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1  Economy / Speculation / Re: Pattern Recognition 101 on: July 29, 2015, 03:03:54 AM
Beliathon, if you are going to quote Marx, you should really give attribution.
2  Economy / Speculation / Re: Is there a quiet redistribution / accumulation going on? on: July 23, 2015, 10:38:23 PM
One payment processor, Bitpay, has said they don't sell their coins on the open market. They have private buyers for them.

Bitpay partners with Bitwage, who provides Bitcoins to anyone receiving a paycheck via direct deposit.  Simply setup your direct deposit to send a percentage to Bitwage's deposit account and you receive Bitcoins to your wallet address every pay cycle.  No action is required to withdraw your Bitcoins.  They are sent to your actual on-chain Bitcoin address immediately.  It is essentially Bitcoin direct deposit.  It circumvents hostile banks that might try to keep their customers from sending funds to Bitcoin exchanges.  This allows for a complete cycle wherein Bitcoins spent at merchants who do not wish to keep them are then sent to Bitwage's customers rather than being converted to fiat currency at an exchange.


I never really understood the reason for doing this. If you want to convert a certain amount of pay into BTC every month simply setting up an account with an exchange and sending the $ amount you want to buy over every month, works out to be the exact same. The only thing I can think of is the Bitwage path is automatic, but manually buying on an exchange isn't exactly hard and probably results in less fees. Both paths require you to provide your banking and personal information so there isn't an advantage for either one.

You don't need to use your own bank account for this.  You just need a job that offers direct deposit.  You get to cut out the extra middlemen of your bank and an exchange.  Right now Bitwage is free to use.
3  Economy / Speculation / Re: Is there a quiet redistribution / accumulation going on? on: July 23, 2015, 07:30:27 PM
One payment processor, Bitpay, has said they don't sell their coins on the open market. They have private buyers for them.

Bitpay partners with Bitwage, who provides Bitcoins to anyone receiving a paycheck via direct deposit.  Simply setup your direct deposit to send a percentage to Bitwage's deposit account and you receive Bitcoins to your wallet address every pay cycle.  No action is required to withdraw your Bitcoins.  They are sent to your actual on-chain Bitcoin address immediately.  It is essentially Bitcoin direct deposit.  It circumvents hostile banks that might try to keep their customers from sending funds to Bitcoin exchanges.  This allows for a complete cycle wherein Bitcoins spent at merchants who do not wish to keep them are then sent to Bitwage's customers rather than being converted to fiat currency at an exchange.
4  Economy / Speculation / Re: Is this it?? Moon time? on: June 16, 2015, 04:33:13 PM
You lovely people will have a rude awakening of a 100% retrace. LTC will stay up though. Sucks to be a Gavincoin bagholder.

No such as Gavincoin bagholder, only Bitcoin winholder, because no mater what happens with the fork, you'll automatically be on the winning team due the fact you'll hold your same wallet on both chains.
LTC is a jokecoin, just like all alts. And I hope Bitcoin stays low for a year, I don't want to say goodbye to 1 BTC a month because the price goes way too high again.

You seem not to understand that the market won't tollerate the idea of two chains. Both chains will be worthless.

Not entirely worthless.  I have a firm buy line at $100 per coin on all exchanges, for more than would likely ever be offered.
5  Economy / Speculation / Re: Critical Levels - EW analysis on: April 13, 2015, 06:37:47 PM
6  Economy / Speculation / Re: Critical Levels - EW analysis on: April 04, 2015, 05:11:32 PM
Shh, you're all just supposed to follow patterns defined long ago based on empirical analysis of data that existed at the time of its creation!  Don't update the patterns based on more recent empirical analysis!  And definitely don't start analyzing the tape!  Ignore the man behind the curtain!

7  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: April 03, 2015, 08:54:56 AM
Nothing will shut them up, short of termination of employment.  They are paid actors.  But it's fun screwing over bots.
8  Economy / Speculation / Re: Bitcoin's Proof of Work Validated and Vindicated on: April 03, 2015, 03:03:39 AM
See, this is one of the big problems with Proof of Stake.  There will forever be a block that shows a large stakeholder as having that huge stake.  If you go for checkpoints, not only do you likely lose your decentralization, but now you are saying every block after the last checkpoint cannot be trusted.  You are in effect saying we need to wait for a block to be incorporated into a checkpoint to be confirmed.  This means a) true confirmations take a very long time, and b) this network isn't very decentralized.

