Gold collapsing. Bitcoin UP.

[cypherdoc]

Then why did the rollback not happen?

b/c the community disagreed with them, i suppose, out of apathy, disdain, or confusion.  who knows.

the important thing, imo, is that the devs were irresponsible in not gaining a consensus before throwing a patch out there this serious.  simply to reverse a hack, mind you.  to my mind, this introduces considerable uncertainty into the NXT protocol when their main devs are willing to make a questionable decision like this to support/save a vested partner Bter for either political or financial reasons.  you'll never know what they'll be willing to do NXT 

and of course there's no chance of that ever happening to bitcoin.  LOL
Wasn't it discussed to not have previous halving done?  The asics saved it that time.  What will save that discussion at next halving?  Currently theoretically it would cost only about 2% of bitcoins total valuation to 51% attack it.  And it's not going to get better because holders of bitcoin and miners have opposing monetary interests.  Mining currently is like a bitcoin annuity since fees are negligible compared to block reward.  The hope is when that transition to mining mainly for fees rolls around it will be enough.  There are no guarantees it will be.  It's interesting that this thread makes fun of gold needing to be dug up, transported and etc... and how bitcoin is so much better but it's ok to have bitcoin mining when it can be considered wastefull.  Maybe in the future instead that big gold rock picture we'll be laughing at big bitcoin mining operations the same way.

no it won't.  the Bitcoin core devs have never introduced a patch or rollback to save any of the multiple exchanges that have been hacked and most likely never will. all updates are thoroughly vetted while gaining a consensus from the community before introduction.  what's your point?

[1714215174]

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[cypherdoc]

Then why did the rollback not happen?

b/c the community disagreed with them, i suppose, out of apathy, disdain, or confusion.  who knows.

the important thing, imo, is that the devs were irresponsible in not gaining a consensus before throwing a patch out there this serious.  simply to reverse a hack, mind you.  to my mind, this introduces considerable uncertainty into the NXT protocol when their main devs are willing to make a questionable decision like this to support/save a vested partner Bter for either political or financial reasons.  you'll never know what they'll be willing to do NXT 

and of course there's no chance of that ever happening to bitcoin.  LOL
Wasn't it discussed to not have previous halving done?  The asics saved it that time.  What will save that discussion at next halving?  Currently theoretically it would cost only about 2% of bitcoins total valuation to 51% attack it.  And it's not going to get better because holders of bitcoin and miners have opposing monetary interests.  Mining currently is like a bitcoin annuity since fees are negligible compared to block reward.  The hope is when that transition to mining mainly for fees rolls around it will be enough.  There are no guarantees it will be.  It's interesting that this thread makes fun of gold needing to be dug up, transported and etc... and how bitcoin is so much better but it's ok to have bitcoin mining when it can be considered wastefull.  Maybe in the future instead that big gold rock picture we'll be laughing at big bitcoin mining operations the same way.

gimme a break.  ppl die gold mining, let alone get seriously physically abused.

what about the Oxford PhD's study do you not agree with?

[dillpicklechips]

The fact is nxt worked as advertised.  The developers released a patch to roll back the transaction but it was unsuccessful, proving that they did not have complete control over the network and the integrity of the currency remained intact. 

I don't disagree.  A PoS network comes to some sort of a consensus.  

In PoW, that consensus is tethered to physical reality because resources are consumed when voting for a chain; in PoS, that consensus is tethered only to popular opinion.  In my mind, PoW cryptos are like gold coins--they take energy and effort to create, and only physical methods can be used to steal them.  PoS cryptos are like share certificates--they can be created for zero cost only based on the desires of stake holders, and they can be voided just as easily (voided by social methods as opposed to stolen by physical methods).  

POS is subject to similar game theory type stuff as POW.  Why would someone who has a large stake in the system attempt to compromise it?

They can attack with "nothing at stake" by using coins they once held but have since sold.  To attack a PoW system, one must expend resources in this reality.  The game theory is completely different.  

Another advantage of "tethering to reality" is there is free market competition for entry into the crypto world through mining. You can compete with other miners OR just trade for them.

[smoothie]

Yikes:




That little "2" all the way to the left may not be there much longer.

yes, it's called the "flush":

Looks like cheap coins to me!

