rpietila Wall Observer - the Quality TA Thread ;)

[Yololintian]

Was this the bottom? final capitulation? or another wave down?

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[cbeast]

Not to derail the thread, but this discussion about Monero is merely a distraction to Bitcoin's adoption. People are overly concerned about anonymity. Don't keep all your wealth in Bitcoin. I think it's speculators wanting anonymity. If you want to invest in businesses that improve your community, then you don't want anonymity anyway. Bitcoin and gold are enough privacy.

I'd say with the mass surveillance going on, people are less concerned about anonymity than they should be. You don't know what all this information will be used to. It's not out of they question that they will hunt you down to confiscate your wealth or in other ways try to frame your for making various kinds of transactions that they deem unlawful.

Cameras will be everywhere anyway. There is no escaping the surveillance state. Just get used to it and take your anxiety meds.

[Bagatell]

Just get used to it and take your anxiety meds.

No.

[wachtwoord]

Was this the bottom? final capitulation? or another wave down?

No-one knows, I'm curious to find out though. Every time it's more extreme than you expect with Bitcoin. Yes, I'm mostly conservative in my predictions.

[Jungian]

Not to derail the thread, but this discussion about Monero is merely a distraction to Bitcoin's adoption. People are overly concerned about anonymity. Don't keep all your wealth in Bitcoin. I think it's speculators wanting anonymity. If you want to invest in businesses that improve your community, then you don't want anonymity anyway. Bitcoin and gold are enough privacy.

I'd say with the mass surveillance going on, people are less concerned about anonymity than they should be. You don't know what all this information will be used to. It's not out of they question that they will hunt you down to confiscate your wealth or in other ways try to frame your for making various kinds of transactions that they deem unlawful.

Cameras will be everywhere anyway. There is no escaping the surveillance state. Just get used to it and take your anxiety meds.

From what I can read, the economics behind big government is just flawed, and therefore it will eventually fall, but that doesn't mean it won't try to save itself until the very end. And with that, it will hunt down as much wealth as possible. We'll see..

[cbeast]

Not to derail the thread, but this discussion about Monero is merely a distraction to Bitcoin's adoption. People are overly concerned about anonymity. Don't keep all your wealth in Bitcoin. I think it's speculators wanting anonymity. If you want to invest in businesses that improve your community, then you don't want anonymity anyway. Bitcoin and gold are enough privacy.

I'd say with the mass surveillance going on, people are less concerned about anonymity than they should be. You don't know what all this information will be used to. It's not out of they question that they will hunt you down to confiscate your wealth or in other ways try to frame your for making various kinds of transactions that they deem unlawful.

Cameras will be everywhere anyway. There is no escaping the surveillance state. Just get used to it and take your anxiety meds.

From what I can read, the economics behind big government is just flawed, and therefore it will eventually fall, but that doesn't mean it won't try to save itself until the very end. And with that, it will hunt down as much wealth as possible. We'll see..

The recognition technology genie is out of the bottle. If not a state, then someone will use it.

[Queeq]

In regards to Monero: I don't see any sign of real development on GitHub, exception made for a few sporadic backports from bytecoin. Also the client is a memory hog (because it still loads the whole block chain in RAM) and in my opinion if they don't change that (like RIGHT NOW ffs) then in a few months it will be unusable even on a decent machine.

The Github repo is staging - dev doesn't get pushed to it until it's been tested, and even then the staging branch is not for production (that's what tagged releases are for). It would be absolutely insane to push commits straight into the staging branch, most especially because there ARE exchanges / miners / people who build straight off that branch, and if it contains bugs and falls apart we would lose credibility big time.

A month ago there were a handful of minor backports from Bytecoin, but there's nothing on the entire first page of commits that are anything but our work.

If you want to see the ongoing development, a good starting point is the Dev Diary in the weekly Monero Missives. A quick summary of the ongoing work would be:

• Abstraction of blockchain functions in preparation for moving the blockchain to an embedded database instead of all in RAM:
  https://github.com/tewinget/bitmonero/tree/bc2 (was: https://github.com/tewinget/bitmonero/tree/blockchain, moved to allow for refactoring)
• rpcwallet to replace simplewallet's rpc mode for all environments that use automation (exchanges, merchant systems, gambling sites, faucets etc.):
  https://github.com/tewinget/bitmonero/tree/rpcwallet
• unit tests for RPC functions:
  https://github.com/jakoblind/bitmonero/tree/rpc_wallet_test
• Proper backgrounding/forking for the daemon and rpcwallet (fork on *nix, service on Windows):
  https://github.com/mikezackles/bitmonero/tree/daemonize
• Move from VS2013 to mingw64 / msys2:
  https://github.com/mikezackles/bitmonero/tree/mingw and https://github.com/mikezackles/bitmonero/tree/rfree_mingw_test2
• Overhaul of CMakeLists to speed up build times and allow selective building of binaries and/or test suite:
  https://github.com/rfree2monero/bitmonero/tree/pr-20140808-rfree-cmake
• Replacement of all logging functions with OT logging system that allows for compartmentalisation of logs among other things:
  https://github.com/rfree2monero/bitmonero/tree/pr-20140808-rfree-otshellutils
• Complete overhaul of parts of the low-level networking code, adding QoS and bandwidth control to the daemon:
  https://github.com/rfree2monero/bitmonero/tree/dev-rfree
• New GUI developed from scratch -> wireframes -> mockups -> actual Qt interface. The interface is around a few weeks away from completion, then integration can start.
  http://imgur.com/a/ERheR

Is there any effort being put towards minimization of blockchain bloat, which seems the biggest issue?

