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Author Topic: Gold collapsing. Bitcoin UP.  (Read 2031526 times)
cypherdoc
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October 30, 2014, 03:14:08 PM
 #14961


I've never said this before but I will now. It's my thread and I'll talk about whatever I like.

If you don't like it, go away. No one is forcing you to read what I write.

 Roll Eyes

whatever

just realize I'm not the only one tired of arguments that lead nowhere, it's kinda hard keeping up with your delusions.

funny others have brought up this point but you didn't address it and told them to "go away" like you did with me.

i really must've gotten your panties in a bunch  Cheesy

furthermore, NO ONE fights for Bitcoin's ultimate success harder than i do.
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justusranvier
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October 30, 2014, 03:23:17 PM
 #14962

furthermore, NO ONE fights for Bitcoin's ultimate success harder than i do.
I'd like to submit my application for this position.


And for the last time I don't give a fuck about Bitcoin's legal status, and neither should anyone else. In fact, we should assume that's illegal and make sure our infrastructure is robust enough that it doesn't matter.

Sometimes I think you're about the only MAN on this forum, Justus. Smiley
I know I'm not the only one thinking that, but since I've already long ago resigned myself to being on all the watchlists anyway, I don't mind saying it out loud.

Justus: the John Connor for Bitcoin.
cypherdoc
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October 30, 2014, 03:26:08 PM
 #14963

damit.  i covered too early:

cypherdoc
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October 30, 2014, 03:27:17 PM
 #14964

furthermore, NO ONE fights for Bitcoin's ultimate success harder than i do.
I'd like to submit my application for this position.


And for the last time I don't give a fuck about Bitcoin's legal status, and neither should anyone else. In fact, we should assume that's illegal and make sure our infrastructure is robust enough that it doesn't matter.

Sometimes I think you're about the only MAN on this forum, Justus. Smiley
I know I'm not the only one thinking that, but since I've already long ago resigned myself to being on all the watchlists anyway, I don't mind saying it out loud.

Justus: the John Connor for Bitcoin.

the most i'll give on that is "equally hard".  altho you might want to get your post count up  Wink
cypherdoc
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October 30, 2014, 03:30:16 PM
 #14965

ok, you want some PM porn?  here you go. oh Lordy:





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October 30, 2014, 03:33:05 PM
 #14966

altho you might want to get your post count up  Wink
Granted.

OTOH, not all my posts are on this forum (https://blog.conformal.com/monetas-brings-colored-coins-to-btcd/), and not all my schemes have been made public yet.
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October 30, 2014, 03:33:06 PM
 #14967

frickin A, man!:



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October 30, 2014, 03:57:56 PM
 #14968

i put this podcast up with Krugman the other day:

http://www.bloomberg.com/podcasts/masters-in-business/

i forgot to mention that the Nobel Prize Winner in Economics acknowledges and despises, of all things, paid internet trolls!  AND he spends a considerable amount of time talking about them!

who said they don't exist?
cypherdoc
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October 30, 2014, 04:05:48 PM
 #14969

i''m gonna warn you right now, we've got several divergences going on in the main indices right now.  we've got the Dow Theory non-confirmation i've been talking about.  only the $DJT has set new highs yet is looking to pull back under its previous high.  also, we've got the RUT down today.  remember how it was leading to the downside to begin with which i detected months ago.  also the gold and silver selloff means Deflation. :

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October 30, 2014, 04:16:11 PM
 #14970

https://twitter.com/jonmatonis/status/527846975769956352

Quote
Jon Matonis @jonmatonis  ·
The time has come for me to resign as Executive Director of the Bitcoin Foundation. Thank you for all of your passionate support! More soon.

Something big is brewing.

I expect he will join the board of a possibly TBA Bitcoin company. Might be announced no later than by next week at Money2020.


"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 30, 2014, 04:34:02 PM
 #14971

https://twitter.com/jonmatonis/status/527846975769956352

Quote
Jon Matonis @jonmatonis  ·
The time has come for me to resign as Executive Director of the Bitcoin Foundation. Thank you for all of your passionate support! More soon.

Something big is brewing.

