but in the long term, there is no reason it can't go to 1:1 - however, we are talking 5 years time!  It has a good reason to never go to 1:1, LTC is 4x more abundant. So ? Do you know what is Litecoin ? You are looking at this mathematically, not in business terms. The fact that there are more or less of something is irrelevant to its value if someone has more confidence in one over the other. If I have more confidence in Litecoin than Bitcoin, I will be willing to spend more money for one Litecoin than I would on one Bitcoin. The fact that the 'correct' value for Bitcoin is higher than a Litecoin is your opinion based on the feature that there are less BITcoins, and you perceive no other differences in their features or benefits. The general public are not so logical and might prefer Litecoin because it has a nice logo! |
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So is there a general agreement that LTC will reach $1 within the next few weeks? I see that LTC is the Google of the crypto currency world with Bitcoin playing Yahoo. But all this bickering should just be taken in fun - together they are both stronger. In the long term, I see LTC at around 30% of the value of Bitcoin, due to the coin quantity differences, but in the long term, there is no reason it can't go to 1:1 - however, we are talking 5 years time! |
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nwbitcoin - 1) The miner will also be getting rich. 2) That feeling of know you are helping others (but more importantly, the more resources you have, the more you can adjust inflation).
Its socialism in everything but name! I wouldn't not sign up for it. The miners are helping other people as things are because they are creating the coins in the first place. Taxing them for the common good is no good to anyone. Ever wondered why socialism doesn't work? Its because they always run out of other people's money! |
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In the real world, governments rarely ban things, but they do make life very difficult unless you change your behaviour. Its when you don't change your behaviour that they start banning things, but generally only in a way to help you change your behaviour!
For instance, if they banned Bitcoin, it would cause an outcry. However, if you increased the regulation demands on banks who convert Currency to Bitcoin, they would make using bitcoins more hassle and expensive. That would be enough to ensure it wasn't a popular choice for the mainstream - and that would be enough for the government.
Giving a bunch of anti government types hope is a far easier way to keep people under control than to close the door on them and not knowing what they are doing otherwise!
Which is why bitcoin wont get banned - at least in Europe - I don't know if the US government is as subtle!
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The reality is that crypto currency is bitcoin and litecoin. Bitcoin gets the spotlight, but Litecoin is learning how to do things correctly, never making the same mistakes. If things had been planned like this, it couldn't have been done any better! The result is that both will grow to be able to handle everything thrown at it - although in the long term, I have a feeling LTC might be more valuable on a day to day basis! |
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The blocks have a facility to add text, so would it be possible to add a log data health check for the quality of the network?
Think of it like the way SMS came from an engineer data status port.
If its automated, you don't even need special people!
Or does something like this already exist?
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In light of the coming Bitcoin collapse, I have a new proposition:
Now that here are some major inequities with the current Bitcoin system, which I why I am I proposing a new one – Capitalist Coins (or Capcoins for short). In the branch I am working on, when a block solution is found, an equal number of Capcoins are distributed to anyone who is connected to the network at the time. Additionally, some will be deposited into a fund that will pay out to people who were not on at the time, but were recently connected. I believe this is a much fairer system then the current system, because ASIC users would be able to contribute more for everyone (there would be no difficulty adjustment – more power = more rewards for everyone) rather than using their rigs just for themselves.
Would anyone be interested in a using a system that promotes true capitalism and is much fairer?
Before you say this system won’t work, I can guarantee high returns once enough people switch over.
It will not work - why would a miner spend his energy to make other people rich? Its not April 1st for another few weeks!  |
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Litecoin only escaped because it hasnt been updated to the latest codebase.
Even if it had been odds are we would have found the bug in either BTC or LTC first. not both at the same time. Bitcoin is litecoin's testnet  In all senses - technical as in today, commercial in the sense of no SD or SilkRd and political in keeping its head down until its big enough to take over if Bitcoin is mortaly injured by politicians! |
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At the risk of repeating myself: the most likely Satoshi candidate is Robert Hettinga.
It cannot be Michael Clear (among other reasons) because the Satoshi web posts show knowledge and culture dating to the 1980s. Michael Clear is a young man and could not have made those posts which were made by a man in his late 40s or 50s.
