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5301  Bitcoin / Development & Technical Discussion / Re: Cancelling unconfirmed transactions on: July 30, 2013, 04:14:16 PM
Bloody client program holds my funds neither bouncing them back nor pushing to the network acting as The Dog in the Manger. Which part of this is good for the network?

It does rebroadcast just not at a rate which would be seen as a denial of service attack.
5302  Alternate cryptocurrencies / Altcoin Discussion / Re: [NUG] - Nugget Bounty Thread on: July 30, 2013, 04:11:56 PM
The good news is that the creator may be getting a job as a janitor soon which means he can pay for significantly more broken development in the future.  I hope for the sake of NUG his salary is a form of God's numbers.
5303  Bitcoin / Hardware / Re: KNC ROI Figures on: July 30, 2013, 06:26:07 AM
The amusing thing is that people keep shouting out, "It'll never make ROI," based on the assumption that the hashrate can continue its exponential increase in computational power at several fold the rate of Moore's law (never mind anything else) and that the price of Bitcoin will always stay the same.

Forever?  No but in the short term it is fairly easy.

Miners tend to be pretty stupid when it comes to ROI% on capital costs so the difficulty tends to track the average electrical effeciency and exchange rate.  Assuming exchange rate remains the same we are talking on average a 150:1 improvement in electrical efficiency.  That means the watts per block and thus electrical cost per block falling by 1/150.  The network could easily suppport difficulty rising to 2-3 billion.  So yeah it can rise 60% a month for some time before reaching a new equilibrium due to higher efficiency.  
5304  Bitcoin / Press / Re: 2013-07-28 Aftenposten.no: Slik Road has doubled since 2012 on: July 30, 2013, 02:49:32 AM
So it looks like "reverse stings" are legal, but the buyers can get away with it with a pretty lame excuse (the lawyer argued that since the police never intended for the buyers to get away, they were never in possession).

http://www.kpho.com/story/22102426/police-reverse-sting-operations-under-scrutiny-by-az-supreme-court

Also, I know in the state of Maryland and I think Virginia as well, the cops will not sell real drugs. Because buying fake drugs with the intent to distribute as if they were real is illegal, they do this instead.

Finally, trying to sell drugs through an anonymous market would be pointless, as they can't prove that it was the recipient of the package who placed the order. Plus, it seems counterintuitive to distribute drugs to stop distributors...

The risk is likely low but it isn't zero.  Receiving the drugs would likely be sufficient evidence to get a search warrant for home and computers.  How many drug users have 0 (as in passes a CSI inspection) evidence of drug use in their home.  Home many bitcoin users are so perfect in their security that no evidence of bitcoin transactions can be found.  If you graphed these two populations how often would they intersect.

Most people are "safe" because Police are more interested in major dealers not end users and such stings would be expensive and manpower intensive for little gain.  However potential users shouldn't confuse Police "not" doing something with an "inability" to do something.
5305  Alternate cryptocurrencies / Altcoin Discussion / Re: Supposed ASIC Scrypt Miner | Scrypt ASIC International on: July 29, 2013, 11:24:40 PM
I just got an email back from them, they have added a forum section now to answer any questions, of which I have loads.

They even have a project running of a miner that can mine scrypt but then with a push of a button mine SHA-256.

This could be just a wind up but if it true this could change a lot of things.

I mean if that wanted to scam, wouldn't they be asking for money right now?

I am tempted to throw some Bitcoins at it and see what happens, its only Bitcoins a few Bitcoins after all.

A Scrypt ASIC chip cannot just magically switch to SHA and vice versa, this company is telling porky pies, don't send them any money. Bitcoins are valuable why waste them on something as unprofessional and scammy as this dog and pony show.

Yeah that idiotic statement reduced the chance of it being legit from 0.0001% to 0.0000% even.  No sense in even wasting time.
5306  Alternate cryptocurrencies / Altcoin Discussion / Re: Miner's Official Coin LAUNCH - NUGGETS (NUGs) on: July 29, 2013, 08:53:38 PM
No doubt some bankers make a lot but that is hardly the claim that EVERYONE with an MBA makes $250K.  Case in point you are currently making nothing. Imagine that.  I would point out that unemployment in the IT sector is about 3%.  Why?  Oh yeah because developers, network engineers, database architects, etc are indispensible.  Any company which fired their IT staff would no longer exist in a few months.

