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Author Topic: Gold collapsing. Bitcoin UP.  (Read 2009267 times)
cypherdoc
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January 23, 2015, 04:24:13 PM
 #20501

Someone this morning put this up on reddit and is why criticizing volatility is stupid.

http://satoshi.nakamotoinstitute.org/posts/p2pfoundation/3/
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cypherdoc
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January 23, 2015, 05:40:32 PM
 #20502

This is the way to go at the current level of adoption.

Local companies in different countries partner with each other, no need to establish a supernational umbrella company. Relatively low risk. The two sides can be smaller, in case the dominators come in and destroy the business.

http://www.coindesk.com/bitspark-rolls-remittance-service-indonesia/

"The process allows customers to deposit and withdraw cash, without touching bitcoin, while Bitspark and Artabit transact in the cryptocurrency. In the Philippines, Bitspark works with bitcoin exchange Rebit."

Yeah, that really is bullish as hell.

Great stuff going on in that corridor of the world.

Agree.  Finally people seem to be wising up to the fact that using Bitcoin for the masses to touch (try to) and hold (try to) and use for buying  trinkets is the worst idea ever.  People who have a half a clue as to what they are doing using Bitcoin as and reserve and proxy for more encumbered currencies is where the sustainable value comes from.  That is, leveraging it's advantages over gold.

blah, blah, blah.  your moods are as fickle as the wind.  my guess is you sense a bottom --> time to take back all the negative bullshit
Quote

Now all we need is sidechains to have the best of both worlds.  The herds will have the same levels of security without paying usurious rates to a middle-man (and being flat out ripped of by him half the time) and the solution won't be swamped and sunk under the weight of a sea of a billion retards.



we've already explained to you a hundred times how these SC's can't possibly be AS secure as the MC unless they magically somehow attract 100% MM which is a pipedream by my estimation.  especially for anything more than probably 2 SC's.  that assumption ignores miners who might actually NOT want SC's to succeed or might want to attack them due to the easy pickings with no consequences to their seed corn MC mining.
NewLiberty
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January 24, 2015, 12:42:59 AM
 #20503

we've already explained to you a hundred times how these SC's can't possibly be AS secure as the MC unless they magically somehow attract 100% MM which is a pipedream by my estimation.  especially for anything more than probably 2 SC's.  that assumption ignores miners who might actually NOT want SC's to succeed or might want to attack them due to the easy pickings with no consequences to their seed corn MC mining.

This would be tested with each and every MM'd SC.
There is zero cost for a miner to go hostile on any MM'd coin with mining already paid by the other activity.

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tabnloz
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January 24, 2015, 12:46:29 AM
 #20504

Gold, Bitcoin & the US Dollar amid a Global Economic Slowdown

http://cointelegraph.com/news/113348/gold-bitcoin-the-us-dollar-amid-a-global-economic-slowdown

first time I'm not OT in a very long while Tongue

This part is bullshit:

"Under this backdrop, it is easy to see why the USD is surging as the US has stopped QE and indicated a rate hike at some point this year. The US is perceived to have the strongest economy in the world."

Everyone seems to forget the Fed just finished around $4T  in QE over 6 years. CB's simply do a Round Robin when  it comes to QE which creates am artificial "stability" in cross rate, when in fact, they're all devaluing at different intervals.  

This is why they are all so worried about Bitcoin and rightfully so.

Yes, iirc the BoJ announced its latest iteration of QE the day after the US finished its taper.
smooth
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January 24, 2015, 12:49:03 AM
 #20505

we've already explained to you a hundred times how these SC's can't possibly be AS secure as the MC unless they magically somehow attract 100% MM which is a pipedream by my estimation.

