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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1803723 times)
kodtycoon
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September 15, 2014, 06:23:23 PM
 #12041

ok NXT, when are you going to get it together?
https://twitter.com/jgarzik/status/511566276255154177
I've just compiled nxt binary from sources. It took exactly 2 seconds, compile.sh script is bundled with the package. You need JDK, not JRE.
Try it yourself, source code is included:
https://bitbucket.org/JeanLucPicard/nxt/downloads/nxt-client-1.2.8.zip
Garzik has no idea what he's twitting about or has an intention to spread FUD.

Obviously he was spreading FUD. Why are some people so afraid of Nxt and willing to lie?

how much of a threat must nxt be if someone as high profile as himself is so afraid that he must spread such FUD i think is the question to ask. if it wasnt a threat.. would he give two shits about nxt? i dont think so... Roll Eyes

"Pioneering a revolutionary novel consensus mechanism called proof of importance."
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ShroomsKit_Disgrace
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September 15, 2014, 06:26:56 PM
 #12042

ok NXT, when are you going to get it together?

https://twitter.com/jgarzik/status/511566276255154177


LOL!

What a FUD! It amazes me he is trying with this low quality  Shocked
cypherdoc
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September 15, 2014, 06:28:30 PM
 #12043

I'm just glad to see you are keeping an eye on Nxt's affairs:P You'll be hearing much more about it over the next few months, I can promise you that.

I look forward to the day when we can look back and laugh at how dismissive you all were, just like the early days of bitcoin.

I've never used twitter, can twits be deleted by the owner? If not, it would be funny to bring those up from time to time in the future Smiley

i don't think they can be deleted.  here use this:

6years@followupthen.com
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September 15, 2014, 06:37:56 PM
 #12044

from the Boston Fed:  

Second, the resource cost of mining is becoming increasingly unaffordable, not to mention the inefficiency associated with this aspect of the system design. Again, it is possible that within a few years it will become infeasible to rely on this distributed model, however consolidated, to verify transactions.


if it's so unaffordable, then why does it keep doing this?:



Why can no one understand that we don't need this hashing power to secure this network?  I doubt we need 1% of what we have today, given the impact destroying it would have.  Obviously a major govt could (at great cost) 51% it.  But most governments that have the means are ultimately responsible to the people and killing BTC by 51% attack is not the legal approach they would take (as opposed to a ban).  Therefore hashing only needs to secure against a private enterprise.  When you realize that 51%ing does not allow you to steal other people's coin -- it only can be used to stop them from spending, to reap all the mining rewards and to double spend, you quickly realize that economically this is a losing proposition.
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September 15, 2014, 06:48:04 PM
 #12045

ok NXT, when are you going to get it together?

https://twitter.com/jgarzik/status/511566276255154177


LOL!

What a FUD! It amazes me he is trying with this low quality  Shocked

Don't be too harsh it is only human to try to lower the price before buying huge amounts  Wink
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September 15, 2014, 06:54:32 PM
 #12046

...
as for unlimited communication, i agree gvt is a clear threat.  but i don't know how you stuff it back in the bag.  we're all too used to it.  i for one, will fight to retain those freedoms.

The threat of p2p communications extends well beyond distributed crypto-currencies though I suspect that they are or will be a significant component of the threat list.

My view is that the best way to address the problem is to proactively engineer not only the technology but also the utilization to provide some defenses before it happens.  This means a 'reserve currency' which due to lowish utilization is somewhat more defensible.  A big component of defense in such a scenario would be the ability to remain hidden (to wit the intensive generation of personal porn vids and the like are swell!)

Often a good way to thwart an attack is to make it unlikely to succeed by developing defenses in advance.  In this case, though, the attack would be on more general free flow of information so hardening Bitcoin or developing and popularizing some similar currency is not likely to play a big role.  I don't really care much if Bitcoin serves the robust reserve role, though I would prefer it for my own benefit being a hodler.  Since the transaction rate is still modest I still hold some hope.  I hope sidechains comes to the rescue.  Not sure how that is coming along since I've been off on other projects for a while now and not following things closely.


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September 15, 2014, 07:00:19 PM
 #12047

ok NXT, when are you going to get it together?

https://twitter.com/jgarzik/status/511566276255154177

I've just compiled nxt binary from sources. It took exactly 2 seconds, compile.sh script is bundled with the package. You need JDK, not JRE.
Try it yourself, source code is included:
https://bitbucket.org/JeanLucPicard/nxt/downloads/nxt-client-1.2.8.zip

Utterly useless exercise, without hash proof.

