521
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Bitcoin / Bitcoin Discussion / Re: EBA: Investors should avoid Bitcoin, identifies 70 risks
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on: July 08, 2014, 11:27:54 AM
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From the original EBA report: "A governance authority may, at first, appear incompatible with the conceptual origins of VCs as a decentralised scheme that does not require the involvement of a central bank or government. However, the mandatory creation of a scheme governance body does not imply that VC units have to be centrally issued. This function can remain decentralised and be run through, for example, a protocol and a transaction ledger." -- EBA Opinion on ‘virtual currencies’ pp. 40 -- http://www.eba.europa.eu/documents/10180/657547/EBA-Op-2014-08+Opinion+on+Virtual+Currencies.pdfI agree with the EBA that an officially regulated virtual currency would be useful. How are the 100% perfect regulation and transparency of money supply and transaction rules in bitcoin, as implemented since 2009, not official? There has never been a currency as regulated as bitcoin. What exactly are you implying would be useful?
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522
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Economy / Economics / Re: Global Financial Crisis scenarios
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on: July 07, 2014, 12:37:20 PM
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The world absolutely can survive without the Dollar as the reserve currency. China and many other countries would eventually be fine without it. The US would eventually recover, too (although probably not to where we are today). The problem is that the transition would be very very painful.
I think the transition from everybody being continually robbed to everyone not being continually robbed will not be as painful as you think.
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525
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Alternate cryptocurrencies / Altcoin Discussion / Re: Monero or Bytecoin?
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on: July 03, 2014, 07:51:49 AM
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The term is ninjamine. Premines are visible on the block chain as premines. Instamines are also visible on the block chain as massively rapid block additions. Ninjamines are not visible on the block chain because they are hidden and made to look like normal mining when in reality it is just a few peeps on a darknet.
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526
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Alternate cryptocurrencies / Altcoin Discussion / Re: Doge game over?
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on: July 03, 2014, 07:46:39 AM
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Lmfao, in case you didnt notice. Dogecoin has no coin limit, it has an unlimited amount of coins that can be made. It's inflation is through the roof. Because it has an unlimited amount of coins is why the price is going to 0 soon. Like 50billion dogecoins are made everyyear am i right?
No.
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527
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Alternate cryptocurrencies / Altcoin Discussion / Re: Monero or Bytecoin?
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on: July 03, 2014, 07:45:25 AM
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I give my vote to Bytecoin. It’s not a mere BTC fork, BCN’s code is completely new (unlike Monero’s). BCN dev team really rocks by implementing cool innovative features and besides, their philosophy sounds right to me. What the XMR crowd did is steal the coin right from the founding father’s arms (thankful-for-today), and they seem to keep stealing the code from BCN team as they're unable to write their own code that works.
Agreed mostly.. but every time I send a bitcoin am I stealing code from Satoshi ? I don't think so. XMR and the rest of the clone army uses cryptonight code for what it was intended. BCN authors are bright people and so they are happy about their code being used to secure people's TXs.
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528
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] [START] StartCOIN - The digital currency for crowdfunding
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on: July 02, 2014, 10:06:33 PM
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Wow I've never seen a more convoluted and sketchy way to fund anything.
Requires login information and tries to catalog your network presence and identity when you try to find a way to donate: check.
Does not list donation addresses on any project page, not even in "startcoin": check.
Centralized and pseudonomous central control of everything: check.
Breaks any potential benefit of direct communication between donator and recipient: check.
Philanthropists recommended to stay well away from this stuff.
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530
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Bitcoin / Development & Technical Discussion / Re: NSA and ECC
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on: July 01, 2014, 09:31:02 AM
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secp256k1 is "somewhat rigid" not "fully rigid":
Incorrect. The parameters _are_ minimal, there is a script to reproduce them from first principles _ in this very thread_. Thanks as usual gmaxwell.. hanging on your words here! Well this one doesn't explain G so it's not all the parameters.. and out of all of the the generator point is the only one that looks like an obvious question "where did this come from?" I also hadn't noticed until recently that b (=7 in secp256k1) can be replaced with anything at all with no effect on all bitcoin operations.. so definitely a waste of time investigating that choice further. .
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532
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Economy / Economics / Re: Economic Devastation
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on: June 26, 2014, 09:09:42 AM
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Don't forget the velocity of [fiat] has been plummeting. See the chart I posted on that a few weeks ago.
Thanks for your posts anonymint! Just curious, do you believe there is any accuracy to these (or any) fiat statistics? After using coin networks for some years we become accustomed to actually knowing the money supply, days destroyed, transactions per sec., etc.. For me there is a stark contrast between this kind of transparency and the numbers we hear thrown around in the fiat realm (80 billion per month QE, velocity decreasing, GDP, etc). However it seems you are putting some import on this particular metric despite the lack of transparency in measurement technique or verifiability. Could you explain why? Cheers --
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533
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Bitcoin / Bitcoin Discussion / Re: We could easily stop the SR auction, would you?
