Well, lets examine the possibilities in case Satoshi's coins are lost for ever (either Satoshi is dead, or he has lost the private keys). That means that out of the 13 million Bitcoins currently in circulation, some 8% are taken out. It will boost the value of the remaining 12 million Bitcoins.
I think that some 3 million "lost" coins, including "Satoshi's" are already priced into the current market rate. |
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Address 454HDLDtqCLS24EsDAYorf9QAVkNqQPdJTaEBrdi9pVELUH6ZSU37VqV8UAoTYV7kX34w1NvpPrrM7F RA9BwWS8nFCGtWEK: please stop trying to mine on MoneroPool.org with simpleminer! Use cpuminer-multi instead.
cant you just disconnect him? I've added a rule to iptables to drop all connections with "simpleminer" in the HTTP request, but it just. won't. work.  DROP tcp -- anywhere anywhere tcp dpt:5555 STRING match "simpleminer" ALGO name bm TO 65535 The server is being flooded with this stupid lazyminer. Can't you find his IP and have the server block it completely? |
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Just head over MRO! It has volume:) Hope you guys have a bit of it at least, just to hedge your position in case the return of the Bytecoin dev doesnt come true.
Oh and btw, nice reddit Strange! It's full of fantastic stories. I had a nice read, thanks!
I wouldn't worry about the Bytecoin developers, they are working on the coin (there are no signs of it stopping) and will release good stuff. The Monero developers are also adding good stuff too, I expect these two coins to grow together, using parts from each. I personally won't invest in Bytecoin, I've made that point clear many times. However I see no signs of the developers of this coin going away. So stop worrying people! Remember that the developers of Monero and Bytecoin will release their code when it's ready and will not over promise on features. These both are not pump and dump coins so don't expect to see the developer worship here or crazy features for no reason over than pump, pump, pump. These both are good solid coins and will do well. Please remember that the main areas of development rests mainly with the core code first, transaction processing, the blockchain size, etc... The last thing the CryptoNote coins need is a GUI right now so it "takes off" and then we get hundreds of complaints about problems with the chain and stuff. These cryptonote coins are actually anonymous, in time they will shine. Marketing something that isn't ready for prime time can be problematic. |
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Is there an eta for the release of the mixing node code?
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Ok, someone please ELI5, I'm just trying to understand what is going on:
Is the above mentioned movements of coin looking like Ken is trying to move out funds to hide and/or vanish with?
AND, why can't He or any one of these turds in this business come clean?? FFS.
It's hard to come clean when you're stealing people's money. |
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Just wanted to chime in that Monero is NOT CPU-only, if it hasn't already been covered. GPU MRO mining software just hasn't yet been developed publicly yet.
I just want to point out my views on this particular point. If you read the CryptoNote white paper they discuss how the focus on being CPU only is a good thing, as essentially the mining is like voting, voting for transaction order, for things to be added into the coin, etc... I believe this is a flawed premise based on the existence of cloud services and botnets. The cloud one is particularly important as it simply states that whoever can buy enough instances for that time (that a feature gets added?) they decide the final fate. I also believe ASIC mining is of a negative nature because it concentrates power into several manufacturing bodies and they always sell the miners above the cost they run their own farms. I think that GPU mining is the best mining paradigm at the moment. Perhaps the idea of the proof of work being useful that also isn't gamed could also be worthwhile. The reason I replied here is that, a lot of people might panic when the first Monero miner comes along, I say this: don't panic, it's for the best. The only way the GPU one becomes questionable is if the GPU manufacturers start their own farms for below the cost of retail. I hope that never happens. (If someone has a good argument why that won't happen I will be happy to hear it.) |
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Surprised not to see a spike in share price after the latest hashfast news.Best news this company has had in months - maybe ever!
What news? That a competitor is likely to take on all of Hashfast's customers? |
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I am not at all concerned about Satoshi becoming some boogie man and suddenly crashing bit coin. As with any market it would recover and find value at the place price meets demand.
