rpietila Altcoin Observer

[wachtwoord]

We don't have much time remaining. We are dicking around.

Please re-iterate your actionable plan for people who don't have a particular skillset and aren't particularly wealthy but belong to the middle class and are fortunate enough to read you.

Sticking with Bitcoin is not the actionable plan?

[1714168927]

1714168927

[1714168927]

1714168927

[1714168927]

1714168927

[villabacho]

It is clearly possible to design a crypto-currency that can scale way beyond VISA/MC/PayPal and remain decentralized for mining. Don't expect it from Bitcoin though.

But that is not what will prevent offchain from proliferating, although it is a first requirement. Offchain is used because it is more attractive, convenient, and easy for the user.

I believe there is a solution. But it is currently one of my secrets that I am not yet willing to share publicly.

eMunie scales pretty well (did a million transactions within 24 hours in a beta test some weeks ago). They also have anonymity, though I cannot comment on how that is implemented. Would be interested to know what your impression is.

[rdnkjdi]

It is clearly possible to design a crypto-currency that can scale way beyond VISA/MC/PayPal and remain decentralized for mining. Don't expect it from Bitcoin though.

But that is not what will prevent offchain from proliferating, although it is a first requirement. Offchain is used because it is more attractive, convenient, and easy for the user.

I believe there is a solution. But it is currently one of my secrets that I am not yet willing to share publicly.

eMunie scales pretty well (did a million transactions within 24 hours in a beta test some weeks ago). They also have anonymity, though I cannot comment on how that is implemented. Would be interested to know what your impression is.

Did a google and ran into this.  Is it still being launched by the same guy?  I noticed it awhile back and I'm pretty sure he was saying he was keeping it closed sourced?

https://bitcointalk.org/index.php?topic=411366.0

[villabacho]

It is clearly possible to design a crypto-currency that can scale way beyond VISA/MC/PayPal and remain decentralized for mining. Don't expect it from Bitcoin though.

But that is not what will prevent offchain from proliferating, although it is a first requirement. Offchain is used because it is more attractive, convenient, and easy for the user.

I believe there is a solution. But it is currently one of my secrets that I am not yet willing to share publicly.

eMunie scales pretty well (did a million transactions within 24 hours in a beta test some weeks ago). They also have anonymity, though I cannot comment on how that is implemented. Would be interested to know what your impression is.

Did a google and ran into this.  Is it still being launched by the same guy?  I noticed it awhile back and I'm pretty sure he was saying he was keeping it closed sourced?

I think the plan is to keep it closed source for some months to allow for enough time for the network effect in case others fork the coin, and open source it later. There were also discussions about having an independent 3rd party review the code.

[villabacho]

Did a google and ran into this.  Is it still being launched by the same guy?  I noticed it awhile back and I'm pretty sure he was saying he was keeping it closed sourced?

Yes, it's being worked on by the same developer still. Here's a recent thread btw: https://bitcointalk.org/index.php?topic=755057.0

[Skinnkavaj]

AnonyMint you think there will be a one world government who is just dictating the supply of money of all other countries, now that is nuts and something for the tinfoil hat party.

Some governments will soon buy in and start mining BTC themselves and the whole fiat pyramid falls down. There was already one country deciding to adopt Bitcoin, brick after brick is falling.

Bitcoin is already the perfect gov coin, because it helps with transparency of the government to the people. I am also very confident Bitcoin will always be the business and gov coin, because with this public ledger everyone who wants to have a good reputation must be as open as possible about the intentions. This also why XMR is such a wild card, because people really value privacy and with BTC this will never be fully archived. I know Bitcoin Developers like Luke JR saying he is totally sure Bitcoin is going to be anonymous in the feature, I don't think anyone in the Bitcoin community would support such a drastic change to be realistic about it. Sure the Bitcoin devs probably all of them like privacy, but can you imagine one day that you cannot go to ex. blockchain.info and search a Bitcoin transaction? There will never be such a fork.

[vuduchyld]

Good catch, I don't know anything about what they are doing with that.
You may well be right about this.  It will depend on the facts.
If Poloniex is putting together these baskets, or has an interest in them, or is involved in some way other than merely posting bid and ask prices, they could have problems.
If these are just items that someone else, jl777 maybe, is putting up for sale, and poloniex is merely acting as the electronic communication network, they could very well be in the clear on this too.

If I were their legal adviser I might suggest that they seek out a No-Action letter from the SEC and clearly define their involvement with the questionable issues.

Oh, actually, when you state it that way, they are almost certainly safe.  They are just posting bid and ask prices, I'm certain.  The asset basket is on the Nxt exchange. 

