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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1941014 times)
Torque
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August 27, 2014, 07:33:52 PM
 #11241

so if a bank, gvt, NSA, or other malicious actor wants to do a 51% attack, they need to duplicate all the mines in the world like this one:

http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/

Scary. As. Hell.

One well placed missile and that entire building would be gone, along with it 5% of the entire bitcoin network.  I hope that these bitcoin mining facilities are hard to track down.  But with all the electricity it is sucking, I somehow doubt it.  And I'm sure that there is no Disaster Recovery plan in place for these facilities...
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August 27, 2014, 07:35:37 PM
 #11242

so if a bank, gvt, NSA, or other malicious actor wants to do a 51% attack, they need to duplicate all the mines in the world like this one:

http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/

Scary. As. Hell.

One well placed missile and that entire building would be gone, along with it 5% of the entire bitcoin network.  I hope that these bitcoin facilities are hard to track down.  But with all the electricity it is sucking, I doubt it...

whose missile?  certainly not a US one.  neither a Chinese one; it's their gvt's ace in the hole if gold and UST's go kerplunk.
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August 27, 2014, 07:36:25 PM
 #11243

so if a bank, gvt, NSA, or other malicious actor wants to do a 51% attack, they need to duplicate all the mines in the world like this one:

http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/

Scary. As. Hell.

One well placed missile and that entire building would be gone, along with it 5% of the entire bitcoin network.  I hope that these bitcoin facilities are hard to track down.  But with all the electricity it is sucking, I doubt it...

whose missile?  certainly not a US one.  neither a Chinese one; it's their gvt's ace in the hole if gold and UST's go kerplunk.

Can you say Terrorism?
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August 27, 2014, 07:49:11 PM
 #11244

this is a pretty big penetration rate for those >$100K:

In the study group, 70% of those who made more than $100,000 annually had heard of bitcoin, while 43% of respondents from lower-income households said they knew about or had used digital currency.

http://www.coindesk.com/banking-survey-65-us-consumers-unlikely-buy-bitcoin/
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August 27, 2014, 07:50:02 PM
 #11245

so if a bank, gvt, NSA, or other malicious actor wants to do a 51% attack, they need to duplicate all the mines in the world like this one:

http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/

Scary. As. Hell.

One well placed missile and that entire building would be gone, along with it 5% of the entire bitcoin network.  I hope that these bitcoin facilities are hard to track down.  But with all the electricity it is sucking, I doubt it...

whose missile?  certainly not a US one.  neither a Chinese one; it's their gvt's ace in the hole if gold and UST's go kerplunk.

Can you say Terrorism?

well then, the US gvt would have to pay the consequences of its actions.
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August 27, 2014, 07:54:01 PM
 #11246

this is a pretty big penetration rate for those >$100K:

In the study group, 70% of those who made more than $100,000 annually had heard of bitcoin, while 43% of respondents from lower-income households said they knew about or had used digital currency.

http://www.coindesk.com/banking-survey-65-us-consumers-unlikely-buy-bitcoin/

Quote
Eighteen percent of participants indicated that they were “likely” or “very likely” to use a digital currency, and only 3% of those who had heard of bitcoin said they had actually bought some.

So a factor of 6 increase in demand when the next bubble gets rolling?

https://www.bitcoin.org/bitcoin.pdf
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August 27, 2014, 08:26:46 PM
 #11247

so if a bank, gvt, NSA, or other malicious actor wants to do a 51% attack, they need to duplicate all the mines in the world like this one:

http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/

Scary. As. Hell.

One well placed missile and that entire building would be gone, along with it 5% of the entire bitcoin network.  I hope that these bitcoin facilities are hard to track down.  But with all the electricity it is sucking, I doubt it...

whose missile?  certainly not a US one.  neither a Chinese one; it's their gvt's ace in the hole if gold and UST's go kerplunk.

Can you say Terrorism?

well then, the US gvt would have to pay the consequences of its actions.

I'm just concerned that these bitcoin mining facilities, that are supposedly running the greatest worldwide virtual currency network ever seen on planet earth, have all the security & disaster hardening equivalent of a shabby convenient store.  In the near future we could be talking about $100+ Billion worldwide market here.

Even most corporate HA/DR data centers are better designed than this.
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August 27, 2014, 08:38:45 PM
 #11248


I'm just concerned that these bitcoin mining facilities, that are supposedly running the greatest worldwide virtual currency network ever seen on planet earth, have all the security & disaster hardening equivalent of a shabby convenient store.  In the near future we could be talking about $100+ Billion worldwide market here.

Even most corporate HA/DR data centers are better designed than this.

If the spike of Bitcoin spikes again, millions of dollars of capital will flow into mining and help secure the network. Bitcoin mining difficulty follows price.

If a large mining facility goes offline, the difficulty would fall and the remaining miners on the network would make more, which would also provide an incentive for more capital to flow into mining.
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August 27, 2014, 08:41:41 PM
 #11249

It's much easier to wipe out a traditional bank's records with a missile than to wipe out the blockchain.  Even if they take out half the network right after a difficulty adjustment and it takes a month of 20 minute blocks to readjust, the transaction record will be safe.

https://www.bitcoin.org/bitcoin.pdf
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August 27, 2014, 09:13:34 PM
 #11250

As CNBC notes, since the recession ended, lower-wage jobs have grown by 2.3 million while medium- and higher-wage jobs actually contracted by 1.2 million. This is in line with the ground-losing 2% wage growth the job market is seeing.

