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Author Topic: [ARTICLE] Bitcoin To Collapse?  (Read 7764 times)
smoothie
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September 01, 2011, 11:18:43 AM
 #1

Disclaimer: I do not support the views in this article. Have a read and enjoy!  Cheesy

LINK: http://solidcoin.info/solidcoin-ready-for-bitcoin-collapse.php

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September 01, 2011, 11:27:48 AM
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Good flamebait.

They're basically promoting SolidCoin, even though it's almost an exact clone of bitcoin, so would suffer from most of the same issues.

If bitcoin "collapses", it will take at least 10 years for people to believe in any cryptocurrency again (or even dare mention it). And certainly not one based on the same source code...

Edit: also, isn't this extremely childish of them to post on their "official" site? This doesn't exactly give me a positive vibe about the developers...

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September 01, 2011, 11:29:47 AM
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Such bullshit Smiley

Bitcoin has not yet matured or reached seeding maturity, calling the developers out for not wanting to "change" something which may not be evaluated for "changes" yet, is a lame attack.
The FBI has not been linked to trouble within the Bitcoin environment, this is just wild imaginations, and even if they wanted to do anything, they would need to play by the peer rules to remain undetected.
Solidcoin brags about faster transactions, less coins generation, more coins per block and faster retagets as being a completely good thing while still growing.
Also they blame the 11% bitcoin network power drop on people switching over, instead of reduced mining activity due to low profitability on the bitcoin chain, and as far as I know...

SOLIDCOINS HAS NO EXCHANGE YET! It is a completely closed virtual currency at the moment.
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September 01, 2011, 11:32:19 AM
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Such bullshit Smiley

Bitcoin has not yet matured or reached seeding maturity, calling the developers out for not wanting to "change" something which may not be evaluated for "changes" yet, is a lame attack.
The FBI has not been linked to trouble within the Bitcoin environment, this is just wild imaginations, and even if they wanted to do anything, they would need to play by the peer rules to remain undetected.
Solidcoin brags about faster transactions, less coins generation, more coins per block and faster retagets as being a completely good thing while still growing.
Also they blame the 11% bitcoin network power drop on people switching over, instead of reduced mining activity due to low profitability on the bitcoin chain, and as far as I know...

SOLIDCOINS HAS NO EXCHANGE YET! It is a completely closed virtual currency at the moment.
Wrong,

https://x.ruxum.com/
https://scexchange.bitparking.com/
https://moonco.in/exchange/solidcoin
https://btc-e.com/

LEASE THIS SIGNATURE OUT WEEKLY/MONTHLY.

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September 01, 2011, 11:32:55 AM
 #5

Disclaimer: I do not support the views in this article. Have a read and enjoy!  Cheesy

LINK: http://solidcoin.info/solidcoin-ready-for-bitcoin-collapse.php

it's funny how the mybitcoin and bitomat incidents are attributed to features of Bitcoin that Solidcoin would not have... this is shameless propaganda

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September 01, 2011, 11:33:58 AM
 #6

Not only that but they use meta-virtual currency to aggressively promote it: http://solidcoin.info/bounties.php

First 50 to post about the "SolidCoin is ready for Bitcoin collapse" article on their blog/forum/twitter* - 20 SC
First 40 to post about the "5 reasons to switch to SolidCoin" article on their blog/forum/twitter* - 25 SC
First 60 to post about SolidCoin on their blog/forum/twitter* - 100 SC

Maybe there's a lesson to be learned from this...
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September 01, 2011, 11:36:56 AM
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it's funny how the mybitcoin and bitomat incidents are attributed to features of Bitcoin that Solidcoin would not have... this is shameless propaganda
Exactly. And if the FBI would crack down on cryptocurrencies, they wouldn't just go for bitcoin. It's funny how much bullshit can fit on one page...

Not only that but they use meta-virtual currency to aggressively promote it: http://solidcoin.info/bounties.php

First 50 to post about the "SolidCoin is ready for Bitcoin collapse" article on their blog/forum/twitter* - 20 SC
First 40 to post about the "5 reasons to switch to SolidCoin" article on their blog/forum/twitter* - 25 SC
First 60 to post about SolidCoin on their blog/forum/twitter* - 100 SC

Maybe there's a lesson to be learned from this...
Lol, if bitcoin devs were to offer bounties it would be for working on the code and fixing bugs, not psy ops...

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September 01, 2011, 11:37:41 AM
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Well apparently Ruxum started exchanging USD for SC 4 days ago, color me impressed, 200 coins already exchanged   Roll Eyes

The rest of the list supports my original claim. You need to be able to sell and buy solidcoins with dollars, and have a reference price with major world wide currencies. Selling and buying chicken eggs using pork bellies as currency is not a sign of a mature ware.
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September 01, 2011, 11:40:02 AM
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Well apparently Ruxum started exchanging USD for SC 4 days ago, color me impressed, 200 coins already exchanged   Roll Eyes

The rest of the list supports my original claim. You need to be able to sell and buy solidcoins with dollars, and have a reference price with major world wide currencies. Selling and buying chicken eggs using pork bellies as currency is not a sign of a mature ware.
The currency is only a few weeks old, yet it has a wall-street grade exchange adopting it no questions asked Smiley ? Anyone else see a connection here ?

http://techcrunch.com/2011/07/18/ruxum-wall-street-level-security-comes-to-bitcoin-with-new-exchange/

LEASE THIS SIGNATURE OUT WEEKLY/MONTHLY.

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September 01, 2011, 11:40:04 AM
 #10

First 50 to post about the "SolidCoin is ready for Bitcoin collapse" article on their blog/forum/twitter* - 20 SC

interestingly, it is nowhere said that the post have to be positive about solidcoin...  Coinhunter, can get the bounty for my above post ?

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September 01, 2011, 11:46:00 AM
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With all the later trolling going on, and competing clones appearing like worms after rain, I see bitcoin FAR from collapse, but stronger than ever.

If you don't own the private keys, you don't own the coins.
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September 01, 2011, 11:50:36 AM
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Hahaha. If I had any doubt about the viability of SolidCoins, now they are all gone. SolidCoin is going to collapse like the rest of copies.
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September 01, 2011, 11:56:40 AM
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With all the later trolling going on, and competing clones appearing like worms after rain, I see bitcoin FAR from collapse, but stronger than ever.

I woud like to announce the availability of a new clone: GaseousCoin

edit: GaseousCoins are coins you can breathe
the client is still vaporware

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September 01, 2011, 11:58:19 AM
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Hahaha. If I had any doubt about the viability of SolidCoins, now they are all gone. SolidCoin is going to collapse like the rest of copies.
Solidcoin IS better than Bitcoin no question about it.

However, the thing that we simply can't get away from is the fact that Solidcoin IS Bitcoin , and would not exist today if it weren't for Bitcoin.

Those are simple facts.

EDIT: Let me just save myself some time in responding to people asking me "why is it better".

There are a bunch of minor improvements I could cite, but I won't waist anyone's time. Bitcoin is only safe as long as all the miners agree to keep on mining... This means that if there is a collapse in price (can happen at any time), and miners drop off in masses (since profit is gone), it will take weeks for the difficulty to re-target to a lower level. Now your question is how does this affect me? Well if there is a massive price drop, followed by a massive network drop, that would leave a much smaller amount of people mining an impossible difficulty.

Then what happens after that? Transactions stop going through, and everyone's coins become literally worthless till the next difficulty drop.

Coinhunter fixed this with his all new algorithm which doesn't care whether or not people agree to mine.  Even if there's a 40% drop in network (already happened check graphs below), the difficulty will follow almost instantly, allowing transactions to continue to go through, and surviving any type of "network halt".  A network halt is a very big possibility in the Bitcoin network, especially if the price keeps dropping. Many developers (not only coinhunter) suggested to the main developers of the Bitcoin client to change this.

They have refused...

Go see his new algorithm in action here http://solidcoin.kicks-ass.org/graphs/graphs.html

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September 01, 2011, 12:00:48 PM
 #15

Solidcoin IS better than Bitcoin no question about it.

Honestly, I have not seen anything in SolidCoin that makes it better than Bitcoin. Their claims are way off, specially the one saying that transfer confirmations happen quicker. They dont.
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September 01, 2011, 12:01:15 PM
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Hahaha. If I had any doubt about the viability of SolidCoins, now they are all gone. SolidCoin is going to collapse like the rest of copies.
Solidcoin IS better than Bitcoin no question about it.

However, the thing that we simply can't get away from is the fact that Solidcoin IS Bitcoin , and would not exist today if it weren't for Bitcoin.

Those are simple facts.




SC is not better, just a slightly changed clone of the original, valuable, desirable BTC.   Wink

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September 01, 2011, 12:07:22 PM
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The currency is only a few weeks old, yet it has a wall-street grade exchange adopting it no questions asked Smiley ? Anyone else see a connection here ?

http://techcrunch.com/2011/07/18/ruxum-wall-street-level-security-comes-to-bitcoin-with-new-exchange/
That means I0coin, IXcoin and namecoin all have "wall-street grade exchange" adopting them. How is SolidCoin superior in this matter? What is the connection?
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September 01, 2011, 12:10:04 PM
 #18

Solidcoin IS better than Bitcoin no question about it.

Bitcoin has community momentum and developers who understand the protocol and the issues.
SC dev (is there even more than 1?) put in BETA code from bitcoin and then uses that as if to say it's ahead of bitcoin?  Pathetic.
Trust in the open source development team and other volunteers who eyeball the code is a critical part of why bitcoin is vastly more sound than SC.

Solidcoin is 'solid' like the Democratic Republic of North Korea is 'democratic' - and if the slimy claims on the solidcoin site didn't clue you in to that, you should be embarrassed.

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September 01, 2011, 12:16:56 PM
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EDIT: Let me just save myself some time in responding to people asking me "why is it better".

There are a bunch of minor improvements I could cite, but I won't waist anyone's time. Bitcoin is only safe as long as all the miners agree to keep on mining... This means that if there is a collapse in price (can happen at any time), and miners drop off in masses (since profit is gone), it will take weeks for the difficulty to re-target to a lower level. Now your question is how does this affect me? Well if there is a massive price drop, followed by a massive network drop, that would leave a much smaller amount of people mining an impossible difficulty.

Then what happens after that? Transactions stop going through, and everyone's coins become literally worthless till the next difficulty drop.

Coinhunter fixed this with his all new algorithm which doesn't care whether or not people agree to mine.  Even there is a 40% drop in network (already happened check graphs below), the difficulty will follow almost instantly, allowing transactions to continue to go through, and surviving any type of "network halt".  A network halt is a very big possibility in the Bitcoin network, especially if the price keeps dropping. Many developers (not only coinhunter) suggested to the main developers of the Bitcoin client to chain this.

They have refused...

Go see his new algorithm in action here http://solidcoin.kicks-ass.org/graphs/graphs.html

What the Solidcoins guys are not telling you is that this introduces another set of problems.

