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41  Economy / Economics / Re: Is this the flaw in Bitcoin's design? on: March 05, 2014, 04:24:58 PM
This is not a flaw in Bitcoin. Each bitcoin is divisible into 100 million subunits (called satoshis). So even if bitcoin trades at a very high price, such as $1 million per bitcoin, each satoshi will only be worth one cent ($0.01). So a coffee will cost 200 satoshi.

Can't wait for this day Smiley
42  Economy / Economics / Re: What should be the Price of Bitcoin in US$ on: March 05, 2014, 04:23:16 PM
God I get sick of stupid people posting stupid questions.
Yes peg it to something arbitrarily like gold. That makes a lot of sense.


The correct answer is that it will be a function of the overal value of the bitcoin economy and the velocity of bitcoins. Maybe bitcoin days destroyed works in somehow for the velocity.
And that will create deflation , which means the price will be forever rising.

Unless someone figures out how to peg a new unit of measuent to Btc on the blockchain which would auto peg the deflating Btc to some non deflating unit based on aforementioned mass x velocity metric.

Either way the price of Btc constantly deflates , just a matter of how to handle it

This
43  Economy / Economics / Re: Quality of Data from Bitcoincharts on: March 05, 2014, 04:21:54 PM
Nope never seen this happen
44  Economy / Economics / Re: Questionnaire - Role of the Bitcoin in everyday life on: March 05, 2014, 04:18:39 PM
Filled it out. Nicely done!
45  Economy / Services / Re: Will PAY for API info on: March 05, 2014, 04:16:47 PM
Dear reader,

Need help building a trade bot API
Are you well know with api's please contact me.


Greetz from NL
Cointraderx Grin

mentioning which exchange you wish it for helps as each have different API methods

This
46  Bitcoin / Bitcoin Discussion / Re: Why other countries ban Bitcoin? on: March 05, 2014, 04:15:30 PM
Illuminati FTW!
47  Bitcoin / Bitcoin Discussion / Re: Bitcoin won't ever become Mainstream. It's just a Prototype. on: March 05, 2014, 04:12:59 PM
TCP/IP will never go mainstream.  It is just a prototype.  The idea that a protocol that was state of the art in the 1970s will be used by billions of people in the 2010s is just stupid.  By 1979 the internet hadn't become mainstream so obviously it was never going to happen.  Something more efficient than the internet will come along and we will use that instead. 

Exactly
48  Other / Off-topic / Re: What's the common thing between gay people and bitcoin? on: March 05, 2014, 04:11:40 PM
Really?
49  Bitcoin / Bitcoin Discussion / Re: Counterfeit Bitcoin? on: March 05, 2014, 04:10:04 PM
You probably have read a lot of things online which are completely untrue.  Bitcoins can't be counterfeited.  Every node of the network is aware of every confirmed transaction and all transactions can be traced back to their minting.  Any coin created from thin air (outside of the authorized and limited amount in block creation subsidy) would be immediately recognizable as invalid.  

Bitcoin can be stolen, lost, double spent (under some conditions), and even mined out of existence but they can't be counterfeited.

Very well said.
50  Bitcoin / Bitcoin Discussion / Re: Bitcoin protocol can be hacked now! on: March 05, 2014, 04:00:13 PM
When you find the flaws, when you fix the flaws, you create a more secure protocol, and you create a more secure environment for the community to thrive

This is a side channel attack.  There is no flaw to find or fix in the protocol.  It says that if the attacker can monitor and manipulate the CPU then they can steal the private key.  The fix is to make sure the attacker can't monitor or manipulate the CPU.  If almost all circumstances if the attacker can do this he can simply steal the wallet.dat (which is much easier).  

The one exception would be idiot service operators running bitcoin services in "the cloud" or on VPS.  Of course there have been at least two dozen thefts in the past related to compromises of VPS (including linode).  Virtual environment will NEVER be secure for bitcoin services.  OpenSSL may eventually make this attacker harder to pull off but even then the VPS will remain a source of hundreds of attack vectors.

If you use a bitcoin related service (exchange, eWallet, mining pool, etc) ask the service operator if they are stupid enough to run it on a VPS? If the answer is yes run, run, run for the exits because it is only a matter of when not if they eventually lose all your bitcoins.  This technical vulnerability is the least of your worries.  There are attacks which are a magnitude easier (including simply logging in with the super admin/root account and stealing the coins).