Even if a SC were to attract 100% MM at some point in time, it wouldn't necessarily retain it. There would always be a risk that the MM share would drop off, perhaps suddenly, which again means that the SC couldn't be as secure as the MC.

cypherdoc
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January 24, 2015, 02:04:14 AM
 #20506

remember back when a bunch of us were discussing appcoins and how i said that unless appcoin issuance was directly tied to the % equity granted in the app it wouldn't make sense?  well, it looks like Patrick Byrnes and CP are going to do this right.  this could get interesting.  let's wish them luck:

"In more Bitcoin-esque terms, crypto-equity is a way to distribute company equity shares in “coins.” It entitles the owner to an “equal amount of equity percentage in the company.”

http://cointelegraph.com/news/113346/patrick-byrne-on-the-upcoming-crypto-stock-market-its-a-threat-to-the-oligarchy
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January 24, 2015, 02:35:38 AM
 #20507

...
Now all we need is sidechains to have the best of both worlds.  The herds will have the same levels of security without paying usurious rates to a middle-man (and being flat out ripped of by him half the time) and the solution won't be swamped and sunk under the weight of a sea of a billion retards.

we've already explained to you a hundred times how these SC's can't possibly be AS secure as the MC unless they magically somehow attract 100% MM which is a pipedream by my estimation.  especially for anything more than probably 2 SC's.  that assumption ignores miners who might actually NOT want SC's to succeed or might want to attack them due to the easy pickings with no consequences to their seed corn MC mining.

I meant general level more in terms of visibility, counter-party risk, etc.

But this extreme security is the very problem!  Bitcoin has far TO MUCH security to be used for by billions of plebs and their brother for buying knick-nacks.  It just doesn't make any sense, and that is why Bitcoin cannot get any real traction here.

A windscreen on a Lear jet is smaller than that of a car.  Looks like any old piece of shaped plastic, but it costs $20,000.  I don't manufacture the things, but I suspect that there is a good deal of care which goes into it so it might have a chance of taking a goose hit at 350 mph and not creating a decompression.  Does it make sense to replace all Honda windshields with Lear style ones because they are 'more secure'.  No.  Honda would be out of business withing a month.  It's actually completely idiotic to over-specify things.  You folks who go on and on about the efficiency of the free market and all that nonsense should at least be clued in to such a simple thing as this.


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January 24, 2015, 03:34:09 AM
 #20508

Yes, except this is software. Interfaces will be figured out, the end user pays (next to) nothing and need not know how it all works.
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January 24, 2015, 03:45:33 AM
 #20509

Yes, except this is software. Interfaces will be figured out, the end user pays (next to) nothing and need not know how it all works.

I'm not really into subsidization and welfare for people.  Especially welfare for people so that they may drive a Cadillac.  This is kind of funny because I am one of the few folks around here who does not claim to be some sort of free-market fundamentalist.  I just observe the distortions and failures that such subsidies tend to bring.  None of the outcomes will bode well for native Bitcoin.


79b79aa8d5047da6d3XX
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January 24, 2015, 05:21:04 AM
 #20510

On the contrary, lots of money is to be made and saved. Where is it coming from? Efficiency.
BTCtrader71
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January 24, 2015, 05:28:49 AM
 #20511

Does it make sense to replace all Honda windshields with Lear style ones because they are 'more secure'. 

It does make sense to do so if the Lear style windshield is not only more secure, but also less expensive than the Honda style. Better and cheaper. No brainer.

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iCEBREAKER
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January 24, 2015, 05:33:06 AM
 #20512

using Bitcoin for the masses to touch (try to) and hold (try to) and use for buying  trinkets is the worst idea ever.  People who have a half a clue as to what they are doing using Bitcoin as and reserve and proxy for more encumbered currencies is where the sustainable value comes from.  That is, leveraging it's advantages over gold.

Now all we need is sidechains to have the best of both worlds.  The herds will have the same levels of security without paying usurious rates to a middle-man (and being flat out ripped of by him half the time) and the solution won't be swamped and sunk under the weight of a sea of a billion retards.

The Atlas-type people who matter will use Bitcoin for the seven most important (IE high-value) transactions per second.  No need for bloated blocks and hard forks.

The useless drooling masses can use altcoins to buy their plastic trinkets and shitty streamed Hollywood mind pollution.  No need for risky, divisive sidechains.


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tvbcof
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January 24, 2015, 05:40:26 AM
 #20513

On the contrary, lots of money is to be made and saved. Where is it coming from? Efficiency.