According to Salary average salary for application programmers in CA is $94,000 with 25% making more than $108K.  BTW less than 1% of application developers have a PhD, so yes that means it is a statistical impossibility for most of the high paid (say top 10%) programmers to have doctorates.  Some of those filthy programmers making six figures have lowly bachelors degrees and in some cases ... <GASP> no degree at all.   The horrors.

http://swz.salary.com/salarywizard/Applications-Programmer-Salary-Details-San-Jose-CA.aspx?&hdcbxbonuse=off&isshowpiechart=false&isshowjobchart=false&isshowsalarydetailcharts=true&isshownextsteps=true&isshowcompanyfct=true&isshowaboutyou=true

As for as every MBA making $250K the second they get their degree.  That has never been true and certainly isn't now.
http://www.businessweek.com/articles/2013-05-23/mba-salary-expectations-sober-reckoning-or-wishful-thinking

Salary expections for MBA drops 10% to $113K.


So simple version you are not right (but you should be used to it by now).
5307  Alternate cryptocurrencies / Altcoin Discussion / Re: Miner's Official Coin LAUNCH - NUGGETS (NUGs) on: July 29, 2013, 08:17:38 PM
Incorrect, programmers can be bought from India for /10th the price and or course they'll pay Americsn programmers their $70K, that's not big money.  An MBA grad starts at $250K, plus bonuses, this is a fact.

Experienced programmers make a lot more than $70K.  There are very few software developers with PhD.  That is just your nonsense that Phd = better.  I have worked for a lot of senior project developers and none had PhDs.  One might have had a masters but honestly nobody cared.  What matters is experience solving real world problems none of which is learned in college.

Quote
And no, it's not the programmers that make the big money as far as coding - it's the PhD physicists and mathematicians who then fell the programmers what models and programs to build and these are called black boxes which do high frequency trading which do in fact are responsive for a huge % of the trading activity and they make lots if money, but the bulk of the money, the big money is still made by traders, economists, heads if hedge finds, etc because a black box can't predict the future I'd see a good buy it simply trades in milliseconds based on a preprogrammed trend or news and it simply beats the human reaction time.

Once again I actually worked on statistical models for risk analysis and nobody on our team had a PhD.  None.  Models that were used in the pricing of tens of billions of dollars in distress assets.  A half dozen computer science professionals (db engineers, developers, project managers) and a few statisticans no PhD.  

Then again this is like a chef explaining to a guy who ate a hamburger once how culinary arts works.   As for every MBA making $250K starting well that is just silly.  Then again how much are you making on unemployment?  My guess is less than $250K.
5308  Other / Beginners & Help / Re: BTC Inflation? on: July 29, 2013, 05:15:17 PM

Naa, it may be not exactly the same, that's right. But I own still 1 Bitcoin after I spent it for a share. This Bitcoin has a double-usage: For the company to buy things like asics, and for me as a sleeping money ...

No you no longer own 1 Bitcoin, you own a share in a company and while it may have the same value as 1 Bitcoin, it isn't a Bitcoin.  If you spent 400 Bitcoins and bought a car would you also say you still own 400 Bitcoins?  You may have a car and that car may be worth 400 Bitcoins (today) but it isn't 400 Bitcoins.  The money supply hasn't inflated, money was simply transfered.

A transfer of wealth is never inflationary. 
5309  Other / Beginners & Help / Re: BTC Inflation? on: July 29, 2013, 04:44:58 PM
If bitcoins are unregulated, this means that bitcoins are constantly circulating right?  It's not like government money that is constantly tossed while new crisp bills are being made.  Eventually this means that there will be so many bitcoins as they get mined that a single bitcoin will have nearly no value, right?  Or am I missing something?

You couldn't have it more wrong.

