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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 1807840 times)
fewcoins
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December 06, 2014, 12:43:24 AM
 #18521

Glad to see you post cypherdoc... There is no denying Segio is one smart dude!
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cypherdoc
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December 06, 2014, 12:56:37 AM
 #18522

It's very good that the DOJ has coughed up 80000 coins. Let's hope they keep selling.
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December 06, 2014, 01:40:38 AM
 #18523

It's very good that the DOJ has coughed up 80000 coins. Let's hope they keep selling.

Agreed but there will likely be similar type seizures in the future (although maybe not on the scale of the Silk Road).
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December 06, 2014, 01:52:37 AM
 #18524

dow is a buy but noobs are stRting to buy stocks again so careful... hedge by buying gold silver because noobs starting to short gold
cypherdoc
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December 06, 2014, 03:01:49 AM
 #18525

Back into the bullish flag. Just a matter of time. 
cypherdoc
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December 06, 2014, 03:34:28 AM
 #18526

It's coming:

Russian BTC buying continues to accelerate - localbitcoins volume sets 7th consecutive weekly record.

http://bitcoincharts.com/charts/localbtcRUB#igWeeklyztgSzm1g10zm2g25zvzcv
lunarboy
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December 06, 2014, 03:53:52 AM
 #18527

It's coming:

Russian BTC buying continues to accelerate - localbitcoins volume sets 7th consecutive weekly record.




I presume any recovery will be tempered, at least until the rest of those 93000 coins have been sold off by the fed.
bitgold
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December 06, 2014, 04:32:37 AM
 #18528

It's coming:

Russian BTC buying continues to accelerate - localbitcoins volume sets 7th consecutive weekly record.

http://bitcoincharts.com/charts/localbtcRUB#igWeeklyztgSzm1g10zm2g25zvzcv

Nice to know, so far Russian has been below expectation.
_mr_e
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December 06, 2014, 05:49:48 AM
 #18529

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

The fact that you are still sticking to this quote has caused me to switch from seriously respecting you to someone who can no longer take you seriously. It has already been proven time and time again that the blockchain is a brand new science that has yet to be fully explored and it's ramifications yet undiscovered. There are so many examples of how the blockchain can be used for so so much more then bitcoin as money, that your closed mindedness has me in such a serious state of shock and wonder. How is it that your mind can be so open open to Bitcoin while being so closed to it's innovations, yet be so shut down to the possibilities that the next 100 years will not expand on this innovation in more ways then humans can even begin to imagine?

Why don't you take a look at this, and tell me the blockchain is only applicable to money?

https://nxtforum.org/nxt-projects/helix-dapps-test-cp-repos/

http://finhive.com/roadmap.html
Melbustus
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December 06, 2014, 06:24:59 AM
 #18530

Steller (and by extension, Ripple) consensus now empirically broken: https://www.stellar.org/blog/safety_liveness_and_fault_tolerance_consensus_choice/

Temporary fix is to degrade the network to a single (!) validating node.

Sounds like the long-term fix is to introduce some sort of a network-wide "pause" ability.....several months from now.

I'm guessing that they'll eventually explicitly abandon meaningful decentralization.

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
But Bitcointalk & /r/bitcoin are heavily censored. bitco.in/forum, forum.bitcoin.com, and /r/btc are open.
Best info on Casascius coins: http://spotcoins.com/casascius
cypherdoc
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December 06, 2014, 07:20:32 AM
 #18531

Steller (and by extension, Ripple) consensus now empirically broken: https://www.stellar.org/blog/safety_liveness_and_fault_tolerance_consensus_choice/

Temporary fix is to degrade the network to a single (!) validating node.

Sounds like the long-term fix is to introduce some sort of a network-wide "pause" ability.....several months from now.

I'm guessing that they'll eventually explicitly abandon meaningful decentralization.

Wow, that's a big deal.

Looks like lights out for Ripple.
smooth
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December 06, 2014, 07:49:02 AM
 #18532

Looks like lights out for Ripple.

Nah they will probably just continue to market the service as a centralized system. They have all these deals with banks and such now. Do those people actually care about decentralized?

