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1061  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: July 24, 2014, 12:35:15 PM
It's doubtful that market movement has anything to do with ether ipo dumping, the scale of the ipo so far is only around $40,000 worth of bitcoin. Ethereum does have a "FUD" element about it though as far as market sentiment, because the speculative motivation for purchasing is the greatest altcoin pump-and-dump script in history, whereby they intend to solve every single problem or limitation inherent to Bitcoin with a fresh general-purpose system that doesn't exist yet or may not even ever be technologically possible.

hmmm, back to math class?

12 mill ether @ 2000 eth/btc ... you do the math, again?
1062  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: July 24, 2014, 12:30:45 PM
Could the dumps be related to the ethereum ipo launch?

The IPO was payed in BTC. The recipient could be dumping them all on an exchange. Seems unlikely though.

Ah yeah, that could make sense. I was thinking: If they acquire a lot of BTC, the supply actually would go down so there'd be no reason for the price to drop. But you've got a valid point there - although you're right that it's not that probable!

they aren't dumping them. they have all the received btc in a multi-sig wallet address.
They will dump them. The market is anticipating that.

Wrong ... it is net zero, since people that want to buy ETH who do not currently hold BTC are now buying BTC in order to buy ETH so creating additional BTC demand. On quite good authority ethereum are not selling BTC in large quantities but only as/when needed ... the effect is much larger psychological effect whereby the market is now cognizant of a new competitor on the block, simple as that.
1063  Bitcoin / Press / Re: [2014-07-23] - New Zealand to Treat Bitcoin as Foreign Currency on: July 23, 2014, 10:02:59 AM
New Zealander here. Surprised to see that there hasn't been any mention of this in the news. Couldn't find any mention of it in the front pages of any of the major news websites here either. It would be nice if there was more interest in Bitcoin in New Zealand but I guess us kiwis don't find cryptocurrencies to be newsworthy. Sad

Recall quite often that the anglo-axis PTB will test-run new policy, laws, tech., etc, in NZ because it is small contained microcosm of the wider sphere, usually as a experiment or trial balloon ...

Maybe it's all happening in stealth mode Wink would be fitting for the next cryptobanking capital of the world.
1064  Bitcoin / Bitcoin Discussion / Re: Who wants to make a Google? Bitcoin Start up are the internet 2.0 on: July 23, 2014, 09:01:53 AM
If I could place a bet somewhere it would be that the Google of crypto is being seed funded the second half of this year or the first half of next ...
1065  Bitcoin / Press / [2014-07-23] - New Zealand to Treat Bitcoin as Foreign Currency on: July 23, 2014, 07:50:47 AM
http://www.interest.co.nz/personal-finance/71048/ird-says-bitcoin-should-be-treated-foreign-currencies-are-tax-purposes

Sounds reasonable, finally ...

No capital gains in NZ for long term holdings either ... place to be working with BTC methinks.
1066  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 18, 2014, 11:00:21 PM
Almost certainly the gift economy of small familial based tribes preceded barter and still is in widespread existence today, e.g. your father gives you some tomatoes he grew himself and you want to repay that by helping him with a ride to the airport, but is that really a debt as there is no expectation of repayment? ... whether money originated as a mechanism to track "debts" is a big stretch from familial gift economy.
1067  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 18, 2014, 05:57:01 PM
Well done DELL ... dammit I just went with HP, every DELL I have ever had has performed flawlessly to EOL, with whatever hack linux OS I have thrown at it. I'm gonna go and buy a DELL now just because I can.

NY regulation pontifications just show how irrelevant regulations are to bitcoin ... anyone stop transacting?, anything really change? afaik the network didn't miss a beat, it is all just hot air by impotent guys in suits. All the beating of drums about "engage with the regulators" is more hot air and BS, theatre of the absurd.