Exactly. Any sane Bitcoin user would love Satoshi to crash the price, each time the coins become owned by more and more people. Fear of the Satoshi crash is irrational. The only fear is large holders that control both the buy and sell sides manipulating the price to increase their stash. Because Satoshi is already so rich he doesn't need to do this and thus we have nothing to fear. |
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The only thing that makes me wonder if hes dead is the fact that he hasnt spent any of his coins. I just cant understand that.
I must admit that does make me wonder too. This community would go into meltdown if those coins ever moved. Can you imagine how many threads there would be and the excitement in trying to follow them? He most likely has spent many of his coins. The coins mined much later when many people were involved. It's only his first mined coins that haven't moved. No one knows anything about the coins Satoshi was mining late 2010. Thing is, he could have sold $10,000,000 of bitcoin and you would never ever know. He wouldn't be so obvious as to sell or move his signature early coins! (That had a convenient footprint in the nonce or something.) I'd imagine if that footprint is true, Satoshi did it on purpose to hide over coins he mined with no tell tale sign. |
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some kind of voting system based on the number of bitcoins a person owns?
This sort of system would inadvertently profile all the Bitcoin users that voted on the site. Many large holders don't want the world to know they are large holders. You transfer one satoshi from every wallet you own and the API checks the balance and for each bitcoin you own you are allowed a single vote. (also transfer it back not looking to make money)
No need for this (Remember you'll never get the tx fee back anyway) Instead just have users sign a message to prove ownership of address. Also this is impractical, as a large bitcoin owner has their wealth spread over thousands of addresses. (Also is easy to game, as the bitcoin user can resend coins to a new address after signing his proof and do it again and again, thus gaming your voting system) Good luck!  |
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The only chance of Bitcoin dropping to $10 is if an early investor tosses 2-4 million coins on the market all at once.
I'm not sure that many early investor coins exist. 1 million are Satoshi's. 1.5 million are lost from the first miners. I know that the top members of the Bitcoin rich would be just over a million coins (excluding Satoshi.) So if Satoshi and all the Bitcoin rich were to dump, that would be 2 million coins, this would also be a grand redistribution of wealth and I would imagine the price would recover fast and rise to a all time high too. We can only dream for such a dump, but it'll never ever happen. Ever. I think a dump of 100,000 bitcoin on bitstamp would bring the price to $10. However whoever did that would be throwing away 80% of their wealth for no reason, the price would again recover very quickly. |
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Do you really think that its mood here for huge-ass memes and pictures? Some of us are in 6-7digits loss.
Well that's idiot trolls for you. When I had a 6 digit loss on ActiveMining it was just months and months of trolls, meme pictures and people that just wanted to rub it in even more. Welcome to the internet, where your loss is their gain, even if the gain is just a smile on their shitty little faces. |
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Gallo also said that HashFast’s desire to convert from the involuntary Chapter 7 bankruptcy that it faces at present to a Chapter 11 bankruptcy protection is in the interests of his clients.
“In my opinion [HashFast] had to sell chips to raise money to get into Chapter 11,” he told Ars. "HashFast has these chips, and the way to maximize value is to put those chips to work mining bitcoins. And I think what is most likely is some sort of a plan that will raise the money to mine Bitcoin, to pay its debts. They need to be able to pay their bankruptcy lawyers and payroll to have it not be a disaster. The reason the creditors agreed to the sales in my opinion is that the best interests of the creditors are best served from a well-run Chapter 11. Most of my clients are individuals with relatively small claims.”
So when do we find out that ActiveMining will serve all hashfast customers? |
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I became a supporter of BCN yesterday...to me the protocol and name make sense. Coin's got potential. The premined accusations are unfortunate, but people need to just look at the blockchain for themselves to make a decision. I see that 154billion/184billion have been mined but it looks like it was done over a period of two years. Once the DRK hype dies down, many more will be buying this coin in the next few months.
