[UNO] Unobtanium Info & Discussion - Merge Mine w/BTC! - Update NOW to qt 0.11.5

[Blakesss]

The orderbook is crazy right now. Hardly any UNO available at this level. Prepare for liftoff.

[Benefactor]

I really like AllCrypt, but I've had 3 red flags there, lately, and decided to do the typical skiddish experienced cryptocurrency trader thing - pull all my funds off the account.  I just had sent 10 UNO there to offer liquidity, as their Ask was about 0.002 above market, but for some reason, it hasn't credited after tens of confirmations.  This is not normal for AllCrypt at all, as they are usually really great with deposits and withdrawals.  Arguably the best, really!

Things are probably fine, there, but after having avoided such disasters as MtGox and others, but getting caught in Mintpal, I'm just not into taking too many chances.  Normally, I'd give them more time on a single deposit, but there have been other anomalies there, lately.  (I did successfully pull my funds off, except for the 10 UNO that hasn't credited.)

WARNING:  Until I get my 10 UNO back into my own wallet, OFF of AllCrypt, once they credit it, you probably shouldn't send UNO to AllCrypt.

[Edit:  I've secured my UNO, now.  If a deposit doesn't show up, there, ask them to "set it to rescan," as that is what they said they did to solve it.]

[IMZ]

Well, TTs can buy Uno at .016 on Un-Ex at this second, and you may sell as you please. I am not making a loss on these sales. Rather, hoovering the bot-bids, and packaging them. The sooner you guys buy these Uno, the sooner I can hoover more!

[What happened on Cryptsy yesterday?]

[FallingKnife]

Hello Unobtanium community!!

Unobtainium now has over 7 TH mining away on the Digital Gold Pool!

http://pool.digitalgold.co/

Please add our pool to your website

I'll send you about 500 ghs for awhile! Great to have you online with Uno!

[cragv]

[What happened on Cryptsy yesterday?]

BitcoinNational posted the answer to your question near the top of this page: Cryptsy was DDoSed yesterday.

DDoS: Distributed Denial of Service

It's an attack by multiple computers, typically a 'bot net' (many computers on the internet that are compromised by a malicious program (virus, usually trojan) that gets all the computers to send harmless information requests to a single server. So many requests are made at the same time that it causes the server to become too busy to respond (at best) or to crash the server entirely and/or knock the web host offline due to too much traffic (worst case).

A DDoS is generally easy to recover from when its over, but difficult to stop during an attack. It's quite effective on exchanges where you want to manipulate the price of a market by preventing it from trading while you orchestrate a pump or dump, so when the exchange comes back online, your price manipulation nets you profit.

[IMZ]

Thanks, cragv. The basic principle of DDOS I understand, but I got tangled up in some terms that were new to me.

And:

for reference -- perhaps to print and distribute as Cryptos 101 -- this is clear:

http://graduateinstitute.ch/files/live/sites/iheid/files/sites/cfd/shared/docs/student%20working%20papers/QuastBitcoinCFD.pdf

[IMZ]

Seriously: anyone know anyone who speaks Greek?

m

[cragv]

for reference -- perhaps to print and distribute as Cryptos 101 -- this is clear:

http://graduateinstitute.ch/files/live/sites/iheid/files/sites/cfd/shared/docs/student%20working%20papers/QuastBitcoinCFD.pdf

Interesting. What do you think of this (copied from near the end):

The key point to observe here, is that cryptocurrencies do have value,
but only as a transaction mechanism. Hereby the biggest bottleneck is prob-
ably the number of cryptocurrencies that merchants are willing the accept
simultaneously. However, due to their similarity, it is very straightforward
for e.g. merchants to accept multiple currencies. When we combine the value
with the relatively cost-less creation of cryptocurrencies, we see an equilib-
rium in the number of cryptocurrencies that is far higher than in the current
situation.
Inflation is impossible within the Bitcoin network, as well as within most
other cryptocurrencies. However, inflation in the cryptocurrency economy is
still possible, through an expansion the number of cryptocurrencies.
It is also through this multiplicity that wasteful mining will be limited. As
noted above, cryptocurrencies have value, because they are effective mech-
anisms for transactions. However, this is the only source of value. If a
cryptocurrency becomes too expensive (which causes excessive mining), a
new, lower valued, cryptocurrency will arise. Since the value of this currency
is lower, but it is equally effective in transactions, value will flow out of the
overvalued cryptocurrency and into the undervalued one. This lowers the
value of the overvalued cryptocurrency, and less mining will be done here,
reducing the waste.
In conclusion, cryptocurrencies such as Bitcoin have an enormous poten-
tial as a transaction mechanism, giving users control of their own holdings
and making transactions instant and costs negligible. Two commonly heard
issues with cryptocurrencies are deflation and wasteful mining. It can be
shown that these issues are not pervasive, when the cryptocurrency economy
as a whole is considered. Cryptocurrencies derive their value only from be-
ing an efficient transaction mechanism, if they appear to become overvalued
(causing excessive mining), other cryptocurrencies will arise. This will in-
crease the total number of cryptocoins (between all cryptocurrencies), which
will drive down the price, and limit excessive mining.

(Bolded emphasis mine). This statement assumes that people won't hold a higher valued coin but will move to the lower valued coin because of its transaction value, which is the only utility of crypto currencies in the author's eyes (as stated earlier in the article).

Thoughts? Cheers

[IMZ]

Nice timing, Digital!