Money doesn't need regulations, it just IS ... like ideas
1068  Bitcoin / Press / Re: [2014-07-15] Coindesk : ING: Future Bitcoin Protocol Should Include Central Bank on: July 17, 2014, 03:44:44 PM
I don't think everyone understands that this guy is talking about an algorithm (something that would be a part of the code) and not an actual central bank. I think it would be great to have an algorithm that could dynamically adjust coin generation based on the global supply and demand of the coin, which would damper price flucuations. But the issue to do it in a way that was clear and transparant, and couldn't be manipulated by miners, whales, exchanges, etc. It might not be possible because there's no obvious way to sample the supply and demand of bitcoin since that happens outside of the code, in exchanges or private transactions.

On that same note,  bitcoin would be just as useful even if it didn't have a 21M cap or halving every 4 years. The key isn't the total fixed supply, it's the predictability of the generation. It's factored into the determination of price, which is why the first bitcoin halving didn't have a significant effect on the price (Other than assuring the market that the network wouldn't break, lol). Bitcoin could have kept generating 50 coins/10 minutes forever, and bitcoin wouldn't lose any real capability. And prices would have still risen because the demand has far outpaced coin generation.

... all these models suffer from a disconnect with reality. How do you measure and monitor the economy sufficiently accurately enough in a manner that is not prone to centralised failures?

You cannot feed inputs into a system that bases its utility on a distributed network, via a centralised measuring/monitoring signal and expect it to retain the robustness that makes it superior.
1069  Bitcoin / Armory / Re: Armory - Discussion Thread on: July 17, 2014, 02:53:32 PM
Quote
Here's some ideas:

    Bitcoin Foundation
    Electronic Frontier Foundation
    Let's Talk Bitcoin webcast (Adam Levine, et al)
    XKCD Web Comic  (not exactly a charity, but who doesn't love his work? http://xkcd.com/538/)
    Cryptocat
    Freenet
    LibreOffice
    Linux Mint (this is my primary OS, so I'm a bit biased towards them!)
    The Tor project

Open Transactions. http://opentransactions.org/wiki/index.php?title=Main_Page
1070  Bitcoin / Bitcoin Discussion / Re: Bitcoin and me (Hal Finney) on: July 17, 2014, 01:04:52 PM
Truly an inspiring story:
We need to make the most out of every day, since we never know when our health might no longer be good.

Amen to that.
1071  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 17, 2014, 12:55:08 PM
This is one of the catalysts I am looking for to spark a Bitcoin rally like no other:

The next time the world has a financial crisis, Bitcoin will soar to the heavens as central banks around the world print to oblivion.

Central banks are all tapped out, they cant do any more printing on that kind of scale. The only 'bank' with a clean balance sheet is the IMF. Next time reality bends the financial class over and kicks it in the nuts, the IMF is the only institution that can step in by printing SDR's.

When this happens you're going to see a revaluation of gold, as gold will be included in the new basket of currencies

And to be in an asset that sits outside the regular financial system at that time, decentralised and immune (to an extent), is the place to be and why everyone is so confident in btc.

In that case I'd say it will be Gold UP, Bitcoin WAY UP.

I agree with some what you posted.

I still believe the central banks will inflate to oblivion whether it be on paper or digitally. Revaluation can happen also after a hyperinflation weimar-style as well.

SDR's are no different than any other fiat so it really doesn't matter if it is them or the fed.

I don't think they will inflate ... it has been quite well telegraphed already that they will play the bail-in card, i.e. steal directly from 'wealthy' bank accounts. This evil idea has also been promoted widely and loudly by the IMF mandarins.

Of course, widespread bail-ins happening in the current broken fiat bank system are insanely bullish for hard to seize assets, like bitcoin.
1072  Bitcoin / Press / [2014-07-15] Coindesk : ING: Future Bitcoin Protocol Should Include Central Bank on: July 15, 2014, 07:59:21 PM
 Cheesy FAIL!!!! which part of decentralised currency sounds like centralised to them I wonder?

http://www.coindesk.com/ing-future-bitcoin-protocol-include-central-bank-functions/

go short ING shares? ... good troll or just completely zero clue? hard to say really.
1073  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 15, 2014, 03:15:54 PM

you guys should take the time to read all the articles on this event.

