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721  Bitcoin / Development & Technical Discussion / Re: Why is block creation limited to one every ten minutes? on: April 12, 2013, 03:40:49 AM
Related:
https://bitcointalk.org/index.php?topic=6373.0
https://bitcointalk.org/index.php?topic=4382.msg67351#msg67351
722  Bitcoin / Development & Technical Discussion / Re: Why is block creation limited to one every ten minutes? on: April 12, 2013, 03:36:40 AM
A good question. Fortunately, Satoshi answered it while he was still around:

https://bitcointalk.org/index.php?topic=134451.msg1432372#msg1432372
Quote from: satoshi
Quote from: Mike Hearn
Another is the 10 minute block target. I understand this was chosen to allow transactions to propagate through the network. However existing large P2P networks like BGP can propagate new data worldwide in <1 minute.

If propagation is 1 minute, then 10 minutes was a good guess.  Then nodes are only losing 10% of their work (1 minute/10 minutes).  If the CPU time wasted by latency was a more significant share, there may be weaknesses I haven't thought of.  An attacker would not be affected by latency, since he's chaining his own blocks, so he would have an advantage.  The chain would temporarily fork more often due to latency.
723  Economy / Speculation / Re: Since Gox Reopned.. on: April 12, 2013, 03:14:35 AM
I look at it as entertainment. Bitcoin = drama = entertainment.

Popcorn time
I think we can both agree to that!
724  Economy / Speculation / Re: Since Gox Reopned.. on: April 12, 2013, 03:09:01 AM
Better than I expected. This is really strong opening ... Bodes really well ...
No, it doesn't. God dammit, guys. This is what happened last time MtGox was closed for an extended period, and it resulted in five months of slow descent.

Gox was closed this time for 12 hours....in june 2011 it was 10+ days.

I was there....not sure what you are referencing.
Psychologically, the events are pretty similar.
725  Economy / Speculation / Re: Since Gox Reopned.. on: April 12, 2013, 03:05:18 AM
Better than I expected. This is really strong opening ... Bodes really well ...
No, it doesn't. God dammit, guys. This is what happened last time MtGox was closed for an extended period, and it resulted in five months of slow descent.
726  Economy / Trading Discussion / Re: Getting Verified on: April 12, 2013, 02:43:48 AM
I think you just need the person listed on a proof-of-residence to sign the proof saying that you live there. But you should check with MtGox support to see if they still do this.

Also, they accept any of the following (mailed in the last 3 months) if they have your name and address:

- Monthly utility bill
- Internet Bill
- Cellphone Bill
- Tax Return document
- Residency Certificate
- Voting registration form
- Medical insurance
727  Economy / Speculation / Re: MtGox 2 UTC Lagging as fuck xD on: April 12, 2013, 02:00:41 AM
GOXXED!
728  Economy / Economics / Re: MTGOX reopens - Reported LAG on bitcoinity, still several seconds! Incorrigible on: April 12, 2013, 01:58:57 AM
What you're seeing are Dwolla deposits hitting and triggering a trade. Apparently that still works even when the trading engine is disabled...
729  Bitcoin / Bitcoin Technical Support / MOVED: Bitcoin.in.th Reviews, Testimonials & Comments on: April 11, 2013, 09:08:58 PM
This topic has been moved to Service Discussion.

https://bitcointalk.org/index.php?topic=156402.0
730  Economy / Speculation / Re: 2011 survivors club on: April 11, 2013, 05:51:09 PM
Remember how people were always saying that Bitcoin would never see single-digits again? And how, even if it did, it would be for a very short period because everyone would want to buy at that price?

Good times...
731  Economy / Speculation / Re: PROUDHON was NOT RIGHT on: April 11, 2013, 04:31:32 PM
PROUDHON's thesis was BTC would drop by itslef

this was an exchange failure not a BTC failure....
I bet you also think that the drop from $30 in 2011 was because of the MtGox hack... (it wasn't, since the hack actually happened after the 2011 bubble popped and, in hindsight, was already clearly in decline)

No, this was entirely due to speculation. The fact that some kind of bad news happened around the time was just a coincidence. For instance, what if the forking incident had occurred last night instead of when it did? I guarantee that you would be blaming that instead. But, because that happened in the early stages of a bubble, people psychologically framed it as good news.
732  Economy / Service Discussion / Re: MT GOX: Trading is halted until 2013-04-12 02:00am UTC on: April 11, 2013, 04:22:52 PM
"cooldown", with emphasis on down. When you are in a bubble, the absolute last thing you want to do (if you want the price to continue to bubble) is to prevent the market from providing 10% gains every few minutes. Much like how a company can have absolutely obscene profits, but because the profits were only up 10% instead of 15% for the quarter the stock takes a nosedive, the same applies here.