As I understand it they acomplish this by ramping up the amount of confirmations per unit of time. The problem with this is that then the information the miners and users have to store increases by the same factor, and makes the currency unworkable. SolidCoins would suffer this problem if it had any chance of taking off. If Bitcoin were to adopt this it would be a disaster.

You have to find a compromise between number of confirmation per unit of time and storage for blocks.

EDIT: I could guess you could adjust the difficulty every 500 blocks instead of every 2000 and something blocks. I still dont see this as a big deal. Not worried at all.
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September 01, 2011, 12:19:24 PM
 #20

Solidcoin IS better than Bitcoin no question about it.

Bitcoin has community momentum and developers who understand the protocol and the issues.
SC dev (is there even more than 1?) put in BETA code from bitcoin and then uses that as if to say it's ahead of bitcoin?  Pathetic.
Trust in the open source development team and other volunteers who eyeball the code is a critical part of why bitcoin is vastly more sound than SC.

Solidcoin is 'solid' like the Democratic Republic of North Korea is 'democratic' - and if the slimy claims on the solidcoin site didn't clue you in to that, you should be embarrassed.
Read my post I edited. The truth is undeniable at this point... I love Bitcoin with all my heart, but it has fundamental problems that NEED to be fixed. This entire notion that beta software should NOT BE CHANGED, is cult like, and totally opposite to how software development should be conducted.

One way to sustain Bitcoins viability is for Bitcoin to adopt a fast re-adjustment algorithm that isn't effected by huge network swings.

Regardless, I see Bitcoin going very much the same way Linux did. Multiple versions of the same project will complement each other, and in the end we will all come out with a high grade product.

Remember this no matter where, SC goes it will never stop being a BITCOIN. Just like no matter what Linux you are talking about (ubuntu, redhat, debian), they are all still Linux in the end...

LEASE THIS SIGNATURE OUT WEEKLY/MONTHLY.

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September 01, 2011, 12:22:32 PM
 #21

What the Solidcoins guys are not telling you ...

you mean "the Solidcoin guy": that's a single developer regexp monkey, even if he writes "we" on his website

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September 01, 2011, 12:26:27 PM
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Hope someone makes a double spending attack on one of these spinoff currencies & ruins them for good.

Seeing the same old cycle of some jealous college kid mining a million coins then trying to promote his fork.. Is starting to get 'stale'.

The sad thing is people actually fall for these.
People really buy ixcoins, solidcoins, beercoins, iocoins etc.. Maybe they deserve a Darwin award for economics.

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
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September 01, 2011, 12:27:14 PM
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I'm sure that FlipPro has already exchanged some BTC to SC, and now he doens't know how to take them back Grin

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September 01, 2011, 12:28:44 PM
 #24

Solidcoin is like the fat retarded kid everybody tolerates, screaming and yelling at people all the time.
Till somebody snaps  Lips sealed
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September 01, 2011, 12:34:33 PM
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Remember this no matter where, SC goes, it will never stop being a BITCOIN. Just like no matter what Linux you are talking about (ubuntu, redhat, debian), they are all still Linux in the end...

This statement is very close to a scam...

I want to make it clear, especially for newcomers who might be mislead by the quoted statement, that SolidCoin is a different currency, that it is in no way supported by Bitcoin,
and that when you buy 100 Solidcoins, you do not own 100 bitcoins. There is no compatibility between them, as suggested by the poster.
The promoters of SC are trying to make you believe that you can have "the same thing" for 1/100 of the price. Don't be naive.

Of course, what I just wrote is completely obvious for many people.
However, this forum is attracting many non-technical users, who are completely new to this, and some of these people might be an easy target for scams and manipulation.
This is why I believe is is necessary to write this, and to warn people against dangerous investments.

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September 01, 2011, 12:37:43 PM
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@ThomasV
I think that some should stick a message like your on the "Alternate cryptocurrencies" subforum ...

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September 01, 2011, 12:44:35 PM
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Remember this no matter where, SC goes, it will never stop being a BITCOIN. Just like no matter what Linux you are talking about (ubuntu, redhat, debian), they are all still Linux in the end...

This statement is very close to a scam...

I want to make it clear, especially for newcomers who might be mislead by the quoted statement, that SolidCoin is a different currency, that it is in no way supported by Bitcoin,
and that when you buy 100 Solidcoins, you do not own 100 bitcoins. There is no compatibility between them, as suggested by the poster.
The promoters of SC are trying to make you believe that you can have "the same thing" for 1/100 of the price. Don't be naive.

Of course, what I just wrote is completely obvious for many people.
However, this forum is attracting many non-technical users, who are completely new to this, and some of these people might be an easy target for scams and manipulation.
This is why I believe is is necessary to write this, and to warn people against dangerous investments.

Listen, people shouldn't be investing in ANY of these currency's if they are scared of loosing ANY money at all.

That is the cold hard truth Thomas. I will be the first one to tell this to ANYONE, even a potential investor sitting right in front of me.

Every single dime can be lost with Bitcoin, Solidcoin or any other currency that may come out in the future.

Now with that being said...

Solidcoin IS Bitcoin, except upgraded, and re-branded.

Am I being clear enough for everyone?

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September 01, 2011, 12:45:09 PM
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it's funny how the mybitcoin and bitomat incidents are attributed to features of Bitcoin that Solidcoin would not have... this is shameless propaganda

Actually no, whilst the new developer section hasn't been put online yet we will be giving businesses all the tools they need to support SolidCoin. We will be dealing with all the "Financial"  matters for them and the "Security" matters for them. This way their own code doesn't have to implement the same thing over and over again which is what we are seeing with Bitcoin. And as we know people have differing understandings of the Bitcoin system and also programming in general.

This way we won't get a situation where mybitcoin.com is accepting transactions with 0 confirmations  because they are unaware of the security problems. Whilst it won't completely eliminate all issues it will certainly reduce them significantly. The same goes with wallet handling which is pretty much not told how a business should handle and protect it (bitomat).

Whilst bitcoin experts on this forum may say "ITS OBVIOUS ONLY AN IDIOT WOULD DO THAT", well guess what, plenty of idiots want to run sites using bitcoin. If you don't protect them from themselves you're going to get sites being hacked and ruining the reputation of the currency.

Try SolidCoin or talk with other SolidCoin supporters here SolidCoin Forums
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September 01, 2011, 12:52:56 PM
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Flippro is just a troll, he wishes he was an early adopter in BTC so he could get rich quick, since he missed out he's hyping the solidcoin train. 

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September 01, 2011, 12:54:29 PM
 #30

ThomasV the whole article is a good laught. Just from the start. They claim that the FBI is involved in the Bitcoin development, linking to a post that says that the USA government will infiltrate and do whatever to anyone trying to create an alternative currency (and the government employee does not mention Bitcoin). I guess following that "logic" we should conclude as well the FBI is involved in the SolidCoin development. OMG WTF!  Cheesy

This way we won't get a situation where mybitcoin.com is accepting transactions with 0 confirmations  because they are unaware of the security problems.

I think its pretty obvious by now that was only an excuse.
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September 01, 2011, 12:55:48 PM
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... ruining the reputation of the currency.

if you were really concerned by the reputation of the currency, you would try to improve it ; instead you are trying to destroy it.

IMO, what might ruin the reputation of bitcoin is it being associated to solidcoin...
some people might lose a lot of money if they invest in solidcoin, and this will be associated to bitcoin.


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September 01, 2011, 12:56:32 PM
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Actually no, whilst the new developer section hasn't been put online yet we will be giving businesses all the tools they need to support SolidCoin. We will be dealing with all the "Financial"  matters for them and the "Security" matters for them. This way their own code doesn't have to implement the same thing over and over again which is what we are seeing with Bitcoin. And as we know people have differing understandings of the Bitcoin system and also programming in general.

This way we won't get a situation where mybitcoin.com is accepting transactions with 0 confirmations  because they are unaware of the security problems. Whilst it won't completely eliminate all issues it will certainly reduce them significantly. The same goes with wallet handling which is pretty much not told how a business should handle and protect it (bitomat).
This sounds reasonable actually … The MyBitcoin disaster was even predicted by theymos because they accepted 1 confirmation (not 0 confirmation) coins. Noone seemed to actually care enough about clearly warning people or the MyBitcoin admin though.

The beauty of the free market, where major failures are inevitable because the market can only react. Cheesy
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September 01, 2011, 12:59:53 PM
 #33

Actually no, whilst the new developer section hasn't been put online yet we will be giving businesses all the tools they need to support SolidCoin. We will be dealing with all the "Financial"  matters for them and the "Security" matters for them. This way their own code doesn't have to implement the same thing over and over again which is what we are seeing with Bitcoin. And as we know people have differing understandings of the Bitcoin system and also programming in general.

This way we won't get a situation where mybitcoin.com is accepting transactions with 0 confirmations  because they are unaware of the security problems. Whilst it won't completely eliminate all issues it will certainly reduce them significantly. The same goes with wallet handling which is pretty much not told how a business should handle and protect it (bitomat).
This sounds reasonable actually … The MyBitcoin disaster was even predicted by theymos because they accepted 1 confirmation (not 0 confirmation) coins. Noone seemed to actually care enough about clearly warning people or the MyBitcoin admin though.

The beauty of the free market, where major failures are inevitable because the market can only react. Cheesy
You have to SECURE the "free market" so that everyone has the same shot.

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September 01, 2011, 01:01:57 PM
 #34

If they had 50 million $ in their marketing budget that would be interesting to watch.

With 1 million  (or whatever) of solidcoins in that budget or in other words 0$ marketing budget this is just small hot air bubbles they manage to emanate.

There are at least a dozen of individuals who have enough mining power to  take full control of any of those those othercois at  a whim. They are not doing it because it is pointless. Who would want to waste any electricity on this.


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September 01, 2011, 01:06:03 PM
 #35

There were plenty of warnings on this very forum about dangers of giving your bitcoins for safekeeping to maybitcoin, or to anyone really. Including by yours truly.

And anyone with a brain would not need any warning as this all is just common sense.

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September 01, 2011, 01:08:35 PM
 #36

... ruining the reputation of the currency.

if you were really concerned by the reputation of the currency, you would try to improve it ; instead you are trying to destroy it.

IMO, what might ruin the reputation of bitcoin is it being associated to solidcoin...
some people might lose a lot of money if they invest in solidcoin, and this will be associated to bitcoin.


He did, and he got shot down.

The Devs don't want to change anything that screws with the "fundamentals", no matter how flawed they may be. I don't have problem with that, and I personally have my money invested in BOTH currencies. I respect both of them equally, but I see a flaw as a flaw. I love Bitcoin, and I don't think I have to prove that to anyone here... However, I am not foolish, and I know what it takes to make a project succeed. Bitcoin has stagnated after all the press it got. And I think it's because it brought in a wave of new developers who are now taking a look at the client and saying WTF? New developers = more arguments against the final product = stagnation= new competing currency's.

This was expected...