Quote
Garzik has no idea what he's twitting about or has an intention to spread FUD.

Guess what?  It was a question.

It is notable when asking questions leading to paranoia and accusations rather than specific answers.

Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
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devphp
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September 15, 2014, 07:07:06 PM
 #12048

Guess what?  It was a question.

Still looks like FUD in disguise, intentional or not.
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September 15, 2014, 07:16:34 PM
 #12049

asteroid comet gold mining, here we come!:

https://www.sciencenews.org/blog/science-ticker/spot-comet-chosen-rosetta-mission-lander
kodtycoon
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September 15, 2014, 07:22:20 PM
 #12050

ok NXT, when are you going to get it together?

https://twitter.com/jgarzik/status/511566276255154177

I've just compiled nxt binary from sources. It took exactly 2 seconds, compile.sh script is bundled with the package. You need JDK, not JRE.
Try it yourself, source code is included:
https://bitbucket.org/JeanLucPicard/nxt/downloads/nxt-client-1.2.8.zip

Utterly useless exercise, without hash proof.

Quote
Garzik has no idea what he's twitting about or has an intention to spread FUD.

Guess what?  It was a question.

It is notable when asking questions leading to paranoia and accusations rather than specific answers.


perhaps checking it yourself before tweeting it to the world would have been a better practice to follow. it obviously took devphp 2 seconds to do the necessary due diligence that you failed to do before sending out a potentially harmful tweet, or spreading FUD as i might say in a less polite manner. as a public figure and respected bitcoiner you of all people should know better. the true intentions behind your tweet are very questionable regardless of your defense.

also..  you have publicly attacked NXT in the past which also cast a shadow of doubt over your "innocent question"..

"Pioneering a revolutionary novel consensus mechanism called proof of importance."
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September 15, 2014, 07:29:17 PM
 #12051

Guess what?  It was a question.

It is notable when asking questions leading to paranoia and accusations rather than specific answers.

Sorry, but that is just a cop-out answer.

You asked a question that you could have quite easily have answered yourself.

The hashes are always posted on the nxt forum: https://nxtforum.org/nrs-releases/nrs-v1-2-8/ ánd in the Nxt thread: https://bitcointalk.org/index.php?topic=587007.msg8672358#msg8672358

Instead, you throw the question on Twitter, knowing full well how much clout your name has.

An unbiased question could easily have been phrased differently, for instance by providing the source.

It wasn't the asking of questions that was commented on, but the manner in which this question was asked, combined with the person asking it. Every comment has context. To deny that is just silly.


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  | GET YOUR STAKE IN THE ARDOR PLATFORM! | SNAPSHOTTING UNTIL 13 OCTOBER
_mr_e
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September 15, 2014, 07:34:10 PM
 #12052

I'm just glad to see you are keeping an eye on Nxt's affairs:P You'll be hearing much more about it over the next few months, I can promise you that.

I look forward to the day when we can look back and laugh at how dismissive you all were, just like the early days of bitcoin.

Wow your "bitcoin portfolio" really sucks, should have just keep the BTC

No idea how you could infer what my bitcoin portfolio is from that comment. And bitcoin is still 80% of my crypto portfolio thank you very much.
cypherdoc
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September 15, 2014, 08:14:29 PM
 #12053

I'm impressed with the number of pos guys following this thread.  Wink
_mr_e
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September 15, 2014, 08:16:59 PM
 #12054

I'm impressed with the number of pos guys following this thread.  Wink

Why does it have to be us vs them? Why must the crypto space be so divided? I am not a "pos guy". I simply see some value and utility in a well designed system and want to share that with others, just as I do with bitcoin.

Fiat is the enemy here.
cypherdoc
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September 15, 2014, 08:17:16 PM
 #12055

I'm impressed with the number of pos guys following this thread.  Wink

Piece of Shit coins?

This wasn't was not me, notme!
Damelon
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September 15, 2014, 08:18:21 PM
 #12056

I'm impressed with the number of pos guys following this thread.  Wink

Piece of Shit coins?

This wasn't me, notme!

lol.

Likewise, I don't consider myself a PoS guy.
Don't see the need to take those kinds of positions.
If a technology fills a need, that's good.


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jgarzik
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September 15, 2014, 08:20:13 PM
 #12057

Guess what?  It was a question.

It is notable when asking questions leading to paranoia and accusations rather than specific answers.

Sorry, but that is just a cop-out answer.

You asked a question that you could have quite easily have answered yourself.