Money circulating doesn't create new money. If I have one Bitcoin and I spend it with you, now you have one Bitcoin and I have none. There is no increase in the number of Bitcoins.

Ah, crazy-hazy-money-economics! If I invest one btc in a miner's company, I still own one BTC, but the miner's company also owns one btc ... it's the same with the banks: I give some sum on my account, the bank lends it to another bank, this to a customer, the customer to a friend and so on ... officially the sum remains the same, but for the use of it it's rising.



Yeah no that isn't the case.  You no longer have 1 BTC. You have 1 share of a company which have different valuation, liquidity, and counterparty risk as an ACTUAL BTC. 

In fractional reserve banking when you deposit $x and the bank loans out $0.9x both "monies" are functionally identical.  They all shares the same counterparty risk, the same liquidity, the same valuation.  No store is going to say "hey is this dollar bill the product of a loan deposit or is it unencumbered".   Name me one BTC merchant which accepts shares of mining companies as a equivalence for BTC.  I will wait.
5310  Bitcoin / Press / Re: 2013-07-28 Aftenposten.no: Slik Road has doubled since 2012 on: July 29, 2013, 04:39:41 PM
This article is very interesting. In particular, the small section about the site "Atlantis" peaked my interest. Could it really be the police? Are the police allowed to sell drugs? I thought that they could only pretend to be interested in buying them in order to catch dealers.

At least in the US the courts have found that the police can use deception, lies, trickery, etc to catch criminals.  Undercover police officers pose as prostitutes so posing as a drug dealer wouldn't be materially different.
5311  Alternate cryptocurrencies / Altcoin Discussion / Re: [ANN] GAS Coin is now dead. r3wt snuck in a premine and scammed the community on: July 29, 2013, 04:35:28 PM
Is there any reason you guys don't just use an existing coin, that already has an established userbase and secure network, to trade for gas cards?

Because obviously fungibility of a currency is a stupid idea.  I mean it makes so much sense to have SexCoin for buying sex, and GameCoin for buying games, and Casino coin for buying Casino chips, and GoldCoin for buying Gold, and WeedCoin for buying Weed (I guess so you can ruin your neighbors lawn), and GasCoin for buying Gas.  A large single well supported currency for buying sex, porn, games, casino chips, gold, weed, gas, and countless other products and services?  Are you off your meds again?  That would almost be the start of an economy or something.  



 
5312  Bitcoin / Bitcoin Discussion / Re: Is bitcoin 2 coming out next month? on: July 29, 2013, 04:31:50 PM
To answer the question (serious or not, some may not understand), we normally use base 10 ...

All number systems are base 10 if you think about it.  The word "base 10" is horribly ambiguous for meaning base-ten.  Smiley





5313  Alternate cryptocurrencies / Altcoin Discussion / Re: [ANN] GAS Coin is now dead. r3wt snuck in a premine and scammed the community on: July 29, 2013, 04:15:09 PM
I know there are a lot of naive people in the world, but ~$40 to make a client and launch a coin?  I know the ONLY way I'd ask that little is if all I had to do was take the existing source code and then search and replace the names and maybe do 1 or 2 tweaks.

What do you think 90%+ of the launched coins are.  EXACTLY that.  Hell most of the time they don't even modify everything that needs to be modified.  They use the same alertkey as LTC, they don't change magic numbers so nodes running multiple blockchains end up confused spamming LTC blocks into xCoin network for example.  Hell in some coins they don't even change user facing strings so some error messages or confirmations will say "Litecoin".

To date there has been very little innovation in the alt-coin space:
LTC, PPC, Freicoin (I think it is a stupid idea but it is at least innovative), Powercoin.  That is about it.  Everything else has been copy, replace, tweak, launch.
you forgot primecoin

Fixed I meant primecoin not powercoin.  So many stupid names nearly impossible to keep it straight.
5314  Alternate cryptocurrencies / Altcoin Discussion / Re: [ANN] GAS Coin is now dead. r3wt snuck in a premine and scammed the community on: July 29, 2013, 04:12:22 PM
I know there are a lot of naive people in the world, but ~$40 to make a client and launch a coin?  I know the ONLY way I'd ask that little is if all I had to do was take the existing source code and then search and replace the names and maybe do 1 or 2 tweaks.

