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1141  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 05, 2013, 04:22:32 PM
Gox BTC withdraws are taking ages again.
Smiley i was just about to post a question on this subject.
withdrew my last coins there and got more and more nervous because my txid hasn't shown up at blockchain.info after half an hour.
i've never had this problem before, how long can this take at maximum?

It can take a while.
My last transfer from Localbitcoins to MTGox took me about an hour - as the transfer is only accepted after 6 checks.

The 6 confirmations rule for deposits is widely known.  hlynur is asking about withdrawals, which previously were broadcast within minutes but have been taking several hours lately to even appear on the network, let alone get confirmed in a block.
1142  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: November 05, 2013, 03:59:25 PM

ew fiat  Wink
draw fiat from BTC stash when needed, Bitcoin is your new retirement account

Until the tax man accepts payment in BTC, that's unfortunately not a realistic argument.

Taxes are included in "draw fiat from BTC stash WHEN NEEDED".
1143  Economy / Speculation / Re: Major flaw of Bitcoin found on: November 05, 2013, 02:58:42 AM
Has anyone actually read the study? It seems like a legitimate problem from a cursory glance. Bitcoin miners should take steps to prevent selfish mining.

As the paper points out, what we thought was a 51% attack looks to be a 26% attack.

I just read it.  They misunderstand one key thing:
Quote
Currently, when there are two branches of equal length, the choice of each miner is arbitrary, effectively determined by the network topology and latency. Our change explicitly randomizes this arbitrary choice, and therefore does not introduce new vulnerabilities.

The choice is not arbitrary.  Miners work on the first block they see.

The "attack" is to withold a found block until someone else publishes a block.  Then you publish your block and split the miners.  Except, you didn't broadcast until you saw the other block.  And by that time, probably half of the network had seen it too.  So that leaves you, a single broadcast node competing against the broadcast power of half the nodes in the network for the remaining portion the mining power.

Their "fix" is to randomize the choice any time a node sees a different fork than the one they see.  Not only does this require you to track each fork (so they don't spam you with the same one, eventually you would "randomly" choose it), but it allows their attack a chance to work.  Without their proposed fix, they would be pissing into the wind.
1144  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 05, 2013, 02:30:29 AM
What's even more shocking is the level of support above $215 (unless those are fake buy walls of course :p).

Aren't walls always fake? If I've learned anything from my years in bitcoins, it's that all walls everywhere are fake.  

Walls are simultaneously fake and real, until observed. Then they become one or the other, depending on the testing conditions.

This is called Quantum Speculation. It's science, bro.


Dude like...whoaa man. Like....whoa.

I'm high w/ a bag of popcorn, watching several tickers.

popcorn.... that's what I'm missing
1145  Economy / Speculation / Re: Professional Traders - Do you find speculating easier in cryptocurrencies? on: November 05, 2013, 01:51:11 AM
How does the look of the order book influence your thoughts?

If the bid side is low on volume, what are peoples thoughts on whats gonna happen to the price the next coming week.

In an upwards vertical market, bids always chase.
1146  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: November 04, 2013, 11:29:08 PM
Bitcoin generation is controlled by miners and it's too early to tell if at some point they won't decide to not half the rewards or do something similar that effects bitcoin scarcity.

It's not just the miners but all the client nodes that would have to agree to such a change. Miners can give themselves whatever block reward they want, but if the block does not conform to the agreed rules such blocks will be rejected by the network. Even if 99% of the miners decided to try this the network would reject all such attempts the 1% of honest miners would become the true chain.

That is what is so strong about a decentralized protocol. Everyone has to agree to a change, even you. That is a power that we do not have with fiat today...
I'll have to read up on that.  I understood that to be a bit different.  What's stoping some entity from controlling a majority of nodes then?  Those seem to be much cheaper then miners aren't they?  Also such a fork of bitcoin would certainly effect it's value.  Which is the discussion here that bitcoin is better then gold because it is scarce.  The secondary issue of alt coins should also be mentioned in the scarcity discussion.  Some will say that all Alts aren't bitcoin and are inferior which while possibly true does effect the scarcity claim since I'm sure plenty of bitcoin holders diversify and hold some alts as well which in effect means there are more crypto units per gold unit and more continue to get created.

Having the majority of nodes does nothing.

The point is, you can't change the rules without updating all the nodes to accept the rule change.  If you do change the rules, you will fork from the chain everybody calls bitcoin.  Unless you get all of the exchanges and merchant processors to follow your new rules, you won't change bitcoin.  You will only have a fork with different rules that other people may or may not give some value.
1147  Economy / Speculation / Re: Why I think a major and prolonged crash could be beneficial on: November 04, 2013, 01:50:27 PM
You are falling into the psychological trap of "needing to own whole bitcoins".   Think of it as buying an mBTC for $2, not a BTC for 200.   Time to change the exchanges so we buy mBTC and show mBTC in the wallets. Psychologically then the whole thing becomes much more palatable. 
Normal people don't buy whole bars of gold (ingots) they buy by the ounce. Now we should buy BTC by the mBTC not by the coin.


Protip: 1000 mBTC = 1 BTC
1148  Economy / Economics / Re: Arbitrage opportunity?? on: November 03, 2013, 05:51:27 PM
Gox withdrawals work well in some places, not in others.

