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Question: Will you support Gavin's new block size limit hard fork of 8MB by January 1, 2016 then doubling every 2 years?
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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1957120 times)
Trader Steve
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"How do you eat an elephant? One bit at a time..."


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September 19, 2014, 12:26:34 PM
 #12341

Before the agricultural revolution, it took humanity about one million years on average to develop enough infrastructure/capability to support an additional one million humans living at subsistence levels. After the agricultural revolution, that changed to talking only a few hundred years. Now, after the industrial revolution, that takes 90 minutes on average.

There are huge side effects:
http://www.worldwildlife.org/threats/soil-erosion-and-degradation

That's important but the kicker is overall economic growth, we're moving from a meme of more to a meme of better. The problem is the centers of control are working from the ideology of Co opting / controlling the supply of more. Monopolies have no value when people find alternatives,  micro electronics, alternate energy and food security technologies like aquaponics (oh and money) are reshaping everything.

Forget it, Adrian.

In economics, the Jevons paradox (/ˈdʒɛvənz/; sometimes Jevons effect) is the proposition that as technology progresses, the increase in efficiency with which a resource is used tends to increase (rather than decrease) the rate of consumption of that resource.[1] In 1865, the English economist William Stanley Jevons observed that technological improvements that increased the efficiency of coal-use led to the increased consumption of coal in a wide range of industries. He argued that, contrary to common intuition, technological improvements could not be relied upon to reduce fuel consumption.[2]

The issue has been re-examined by modern economists studying consumption rebound effects from improved energy efficiency. In addition to reducing the amount needed for a given use, improved efficiency lowers the relative cost of using a resource, which tends to increase the quantity of the resource demanded, potentially counteracting any savings from increased efficiency. Additionally, increased efficiency accelerates economic growth, further increasing the demand for resources. The Jevons paradox occurs when the effect from increased demand predominates, causing resource use to increase


http://en.wikipedia.org/wiki/Jevons_paradox

Ignore my post - (I started to reply to the wrong post).
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Trader Steve
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"How do you eat an elephant? One bit at a time..."


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September 19, 2014, 12:30:11 PM
 #12342


Steve,

you articulated the most succinct, logical, & pertinent rapid fire explanations of Bitcoin Freedom under time pressure i've ever seen to date.  congratulations. this is a big deal.
+1 to this. You were landing punches every shot you got in spite of them cutting you off every ten words or so. Did you perform any specific preparation for these appearances or are you just a natural at PR?

10,000 hours on BitcoinTalk.org and /r/bitcoin plus no sleep the night before, LOL! Seriously, we have some great minds on these forums and, while we don't always agree on everything, the discussions force us to check our premises and refine or revise our arguments. Thank you guys!
Melbustus
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September 19, 2014, 01:25:01 PM
 #12343

...
Note that it's not talking about straight population growth, but about the level of economic activity/wealth created per unit time that can theoretically support a given amount of population growth. This is from Bostrom's new "Superintelligence" book: http://www.amazon.com/Superintelligence-Dangers-Strategies-Nick-Bostrom/dp/0199678111

It looks to reference some research? (that little superscript 1 at the end).  It would be nice to know where Nick Bostrom gets these numbers.

Here ya go:


Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
Melbustus
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September 19, 2014, 01:28:02 PM
 #12344


Steve,

you articulated the most succinct, logical, & pertinent rapid fire explanations of Bitcoin Freedom under time pressure i've ever seen to date.  congratulations. this is a big deal.
+1 to this. You were landing punches every shot you got in spite of them cutting you off every ten words or so. Did you perform any specific preparation for these appearances or are you just a natural at PR?

10,000 hours on BitcoinTalk.org and /r/bitcoin plus no sleep the night before, LOL! Seriously, we have some great minds on these forums and, while we don't always agree on everything, the discussions force us to check our premises and refine or revise our arguments. Thank you guys!



Nice job... Agree with Cypher and others that you nailed it. Most of the questions they asked you could easily generate hours of discussion; you nailed the near-impossible task of 30-second answers. You should do more speaking/interviews.

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
marcus_of_augustus
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September 19, 2014, 01:36:55 PM
 #12345

reposting here ...

