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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?
1.  yes
2.  no

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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1956478 times)
Fabrizio89
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November 13, 2014, 07:21:46 AM
 #16701

And again gold is going down suffering from the strong us dollar, while Bitcoin shows it doesn't care at all and just wants to go its way. The next year will be very interesting, and I'm confident I did a good thing by still not buying gold. Smiley

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November 13, 2014, 07:23:40 AM
 #16702



I don't get the 1:1 thing.  It doesn't really matter what the ratio is, so long as it is a ratio that is communicated clearly and is not alterable, yes?

Yes.

Most people use 1:1 ratio whe explaining sc just for the simplicity of it.

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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November 13, 2014, 07:40:32 AM
 #16703



I don't get the 1:1 thing.  It doesn't really matter what the ratio is, so long as it is a ratio that is communicated clearly and is not alterable, yes?

Yes.

Most people use 1:1 ratio whe explaining sc just for the simplicity of it.
1:1 means you get the same amount of bitcoins out as you put in for the same amount of SC. It means the SC doesn't inflate in relation BTC.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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November 13, 2014, 08:28:37 AM
 #16704



I don't get the 1:1 thing.  It doesn't really matter what the ratio is, so long as it is a ratio that is communicated clearly and is not alterable, yes?

Yes.

Most people use 1:1 ratio whe explaining sc just for the simplicity of it.
1:1 means you get the same amount of bitcoins out as you put in for the same amount of SC. It means the SC doesn't inflate in relation BTC.

Could you please explain to me why a fixed/time invariant 1:n ratio should inflate the native sidechain coin(1)? (serious question)

(1) I'm taking into consideration only sidechain where there's no other way to "introduce" sc coins rather than  2wp or atomic swaps (aka no coin rewards for new mined block only txs fee)

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November 13, 2014, 11:12:18 AM
 #16705

in my Twitter conversation with @Truthcoin today, it's so clear that all he wants to do is tap into "mobile Bitcoin" for the value sapping.  he doesn't care that the BTC converted to Cashcoin or whatever shitcoin is involved with Truthcoin is put at risk.  he sees SC's as a way to exploit Bitcoin.

i suggest every other altcoin will attempt the same bolt on strategy.

I also have the feeling he is using the peg as a "risk-adverse" aspect when in fact he has no plan to peg 1:1. Oh well... fools.. money..parted


I don't get the 1:1 thing.  It doesn't really matter what the ratio is, so long as it is a ratio that is communicated clearly and is not alterable, yes?
It could be 1:100, 1:2, or 10:1, and when you return to the MC it reverses.

don't know but i suppose he could change it and trap ppl inside.

the other thing he was making a big deal about is that he insists the transfer goes like this  BTC-->CC as opposed to BTC-->scBTC-->CC.  as if that makes a difference  Roll Eyes  but from a technical standpoint, i think it was notme who said there had to be essentially 2 tx's to accomplish the transformation to a new coin as in the latter example.  anyone know?

and as far as TC is concerned, it's not so much about the it being an altcoin, it's about the fact that most of the assets offered are speculative and subject to losses.
I watched that twitter dialog.  They sure got grumpy quickly.
Only two chains are required.  It can be more chains, and more transactions but the minimum would be:

1) a transaction on the MC locking the assets
2) a transaction on the SC whose inputs contain a cryptographic proof that the lock was done correctly (and thereby creating the SC asset).

So, BTC--->scBTC --->CC is the correct way to think about it as we have consistently been doing here for the last 200 pages?
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November 13, 2014, 01:13:52 PM
 #16706

in my Twitter conversation with @Truthcoin today, it's so clear that all he wants to do is tap into "mobile Bitcoin" for the value sapping.  he doesn't care that the BTC converted to Cashcoin or whatever shitcoin is involved with Truthcoin is put at risk.  he sees SC's as a way to exploit Bitcoin.

i suggest every other altcoin will attempt the same bolt on strategy.

I also have the feeling he is using the peg as a "risk-adverse" aspect when in fact he has no plan to peg 1:1. Oh well... fools.. money..parted


I don't get the 1:1 thing.  It doesn't really matter what the ratio is, so long as it is a ratio that is communicated clearly and is not alterable, yes?
It could be 1:100, 1:2, or 10:1, and when you return to the MC it reverses.

don't know but i suppose he could change it and trap ppl inside.

the other thing he was making a big deal about is that he insists the transfer goes like this  BTC-->CC as opposed to BTC-->scBTC-->CC.  as if that makes a difference  Roll Eyes  but from a technical standpoint, i think it was notme who said there had to be essentially 2 tx's to accomplish the transformation to a new coin as in the latter example.  anyone know?

and as far as TC is concerned, it's not so much about the it being an altcoin, it's about the fact that most of the assets offered are speculative and subject to losses.
I watched that twitter dialog.  They sure got grumpy quickly.
Only two chains are required.  It can be more chains, and more transactions but the minimum would be:

1) a transaction on the MC locking the assets
2) a transaction on the SC whose inputs contain a cryptographic proof that the lock was done correctly (and thereby creating the SC asset).