It seems so Smiley

Bitcoin is a participatory system which ought to respect the right of self determinism of all of its users - Gregory Maxwell.
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October 30, 2014, 04:37:04 PM
 #14972

Actually, in the above gvt attack scenario,  arb bots help funnel BTC to scBTC faster thus increasing the speed at which the SC gains dominance.
Speaking of government attack scenarios, BitPay just hired Emperor Palpatine:



this guy is a trojan horse and doesn't even know it  Cool

I'm not sure what you're saying is he a government Trojan or an unsuspecting Bitcoin Trojan for government?

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
Trader Steve
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October 30, 2014, 04:43:47 PM
 #14973

Actually, in the above gvt attack scenario,  arb bots help funnel BTC to scBTC faster thus increasing the speed at which the SC gains dominance.
Speaking of government attack scenarios, BitPay just hired Emperor Palpatine:



this guy is a trojan horse and doesn't even know it  Cool

I'm not sure what you're saying is he a government Trojan or an unsuspecting Bitcoin Trojan for government?


THAT is the 64,000 BTC question!
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October 30, 2014, 04:44:47 PM
 #14974

Actually, in the above gvt attack scenario,  arb bots help funnel BTC to scBTC faster thus increasing the speed at which the SC gains dominance.
Speaking of government attack scenarios, BitPay just hired Emperor Palpatine:



this guy is a trojan horse and doesn't even know it  Cool

I'm not sure what you're saying is he a government Trojan or an unsuspecting Bitcoin Trojan for government?


The latter  Wink

"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 30, 2014, 04:55:20 PM
Last edit: October 30, 2014, 05:06:56 PM by cypherdoc
 #14975

back to my favorite topic, that of Sidechains.  

i've provided the reasoning behind a very simple speculative or malicious economic/non-economic attack scenario and have provided the 5 "M's" as justification.  i'm not saying something like this will work, i'm just saying it is a possibility that needs to be considered and certainly one which i've never heard any of the core devs making this proposal even talk about:

1.  Method:  exploit the economic concept of a risk free put provided by the 2 way peg
2.  Means:  gvt has a 143000 BTC address which they could use to pump into a SC causing, at the least, considerable uncertainty around Bitcoin's MC future.  more likely, they could spark a run out of BTC into scBTC as the rest of us would seek or be forced to exploit the risk free put as well.  an independent whale could also spark this run, i would say, depending on how much many BTC they have and if they want to take some additional risk with fiat buying.
3.  Mining:  mining might be predicted to follow the move as we are currently over-secured and many miners are losing money as we speak.  defecting over to a SC is not out of the question as they would be early adopters of a nascent, possibly more innovative SC that might obsolete the MC while being paid the same, if not more, via a sidecoin subsidy and scBTC tx fees that have the potential to increase greatly in price.
4.  Money:  gvt could partner with Wall St who could start buying scBTC and their preferred form of sidecoin with printed fiat more fitting of their long term objectives as financial elite.  their objective is to drive the price in an attempt to cause a run on BTC from the MC to the SC.  they would be rewarded by buying scBTC while it is lower in price compared to BTC in the early stages.  also sidecoin prices would be initially expected to be low as well.
5.  Motive:  gvt/Wall St could destroy the Bitcoin MC via the forced migration of BTC to scBTC by causing volatility and fragmentation of mining security assisted with 51% attacks.  this would be expected to drive the BTC price down.

fundamentally, i disagree with the core observation of the Sidechain Whitepaper which originally stated (interestingly, it seems they've changed it):

"the core observation is that “Bitcoin” the blockchain is conceptually independent from “bitcoin” the asset: if we had technology
to support the movement of assets between blockchains, new systems could be developed which
users could adopt by simply reusing the existing bitcoin currency"


http://www.blockstream.com/sidechains.pdf

as i've said since the start of my participation in Bitcoin: Bitcoin the currency is inextricably linked and intertwined with its blockchain.  the blockchain is nothing without the currency.

i'd also flip that around by saying that Bitcoin the currency is nothing without its blockchain.

given all the potential risks and complexities introduced by Sidechains, are they something we should be serious about?
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October 30, 2014, 04:56:35 PM
Last edit: October 30, 2014, 05:58:55 PM by Adrian-x
 #14976

Ok, now I'm on a roll. Here's your solution to arb bots.