Maybe that was a part of the deception, old boy? |
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I've been around IT long enough to know that predictions are the funnies for the next generation! Going on the history of cryptography, an algorithm has a lifespan of about 40 years before brute force is practical, so I would say that if you lose your private key, you are in for a good new year in 2050 or so! Lets at least keep the terminology correct. A brute force on a 256 bit key is impossible by the thermodynamic limit. It is impossible today, it will be impossible in fourty years, and in all likelihood baring some as of yet completely undiscovered energy breakthrough will still be impossible in 40,000 years. It isn't that we haven't yet built fast enough computers it is that even a perfect computer would take more energy than is available in our solar system. If someone sent a 256 bit private key on a spaceship to the nearest star system it would take less energy to simply go retrieve it, then it would to try an brute force it. Now it is possible that ECDSA has a cryptographic flaw, and in the coming years/decades this flaw will be discovered which will allow attacks FASTER THAN brute force attacks which render ECDSA vulnerable. However even if that happens a brute force attack on 256 bit keys will still be impossible. It is also possible no viable attack on ECDSA will be discovered in our lifetime. The point I was trying to make is that technology moves the goalposts. In 40 years time, cracking a 256 will be possible due to some other technological breakthrough such as a 256 hash rainbow table having been invented or because paralleled processing would have reached silly proportions. This will mean that you won't have to break the laws of physics to get your answer. The major downside of many of these predictions is that they always deal with the problem head on, and you don't tend to solve problems head on! More importantly, the core element of bitcoin is not reliant on the crypto algorithm it uses - that can be changed - and as such, future coins will still be safe as these new ways of cracking codes are discovered. |
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I've been around IT long enough to know that predictions are the funnies for the next generation! Going on the history of cryptography, an algorithm has a lifespan of about 40 years before brute force is practical, so I would say that if you lose your private key, you are in for a good new year in 2050 or so! |
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out of interest, would this be a good time to discuss fees in general?
0.01 btc seems a lot to me, the original white paper talked about fees of a cent per transaction.
isn't 0.01 btc closer to 50c?
maybe we could bring both SD and fees into line at the same time?
just my 0.0005 btc
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From a marketing point of view, its a dream to have such a mystery about the dawn of bitcoin.
However, the unmasking of the developers could also be a part of the next stage of marketing. One of the magic of the big tech names is the people behind them. Microsoft has Bill Gates, Apple had Steve Jobs and Facebook has whatshisname!
Linus was the face of Linux, and while he did very little of the day to day work once Linux became mainstream, he was the symbol who helped move the idea to that mainstream takeup!
While trying to sell Bitcoin to the masses, you need more than just a good idea and implementation - you need a great story. The mystery start is a great story, but you do need a famous head to move it forward.
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I do disagree with the idea in general that BTC is "US central" as in when anyone thinks of BTC they think its for Americans. I'd be interested in any evidence to the contrary outside of "most people on bitcointalk.org" are Americans.
The evidence is stacking up in the media. MTGox is moving to the US Wall St is starting to fund Bitcoin ventures Coinlab, Bitpay and even Butterfly Labs are all big name bitcoin companies with strong US connections. I know that there is a bitcoin hedge fund being set up in Malta, and obviously Kim Dotcom in New Zeland, but everything else that is happening to bitcoins seems to be happening in the US I'm not saying its a bad thing, I'm just saying that some people might find that enough of a reason to look elsewhere! |
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There is also a very strong US centric focus on bitcoin, which really doesn't work well in the rest of the world.
I would rather say, that the US has a very strong centric focus on competition, which really doesn't work well for the rest of the world. Bitcoin was born in a competition of ideas, but the process of its development is highly cooperative. That isn't really what I meant. Crudely, anything with a big US flag on it, is generally hated in the rest of the world! Ok, a huge over simplification, but it stands to reason that anything that is too closely linked to a part of the world, will tend to have its lovers and haters. Politics is something you can't ignore when it comes to business! |
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Competition is very healthy even at this stage because we are in new territory. Nobody knows if and when the system is going to turn on crypto currencies, and having bitcoin in the lead, with Litecoin a safe distance behind, does mean that if Bitcoin makes a fatal turn, Litecoin can take another path.
There is also a very strong US centric focus on bitcoin, which really doesn't work well in the rest of the world. Maybe Litecoin will be the preferred option in Europe, and that will be its niche - but for now, lets just let the market decide!
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Everyone talks about all the success stories like its a prediction of where bitcoin is going, but this is not a good way to predict the future.
Generally speaking, only 10% of products that get as far as being launched onto the shop shelves, actually make a profit for their developers. Bitcoin is on the shelves, so its already made it this far. As everyone keeps going on about Apple, lets imagine this could be our ipad, and not our Newton - but we don't know yet!
Reading the bitcoin white paper, its was only designed to be used in conjunction with other systems where faster confirmation and non reversal was important. This was not meant to be a replacement for fiat, even if the potential is there.
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I am saying bitcoin is a step towards having a monetary system that is transparent and publicly owned and operated, and this undermines the current power structure. The ECB report implicitly stated that bitcoin could be a threat to faith in the Euro.
Oh, by the way. Have you *ever* heard from *anyone* that he has faith in the Euro? I mean from a person that has any knowledge of the subject, and is not biased. +1 Lol! |
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