There is no way to go back in time in a Proof of Work network and reclaim the hashrate you had to confirm a new block.  All Proof (Work, i.e. hashrate) must be made new as it is based in the real world, and not on something in the blockchain.
9  Economy / Speculation / Re: Bitcoin's Proof of Work Validated and Vindicated on: April 03, 2015, 02:50:38 AM

But what exactly do you mean by "stake"?  For example, if I controlled 51% of the stake in the genesis block, could I take over the network? If the answer is no, then the statement "Bitshares is secure provided 51% of stake is honest" is incomplete.  


Any stake older than 101 blocks before the current block is irrelevant in bitshares, just as any work performed prior to 6 blocks before the current block is irrelevant in bitcoin, as a general guideline.


Quote
With PoW, it's very easy to define what we mean by "work," because work relates to a physical quantity.  

Work is defined by hash rate.  Stake is defined by number of units of the native currency.  Both are quantifiable.


Number of units of native currency you have when, exactly?  You could gather a large stake, spend your coins, then go back to when you had the large stake and work from there again.
10  Economy / Speculation / Re: Bitcoin's Proof of Work Validated and Vindicated on: April 02, 2015, 08:15:01 PM
And the counter argument:

http://bytemaster.bitshares.org/article/2015/01/08/Nothing-at-Stake-Nothing-to-Fear/?r=bytemaster

Until POS or DPOS is completely broken these issues are just theoretical and I don't think POS (or DPOS) or POW can be broken... at least no one has proven it yet.  Grin

So your counter argument is you prefer to wait until someone has actually implemented the described attacks before taking action?
Nothing in your link from January counters this paper released days ago.


Ok.  Go ahead and break it.  You have nothing at stake and nothing to loose.  Don't talk about it.  Do it... and if you dont, then you yourself have proven that it can't be done.

So if I personally lack the ability to implement the described attacks (and I'm not going to volunteer whether or not this is true), or I refuse to perform the attacks on moral grounds, then the attacks cannot be done by others?
Your faith in my skills is appreciated, but the latter can be seen as an invalid argument.  The attacks are certainly still possible by others regardless of my own moral objections.

11  Economy / Speculation / Re: Bitcoin's Proof of Work Validated and Vindicated on: April 02, 2015, 07:31:49 PM
And the counter argument:

http://bytemaster.bitshares.org/article/2015/01/08/Nothing-at-Stake-Nothing-to-Fear/?r=bytemaster

Until POS or DPOS is completely broken these issues are just theoretical and I don't think POS (or DPOS) or POW can be broken... at least no one has proven it yet.  Grin

So your counter argument is you prefer to wait until someone has actually implemented the described attacks before taking action?
Nothing in your link from January counters this paper released days ago.
12  Economy / Speculation / Bitcoin's Proof of Work Validated and Vindicated on: April 02, 2015, 06:19:23 PM
Some of Bitcoin's competitors use a Proof of Stake model to attempt to achieve distributed consensus.  This paper now definitively proves that distributed consensus is broken in Proof of Stake algorithms.
https://download.wpsoftware.net/bitcoin/new-pos.pdf

Quote
It is possible, by requiring stake to be bonded for many consecutive blocks, and by choosing signers
using randomness extracted by long-past (in blocktime) blocks, to force the attacks described above
to rewrite long stretches of history. This is often described as “preventing short-range attacks”.
It is clear that this does not address the costless simulation issue; after all, if it’s easy to change
history, it’s easy to change long stretches of history. However, proponents argue that since for
an honestly-created history, long stretches of blocktime correspond to long stretches of real time,
any revision of so much history is sure to contradict the history as remembered by participants in
the system. Thus such an attack would be detected, recognized as an attack, and the new history
rejected.

If this is implemented correctly, there is no problem with this, except that it changes the trust
model from that of Bitcoin. New users who encounter multiple histories are no longer able to
distinguish them on their own; they need to ask existing participants in the network (which may
include friends and family, large corporate entities with reputations to maintain, public websites,
etc.) which history they know to be the true one. This is not a distributed consensus! It is a different
sort of consensus, which may be formed amongst always-online peers in a decentralized way, but
depends on trust for new users and temporarily offline ones. It is correspondingly vulnurable to
legal pressure, attacks on “trusted” entities, and network attacks.

