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Author Topic: Gold collapsing. Bitcoin UP.  (Read 2022376 times)
molecular
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December 04, 2014, 08:20:12 PM
 #18441

Our task to fight them, we are doing well.

I propose not to fight (just makes them stronger), but to transcend them.


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cypherdoc
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December 04, 2014, 08:21:22 PM
 #18442

no wonder they're scared.  i'd be too:



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December 04, 2014, 08:23:36 PM
 #18443

no wonder they're scared.  i'd be too:

Quite amazing that the price remains so stagnant.

This thing will blow up the moment we get any momentum

"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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December 04, 2014, 08:26:24 PM
 #18444

definitely some charts to watch:

RUT failing to make a new high:



$DJT failing?:


rocks
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December 04, 2014, 08:26:57 PM
 #18445

I feel we're coming to a crossroads. We go down one path and there's freedom and prosperity for most, we go down the other one and there's oppression and suffering for almost everyone (well, maybe not, maybe it'll be kind of enjoyable because we're going to be so damn brainwashed that we don't even realize what's being done to us and how our lives could be different)


I feel the same way.

My worry though is what if the crossroads already happened for the US as a society 100 years ago, and we are merely witnessing the eventual fallout of a path already chosen? When the original progressive era (both progressive Democrats and progressive republicans) started to choose security over freedom and privacy on many levels.

Not to get too OT, but the US today bombs multiple counties regularly in order to maintain the petrodollar, and most do not care because it is out of sight and maintains everyone's standard of living. (seriously have you been tracking the target vs "collateral damage" numbers of these strikes?)  I don't believe a society that was truly interested in freedom would turn such a blind eye to the number of innocent people Obama has droned around the world.
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December 04, 2014, 08:29:40 PM
 #18446

ohoh



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December 04, 2014, 08:32:04 PM
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i think we should all marvel at the beauty of the growing decentralization of mining over the last year.  look at that graph...Nash is alive!

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December 04, 2014, 08:33:47 PM
 #18448

no wonder they're scared.  i'd be too:

Quite amazing that the price remains so stagnant.

This thing will blow up the moment we get any momentum

you just wait.

there's a massive green candle out there somewhere...
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December 04, 2014, 08:35:29 PM
 #18449

ohoh




even i have to admit there was a point late last year or early this year when i was worried about the lack of tx growth.  that clearly is no longer a concern and i am as bullish as ever.
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December 04, 2014, 09:01:11 PM
 #18450

i think we should all marvel at the beauty of the growing decentralization of mining over the last year.  look at that graph...Nash is alive!


I recently read GHash.IO was reaching a dangerous size where it could possibly launch a 51% attack. Your chart shows it's rather small... I looked it up and found it was indeed a recent chart:
https://blockchain.info/pools
Either my article was old or there are tricks to pull off a 51% attack which i don't know about... Wouldn't discus fish be an even bigger threat then??
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December 04, 2014, 09:13:16 PM
 #18451

i think we should all marvel at the beauty of the growing decentralization of mining over the last year.  look at that graph...Nash is alive!


I recently read GHash.IO was reaching a dangerous size where it could possibly launch a 51% attack. Your chart shows it's rather small... I looked it up and found it was indeed a recent chart:
https://blockchain.info/pools
Either my article was old or there are tricks to pull off a 51% attack which i don't know about... Wouldn't discus fish be an even bigger threat then??

earlier this year ghash did get over 50% and some "rogue" employee pulled off a small double spend but was immediately caught and fired.  at least, that's the story.

but immediately the community responded by individual miners dispersing to other pools and even ghash voluntarily began restricting new miners to actively bring down their %.

Discus will unlikely be a problem as hardware costs are decreasing allowing more wide distribution and the mining sector, in general, is likely to contract for a short while until the price starts going back up.
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December 04, 2014, 09:26:23 PM
 #18452

earlier this year ghash did get over 50% and some "rogue" employee pulled off a small double spend but was immediately caught and fired.  at least, that's the story.

but immediately the community responded by individual miners dispersing to other pools and even ghash voluntarily began restricting new miners to actively bring down their %.

Discus will unlikely be a problem as hardware costs are decreasing allowing more wide distribution and the mining sector, in general, is likely to contract for a short while until the price starts going back up.
From over 50% to 14% within the same year?!
I wonder if this could ever happen again. What if a single big investor comes along and builds a very large mining facility? Or would that be irrelevant since the worldwide hashrates increase too fast for it to really matter?
I'm surprised the BTC market didn't panic... Since it threatened the decentralised foundation on which bitcoin relies.
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December 04, 2014, 09:46:30 PM
 #18453

earlier this year ghash did get over 50% and some "rogue" employee pulled off a small double spend but was immediately caught and fired.  at least, that's the story.

but immediately the community responded by individual miners dispersing to other pools and even ghash voluntarily began restricting new miners to actively bring down their %.