Regarding arbitrage, in any case you will have fees.  This will limit what you can do profitably, even if your funds flow is working properly.  Trade fees on both exchanges and multiple fiat wire fees will keep the gap from closing completely.  That said, opportunities do appear sometimes if you keep an eye out.
1149  Bitcoin / Press / Re: World’s first Bitcoin ATM sees 81 exchanges, $10,000 in transactions on: November 03, 2013, 05:43:53 PM
C'mon let's not rain on robocoin's parade by letting this thread denigrate into yet another ripple smackdown. Roll Eyes

There is one very simple reason that any vc or marketing specialist will understand, why ripple can never succeed (at least in its current form):

It has no elevator pitch.

And probably can never have one due to its inherent complexity.



Elevator pitches aren't for explaining the details.  They are for grabbing someone's attention if you happen to get lucky and be in an elevator with them for 10 seconds.

Quote
Bitcion can allow you to beat WU on fees and speed for international money transmission.

Quote
Bitcoin can not be seized to bail out bankers who made bad decisions.

etc.

If your hook grabs them, let them lead with their questions.
1150  Bitcoin / Press / Re: World’s first Bitcoin ATM sees 81 exchanges, $10,000 in transactions on: November 03, 2013, 05:34:19 PM
One of the comments in the forbes article brought up a very good point.  Put these ATMs in or near international airports for quick and easy transfer to national currency.

This x21000000
1151  Economy / Speculation / Re: [poll] Positioned for Profits on: November 03, 2013, 01:40:09 AM
So just delete "wave" talk from non-wave threads.  Problem solved.

Why don't we talk about wave talk for 5 more posts?

Seriously, how is this any more on topic?
1152  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 01, 2013, 08:02:35 PM
I think a lot of people are going to get burned come monday/tuesday.

No matter what happens when the stability ends, a lot of people will be burned.

However, there are $2mil on loan at bitfinex for long positions.  If I were accumulating on a massive scale and saw that, I would squeeze those to get a better price.

How do you know those are for longs? Could be for shorts.

How would borrowing USD allow you to take a short position?

There are 1900ish BTC lent out to people with short positions.
1153  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 01, 2013, 07:47:08 PM
I think a lot of people are going to get burned come monday/tuesday.

No matter what happens when the stability ends, a lot of people will be burned.

However, there are $2mil on loan at bitfinex for long positions.  If I were accumulating on a massive scale and saw that, I would squeeze those to get a better price.
1154  Economy / Speculation / Re: Winklevoss Bitcoin Trust on Bloomberg on: November 01, 2013, 06:43:41 PM
Lol at trusting wall street over silicon valley.
1155  Economy / Speculation / Re: No capitulation on: November 01, 2013, 06:34:13 PM
This is bitcoin we're discussing right? Bears are just bulls who want cheap 'coin. Grin

And in the face of the surge in downloads, Wikipedia views, news, etc., no bear seems to have the stones to try and trigger a capitulation phase.... Although it may yet come if bullish momentum continues to die off.
1156  Economy / Economics / Re: What is really backing the price? on: November 01, 2013, 06:27:43 PM
Bitcoin is the fastest and cheapest means to do international value transfer.  In a time when governments are restricting people's ability to transact, an uncensorable transfer mechanism is quite valuable, even before it beats the banks on fees and speed.
1157  Economy / Speculation / Re: What threats to Bitcoin exist? on: November 01, 2013, 06:11:17 PM
Hard fork over block size limit issue.
1158  Alternate cryptocurrencies / Altcoin Discussion / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 01, 2013, 06:09:47 PM
Ripple is coming. Last chance to buy cheap XRP
off topic
I find it endearing when mah87 pokes his head in here and tells us all to dump bitcoin and buy XRP. Smiley

I'm hear to spread the word that the end of bitcoin is near and that a new era is coming. The ripple era.

hear
Quote
perceive with the ear the sound made by (someone or something).

here
Quote
in, at, or to this place or position.

This concludes today's English lesson.
1159  Economy / Speculation / Re: [poll] Positioned for Profits on: November 01, 2013, 05:49:20 PM
Option one doesn't match with the current market sentiment and all the good news to my opinion. No capitulation this time.

Sentiment does match the top of wave B IMO, although this is bitcoin so there is a tendency to have shitty downside action.

Question for notme:
If 233$ was the peak of wave 5, then the peak of wave 3 was 148$.
Then why didn't we drop below 177$, isn't A supposed to be lower than 3?

Corrections usually end in the price territory of wave 4, although bitcoin being the bullish beast it is, historically corrections have ended a bit higher.  Also, this is a guideline, not a rule.  For this count to be valid though, we need another largish correction to at least the $180 area, possibly as low as 130, but that seems too low to me given the attention we've been getting lately.  Bulls seem to be losing momentum, but we'll see.  Bitcoin is tiny so momentum can shift quickly.

Longer term I'm looking at the 5 waves since 65 being wave 1 of the 5th wave off the initial trading range back in 2010.  With such a bullish count available in the long term, we may see a truncated correction.
1160  Economy / Speculation / Re: [poll] Positioned for Profits on: November 01, 2013, 03:49:54 PM
Option one doesn't match with the current market sentiment and all the good news to my opinion. No capitulation this time.

Sentiment does match the top of wave B IMO, although this is bitcoin so there is a tendency to have shitty downside action.
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