It is lights out for being meaningful competition to bitcoin, but I'm not sure it ever was.

cypherdoc
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December 06, 2014, 07:53:05 AM
 #18533

Looks like lights out for Ripple.

Nah they will probably just continue to market the service as a centralized system. They have all these deals with banks and such now. Do those people actually care about decentralized?

It is lights out for being meaningful competition to bitcoin, but I'm not sure it ever was.



Didn't they run off a hashchain model?
smooth
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December 06, 2014, 07:55:41 AM
 #18534

Looks like lights out for Ripple.

Nah they will probably just continue to market the service as a centralized system. They have all these deals with banks and such now. Do those people actually care about decentralized?

It is lights out for being meaningful competition to bitcoin, but I'm not sure it ever was.



Didn't they run off a hashchain model?

I read this once: https://wiki.ripple.com/Consensus

If I recall correctly there was some sort of trusted root list. I gather from this new post that they will have a single trusted root now (until the new snake oil "distributed" algorithm can be developed). But I may well have some details wrong. It's been some time since I took Ripple seriously at all.

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December 06, 2014, 08:04:19 AM
 #18535

Looks like lights out for Ripple.

Nah they will probably just continue to market the service as a centralized system. They have all these deals with banks and such now. Do those people actually care about decentralized?

It is lights out for being meaningful competition to bitcoin, but I'm not sure it ever was.



Didn't they run off a hashchain model?

I read this once: https://wiki.ripple.com/Consensus

If I recall correctly there was some sort of trusted root list. I gather from this new post that they will have a single trusted root now (until the new snake oil "distributed" algorithm can be developed). But I may well have some details wrong. It's been some time since I took Ripple seriously at all.



I'm not sure they have that many banks.  From what I remember there is Fidor and 2 small east  coast banks.  This kind of fault should be enough to kill them off imo. I think it is a hashchain model which I never understood how it could even work.
smooth
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December 06, 2014, 08:12:31 AM
 #18536

Looks like lights out for Ripple.

Nah they will probably just continue to market the service as a centralized system. They have all these deals with banks and such now. Do those people actually care about decentralized?

It is lights out for being meaningful competition to bitcoin, but I'm not sure it ever was.



Didn't they run off a hashchain model?

I read this once: https://wiki.ripple.com/Consensus

If I recall correctly there was some sort of trusted root list. I gather from this new post that they will have a single trusted root now (until the new snake oil "distributed" algorithm can be developed). But I may well have some details wrong. It's been some time since I took Ripple seriously at all.



I'm not sure they have that many banks.  From what I remember there is Fidor and 2 small east  coast banks.  This kind of fault should be enough to kill them off imo. I think it is a hashchain model which I never understood how it could even work.

I thought they had more deals but I guess those were just rumors. I don't see anything else announced.

What about Stellar? They're fairly new and got 3 million USD startup funds from Stripe, which in turn just raised another 50 million giving it a 3.5 billion valuation. Do you think they keep going with this?

Melbustus
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December 06, 2014, 08:22:00 AM
 #18537

Looks like lights out for Ripple.

Nah they will probably just continue to market the service as a centralized system. They have all these deals with banks and such now. Do those people actually care about decentralized?

It is lights out for being meaningful competition to bitcoin, but I'm not sure it ever was.



Didn't they run off a hashchain model?

I read this once: https://wiki.ripple.com/Consensus

If I recall correctly there was some sort of trusted root list. I gather from this new post that they will have a single trusted root now (until the new snake oil "distributed" algorithm can be developed). But I may well have some details wrong. It's been some time since I took Ripple seriously at all.



I'm not sure they have that many banks.  From what I remember there is Fidor and 2 small east  coast banks.  This kind of fault should be enough to kill them off imo. I think it is a hashchain model which I never understood how it could even work.


I don't know what other partnerships Ripple has, but they're pushing this new Earthport deal: http://banking-insurance.cioreview.com/news/earthport-and-ripple-labs-collaborate-to-offer-easy-crossborder-payment-solution-nid-4223-cid-23.html

In any event, I was pretty surprised about this consensus failure. I had always thought that the model was broken due to ease of Sybil attack. Didn't realize that what seems like a fairly likely-to-occur fork would wreak hours worth of irreversible havoc on the network. Yikes.

