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

[r0ach]

Good articles. I think the PoS∕PoW discussion is next on the list when the scaling issue has been resolved. Hopefully Athereum will have shown that PoS can work by then.

The problem is that closed entropy systems are permissioned ledgers because:

You can define Bitcoin in one sentence:

The purpose of mining is to create a permanent two way peg, decentralized exchange, which thus results in a permissionless system.

[adamstgBit]

Good articles. I think the PoS∕PoW discussion is next on the list when the scaling issue has been resolved. Hopefully Athereum will have shown that PoS can work by then.

The problem is that closed entropy systems are permissioned ledgers because:

You can define uᴉoɔʇᴉq in one sentence:

The purpose of mining is to create a permanent two way peg, decentralized exchange, which thus results in a permissionless system.

its really hard to understand what your saying
POS is 'permissioned ledgers'
where is the central authority?
who gives permission?

[ImI]

Crazy prediction:

Craig Wright IS Satoshi Nakamoto and is going to destroy the Millions of coins he holds to proof it.

he was to lazy to sign a msg?

who said he won't?

[r0ach]

its really hard to understand what your saying
POS is 'permissioned ledgers'
where is the central authority?
who gives permission?

You cannot interact with the PoS system without acquiring the native currency.  This is a permissioned step in PoS but not PoW.  You have a gateway into the uᴉoɔʇᴉq network even by hashing via pen and paper.  More on the subject below:

The network effect is a double edged sword that causes this extortion/coercion in a system that isn't permissionless.  In uᴉoɔʇᴉq, you can go straight to the system itself and pluck the money off the tree.  It never ends, you can always do this.  It has removed friction from the economic system by removing the ability of the middle men to insert themselves and extort you.  The fact that it has permanent coin turnover means uᴉoɔʇᴉq is essentially always running a decentralized exchange in the background to allow you to always bypass humans and you will always be paying fair market price.  In permissioned systems, that's not the case.  Most people don't even realize uᴉoɔʇᴉq has it's own decentralized exchange, but it does.

Since, like I said, money is a unitary instrument, an engineering problem to create a decentralized price peg so that you can say 1 hat = 1/10th a chicken, the entire purpose of money's existence is to become a monopoly.  If the money is built by design as a permissioned ledger, it's usefulness to any person or nation on earth will be minimal and negative if it was to become a monopoly because it's too wide open to abuse.  It will either not be adopted at all, or scammers will try to force it onto people to extort them.  A permissionless system would have mutual value for all parties involved.

The main reason a country would want to resist a real permissionless currency, is so they can do things like devalue it to raise their exports, thus cheating other nations via currency wars.  There is a Nash equilibrium in every country adopting the permissionless currency to prevent each other from doing this.

In the Austrian school of money, "money" is required to have scarcity, but because money is a unitary instrument, it's also required to have accessibility.  Gold accomplishes this permissionless and unitary system because most any nation can acquire it, even if they have to go straight down a few miles.

When I say, "unitary instrument", it's because you have to have a price peg in which all other objects are pegged to so that you can say "one chicken = 1/10th a hat".  uᴉoɔʇᴉq follows and actually improves upon gold in this case of accessibility.  It can be acquired wherever you want, and the accessibility never stops due to permanent coin turnover via transaction fee block reward.  If there is no accessibility, there can be no unitary price peg, and the entire thing just turns into an extortion scheme, so here we are in this thread.

The way uᴉoɔʇᴉq is designed is honestly somewhat of a work of art by someone with the understanding of a renaissance man.  

[adamstgBit]

bitcoin

[adamstgBit]

Ethereum
Ripple
Litecoin
Dash
MaidSafeCoin
Dogecoin
Monero

[adamstgBit]

i feel a disturbance in the force

[adamstgBit]

its really hard to understand what your saying
POS is 'permissioned ledgers'
where is the central authority?
who gives permission?

You cannot interact with the PoS system without acquiring the native currency.  This is a permissioned step in PoS but not PoW.  You have a gateway into the uᴉoɔʇᴉq network even by hashing via pen and paper.  More on the subject below:

The network effect is a double edged sword that causes this extortion/coercion in a system that isn't permissionless.  In uᴉoɔʇᴉq, you can go straight to the system itself and pluck the money off the tree.  It never ends, you can always do this.  It has removed friction from the economic system by removing the ability of the middle men to insert themselves and extort you.  The fact that it has permanent coin turnover means uᴉoɔʇᴉq is essentially always running a decentralized exchange in the background to allow you to always bypass humans and you will always be paying fair market price.  In permissioned systems, that's not the case.  Most people don't even realize uᴉoɔʇᴉq has it's own decentralized exchange, but it does.

Since, like I said, money is a unitary instrument, an engineering problem to create a decentralized price peg so that you can say 1 hat = 1/10th a chicken, the entire purpose of money's existence is to become a monopoly.  If the money is built by design as a permissioned ledger, it's usefulness to any person or nation on earth will be minimal and negative if it was to become a monopoly because it's too wide open to abuse.  It will either not be adopted at all, or scammers will try to force it onto people to extort them.  A permissionless system would have mutual value for all parties involved.