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September 01, 2011, 01:12:50 PM
 #37

He did, and he got shot down.

The Devs don't want to change anything that screws with the "fundamentals", no matter how flawed they may be. I don't have problem with that, and I personally have my money invested in BOTH currencies. I respect both of them equally, but I see a flaw as a flaw. I love Bitcoin, and I don't think I have to prove that to anyone here... However, I am not foolish, and I know what it takes to make a project succeed. Bitcoin has stagnated after all the press it got. And I think it's because it brought in a wave of new developers who are now taking a look at the client and saying WTF? New developers = more arguments against the final product = stagnation= new competing currency's.

This was expected...

You have not provided any evidence of why Bitcoin is flawed in comparasion to Solidcoin. In fact the contrary, SolidCoin is unsustainable because of the amount of memory it will consume.
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September 01, 2011, 01:14:03 PM
 #38

And anyone with a brain would not need any warning as this all is just common sense.
Nice elitist approach that is, reminds me of Linux users. Who cares about those people without common sense?

You also seem to ignore that MyBitcoin, and generally ewallets as a way for non-technical people to use Bitcoin was promoted for a long time by high profile Bitcoin figures like Bruce or Gavin. Instead of teaching people how to actually use Bitcoin we instead went for the easy path of just redirecting them to some ewallet site.

This is not a coincidence though, I understand that the goal of the project is to actually have very few people using Bitcoin to store their wealth and transact, which is the reason why any usability of the client (like a simple button for exporting your wallet) has so little priority.


some people might lose a lot of money if they invest in solidcoin, and this will be associated to bitcoin.

Bitcoin is down 75% right now from the high of 32$ USD, and the largest volume (where every idiot bought) occured between 20-30. Stop being a hypocrite.
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September 01, 2011, 01:26:51 PM
 #39

It's not clear to me that 3 minute blocks and faster difficulty retargeting has any advantage and I believe it is less secure, not more secure.  Also, the community is rapidly building out infrastructure around bitcoin, few developers have the time or motivation to support a new and unproven block chain like solidcoin.  Most of the value in a crypto currency is determined by its level of adoption, not by minor tweaks in the protocols.  Even if solidcoin was a marginal improvement (which I don't think it is), I'd have trouble committing scarce resources (i.e. time) to it and sacrificing time that could be used to advance the bitcoin infrastructure.  I think very highly of the core bitcoin developers.  The developer of solidcoin seems to believe himself to be a superior computer scientist to the bitcoin developers.  He may or may not be a talented computer scientist, but I know for certain that the developers of bitcoin are talented computer scientists.  I believe their deliberate and considered approach to tweaking the bitcoin protocols adds *substantial* value to bitcoin.  

We've witnessed the demise of several bitcoin forks already...in my mind, those failures have substantially raised the bar for any competing bitcoin fork.  Very few people are going to jump on any bitcoin fork unless it has an absolute and undeniable advantage over bitcoin.  I don't think solidcoin comes anywhere close to meeting that bar.

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September 01, 2011, 01:27:29 PM
 #40

And anyone with a brain would not need any warning as this all is just common sense.
Nice elitist approach that is, reminds me of Linux users. Who cares about those people without common sense?

You also seem to ignore that MyBitcoin, and generally ewallets as a way for non-technical people to use Bitcoin was promoted for a long time by high profile Bitcoin figures like Bruce or Gavin. Instead of teaching people how to actually use Bitcoin we instead went for the easy path of just redirecting them to some ewallet site.

This is not a coincidence though, I understand that the goal of the project is to actually have very few people using Bitcoin to store their wealth and transact, which is the reason why any usability of the client (like a simple button for exporting your wallet) has so little priority.

Yes you are spot on here Blitz.

....

Why should "idiots" not be able to join a currency network Vladimir? I want them to use SolidCoin,  and we'll make it easy and secure for them to do so. Mybitcoin.com was also promoted on the MAIN bitcoin site, so let's just put that out there. Everyone on the forum knew did they? Yet it wasn't taken down off the main site? Jeez...... I'm sure the people who lost 1.5 million dollars are glad you knew and did nothing..... you can shout "I TOLD YOU SO IDIOTS" then high five each other at your mensa meetings. Wink






Try SolidCoin or talk with other SolidCoin supporters here SolidCoin Forums
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September 01, 2011, 01:28:41 PM
 #41

@Blitzboom, not arguing with you on above. mybitcoin and other ewallets even given all the risks were and still are potentially viable solution, for small amounts and quick in and out transactions.

When you trust them small amount for short time the risk is small. It is people who stored there semi permanently thousands or even hundreds of bitcoin are those who need to have a sanity check.


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September 01, 2011, 01:34:13 PM
 #42

@Blitzboom, not arguing with you on above. mybitcoin and other ewallets even given all the risks were and still are potentially viable solution, for small amounts and quick in and out transactions.
Exactly; for quick and easy (micro)payments ewallets are still a good idea. But not to store your whole savings...


Bitcoin Core developer [PGP] Warning: For most, coin loss is a larger risk than coin theft. A disk can die any time. Regularly back up your wallet through FileBackup Wallet to an external storage or the (encrypted!) cloud. Use a separate offline wallet for storing larger amounts.
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September 01, 2011, 03:32:56 PM
 #43

 Most of the value in a crypto currency is determined by its level of adoption, not by minor tweaks in the protocols.

+1  SolidCoin is but Bitcoin with some tweaked rules. If those rules are so important to have changed, then the community will come to demand it of Bitcoin's dev team. The only fundamental difference between the two, is that Bitcoin has the brand, the vast community, the history, the resources, the infrastructure, a dev team that has been dedicated even before this became "profitable," and a few dozen other tertiary benefits of first-mover advantage.

For SolidCoin to interest me in the least, it would need to offer SEVERE advantages. But instead it is a silly and distracting tweak. Any economists out there that want to study bubble patterns, watch these fork chains. The entertainment value and the inoculation of the core Bitcoin protocol are the only advantages of the forks.

That said, someone COULD create something significantly better than Bitcoin, of course. I just haven't seen it yet.

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September 01, 2011, 04:12:57 PM
 #44

Solidcoin IS Bitcoin, except upgraded, and re-branded.

Sure. And the zimbabwe dollar IS dollar, except upgraded, and re-branded.
Well, thinking of it, zimbabwe dollar are as cheap as solidcoins, so maybe solidcoins are as worthless as zimbabwe dollar?
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September 01, 2011, 04:23:02 PM
 #45

Lol, if bitcoin collapse, solidcoin collapse as well too  Roll Eyes
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September 01, 2011, 04:27:05 PM
 #46

Coinhunter fixed this with his all new algorithm which doesn't care whether or not people agree to mine.
Wow, SolidCoins process themselves? No miners needed? Sign me up!

This "new algorithm" is nothing more than difficulty adjustments every 240 blocks instead of 2016 blocks. A good change for an infant currency with wild swings in hashing power. Insignificant for an established currency like Bitcoin.

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September 01, 2011, 04:29:49 PM
 #47

Lol, if bitcoin collapse, solidcoin collapse as well too  Roll Eyes

Of course not, solidcoins are solid, they cannot collapse Wink
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September 01, 2011, 04:34:23 PM
 #48

Indeed, you are right!  Cheesy
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September 01, 2011, 04:38:00 PM
 #49

Disclaimer: I do not support the views in this article. Have a read and enjoy!  Cheesy

LINK: http://solidcoin.info/solidcoin-ready-for-bitcoin-collapse.php

WOW  Roll Eyes WHAT A FREAKING SWEET PIECE OF ASTROTURFING, THE DISCLAIMER IS A NICE TOUCH TOO  Roll Eyes, REALLY CONVINCED ME!!!
 Tongue
So if i post a link to anything about any alternative currency I am astroturfing?

I think so of yall have been smoking the astroturf, smoothie does have shit to do with solidcoin. I'm a fan of the new currency but I dont have shit to do with solidcoin. You people have too many demons and seem to see them everywhere. Plus you might want to look up the def of astroturf

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September 01, 2011, 04:39:47 PM
 #50

Lol, if bitcoin collapse, solidcoin collapse as well too  Roll Eyes

Of course not, solidcoins are solid, they cannot collapse Wink

Wait wait wait, so in a sense solidcoins are backed by their solidness?! Nice! I am all in  Roll Eyes

"From a small seed a mighty trunk may grow." -Aeschylus
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September 01, 2011, 04:52:15 PM
 #51

solid coin is solid
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September 01, 2011, 04:53:33 PM
 #52

solid coin is solid

Wow, they were lucky to call it that then. Imagine if they had called it Softcoin or something... no soldiness  Grin

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September 01, 2011, 04:59:33 PM
 #53

All of these wonderful improvements to Bitcoin have really inspired me.  I think the time is come for me to follow the lead of those following the lead of those following the lead and stand on the shoulders of giants.  I'm making an announcement

ANNOUNCEMENT!!!  I am starting my own alternative digital commodity/currency blockchain.  It's called...wait for it...

Iron-pyrite-coin

It will look just like Bitcoin, but be way easier to mine.

This will perfectly compliment my next blockchain

Snake-oilcoin

Snake-oilcoin, when mixed together with Bitcoin will heal all ailments of an unhealthy blockchain.

And then, naturally, this will evolve into the much needed

Triple-A-rated-mortgage-backed-securites-coin

I will be so rich.  I'm such a genius computer scientist.

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September 01, 2011, 05:01:09 PM
 #54

solid coin is solid

Wow, they were lucky to call it that then. Imagine if they had called it Softcoin or something... no soldiness  Grin

Ummm is it perpetually solid, or just within certain temperature range, or during certain Priapism-like circumstances? Maybe upon reaching a saturation point it becomes Softcoin? Mindboggling stuff here...

"From a small seed a mighty trunk may grow." -Aeschylus
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September 01, 2011, 05:07:19 PM
 #55

If bitcoin "collapses", it will take at least 10 years for people to believe in any cryptocurrency again (or even dare mention it). And certainly not one based on the same source code...

Damn man, you have to be seriously deluded to believe this.
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September 01, 2011, 05:09:59 PM
 #56

If bitcoin "collapses", it will take at least 10 years for people to believe in any cryptocurrency again (or even dare mention it). And certainly not one based on the same source code...

Damn man, you have to be seriously deluded to believe this.

Yeah but it sounds damn dramatic. Never mind that your average person has the attention span of a TV commercial...

"From a small seed a mighty trunk may grow." -Aeschylus
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September 01, 2011, 05:26:25 PM
 #57

Coinhunter fixed this with his all new algorithm which doesn't care whether or not people agree to mine.
Wow, SolidCoins process themselves? No miners needed? Sign me up!

This "new algorithm" is nothing more than difficulty adjustments every 240 blocks instead of 2016 blocks. A good change for an infant currency with wild swings in hashing power. Insignificant for an established currency like Bitcoin.
Bitcoin is not established. Bitcoin is still very much in a halted Beta stage.
 
