Latest posts of: OROBTC

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Brand new article at Zero Jedge shows that the Bitcoin brand is fading, based on the rancor and the fact that the miners & developers are at odds:

http://www.zerohedge.com/news/2017-03-19/bitcoins-fork-road

Time to shape up, solve the scaling problems, and design a smooth pathway for any future work. Sheesh! It's not rocket science!

You purists snub Zero Hedge opinions? At your peril if our community wants BTC to succeed.

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And BTC price ain't gonna hit $3000 anytime soon they keep acting like lil wankers........

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Sound Money? Well, IMO, no, but that's OK. We should all note that "Money" is a slippery concept...

It has plenty of characteristics as a good currency, especially because of its scarcity (math, bitchez) and it 8 decimal divisibility. But otyher than math, there is nothing "backing" BTC, just as there is nothing backing the US$.

Sound money implies that there is some inherent value behind it. A "Gold Standard" currency would be considered solid money, but even gold standards can be manipulated by the banksters and .govs. Sound money also implies that it is a Store of Value, and while there is a little bit of that, BTC is not DEPENDABLE as a store of value.

Semantics and definitions need to be crystal clear to provide best answers.

Quote from: Bit_Happy on March 19, 2017, 08:16:32 PM

Everyone so far has answered a clear "No", perhaps someday I will find time to reveal the path to 'Yes'. Cheesy

Oh, please do. I tire of the drama. I would like to see the major players grow-up and solve the BTC overcapacity issues.

But I agree with the views of most above. When you mix money, egos, new technologies and differing agendas it does seem that it would be very hard to reach a consensus that makes people comfortable. I would like to see some stability and long-term thinking from the miners and the developers, THIS would help BTC grow.

Quote from: European Central Bank on March 19, 2017, 07:56:47 PM

if the fees weren't totally stupid and i didn't have squirt some saliva into the machine for them to keep then absolutely. there don't seem to be many machines like that around.

Yeah, I agree 100% on both points.

I have only used two machines (one was years ago in NYC, the other in Vancouver) that did not require ID and/or cell numbers. I too would like to have some anonymity left in this brave new world of total tracking.

I can live with the 13.5% and 14% fees (from the two machines closest to me), but I don't have to like it.

For a lower fee (7.5%) I have bought at https://buy.bitcoin.com/. But, that's not anonymous either.

For a while I was a customer of Circle, their fee was pretty low (1% - 2% IIRC), but then they apparently abandoned that segment of their business.

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deisik

Another interesting topic. Thanks.

Would you post a link to the paper that you read? That would probably be of interest to those of us who do not fully understand various pieces of the SW v. BU debate as well as the risks of forks (hard and soft).

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I continue to be dismayed that the BTC core developers and miners do not seem to be able to resolve the various problems of Bitcoin that plague us. It seems childish. Perhaps all the major players should be locked into a room (like the Cardinals at a Papal Conclave) until they resolve this...

And we all would hope that if/when they resolve these current issues that they think ahead as well: get a permanent solution/path to upgrading the Bitcoin Ecosystem in the future. We would hate to go through this all over again in five years due to (more) shortsighted thinking.

EDIT: I did not vote because my knowledge of the issue is too limited.

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Nice thread, OP.

Quote from: Carlton Banks on March 19, 2017, 01:36:43 PM

Quote from: calkob on March 19, 2017, 12:07:39 AM

I sometimes feel that i came late to bitcoin because i got in during 2012, then i was late to the show, but now i am like old skool. Have seen all this shit before and am like ,,,, "what ever" trust me me newbies , or dont its the bitcoin way. we have been down this road before, just dont sell or trade into alts you will regret it.

learn from my mistakes. Grin

It's a healthy approach IMO.

The whole of the 21st century is probably going to be this way, not just Bitcoin. If you don't keep learning, and learn fast, you'll be left so far behind so quickly that you'll get (figuratively or perhaps even literally) eaten.

And nice insight there, CB.

I got in in late 2013 with essentially no programming skills or experience. I had to start from scratch, but did have a little help along the way at the beginning from people I did not know. I agree that individual learning will be very important going forward, but what happens to all those who cannot learn "everything they need to know"?

Or is that when we allow the machines to take over?

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Well, someone today BTFD! I saw BTC as low as $940 (ounce.me), and we are now back over $1000. For now anyway.

I don't like making predictions, as I am almost always wrong (somebody could make some coin taking the other side of any suggestions I would make).

But it looks like just another SNAFU: "Situation Normal, All.........."

At least it's not FUBAR.

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For receiving BTC and using for frequent payments, I use the blockchain.info wallet. I like their second password feature. You can also import addresses there fairly easily (from Opendime devices for example).