 Cheesy

stop it. I'm saying it in the most friendly way, what you are doing is not healthy, you are simply trying too hard.

you can carry on. but you might as well create a thread. your infatuation for SC doomsday scenario is taking too much place in this thread, as others have mentioned (I recognize I am also guilty of entertaining this back n forth)

i appreciate and enjoy your market analysis pertaining to this thread's original topic so lets go back to that. if you create a different thread where you can sum up your scenarios for SC attacks and update your theory (which changes daily) I may discuss it there but from now on let's try and keep it on topic

This isn't doing anything to promot the innovation SC are supposed to represent.

I haven't read of one example where they provided an economic innovation that cannot be done with existing tech.

Instead some chose to insult me by PM, rather than give comment to my posts.

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
brg444
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October 30, 2014, 05:13:01 PM
 #14977

fundamentally, i disagree with the core observation of the Sidechain Whitepaper which originally stated (interestingly, it seems they've changed it):

"the core observation is that “Bitcoin” the blockchain is conceptually independent from “bitcoin” the asset: if we had technology
to support the movement of assets between blockchains, new systems could be developed which
users could adopt by simply reusing the existing bitcoin currency"


http://www.blockstream.com/sidechains.pdf

as i've said since the start of my participation in Bitcoin: Bitcoin the currency is inextricably linked and intertwined with its blockchain.  the blockchain is nothing without the currency.

i'd also flip that around by saying that Bitcoin the currency is nothing without its blockchain.

given all the potential risks and complexities introduced by Sidechains, are they something we should be serious about?

But they are not saying that in the way you suggest they are. Their point is not that Bitcoin the blockchain doesn't need "bitcoin" the asset but that the asset should not have to be tied only to the Bitcoin blockchain but could, conceptually, be used on other blockchains.


"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
brg444
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October 30, 2014, 05:19:30 PM
 #14978

This isn't doing anything to promotion the innovation SC are supposed to represent.

I haven't read of one example where they provided a any economic innovation that cannot be done with existing tech.

Instead some chose to insult me by PM than give comment to my posts.

And I haven't read one reasonable reason why Sidechains should absolutely not happen.

Only farfetched scenarios that necessitate collusion of the majority of the network to happen.

Given the obvious value proposition of the different aspects of sidechains (which you are not honest if you choose to ignore) I would say it is only fair to give the runner a chance to prove itself.

"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 30, 2014, 05:23:27 PM
 #14979

fundamentally, i disagree with the core observation of the Sidechain Whitepaper which originally stated (interestingly, it seems they've changed it):

"the core observation is that “Bitcoin” the blockchain is conceptually independent from “bitcoin” the asset: if we had technology
to support the movement of assets between blockchains, new systems could be developed which
users could adopt by simply reusing the existing bitcoin currency"


http://www.blockstream.com/sidechains.pdf

as i've said since the start of my participation in Bitcoin: Bitcoin the currency is inextricably linked and intertwined with its blockchain.  the blockchain is nothing without the currency.

i'd also flip that around by saying that Bitcoin the currency is nothing without its blockchain.

given all the potential risks and complexities introduced by Sidechains, are they something we should be serious about?

But they are not saying that in the way you suggest they are. Their point is not that Bitcoin the blockchain doesn't need "bitcoin" the asset but that the asset should not have to be tied only to the Bitcoin blockchain but could, conceptually, be used on other blockchains.

Conceptually...   Yes.  It is an interesting concept.  Proof of that, is that we are even taking up pages about it here, and it is pretty off-topic.
It will have an interesting journey from concept to market reality.
At the moment, it remains a concept.
I like the concept, the details will be very important to implementing it.   It would be very easy to get it wrong, and underestimating the challenge it presents would be at our own peril.
The most likely outcome is that it will add value to bitcoin, and subtract some value from some speculators.