+1
51  Bitcoin / Bitcoin Discussion / Re: When Wall Street will finally jump in? on: March 05, 2014, 03:58:20 PM
Strict financial regulation and fear of lawsuit are probably slowing down Bitcoin entrepreneurship in western world. This is particularly true for the US.

+1
52  Bitcoin / Bitcoin Discussion / Re: Winklevoss Twins Buy Virgin Galactic Tickets With Bitcoin on: March 05, 2014, 03:55:38 PM
Sign me up!!!
53  Bitcoin / Bitcoin Discussion / Re: made a purchase from overstock instead of amazon on: March 05, 2014, 03:54:27 PM
Yup Overstock is awesome!
54  Bitcoin / Bitcoin Discussion / Re: BTC Stolen, what happens next on: March 05, 2014, 03:49:06 PM
Most likely anyone who owns Bitcoin has some "stolen" coin.
55  Bitcoin / Bitcoin Discussion / Re: leakage on: March 05, 2014, 03:46:20 PM
It is a tx fee being taken out.
56  Alternate cryptocurrencies / Altcoin Discussion / Re: CPU Mining - MemoryCoin - Found Profitable Strategy! on: March 05, 2014, 03:44:27 PM
1. MemoryCoin is a scam

2. FreeTrade (MMC developer) is dodgy

3. Your math is based on variables

4. Power Consumption will be more like 80-84 watts using an i7-4770K (and you haven't included *any* power prices in your estimations)

5. If you think a $335 CPU is going to be worth $200 in 12 months, you're probably not very familiar with a thing called "depreciation"

6. "Total Investment" doesn't include Motherboard, RAM, PSU or HDD - your "Total Investment" is based on ALREADY owning 12 systems capable of handling an i7-4770K


Next time you want to promote a shitty coin - make sure you use a "Self Moderated" thread like the other devs do - so you can delete anything you don't agree with - like the MemoryCoin devs do.




Interesting
57  Alternate cryptocurrencies / Altcoin Discussion / Re: ~$10 USD worth of alt coin compensation for taking a brief survey. on: March 05, 2014, 03:28:21 PM
1) yes
2) January 2013
3) yes
4) yes
5) B
6) yes
7) NA
8 ) most new coins aren't worth it to me
9) no
10) it looks good to me

Thanks!
58  Bitcoin / Bitcoin Discussion / Re: Seems like China is dominating the market again with 71% of the volume? on: March 05, 2014, 06:21:31 AM
Remember, Huobi has been accused of "manipulating" their numbers/volume.  I wouldn't be surprised if they are continuing to fake their data.

I wouldn't be surprised.
59  Bitcoin / Bitcoin Discussion / Re: A real discussion of the shameful bitcoin problem on: March 05, 2014, 06:19:42 AM
Time for me to create the ultimate exchange site!
60  Economy / Economics / Re: Blatant Price Manipulation on: March 05, 2014, 04:51:09 AM
A Whale will put up a Buy wall at a set price like say he doesn't want the price to Rise past 650$ he will take anywhere from 50 to a couple hundred coins and PRETEND TO SELL THEM @650 then another 100 coins at 651 and 20 coins @ 652 and so on and so on creating a Wall that would take Tens of THOUSANdS of DollArs to MOVE that pretty much can't be done unless your very wealthy or THE PUBLic bUYS lIKE CRAZY!He can do this because he has  hundreds of thousands of dollars if not millions..........
 If people start BUYing UP HE PULLS THE COINS FROM EVER BEING SOLD and Never Loses!He doesn't really want to Sell thEm! Just Use them to keep the price leveraged and pancaked in his BUYING RANGE Knowing the public doesn't have the Funds to Buy The COINs and move him! The PRICE WON"T MOVE. This gives a ILLUSION of PANIC SELLS  also and People who don't know better end up selling into it below this price and The Whale BUYS more and he Rinses and REPEatS it or he even Sells all the way down till thiers no BUY Support left so he can establish his own price level  for when people try to sell their coins later they have to abide to the price created and he or they can BUY CHEAP!
 This might explain it to you better http://en.wikipedia.org/wiki/Pump_and_dump

Like your explanation
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