I hope it goes lower...nom nom nom. 

[User705]

Oxford study?
 

no it won't.  the Bitcoin core devs have never introduced a patch or rollback to save any of the multiple exchanges that have been hacked and most likely never will. all updates are thoroughly vetted while gaining a consensus from the community before introduction.  what's your point?

Most likely?  What Consensus?  Vetted by whom?  What community?  Aren't many people running older qt versions even now?
The point is that holding and mining are two separate activities and can even sometimes be opposed to each other.  But unlike gold for example, mining and using are very much interdependent in bitcoin.

[thefunkybits]

I hope it goes lower...nom nom nom. 

Me too! I'm aiming for a final bottom around 0.006

[cypherdoc]

Oxford study?
 

no it won't.  the Bitcoin core devs have never introduced a patch or rollback to save any of the multiple exchanges that have been hacked and most likely never will. all updates are thoroughly vetted while gaining a consensus from the community before introduction.  what's your point?

Most likely?  What Consensus?  Vetted by whom?  What community?  Aren't many people running older qt versions even now?
The point is that holding and mining are two separate activities and can even sometimes be opposed to each other.  But unlike gold for example, mining and using are very much interdependent in bitcoin.

http://www.coindesk.com/microscope-true-costs-gold-production/

yes, there is a clear pathway to submitting patches and/or updates that goes thru the core devs.  all changes get discussed ad nauseum ahead of time and consensus is formed before they're introduced into new versions of the core protocol.  the community is free to chime in and express opinions.  the point is that there is a process, not some off the cuff patch to rollback a hack as was just done by the NXT core devs.

i'm not sure what you mean by there being opposed interests btwn hodlers and miners.  i'm both and there's no inconsistency btwn both of my activities.

most ppl don't update their versions out of laziness or a reluctance to create unforeseen problems in their current operations that the updates might introduce.  it's not b/c they fundamentally disagree with the changes.

[cypherdoc]

Just so we don't forget:

“$29,000,000,000,000: A Detailed Look at the Fed’s Bail-out by Funding Facility and Recipient” by James Felkerson."

http://www.ritholtz.com/blog/2011/12/bailout-total-29-616-trillion-dollars/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheBigPicture+(The+Big+Picture)

[_mr_e]

Oxford study?
 

no it won't.  the Bitcoin core devs have never introduced a patch or rollback to save any of the multiple exchanges that have been hacked and most likely never will. all updates are thoroughly vetted while gaining a consensus from the community before introduction.  what's your point?

Most likely?  What Consensus?  Vetted by whom?  What community?  Aren't many people running older qt versions even now?
The point is that holding and mining are two separate activities and can even sometimes be opposed to each other.  But unlike gold for example, mining and using are very much interdependent in bitcoin.

http://www.coindesk.com/microscope-true-costs-gold-production/

yes, there is a clear pathway to submitting patches and/or updates that goes thru the core devs.  all changes get discussed ad nauseum ahead of time and consensus is formed before they're introduced into new versions of the core protocol.  the community is free to chime in and express opinions.  the point is that there is a process, not some off the cuff patch to rollback a hack as was just done by the NXT core devs.

i'm not sure what you mean by there being opposed interests btwn hodlers and miners.  i'm both and there's no inconsistency btwn both of my activities.

most ppl don't update their versions out of laziness or a reluctance to create unforeseen problems in their current operations that the updates might introduce.  it's not b/c they fundamentally disagree with the changes.

I think you're forgetting that  nxt is still a relatively new coin and it takes time for those kind of policies to be put it place... bitcoin has a much larger market cap and if nxt keeps growing it will get there to.