FREE MONEY1 Bitcoin for Silver and Gold NewLibertyDollar.com and now BITCOIN SPECIE (silver 1 ozt) shows value by QR
Bulk premiums as low as .0012 BTC "BETTER, MORE COLLECTIBLE, AND CHEAPER THAN SILVER EAGLES" 1Free of Government
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October 30, 2014, 05:28:17 PM
 #14980

fundamentally, i disagree with the core observation of the Sidechain Whitepaper which originally stated (interestingly, it seems they've changed it):

"the core observation is that “Bitcoin” the blockchain is conceptually independent from “bitcoin” the asset: if we had technology
to support the movement of assets between blockchains, new systems could be developed which
users could adopt by simply reusing the existing bitcoin currency"


http://www.blockstream.com/sidechains.pdf

as i've said since the start of my participation in Bitcoin: Bitcoin the currency is inextricably linked and intertwined with its blockchain.  the blockchain is nothing without the currency.

i'd also flip that around by saying that Bitcoin the currency is nothing without its blockchain.

given all the potential risks and complexities introduced by Sidechains, are they something we should be serious about?

But they are not saying that in the way you suggest they are. Their point is not that Bitcoin the blockchain doesn't need "bitcoin" the asset but that the asset should not have to be tied only to the Bitcoin blockchain but could, conceptually, be used on other blockchains.



first, some general observations of the current state of Bitcoin. as it is, the MC network is running at its top and peak efficiency.  that being,

1.  most BTC are being held safely tucked away in cold storage wallets all over the world. this is a result of 5.5 yrs of time, work, and accumulative effort on behalf of these holders/savers.  in fact, these saved BTC should be viewed as being held in equilibrium with those BTC being used for more active speculation and day trading.  there is a delicate balance going on here from a market perspective which leads to what we call the price.  anything that forces those BTC to be mobilized from cold storage would cause severe volatility and most likely a decrease in value as it would indicate a market perception that something significantly different has been introduced into the system.
2.  mining hardware and infrastructure build out has gone thru an impressive and exponential rise over the last several years also based on a tremendous amount of work and investment capital put at risk.  this is ensuring the security of the entire Bitcoin concept and encouraging savers and speculators to hold their Bitcoin based on the confidence in these miners. this mining, directed solely at the MC at the moment, can also be considered to be in a delicate equilbrium.  anything that disturbs this equilibrium will cause volatility and most likely loss in the value.
3.  in this sense, one could conceptually visualize Bitcoin as a runaway train that continues to speed ahead, just out of reach of attackers who wish to kill it.  it is critical that Bitcoin always stays just that bit ahead of its attackers in terms of its mining capabilities (for security purposes) and in the development of its cryptography (also for security purposes).  anything that introduces volatility into this situation and causes Bitcoin to deviate from this continual forging ahead has the potential to derail the entire system as it will destroy value.

the above assumptions have resulted in an optimum distribution of coins for all Bitcoin participants into the MC.  this is a good thing, despite how some detractors have tried to label holders/savers as hoarders which, imo, is a blatant attempt at denigration as well as a misunderstanding of Bitcoin economics.  i won't go into that debate as it has been flushed out numerous times previously that "hoarders" are not hurting Bitcoin, and may in fact be helping Bitcoin. these peoples willingness to hold and thus value BTC helps support and drive the price upwards. these holders/savers have taken significant time and effort to store these BTC in cold wallets, sometimes in secure locations spread out all over the world. these people represent Bitcoin's most ardent supporters and are encouraged by the current growth in the system, specifically in mining, which protects their savings. having to mobilize these BTC's in the case of economic uncertainty or volatility introduced by a change in the Bitcoin ecosystem will cause these BTC to be exposed to hacking attempts and potential loss in value.

anything or anyone proposing a change to the Bitcoin ecosystem that disrupts this delicate economic mining equilibrium that we have achieved since Bitcoin's inception has to be put under severe scrutiny to demonstrate and prove, as close to a shadow of a doubt, that what they are proposing truly represents ground breaking innovation while at the same time demonstrating that they have considered all adverse economic scenarios that result as a consequence.  and with good reason.  with close to $5 billion in market cap at risk, an incorrect economic assumption resulting from a mistake in implementing a code change could lead to disaster. in fact, anything that causes increased volatility in this delicate balance has a significant chance of harming current Bitcoin holders.
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