I think what you are groping for is 'economies of scale'.  This is certainly possible with Bitcoin.  Possibly almost inevitable which would kill the solution to me (though I might get rich in the process.)

As I said on another thread, the thing which makes Bitcoin kind of unique and differentiates it from Apple-pay or whatever-the-hell it is is that it is not controlled by players who can opperate more efficiently because they have a giant footprint.  Bitcoin still has some aura of rebelliousness.  It will be interesting to see if whatever giant corporation who monopolizes the solution will be able to hold on to any of that as they implement 'red-listing' and track the shit out of everything anyone does.  Most people are so utterly fucking stupid that I would not rule it out.  Even on the trolltalk forum so it can be assumed that in the real world things are even worse.


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January 24, 2015, 05:53:04 AM
 #20514

No, I meant efficiency.
tvbcof
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January 24, 2015, 05:54:44 AM
 #20515

Does it make sense to replace all Honda windshields with Lear style ones because they are 'more secure'. 

It does make sense to do so if the Lear style windshield is not only more secure, but also less expensive than the Honda style. Better and cheaper. No brainer.

I'm sure nobody would be able to make a transaction solution which is cheaper than real time flooding of the entire network with every transaction and keeping every transaction on every autonomous node in perpetuity...and every 'coin' (aka UTXO) in the currency system in memory.

The costs will, of course, come down as things are centralized to one player who can make all the money they need and then some by tracking  and analyzing everyone's activities.  But they'll still shit-can all this blockchain nonsense to make it cheaper to run anyway.

Actually, what will most likely happen is that about 5 outfits 'compete' in running Bitcoin but it will be for straight-up marketing propaganda reasons (which mouth-breathers will swallow hook line and sinker.)  They will probably still shit-can the blockchain and use a more efficient synchronization protocol, but who would even know or care?


cypherdoc
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January 24, 2015, 05:59:10 AM
 #20516

this is good from Davos:

https://twitter.com/bill_gross/status/558626693662126080
Melbustus
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January 24, 2015, 06:04:11 AM
 #20517

Does it make sense to replace all Honda windshields with Lear style ones because they are 'more secure'. 

It does make sense to do so if the Lear style windshield is not only more secure, but also less expensive than the Honda style. Better and cheaper. No brainer.

I'm sure nobody would be able to make a transaction solution which is cheaper than real time flooding of the entire network with every transaction and keeping every transaction on every autonomous node in perpetuity...and every 'coin' (aka UTXO) in the currency system in memory.

The costs will, of course, come down as things are centralized to one player who can make all the money they need and then some by tracking  and analyzing everyone's activities.  But they'll still shit-can all this blockchain nonsense to make it cheaper to run anyway.

Actually, what will most likely happen is that about 5 outfits 'compete' in running Bitcoin but it will be for straight-up marketing propaganda reasons (which mouth-breathers will swallow hook line and sinker.)  They will probably still shit-can the blockchain and use a more efficient synchronization protocol, but who would even know or care?




I think you're describing Ripple.

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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cypherdoc
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January 24, 2015, 06:18:54 AM
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cypherdoc
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January 24, 2015, 06:22:00 AM
 #20519

what mining centralization?

semaforo
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January 24, 2015, 07:08:35 AM
 #20520

Gold, Bitcoin & the US Dollar amid a Global Economic Slowdown

http://cointelegraph.com/news/113348/gold-bitcoin-the-us-dollar-amid-a-global-economic-slowdown

first time I'm not OT in a very long while Tongue

This part is bullshit:

"Under this backdrop, it is easy to see why the USD is surging as the US has stopped QE and indicated a rate hike at some point this year. The US is perceived to have the strongest economy in the world."

Everyone seems to forget the Fed just finished around $4T  in QE over 6 years. CB's simply do a Round Robin when  it comes to QE which creates am artificial "stability" in cross rate, when in fact, they're all devaluing at different intervals.  

This is why they are all so worried about Bitcoin and rightfully so.

      Most of the QE money has still not begun to circulate. Someone knows what they are doing.

Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
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