The hashes are always posted on the nxt forum: https://nxtforum.org/nrs-releases/nrs-v1-2-8/ ánd in the Nxt thread: https://bitcointalk.org/index.php?topic=587007.msg8672358#msg8672358

No.  Those hashes prove nothing.

A deterministic build process enables multiple independent parties to generate the exact same output, given a git commit id.

If you cannot prove what's in users hands is exactly what came out from the java->bytecode compiler, then you should not use that binary.


Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
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Melbustus
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September 15, 2014, 08:33:50 PM
 #12058

I'm impressed with the number of pos guys following this thread.  Wink

Why does it have to be us vs them? Why must the crypto space be so divided? I am not a "pos guy". I simply see some value and utility in a well designed system and want to share that with others, just as I do with bitcoin.

Fiat is the enemy here.


Because if another coin even gets close (same order of mag) to bitcoin in terms of market cap, it seriously erodes the "scarcity" feature/argument of bitcoin, which is one of the most critical arguments for putting any wealth/mindshare/time/effort into bitcoin (and by extension, any crypto). Guys like Schiff and Rickards would be proven right, and no one would be comfortable putting any wealth into any crypto for a long long time. Thus, everyone would lose. Humanity would not see the benefits that decentralized money can bring for many years/decades longer than if bitcoin simply becomes the obvious-to-everyone non-dethronable crypto store of value.

To be clear, I think there's niche value in some alts, and some of the experimentation is valuable. But you guys who think that many coins can live side by side with similar monetizations are missing the key point that if that happened, we'd all be sitting side-by-side at *trivial* market-caps, not big ones.


Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
But Bitcointalk & /r/bitcoin are heavily censored. bitco.in/forum, forum.bitcoin.com, and /r/btc are open.
Best info on Casascius coins: http://spotcoins.com/casascius
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September 15, 2014, 08:39:44 PM
 #12059

from the Boston Fed:  

Second, the resource cost of mining is becoming increasingly unaffordable, not to mention the inefficiency associated with this aspect of the system design. Again, it is possible that within a few years it will become infeasible to rely on this distributed model, however consolidated, to verify transactions.


if it's so unaffordable, then why does it keep doing this?:

http://i.imgur.com/qyS2BPn.png

Why can no one understand that we don't need this hashing power to secure this network?  I doubt we need 1% of what we have today, given the impact destroying it would have.  Obviously a major govt could (at great cost) 51% it.  But most governments that have the means are ultimately responsible to the people and killing BTC by 51% attack is not the legal approach they would take (as opposed to a ban).  Therefore hashing only needs to secure against a private enterprise.  When you realize that 51%ing does not allow you to steal other people's coin -- it only can be used to stop them from spending, to reap all the mining rewards and to double spend, you quickly realize that economically this is a losing proposition.

it's not "no one understands that..." the increase in hashing power is a byproduct or a reflection or a value judgment, its quite elegant the way it increases so smoothly - more to the point is, where is it best for me to invest my excess resources, and it turns out lots of people see the system of Bitcoin a viable place to invest. The exponential halving forces competition and ultimately drives out any inefficient use of hashing power.

for all those non believers there is PoS and Fiat.  

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
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September 15, 2014, 08:46:56 PM
 #12060


Why does it have to be us vs them? Why must the crypto space be so divided? I am not a "pos guy". I simply see some value and utility in a well designed system and want to share that with others, just as I do with bitcoin.

Fiat is the enemy here.

Because if another coin even gets close (same order of mag) to bitcoin in terms of market cap, it seriously erodes the "scarcity" feature/argument of bitcoin, which is one of the most critical arguments for putting any wealth/mindshare/time/effort into bitcoin (and by extension, any crypto). Guys like Schiff and Rickards would be proven right, and no one would be comfortable putting any wealth into any crypto for a long long time. Thus, everyone would lose. Humanity would not see the benefits that decentralized money can bring for many years/decades longer than if bitcoin simply becomes the obvious-to-everyone non-dethronable crypto store of value.

To be clear, I think there's niche value in some alts, and some of the experimentation is valuable. But you guys who think that many coins can live side by side with similar monetizations are missing the key point that if that happened, we'd all be sitting side-by-side at *trivial* market-caps, not big ones.


Just like fiat must contend with distributed crypto-currencies, distributed (or not) crypto-currencies must contend with one another.  Fair is fair.  Each will rise and fall on it's strengths, the the strengths and weaknesses come from all different directions.  That is to say, technical and otherwise, and I'll go out on a limb and say that technical strengths and weaknesses will be minor compared to political ones.


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