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1  Bitcoin / Bitcoin Discussion / Re: What if someday Bitcoin Foundation votes to remove 21M limitation? on: June 04, 2014, 10:22:55 AM
It is the miners who decide and if the economics of mining get too poor without block rewards that they are contemplating closing the shop they do have incentive to change things so that block rewards continue.

they control nothing, other non evil miners would step in and start mining, and things would continue, the lack of the other miners would reduce difficulty.

what your missing and not understanding is that before asics we had this issue on a daily basis. miners had a small profit margin and as the profit went to 0 for some of them they simply stopped mining. the rest who still saw profit kept mining. even now there are differences in profit for different miners. even if some are forced out there will be others who arnt. as miners leave the profit for others will go up. it ALWAYS reaches a natural balance.



as a few others mentioned, nobody can force this change. it would just make a fork which everyone would ignore. if they dont adopt the change then the change doesnt matter.
2  Bitcoin / Bitcoin Discussion / Re: Bitcoin Forum now hosting the Bitcoin Wiki on: March 24, 2014, 12:16:03 AM
the price to 0.003 bitcoins, which is kind of lame.

it's an antispam measure,

$1.68 wont stop luke Jr editing out comments which were factually true, but didnt meet with his opinions (eg: litecoin, which he hates)

Cant say im a fan of many altcoins and never saw the point of litecoin. Not sure any of it belongs on the bitcoin wiki, though maybe one page for the unique features of altcoins would make sense. Namecoin being one which is entirely unique and well deserves a page of its own.
3  Bitcoin / Bitcoin Discussion / Re: Bitcoin Forum now hosting the Bitcoin Wiki on: March 23, 2014, 08:26:47 PM
task one. remove Luke-Jr's editing privileges. he has done more damage then support of facts on the bitcoin wiki over the years.

Funny you should say that... i remember reading a few things in it that didnt belong and reeked of someones personal motives. Tried to fix it but not interested in paying to fix some turds graffiti.

Paying wouldn't help. Luke doesn't allow you to fix his graffiti. He doesn't even allow discussion of his junk on the discussion pages.

See this edit for example in which he deletes a perfectly reasonable comment from Gavin, or this ugliness which he won't allow anyone to fix. We need a simple page explaining the units. It absolutely doesn't need to talk about silly base 16 units that aren't supported and that nobody uses. Check that page's history to see how many times people have tried to fix it only to have Luke revert their fix.

Maybe we just need a new wiki where hes banned from the start. Id be ok with gavin as a admin, i couldnt imagine him doing stuff like this.
4  Bitcoin / Bitcoin Discussion / Re: Bitcoin Forum now hosting the Bitcoin Wiki on: March 23, 2014, 05:34:12 AM
task one. remove Luke-Jr's editing privileges. he has done more damage then support of facts on the bitcoin wiki over the years.

Funny you should say that... i remember reading a few things in it that didnt belong and reeked of someones personal motives. Tried to fix it but not interested in paying to fix some turds graffiti. I dont bother with the wiki since its poisoned with bs, cant trust it. Dunno if this was luke or not though. Maybe they can fix the wiki and ban the users that knowingly add false information or opinion as fact.




Can we make it so old users can edit the wiki? Maybe some pages might get fixed.
5  Bitcoin / Bitcoin Discussion / Re: Women of Bitcoin, Yes there's women on: December 24, 2013, 10:23:28 AM
I bet all of these womin would let me give them the best screwing they've ever had for 1 BTC

Welcome to my ignore...  Roll Eyes

I think maybe the 'bitcoiners' arnt that type.. they are just trolls making the rest look bad? ... or maybe bitcoin just attracts loads of people... both good and bad :/
6  Bitcoin / Bitcoin Discussion / Re: Bitcoin is not the problem its the current users. on: December 23, 2013, 09:09:53 AM
This is all part of the process to adoption. its something bitcoin has to survive to grow. Its also commonly agreed upon that speculation will help it get from where it was to where its going.

its price has to rise over time. For anything with a rising price, its going to attract speculation. this is especially true because regardless of bitcoins ups and downs it always ends up higher. This is vary attractive to speculators. i dont think it can be helped and it also helps bitcoin find its price.
7  Bitcoin / Bitcoin Discussion / Re: Do you think some countries already adding BTC to their reserves? on: December 22, 2013, 12:51:12 PM
lol it's not 1.5% but it is a lot I thought it was something like 240,000 BTC from what I saw on articles, definitely a lot but the problem is they haven't been able to access most of it because the wallet is passworded.

lol - like the NSA have no idea how to crack passwords Wink

Yeah but your talking about his wallet with all his funds, the one he never needs the private key to access. if he had any idea of security he wouldnt have it with an easy password, let alone somewhere they could get the wallet file.