So, BTC--->scBTC --->CC is the correct way to think about it as we have consistently been doing here for the last 200 pages?

That nomenclature is going to be new to them unless they read it here like you suggested to them, so their confusion is understandable.  
They are likely just thinking of it in terms of just the Bitcoin block chain and the Truthcoin block chain with the convertible asset created by the locking of the bitcoin being the CC.
The nomenclature we are using here is a bit unusual.  (we use MC for main chain, block stream uses "parent chain" and "child chain" or "sidechain").

The blockstream paper considers the sidechain as "also Bitcoin" which seems a bit disingenuous to me.  

Quote from: blockstream paper
Generally we can think of the parent chain as being Bitcoin and the sidechain as one of many other blockchains. Of course, sidechain coins could be transferred between sidechains, not just to and from Bitcoin; however, since any coin originally moved from Bitcoin could be moved back, it would nonetheless remain a bitcoin.
I don't favor much of the language used in their paper.  ("peg" being another example, but that is an old battle lost long ago)

This 1:1 peg being used to mean "a static conversion rate at any ratio" also seems bizarre in that it includes a 1:10 with 10:1 return rate?  

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November 13, 2014, 02:21:58 PM
 #16707

I watched that twitter dialog.  They sure got grumpy quickly.
Only two chains are required.  It can be more chains, and more transactions but the minimum would be:

1) a transaction on the MC locking the assets
2) a transaction on the SC whose inputs contain a cryptographic proof that the lock was done correctly (and thereby creating the SC asset).

So, BTC--->scBTC --->CC is the correct way to think about it as we have consistently been doing here for the last 200 pages?
[/quote]

No, not in the way you suggest where everyone on a sidechain could either hold scBTC or CC.

"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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November 13, 2014, 02:46:28 PM
 #16708

I watched that twitter dialog.  They sure got grumpy quickly.
Only two chains are required.  It can be more chains, and more transactions but the minimum would be:

1) a transaction on the MC locking the assets
2) a transaction on the SC whose inputs contain a cryptographic proof that the lock was done correctly (and thereby creating the SC asset).

So, BTC--->scBTC --->CC is the correct way to think about it as we have consistently been doing here for the last 200 pages?

No, not in the way you suggest where everyone on a sidechain could either hold scBTC or CC.
[/quote]

In our long used sequence as above, perhaps I should have clarified that the scBTC that emerges from the peg can ride the TC SC for as long as it wants before converting in some unknown ratio to CC? That makes it conceptually correct, right?  
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November 13, 2014, 03:04:13 PM
 #16709

Of course but no matter the wants or need of people, open source will allow for whatever option that fills that niche in the most legitimate way to win over the userbase in the long run.

I understand your concerns but at the end of the day my bet is the value created will far outweight the negatives.

i just want to make another point here.  the only part of the SC process that we should expect to be OS is the 2wp or SPVproof itself.  OS is not required for the way the SC decides to run itself which is dependent on its developer.  for me, thinking of these for profit SC companies as circles helps envision a self encapsulated, potentially closed opaque system within which rides an unknown blockchain ledger to which your valuable BTC will be transferred at your own risk.
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November 13, 2014, 03:15:14 PM
 #16710

I watched that twitter dialog.  They sure got grumpy quickly.
Only two chains are required.  It can be more chains, and more transactions but the minimum would be:

1) a transaction on the MC locking the assets
2) a transaction on the SC whose inputs contain a cryptographic proof that the lock was done correctly (and thereby creating the SC asset).

So, BTC--->scBTC --->CC is the correct way to think about it as we have consistently been doing here for the last 200 pages?

No, not in the way you suggest where everyone on a sidechain could either hold scBTC or CC.

In our long used sequence as above, perhaps I should have clarified that the scBTC that emerges from the peg can ride the TC SC for as long as it wants before converting in some unknown ratio to CC? That makes it conceptually correct, right?  
[/quote]

But I don't think that is the case no. I believe the process NL is describing above :

Quote
1) a transaction on the MC locking the assets
2) a transaction on the SC whose inputs contain a cryptographic proof that the lock was done correctly (and thereby creating the SC asset).

..is completed automatically in a "seamless" matter. What I mean by that is I don't believe the user gets to choose whether the SC asset is created or not. Maybe I'm wrong and then someone can correct me..

"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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November 13, 2014, 03:19:18 PM
 #16711

I watched that twitter dialog.  They sure got grumpy quickly.
Only two chains are required.  It can be more chains, and more transactions but the minimum would be:

1) a transaction on the MC locking the assets
2) a transaction on the SC whose inputs contain a cryptographic proof that the lock was done correctly (and thereby creating the SC asset).

So, BTC--->scBTC --->CC is the correct way to think about it as we have consistently been doing here for the last 200 pages?

No, not in the way you suggest where everyone on a sidechain could either hold scBTC or CC.