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on: June 26, 2014, 08:36:47 AM
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2 - Even if the coins sell at $250 each, the government that basically stole them still gets to be $7 million richer.
"The government" is not a person. It is not even a clear entity of any sort. "The FBI" is also not a person but is at least a slightly more specific moniker that can refer somewhat more easily to the real people involved. The proceeds of the SR theft and coin auction will go one way or another into the pockets of individuals just as they always do when uniformed gang members rob entrepeneurs.
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534
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Alternate cryptocurrencies / Altcoin Discussion / Re: Thinking of making a new coin.
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on: June 23, 2014, 04:58:49 AM
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Ok, like the title says. I'm thinking of making a new coin but with a difference of it being backed by an asset. The asset I was thinking of using would more than likely be silver. My idea behind this is that at least then there is some actual starting value.
Any thoughts from you guys. It's only a thought at the moment just trying to gauge what the interest in such a coin would be like.
There is no such thing as "backing" tokens (digital, paper, or any other) by physical metals. People have had luck pretending that such an idea exists, so you could go that route if you are interested in fraud. Another option is to set up a company / entity that promises to redeem any tokens with the precious metal. In this case all users are trusting the central company/entity to do the redeeming so there is no need for the decentralized structure of a block chain. If this type of operation is what you seek (a la e-gold), you can make a better service without mining and an altcoin style ledger.
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535
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Bitcoin / Development & Technical Discussion / Re: A solution to centralised pool ownership of the blockchain
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on: June 17, 2014, 09:01:34 PM
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I'm not quite sure I follow.
How would the mining software verify what the pool operator is doing with the block? The pool operator still is free to add whatever TXs it likes. If the pool finds a new block and an old one happens to be floating around to get orphaned, this doesn't imply "going rogue" this is normal operation.. so the mining software should allow it.
But basically you are right that miners need to have more monitoring tools..
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537
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Other / Politics & Society / Re: Cars Can be Hacked Now
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on: June 01, 2014, 08:19:03 AM
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I am not surprised. If it's computerized, it can be hacked. If the hackers can get a good line-of-sight on anything, it can be hacked. If hackers can even just detect it, it can be hacked. Which is why I like the idea of keeping my Bitcoin on a computer that isn't hooked up to the Internet most of the time.
Wait.. "most of the time"? You're kidding right?
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538
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Economy / Economics / Re: Buying a house with bitcoin
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on: June 01, 2014, 08:09:00 AM
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No offense but you'd have to be a total idiot to buy real estate with bitcoin. We are still in the era of fiat mining. Not even the richest 0.001 percent pay hard cash for real estate unless of course they are in a huge hurry and willing to take a loss. Get some money counterfeited by the bank for you, er, I mean get a loan!
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540
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Alternate cryptocurrencies / Altcoin Discussion / Re: Proof of stake instead of proof of work
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on: May 21, 2014, 02:40:47 PM
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https://blockchain.info/statsTotal Miners Revenue $2,052,572.14 So in a perfect market, you can take control of bitcoin's network, for a day, at a bargain price of $2,052,572.14 + $0.01. That's 0.0326%. You can wait a bit for the next halvening and it's going to be even cheaper! Thanks for your reply. I am interested in proof of stake but still missing something. I don't understand some details of the NXT algo including the universal random number (just reading http://www.docdroid.net/cckd/forging0-4-3.pdf.html) Yes: total BTC miners revenue in a day is 3600 coin. Before accepting 3600BTC and making a physical delivery from a source with zero trust I would wait about that long. Lets look at NXT for comparison: Total Forgers Revenue: 5500 NXT So in a perfect liquid market of stake, I would want to wait about a day before accepting 350 mBTC worth of NXT. I understand that liquid markets in hash power and accretion of hashpower by individuals can be bad very bad. But replacing hashpower by something that is even more liquid already seems like hardly a solution to that particular problem. Yes, I understand that the big stakeholders now holding the 100% premine might not want to accept my offer of a little extra doublespend revenue to borrow their stake because they are afraid the word could get out and this would affect the value of their personal holdings. But isn't concentration of power in the hands of a few and requiring the network to trust them part of the problem we were trying to avoid? If we want to trust a central entity, this whole blockchain system is a waste. Then there's also lack of wasted energy, capital, and smaller market supply, because miners needs to sell the majority of coins to fund their operations. Mining is effectively a tax on all bitcoin users, almost a billion a year. You could run a small country on that.
Indeed. Bitcoin hardly seems perfect. But imagine if the 21million BTC (that's 10 billion or so dollars) were all premined in the hands of a small team. They could run a country on that, especially with their total control of the transaction record for all time. Institutionalized double spending, here we come.
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