so full node could simply ignore that data part of a TX?

is that even possible? seems to me it is, then one copy of the bitcoin blockchain isn't necessarily the same as another in that they all contain ever BTC TX but the data associated with each TX would only saved by the nodes whom it concerns. if no one cares that i signed some lengthy contract no one dwls it...

maybe all the node could simply save a 64bit hash of the data.

proof the data is saved by everyone and only the node that care about the contents of that data save it.

that way you could literally save GB's of data to the blockchain without effecting block size.

some fork would have to be done to better handle TX_DATA.


646  Bitcoin / Bitcoin Discussion / Re: Block Space Cost and Usgae on: November 18, 2015, 05:58:32 PM
i want to store a video in an permanent, unalterable, easily accessible,  way. the blockchain is perfect for that.

No. It isn't.

i guess i could sign the video and save that sig to the blockchain, use that as proof the video is authentic. but that feels like a work around.

That's what hashes and signatures are for.  They provide a way to represent some data without needing the entire data set.


you can't argue that the blockchain isn't the best way to store information is a permanent, unalterable, easily accessible,  way.

but i guess the information on the blockchain should be the type that is used to authenticate something without relying on a 3rd party.

we  keep track of the BTC TX, so we can authenticate TX's without a 3rd party.

a hash can be used authenticate the video, or whatever large file.

80 bytes per transaction isn't much at all...
647  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 18, 2015, 05:12:14 PM
also Adam, were you ever right at your predictions?  Grin

sure

look at the first 1000 pages of this thread
i was actually very spot on back in the day.
once the bull market really take hold, i think you'll see my short term prediction are right more often then not  Cheesy


and when i ran my newsletter bitmovements i called the top of the bubble @900 after the initial selloff and bounce back from 1200
i just didn't expect the bear market to be so devastating and long lasting.

648  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 18, 2015, 04:55:46 PM
volume seems to be holding up, 310 is a good cheap coin target, i think there's a pretty good change we see 316, 333, 366, 406!, 386, 346.

2016
Q1   300-400
Q2   350-450
Q3   400-800
Q4   800

2017

Q1 2200
Q2 2900
Q3 3500
Q4 32,000


2 year bull run ends with a 3 month climb from 3500, to 32,000

after that it's a bouncy ride down to forever stable 10,000$

and then... well then, the truly never ending bull run starts.
649  Bitcoin / Bitcoin Discussion / Block Space Cost and Usgae on: November 18, 2015, 04:24:19 PM
It dawned on me what if i wanted to store a video on the blockchain, i can't! 1MB limit.
i want to store a video in an permanent, unalterable, easily accessible,  way. the blockchain is perfect for that.
i guess i could sign the video and save that sig to the blockchain, use that as proof the video is authentic. but that feels like a work around.

is there a TX_Data_Max? should there be?

how much fee would a 8mb file cost?

is this abuse of block space?


650  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 17, 2015, 06:00:21 AM
if i take 3 loans, max out credit cards, and all my cash on hand and buy bitcoins then sell in 8years I think i'd make out like a fucking bandit  Cool
651  Bitcoin / Bitcoin Discussion / short guide to cryptocurrency The language of Bitcoin on: November 17, 2015, 05:57:59 AM
652  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 17, 2015, 04:17:44 AM
If the market is rigged TA is useless, except perhaps for the market riggers, who can paint whatever pretty picture they want with the price moves, including dragging TA-'sensitive' bots up, down and sideways, like bulls being led by a nose-ring ... in which case it is more rigged than you imagine.
That's exactly as rigged as I imagine.
ITS NOT RIGGED!

bitcoin is meant to have manipulators sometimes there are more active manipulators then there are fish, who cares. bitcoin has value because its fun to hit buy/sell with a small 50K, program bots to keep the candle up or down for you.. anything goes, it doesn't make sense to regulate market trader activity; is it illegal to wast 1million dollars to trigger stop loses and sell into them?
My point was that the manipulators are definitely aware of TA.

TA is very helpful when you know XXK bitcoin is gana be bought or sold.  Cheesy
653  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 17, 2015, 04:12:05 AM
if i take 3 loans, max out credit cards, and all my cash on hand and buy bitcoins then sell in 8years I think i'd make out like a fucking bandit  Cool

654  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 17, 2015, 04:07:51 AM


655  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 17, 2015, 04:04:35 AM
If the market is rigged TA is useless, except perhaps for the market riggers, who can paint whatever pretty picture they want with the price moves, including dragging TA-'sensitive' bots up, down and sideways, like bulls being led by a nose-ring ... in which case it is more rigged than you imagine.
That's exactly as rigged as I imagine.
ITS NOT RIGGED!

bitcoin is meant to have manipulators sometimes there are more active manipulators then there are fish, who cares. bitcoin has value because its fun to hit buy/sell with a small 50K, program bots to keep the candle up or down for you.. anything goes, it doesn't make sense to regulate market trader activity; is it illegal to wast 1million dollars to trigger stop loses and sell into them?

fair game to me...

just don't play with stop loss orders!

i did that on the way down i tried to play with stop loss orders, i would of done much better by placing simple bid
656  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 17, 2015, 01:00:40 AM
GhostSec, a hacktivist off-shoot of Anonymous, has claimed to have followed a chain of transactions and found a Bitcoin wallet containing $3 million which they say is linked to the self-proclaimed Islamic State terror group and Friday’s Paris attacks.

