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461  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 07, 2015, 05:22:11 PM
Bitfinex continuing to drag everyone up.  Don't hesitate.
462  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 07, 2015, 06:27:24 AM
Black holes everywhere:

463  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 07, 2015, 06:18:08 AM
There's that sweet smell again:

Euro-Area Prices Seen Falling as Risk of Deflation Spiral Mounts

http://mobile.bloomberg.com/news/2015-01-07/euro-area-prices-seen-falling-as-risk-of-deflation-spiral-mounts.html
464  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 06, 2015, 10:03:14 PM
Bitfinex continuing to jam forward
465  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 06, 2015, 09:06:48 PM
Looking before the Scaling Up Leap

http://gavintech.blogspot.nl/2015/01/looking-before-scaling-up-leap.html

466  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 06, 2015, 07:23:51 PM
keep buying
467  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 06, 2015, 06:18:15 PM
Dow -202
468  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 06, 2015, 06:16:20 PM
Jorge, why do you keep ignoring the data?  in fact, this chart has been distributing out more evenly for over a year now:

469  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 06, 2015, 04:45:23 PM
Dow -141
470  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 06, 2015, 03:12:13 PM
pretty soon they'll be giving the stuff away:



hey, but as long as gubmint gets theirs:

471  Economy / Speculation / Re: sidechains discussion on: January 06, 2015, 04:32:47 AM
Your prose is amazingly polished and clear. You are a professor of something. Philosophy is my guess
Uh, thanks! Yes, a prof of Computer Science, at a public univ in Brazil.

prof. bitcoin troll. ... all of your claims in that lengthy (worthless) prose are unsubstantiated of course.

I wouldn't say it was worthless or unsubstantiated, but a little mislead.  The main point being the lack of decentralization and the need to trust 3rd parties (mining pools).  However, you could say that regardless of how decentralized bitcoin is or was, it always relies on miners (pools) to secure the blockchain, whether this is 4, 40, 400, 4000 etc.. regardless of the #, they could at any time decide to collude for 51% hashing power.  There is no incentive for pools to conspire and regardless of the number of pools needed to reach 51%, there will always be a certain # of pools that "could" conspire.  There are 4 US banks that could conspire to destroy the USD, but what incentive do they have to do so?

now imagine eying a SC for possible attack if you're a large pool.  esp a SC like Zerocoin which, if you're a US based pool, was made illegal by the US gvt.  you see thousands of scBTC riding Zerocoin yet you can't participate b/c you don't want to go to jail.  what might you do?
472  Economy / Speculation / Re: sidechains discussion on: January 06, 2015, 03:09:44 AM
It looks like POS coins might be your thing. What do you think about Bitshares?
I know practically nothing about PoS coins; unfortunately the forums I have been reading only mention them to dismiss them.
Do you think that PoS solutions are immune to miner centralization?  Or will centralization only be delayed?

while certainly eloquent, you admittedly and surprisingly have very little knowledge about many of the ancillary branches surrounding Bitcoin.  before making rash judgments about Bitcoin, you'd be wise to research and understand how these alternative systems fit into and interact within the cryptocurrency space.  by doing that, you will get a much bigger and more accurate picture of how Bitcoin compares and contrasts. this is very critical information b/c one of the cardinal investment principles that i often parrot around here is that "most investors in the cryptocurrency space are going to lose money".  i say that b/c i have significant experience investing in markets and this seems to be a universal rule.  it makes sense b/c not everyone can get rich, not even most everyone.  in fact, only a small %.  bull mkts buck most investors off several times on the way to their tops.  which is why we have, for the most part, a small % elite class in every country you might care to name (ignoring of course crony capitalism).  once you realize that so many ppl are losing money on so many altscams you realize that the simplicity of Bitcoin is a beauty to behold and has fooled so many ppl, esp geeks, who think their time has come and they can design and deserve their own money making systems that cannot possibly lose since Bitcoin and tech are right up their alley.  it's quite striking.
473  Economy / Speculation / Re: sidechains discussion on: January 06, 2015, 03:01:43 AM

I read that article before.  It is mistaken; users do not have voting power, because their only options are give in to the cartel or lose their coins.

how can you be so blind as to not see there is a 3rd option for users which prevents the miners from exercising this cartel gambit:  SELL.

if users get the sense that there is any funny business going on with the fundamental process of fairness and honesty that was "sold" to them in the first place when researching open source, transparent Bitcoin, they will "get out" by selling their coins.  this would crash the price and all the profits the miners were hoping to harvest would vanish in a second along with the multi-millions they invested in their mining equipment.  we know this b/c it is a voluntary system that has grown from nothing precisely b/c of these promises.  which is, btw, why i have such a problem with BS inserting a change into the source code meant precisely to benefit their business model.
474  Economy / Speculation / Re: sidechains discussion on: January 06, 2015, 12:48:27 AM
massive misunderstanding

back to troll
475  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 06, 2015, 12:32:08 AM
that's interesting.  i tried listening to that video of SNARK and boy was that complex.  certainly not yet developed.

but let's say SNARKS do come to fruition.  wouldn't it be better to integrate it into Bitcoin if possible?  this would prevent existing cold wallets from having to migrate to the SNARK SC which would save alot of ppl time and headache, not to mention all the ppl who WON'T have heard of this new SC and the need to move their BTC. 

if it turns out SNARKS are not implementable into Bitcoin and are somehow able to prove that it's functionality is SO MUCH better than Bitcoin, then maybe.  we'll have to see about that.

but that's not really what we're talking about here.  we're discussing spvp, a 2 way peg.  if what you're talking about comes to fruition, we'd be only needing a 1 way peg, which technically is simpler and probably safer for Bitcoin MC.

I do not agree with red underlined sentences.