For cold-storage I like hardware wallets, so far I like the Digital Bitbox the best, but have had pretty good success with the Trezor and the Ledger Nano (the older one). Using hardware wallets to secure BTC that you intend to keep is highly recommended!

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Based on the recent overloaded blockchain, I have found that I am willing to pay more than before. Especially if my transaction is "important" (and most are).

When the number of unconfirmeds at blockchain.info was running over 50,000 - 60,000 I paid about $1.50 (simple uncomplicated trx), and it took over an hour to confirm. Watch & wait, not my idea of productive use of time. In a trx or two later, I upped it to about $2.00, but one of them used three of my addresses as outgoing, and that one took over an hour as well.

It looks like the era of low fees is over.

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I read that Maduro y Cia are now going after the bread bakers. They do not grow wheat in Venezuela, they must import it. The directives also apparently include demands that bakers only cook basic bread (cheap) and not produce any pastries or cakes (expensive).

Some bakeries have already been seized by their government. Great..., their bakeries will be run by bureaucrats and cronies.

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iamnotback

Bail-ins are likely here in the USA too.

Agreed that putting a large percentage of money in long-term bonds (especially if the money is kept there long-term) is a bad bet. But, if rates stay stable or go down for a while, holding some bonds as a low percentage of a portfolio may not be a bad idea, as long as you are ready to sell when rates start back up. Usually there is some warning. For example now, most people should start selling bonds.

Retirement plans are indeed vulnerable to seizure (or forced conversion to, you guessed it, long-term bonds), so to be avoided.

Pensions are very vulnerable to not being paid, or being paid only in part.

Quote from: r0ach on March 15, 2017, 01:51:03 AM

Quote from: OROBTC on March 15, 2017, 01:07:41 AM

My guess is that it would not go over that well with Mexicans that is, I doubt they would use silver as currency.

This is wrong. There is almost unanimous consent to go back to silver as currency in Mexico. Their country is one of the biggest silver producers and it's almost considered a patriotic thing there.

Then they should go for it if there is enough support in their governing class (a big "if"). Mexico is now No. 1 in silver production (though Peru is close), and I do know that silver has a hallowed place in the Mexican psyche. When I was a kid we visited Mexico, their One Peso coin was silver, kind of big too...

Like I wrote above, it would be a great experiment to see how it would go. Bitchez!

Quote from: Micon on March 14, 2017, 10:35:35 PM

Hello,

1) Sorry if this is in the wrong forum. If someone could point me to where the main discussion is happening on this, I would be most appreciative. I searched the forum and found lots of Russian discussion.

2) Blocksize. In some ways this is really exciting - the world is using Bitcoin! Obviously, this thing now needs to scale - in some way. That could be off-chain clearing houses, an increase in block size, SegWit or Lightning network... so many ways it could happen, and a seemingly deadlocked debate on the path forward. I am seeking info to prep for a podcast on the subject. Yeah I know many people have done a podcast on the subject but I like to talk into my computer and I haven't done it in a while. So I have some questions. Any help is appreciated:

3) Where can I read information on the various popular Blocksize solutions? I am digging through bitcointalk looking but not finding much

4) I heard discussion on some of the solutions is banned here (is that true?). While that is a bit shocking, I would appreciate a PM if there is another place to view one or more of the banned solution discussions.

5) Can anyone explain to me why SegWit wasn't universally accepted as the solution when it was introduced?

6) If anyone can explain why the various different parties are fighting so vigorously, I would love that. I can't seem to find the core reasons why community is at each others' throats.

Thanks for all helps.

Excellent topic, O/P. I have wondered which route forward would be best many times myself, but the subject is too technical for me.

I will take a look at the reddit link by jonald, but I would like to see correspondents HERE explain in simple (hah, smile) language the pluses and minuses of BU v SW.

EDIT: Perhaps someone could explain in a similar way the advantages (or not) of forking too.

Quote from: Pattart on March 14, 2017, 11:54:26 PM

Quote from: Quantus on March 14, 2017, 01:29:39 PM

The results of this poll scare the ever living dog shit out of me.
What is wrong with you people?!
You don't own any bitcoins unless you and you alone control the keys.
Web-wallets suck don't use them.

I think the web wallet like blockchain give full control to you they provide a private key and a backup wallet to you. besides web wallet is more flexible than a desktop wallet

blockchain.info's wallet (the only online one I use) is convenient, no doubt. And I still use mine, but keep relatively smaller amounts on it. I have a small amount in my MultiBit wallet on my computer.

Most of my BTC is in cold storage using hardware wallets. My favorite (at least so far) is the Digital Bitbox, as its construction seems very durable and it uses its own Windows program rather than a Chrome extension, that also means I could use it when traveling should I wish (on other computers) without risking my BTC stored therein.