In our long used sequence as above, perhaps I should have clarified that the scBTC that emerges from the peg can ride the TC SC for as long as it wants before converting in some unknown ratio to CC? That makes it conceptually correct, right?  

But I don't think that is the case no. I believe the process NL is describing above :

Quote
1) a transaction on the MC locking the assets
2) a transaction on the SC whose inputs contain a cryptographic proof that the lock was done correctly (and thereby creating the SC asset).

..is completed automatically in a "seamless" matter. What I mean by that is I don't believe the user gets to choose whether the SC asset is created or not. Maybe I'm wrong and then someone can correct me..
[/quote]

well, we know i must be correct about this b/c the whitepaper talks specifically about how other assets can be created on the SC that are independent to the scBTC emerging from the peg but are not interchangeable for scBTC (which would allow them to leak back into BTC).
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November 13, 2014, 03:19:33 PM
 #16712

Of course but no matter the wants or need of people, open source will allow for whatever option that fills that niche in the most legitimate way to win over the userbase in the long run.

I understand your concerns but at the end of the day my bet is the value created will far outweight the negatives.

i just want to make another point here.  the only part of the SC process that we should expect to be OS is the 2wp or SPVproof itself.  OS is not required for the way the SC decides to run itself which is dependent on its developer.  for me, thinking of these for profit SC companies as circles helps envision a self encapsulated, potentially closed opaque system within which rides an unknown blockchain ledger to which your valuable BTC will be transferred at your own risk.

Not required, maybe. Expected? certainly.

The point is people can now choose between transparent and opaque systeme without any tradeoff in feature.

Maybe I'm wrong but I don't think the majority will willingly transfer their wealth to a system that essentially recreates the closed, centralized financial institutions/services that the openness of the blockchain as made irrelevant.




"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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November 13, 2014, 03:24:52 PM
 #16713

brg444, what larger economic/political effects do you think a Silk Road SC will have on Bitcoin?
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November 13, 2014, 03:27:10 PM
 #16714

well, we know i must be correct about this b/c the whitepaper talks specifically about how other assets can be created on the SC that are independent to the scBTC emerging from the peg but are not interchangeable for scBTC (which would allow them to leak back into BTC).

You're speaking of two different scenarios and, I believe, getting confused by NL's use of the term "SC asset"

My impression is he is in fact referring to what we refer to as scBTC.

So you cannot generalize the process as BTC--->scBTC --->CC. This situation only applies to issued assets on top of the blockchain.

"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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November 13, 2014, 03:29:01 PM
 #16715

brg444, what larger economic/political effects do you think a Silk Road SC will have on Bitcoin?

Positive economic effect.

Irrelevant politically. Are politicians getting after TCP/IP because of Silk Road?

Comeon now, you know well we are creating the internet of value here.Like the internet politicians will quickly realize they are powerless in the face of innovations built on top of the Bitcoin protocol.


"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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November 13, 2014, 03:32:39 PM
 #16716

well, we know i must be correct about this b/c the whitepaper talks specifically about how other assets can be created on the SC that are independent to the scBTC emerging from the peg but are not interchangeable for scBTC (which would allow them to leak back into BTC).

You're speaking of two different scenarios and, I believe, getting confused by NL's use of the term "SC asset"

My impression is he is in fact referring to what we refer to as scBTC.

So you cannot generalize the process as BTC--->scBTC --->CC. This situation only applies to issued assets on top of the blockchain.

but of course, my question doesn't apply to your "utility" chains where there is no new asset/coin generated.

but just to finalize and be clear, by "blockchain", you mean SC.
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November 13, 2014, 03:36:08 PM
 #16717

well, we know i must be correct about this b/c the whitepaper talks specifically about how other assets can be created on the SC that are independent to the scBTC emerging from the peg but are not interchangeable for scBTC (which would allow them to leak back into BTC).

You're speaking of two different scenarios and, I believe, getting confused by NL's use of the term "SC asset"

My impression is he is in fact referring to what we refer to as scBTC.

So you cannot generalize the process as BTC--->scBTC --->CC. This situation only applies to issued assets on top of the blockchain.

but of course, my question doesn't apply to your "utility" chains where there is no new asset/coin generated.

but just to finalize and be clear, by "blockchain", you mean SC.

Sorry, yes.

"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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November 13, 2014, 03:48:33 PM
 #16718

brg444, so why can't core devs confine their testing of fast tx or anon using the federated server model with 2wp as opposed to changing source code via SPVproof?
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November 13, 2014, 03:51:27 PM
 #16719

brg444, so why can't core devs confine their testing of fast tx or anon using the federated server model with 2wp as opposed to changing source code via SPVproof?

They could, but SPVproof is conceptually more secure & decentralized.

"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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November 13, 2014, 04:03:57 PM
 #16720

brg444, so why can't core devs confine their testing of fast tx or anon using the federated server model with 2wp as opposed to changing source code via SPVproof?

They could, but SPVproof is conceptually more secure & decentralized.

but at more risk from unknown side effects and conflict of interest.
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