That said, I think Smooth's assertion that they'll live on with their bank partnerships and so forth is probably correct. I, for one, am seeing more excitement from the banking and fintech community about Ripple, and my guess is that they're on a path to basically being a banking system plugin that's essentially operated by the banks. This consensus failure and it's centralization-enhancing solution will accelerate that process a bit.

All in all, it just makes Ripple/Steller that much less interesting in my mind (not that it was ever all that interesting), and that much less relevant to bitcoin. Afterall, it's been clear for a while that centralized systems with bitcoin-like crypto properties would emerge. I figured some gov-coin would be the first, but maybe it's Ripple/Steller.


Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
But Bitcointalk & /r/bitcoin are heavily censored. bitco.in/forum, forum.bitcoin.com, and /r/btc are open.
Best info on Casascius coins: http://spotcoins.com/casascius
hdbuck
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December 06, 2014, 10:41:47 AM
 #18538

Looks like lights out for Ripple.

Nah they will probably just continue to market the service as a centralized system. They have all these deals with banks and such now. Do those people actually care about decentralized?

It is lights out for being meaningful competition to bitcoin, but I'm not sure it ever was.



Didn't they run off a hashchain model?

I read this once: https://wiki.ripple.com/Consensus

If I recall correctly there was some sort of trusted root list. I gather from this new post that they will have a single trusted root now (until the new snake oil "distributed" algorithm can be developed). But I may well have some details wrong. It's been some time since I took Ripple seriously at all.



I'm not sure they have that many banks.  From what I remember there is Fidor and 2 small east  coast banks.  This kind of fault should be enough to kill them off imo. I think it is a hashchain model which I never understood how it could even work.


I don't know what other partnerships Ripple has, but they're pushing this new Earthport deal: http://banking-insurance.cioreview.com/news/earthport-and-ripple-labs-collaborate-to-offer-easy-crossborder-payment-solution-nid-4223-cid-23.html

In any event, I was pretty surprised about this consensus failure. I had always thought that the model was broken due to ease of Sybil attack. Didn't realize that what seems like a fairly likely-to-occur fork would wreak hours worth of irreversible havoc on the network. Yikes.

That said, I think Smooth's assertion that they'll live on with their bank partnerships and so forth is probably correct. I, for one, am seeing more excitement from the banking and fintech community about Ripple, and my guess is that they're on a path to basically being a banking system plugin that's essentially operated by the banks. This consensus failure and it's centralization-enhancing solution will accelerate that process a bit.

All in all, it just makes Ripple/Steller that much less interesting in my mind (not that it was ever all that interesting), and that much less relevant to bitcoin. Afterall, it's been clear for a while that centralized systems with bitcoin-like crypto properties would emerge. I figured some gov-coin would be the first, but maybe it's Ripple/Steller.



i'd say that's exactly the kind of initiative enabled by those same person pushing the "underlying technology" propaganda.
molecular
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December 06, 2014, 11:19:32 AM
 #18539

Looks like lights out for Ripple.

Nah they will probably just continue to market the service as a centralized system. They have all these deals with banks and such now. Do those people actually care about decentralized?

It is lights out for being meaningful competition to bitcoin, but I'm not sure it ever was.


I don't think it ever was: it's a debt-tracker, not money. IOUs can be created at will by participants. If you're thinking 'XRP', well yes, that's a coin, but it's heavily premined, so also no competition to Bitcoin.

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
smooth
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December 06, 2014, 11:26:04 AM
 #18540

Looks like lights out for Ripple.

Nah they will probably just continue to market the service as a centralized system. They have all these deals with banks and such now. Do those people actually care about decentralized?

It is lights out for being meaningful competition to bitcoin, but I'm not sure it ever was.


I don't think it ever was: it's a debt-tracker, not money. IOUs can be created at will by participants. If you're thinking 'XRP', well yes, that's a coin, but it's heavily premined, so also no competition to Bitcoin.

In theory, it served as a decentralized payment system. That could have served some (but clearly not all) of the same purposes as bitcoin if it actually worked, while being faster and more energy efficient. But it seems the approach is just nonsense.

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