When the government seizes computers holding a lot of coins and they have access to them, why wouldn't they use them? As long as the coins hold value, they can be used for anything that needs to be covert

Didn't the FBI say they were going to sell them off?

They could sell the coins to themselves... secretly Cheesy would be the epitome of stupidity if they sold them.
8  Bitcoin / Mining / Re: $2 million+ bitcoin mining facility launched in Iceland on: December 22, 2013, 12:38:09 PM
It's just waiting for a quantum computer that will render all mining farms useless and that will mine every bitcoin left in a small amount of time.

not possible. never mind the fact that tech is light years away. every 2016 blocks(roughly 2 weeks) the difficulty is adjusted. so even if they had 99% of the hashrate the network would adjust in short order and put the average back at 10 minutes.
9  Bitcoin / Bitcoin Discussion / Re: Do you think some countries already adding BTC to their reserves? on: December 22, 2013, 10:41:41 AM
no way they have access to them. they can say they need to keep the bitcoins in the account for evidence. but the blockchain has the history and they have the servers. they have all the evidence they need. they wouldnt risk him being able to move them. If he remembered the private key he could tell it to the lawyer a few characters at a time... if he trusted him enough to move them.

so i call bs on the fbi having access to anything other then the hot wallet.
10  Bitcoin / Mining / Re: $2 million+ bitcoin mining facility launched in Iceland on: December 22, 2013, 10:31:31 AM
They'll barely get a ROI given that the difficulty will soon rise again. Would have been better to just buy $2 million of coins from an investor.

That's fairly narrow minded.  Diff increases, but so does something else.  Think hard enough and it might come to you.

I am going to guess network hash rate?  Grin

I guess he means price. That was hard work, should have put an ice pack on my head while thinking about it.

My 2 cents worth - Difficulty increases, but so does something else - the fully diverse p2p nature of the system.

Of course I was being a bit sarcastic. Smiley

I'm wondering what you mean by the fully diverse p20 nature of the system.  Adoption?


I just keep thinking that the higher the efficiency, the power and cost of every new generation of equipment, the fewer miners will be out there because they can't compete. This seems like we will soon know where the Bitcoin mining hubs are - 15% of the network is expected to be in one place in Iceland according to this report. Others my follow.

When you know where the majority of the hubs are, you stop having a true p2p system and instead you have something where governments can go and unplug the network. That would be ok if there are enough networked pc's out there to take over, but what if the majority switch off their machines, sell their equipment, etc?

I'm not an expert in these things - I just think it looks a risk factor for the future stability and prosperity of the currency.

You have a point.  The transition to ASIC's scared me just for this reason.  Bitcoin is going through a period where security has declined substantially since the days of purely GPU mining.  It's changing though and I feel that it will diversify further, just give it some time.

If Bitcoin survives this, it's only going to strengthen it in the long run.


I think we more or less had a false sense of security because nobody had developed it yet and bitcoin wasnt really big enough for anyone to care. if anyone had developed the most crappy of crappy ASICs possible they could have dwarfed the network at the time(same for cpu->gpu). the fact we have people developing, building and releasing ASICs now means were gearing up towards the limit of technology. Even if some major force released a ton of advanced ASICs. if the current developers wanted to keep making money they would be forced to drop price and produce more advanced stuff. i think we could easily fend off most attacks on the system, even if it were a govt trying it. Worst case... i think these ASIC developers could sell them nearly at cost if it meant 'letting bitcoin die and losing its value or getting ASICs into more peoples hands so it survivies'. our devs are pretty smart too, and there are also allot of big investors in bitcoin now as well. im not sure they would be so willing to let it slip away.
11  Bitcoin / Bitcoin Discussion / Re: What are the most convincing arguments against Bitcoin? on: December 22, 2013, 10:02:26 AM
Bitcoin doesn't scale. Saying that 3rd party companies and offchain transactions will solve this goes against the very idea of bitcoin.
Also the deva saying "ohh, don't worry, we will look into it when it becomes a real problem" is a very bad sign IMHO.

Pruning, Larger block sizes, faster internet speeds, specialized equipment if needed and continued bitcoin development.
12  Bitcoin / Bitcoin Discussion / Re: What are the most convincing arguments against Bitcoin? on: December 22, 2013, 09:59:28 AM
1. less of an issue as time goes on. regardless, not much can be done with a 51% attack anyway.
2. not really an issue. every argument ive seen about centralization misses key points on how they are wrong.
3. Pruning.
1. ASICs & Mining facilities. 51% lets you do anything from ruining the currency to implementing modifications to the protocol.
2. Centralization makes it a lot easier to make a 51% attack, but besides that, centralization could result in governments taking over bitcoin and destroying every single one of its benefits over fiat.
3. Reduces the security of bitcoin.

ugh.. you really need to look into this yourself. Ignoring uses with a bright yellow "ignore". its lit up for a reason.