As another poster on top said it has dropped 75% in value from the highs we just recently saw. That does not sound like an "established currency" to me.

Bitcoin needs so many services & improvements to the main client before it can ever be called an established currency.

But with all that being said are you not terrified of a network drop off?

If the price does one final dive (This is very possible judging by the very shallow market-depth and stagnated downward price), Bitcoin will suddenly become VERY unprofitable causing the ever so likely scenario that so many have been warning about for months.

Of course if there was pure adoption then this would not be an issue. But how can we expect businesses to adopt Bitcoin when the currency is dropping 75%? It's just not something that's to easy sell to sell at the moment, thus making a network drop off even more likely.

A network drop off means, transactions don't go through.

If transactions don't go through people will have to wait weeks for miners to sign back on, or for the difficulty to drop enough so that they can get whatever is left of their money.

Now if we can get Solidcoins algorithm coupled with a demuraging system , that is used to fuel mining forever, we will have a true currency that I think the entire world would be able to adapt to.

Bitcoin had an amazing start, and if the developers open their minds up a bit the Bitcoin brand can still be a very viable one.

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September 01, 2011, 05:35:30 PM
 #58

Coinhunter fixed this with his all new algorithm which doesn't care whether or not people agree to mine.
Wow, SolidCoins process themselves? No miners needed? Sign me up!

This "new algorithm" is nothing more than difficulty adjustments every 240 blocks instead of 2016 blocks. A good change for an infant currency with wild swings in hashing power. Insignificant for an established currency like Bitcoin.
Bitcoin is not established. Bitcoin is still very much in a halted Beta stage.
 
As another poster on top said it has dropped 75% in value from the highs we just recently saw. That does not sound like an "established currency" to me.

Bitcoin needs so many services & improvements to the main client before it can ever be called an established currency.

But with all that being said are you not terrified of a network drop off?

If the price does one final dive (This is very possible judging by the very shallow market-depth and stagnated downward price), Bitcoin will suddenly become VERY unprofitable causing the ever so likely scenario that so many have been warning about for months.

Of course if there was pure adoption then this would not be an issue. But how can we expect businesses to adopt Bitcoin when the currency is dropping 75%? It's just not something that's to easy sell to sell at the moment, thus making a network drop off even more likely.

A network drop off means, transactions don't go through.

If transactions don't go through people will have to wait weeks for miners to sign back on, or for the difficulty to drop enough so that they can get whatever is left of their money.

Now if we can get Solidcoins algorithm coupled with a demuraging system , that is used to fuel mining forever, we will have a true currency that I think the entire world would be able to adapt to.

Bitcoin had an amazing start, and if the developers open their minds up a bit the Bitcoin brand can still be a very viable one.
Stop using the same argument over and OVER again. That means I can also say it's up more then 1000x from the start. If solidcoin would replace bitcoin, that doesn't mean there can't be price bubbles ...

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September 01, 2011, 05:41:54 PM
 #59

Bitcoin needs so many services & improvements to the main client before it can ever be called an established currency.

You do know that client is not Bitcoin itself right?   

Did you hear/read Gavin's list of priorities?  That client isn't really one of them at the moment.

And don't make it sound like the project is stagnant and they aren't working on what 'are' priorities.

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September 01, 2011, 05:42:48 PM
 #60

Stop using the same argument over and OVER again. That means I can also say it's up more then 1000x from the start. If solidcoin would replace bitcoin, that doesn't mean there can't be price bubbles ...
Can you seriously tell me with a straight face that this entire decline has been a "price bubble"?

This has been an out-right depression, and anyone thinking anything else needs to go read a book on economics.


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September 01, 2011, 05:44:51 PM
 #61

Stop using the same argument over and OVER again. That means I can also say it's up more then 1000x from the start. If solidcoin would replace bitcoin, that doesn't mean there can't be price bubbles ...
Can you seriously tell me with a straight face that this entire decline has been a "price bubble"?

This has been an out-right depression, and anyone thinking anything else needs to go read a book on economics.



What he's trying to tell you, as if you didn't know already, is that this is a decline only if you start counting from June of 2011. But if you start counting from 2009 this is a 100,000 percent rise. Are you a fool or just playing one for your own interests?

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September 01, 2011, 05:46:11 PM
 #62


Read my post I edited. The truth is undeniable at this point... I love Bitcoin with all my heart, but it has fundamental problems that NEED to be fixed. This entire notion that beta software should NOT BE CHANGED, is cult like, and totally opposite to how software development should be conducted.

One way to sustain Bitcoins viability is for Bitcoin to adopt a fast re-adjustment algorithm that isn't effected by huge network swings.


Bitcoin is in its infancy. It is an experiment that will be a lot harder to interpret if the 'protocol' is tweaked too much before even the first drop in block-reward happens. If miners start dropping like flies, there is a solution: pay higher transaction fees. If enough people pay enough transaction fees, mining will become profitable again.

The protocol taking time to adjust to changes in network performance is a good thing. It allows miners to respond to problems on human time scales. It guards against network take-overs during localized outages. The 10 minute block interval reduces the number of stale blocks processed, while still allowing transaction to happen within a reasonable ammount of time.

Put another way: you are thinking in the extreme short term. In my opinion any crypto-currency, no matter how good, will fail in the next 20-50 years. Modern computers are simply too insecure to handle a cryptocurrency. I predict that secure, proven correct on pain of liability, computers of equivalent complexity will take generations (or about 150 years) to develop. IMO, due to the 1996 WIPO 'Copyright' and 'Performances and Phonographs' treaties*, computer security has been regressing for the past 15 years.

* Articles 11 (Copyright)  and 18 (P&P) may be a symptom, rather than a cause of corruption. The fundamental issue is who controls the computer: the user or the manufacturer?
PS: I realize the 'state of the art' has advanced over the past 15 years; but people are still installing insecure sofware (like adobe flash player) as the administrative user. You can't install software making use of DRM as a limited user unless it plays nice in a virtual machine.

James' OpenPGP public key fingerprint: EB14 9E5B F80C 1F2D 3EBE  0A2F B3DE 81FF 7B9D 5160
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September 01, 2011, 05:51:49 PM
 #63

As another poster on top said it has dropped 75% in value from the highs we just recently saw.

Solidcoin managed the same within under a week - very solid!
Is there no solidcoin forum where you can toady other solidcoin followers?
You could even constantly rename the forum, after the scam chain of the week.
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September 01, 2011, 05:53:01 PM
 #64

Can you seriously tell me with a straight face that this entire decline has been a "price bubble"?

This has been an out-right depression, and anyone thinking anything else needs to go read a book on economics.
I think it is you who needs to read the economics textbook. It is very basic:

Bitcoin is inherently DEFLATIONARY. This means that, in the long term, the value of Bitcoins will only go UP. Depressions in other currencies are always caused by governments trying to overrule the markets printing more money... For example, the USA in the 1920s and Zimbabwe recently.  There is NO CENTRAL AUTHORITY in bitcoin to issue such an order, and therefore 'depressions', as the word is commonly understood, are impossible.

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September 01, 2011, 05:54:34 PM
 #65

Bitcoin is inherently DEFLATIONARY. This means that, in the long term, the value of Bitcoins will only go UP.
ಠ_ರೃ

I cannot bear this amount of stupid anymore.
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September 01, 2011, 05:56:20 PM
 #66

Bitcoin is inherently DEFLATIONARY. This means that, in the long term, the value of Bitcoins will only go UP.
ಠ_ರೃ

I cannot bear this amount of stupid anymore.

haha seems like people just like to slip in words when they feel like it. Even when they don't make sense.
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September 01, 2011, 05:59:59 PM
 #67

Stop using the same argument over and OVER again. That means I can also say it's up more then 1000x from the start. If solidcoin would replace bitcoin, that doesn't mean there can't be price bubbles ...
Can you seriously tell me with a straight face that this entire decline has been a "price bubble"?

This has been an out-right depression, and anyone thinking anything else needs to go read a book on economics.



What he's trying to tell you, as if you didn't know already, is that this is a decline only if you start counting from June of 2011. But if you start counting from 2009 this is a 100,000 percent rise. Are you a fool or just playing one for your own interests?
I guess I am "new" to Bitcoin compared to the earlier veterans (many whom are no longer here). I actually own both BTC and SC, so I have interests in BOTH. I want to own every single type of cryptocurrency available to mankind. The reason?

I don't know the future, and neither does anyone else on this forum. All we can do is speculate with the facts given to us at any given time. Forget about the past because those days are truly over, and start thinking about the future. No one cares that the market has exploded 1000% in the past because all they have been doing since they signed on is loose money.
 
I will put my time & money where ever I see the most progress in. I think many people get caught up in the sensationalism, and look at Bitcoin as this sort of godlike entity, when it's just a programming code that is absolutely amazing, but needs to fix a few things before it can go mainstream.

It is of course still BETA. We got that "Beta" clause to push us all the way till next year.

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September 01, 2011, 06:04:57 PM
 #68

Stop using the same argument over and OVER again. That means I can also say it's up more then 1000x from the start. If solidcoin would replace bitcoin, that doesn't mean there can't be price bubbles ...
Can you seriously tell me with a straight face that this entire decline has been a "price bubble"?

This has been an out-right depression, and anyone thinking anything else needs to go read a book on economics.



What he's trying to tell you, as if you didn't know already, is that this is a decline only if you start counting from June of 2011. But if you start counting from 2009 this is a 100,000 percent rise. Are you a fool or just playing one for your own interests?
I guess I am "new" to Bitcoin compared to the earlier veterans (many whom are no longer here). I actually own both BTC and SC, so I have interests in BOTH. I want to own every single type of cryptocurrency available to mankind. The reason?

I don't know the future, and neither does anyone else on this forum. All we can do is speculate with the facts given to us at any given time. Forget about the past because those days are truly over, and start thinking about the future. No one cares that the market has exploded 1000% in the past because all they have been doing since they signed on is loose money.
 
I will put my time & money where ever I see the most progress in. I think many people get caught up in the sensationalism, and look at Bitcoin as this sort of godlike entity, when it's just a programming code that is absolutely amazing, but needs to fix a few things before it can go mainstream.

It is of course still BETA. We got that "Beta" clause to push us all the way till next year.
Yeah, ofcourse  Roll Eyes And I don't care it dropped 75% in a relative small timespan.

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September 01, 2011, 06:06:17 PM
 #69

Bitcoin is inherently DEFLATIONARY. This means that, in the long term, the value of Bitcoins will only go UP.
It is only deflationary in the minds of people who truly believe in Bitcoin.

But for something that can be easily duplicated, and changed around it's kinda stupid to call it "deflationary".

Like I said I think the best solution would be a fast algorithm that adapts to network situations fast (Solidcoin), that has a demuraging rate of all lost/stored coins, giving the money right back to the miners, and putting psychological pressure on people to spend.  Some really intelligent people are already working on this sort of coin http://www.freicoin.org/.