 - SNARK is developed
 - cold wallet and exchange account are 2 different things
 - there is not problem to add/implement OP_SNARK_VERIFY into bitcoin
 - 2wp is just fine  1-way) deposit  and 2-way) withdraw

tell me what a SNARK allows. 
476  Economy / Speculation / Re: sidechains discussion on: January 06, 2015, 12:26:00 AM
with anything new like this, i'm interested in knowing the upper and lower bounds of the IBLT data size.

lower bound:  theoretically, as the UTXO set difference shrinks to zero with 0 network latency, the IBLT will shrink similarly but can never reach zero since it has to at minimum relay enough data to convey the exact subset of tx's included in the miner's block.  how small can this data get esp in relation to the avg block size now?

upper bound:  if the UTXO set difference is 100%, how big does the IBLT data size get?  or does the entire IBLT concept fall apart at some intermediate set difference?

OK, so the bounds.

Note that UTXO is unspent tx outputs held in the blockchain, but unconfirmed tx are in node mempools, pending inclusion into the blockchain by miners.

man, that is depressing when one sees "un_" and extrapolates everything to mean the same thing after that Tongue  of course you're right.

but aren't UTXO also held in memory?:

UTXO are tracked by every full-node bitcoin client in a database held in memory, called the UTXO set or UTXO pool.
http://chimera.labs.oreilly.com/books/1234000001802/ch05.html#tx_inputs_outputs
Quote

What Satoshi achieved with his PoW blockchain breakthrough was consensus on the whole transaction history, and resulting UTXO. I think of that as the steel-work in a skyscraper. What IBLT does is go to further by enforcing consensus on unconfirmed transactions, it pours concrete into that steel reinforcing. This is a significant improvement to cryptocurrency, but it is truly effective only at high volumes, volumes too high for the existing standard method of block propagation.

i assume you mean high volumes of unconfirmed tx's.  if so, how do we make the transition from the existing standard low volume method to IBLT?
Quote

The reason is that right now the whole network could agree on the same 2000 unconfirmed tx, real-world business, but the next block mined can contain none of them. It could be full of previously unknown gambling dice-bot spam tx, a set which is 100% different. Because these tx validly spend UTXO, then the block is accepted, and the 2000 unconfirmed tx have to wait for the next block.

how is this possible?  i thought the unconf tx sets differences were supposed to be currently quite low which is the reason for IBLT in the first place? (sounds like you're saying we, in fact, don't have enough volume to make IBLT practical as of today)
Quote

However, when blocks are too big to propagate in the existing method, and require IBLT, then miners have to rely on the majority of the nodes knowing their unconfirmed tx in advance, they can only include a few unknown tx as the more unknowns they include the more likely their IBLT will fail to get decoded, and it gets rejected.

so how do miners know which unconf tx's are known vs unknown, ie, which to incl in the IBLT to enhance block acceptance ?
Quote

I expect IBLT blocks to be a constant size, starting at about 500KB or 1MB and staying at the same size for a long time, then increasing in steps, perhaps doubling after a number of years, just as the block reward halves periodically. A 1MB IBLT contains about 1500 differences, which means a 1% difference in mempools allows for 150,000 tx or 60MB disk blocks. A 32MB IBLT could support 3GB disk blocks, or 20,000 TPS, as by then differences of <1% should be the norm.

how do you arrive at 500KB or 1MB?  or are you just using the current 1MB block limitation of today into which you would fit the IBLT?  so are you saying that a 1MB sized IBLT equals 1500 diffs or an estimated 1% difference in unconf tx sets across network nodes or an equivalent 150,000 tx's block?
477  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 05, 2015, 09:59:45 PM
What can she actually do, though?

she's a woman.  she'll tell you when she's good and ready.

Have you checked?  It's not clear to me just by looking.



lol, as obnoxious and nonsensical as you can get, i've been roflmao with several of your posts this last week.

have you been drinking again?
478  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 05, 2015, 09:54:31 PM
What can she actually do, though?

she's a woman.  she'll tell you when she's good and ready.
479  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 05, 2015, 09:45:47 PM
Rates will have to rise and after a few raises we will finally see more qe and final collapse of trust
The consequences of resuming QE are unaccceptable.

So are the consequences of not resuming QE.

Must be fun to be in any kind of decision-making position at the Federal Reserve right now.

I heard an interesting theory on a podcast the other day which matched my observation. Every Fed head has their crisis with which they are forced to deal with and given that's a fact, they prefer to take it early on in their term so they can clean up before the next head comes in. Nows the time for Janet.
480  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 05, 2015, 09:41:13 PM
The USD desperately wants to appreciate.

The reason the USD lost so much value over the last century was due, not to base money printing, but to credit expansion, a.k.a debt issuance.

Debt is temporary. It's either repaid, or else defaulted. Either way of resolving debt shrinks the money supply as much as the original issuance expanded it.

As long as the population was growing, and as long as the middle class had positive savings, it was possible to expand credit. Now both conditions are no longer true.

Since it's no longer possible to continue credit expansion, the only way to stop the deflation caused by debt repayment and defaults is to print more base money (QE).

When QE stops, the USD resumes its natural appreciation.

Exactly with an additional subtlety. Not only does the Fed have to print, they have to stimulate confidence because they can never print enough to fill the debt hole  and especially the derivatives mountain. If anything, the last 6 years has shown dubious levels of confidence, if any, along with demonstrably worse real wage growth. The Internet has spawned nearly instantaneous documentation of all the stealing going on.

The last few ramps this year have been nearly vertical short squeezes by the invisible hand which shows increasing desperation, imo. Now is the time to be cautious.  

sidhuajag, I really don't think you're gonna find your masses piling into a final blow off top.
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