1. Thats not what a 51% attack is and doesnt let you do that. do research.
2.bitcon isnt centralized, pools are false centralization. ie. if someone pulls some shady stuff, the people 'get out of the water' and they lose the hashrate and peoples faith in them, pool owner then loses their income stream. any other form of centralization is just as much BS. do research.
3.no it doesnt... do research...
13  Bitcoin / Bitcoin Discussion / Re: Overstock.com accepting bitcoin on: December 21, 2013, 11:06:51 AM
Amazon is next.

If Amazon is next, there will be a BIG BANG within the BTC network! Value will skyrocket imo~

Which leads to an interesting question, if by places accepting bitcoin causes the value to skyrocket, why would be inclined to spend their bitcoins instead of holding onto them to make a nice profit. If companies start accepting bitcoin but no one uses it, what effect would that have on merchants wanting to stick with bitcoin.

Not trying to sound negative, just trying to look at all things related bitcoin and try to predict the type of impact it could have.

6$ is still 6$, whether its in USD or BTC. so even if you spend some there is no reason why you cant top up your balance every so often while still enjoying the rising value.
14  Bitcoin / Bitcoin Discussion / Re: What are the most convincing arguments against Bitcoin? on: December 21, 2013, 11:01:33 AM
I'm not talking about the short-term, not the medium-term, but the long-term.

1. 51% attack
2. Centralization of the coin due to various factors which undermines its purpose (it will continue to exist, it just won't be good anymore)
3. Ever growing chain length does not recognize the ending of moore's law.



1. less of an issue as time goes on. regardless, not much can be done with a 51% attack anyway.
2. not really an issue. every argument ive seen about centralization misses key points on how they are wrong.
3. Pruning.

(this has all been gone over a crazy number of times and people still post crap after proper answers. and people still never look for answers)


Having to use fiat to use bitcoin is probably enough of a reason to stop A LOT of people from having a desire to use bitcoin. I would assume a lot of people don't care about any of the downsides of fiat so long as it's working for them right now.

I'll give you an example. If someone was about to walk into a coffee shop with $5 to buy a cup of a coffee and you said "hey give me that $5 an ill give you $5 worth of bitcoin and you can buy your coffee with it" MOST people would have zero interest in that because they see no point in it and it's extra one extra step just to buy something they can already buy.

With that said, that's fine. Bitcoin doesn't have to be used by everyone nor would it probably even be practical to use in certain situations, but I do believe everything I just said is a big reason why people would or do have no interest in bitcoin. It just seems pointless to them. 

Even if someones fiat currency crashed, they would still need to use it to use bitcoin if they didn't have any bitcoin. So again they would ask the question "why use bitcoin when I can already use the fiat currency I have".

i think one basic counter point to this is that no matter what, the gov waters down our USD. our money loses value. bitcoin may have its ups and downs currently but over the course of 6 months to a year, no matter what is happening, the bitcoins you hold are worth more now then they were before even if you included buying on the top of a 'crash'. If you have money to put into bitcoin that you can leave there then there really isnt a reason not to. having the ability to easily access that money and buy things with it is also really nice. once in the bitcoin system you dont have all those pesky bank and 3rd party fees. it may tie cash for ease of use. but eventually we may see some really interesting security features t protect your bitcoins from in person theft as well as online theft. really its only a matter of time before such things are history where it will be like "wait you used to have your wallet on your PC? no hardware encryption, multi sig or dedicated wallet system? dam i cant imagine risking half a bitcoin! that would have been my salary for year!"
15  Bitcoin / Bitcoin Discussion / Re: Newsweek in 1995: Why the Internet will Fail. on: December 21, 2013, 10:06:19 AM
Amazing. it really does highlight where the internet was and where it is today. puts allot of that "bitcoin wont work because its not in use everywhere by default" talk to rest.. though do people even really think that?
16  Bitcoin / Bitcoin Discussion / Re: Cars providing USB and Ethernet plug for bitcoins. And fuel!!! on: December 19, 2013, 10:29:53 AM
here i thought he meant for a taxi or something @_@
17  Bitcoin / Bitcoin Discussion / Re: Will Europe be Bitcoin Central? on: December 19, 2013, 01:28:32 AM
*snip*

The person sending the bitcoins pays the fee. thats how the system works.

transaction fees are in bitcoin. the minimum fee is set so it cant go lower unless enough people on the network change their default settings. Since people dont change them, you can consider the minimum fee rules mandatory. As a result of the bitcoin fee not changing, when the USD value of bitcoin changes so does the USD value of the bitcoin fee.