Yes yes, it was done over two years. Now go and look at the difficulty over the two years. The difficulty remains unchanged for 90% of the coins life. I read that as the same person or person mined using the same hardware for all this time. There was no growing underground usage of the currency. It's probably been in some universities computer lab for the past two years as an experiment. If the coin was mostly mined in a lab with unchanging difficulty and with no way for an inquisitive individual to ever find out about it, to me that is a premine. |
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Take this into account, 1000 users possess with 40% of Bitcoin. Bill Gates alone has 5% of all dollars. There is always somebody who owns a significant amount of the asset.
This is completely false and misleading. Bill Gates has most of his wealth in stock (assets) and even if he converted it all into USD, he would only have <2% [1] of the monetary supply but no control [2]. Bill Gates has the same value as 0.13% of the networth of the USA measured only in households and non-profit organizations [3]. Bill Gates has the same value as 0.5% of the value of the companies on the New York Stock Exchange [4]. [1] http://www.tradingeconomics.com/united-states/money-supply-m0(70,000 mm / 3,930,662 mm = <2% percent.) [2] (The Government controls the supply and can decrease or increase supply at will, obviously a bad investment vehicle.) [3] http://en.wikipedia.org/wiki/Wealth_in_the_United_States($70 billion / $54.2 trillion = 0.13%) [4] http://en.wikipedia.org/wiki/New_York_Stock_Exchange($70 billion / %16 trillion = 0.5%) |
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As bitcoin begins to really ascend, what do you all see happening to the price of alts in bitcoin terms?
I see the prices in btc dropping a lot, but in $ rising. In a way this might be starting.
Imagine bitcoin a $6,000, i sust can't see alts keeping up there, and nor would all
Be worth it. I think we will see a falling out imo of many lesser alts. I think
This will be market driven through dumping the alts back into btc.
I thought that would be the case last year, but then somehow PPC, LTC and some others somehow rose in line with Bitcoin and increased their own USD valuations by massive amounts. I see last year as a test that set precedent for the movements of the alts. Of course we cannot be certain this will always be the case. |
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The economic incentive for new users to invest in this coin is close to nothing with 83% premined by unknown individuals. Those preminers also know that. Now that Bytecoin has come to fame the only way to ever increase their holdings again is by either putting new useful code up OR deleting their huge premine in a provable way to restore confidence and drive up price through scarcity. The latter seems the more important because new code would just be copied sooner or later by its competitors.
The only question is: HOW WOULD THEY PROVEABLY DELETE THEIR PREMINE?
In Bitcoin the standard procedure would be to send their coins to some terminator address (with unspendable outputs like 1BitcoinEaterAddressDontSendf59kuE).
The proof would be in the blockchain. But with CryptoNote there is no proof that funds have been sent to such an address. So how would it be possible?
I don't know how often I have to state this, but just because you didn't know of the coin when it launched doesn't make it a pre-mine. Although whoever mined BCN used the same hashpower for two years. It wasn't a growing underground phenomenon. |
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i am not in the irc chat - is there something fundamentally broken or other fud? or is this just market madness?
There is FUD at the moment going on about Bytecoin, that CryptoNote based coins have a backdoor. https://bitcointalk.org/index.php?topic=512747.msg7018325#msg7018325Personally I think this is a load of rubbish, many people here have read the entire codebase [1] of Monero (that is mostly the original CryptoNote implementation) and there seems to be no evidence of these special keys. [1] I am sure I heard that some of the Monero developers have been over the code. I wouldn't mind this being confirmed again. |
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In terms of price, both scenarios are damning:
1) If 80% of the coins still circulate, the potential for dumping on new-arrivals is massive. Who would touch BCN for investment when dumpers are waiting? The assurance of "ok we'll not dump on you"?
2) If 80% of the coins are destroyed by some secret way, trust to the currency is zero.
It's actually worse Alex, it's not 80% of the current supply, it's 80% of the entire supply that will ever exist. Right now it's probably about 99% of the supply. Just calculate how many BCN's have been mined in the last 10 weeks and compare that to the 150,000,000,000 premined coins. |
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Dividends might help, but probably not.
The only the keeping the shares this high is the potential 8 month dividend. I expect share price total collapse the moment we get pur satoshi dust. |
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