[jwinterm]

Risto trying to pick the winner reminds me of the government agencies trying to pick the winning technologies, e.g. China provided incentives to push into solar and now solar didn't pan out and going bankrupt.

Not sure if really poor analogy or just spewing falsehoods?

China Will Install More Solar This Year Than The U.S. Ever Has

http://thinkprogress.org/climate/2014/08/08/3468974/china-solar-capacity-booming/

China was responsible for almost one-fifth of total global investment, spending $52 billion on renewable energy last year. The United States was close behind with investments of $51 billion...

http://www.forbes.com/sites/jackperkowski/2012/07/27/china-leads-the-world-in-renewable-energy-investment/

China has a terrible pollution problem, and they are taking some strides at least to wrangle the problem in the longterm. They also manage to import so many solar panels into the USA that many manufacturers here are crying "uncle", despite installing more PV capacity than the USA has in their entire history in the same year. Not sure how you figure solar "didn't pan out" for them.

[vuduchyld]

Random altcoin observation...

I can't find a thread on the first 5 pages specifically about BBR.

Where can I learn more?  It was drifting down around .00015 for a looooong time.  All of a sudden, starting last week (August 28th), volume on Polo is wayyyyyy up and the price is up to .001.

What caused this?

edit: Supernet, maybe?  If so, where can I short the fucker?

[AnonyMint]

We don't have much time remaining. We are dicking around.

Please re-iterate your actionable plan for people who don't have a particular skillset and aren't particularly wealthy but belong to the middle class and are fortunate enough to read you.

My opinion is the future hangs on what the hackers can create and or the whales can seed fund. The middle class is dependent on our success or failure. Once you put the tools out there, the middle class and get involved in finding a myriad of uses for them. There are 1000s of really great programmers who are no where near the altcoin scene. I suppose because it such a crapshoot. It is too new and crypto is outside the domain knowledge of most programmers (including myself a year ago, I had to learn fast but at least I have some math background to draw on).

There are not nurturing venture capitalists investing in the block chain experiments, e.g. Idealab. As far as I know with the exception of Ethereum, the venture capital is pouring into Bitcoin related startups only.

My only plea to all readers is recognize (or disagree) that Bitcoin is not going to set us free as we had hoped. So please remain open minded. And hope some hackers are willing to risk everything (such as myself receiving no income for years and surviving on the fumes remnants of my past savings).

I think I am aware of what all other capable developers are doing in the altcoin scene. I have commented already on all of them in this thread except eMunie. I haven't looked at eMunie in a long-time, but when I was evaluating the Decrits proposed design last year I briefly looked at the vague specification of eMunie and I am fairly certain is going no where fast. Sorry to eMunie fans, that is my technical opinion. If you want details you can do Google search on "site:bitcointalk.org AnonyMint eMunie". Essentially PoS delegation strategies devolve to reputation, centralization, and fiat.

[AnonyMint]

They lean on the corporations when use of any competing currency becomes popular. For example gaming currencies (e.g. QQQ) were squelched this way.

QQ tokens had limited use cases and were centralized, issued by QQ company. How do you squelch crypto 2.0? Throw people in jail for using it? Ban Internet? These are possibilities, of course. It's all high risk investment and wild west. We'll see how it unfolds.

Decentralization and scaling are key points.

[iCEBREAKER]

Random altcoin observation...

I can't find a thread on the first 5 pages specifically about BBR.

Where can I learn more?  It was drifting down around .00015 for a looooong time.  All of a sudden, starting last week (August 28th), volume on Polo is wayyyyyy up and the price is up to .001.

What caused this?

edit: Supernet, maybe?  If so, where can I short the fucker?

BBR was in a downtrend for so long it became far too undervalued relative to its twin XMR, and the market ran out of cheap berries.

The Supernet hype reversed that trend with a vengeance, although the steady release of improvements (miners, price chart in wallet, etc.) played a role as well.

Another factor was an uptick in XMR prices, to which BBR offers leverage as silver does to gold.

Go ahead and short BBR, you could possibly make some money in the short term.  But many of us are accumulating, and you might get your teeth broken instead.   

[AnonyMint]

http://money.cnn.com/2013/12/10/technology/bitcoin-jpmorgan/

The difference between digital banking accounts we have now and the digital currencies, is each citizen has to register for a wallet. One wallet for one citizen. Like your Social Security Number in the USA.

Your wallet can them be moved around to different banks.

Digital currencies is a code word for complete government tracking and total loss of bank privacy.  Your bank will still hold your balance, but every transaction gets cleared through government servers.

As Armstrong said, Ecuador is the trial run for what is coming to every country in the world after 2015.75 when the global economy turns down (which will provide the excuses and justifications for the changes along with the bailins and need to lockup every person's balances).

Bitcoin was planted to condition to world to "digital currencies"...