Could it be the beginning of the end for the Keynesian Theory school of thought? After all, Krugman has been one of its major proponents over the years. Several mentions of the gold proponents arguments were put forward as ground for getting rid of Krugman.

Yep, the tide is definitely turning on the post-Keynesian madness. I think the killer blow was the now obvious realisation that the massive inflation has done nothing but increase the wealth disparity in society and make the economy perform worse. Both of these effects are symptoms also of communist centrally planned economies, surprise, surprise ... well not for some of us.

The bad actors and incompetent have been incentivised to keep on failing whilst productive, law-abiding savers have been disenfranchised and stolen from ... bailouts and inflation.

Krugman was not just an apologist for this criminal behaviour but a vociferous proponent and political activist in many ways. He should be indicted imho, leaving academia in disgrace is too good for him.
1074  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 15, 2014, 02:32:11 PM
Timothy B. Lee is also having a hard time seeing the blockchain being used for smart contracts:

https://twitter.com/binarybits/status/489034866085093376

On this one I agree with him .. it will be on the Namecoin blockchain. It has more space and tools set-up to store title hashes already, also it is merged-mined with bitcoin so provides a similar level of hash-power security.

Smart contracts will be better performed by low computational cost transactional servers like openTXS servers, with linkages to hashes anchored in the namecoin blockchain.

None of this is new but people chose to listen to fairy tales instead of putting in the hard yards to understand.
1075  Bitcoin / Project Development / Re: Sigsafe: An electronic key tag for signing bitcoin transactions on: July 15, 2014, 06:07:35 AM
Looks like some interesting kit.

So all open source? Which license?
1076  Bitcoin / Project Development / Re: [announce] Namecoin - a distributed naming system based on Bitcoin on: July 14, 2014, 08:44:11 AM
Who are devs of Namecoin?

that's a moving target ... there are few of us, some come and go too. Some disappear forever Sad
1077  Bitcoin / Bitcoin Discussion / Re: Time is Running Out for Mark Williams Prediction of a $10 Bitcoin on: July 14, 2014, 06:23:17 AM
We get it (and he gets it). The guy is going to be proven wrong. Let's stop beating this dead horse, or risk making ourselves look like spiteful asses. If you care enough about him and feel like you must act, here's a suggestion. Tip him, make a donation in his name to Sean's Outpost, or do something that might welcome him into the community. Do something positive for a change.

Yeah, right after he honestly and rightfully admits to all his motivations and agendas .... like that he's a paid shill for the bankers ...
1078  Bitcoin / Project Development / Re: [announce] Namecoin - a distributed naming system based on Bitcoin on: July 13, 2014, 05:53:21 PM
Well done domob, the vision becomes reality ... might be sending a tip to id/domob now it is so easy Wink
1079  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 02, 2014, 10:21:12 AM
Peter R.

Quote
From the feedback control theory perspective, bitcoin seems to represent a pole in the right half-plane of the world's monetary system.

... this was gold Smiley

For those who didn't study control theory http://en.wikipedia.org/wiki/Nyquist_stability_criterion ...
Speaking of feedback control theory, it's too bad Satoshi didn't have more experience in that area. If he'd ever tuned a PID controller, then maybe the difficulty formula would have included both a P and an I term.

Not that 8 minutes block intervals are necessarily a bad thing, of course.

Maybe he did and decided that "perfect" is the enemy of the "good enough for now"? ... and pull requests on tangible improvements can theoretically still make it through the political scrum on github/bitcoin?

1080  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 02, 2014, 05:46:34 AM
Peter R.

Quote
From the feedback control theory perspective, bitcoin seems to represent a pole in the right half-plane of the world's monetary system.

... this was gold Smiley

For those who didn't study control theory http://en.wikipedia.org/wiki/Nyquist_stability_criterion ...
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