[_mr_e]

https://finance.yahoo.com/news/bitcoin-made-anonymous-bitcoindark-unprecedented-033200415.html

All of this is being made possible by being built on top of the NXT network. jl777 calls it the "nxt inside" campaign... analogous to "Intel inside"

[sidhujag]

https://finance.yahoo.com/news/bitcoin-made-anonymous-bitcoindark-unprecedented-033200415.html

All of this is being made possible by being built on top of the NXT network. jl777 calls it the "nxt inside" campaign... analogous to "Intel inside"

Lol nxt inside nice try. Intel was a multi billion corporation before anyone knew their slogan... Nxt? umm lets start with btc first

[_mr_e]

https://finance.yahoo.com/news/bitcoin-made-anonymous-bitcoindark-unprecedented-033200415.html

All of this is being made possible by being built on top of the NXT network. jl777 calls it the "nxt inside" campaign... analogous to "Intel inside"

Lol nxt inside nice try. Intel was a multi billion corporation before anyone knew their slogan... Nxt? umm lets start with btc first

It's just what he's calling the campaign for devs, not mass marketing.

[_mr_e]

The point being that nxt is a feature platform before a currency and other coins can take advantage of these features by integrating nxt core into their client.

[kodtycoon]

The point being that nxt is a feature platform before a currency and other coins can take advantage of these features by integrating nxt core into their client.

allot of people that are involved in btcd dont even realise that its going to be facilitating a new feature in nxt lol james aint doing that coding for nothing lol

[cypherdoc]

The point being that nxt is a feature platform before a currency and other coins can take advantage of these features by integrating nxt core into their client.

i'm comforted to hear that 5% of the NXT stakeholder market is a confirmed thief who will have forging rights on all future blocks.  perhaps he will attempt to write even more of a stake into his holdings?

[_mr_e]

The point being that nxt is a feature platform before a currency and other coins can take advantage of these features by integrating nxt core into their client.

i'm comforted to hear that 5% of the NXT stakeholder market is a confirmed thief who will have forging rights on all future blocks.  perhaps he will attempt to write even more of a stake into his holdings?

I guess you didn't hear that 85% of the nxt was returned to bter? And that now many more users are aware that they should be using the multigateway to trade rather then storing their nxt on a centralized exchange?

[cypherdoc]

https://twitter.com/cypherdoc2/status/501391679942049792

[cypherdoc]

The point being that nxt is a feature platform before a currency and other coins can take advantage of these features by integrating nxt core into their client.

i'm comforted to hear that 5% of the NXT stakeholder market is a confirmed thief who will have forging rights on all future blocks.  perhaps he will attempt to write even more of a stake into his holdings?

I guess you didn't hear that 85% of the nxt was returned to bter? And that now many more users are aware that they should be using the multigateway to trade rather then storing their nxt on a centralized exchange?

what did u have to do to get the thief to return 85% of the stolen NXT?  and will Bter ever stop using a hot wallet?  and will NXT users really learn to not leave NXT on an exchange if they've been bailed out?

[_mr_e]

The point being that nxt is a feature platform before a currency and other coins can take advantage of these features by integrating nxt core into their client.

i'm comforted to hear that 5% of the NXT stakeholder market is a confirmed thief who will have forging rights on all future blocks.  perhaps he will attempt to write even more of a stake into his holdings?

I guess you didn't hear that 85% of the nxt was returned to bter? And that now many more users are aware that they should be using the multigateway to trade rather then storing their nxt on a centralized exchange?

what did u have to do to get the thief to return 85% of the stolen NXT?  and will Bter ever stop using a hot wallet?  and will NXT users really learn to not leave NXT on an exchange if they've been bailed out?

Bter paid the hacker 200 btc and the hacker kept 8 million which means he now has a stake in the price of Nxt rising.

The multigateway is a no fee, in client, decentralized trading platform that is far superior to any centralized exchange and is now handling the most volume out of any exchange - and it's still in beta! Have you even looked into the technology at all? This website is built on the nxt api and this is the btc asset: https://trade.secureae.com/#4551058913252105307. It is also possible to deposit btc or ltc (soon many other coins are coming) and buy Nxt directly from the comfort of your own client: https://i.imgur.com/imaE0Gs.png. As even more people start using this and the volume continues to grow there will be no need for your nxt to leave your control again to trade. Soon instant trading will be introduced(rather then having to wait for a block). I'm sorry, but this is a massive breakthrough - I can't understand why this technology upsets you so much, it's only going to help crypto as a whole.

[Erdogan]

This must mean something:

"Exiles Launch Venezuela’s First Bitcoin Exchange"

http://panampost.com/belen-marty/2014/08/18/exiles-launch-venezuelas-first-bitcoin-exchange/