[rpietila]

Hasn't AnonyMint proved that Monero is not truly anonymous, certainly not to a "killer attribute" level? I've seen him tear it apart in a thread on here, and stayed away for that reason.

He proved that it is truly anonymous, in that he agrees that transactions are both cryptographically untraceable and unlinkable. He thinks that our decision to use i2p as a low-latency mixnet to disguise traffic is no going to prevent a determined attacker with lots of resources from ascertaining whether an individual (as in an IP address) is using Monero, but on that point we disagree. That notwithstanding, he does not fault the cryptography or the implementation behind Monero's transactional and address privacy.

AnonyMint's requirement for full anonymity is such that you cannot, even if you wanted (or under threat), provide any information on your own transactions, that would link you to the recipient or sender.

He thinks Monero is not fulfilling that.

Another highly respected contributor has said that NSA can mess with Monero but nobody else cannot, and this makes it an excellent vehicle for private transactions by parties who cooperate with government (such as corporations).

[Beliathon]

Portfolio recommendation:

99.5% in Bitcoin

0.3% of your wealth in gold

0.2% of your wealth in industrialized nation fiat currency of your choice

Spoiler: I'm the smartest one on this forum.

[Wekkel]

In perilous times, it's best to take out Bitcoin's best quotes again:

Bitcoin is going to disrupt every power structure there is in society today. It is going to end the say-so of the oil baron heirs of the 1800s, it is going to end the United States' economic dominance and its reserve currency, and it is going to streamline the economy to end many of the scale advantages that large corporations have held, decentralizing the entire worldwide economy.

Bitcoin is going to change society to a larger extent than the Internet. But this won't be obvious in 2013, or 2014, or even 2015. It is going to be felt in 2025, and obvious in 2035.

As I said before, no one really knows if the time has come when ‘mere agreement’ can serve as a foundation for value.  And as such, we don’t know if Bitcoin will succeed or not.  But if it does, as I claimed at the very beginning of this piece, it will herald a new age of human civilisation.  This was no hyperbole.  It will be the first time that a true currency has come into being on the basis of mere agreement only (Yap counts as a proof of concept only).  The implications of this accomplishment will be enormous.  It will represent the first genuine instance of emergent and de-centralised global self governance.  I can’t overstate how remarkable an achievement this will be.   It will open a Pandora’s Box of possibility.  We will have proved to ourselves that we can sustain a currency on the basis of mere agreement only.  We will have proved that we can govern ourselves directly.  Currency will just be the beginning.  We won’t want to stop there.

It is inevitable that a crypto-currency takes the place of government backed or commodity backed currency. It is the natural evolution of money onto the internet. Less friction, more anonymity, a free flow of value around the world. This will happen no matter how many roadblocks you place in front of it, just as the sharing of most of our assets in order to increase capacity utilization will happen as well. It is the path of least resistance.

[Wekkel]

And some more.

On taking up new chances and pursue innovation:

You can look the future in the eye and say:
I am no longer a captive to history. Whatever I can imagine, I can accomplish.
I am no longer a vassal in a faceless bureaucracy. I am an activist,not a drone.
I am no longer a foot soldier in the march of progress.
I am a Revolutionary.

"It is no crime to be ignorant of economics Bitcoin, which is, after all, a specialized discipline technology and one that most people consider to be a 'dismal science.' 'magical internet money.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects Bitcoin while remaining in this state of ignorance."

"You don't make money buying when you're optimistic. You have to actually run completely counter to your own emotional psychology."
Doug Casey

[Wekkel]

And the finale...

It's not your money in that bank account; it's their money. You don't issue it, you don't own it, you don't control it. You are simply allowed to use it under strict terms of those who issue it, own it, and control it.

Bitcoin, on the other hand...

bitcoin is backed by an honest protocol/clearing system that has no inflation, no bank holidays, never stops trading, and utter contempt for financial oppression

Be strong, act bold and be confident...

[upupup]

A big, fat, ugly fly landed on my glass of afternoon wine and quickly drowned. I drank the wine regardless.

Very useful info, thank you for sharing!
(ever heard about twitter? )


(now I started to see your snobbish self promotion... cigars, wine, cars, villa... (This is how happy and rich people live, everyone! ) Perfect role model for poor/stupid investors who want to become like YOU!)

[njcarlos]

rpietila when can we finally see your $10k prediction come to fruition? Do you have a revised forecast from your last ~1 year (back in 2011-2012)? Or was it 6 months? Can't remember. jw

[thefunkybits]

Oh wise rpietila,

Is this the capitulation you have been talking about?

Was this potentially the last great buy opportunity of 2014??

[njcarlos]

He's wise alright.

Let me tell you something, anyone who is stupid enough to take advice from someone who was stupid enough to believe BTC would be at or well above $10k/BTC at this point (actually years ago) deserves to lose everything they put in, period.

[upupup]

He's wise alright.

Let me tell you something, anyone who is stupid enough to take advice from someone who was stupid enough to believe BTC would be at or well above $10k/BTC at this point (actually years ago) deserves to lose everything they put in, period.

It will be >10k but not this year

[cedivad]

.

[njcarlos]

It will be >10k but not this year

Ya, he made that brilliant call back in 2011.

Gotta be honest though, it was definitely a level-headed, non-emotional data-driven prediction. Much like everything else that leaves his keyboard. /sarcasm

[bitteractor]

A big, fat, ugly fly landed on my glass of afternoon wine and quickly drowned. I drank the wine regardless.

is that a haiku or not?

Someone wrote for fun
"is that a haiku or not?"
They are now ignored