Quite possibly.  I don t think one has to invoke obscure conspiracies for that.  Financial privacy is already so cumbersome and costly to achieve that most people will rather just give up on it.  It is like trying to pay for rent and groceries with gold dust in order to avoid dealing with "evil fiat".

So far the Westerners would not yet agree to give up the financial privacy of being able to sign up a bank account where ever they wish, even in jurisdictions that have bank secrecy, e.g. the Philippines where I am and also apparently Ecuador. They are boiling frogs and don't realize what is going to hit them post 2015.75.

So the powers-that-be have numerous strategies for how they are breaking down that resistance in order to bring us to total government control:

1. Plant Bitcoin to condition the people to like "digital currencies", garnish the glossy-eyed devotion of the high-tech libertarians, and to give governments an excuse to make it illegal and create draconian replacements in their jurisdictions.

2. 19 muslims on camels, 9/11, Patriot Act, then FATCA.

3. Bring bank accounts of interest in bank secrecy jurisdictions into the risk mgmt department, and have them send out an SMS with all transaction details on every transaction asking if this was an authorized tx (I know anecdotally for a fact this happening).

4. Pile up the debt so high, repeal Glass-Steagal so banks can bankrupt themselves on speculation, so then the only solution is to 'restructure' (bailin, nationalize, confiscate by any other name) society's savings and pensions. This will require numbered accounts for each person in order to dole out "daily living allowances".

Etc..

You obviously hope that Monero or some other cryptocoin will allow people to retain financial privacy without joining some savage tribe and subsisting on berries and monkey meat.  Good luck with that.  Need I tell you that I am rather skeptical about the idea?

The only hope is distribution as a currency to the developing world has to begin pronto. Bitcoin isn't even close because it is centralization and rich boys investment pump paradigm (where the participants are deluded into think it is a currency paradigm).

I will not repeat again my past posts which reveal some ideas for solutions because I am losing time.

Crypto currencies function by no decree. They are decentrally produced.

Bitcoin is centrally produced for mining (Ghash.io + any other pool have > 50% of hashrate) and protocol development.

With the coming ETFs and other offchain entities, I posit it will soon by top-controlled for investment and transactions too.

Raise your hindquarters in the air for some Butthurtcoin.

[AnonyMint]

AnonyMint you think there will be a one world government who is just dictating the supply of money of all other countries, now that is nuts and something for the tinfoil hat party.

You make insulting accusations while all the evidence points to it is happening at an accelerated pace.

Of course the powers-that-be ratchet the changes gradually and in a myriad of misdirections so that you are fooled from seeing the Big Picture of how it is all coming together.

    First they came for the Socialists, and I did not speak out—
    Because I was not a Socialist.

    Then they came for the Trade Unionists, and I did not speak out—
    Because I was not a Trade Unionist.

    Then they came for the Jews, and I did not speak out—
    Because I was not a Jew.

    Then they came for me—and there was no one left to speak for me.

Some governments will soon buy in and start mining BTC themselves and the whole fiat pyramid falls down.

Down into centralized control over Bitcoin. The fixed money supply is a huge problem, because once it is tied up, then it is controlled. Mining is already controlled by the government since they can regulate Ghash.io (legislatively or executive powers) when they are ready (or serve them a national security gag order to be more expedient and obscured).

There was already one country deciding to adopt Bitcoin, brick after brick is falling.

You perfectly fit the role that was assigned to you by the powers-that-be (meaning your mind is enslaved):

1. Plant Bitcoin to condition the people to like "digital currencies", garnish the glossy-eyed devotion of the high-tech libertarians, and to give governments an excuse to make it illegal and create draconian replacements in their jurisdictions.

Bitcoin is already the perfect gov coin, because it helps with transparency of the government to the people.

You are arguing for my point not against.

I am also very confident Bitcoin will always be the business and gov coin, because with this public ledger everyone who wants to have a good reputation must be as open as possible about the intentions.

Hahaha you think people love to be open in business and personal life.

What planet do you hail from?

imagine one day that you cannot go to ex. blockchain.info and search a Bitcoin transaction?

Anonymity doesn't require that.

[AnonyMint]

Risto trying to pick the winner reminds me of the government agencies trying to pick the winning technologies, e.g. China provided incentives to push into solar and now solar didn't pan out and going bankrupt.

Not sure if really poor analogy or just spewing falsehoods?