That being said, I see this as a good thing because it will kill the bull's hope faster, allowing us to return to the mean and start the cycle all over again pretty soon instead of having to wait half a year for the slow decline to hit the bottom.
733  Economy / Speculation / Re: We're coming back!! on: April 11, 2013, 06:18:16 AM
aka "return to normal"

Just so you know where on the chart we are...
734  Economy / Speculation / Re: Mtgox statement on facebook on: April 11, 2013, 03:37:57 AM
Have they not heard of Amazon EC2? Google Compute Engine? Heroku? Azure?!

"Adding more servers" - what is it, the 90s? Amateurs..

We've learnt that you can never add enough servers to cope with an unpredictable and quickly-changing demand curve. That's why they invented elastic computing. They add 3 servers now, next month those 3 servers can't handle. So they add 3 more, and so on and so on.
Why yes, they have. They purchased Bitomat after it collapsed because the servers crashed and Amazon couldn't do data recovery because it was in the cloud. So yes, they are well aware of cloud services.
735  Economy / Service Discussion / Re: MtGox claims no DDoS, can other exchanges confirm? on: April 11, 2013, 03:25:29 AM
This very forum can confirm it:
I think that it is legitimate traffic, but there is a ridiculous amount of it: ~250 requests per second.
736  Bitcoin / Development & Technical Discussion / Re: Any way to disable/delay pruning or get pruned trx in bitcoind? on: April 11, 2013, 03:22:52 AM
The txindex command-line or config file option should do this for you.
737  Economy / Speculation / Re: Mtgox statement on facebook on: April 11, 2013, 03:19:40 AM
As I said in another thread, they need to get 10 times more servers than they think they need. Gox never seems to be up to par, its like they are ALWAYS playing catch up.
They did. In fact, they had much more than that. As they said, in just the last day the number of trades tripled! It's truly amazing that they scaled as well as they did.
738  Bitcoin / Bitcoin Discussion / Re: Memories of a Mania on: April 11, 2013, 03:09:45 AM
Quote
This was cult-like behavior:  rather than believing someone who was bearish had analyzed the data and come to a different conclusion, and that perhaps you could learn from this person, the bear took on a moral quality.  He was a bad guy.  One might even say he was evil.  He's probably motivated purely by nefarious intent.  If he got enough people to disbelieve, those people would convince their friends, and the whole thing would snowball. 

We saw this effect on these very forums during the last mania. Bears were called trolls and silenced.

The sentiment now is not like that. There is much greed, yes, but there is also much fear. Greed might be stronger, but not much so.
...did you even read this thread?

Also, most of the arguments in this thread about how this isn't a bubble can be summarized in two words: "Because Bitcoin". That phrase means just as much in most situations as "because the internet" does - nothing at all.
739  Economy / Speculation / Re: The bubble is bursting—what a relief! on: April 10, 2013, 09:22:46 PM
The most likely thing is that the market won't do what everyone thinks it will. I think it will be a correction, significant, but not 'back to single digits apocolypse'. Suspect we might see a slide back into the 100's, but I think any decline will be short lived as there are still an awful lot of people in the world that need to buy in, and the monetization of bitcoin is far from over.

The fundamentals point to a decline towards some $20. In fact, single digits would not really surprise me either.

I also think that the price decline will take more than 6 months, perhaps more than a year.

I agree that this will not kill bitcoin completely. It does damage to its reputation though.
I very much agree, except that I think the target is between $20 and $30. We've been through this once before, and it resulted in about a 100% increase over pre-bubble prices, so I think this is a fair estimate. Also, since people are denying that we're in a bubble and that it didn't just pop, that means that we're in a bubble that just popped.
740  Other / Beginners & Help / Re: How does the network resolve conflicting transactions? on: April 10, 2013, 09:07:33 PM
Basically, only one of the conflicting transactions can be included in a block. If a miner sees more than one of the transactions before one is included in a block, he could theoretically select which one he wants to try including in the block he is attempting to make (in practice, they select the one they saw first). Once a block is produced, everyone else will consider that transaction to be the only true transaction. If more than one block is produced at the same time, a similar process happens: the next block after that decides which block was the true block. This process continues infinitely, eventually causing everyone to come to a consensus about the history of transactions.

You might find it helpful to read satoshi's explanation when someone asked him this same question (it's somewhere in this thread):
http://www.mail-archive.com/cryptography@metzdowd.com/msg09975.html
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