Read more: http://sputniknews.com/europe/20151116/1030223381/paris-attackers-alleged-bitcoin-wallet.html#ixzz3rhXvubak


other source? sputnik is usually crap.
it's hard to believe they got 3million dollars of donations they must of been playing with bitcoins for years.
maybe they were selling their drugs on SR or something...

if the whole network agrees we can take their funds..

i think that would be cool to see.

I think some hardcore bitcoiners would go ape shit and maybe fork off.

hey that would be a good way to get rid of all the trolls

I was thinking we could locate the privkeys somehow and air-strike 'em?

lol that would be cooler  Cheesy

but ya i wonder if one day we'll see future generations fork bitcoin in this way

 >51% agree to destroy their coins then those coins are no good anymore.

wait no you really need consensus , or else everyone will rather not go against the wishes of 5% of the network.

bitcoin is simply awesome

edits: that came out all worng... lol fixed typos!
657  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 17, 2015, 12:36:07 AM
GhostSec, a hacktivist off-shoot of Anonymous, has claimed to have followed a chain of transactions and found a Bitcoin wallet containing $3 million which they say is linked to the self-proclaimed Islamic State terror group and Friday’s Paris attacks.

Read more: http://sputniknews.com/europe/20151116/1030223381/paris-attackers-alleged-bitcoin-wallet.html#ixzz3rhXvubak


other source? sputnik is usually crap.
it's hard to believe they got 3million dollars of donations they must of been playing with bitcoins for years.
maybe they were selling their drugs on SR or something...

if the whole network agrees we can take their funds..

i think that would be cool to see.

I think some hardcore bitcoiners would go ape shit and maybe fork off.

hey that would be a good way to get rid of all the trolls
658  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 16, 2015, 05:49:15 PM

The funny thing is: we've all been focusing on how the halving will affect the price. But what about the hashrate? If the BTC price is still scraping along the bottom, a whole bunch of mines are going to become unprofitable in an instant.

I have seen someone bring this up on Reddit. In theory, what could happen is the block reward drops, a bunch of miners become immediately unprofitable and get switched off.

Now, because the hash-power has now dropped precipitously, the rate at which blocks are mined drops hugely. This will be corrected at the next difficulty adjustment but difficulty adjustment periods are defined in terms of the block number, not date. With a 10 minute block time, the difficulty adjustment would be scheduled for about 10 days after the halving. If, say, 50% of miners stop mining, block time could increase to 20 minutes and the difficulty would adjust 20 days after the halving. The person who brought this up on Reddit was suggesting that somewhere around 88% of miners could switch off. Long block times could also be damaging to the Bitcoin price leading to even more unprofitability and even more miners switching off. And the longer and longer before the difficulty adjustment, the more miners are likely to switch off. You could argue that miners will keep mining because it's to their benefit to maintain confidence in Bitcoin but it's a prisoner's dilemma situation and it shouldn't be assumed that miners will operate as a charity. Note that not only would long block times just be bad in general, the 1MB block limit would mean that many transactions would not get processed (removing the limit would not be especially helpful if things got that bad though)

Now, I'm pretty optimistic that we won't see this doomsday scenario but I have to admit that it has a fair bit of legitimacy.

when the halving comes
hash-power won't drop so dramatically
Its not as tho the big farms aren't turning a profit...
and miners only get more efficient.
so there will most definitely be a lot of miners dropping out but closer to 10-25%, hashrate will drop out, and then start to climb again....


i was thinking i should maybe get into minning

when the tech is kinda topping out i could buy a 2000$ minner just to heat my home in the winter.  Tongue

but i wonder...  using the miner to heat your home you might make the net electricity cost XX$

if you save 300$ in heating a year and it cost you 380$ in electricity ... and you gentarte 1BTC... no bad

the big problem with mining profitability is staying current with the latest hardware. you'll generate 1BTC first year and 0.5 the next and then 0.25

still if the saving on heat mean you only really spent 80$ minning that 0.5BTC all year... why not.


659  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 16, 2015, 04:19:00 PM
Did the hashrate raise up because mining got profitable again at $300+ for some entity?

Not really, a new generation of more energy efficient machines are being released.

more energy efficient === more profitable atm

so yes atm its quite profitable for new machine to mine at this diff and this price. but can it even reach ROI within.... say 6 month ?


I don't think that's a realistic goal anymore. Those days are gone. If you buy miners today you're looking at something between 1-2 years before roi for the whole operation. If you already have a mine with all the infrastructure and only need to replace the mining units, you're looking at closer to 6 months if you can get a decent price when you sell your old mining units.

The funny thing is: we've all been focusing on how the halving will affect the price. But what about the hashrate? If the BTC price is still scraping along the bottom, a whole bunch of mines are going to become unprofitable in an instant.

indeed, even with free electricity, the price of miner plus shipment plus plus... would need at least 6+ month to ROI because you need 7+ btc to buy the latest miner then the miner would yield something like 1+ btc per month.

so atm its better to buy.
660  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 15, 2015, 05:36:52 PM
if we don't see 320 again within 1hour we're going back to 333

this market is so predictable, how do poeple lose money on this?  Grin
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