What do you think 90%+ of the launched coins are.  EXACTLY that.  Hell most of the time they don't even modify everything that needs to be modified.  They use the same alertkey as LTC, they don't change magic numbers so nodes running multiple blockchains end up confused spamming LTC blocks into xCoin network for example.  Hell in some coins they don't even change user facing strings so some error messages or confirmations will say "Litecoin".

To date there has been very little innovation in the alt-coin space:
LTC, PPC, Freicoin (I think it is a stupid idea but it is at least innovative), Powercoin Primecoin.  That is about it.  Everything else has been copy, replace, tweak, launch.

Now I am still not sold that these coins will be successful.  For example I don't think merchants really care which POW is used as long as the network is secure.  However all these coins required a little more work than copy, paste, tweak, and launch.
5315  Other / Beginners & Help / Re: BTC Inflation? on: July 29, 2013, 07:33:43 AM
Bitcoin is regulated.  The protocol is regulated by math, algorithms, and cryptography.  I trust that kind of regulation far more than gubbermints made up of fallible humans.

The rate of new generation (and thus inflation) is tightly controlled by the protocol with the rate of new coins in each block being halved every 210,000 blocks.
5316  Economy / Economics / Re: What if a government just buys up all the bitcoins on: July 29, 2013, 06:21:26 AM
As I understand it, there's roughly 11 million BTC in "circulation". Assuming $100 per BTC, that's
just a bit over $1 billion. The total sum doesn't seem all that daunting for the US, or several
other governments. Even Warren Buffet could do that, though he'd almost certainly laugh if you
suggested it to him.

I don't think you understand how market prices work.  $1B wouldn't buy 11M BTC.  It wouldn't even buy 2M BTC.  The current price is merely the last trade it offers no guarantee that ANY coins are available at that price much less 11M of them.

5317  Bitcoin / Bitcoin Discussion / Re: Is bitcoin 2 coming out next month? on: July 29, 2013, 06:12:26 AM
01 = 1
10 = 2
11 = 3

If 01 + 10 = 11 = 3,
Then why doesn't 01 + 11 = 12 = 4?

Are you joking?  It is hard to tell.
5318  Bitcoin / Mining speculation / Re: Paying to Reduce Mining Diffuclty? on: July 29, 2013, 06:05:20 AM
Yeah difficulty doesn't work that way.  It is hard to understand what you are trying to accomplish but when you just start making up new meanings for words like "difficulty" it is hard to take is seriously.

If difficulty is cut in half without an equal reduction in hashpower, it will be twice as easy to find a block and thus in the long run blocks will be found twice as fast.  If in any interval twice as many blocks are found then the average time between blocks has to be reduced in half.
5319  Bitcoin / Mining speculation / Re: Paying to Reduce Mining Diffuclty? on: July 29, 2013, 04:44:31 AM
Difficulty is what keeps the time between blocks at 10 minutes per block for given hashrate.  Right now if Bitcoin network had the same hashrate but half the difficulty the time between blocks would be 5 minutes not 10.


For a given hashrate you can't halve the difficulty and have the time between blocks remain that same.  To think that shows a complete lack of understand of how bitcoin mining works.

Difficulty is merely an artificial value to match the frequency that hashes are found to the desired timeframe between when blocks are found.
5320  Bitcoin / Mining speculation / Re: Paying to Reduce Mining Diffuclty? on: July 29, 2013, 04:33:59 AM
This thread doesn't make sense. There are too many misconceptions and illogical math at work.

This. Not sure if the OP failed elementary school math or was just drunk.

Bitcoin @ full difficulty = block worth 25 BTC every 10 minutes.  144 blocks per day.   25*144= 3,600 BTC of inflation a day.
Bitcoin @ 50% difficulty = block worth 12.50 BTC every 5 minutes.  288 blocks per day.  12.50 * 288 = 3,600 BTC of inflation a day.
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