That is deeply disturbing and echoes something I read the other day: Hussman's comment this week is a monumental piece on the flawed causality of QE, and more generally on the inequality that lower rates cause. Cheaper money helps disproportionately the only kind of business whose main cost is money: Financials. About low quality of employment:

http://www.hussmanfunds.com/wmc/wmc140825.htm

First, we should begin by stopping the harm. Quantitative easing will not help to reverse this process... Indeed, Fed policy does violence to the economy by helping to narrow it to what complex systems theorists call a “monoculture.” Nearly every minute of business television is now dominated by the idea that the Federal Reserve is the only thing that matters. Meanwhile, by pursuing a policy that distinctly benefits those enterprises whose primary cost is interest itself, the Fed’s policies have preserved and enhanced too-big-to-fail banks, financial engineering, and speculative international capital flows at the expense of local lending, small and medium-size banks and enterprises, and ultimately, economic diversity.
HeliKopterBen
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August 27, 2014, 10:23:13 PM
 #11251

so if a bank, gvt, NSA, or other malicious actor wants to do a 51% attack, they need to duplicate all the mines in the world like this one:

http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/

Scary. As. Hell.

One well placed missile and that entire building would be gone, along with it 5% of the entire bitcoin network.  I hope that these bitcoin facilities are hard to track down.  But with all the electricity it is sucking, I doubt it...

whose missile?  certainly not a US one.  neither a Chinese one; it's their gvt's ace in the hole if gold and UST's go kerplunk.

Can you say Terrorism?

well then, the US gvt would have to pay the consequences of its actions.

I'm just concerned that these bitcoin mining facilities, that are supposedly running the greatest worldwide virtual currency network ever seen on planet earth, have all the security & disaster hardening equivalent of a shabby convenient store.  In the near future we could be talking about $100+ Billion worldwide market here.

Even most corporate HA/DR data centers are better designed than this.

Bitcoin's peer-to-peer design IS the security and disaster hardening.  That mining facility is just one peer on the network.  Bitcoin is likely too big to fail at this point.

Counterfeit:  made in imitation of something else with intent to deceive:  merriam-webster
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August 27, 2014, 11:02:48 PM
 #11252

Bitcoin is likely too big to fail at this point.

So true. Bill Gates' 'technological tour de force'.
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August 28, 2014, 12:08:39 AM
 #11253

ghash 20%, Discus 24%

i thought ghash was supposed to take over and trash the entire network?:

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August 28, 2014, 12:12:23 AM
 #11254

so if a bank, gvt, NSA, or other malicious actor wants to do a 51% attack, they need to duplicate all the mines in the world like this one:

http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/

Scary. As. Hell.

One well placed missile and that entire building would be gone, along with it 5% of the entire bitcoin network.  I hope that these bitcoin facilities are hard to track down.  But with all the electricity it is sucking, I doubt it...

whose missile?  certainly not a US one.  neither a Chinese one; it's their gvt's ace in the hole if gold and UST's go kerplunk.

Can you say Terrorism?

well then, the US gvt would have to pay the consequences of its actions.

I'm just concerned that these bitcoin mining facilities, that are supposedly running the greatest worldwide virtual currency network ever seen on planet earth, have all the security & disaster hardening equivalent of a shabby convenient store.  In the near future we could be talking about $100+ Billion worldwide market here.

Even most corporate HA/DR data centers are better designed than this.

Bitcoin's peer-to-peer design IS the security and disaster hardening.  That mining facility is just one peer on the network.  Bitcoin is likely too big to fail at this point.

the fact that we now have dozens of facilities like this scattered all over the world will maintain decentralization.  this is the free market dynamics at work with all of them chasing profit.
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August 28, 2014, 12:23:15 AM
 #11255



http://www.forbes.com/sites/kashmirhill/2013/12/26/how-you-should-have-spent-100-in-2013-hint-bitcoin/
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August 28, 2014, 12:39:23 AM
 #11256

ghash 20%, Discus 24%

i thought ghash was supposed to take over and trash the entire network?:

yes just like BTC Guild and ASICminer before them.

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
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August 28, 2014, 12:50:51 AM
 #11257

ghash 20%, Discus 24%

i thought ghash was supposed to take over and trash the entire network?:

yes just like BTC Guild and ASICminer before them.

Wow and I can't even come up with the 50% contender before that. They had a huge fee but were immensely popular up to the end of 2012 (and maybe a little longer). Help me remember?

Also: Who the hell is Discus?  Cheesy
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August 28, 2014, 12:56:31 AM
 #11258

Nice tool!

http://coinmap.org/
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August 28, 2014, 01:00:12 AM
 #11259

ghash 20%, Discus 24%

i thought ghash was supposed to take over and trash the entire network?:

yes just like BTC Guild and ASICminer before them.

Wow and I can't even come up with the 50% contender before that. They had a huge fee but were immensely popular up to the end of 2012 (and maybe a little longer). Help me remember?

Also: Who the hell is Discus?  Cheesy

yeah, i'm always forgetting the name of that one too. Artforz's mine.
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August 28, 2014, 01:10:24 AM
 #11260

Guild was coming in the region of 50% about a year ago but the difference was they started ramping up their charges to discourage users from continuing to join where ghash seemed to not care about the potential dangers.  Its worrying anyhow that it could be a personal choice in the hands of so few at the top of what is supposed to be a distributed network


Good graph but take a special case and its possible a nice set of options purchases could have performed better in 2013.  That could be considered closer as its an all or nothing kind of thing and thats how many consider btc, to be potentially expiring at zero in some future scenarios
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