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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 1922339 times)
FNG
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October 14, 2014, 06:00:15 PM
 #13861

here we have a peek that Bitcoin may in fact sneek in the backdoor and become the world's reserve currency unbeknownst to the IMF and banksters.  they are adopting the Andreas way of looking at Bitcoin (the currency as simply the first app), which i still maintain is fundamentally in error:

There was recognition that such protocols could serve as an “initial layer” upon which platforms of fully blown payment systems could be built.

http://www.coindesk.com/imf-world-bank-panellists-discuss-block-chains-potential/

let them start building and come to the realization that the blockchain can't work w/o the currency.

Not just the first app, the foundation app.

If you ask me, the only app. Other app types may have a need for distribution and security, but that could have been (and have been) done before nakamotos whitepaper. The money is the invention, an invention that the world sorely needs.


yep, i'm up to btwn 70-80% confident in my own think-box that my thesis is going to come true:

"The Blockchain may only ever be applicable to Bitcoin as Money"-cypherdoc

there are so many posts in this thread that i can't even find where i gave all the reasons why several months back.

Here's my prediction:  You are going to look back on that statement as your  "I think there is a world market for maybe five computers" statement. :-)

Agreed. Although I think money and SoV is by far the most important "app" which demands the highest level of security..the high level of security will draw everyone building useful apps that cut out the middlemen in a variety of ways to our blockchain.

Therefore the money ledger become the ultimate ledger for the IoT

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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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October 14, 2014, 06:17:51 PM
 #13862

Bitcoin will be used as money only because it is a sensitive subject and elite may not want to mess with it once its set in place.. but other coins such as ethereum and bitsharesx can go ahead and try to capture businesses/stock markets/exchanges all in a distributed manor using the blockchain... this way there are specific solutions to domains rather than a 1 size fits all pony.

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October 14, 2014, 06:22:58 PM
 #13863

no growth here; again.  the sweet smell of Deflation:

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October 14, 2014, 06:25:10 PM
 #13864

Bitcoin will be used as money only because it is a sensitive subject and elite may not want to mess with it once its set in place.. but other coins such as ethereum and bitsharesx can go ahead and try to capture businesses/stock markets/exchanges all in a distributed manor using the blockchain... this way there are specific solutions to domains rather than a 1 size fits all pony.
Has Ethereum(sp?) decided on how it's going to secure itself yet?...
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October 14, 2014, 06:31:39 PM
 #13865

here we have a peek that Bitcoin may in fact sneek in the backdoor and become the world's reserve currency unbeknownst to the IMF and banksters.  they are adopting the Andreas way of looking at Bitcoin (the currency as simply the first app), which i still maintain is fundamentally in error:

There was recognition that such protocols could serve as an “initial layer” upon which platforms of fully blown payment systems could be built.

http://www.coindesk.com/imf-world-bank-panellists-discuss-block-chains-potential/

let them start building and come to the realization that the blockchain can't work w/o the currency.

Not just the first app, the foundation app.

that's a much better way to put it.

LOL @ esperanto.  there are SOME small differences... like being able to accept Bitcoin using your phone in about 5 min.  Compare that to learning esperanto (2+ years), or even accepting a credit card (a week+ for the signup & to receive the reader, etc).

This is a wonderful experience that I repeat as often as I can.  I tend to wear some bitcoin bling most of the time.  A key chain, a pin, something.
I get a question about it from a stranger.  Rather than answer, I offer to show them.

"Do you have a phone?  A smart phone?"

And it goes from there.  5 minutes later, they have some bitcoin, and something to show off to their friends.
They are hooked.

I need some Bitcoin bling.  I need a tee that says "Ask me about BTC" or "I'll sell you some BTC".  I don't want some politically edgy slogan, and I don't want to pay $25 + shipping for a $5 shirt.  Same for keychain or pin.  What did you buy?

I have a lot of bitcoin stuff.
Tshirts from most of the conferences from the last few years, button, hats stickers, the Key Chain is made by a friend of mine.
One of the other catchy ones is the Bitcoin Specie.  I keep a few in my pocket and when I pull out my change there they are.   Cashiers are very likely to ask, they deal with money all day long.

Cashiers also make great local bitcoiners.  With their managers permission they can put up a little Bitcoin Accepted here sign in front of their register, take your bitcoin and drop their own money in the till.  Makes a little profit for them too.

This is our biggest untapped adoption expansion IMHO, the independant cashier.  When the manager realizes that they get more business because of that cashier, The manager is happy, the cashier gets promoted, gets attention, it spreads organically.