China Will Install More Solar This Year Than The U.S. Ever Has

http://thinkprogress.org/climate/2014/08/08/3468974/china-solar-capacity-booming/

China was responsible for almost one-fifth of total global investment, spending $52 billion on renewable energy last year. The United States was close behind with investments of $51 billion...

http://www.forbes.com/sites/jackperkowski/2012/07/27/china-leads-the-world-in-renewable-energy-investment/

China has a terrible pollution problem, and they are taking some strides at least to wrangle the problem in the longterm. They also manage to import so many solar panels into the USA that many manufacturers here are crying "uncle", despite installing more PV capacity than the USA has in their entire history in the same year. Not sure how you figure solar "didn't pan out" for them.

You are fooled as any good socialist, tree hugger Malthusian would be.

https://www.google.com/search?q=china's+solar+debacle

In one word, subsidies.

In more words, tax incentives and subsidies.

[DieJohnny]

You are fooled as any good socialist, tree hugger Malthusian would be.

https://www.google.com/search?q=china's+solar+debacle

In one word, subsidies.

In more words, tax incentives and subsidies.

I am hearing what you are saying, completely agree. If you are not guarding your independence as a human with extreme paranoid caution, then you are almost certainly already a pawn.

[aminorex]

(BBR) was drifting down around .00015 for a looooong time.  All of a sudden, starting last week (August 28th), volume on Polo is wayyyyyy up and the price is up to .001.

What caused this?

edit: Supernet, maybe?  If so, where can I short the fucker?

My take:  Risk is poison.  BBR is controlled by a lone anonymous actor, possibly Andrey Sabelnikov, probably a member of the team that produced the bytecoin scam.  In contrast, the XMR team includes several well-known persons, some of whom identify by legal names openly.  BBR just has a lot more risk baked in.  The market priced the caps at a 32:1 ratio as a result (and ended up oversold due to momentum).  This made hedging XMR with BBR cheap.  That, and CZ's well-deserved reputation for development, kept attention on BBR.  (Also the bytecoin gang's sockpuppet theatre raging against XMR kept using it as a foil, which drew attention.)  SuperNET was all it needed to pump.  Regardless of James' intentions he certainly seems to be surrounded by a cloud of PnDers.  Now the hedge is no longer attractive, and only momentum and the pump keep price flying here.

I won't comment on how to short SuperNET.  Look at its components.  I have a lot of skepticism of SuperNET myself, but it's based on circumstantial factors rather than substantive ones.  I find it difficult to locate the substance.  Something about the copy always makes my mind rebel if I try to read it.  It's like trying to look into your foveal blind spot.  I probably have too much training in "legacy" finance to understand it properly.  I'm too old, and I'll die soon, so that innovators can sail smoothly over the rainbow to crypto-valhalla without my trollish philistinism to harsh their mellow.

To short BBR, you need to find someone who will loan it to you.  The interest rate will probably be exhorbitant.  When I shorted I did fairly well but paid out a large chunk as interest.  My short performance was degrading rapidly at the end, which means I was taking increasing risk, so I lost interest.  Also I think I was making volatility worse, rather than better, at the end, which is bad for BBR, so I knew it was time to stop.  Good mean-reversion strategy performance should result in lower volatility in the underlying.  If it is doing the opposite, you're doing it wrong - or you're trading momentum.  I may do again, but not until I have more clarity on the fundamental and technical situation in BBR - which may never happen since it is just not very interesting to me. I want to buy future reserve currency, stack it high, and hold it long.  Anything else is just a distraction.
 

[AnonyMint]

If you are not guarding your independence as a human with extreme paranoid caution, then you are almost certainly already a pawn.

The revolution begins with a spark and rallying cry such as Paul Revere's famous call-to-action.

You've just made such a statement. Risto has a lot of pull if he chooses to use.

Btw, I am not bearish on Bitcoin as a speculation. That is not what I am talking about about. Bitcoin is a place for large capital to sit. I am talking about fledging sparks, e.g. Monero (but not only that one).

[aminorex]

tax incentives and subsidies.

It is a calculated and intentional economic inefficiency, which is deemed worth the cost, in order that the CCP plenum may avoid getting their heads lopped by people with nothing to lose because all of their progeny died of autoimmune reaction to inhaling coal ash.
The poly solar business will die, but only when a sufficient amount of economically productive, greener generation cap is available to provide an reasonable level of insurance against such an outcome, or the reins of power are seized by a new dynasty with post-urban social engineering agenda.

[AnonyMint]

Something about the copy always makes my mind rebel if I try to read it.  It's like trying to look into your foveal blind spot.

I believe it is very likely indicative of the headroom of what they can achieve. As a programmer, I don't expect more from them than duct tape and Popsicle sticks (more or less, they might get lucky to stumble onto some feature but not enough holistically to bring about the revolution I want).

I want to buy future reserve currency, stack it high, and hold it long.  Anything else is just a distraction.

Clarity is essential.

Hopefully soon you will have it.

If you are trying to force it prematurely, that is an error.