I don't recommend anyone trust their funds to any network using Proof of Stake.  Actual methods of attack are published in this paper.  It's just a matter of time.

13  Economy / Speculation / Re: 2 week target $160 on: April 01, 2015, 11:42:02 PM
I can quite honestly say that Bitcoin will never reach less than $100 per coin longer than it takes me to move my funds to exchanges.  I can quite happily keep price above that level by myself, thank you.


I have seen a lot of similarly honestly thoughts that BTC will never go under 500, under 400, under 300, under 200. Reality is everything is possible.

Not so.  Everything is not possible.  For a ridiculous example, if you place a limit order to purchase 21,000,000 Bitcoins at $100 per coin, tell me how price could ever drop below $100?  For a more realistic example, you could do the same thing with an order for 100,000 Bitcoins and still accomplish the same thing, as there aren't a great deal of Bitcoins actually available for selling at exchanges right now.
14  Economy / Speculation / Re: 2 week target $160 on: April 01, 2015, 11:22:26 PM
That 10 million figure just goes to show how ludicrously tiny this whole thing is still. There's a bizarro disconnect between the amount of noise generated and what's actually occurring in terms of market happenings.

There are tens of thousands of people who could single handedly drive things through the floor or the roof.

Lucky for us supply is limited.  So through the floor is just not possible.  A single $-wealthy person can hold the floor at a level of at least $100 per coin against any number of $-wealthy people.  You need Bitcoins to tank the market, and there aren't enough Bitcoins in sellers hands to move it beyond there as long as there is one person holding the line (buying).
15  Economy / Speculation / Re: When? on: April 01, 2015, 11:10:02 PM
On the contrary...
http://www.forbes.com/2008/07/18/fannie-freddie-regulation-oped-cx_yb_0718brook.html

Quote
The CRA forces banks to make loans in poor communities, loans that banks may otherwise reject as financially unsound.
16  Economy / Speculation / Re: 2 week target $160 on: April 01, 2015, 10:39:01 PM
$10 million is the price of a decent house here in Silicon Valley.  It's not that much these days.  I would consider that the minimum savings for a middle class retirement today.

17  Economy / Speculation / Re: When? on: April 01, 2015, 10:18:25 PM
And then you have the anal retentive bungholes that just come back with capitalism. Well shithead, capitalism is what really ruined the US.

 Roll Eyes

How can such a country with all it's power, technology and resources be kicking families out of their homes because the banks were highly un-regulated and given bad loans?

The banks were forced by the government to give loans to those who did not really qualify.  But if you want to blame the banks, feel free.  The owners of the banks will appreciate that I'm sure.  You know those owners, right?  They are the working class families you claim to want to protect.  They hold ownership of these banks through shares in pension funds.
18  Economy / Speculation / Re: 2 week target $160 on: April 01, 2015, 09:01:30 PM
I can 100% guarantee it will never hit $0.  See above.

One ECM jammer or global power surge and bitcoin will be dead. Something like bitcoin crash can happen after 51% attack as well. For now I would rather believe that bitcoin could be de dead than it will cost more than $1000 again.

An ECM jammer or global power surge would bring down the internet and all traditional fiat payment systems as well.  This is not a Bitcoin-killing scenario.  It's a societal collapse scenario.  If this happens, your dollars will be just as worthless.  Currency will be water, food, and ammo.  It's silly to bring up such a scenario here.
19  Economy / Speculation / Re: 2 week target $160 on: April 01, 2015, 08:42:54 PM
I can quite honestly say that Bitcoin will never reach less than $100 per coin longer than it takes me to move my funds to exchanges.  I can quite happily keep price above that level by myself, thank you.


I seem to remember someone who considers himself quite the financial guru making this exact same declaration just before the price hit the $90's.

Never say never  Grin

Honestly, no longer than it takes me to move my funds to exchanges.  At less than $100 per coin, I will take every coin offered.
20  Economy / Speculation / Re: 2 week target $160 on: April 01, 2015, 07:29:46 PM
I can 100% guarantee it will never hit $0.  See above.
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