Periodically the bitcoin client is updated to account for this and adjusts the minimum bitcoin fee to be lower. (it used to be .01). They must do this carefully so they dont make the fee too low in case the bitcoin value swings up and down.

One of the things the devs are currently working on is implementing a system where the fee floats so it wont have to be updated in each client. ie. it will have a steady value in other currencies.
18  Bitcoin / Bitcoin Discussion / Re: CHINA DID NOT BAN BITCOIN EXCHANGES & BANKS FROM USING IT on: December 18, 2013, 09:30:34 AM
This price dip isn't because of some poorly translated document; there are folks who can translate in 2013.

BitCoin really needs to shine here; show the people on the sidelines it can really weather a storm from some central government and still come out as a viable currency.

Wasn't that the whole point?

Bitcoin will survive just fine, thats a given. however that announcement was translated and summarized in a point of view that the translator favored. it was also widely spread and quoted by people and news agencies. the problem with that is it doesnt leave room for other people to interpret. There were other translations later that highlighted this and gave their own interpretation alongside a realistically accurate translation.

The current situation goes back to that document and seems to counter things that were said. If the chinese govt were changing their position, why didnt they just state it clearly when they made the initial announcement or with subsequent announcements? they gave the OK for exchanges to buy and sell bitcoins as long as they signed up with the govt and followed the rules, if they were going to block the movement of funds into exchanges then why didnt they say so then? If bitcoin has been labeled as a commodity that is legal to own then why is it that exchanges cant accept money so that it can be bought and sold as one? there doesnt seem to be any consistency from the first announcement to these actions. Im thinking people may just be reading too much into the cautionary actions exchanges are taking, possibly based on the uncertainty of the current situation. Even the banks themselves may be stopping payments to the exchanges just to be safe. similar to how banks in US act regarding bitcoin. it was one of the first large companies in china that accepted bitcoin that said they would not be accepting bitcoin as payment for the time being due to legal uncertainties(this last part being neglected in the news and translations).

I only wish i had some money in a place where i could buy some bitcoins.(525$~)(heck even ignoring all the news, you could look at the exchanges value as being normal bitcoin behavior; Price surge, price crash, price stability well above where it started.

Which brings me to how i ended my last post...

...There is too much miss information... im going to just sit back and watch the show. not like id pull out of bitcoin anyway.
19  Bitcoin / Bitcoin Discussion / Re: CHINA DID NOT BAN BITCOIN EXCHANGES & BANKS FROM USING IT on: December 18, 2013, 07:18:30 AM
Ok, so nobody has links to anything other then reports that say they have a source or multiple sources.

when china made the initial announcement they did so with 4 different agencies, this announcement itself was widely miss translated and interpreted incorrectly.

but none of them provide a source and the 'sources' themselves havent written anything publicly or provided any type of proof for what they supposedly said, only rumor. there has still been no official word or report from anyone in a position to give one within the chinese gov't.

We all know that the markets are linked. what one does they all do. You could also take into account that BTC china had no fees prior to this, so people from all over the world that dont speak chinese are likely trading on that exchange. these people reacted to rumor, taking the resulting price dip as evidence that the rumors were right is just silly. We also know that there are groups of people that sell and buy bitcoins to speculate and likely sold bitcoins after hearing this news knowing that there would likely be a dip in price, especially considering what happened last time with the miss translation and the resulting 200$~ price dip.

As a person that uses sound judgement, who cant read chinese and doesnt live in china i cant possibly believe any of this knowing how people reacted previously to false information and knowing that this time there is no information at all to base anything on.



The rumors themselves only seem to mention companies similar to paypal. while the original announcement by the govt explicitly gave the exchanges the OK to continue to operate. if exchanges could not receive funds in any way, then how would they operate? are we to believe that china has made a complete 180 degree turn? i find this unlikely. Even in the event the rumor is true and companies like paypal cant do business with the exchanges, it wouldnt make much difference as the banks still would be able to, and bitcoins could still be traded locally via meetups.

There is too much miss information... im going to just sit back and watch the show. not like id pull out of bitcoin anyway.
20  Bitcoin / Bitcoin Discussion / Re: What do you use Bitcoin for and what do you think Satoshi would consider is the on: December 18, 2013, 04:09:29 AM
I couldnt possibly choose just one so i picked other. the store of value and the ease with which you can make transactions. the promise it holds for the future when it is widely adopted is also right up there with those two. i dont really need anonymity* but its also a useful feature.
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