Quote from: r0ach on March 15, 2017, 12:32:43 AM

Quote from: OROBTC on March 15, 2017, 12:17:12 AM

Armstrong has a nice thoughtful little piece today:

https://www.armstrongeconomics.com/world-news/corruption/money-or-government-which-is-the-problem/

Government is the problem, not the money...

LOL, Armstrong really gives himself away as a shill with posts like this. Hugo Salinas' idea is akin to a stealth reintroduction of sound money where the govt doesn't attempt to price fix metals, then Armstrong is like "whoa holy shit that would be terrible!". If anyone can't figure out Armstrong is a Jewish banking shill from posts like that, you are not a very smart person. His idea is basically the same thing as free gold except free silver.

I think that what Armstrong is getting at is that it is the actions of government (spying, totalitarian tendencies, etc.) is the greater problem (vs. currencies people accept or even are obliged to accept).

Personally, I think any such experiments (a silver coin currency) would be interesting. Issuing a parallel hard currency, and then watching to see if their people accept it or not. My guess is that it would not go over that well with Mexicans that is, I doubt they would use silver as currency. Still, whatever movement we see towards other money is a worthy experiment.

I still think that some version of FOFOA's ideas will be proven in the end. But, you could make money taking the other side of any bets I would suggest.

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iamnotback, r0ach

There is little doubt that Asia is rising relative to the USA now. The more important issue is whether it will continue. As a rule, relatively free countries do better (economically) once they hit "Middle Income" status. China has just about reached that status, most of SE Asia already has (like Malaysia, but Korea is First World status now).

China has been impressive over the last few decades. But I have strong doubts that China will make the grade into a full-fledged superpower with a high GNP / capita. And demographics do count. Hey I could be wrong, but that's my call.

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Armstrong has a nice thoughtful little piece today:

https://www.armstrongeconomics.com/world-news/corruption/money-or-government-which-is-the-problem/

Government is the problem, not the money...

Quote from: Pab on March 13, 2017, 11:40:44 PM

15 march chinise exchanges are coming back and will be some statment from Central Bank,rather neutral
It can be financial turmoil ,becouse UK rejected law to protect EU citzens,it may cause hard Brexit,Brexit is very positive for digital currencys and French and Dutch election is coming,so beter ask when btc will reach 2000$ it can be even in late April,look crypto prices,Dash,ETH,Monero are on high,even Peercoin and Namecoin gain,looks like dogecoin pump is coming,there is big demand on crypto

Financial turmoil would likely drive BTC price higher, IMO. Our first opportunity to see will be March 15 when the (US) Federal Reserve raises rates as it is expected to do.

Also about March 15 there is *something* (I forget exactly what) that has to be done about raising the debt ceiling. If the debt ceiling is NOT raised (and there will be a political fight), then about June the USG runs out of money to spend...

So two things to keep an eye on just in the next few days.

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I was able to import the keys from an OpenDime device to my blockchain.info wallet, and it all worked out fine. Here was the procedure I used:

1) From your wallet's home page, click "Settings"
2) Then click "Addresses"
3) Under Imported addresses, click "+ Import Address"
4) Paste in your address (Public Key)
5) I then wanted my BTC elswhere, so I went to "Send" (Bitcoin)
6) Then paste in your Private Key (LONG alphanumeric starting with a "5") at that prompt

I then transferred the BTC from there to other addresses. Everything went well, but YMMV.

Edited for clarity....

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I recently got a Digital Bitbox, a hardware wallet which I like more than the Ledger Nano and Trezor, both of which I have used for a couple of years. It just seems sturdier, solidly built.

The Ledger and the Trezor both have worked fine though. But both of them required a firmware update along the way, a firmware update does seem kind of scary, so I moved my BTC out of them while doing the updates.

I also use blockchain.info's online wallet service to store some BTC, but only that I am likely to spend or transfer. The Digital Bitbox is for cold storage.

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tabnloz

Well, just go ahead and put up whatever links you have, and we'll take it from there. Again, I follow gold very closely but can claim no special expertise, especially in historical information on areas of the world and topics that I just don't know much about.

But, if there were all of this gold out there, lying around, especially in different places, wouldn't at least some of it have been stolen or photographed?

Re Chinese production, if you examine SRSrocco's production figures and read the article you will note that most world historical gold production was over the past 100 years or so. Ancient Greece & Rome did not produce all that much (precise quantities, of course, are impossible to get) as their technology was not good enough to get at any gold other than very rich seams. Same for China. And if, say, pre-1900 China had produced a HUGE amount of gold, more people would know about it. Just sayin'.

For reasons like this I am suspicious of most conspiracy theories, as they never seem to pan out.