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October 14, 2014, 06:40:09 PM
 #13866

Bitcoin will be used as money only because it is a sensitive subject and elite may not want to mess with it once its set in place.. but other coins such as ethereum and bitsharesx can go ahead and try to capture businesses/stock markets/exchanges all in a distributed manor using the blockchain... this way there are specific solutions to domains rather than a 1 size fits all pony.
Has Ethereum(sp?) decided on how it's going to secure itself yet?...

not that i'm aware.  but isn't that the most astounding thing?  collect all that investment money and nobody knows how it will be secured?  just shows how immature their code must be.
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October 14, 2014, 07:00:15 PM
 #13867

Bitcoin will be used as money only because it is a sensitive subject and elite may not want to mess with it once its set in place.. but other coins such as ethereum and bitsharesx can go ahead and try to capture businesses/stock markets/exchanges all in a distributed manor using the blockchain... this way there are specific solutions to domains rather than a 1 size fits all pony.
Has Ethereum(sp?) decided on how it's going to secure itself yet?...

not that i'm aware.  but isn't that the most astounding thing?  collect all that investment money and nobody knows how it will be secured?  just shows how immature their code must be.

It only takes a reasonable code.. ^^

Quote
while the Ethereum Team will make reasonable efforts to complete the Ethereum software, it is possible that an official completed version of the Ethereum Platform may not be released and there may never be an operational Ethereum Platform.
https://www.ethereum.org/pdfs/EtherProductPurchaseAgreement.pdf
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October 14, 2014, 07:06:17 PM
 #13868

the most exciting news of the last week and a half is that Bitcoin is moving UP while stocks are moving down.

that is fundamental...
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October 14, 2014, 07:22:39 PM
 #13869

Dow gone negative after opening up, what, over 100?
FNG
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October 14, 2014, 07:31:04 PM
 #13870

Dow gone negative after opening up, what, over 100?

Ha!  I fucking knew that bitch was going red.  Kept bouncing on me though 
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October 14, 2014, 08:46:00 PM
 #13871

Bitcoin compares to fiat base money; notes and cons. Some important traits of bitcoin is better. Some are not so good. What can we do? Anybody can produce bitcoin notes and coins, and back them with real bitcoins. Even better, we can make cryptocoins and notes with hidden secret keys, they don't need backing. Not possible for fiat.

We do not have credit or debit cards. We don't need them for remote payment. Are there something with cards that is better? In that case, the market will supply bitcoin credit or debit cards, and they will be just as good.

We can't lose this!
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October 14, 2014, 08:55:19 PM
 #13872

Bitcoin compares to fiat base money; notes and cons. Some important traits of bitcoin is better. Some are not so good. What can we do? Anybody can produce bitcoin notes and coins, and back them with real bitcoins. Even better, we can make cryptocoins and notes with hidden secret keys, they don't need backing. Not possible for fiat.

We do not have credit or debit cards. We don't need them for remote payment. Are there something with cards that is better? In that case, the market will supply bitcoin credit or debit cards, and they will be just as good.

We can't lose this!


Exactly what use would I have for bitcoin notes and coins  Huh

"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
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October 14, 2014, 08:56:53 PM
 #13873

Right now in the markets due to what is happening in Europe there is a large correction going on.

Looks like the largest correction in the last 2 years.

Watch the SP500 very closely, might be due for a large sell off soon.

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October 14, 2014, 09:28:10 PM
 #13874

Bitcoin compares to fiat base money; notes and cons. Some important traits of bitcoin is better. Some are not so good. What can we do? Anybody can produce bitcoin notes and coins, and back them with real bitcoins. Even better, we can make cryptocoins and notes with hidden secret keys, they don't need backing. Not possible for fiat.

We do not have credit or debit cards. We don't need them for remote payment. Are there something with cards that is better? In that case, the market will supply bitcoin credit or debit cards, and they will be just as good.

We can't lose this!


Exactly what use would I have for bitcoin notes and coins  Huh

Some propose that bitcoin is not useful where there is no internet nor power. In such a setting, notes would be good. (Paper wallet notes are probably better). The market decides.
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October 14, 2014, 09:33:31 PM
 #13875

This article (pointed to me via zerohedge) describes the current bitcoin market exactly.

A Game of Sentiment

http://www.salientpartners.com/epsilontheory/post/2013/11/03/A-Game-of-Sentiment

"who will get the most votes when all the voters are basing their votes on who they think will get the most votes? This is the Sentiment game!"

and

"We have reached the third degree where we devote our intelligences to anticipating what average opinion expects the average opinion to be. And there are some, I believe, who practice the fourth, fifth and higher degrees." (originally Keynes).
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October 15, 2014, 12:11:00 AM
 #13876

This article (pointed to me via zerohedge) describes the current bitcoin market exactly.

A Game of Sentiment

http://www.salientpartners.com/epsilontheory/post/2013/11/03/A-Game-of-Sentiment

"who will get the most votes when all the voters are basing their votes on who they think will get the most votes? This is the Sentiment game!"

and

"We have reached the third degree where we devote our intelligences to anticipating what average opinion expects the average opinion to be. And there are some, I believe, who practice the fourth, fifth and higher degrees." (originally Keynes).