And we should definitely get rid of our sales pitch "deflationary". I think it really does do more harm than good especially when you are talking to an investor who has real hard deflationary assets.

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September 01, 2011, 06:09:19 PM
 #70

Bitcoin is inherently DEFLATIONARY. This means that, in the long term, the value of Bitcoins will only go UP.
It is only deflationary in the minds of people who truly believe in Bitcoin.

But for something that can be easily duplicated, and changed around it's kinda stupid to call it "deflationary".

Like I said I think the best solution would be a fast algorithm that adapts to network situations fast (Solidcoin), that has a demuraging rate of all lost/stored coins, giving the money right back to the miners, and putting psychological pressure on people to spend.  Some really intelligent people are already working on this sort of coin http://www.freicoin.org/.

And we should definitely get rid of our sales pitch "deflationary". I think it really does do more harm than good especially when you are talking to an investor who has real hard deflationary assets.
It's only deflationary until a certain point, when there are almost no NEW coins mined.

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September 01, 2011, 06:10:31 PM
 #71


Read my post I edited. The truth is undeniable at this point... I love Bitcoin with all my heart, but it has fundamental problems that NEED to be fixed. This entire notion that beta software should NOT BE CHANGED, is cult like, and totally opposite to how software development should be conducted.

One way to sustain Bitcoins viability is for Bitcoin to adopt a fast re-adjustment algorithm that isn't effected by huge network swings.


Bitcoin is in its infancy. It is an experiment that will be a lot harder to interpret if the 'protocol' is tweaked too much before even the first drop in block-reward happens. If miners start dropping like flies, there is a solution: pay higher transaction fees. If enough people pay enough transaction fees, mining will become profitable again.

The protocol taking time to adjust to changes in network performance is a good thing. It allows miners to respond to problems on human time scales. I guards against network take-overs during localized outages. The 10 minute block interval reduces the number of stale blocks processed, while still allowing transaction to happen within a reasonable ammount of time.

Put another way: you are thinking in the extreme short term. In my opinion any crypto-currency, no matter how good, will fail in the next 20-50 years. Modern computers are simply too insecure to handle a cryptocurrency. I predict that secure, proven correct on pain of liability, computers of equivalent complexity will take generations (or about 150 years) to develop. IMO, due to the 1996 WIPO 'Copyright' and 'Performances and Phonographs' treaties*, computer security has been regressing for the past 15 years.

* Articles 11 (Copyright)  and 18 (P&P) may be a symptom, rather than a cause of corruption. The fundamental issue is who controls the computer: the user or the manufacturer?
Why would people want to pay higher transaction fee's, when they can go to a competing network and get the same amount of transactions done for free?

This is my point, anyone thinking that they are going to be able to prevent anyone from competing with Bitcoin is nuts. Competition is only going to skyrocket after the first proven successful fork is established. It will only inspire even more people to spark their own idea/currency.

I picture exchanges having 100+ crypto currencys in the next 10 years, all with their own properties/values

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September 01, 2011, 06:11:15 PM
 #72

I want to own every single type of cryptocurrency available to mankind.

Big business opportunity here:

1) Start a block chain once a day.
2) FlipPro will buy the useless coins from all of them.
3) Endless profit!!!

If you still haven't noticed, that is exactly the reason why someone starts a new block chain that is just a copy of bitcoin. But people get what they deserve.

Someone should write a patch for bitcoin so that the chain parameters can be specified as a command line argument. That way new block chains could be setup on a much higher rate, until all "curious" people have been milked as much as possible.
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September 01, 2011, 06:13:48 PM
 #73

Bitcoin is inherently DEFLATIONARY. This means that, in the long term, the value of Bitcoins will only go UP.
It is only deflationary in the minds of people who truly believe in Bitcoin.

But for something that can be easily duplicated, and changed around it's kinda stupid to call it "deflationary".

Like I said I think the best solution would be a fast algorithm that adapts to network situations fast (Solidcoin), that has a demuraging rate of all lost/stored coins, giving the money right back to the miners, and putting psychological pressure on people to spend.  Some really intelligent people are already working on this sort of coin http://www.freicoin.org/.

And we should definitely get rid of our sales pitch "deflationary". I think it really does do more harm than good especially when you are talking to an investor who has real hard deflationary assets.
It's only deflationary until a certain point, when there are almost no NEW coins mined.

Huh?

Right now Bitcoins are Inflating not Deflating good sir.

They will only start to "Deflate" when the 21,000,000 cap is reached.

But once again many, many people have a problem calling digital property "deflationary".


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September 01, 2011, 06:16:47 PM
 #74

I want to own every single type of cryptocurrency available to mankind.

Big business opportunity here:

1) Start a block chain once a day.
2) FlipPro will buy the useless coins from all of them.
3) Endless profit!!!

If you still haven't noticed, that is exactly the reason why someone starts a new block chain that is just a copy of bitcoin. But people get what they deserve.

Someone should write a patch for bitcoin so that the chain parameters can be specified as a command line argument. That way new block chains could be setup on a much higher rate, until all "curious" people have been milked as much as possible.
I didn't buy IX or I0. Those were obvious scams... But I do own , Bitcoins, Namecoins , and Solidcoins. You won't be thinking I am so stupid when all these coins hit their respective peaks. And if I loose a few that's fine to.

And actually IX and I0 coins are scams no more since they now have resurrected their network by copying Solidcoins new algorithm lol.

How ironic...

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September 01, 2011, 06:18:47 PM
 #75

Huh?

Right now Bitcoins are Inflating not Deflating good sir.

They will only start to "Deflate" when the 21,000,000 cap is reached.

But once again many, many people have a problem calling digital property "deflationary".


This is not true, you are being misleading with trivial semantics. Because there EXISTS a cap, bitcoins are DEFLATIONARY. It does not matter that the cap has not yet been reached, because everyone in the market has KNOWLEDGE of the caps inevitable existence. Therefore the market will treat the currency in a deflationary manner. You can read about deflation at http://en.wikipedia.org/wiki/Deflation.

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September 01, 2011, 06:26:02 PM
 #76

Huh?

Right now Bitcoins are Inflating not Deflating good sir.

They will only start to "Deflate" when the 21,000,000 cap is reached.

But once again many, many people have a problem calling digital property "deflationary".


This is not true, you are being misleading with trivial semantics. Because there EXISTS a cap, bitcoins are DEFLATIONARY. It does not matter that the cap has not yet been reached, because everyone in the market has KNOWLEDGE of the caps inevitable existence. Therefore the market will treat the currency in a deflationary manner. You can read about deflation at http://en.wikipedia.org/wiki/Deflation.
You are being an idealist. I am trying to be rational here. If you can start up a network that is almost identical to Bitcoin at almost 0 cost, and have it relatively competitive in just a few months how can you claim that your 21 Million is divine? I understand Bitcoins will cap, but if the network cap is small and diluted due to competition from other currency's, than how much we are really going to make off it's deflationary properties.

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September 01, 2011, 06:27:16 PM
 #77

Huh?

Right now Bitcoins are Inflating not Deflating good sir.

They will only start to "Deflate" when the 21,000,000 cap is reached.

But once again many, many people have a problem calling digital property "deflationary".


This is not true, you are being misleading with trivial semantics. Because there EXISTS a cap, bitcoins are DEFLATIONARY. It does not matter that the cap has not yet been reached, because everyone in the market has KNOWLEDGE of the caps inevitable existence. Therefore the market will treat the currency in a deflationary manner. You can read about deflation at http://en.wikipedia.org/wiki/Deflation.

Agreed, any commodity with a finite existence is, in essence, deflationary. Gold has always been deflationary. More gold gets mined every day, but because we all understand it to be a finite resource, it's deflationary in nature.

With a currency it might be a slightly different analysis, as a currency exists within the bounds of its economy. Seen that way, Bitcoin is inflationary right now, all things being equal will become inflationary neutral in early 2013, and will then turn deflationary in 2017.

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September 01, 2011, 06:28:14 PM
 #78

I want to own every single type of cryptocurrency available to mankind.

Big business opportunity here:

1) Start a block chain once a day.
2) FlipPro will buy the useless coins from all of them.
3) Endless profit!!!

If you still haven't noticed, that is exactly the reason why someone starts a new block chain that is just a copy of bitcoin. But people get what they deserve.

Someone should write a patch for bitcoin so that the chain parameters can be specified as a command line argument. That way new block chains could be setup on a much higher rate, until all "curious" people have been milked as much as possible.
I didn't buy IX or I0. Those were obvious scams... But I do own , Bitcoins, Namecoins , and Solidcoins. You won't be thinking I am so stupid when all these coins hit their respective peaks. And if I loose a few that's fine to.

And actually IX and I0 coins are scams no more since they now have resurrected their network by copying Solidcoins new algorithm lol.

How ironic...

So according to you logic, I have updated my business plan:
1) Start a solid coin block chain once a day.
2) FlipPro will buy the useless coins from all of them.
3) Endless profit!!!

To the other readers: this is basically the same plan as before, just a few parameters have changed. And I have to switch to some untested bitcoin alpha version the same as solidcoin did. But you know, customer is king, and FlipPro being my customer I have to tell what he likes to hear Wink
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September 01, 2011, 06:29:57 PM
 #79

Huh?

Right now Bitcoins are Inflating not Deflating good sir.

They will only start to "Deflate" when the 21,000,000 cap is reached.

But once again many, many people have a problem calling digital property "deflationary".


This is not true, you are being misleading with trivial semantics. Because there EXISTS a cap, bitcoins are DEFLATIONARY. It does not matter that the cap has not yet been reached, because everyone in the market has KNOWLEDGE of the caps inevitable existence. Therefore the market will treat the currency in a deflationary manner. You can read about deflation at http://en.wikipedia.org/wiki/Deflation.
You are being an idealist. I am trying to be rational here. If you can start up a network that is almost identical to Bitcoin at almost 0 cost, and have it relatively competitive in just a few months how can you claim that your 21 Million is divine? I understand Bitcoins will cap, but if the network cap is small and diluted due to competition from other currency's, than how much are we really going to make off it's deflationary properties.

The fact that there might be other currencies in no way implies that Bitcoin is inflationary. Those other currencies are, well, OTHER CURRENCIES. In fact, it is quite possible that in the future there will be other cryptocurrencies working in tandem with Bitcoin, which will be naturally inflationary, and will balance out the "deflationary spiral" fears (which are unfounded, but may have some effect anyway).

They'll still be other currencies, though.

And nobody is suggesting Bitcoin is divine, incidentally, that's just a troll line you tend to drop here and there hoping it will stick.

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September 01, 2011, 06:46:00 PM
 #80

I think solidcoin gathers its steam from the fact the developers are pushing.... well its development... rather than sitting on hoards of coins hoping they will be worth something some day.

My big prob with solidcoin is the same as bitcoin..... limited coin base... ok so a bit/solid coin can be broken down by 8 decimal places.... the typical joe public just dont get that... hell its a human condition we work in integers mentally.... I only hope as solidcoin has less large coin holders the difficult decisions ahead to make "change" will go through....

