Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[JorgeStolfi]

As said before, the "small group" [ that could take control of bitcoin ] will be the top 4-6 miners, who already have enough power to overcome all the others.

That is a paradoxical thing about the bitcoin protocol: no matter how massive he mining network, there will always be a potential enemy with the all power needed to take control of it.  Just as, no matter how big of an army a country has, it will never be big enough to protect it from a military coup...

Yes but, notice, that countries with small armies, do exist.

Sure, a bigger army could , right now, tomorrow take over the whole world, and then a little country would not have the ability to "protect itself" but do you notice, that the people of Luxemburg, the people of Ireland, the people of New Zealand, manage to get to sleep just fine.  

Whether big armies are good or bad is not the point.  The point is that, no matter how big or small is the network (or the army), the risk of one part of it taking power and defeating the rest is about the same.  In other words, a bigger network (or army) may offer more protection against attacks from outside, but not against attacks from inside.  There have been military coups in countries of all sizes, from tiny Pacific(!) islands to large countries like Brazil, Pakistan, Indonesia, ...

[inca]

28382 USD
15.41 BTC

roughly the daily swap interest payments

Very roughly!

[camolist]

Very roughly!

lol. well i cut off the decimals 

and it changes by the minute

[Ask Ken About Love]

I'm'a gunna go ahead and type up some mildly insulting faggotry here

I like that retarded thing that you typed up, because I am a visionary much like yourself.  I rebelled against society at an early age by huffing gasoline & not getting brainwashed in gubermint schools!  Let's bond and reassure each other we're not rubes who, once again, got suckered into a ridiculous get-rich-quick scheme that's fucking falling apart, just like the grownups told us it would.

If not for you
The winter would hold no spring
Couldn't hear a robin sing
I just wouldn't have a clue, if not for you

I love you guys!

[YourMother]

SOON...





DOOOOOM!

[Cconvert2G36]

No mention of this d00d today?

[JorgeStolfi]

Why do you presume you have the consensus on your side? Do you think a majority of the users/miners/pools will suddenly adopt your, or a like minded model?  You come across with great egotism and hubris, like you have all the answers. As if no-one has ever dared deliberate your concerns.

It seems you too jumped into the middle of the discussion?  I am not proposing anything, or trying to convince any miners or users about anything,  I am just pointing out that the common claim "a mining cartel with 51% power cannot change the protocol"  is based on simplistic and optimistic assumptions about what the cartel may want to achieve, how that "attack" would be carried out, and how the community would react to it. 

Claim:
  Even though the front door does not lock, burglars will not enter the store at night through it.

Proof:
  The door opens out, not in.  if a burglar tried to walk through the door, the door would stay shut and he would crash into it.  Since the door is harder than his bones, he would hurt himself badly.  His friends do not want him to get hurt, so they would call the cops to come and arrest him before he gets to the door. QED.

To me, the standard argument used to dismiss the "51% takeover risk" sounds about as logical and convincing as the above, sorry.

[Tuck Fheman]

If I do not get some DOOOOOOOOOOOOOOOOOOOOOOOOOOOOM and soon....

[Cconvert2G36]

Does the burglar's booty bag become worthless when he steps over the threshold?

[ChartBuddy]

Coin
Explanation

[EpStROM]

If I do not get some DOOOOOOOOOOOOOOOOOOOOOOOOOOOOM and soon....

That's an optimistic price. 

[BlackSpidy]

No mention of this d00d today?

Why? what's up with that d00d?

[Xiaoxiao]

I've been thinking, and it seems the bitcoin market is really really hyped up, but bitcoin's actual uses: a small pool of gamblers and addicts. That is it. Until it is used for real buying and selling (which it is not in the least bit) I think the price could go to as low as $20-$50.

[Cconvert2G36]

http://siliconangle.com/blog/2015/01/26/colorado-man-facing-5-years-jail-for-buying-and-selling-bitcoin-without-a-license/

http://www.jmwagner.com/

[BlackSpidy]

God damn it. Governments can't be trusted. Urgh. I'm so sick and tired of the shit they get away with. It's days like this when I wonder... Is ignorance bliss? I mean, am I really that less vulnerable by knowing what they can do?

[ChartBuddy]

Coin
Explanation

[SilenceOfTheLamb]

God damn it. Governments can't be trusted. Urgh. I'm so sick and tired of the shit they get away with. It's days like this when I wonder... Is ignorance bliss? I mean, am I really that less vulnerable by knowing what they can do?

If you can't trust your government, who could you trust??  
I'm starting to think this world just ain't as fair, kind and infinitely hospitable as I was previously lead to believe
What's going on here, BlackSpidy?  Is it really the Jews with Thermite again?
What's To Be Done?!

[WeltMaster]

http://siliconangle.com/blog/2015/01/26/colorado-man-facing-5-years-jail-for-buying-and-selling-bitcoin-without-a-license/

http://www.jmwagner.com/

Holy shit

"This attack has wiped us out financially. We were doing well before the government attacked us. We are not doing well now."

[bassclef]

http://siliconangle.com/blog/2015/01/26/colorado-man-facing-5-years-jail-for-buying-and-selling-bitcoin-without-a-license/

http://www.jmwagner.com/

Holy shit

"This attack has wiped us out financially. We were doing well before the government attacked us. We are not doing well now."

That's BurtW, no? He is a pretty well-known localbitcoins trader around here. Obviously setup and then nailed for money laundering... ouch. I feel for the guy and his family.

[Cconvert2G36]

There is a venn diagram out there. Of people who knew about and owned bitcoins in 2011, and US citizens that don't know or care that OTC trading of bitcoin is regulated by federal and state money transmitting laws. Bruce occupied part of this cohabited space.