The main reason a country would want to resist a real permissionless currency, is so they can do things like devalue it to raise their exports, thus cheating other nations via currency wars.  There is a Nash equilibrium in every country adopting the permissionless currency to prevent each other from doing this.

In the Austrian school of money, "money" is required to have scarcity, but because money is a unitary instrument, it's also required to have accessibility.  Gold accomplishes this permissionless and unitary system because most any nation can acquire it, even if they have to go straight down a few miles.

When I say, "unitary instrument", it's because you have to have a price peg in which all other objects are pegged to so that you can say "one chicken = 1/10th a hat".  uᴉoɔʇᴉq follows and actually improves upon gold in this case of accessibility.  It can be acquired wherever you want, and the accessibility never stops due to permanent coin turnover via transaction fee block reward.  If there is no accessibility, there can be no unitary price peg, and the entire thing just turns into an extortion scheme, so here we are in this thread.

The way uᴉoɔʇᴉq is designed is honestly somewhat of a work of art by someone with the understanding of a renaissance man.  

because i need the coin to mine the coin the its a permissioned leger?

[Chef Ramsay]

Stop this upside-down uᴉoɔʇᴉq shit, totally dumb. Trump says get real.
https://www.youtube.com/watch?v=E4y9SVjSkSI
 
Or, MI's best cover band (Killer Flamingos) on the job at a nice club near here:
https://www.youtube.com/watch?v=x0Fdtwn4Ynk
KF closed out bars around here w/ Zombie for many years prior to this.

[nioc]

Athereum
Rapple
Lightcoin
Dish
SafeMaidCoin
Catecoin
DarkFlarb

I am very impressed you know of DarkFlarb  

Edit: I now see that it is April's Fool Day.  Nothing to be impressed about 

[Tzupy]

Crazy prediction:

Craig Wright IS Satoshi Nakamoto and is going to destroy the Millions of coins he holds to proof it.

Would you mind specifying how will he DESTROY coins?

[ImI]

Crazy prediction:

Craig Wright IS Satoshi Nakamoto and is going to destroy the Millions of coins he holds to proof it.

Would you mind specifying how will he DESTROY coins?

send them to invalid uᴉoɔʇᴉq address -> coins destroyed

further reading:

https://medium.com/@alcio/how-to-destroy-moondollars-255bb6f2142e#.fvpfi04zi

edit: 1BitcoinEaterAddressDontSendf59kuE seems like a good start

[Gyrsur]

Crazy prediction:

Craig Wright IS Satoshi Nakamoto and is going to destroy the Millions of coins he holds to proof it.

Would you mind specifying how will he DESTROY coins?

send them to invalid uᴉoɔʇᴉq address -> coins destroyed

further reading:

https://medium.com/@alcio/how-to-destroy-moondollars-255bb6f2142e#.fvpfi04zi

edit: 1BitcoinEaterAddressDontSendf59kuE seems like a good start

https://medium.com/@alcio/how-to-destroy-moondollars-255bb6f2142e#.qwzrgckz7

LOL make the link above working.

[LMGTFY]

Would you mind specifying how will he DESTROY coins?

send them to invalid uᴉoɔʇᴉq address -> coins destroyed

further reading:

https://medium.com/@alcio/how-to-destroy-moondollars-255bb6f2142e#.fvpfi04zi

edit: 1BitcoinEaterAddressDontSendf59kuE seems like a good start

https://medium.com/@alcio/how-to-destroy-moondollars-255bb6f2142e#.qwzrgckz7

LOL make the link above working.

This April Fools malarky is getting tiresome. Hopefully the forum software will let bitly through: http://bit.ly/1Y3I9o1

[Laosai]

i feel a disturbance in the force

Yeah, bitcoin broke the balance in the crypto world 

[blunderer]

Athereum
Rapple

*Rapele

[edgar]

Athereum
Rapple

*Rapele

ffs! >chuckles<

[Gyrsur]

Athereum
Rapple

*Rapele

ffs! >chuckles<

BITCOIN forever! 

[JimboToronto]

Good morning Bitcoinland.

4 Adam posts in a row? Chartbuddy eat your heart out.

Not surprising though. $416 every day can tend to slow things down.

[aztecminer]

Crazy prediction:

Craig Wright IS Satoshi Nakamoto and is going to destroy the Millions of coins he holds to proof it.

Would you mind specifying how will he DESTROY coins?

send them to invalid uᴉoɔʇᴉq address -> coins destroyed

further reading:

https://medium.com/@alcio/how-to-destroy-moondollars-255bb6f2142e#.fvpfi04zi

edit: 1BitcoinEaterAddressDontSendf59kuE seems like a good start

that seems to be a slight flaw in bitcoin. if bitcoin goes mainstream there will be people who do that by accident because their brains are coated with fluoride and aluminum, and in some case lead. just ask juangee, he knows about that .