Beyond that other than my peeve regarding bitcoin apparent appearances of stagnation I'm neither here nor there camp wise.

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September 01, 2011, 06:48:11 PM
 #81

First 50 to post about the "SolidCoin is ready for Bitcoin collapse" article on their blog/forum/twitter* - 20 SC

interestingly, it is nowhere said that the post have to be positive about solidcoin...  Coinhunter, can get the bounty for my above post ?


+1 LOL

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September 01, 2011, 06:49:14 PM
 #82

Put another way: you are thinking in the extreme short term. In my opinion any crypto-currency, no matter how good, will fail in the next 20-50 years. Modern computers are simply too insecure to handle a cryptocurrency. I predict that secure, proven correct on pain of liability, computers of equivalent complexity will take generations (or about 150 years) to develop. IMO, due to the 1996 WIPO 'Copyright' and 'Performances and Phonographs' treaties*, computer security has been regressing for the past 15 years.

I disagree.  We have all of the building blocks to make a truly secure language/operating system.  I actually hope the rise in popularity of crypto-currencies will spur investment in new operating systems that address these problems.  Windows, Unix, and OSX are all based on 40+ year old technology.  It's the huge amount of infrastructure and investment built around these old OSes that is holding back progress.  Not only is a secure operating system (one free from viruses, malware and the like) possible to build, it's not even terribly difficult (but it will take a lot of effort and require a large amount of investment that might require many years to recoup).

(gasteve on IRC) Does your website accept cash? https://bitpay.com
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September 01, 2011, 07:08:38 PM
 #83

I want to own every single type of cryptocurrency available to mankind.

Big business opportunity here:

1) Start a block chain once a day.
2) FlipPro will buy the useless coins from all of them.
3) Endless profit!!!

If you still haven't noticed, that is exactly the reason why someone starts a new block chain that is just a copy of bitcoin. But people get what they deserve.

Someone should write a patch for bitcoin so that the chain parameters can be specified as a command line argument. That way new block chains could be setup on a much higher rate, until all "curious" people have been milked as much as possible.
I didn't buy IX or I0. Those were obvious scams... But I do own , Bitcoins, Namecoins , and Solidcoins. You won't be thinking I am so stupid when all these coins hit their respective peaks. And if I loose a few that's fine to.

And actually IX and I0 coins are scams no more since they now have resurrected their network by copying Solidcoins new algorithm lol.

How ironic...

So how then would one convince an investor to buy solidcoins at a 10x premium above i0coins if in fact they have the same algorithm? lol

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September 01, 2011, 07:16:56 PM
 #84

So how then would one convince an investor to buy solidcoins at a 10x premium above i0coins if in fact they have the same algorithm? lol

How would you convince an investor to buy bitcoins at a 60x premium above solidcoins if in fact they have a worse algorithm? ^^
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September 01, 2011, 07:31:32 PM
 #85

So how then would one convince an investor to buy solidcoins at a 10x premium above i0coins if in fact they have the same algorithm? lol

How would you convince an investor to buy bitcoins at a 60x premium above solidcoins if in fact they have a worse algorithm? ^^

I dont have to. That's the point bitcoin has a much more established market share than solidcoin.

LOL Cheesy

EDIT: I guess all 13 Terahashes of people mining are IDIOTS because they are still mining BTC based on your comment right? LOL

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September 01, 2011, 08:26:22 PM
 #86

So how then would one convince an investor to buy solidcoins at a 10x premium above i0coins if in fact they have the same algorithm? lol

How would you convince an investor to buy bitcoins at a 60x premium above solidcoins if in fact they have a worse algorithm? ^^

I dont have to. That's the point bitcoin has a much more established market share than solidcoin.

LOL Cheesy

EDIT: I guess all 13 Terahashes of people mining are IDIOTS because they are still mining BTC based on your comment right? LOL
I wouldn't cling on to statements like these.  Miners will go where ever they can earn more for their time. And a real fiat exchange for nmc and sLc at ruxum about to change the game...

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September 01, 2011, 08:27:32 PM
 #87

So how then would one convince an investor to buy solidcoins at a 10x premium above i0coins if in fact they have the same algorithm? lol

How would you convince an investor to buy bitcoins at a 60x premium above solidcoins if in fact they have a worse algorithm? ^^

I dont have to. That's the point bitcoin has a much more established market share than solidcoin.

LOL Cheesy

EDIT: I guess all 13 Terahashes of people mining are IDIOTS because they are still mining BTC based on your comment right? LOL
I wouldn't cling on to statements like these.  Miners will go where ever they can earn more for their time. And a real fiat exchange for nmc and sLc at ruxum about to change the game...

Won't change the game if people don't exchange on it. I'm not talking about the 1541 volume lol. that's not volume.

███████████████████████████████████████

            ,╓p@@███████@╗╖,           
        ,p████████████████████N,       
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                   ²²²                 
███████████████████████████████████████

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September 01, 2011, 08:53:18 PM
 #88

Solidcoins have been there for about 10 days. In 10 days from now, the amount of solidcoins will have doubled.
In order to keep a constant price, the demand will need to be twice as high.

The demand for solidcoins comes from a fraction of Bitcoin users, that are convinced to buy solidcoins. We do not need to understand the exact causes that drive them to buy solidcoins ; it is sufficient to observe that in the absence of new compelling arguments, this fraction will probably remain constant.

The number of bitcoin users does not double in an interval of 10 days ; its growth is much slower. Therefore the demand for solicoins will not grow as fast as the supply. This leads to a predictable price decrease.

The above argument assumes that the value of solidcoins is linked to a real economy, and is not influenced by speculation.
However, since most of the value actually results from speculation, we can expect the price decrease to be strongly amplified.

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September 01, 2011, 08:57:34 PM
 #89

... Modern computers are simply too insecure to handle a cryptocurrency. I predict that secure, proven correct on pain of liability, computers of equivalent complexity will take generations (or about 150 years) to develop.

I disagree.  We have all of the building blocks to make a truly secure language/operating system.  I actually hope the rise in popularity of crypto-currencies will spur investment in new operating systems that address these problems.  Windows, Unix, and OSX are all based on 40+ year old technology.  It's the huge amount of infrastructure and investment built around these old OSes that is holding back progress.  Not only is a secure operating system (one free from viruses, malware and the like) possible to build, it's not even terribly difficult (but it will take a lot of effort and require a large amount of investment that might require many years to recoup).

40 years is not a long time. There was about 400 years between the industrial revolution and the printing press. The printing press allowed ideas to be widely disseminated cheaply. Copyright law was invented to curtail 'piracy'. I suspect the agricultural revolution took a similar amount of time to convert society from groups of nomads to people with permanent settlements. We are barely scratching the surface of what computers can do: for the most part, they are still emulating the older analog technologies.

The reason I think a secure computer system will take so long is that it is turtles all the way down. There exists a version of the L4 Microkernel that has been verified by an automated proof checker that it implements its advertised interface. To build a secure, proven correct system, you need to do the same for the proof-checker, compiler and any hardware the system will run on. Unless you are buying a mainframe, no computer system is guaranteed to operate as advertised. Mainframes do every calculation twice because the hardware can fail at any time.

My point bringing up copyright law is that modern consumer computers can't be proven correct. Not only are they not guaranteed to work properly, they often have undocumented features built into the hardware and firmware. We have to trust that these features will only be used for censorship and not subverting any popular crypto-currency.

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September 01, 2011, 09:03:09 PM
 #90

Solidcoins have been there for about 10 days. In 10 days from now, the amount of solidcoins will have doubled.
In order to keep a constant price, the demand will need to be twice as high.

The demand for solidcoins comes from a fraction of Bitcoin users, that are convinced to buy solidcoins. We do not need to understand the exact causes that drive them to buy solidcoins ; it is sufficient to observe that in the absence of new compelling arguments, this fraction will probably remain constant.

The number of bitcoin users does not double in an interval of 10 days ; its growth is much slower. Therefore the demand for solicoins will not grow as fast as the supply. This leads to a predictable price decrease.

The above argument assumes that the value of solidcoins is linked to a real economy, and is not influenced by speculation.
However, since most of the value actually results from speculation, we can expect the price decrease to be strongly amplified.

+1 Very well written and constructed argument. AGREED! Grin

███████████████████████████████████████

            ,╓p@@███████@╗╖,           
        ,p████████████████████N,       
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 ██████    ▐▓▓▓▓▌,     ▄█▓▓▓▌    ██████─
           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌          
    ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─  
     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
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           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
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September 01, 2011, 09:12:08 PM
 #91

Solidcoins have been there for about 10 days. In 10 days from now, the amount of solidcoins will have doubled.
In order to keep a constant price, the demand will need to be twice as high.

The demand for solidcoins comes from a fraction of Bitcoin users, that are convinced to buy solidcoins. We do not need to understand the exact causes that drive them to buy solidcoins ; it is sufficient to observe that in the absence of new compelling arguments, this fraction will probably remain constant.

The number of bitcoin users does not double in an interval of 10 days ; its growth is much slower. Therefore the demand for solicoins will not grow as fast as the supply. This leads to a predictable price decrease.

The above argument assumes that the value of solidcoins is linked to a real economy, and is not influenced by speculation.
However, since most of the value actually results from speculation, we can expect the price decrease to be strongly amplified.

+1 Very well written and constructed argument. AGREED! Grin

well, this is another reason why I do not invest in these alternate blockchains...

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September 01, 2011, 09:22:11 PM
 #92

... Modern computers are simply too insecure to handle a cryptocurrency. I predict that secure, proven correct on pain of liability, computers of equivalent complexity will take generations (or about 150 years) to develop.

I disagree.  We have all of the building blocks to make a truly secure language/operating system.  I actually hope the rise in popularity of crypto-currencies will spur investment in new operating systems that address these problems.  Windows, Unix, and OSX are all based on 40+ year old technology.  It's the huge amount of infrastructure and investment built around these old OSes that is holding back progress.  Not only is a secure operating system (one free from viruses, malware and the like) possible to build, it's not even terribly difficult (but it will take a lot of effort and require a large amount of investment that might require many years to recoup).

40 years is not a long time. There was about 400 years between the industrial revolution and the printing press. The printing press allowed ideas to be widely disseminated cheaply. Copyright law was invented to curtail 'piracy'. I suspect the agricultural revolution took a similar amount of time to convert society from groups of nomads to people with permanent settlements. We are barely scratching the surface of what computers can do: for the most part, they are still emulating the older analog technologies.

The reason I think a secure computer system will take so long is that it is turtles all the way down. There exists a version of the L4 Microkernel that has been verified by an automated proof checker that it implements its advertised interface. To build a secure, proven correct system, you need to do the same for the proof-checker, compiler and any hardware the system will run on. Unless you are buying a mainframe, no computer system is guaranteed to operate as advertised. Mainframes do every calculation twice because the hardware can fail at any time.