Got any ideas about how we can connect Unobtanium to Greek people? The latest agreement only kicks the can down the road. There's been a steady flow of capital out of Greek banks in recent months, and the Euro itself will continue weakening.

Even as something as simple as a kept-up-to-date post (in Greek) here: http://www.reddit.com/r/greece

(and please do feel free to pop over here -- https://bitcointalk.org/index.php?topic=757232.0 -- and ask us what 'P-WIPping' is! It would work v. v. well in this situation.)

Mark (IndiaMikeZulu), Australia

P.s.: it's just sad how many Australian-born Australians don't speak another language. Gotta change!

[IMZ]

@ cragv:

The section I liked was that which explained the basics of Bitcoin.

The italicised bit? I think he’s off track. We should fervently hope (tee hee) for ‘too expensive’ and ‘excessive mining’ – certainly if the crypto in question holds its value.

m

[tiCeR]

Hello Unobtanium community!!

Unobtainium now has over 7 TH mining away on the Digital Gold Pool!

http://pool.digitalgold.co/

Please add our pool to your website

I'll send you about 500 ghs for awhile! Great to have you online with Uno!

Thank you for your support!!

The Gigital Gold pool is now mining at 35.25 TH - Not too bad for a new kid on the block

http://pool.digitalgold.co/

Not bad i will also point my miner to your pool!

[fjlj]

Hello Unobtanium community!!

Unobtainium now has over 7 TH mining away on the Digital Gold Pool!

http://pool.digitalgold.co/

Please add our pool to your website

I'll send you about 500 ghs for awhile! Great to have you online with Uno!

Thank you for your support!!

The Gigital Gold pool is now mining at 35.25 TH - Not too bad for a new kid on the block

http://pool.digitalgold.co/

Not bad i will also point my miner to your pool!

Thank you Ticer!

Much appreciated. We added some more stats and total hash rate to the pool.
We are doing much better than expected in our first couple of days!

Thank you to everyone for mining with Digital Gold Pool!

Regards

Digital Gold

very nice pool no sign up required cashes out at 0.2

[IMZ]

Welcome fjlj and tiCeR! This crypto community is growing nicely.

And if you like crypto theory experiments, come visit our in-house exchange: https://bitcointalk.org/index.php?topic=757232.0

Mark (IndiaMikeZulu), Australia

[BitcoinCharlie]

Anyone heard of / used:

http://www.vaultoro.com/

Thoughts?

[IMZ]

Morning, B.C. Just got off the phone to The Aussie Bullion Guy (we're gonna reform the project!)

I will start lookin' at vaultoro forthwith -- but of course, it's an ETF (!?)

M

[IMZ]

And we are puddlin' along with the Crypto-for-Bullion in Australia Project, tryin' to strike a balance between paperwork (insurance) and security.

Any Australians want to try buying or selling a little silver for Uno or other?

Mark

[rojan]

Five Reasons Bitcoin Revolution is Over - 2015 will be the year Bitcoin "dies." The bubble is over and the cryptocurrency, while revolutionary, has serious issues which will prevent it from ever becoming widely accepted.

Andre Alessandro — The five problems listed here are both structural and external and they will prevent the mass adoption of the cryptocurrency.

"It is a third rate payment system, far behind cash, credit cards, and then other forms of money such as gold and silver."

"Ultimately, Bitcoin will be relegated to the history books unless structural changes are made."

http://sputniknews.com/analysis/20150222/1018609336.html

I find it interesting that the conclusion of this opinion piece basically makes an argument for altcoins.  After all, altcoins are based on Bitcoin (blockchain technology) with structural changes (addressing 1 or more of the 5 problems listed in the article).

[IMZ]

Hey, Rojan! Ian and I have been refining our understanding of 'inflation' in cryptos. I found myself arriving back at the same pleasant spot, by a sort of process of elimination:

coins with high inflation are rubbish.

Some POW cryptos (I am still workin' on this . . . ) have more or less allowance for keeping the network secured by mining 'down the track.'

Rarity produces both community coherence (consensus can be reached on pivotal issues -- like merged-mining), and prevents the possibility of the coin getting itself into the rut (high quantities of 'incoming coin' over long periods) that Bitcoin has got itself into.

So, the best bet would be a rare low-or-nil-inflation crypto with a visionary and energetic community. And that would be?

m

[BitcoinNational]

If a cryptocurrency becomes too expensive (which causes excessive mining), a new, lower valued, cryptocurrency will arise.

Since the value of this currency is lower, but it is equally effective in transactions, value will flow out of the overvalued cryptocurrency and into the undervalued one.

Cryptos 101

http://graduateinstitute.ch/files/live/sites/iheid/files/sites/cfd/shared/docs/student%20working%20papers/QuastBitcoinCFD.pdf

We now have Doctoral research papers backing our common sense
---------------

Agree nice timing digitalgold
We'd be happy to start popular distribution in Cryprus.
Wasn't there a 'bail in' there?

 

[TrueCryptonaire]

I have purchased a little bit cloud hashing.
I am mining bitcoins with Genesis Mining and planning to to the mined bitcoins to pressure Unobtanium's price higher.
So very small percentage of bitcoin's inflation is setting pressure for Uno's price.

I suggest also other community members to get some cash flow assets (perhaps stocks that pay didvends every month from US stock exchange, rental properties etc) and put some constant buying pressure on Unobtanium.
One alternative is also to invest in p2p loans at btcjam.com. However, be careful there, invest only the best grades - otherwise you end up getting large numbers of defaults.