That's every market, all the time.

If you liked this post -> 1KRYhandiYsjecZw7mtdLnoeuKUYoGRkH4
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October 15, 2014, 12:35:18 AM
 #13877

This article (pointed to me via zerohedge) describes the current bitcoin market exactly.

A Game of Sentiment

http://www.salientpartners.com/epsilontheory/post/2013/11/03/A-Game-of-Sentiment

"who will get the most votes when all the voters are basing their votes on who they think will get the most votes? This is the Sentiment game!"

and

"We have reached the third degree where we devote our intelligences to anticipating what average opinion expects the average opinion to be. And there are some, I believe, who practice the fourth, fifth and higher degrees." (originally Keynes).

That's every market, all the time.

I would guess markets on goods with less exchange value and more direct use value, where storage and transaction costs relative to goods value is higher, with a high degree of production and consumption compared to storage, are different.
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October 15, 2014, 03:52:16 AM
 #13878

This article (pointed to me via zerohedge) describes the current bitcoin market exactly.

A Game of Sentiment

http://www.salientpartners.com/epsilontheory/post/2013/11/03/A-Game-of-Sentiment

"who will get the most votes when all the voters are basing their votes on who they think will get the most votes? This is the Sentiment game!"

and

"We have reached the third degree where we devote our intelligences to anticipating what average opinion expects the average opinion to be. And there are some, I believe, who practice the fourth, fifth and higher degrees." (originally Keynes).

That's every market, all the time.

I would guess markets on goods with less exchange value and more direct use value, where storage and transaction costs relative to goods value is higher, with a high degree of production and consumption compared to storage, are different.


That was a great read. The USD, which is probably the biggest traded and used "item" worldwide, is manipulated as hell and anything that is traded in USD - which is just about everything - has no real chance of price discovery. I have seen 10+ valid explanations for the drop in the price of oil, but because the world of finance is so fucked up, not a single economist/analyst has suggested it may be simply supply and demand, which could also be a valid reason. I wonder if bitcoins became as ubiquitous as the USD whether things would change.

The article reminded of a something a lecturer said from when I was learning Pascal, many eons ago: "In order to fully understand recursion, first you must fully understand recursion." 
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October 15, 2014, 04:05:18 AM
 #13879

This article (pointed to me via zerohedge) describes the current bitcoin market exactly.

A Game of Sentiment

http://www.salientpartners.com/epsilontheory/post/2013/11/03/A-Game-of-Sentiment

"who will get the most votes when all the voters are basing their votes on who they think will get the most votes? This is the Sentiment game!"

and

"We have reached the third degree where we devote our intelligences to anticipating what average opinion expects the average opinion to be. And there are some, I believe, who practice the fourth, fifth and higher degrees." (originally Keynes).

That's every market, all the time.

I would guess markets on goods with less exchange value and more direct use value, where storage and transaction costs relative to goods value is higher, with a high degree of production and consumption compared to storage, are different.


That was a great read. The USD, which is probably the biggest traded and used "item" worldwide, is manipulated as hell and anything that is traded in USD - which is just about everything - has no real chance of price discovery. I have seen 10+ valid explanations for the drop in the price of oil, but because the world of finance is so fucked up, not a single economist/analyst has suggested it may be simply supply and demand, which could also be a valid reason. I wonder if bitcoins became as ubiquitous as the USD whether things would change.

The article reminded of a something a lecturer said from when I was learning Pascal, many eons ago: "In order to fully understand recursion, first you must fully understand recursion." 
The sentiment game is played within usd markets but there is no real alternative to where sound money should be placed based on real demand metrics. That is, the next alternative is just as bad as the "everyones" favourite. Bitcoin is simply clawing its way into the sentiment battle by being an alternative to usd and the rigged game by the phonies on wallstreet. As more and more people realize its strengths and Id argue smart money already knows about usd weaknesses then it slowly shifts trend over to bitcoin and the likes.. its all about governments giving green light for bitcoin to do business in their jurisdiction. Once that is in place watch out.. but by then someone with alot of money will be already well positioned and prices will reflect that news already.

That is also the time that bitcoin becomes the obvious chioce as the "everyone knows" and wins the sentiment game.

Gold is manilulated because of phony supply and no trail or visibility of who owns what.

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October 15, 2014, 04:38:52 AM
 #13880

"Labor senator Sam Dastyari has warned Australian banks not to “act like a bunch of ostriches” with their “heads in the sand” when confronting the rise of bitcoins"

"He did, however, concede there were certain parts of the banking sector that realised they had to address the rise of digital currencies, because “it’s the future”."

http://www.afr.com/p/technology/banks_cannot_ignore_rise_of_bitcoins_c1aioJPkDoTz4i670c44CJ

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