My point bringing up copyright law is that modern consumer computers can't be proven correct. Not only are they not guaranteed to work properly, they often have undocumented features built into the hardware and firmware. We have to trust that these features will only be used for censorship and not subverting any popular crypto-currency.

I basically agree with you...especially regarding the need to build on a trusted hardware and firmware platform...open source hardware is very important.  For the same reasons that bitcoin could only work as an open source project, a truly secure computing platform needs to be built on an open hardware and firmware platform (where you don't have to trust anyone, you can verify for yourself that the system is secure).  As for the hardware behaving correctly, fault tolerance and error correction can be built into the software that runs on top of the cheap hardware.  It might not be possible to prove that such a system is 100% correct in its implementation as a result, but a 99.999% probability of correctness may be sufficient for most applications.

Operating System research tends to take a bottom up approach to the problem...I think the community of language researchers actually have a lot more to say about how to build truly secure systems...one of my favorite quotes is:

''Operating System: An operating system is a collection of things that don't fit into a language. There shouldn't be one.'' – Dan Ingalls, in an article in Byte Magazine, 1981.

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September 02, 2011, 03:25:50 AM
 #93

Solidcoins have been there for about 10 days. In 10 days from now, the amount of solidcoins will have doubled.
In order to keep a constant price, the demand will need to be twice as high.

The demand for solidcoins comes from a fraction of Bitcoin users, that are convinced to buy solidcoins. We do not need to understand the exact causes that drive them to buy solidcoins ; it is sufficient to observe that in the absence of new compelling arguments, this fraction will probably remain constant.

The number of bitcoin users does not double in an interval of 10 days ; its growth is much slower. Therefore the demand for solicoins will not grow as fast as the supply. This leads to a predictable price decrease.

The above argument assumes that the value of solidcoins is linked to a real economy, and is not influenced by speculation.
However, since most of the value actually results from speculation, we can expect the price decrease to be strongly amplified.

It's actually very necessarily to increase the coin count quickly early on, so that the price per coin remains manageable over the next year. I think the amount of inflation is taken into account in current price, but who knows. This is part of the reason for the limited diff increases for a volatile mining situation at the start.

If we get to the situation where BTC disappears and a SC is worth $100 USD (based on Bitcoin economy dividing into the limited SC) then it's going to be a tricky situation. Sure everyone likes "big numbers" especially if they've invested in it but I think it will encourage a lot more hoarding than we are seeing now. You need a certain amount of the currency to be liquid to be able to conduct trade in it. If most people are treating SC like gold then we will hit a liquidity problem.

The reason I made SC isn't for an investment vehicle, it's for an online trading medium. If people can get wealthy investing then I'm glad for them but we still want most of it being liquid.

There are still some things which may end up changing in SC depending upon a few factors as we get more data. I'm not completely against a small inflation amount when liquidity becomes a problem for example. Nothing massive, about 1% coin base per year. Just enough to encourage more liquidity. If you don't adapt to problems as they appear you are destined to fail (ala Bitcoin). No decision is going to be made lightly though, and we'll get a lot of smart minds working on it.

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September 02, 2011, 05:28:23 AM
 #94


If we get to the situation where BTC disappears and a SC is worth $100 USD (based on Bitcoin economy dividing into the limited SC) then it's going to be a tricky situation.

Hmmm, tricky yes. But, what I'm actually more worried about at that point is figuring out how to obtain my bacon when every pig is able to escape my grasp, given their newly sprouted wings.
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September 02, 2011, 06:05:50 AM
 #95


If we get to the situation where BTC disappears and a SC is worth $100 USD (based on Bitcoin economy dividing into the limited SC) then it's going to be a tricky situation.

Hmmm, tricky yes. But, what I'm actually more worried about at that point is figuring out how to obtain my bacon when every pig is able to escape my grasp, given their newly sprouted wings.

I was somehow unsatisfied with coinhunter quoting me but not answering me, at least not with logical arguments.
Thank you for illustrating that :-)

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September 02, 2011, 10:03:08 AM
 #96

Disclaimer: I do not support the views in this article. Have a read and enjoy!  Cheesy

LINK: http://solidcoin.info/solidcoin-ready-for-bitcoin-collapse.php

Wow!  Goebbels would have been proud.

And offering bounties to spam links to this FUD propaganda... What a scum act...

Will it be xrumer next?

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September 02, 2011, 10:13:20 AM
 #97

I disagree.  We have all of the building blocks to make a truly secure language/operating system.  I actually hope the rise in popularity of crypto-currencies will spur investment in new operating systems that address these problems.  Windows, Unix, and OSX are all based on 40+ year old technology.  It's the huge amount of infrastructure and investment built around these old OSes that is holding back progress.  Not only is a secure operating system (one free from viruses, malware and the like) possible to build, it's not even terribly difficult (but it will take a lot of effort and require a large amount of investment that might require many years to recoup).

I'm in love. Smiley

I've been making that argument to people for a good twenty years. And the same applies to computers themselves in a lot of ways, honestly. The notion of how the building blocks of a machine interconnect, for example, that's been almost a constant. Minor improvements here and there. Never any complete rethinking of how stuff works.

Starting over as close to possible as from scratch would indeed require a lot of effort and investment but it's one of those things that if it works... would just change everything. And pay accordingly.

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September 02, 2011, 10:57:24 AM
 #98

Can someone explain to me what the mybitcoin even has to do with solidcoin's "modifications" ?

Geist Geld, the experimental cryptocurrency, is ready for yet another SolidCoin collapse Wink

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September 02, 2011, 11:08:29 AM
 #99

Can someone explain to me what the mybitcoin even has to do with solidcoin's "modifications" ?

What? did you not read the first paragraph ?
The FBI is involved in the development of Bitcoin, therefore they have installed backdoors in the daemon.
These backdoors have been used by the hackerz.
Solocoin is safe because the backdoodrs have been removed by Coinhunter

it all makes sense!

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September 02, 2011, 11:10:49 AM
 #100

Can someone explain to me what the mybitcoin even has to do with solidcoin's "modifications" ?

What? did you not read the first paragraph ?
The FBI is involved in the development of Bitcoin, therefore they have installed backdoors in the daemon.
These backdoors have been used by the hackerz.
Solocoin is safe because the backdoodrs have been removed by Coinhunter

it all makes sense!

Why do cospiracy theorists involve FBI and CIA always ? Belorussian KGB has so much more shique Smiley

Anyway, it seems like the solidcoin security is "protection from a relatively unlikely (for bitcoin) quirk associated with huge drop in minepower" and "lots of FUD"

I am not impressed, and I am an easily impressionable person.

Geist Geld, the experimental cryptocurrency, is ready for yet another SolidCoin collapse Wink

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September 02, 2011, 11:13:42 AM
 #101

Can someone explain to me what the mybitcoin even has to do with solidcoin's "modifications" ?

Bitcoin currently leaves it up to the developer to determine how many confirmations are required for a transaction to be secure. The default is "1". Which is very easy to forge. mybitcoin's reasoning for the attack was that they didn't wait enough confirmations before saying a deposit had been made. SolidCoin will take that out of their hands so that they don't need to worry about "What is enough confirmations" , as well as ensuring enough time has passed for security reasons (block variance means you can't just look at number of confs).

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September 02, 2011, 12:09:55 PM
 #102

Can someone explain to me what the mybitcoin even has to do with solidcoin's "modifications" ?

Bitcoin currently leaves it up to the developer to determine how many confirmations are required for a transaction to be secure. The default is "1". Which is very easy to forge. mybitcoin's reasoning for the attack was that they didn't wait enough confirmations before saying a deposit had been made. SolidCoin will take that out of their hands so that they don't need to worry about "What is enough confirmations" , as well as ensuring enough time has passed for security reasons (block variance means you can't just look at number of confs).

What utter bullshit.  Are you seriously suggesting that precisely 51% of mybitcoin reserves were stolen by a 1 block double spend?  Where is the evidence for that?  If you can't produce it then your reasoning is shot to pieces.  How exactly is that feasible?  Someone happened to deposit 51% of the total mybitcoin reserves in one transaction and pulled off a double spend?

Show me one strand of evidence that the mybitcoin fiasco was due to a failing in bitcoin?  Are you using the line of reasoning that people should be protected from their own stupidity?  Ok so does the Solidcoin client perform a security audit on any PC it's installed on?  Does it use a keylogger to check that your rpc password isn't one you've used on a public site?  How far do you go?  If I understand correctly all you're doing is preventing the user from seeing the funds until x confirmations have been received.

For the record I like one or two of the changes you've made to the client but the way you are going about marketing it absolutely disgusts me. Your articles leave the distinct impression that bitcoin dev's are morally compromised and incompetent.  I didn't read the words explicitly but I had to read it a second time because when I finished the first time I had the impression they were in league with the FBI.  I have no doubt that was your intention considering the spin intensive tone of the entire article.   These same devs you are slagging off are the ones that wrote and maintain the software you are leeching off.   You give the impression of having made intensive changes to the code base.  All I can see so far is altering a few constants.

Seriously you might have had half a chance if you didn't go about it this way.  I looked at it seriously myself until I started reading the shit you've been spruiking and paying people off to spam all over the net...

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September 02, 2011, 12:35:57 PM
 #103

Can someone explain to me what the mybitcoin even has to do with solidcoin's "modifications" ?

Bitcoin currently leaves it up to the developer to determine how many confirmations are required for a transaction to be secure. The default is "1". Which is very easy to forge. mybitcoin's reasoning for the attack was that they didn't wait enough confirmations before saying a deposit had been made. SolidCoin will take that out of their hands so that they don't need to worry about "What is enough confirmations" , as well as ensuring enough time has passed for security reasons (block variance means you can't just look at number of confs).



Geist Geld, the experimental cryptocurrency, is ready for yet another SolidCoin collapse Wink

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CoinHunter
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September 02, 2011, 12:47:35 PM
 #104

What utter bullshit.  Are you seriously suggesting that precisely 51% of mybitcoin reserves were stolen by a 1 block double spend?  Where is the evidence for that?  If you can't produce it then your reasoning is shot to pieces.  How exactly is that feasible?  Someone happened to deposit 51% of the total mybitcoin reserves in one transaction and pulled off a double spend?

It was known for a few months prior to the incident mybitcoin was even allowing 0 confs in some instances (at least). Which makes it very easy. Again this comes down to educating the people who use bitcoin and not allowing newbies to have access to such important things. Whether or not it was a scam or not I don't know, I'm just putting forward it's very feasible to attack mybitcoin with 0 and 1 confs in place without a lot of mining power.




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September 02, 2011, 12:54:54 PM
 #105

I'm just putting forward it's very feasible to attack mybitcoin with 0 and 1 confs in place without a lot of mining power.

No, what you're trying to imply is that if it was solidcoin instead of bitcoin then mybitcoin couldn't have lost 51% of their funds.  You're not explicitly saying that because to anyone with half and ounce of technical nouse it's clearly bullshit but that's probably not who your articles are aimed at...