Quote
... there was a network scale attack I pointed out to Gavin and the other devs after observing namecoin network getting "hung" for months by miners joining and leaving en-masse due to mining incentives and price fluctuations ...

if a well-resourced 'dishonest miner' attacker could build up a significant of quantity of mining power and ramp up hash-rate by bringing on-line an ever-increasing amount of compute, selling all btc the whole way and simultaneously drive price lower over the same period, squeezing out 'honest' miners ... then in a final act take all their mining power off-line during a final dump of price then it would leave the network hanging at very low block solving rate (long confirms) waiting forever for the next retargetting and a low price and take a toll on confidence ... the fix was to allow for a 'special' retargetting on the downside if it hasn't happened after a time-out, not just the set 2016 blocks.

devphp
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September 19, 2014, 01:40:26 PM
 #12346

reposting here ...

Quote
... there was a network scale attack I pointed out to Gavin and the other devs after observing namecoin network getting "hung" for months by miners joining and leaving en-masse due to mining incentives and price fluctuations ...

if a well-resourced 'dishonest miner' attacker could build up a significant of quantity of mining power and ramp up hash-rate by bringing on-line an ever-increasing amount of compute, selling all btc the whole way and simultaneously drive price lower over the same period, squeezing out 'honest' miners ... then in a final act take all their mining power off-line during a final dump of price then it would leave the network hanging at very low block solving rate (long confirms) waiting forever for the next retargetting and a low price and take a toll on confidence ... the fix was to allow for a 'special' retargetting on the downside if it hasn't happened after a time-out, not just the set 2016 blocks.

Dogecoin applied this fix months ago Smiley
What's so special about 2016 blocks anyway, why was this number chosen by Satoshi?
marcus_of_augustus
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September 19, 2014, 01:58:48 PM
 #12347

2^11 is 2016?

devphp
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September 19, 2014, 02:00:43 PM
 #12348

2^11 is 2016?

it's 2048 on my calculator )
Peter R
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September 19, 2014, 02:10:57 PM
 #12349

The market cap is now below both "Metcalfe Value" estimates (num TXs  / num addrs)--something that hasn't happened since early 2013.  Note that I'm taking the 7-day moving average of each time series, so the recent drop in price hasn't been fully "averaged in" (i.e., if the price stays low, the divergence between Metcalfe value and market cap will grow).




Run Bitcoin Unlimited (www.bitcoinunlimited.info)
cypherdoc
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September 19, 2014, 02:12:35 PM
 #12350

Konrad Graf's latest:

http://konradsgraf.squarespace.com/blog1/2014/9/19/bitcoin-magic-fraud-or-sufficiently-advanced-technology.html
ShroomsKit_Disgrace
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Yeah! I hate ShroomsKit!


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September 19, 2014, 02:17:04 PM
 #12351


Sell it. Piece of crap you have there.
marcus_of_augustus
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September 19, 2014, 02:20:38 PM
 #12352


 Cheesy

edit:

2^11 - 2^5

justusranvier
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September 19, 2014, 02:23:14 PM
 #12353

2016 is 2048 after an integer overflow.
ShroomsKit_Disgrace
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September 19, 2014, 02:40:49 PM
 #12354


It is also the year when 1BTC = 1million $.  Wink
cypherdoc
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September 19, 2014, 02:56:43 PM
 #12355

let me emphasize this point once again.

as long as gold and silver are falling, there is no reason you should be selling your Bitcoin.
cypherdoc
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September 19, 2014, 02:58:29 PM
 #12356

silver criticality incoming.

first critical breach is $19 for psychological reasons.  then 18.70, finally 18.17.

first breach accomplished

second breach accomplished

third breach accomplished.

Mission complete.
cypherdoc
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September 19, 2014, 02:59:38 PM
 #12357

ugly, just ugly:

cypherdoc
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September 19, 2014, 03:01:14 PM
 #12358

gold sliding down the mountain.  soon to go over the cliff following silver:

cypherdoc
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September 19, 2014, 03:04:55 PM
 #12359

miners still look like crap:

GDX:



GDXJ:

cypherdoc
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September 19, 2014, 03:08:15 PM
 #12360

since everyone prefers things that go UP, here are my double shorts.  thank gaud for them to help blunt this Bitcoin dip:



notice how ZSL has blown thru two resistance levels today. yowser!:

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