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Author Topic: Nenolod, the guy that wants to prove Bitcoin doesn't work.  (Read 25510 times)
db
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July 19, 2010, 12:41:15 AM
 #41

If he dumps all his alleged 85 000 bitcoins on bitcoinmarket.com right now the price will go down to 0.004 USD/BTC. Then it will go up again. So what?

I'll put in a couple of low bids just in case he's serious. If he wants to subsidize my bitcoin purchases I gladly accept.
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July 19, 2010, 02:13:44 PM
 #42

Nothing could be better than for someone to come in and beat on the system at its margin to see what it can handle.  This is a far better stress-test than those issued to the banks, if true.

It also explains to me why I came back from being away for 4 days and only generated 1 block of coins.  Cool
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July 19, 2010, 04:26:23 PM
 #43


I guess it's better to know sooner than later if BitCoin has vulnerabilities, so I welcome anything we can learn from this 'attack'.
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July 22, 2010, 07:12:42 PM
 #44

http://nenolod.net/thoughts-on-bitcoin/
kiba
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July 22, 2010, 07:19:47 PM
 #45


Speculating is a valuable service. http://mises.org/daily/4466

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July 22, 2010, 07:59:23 PM
 #46

Anyone know when the next block that difficulty will be reevaluated at will be?

Against my better judgement... 1ADjszXMSRuAUjyy3ShFRy54SyRVrNDgDc
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July 22, 2010, 08:01:44 PM
 #47

my speculation is that he is going to use them to buy linden dollars, since that is something he mentioned that can currently be done.

Tarot Card Readings for Bitcoins, available via e-mail, phone, skype or IM of your choice.  Inquire for price, quite reasonable.
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July 22, 2010, 08:48:34 PM
 #48

Anyone know when the next block that difficulty will be reevaluated at will be?

http://theymos.ath.cx:64150/q/nextretarget

1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
nenolod
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July 22, 2010, 08:49:36 PM
 #49

my speculation is that he is going to use them to buy linden dollars, since that is something he mentioned that can currently be done.

i have approximately zero interest in buying L$.  you will see what i will do with the BTC i generated when I have something to demonstrate.

i stopped generating btc when difficulty hit 181.5, as i had enough BTC for what i needed.
nenolod
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July 22, 2010, 08:57:08 PM
 #50

How much money is he wasting to tie up 1000 cores? I'd love to have that kind of disposable income to prove my point Smiley

Probably the son of a [paper] banker.  Or some other powerful interest that will be hurt by a disruptive technology.

actually, it was not very expensive.  i spent roughly $130 USD in expenses to generate the BTC needed... then difficulty rose to 181.5, which made things no longer interesting, as I had enough BTC.  there were a couple of people who were offering money to keep the instances online so that they could get some BTC of their own though.

my parents are not bankers, i can assure you of that.  one is a librarian and the other is retired...
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July 22, 2010, 09:03:35 PM
 #51

Quote from: nenolod
Consider for example, Second Life.  You buy stuff in Second Life (clothing, objects, property, etcetera).  Now consider if we decentralized that environment… made it where anyone could run the server software (this is already possible with OpenSim).  Now we need a viable form of commerce that is not biased to any particular party. This is where BitCoin shines

I'm guessing he is going to make an MMO, allow others to run servers, and sell items via bitcoin. Of course, this doesn't explain why he would need a stock of bitcoins... this implies he is going to be buying something.
nenolod
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July 22, 2010, 09:04:57 PM
 #52

Quote from: nenolod
Consider for example, Second Life.  You buy stuff in Second Life (clothing, objects, property, etcetera).  Now consider if we decentralized that environment… made it where anyone could run the server software (this is already possible with OpenSim).  Now we need a viable form of commerce that is not biased to any particular party. This is where BitCoin shines

I'm guessing he is going to make an MMO, allow others to run servers, and sell items via bitcoin. Of course, this doesn't explain why he would need a stock of bitcoins... this implies he is going to be buying something.

an MMO service needs a stable exchange for the microcurrency.
bittechconsulting
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July 22, 2010, 09:15:52 PM
 #53

Is this something you were already developing, and bitcoins just fit in perfectly, or did you see bitcoins, and decide that this would be the best use for them?
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July 22, 2010, 09:41:32 PM
 #54

Why not just keep generating them and sell them? you should be making a profit still at the higher difficulty.

nenolod
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July 22, 2010, 10:08:11 PM
 #55

Why not just keep generating them and sell them? you should be making a profit still at the higher difficulty.

because running a public bitcoin exchange is not my goal.
nenolod
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July 22, 2010, 10:14:01 PM
 #56

Is this something you were already developing, and bitcoins just fit in perfectly, or did you see bitcoins, and decide that this would be the best use for them?

i have looked at bitcoin before, although i did not choose to experiment with it until some friends of mine pointed me to some absolutely hilarious posts on these boards.  at first, i was more interested in seeing what would happen if i threw a lot of compute resources at bitcoin (both on a technical and social scale).  when i started to fiddle with it more though, i saw the potential for it's use as a legitimate microcurrency.  that said, i think a lot of the views of the people on these boards are kooky,  i do not believe that the people who are just doing bitcoin to "fight the man" will stay around forever, though.  i also believe that aspect of bitcoin serves as a detractor towards using it, simply because many businesses do not want to be associated with crazy libertarian government conspiracy views.  but frankly, the politics do not matter, what matters is the underlying system, and that is mostly sound.

there is a person on the IRC channel, you may know him Smiley  his name is Diablo-D3.  many people i know who have looked at bitcoin for their projects run away because they get a vibe that the project is in general filled up with people who are like Diablo-D3 Smiley
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July 22, 2010, 10:14:29 PM
 #57

cause he's not in it just for the money.  I am excited to see what sort of MMO results from this.

Tarot Card Readings for Bitcoins, available via e-mail, phone, skype or IM of your choice.  Inquire for price, quite reasonable.
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July 22, 2010, 10:51:08 PM
 #58

 i also believe that aspect of bitcoin serves as a detractor towards using it, simply because many businesses do not want to be associated with crazy libertarian government conspiracy views.  but frankly, the politics do not matter, what matters is the underlying system, and that is mostly sound.

there is a person on the IRC channel, you may know him Smiley  his name is Diablo-D3.  many people i know who have looked at bitcoin for their projects run away because they get a vibe that the project is in general filled up with people who are like Diablo-D3 Smiley

What conspiracy libertarians are believing in? What's "kooky" about my views?

You also made me laugh when you say speculating is bad.  Roll Eyes

bitcoin2paysafe
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July 23, 2010, 12:14:59 AM
 #59

He probably would like trigger a "sell out" panic. He will sell a few Bitcoins. I do not think this will work.
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July 23, 2010, 12:46:34 AM
 #60

my speculation is that he is going to use them to buy linden dollars, since that is something he mentioned that can currently be done.

i have approximately zero interest in buying L$.  you will see what i will do with the BTC i generated when I have something to demonstrate.

i stopped generating btc when difficulty hit 181.5, as i had enough BTC for what i needed.

Why not just generate lots of test bitcoins?  Surely that's cheaper? 
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