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September 02, 2011, 01:10:53 PM
 #106

No, what you're trying to imply is that if it was solidcoin instead of bitcoin then mybitcoin couldn't have lost 51% of their funds.  You're not explicitly saying that because to anyone with half and ounce of technical nouse it's clearly bullshit but that's probably not who your articles are aimed at...

Considering I haven't rolled out the new API and developer section you are right, current SolidCoin doesn't improve much in that area yet (just moving the API over to integers). However I can categorically say that the new API which will be released soon would have stopped that attack from occurring, if that indeed is what happened.

Try SolidCoin or talk with other SolidCoin supporters here SolidCoin Forums
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September 02, 2011, 01:14:11 PM
 #107

No, what you're trying to imply is that if it was solidcoin instead of bitcoin then mybitcoin couldn't have lost 51% of their funds.  You're not explicitly saying that because to anyone with half and ounce of technical nouse it's clearly bullshit but that's probably not who your articles are aimed at...

Considering I haven't rolled out the new API and developer section you are right, current SolidCoin doesn't improve much in that area yet (just moving the API over to integers). However I can categorically say that the new API which will be released soon would have stopped that attack from occurring, if that indeed is what happened.

coinhunter,I think that you are spending way too much time on the forum and writing propaganda. why don't you work a bit on that API, it will give everyone a break

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September 02, 2011, 01:21:50 PM
 #108

As I mentioned in the main SC thread yesterday...given the premise of the article it actually makes more sense that SolidCoin is an FBI op designed to disrupt Bitcoin. The FBI wouldnt make and release a groundbreaking technology like Bitcoin, but they would damn sure make a few tweaks and release a competing blockchain. In fact I have yet to see any evidence that SolidCoin is not a government operation.

Especially given CoinHunter's apparent schizophrenia. To wit:

Firstly, I am not a SolidCoin business, I haven't had enough time yet to start some. I'm just out there promoting a better currency, along with hundreds of others. I don't own "SolidCoin", but I own some SolidCoins, if that makes sense. Smiley And I'm certainly not going to be the biggest winner if the currency goes beyond Bitcoin parity. Like I said the money thing isn't an issue to me, perhaps it is for others and if they can become wealthy off SolidCoin then I'm glad I can help.

I also don't want to be known as the "Leader" of SolidCoin, I feel like I'm just doing my part for a good cause. Others are also doing what they can because they want to live in a world where a currency like SolidCoin is commonly used and allows them economic freedom.

And yet today he is the developer/programmer (emphasis added)


The reason I made SC isn't for an investment vehicle, it's for an online trading medium. If people can get wealthy investing then I'm glad for them but we still want most of it being liquid.

Considering I haven't rolled out the new API and developer section you are right, current SolidCoin doesn't improve much in that area yet (just moving the API over to integers). However I can categorically say that the new API which will be released soon would have stopped that attack from occurring, if that indeed is what happened.

So, are you just some guy promoting it or are you the one running the show? If you are not running things, could you go get the Special Agent in Charge and have him come here and discuss things? Thanks.
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September 02, 2011, 01:38:08 PM
 #109

This posting needs to be deleted.  I never like to advocate censorship but this article is not helping the Bitcoin community at all.  All this heresay and conjecture is straight up libel on an open-source peer-to-peer revolutionary project that Solidcoin is based off of.  Scaring people with BS alarmist post headlines like this should not be acceptable.

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September 02, 2011, 01:50:38 PM
 #110

This posting needs to be deleted.  I never like to advocate censorship but this article is not helping the Bitcoin community at all.  All this heresay and conjecture is straight up libel on an open-source peer-to-peer revolutionary project that Solidcoin is based off of.  Scaring people with BS alarmist post headlines like this should not be acceptable.

I agree COMPLETELY I think anything that is negative in the slightest bit should be deleted from the forums, and nobody should talk or discuss it at all.  The forums should be full of UP UP UP posts and that is IT!  I am sick and tired of you negative nancies ruining everything!

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September 02, 2011, 02:11:27 PM
 #111

Can someone explain to me what the mybitcoin even has to do with solidcoin's "modifications" ?

Bitcoin currently leaves it up to the developer to determine how many confirmations are required for a transaction to be secure. The default is "1". Which is very easy to forge. mybitcoin's reasoning for the attack was that they didn't wait enough confirmations before saying a deposit had been made. SolidCoin will take that out of their hands so that they don't need to worry about "What is enough confirmations" , as well as ensuring enough time has passed for security reasons (block variance means you can't just look at number of confs).

How do you plan to implement that in the protocol? Or are we talking about the daemon now?

And in general, is there a source that argues why SolidCoin's changes make a better ground for a currency, NOT in layman's terms but in proper jargon?

Not only that but they use meta-virtual currency to aggressively promote it: http://solidcoin.info/bounties.php

First 50 to post about the "SolidCoin is ready for Bitcoin collapse" article on their blog/forum/twitter* - 20 SC
First 40 to post about the "5 reasons to switch to SolidCoin" article on their blog/forum/twitter* - 25 SC
First 60 to post about SolidCoin on their blog/forum/twitter* - 100 SC

Maybe there's a lesson to be learned from this...

Now, paying people for blatant FUD against a free project pretty much falls on the dark side.
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September 02, 2011, 02:44:42 PM
 #112


And in general, is there a source that argues why SolidCoin's changes make a better ground for a currency, NOT in layman's terms but in proper jargon?

I'd settle for a source that actually argues (as opposed to merely asserting) that in layman's terms, tbh.

Geist Geld, the experimental cryptocurrency, is ready for yet another SolidCoin collapse Wink

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September 02, 2011, 03:11:14 PM
 #113

Coinhunter -

      recent incidents like MyBitcoin losing over $1,500,000 million dollars

Wow.  Have you told Bernanke?  Not pussying about there, truly in his big leagues.

Can I invest in solidcoin?  It seems you have a way with numbers.
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September 02, 2011, 03:17:16 PM
 #114

Coinhunter -

SolidCoin's popularity which is based around being a faster and more secure alternative to Bitcoin has seen it take away 11% of the Bitcoin network power.

Wow, 11% of the network power?  Perhaps I don't understand, but last time I looked SC hasn't sustained more than 1% of BTC's difficulty for more than a few minutes.  15,000 vs 1,800,000?

You really do have a way with numbers.  How can I invest?
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September 02, 2011, 03:28:39 PM
 #115

It did have ~10% of the network for a short time, back when the price was crazed and the Bitcoin network dropped below 10 Th/s. SC was around 1 Th/s.

No longer.
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September 02, 2011, 11:45:46 PM
 #116

I have messaged Coinhunter, and wanted to know what his opinion is about demurrage.
I think if Solidcoin implements this, it's all over.

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September 03, 2011, 02:21:30 AM
 #117

I have messaged Coinhunter, and wanted to know what his opinion is about demurrage.
I think if Solidcoin implements this, it's all over.

Doubtful that it will get added to Solidcoin because people bought coins with the expectation that they can hold them without being taxed. CoinHunter's reputation would probably be reduced if he tried to push it, so I think the only way is to make a new chain with demurrage from the start.
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September 03, 2011, 04:27:15 AM
 #118

I have messaged Coinhunter, and wanted to know what his opinion is about demurrage.
I think if Solidcoin implements this, it's all over.
Yep, it will be over. There would be two conflicting SC chains since most clients wouldn't switch.

Here's an idea though; you could fork the chain! Let people carry their SolidCoin holdings to the new chain, so that you will have the current SC userbase as a start. They will still be able to continue mining/using their regular SolidCoins; the new network (let's say DC) will start building on a copy of the current SC chain. DC will have demurrage. Even better, implement merged mining and help pools switch. All current SC users will be able to seamlessly start using DC.

It would be an interesting experiment. Now, demurrage is a real functionality, we can observe how people will respond to the idea. SC can be the gold-like savings currency existing parallel to it, continuing to compete with BTC.
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September 04, 2011, 08:31:37 PM
 #119

With all the later trolling going on, and competing clones appearing like worms after rain, I see bitcoin FAR from collapse, but stronger than ever.


Me too!!

Solidcoin is a joke!! LOL

Funny to watch!  ^^
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September 04, 2011, 09:08:46 PM
 #120

With all the later trolling going on, and competing clones appearing like worms after rain, I see bitcoin FAR from collapse, but stronger than ever.


Me too!!

Solidcoin is a joke!! LOL

Funny to watch!  ^^

Stronger than ever? Pretty amazing how fast people ignore reality and turn to religion when they are scared. There's no denying that the value is on a downtrend, so is hashing rate, search volume, news references, traffic to this site, etc. If you deny that the momentum is gone then you are now proud members of the church of Bitcoin.
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September 04, 2011, 09:17:51 PM
 #121

The only stat that matters is transaction volume. Oddly that is not listed on blockexplorer.com or bitcoincharts.org.

By "transaction volume", I mean the number of transactions. The way bitcoin works, every spend of a newly minted coin looks like 50BTC (even if it is 1BTC, 49BTC change).

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September 04, 2011, 09:35:06 PM
 #122

The only stat that matters is transaction volume. Oddly that is not listed on blockexplorer.com or bitcoincharts.org.

My "transaction volume", I mean the number of transactions. The way bitcoin works, every spend of a newly minted coin looks like 50BTC (even if it is 1BTC, 49BTC change).

Transaction volume is a worthless metric. People send money to themselves all the time so it doesn't reflect real trading.
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September 05, 2011, 04:28:16 AM
 #123

The only stat that matters is transaction volume. Oddly that is not listed on blockexplorer.com or bitcoincharts.org.

My "transaction volume", I mean the number of transactions. The way bitcoin works, every spend of a newly minted coin looks like 50BTC (even if it is 1BTC, 49BTC change).

Transaction volume is a worthless metric. People send money to themselves all the time so it doesn't reflect real trading.

If there isn't an obvious reason for people to start sending themselves in an increasing (or decreasing) trend while keeping other transactions constant, trends of transaction volume and transaction count are important indicators. Don't look at the numbers, look at the graph. I guess we could kindly ask molecular to do it for us for a donation.
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May 25, 2012, 10:00:58 PM
 #124

Disclaimer: I do not support the views in this article. Have a read and enjoy!  Cheesy

LINK: http://solidcoin.info/solidcoin-ready-for-bitcoin-collapse.php


MicroCash is indeed ready for the SC2 collapse.

Can't believe this idiot still has this article posted on their forum.

http://solidcoin.info/solidcoin-ready-for-bitcoin-collapse.php


~BCX~


I'm still waiting for bitcoin to "collapse" ...


 
 
 
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July 18, 2012, 01:00:48 AM
 #125

Delusions of Grandeur.

-
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LEALANA Monero Physical Silver Coins


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July 18, 2012, 02:48:37 AM
 #126

Wow ya I remember that. What a load of crock! LOL!

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