Discus will unlikely be a problem as hardware costs are decreasing allowing more wide distribution and the mining sector, in general, is likely to contract for a short while until the price starts going back up.
From over 50% to 14% within the same year?!
I wonder if this could ever happen again. What if a single big investor comes along and builds a very large mining facility? Or would that be irrelevant since the worldwide hashrates increase too fast for it to really matter?
I'm surprised the BTC market didn't panic... Since it threatened the decentralised foundation on which bitcoin relies.

yep.

i personally doubt it altho you'll get plenty of disagreement on that. 
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December 04, 2014, 11:23:22 PM
 #18454

ppl are getting closer to "The blockchain may only ever be applicable to Bitcoin as Money"-cypherdoc.

There is only one blockchain and it’s called Bitcoin

http://blog.oleganza.com/post/104274846653/there-is-only-one-blockchain-and-its-called
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December 04, 2014, 11:41:55 PM
 #18455

its good news when the sharks start turning on themselves.  "someones" gotta pay:

The ruling is one of the first court decisions to clarify the legal confusion between retailers and banks in data breaches. In the past, banks were often left with the financial burden of a hacking and were responsible for replacing stolen cards. The cost of replacing stolen cards from Target’s breach alone is roughly $400 million — and the Secret Service has estimated that some 1,000 American merchants may have suffered from similar attacks.

The Target ruling makes clear that banks have a right to go after merchants if they can provide evidence that the merchant may have been negligent in securing its systems.

Mr. Newman said that Tuesday’s ruling was the beginning of a new “legal road map in determining who’s responsible for paying the significant costs associated with a hacking incident.”


http://bits.blogs.nytimes.com/2014/12/04/banks-lawsuits-against-target-for-losses-related-to-hacking-can-continue/?smid=tw-nytimestech&seid=auto&_r=1
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December 04, 2014, 11:56:50 PM
 #18456

Wonder how much they would have had to pay if Bitcoin addresses were stolen? Oh, that's right, nothing.  Cheesy
brg444
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December 05, 2014, 12:51:40 AM
 #18457

Quote
Dan Morehead ‏@dan_pantera
Bidding closed for US Marshals #Bitcoin auction.  Pantera placed bids below the market.  Results out tomorrow by 2pm PST.  Probably earlier.

 Undecided

markets are not gonna like this

"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
SmoothCurves
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December 05, 2014, 01:07:47 AM
 #18458

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Dan Morehead ‏@dan_pantera
Bidding closed for US Marshals #Bitcoin auction.  Pantera placed bids below the market.  Results out tomorrow by 2pm PST.  Probably earlier.

 Undecided

markets are not gonna like this

I think Pantera is not going to like it. Tim Draper is nuts for Bitcoin and will bid aggressively.
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December 05, 2014, 01:10:38 AM
 #18459

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Dan Morehead ‏@dan_pantera
Bidding closed for US Marshals #Bitcoin auction.  Pantera placed bids below the market.  Results out tomorrow by 2pm PST.  Probably earlier.

 Undecided

markets are not gonna like this

I think Pantera is not going to like it. Tim Draper is nuts for Bitcoin and will bid aggressively.

 Cheesy

that's also what I'm thinking. Tim or someone else. Pantera, I believe, only bids as a syndicate and I would expect those to bid low

"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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December 05, 2014, 01:18:11 AM
 #18460

it's not just ridiculous, it's dangerous.

yeah.  it just goes to show you how far down the totalitarian rabbit hole these guys have gone.  really scary shit.

Lol, oh brother.  Listen to what he's saying.

1) Recourse.  There's no recourse for a fraudulent transaction in the Bitcoin world.  Sure, it's possible that in the future a bank or insurance company could act as an intermediary to shield people from these risks, but as it is right now, you're on your own.

2) Ease of use.  Bitcoin wins in some circumstances.  Charge cards win in other circumstances.

3) Transparency.  No one likes oversight into their own financial matters, but like it or not, people in general want those who engage in illegal trade to be brought to justice.  They also expect everyone else to pay their taxes.  This isn't about what you want, it's about what the voters demand.  Bitcoin makes forensic accounting more troublesome, so naturally law enforcement and the tax collectors bristle at the idea of criminals utilizing technology that makes their job harder.

And no, I'm not saying he's 100% right, but to say this is "scary", "dangerous", etc. is simply fear mongering.  MasterCard isn't going to embrace Bitcoin competition, but I don't think anything he said was outright disingenuous.  If anything, his arguments were tepid.  He didn't even mention the tax implications of using Bitcoins for something as simple as a cup of coffee.  I don't find anything troubling about his statements, they're pretty much what you'd expect from someone in his position.  May the best man win.
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