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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 1807445 times)
brg444
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Bitcoin replaces central, not commercial, banks


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March 01, 2015, 12:33:28 AM
 #21661

A problem greece cant fix it based on production.

They have no export/import things from their own country. Meanwhile china, we all love almost everything we have here in the U.S is "Made in China" so it creates millionaires for them.

Greece is nothing but a tourist attraction, unless they understand their own mechanics to the problem.

Well, if they don't export anything, then Bitcoin theoretically would be precisely the type of currency the Greek people should want to adopt. It goes up in value over the long run as well their purchasing power. Just sit back and consume.
Bitcoin still doesn't save them.

They could buy up the bitcoins with whatever euros they have on hand, but then they'll still need to spend their bitcoins.

If they are trying to spend more than they earn - no matter what currency is involved - eventually they'll run out of money.

I think you're missing the bigger picture.

The first country that introduces an honest currency should prosper. People who may have never found it worthwhile to work or strive in the past will for the first time have an incentive to participate in a real economy not distorted by corrupt monetary policy.

 Cheesy

Good one.

The "corrupt monetary policy" is what has afforded them the social welfare they're adamant on substaining. Bitcoin risks taking away all of these "entitlements" away.

Bitcoin will never be accepted with open arms by "the masses".

"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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March 01, 2015, 01:29:47 AM
 #21662

A problem greece cant fix it based on production.

They have no export/import things from their own country. Meanwhile china, we all love almost everything we have here in the U.S is "Made in China" so it creates millionaires for them.

Greece is nothing but a tourist attraction, unless they understand their own mechanics to the problem.

Well, if they don't export anything, then Bitcoin theoretically would be precisely the type of currency the Greek people should want to adopt. It goes up in value over the long run as well their purchasing power. Just sit back and consume.
Bitcoin still doesn't save them.

They could buy up the bitcoins with whatever euros they have on hand, but then they'll still need to spend their bitcoins.

If they are trying to spend more than they earn - no matter what currency is involved - eventually they'll run out of money.

I think you're missing the bigger picture.

The first country that introduces an honest currency should prosper. People who may have never found it worthwhile to work or strive in the past will for the first time have an incentive to participate in a real economy not distorted by corrupt monetary policy.
Individuals will prosper, but countries will not.

It's not possible for a nation-state to survive in the presence of honest money.
cypherdoc
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March 01, 2015, 01:42:02 AM
 #21663

i'll be darn:

"In a free society, we don't require people to organize their lives in a way that makes life easier for law enforcement"

http://motherboard.vice.com/read/the-man-who-crafted-the-patriot-act-now-supports-your-right-to-encrypt-data
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March 01, 2015, 02:01:05 AM
 #21664

A problem greece cant fix it based on production.

They have no export/import things from their own country. Meanwhile china, we all love almost everything we have here in the U.S is "Made in China" so it creates millionaires for them.

Greece is nothing but a tourist attraction, unless they understand their own mechanics to the problem.

Well, if they don't export anything, then Bitcoin theoretically would be precisely the type of currency the Greek people should want to adopt. It goes up in value over the long run as well their purchasing power. Just sit back and consume.
Bitcoin still doesn't save them.

They could buy up the bitcoins with whatever euros they have on hand, but then they'll still need to spend their bitcoins.

If they are trying to spend more than they earn - no matter what currency is involved - eventually they'll run out of money.

I think you're missing the bigger picture.

The first country that introduces an honest currency should prosper. People who may have never found it worthwhile to work or strive in the past will for the first time have an incentive to participate in a real economy not distorted by corrupt monetary policy.

 Cheesy

Good one.

The "corrupt monetary policy" is what has afforded them the social welfare they're adamant on substaining. Bitcoin risks taking away all of these "entitlements" away.

Bitcoin will never be accepted with open arms by "the masses".
Btc is meant to be ideal money.. Thats geared towards mass acceptance regardless of govt
brg444
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Bitcoin replaces central, not commercial, banks


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March 01, 2015, 03:00:28 AM
 #21665

A problem greece cant fix it based on production.

They have no export/import things from their own country. Meanwhile china, we all love almost everything we have here in the U.S is "Made in China" so it creates millionaires for them.

Greece is nothing but a tourist attraction, unless they understand their own mechanics to the problem.

Well, if they don't export anything, then Bitcoin theoretically would be precisely the type of currency the Greek people should want to adopt. It goes up in value over the long run as well their purchasing power. Just sit back and consume.
Bitcoin still doesn't save them.

They could buy up the bitcoins with whatever euros they have on hand, but then they'll still need to spend their bitcoins.

If they are trying to spend more than they earn - no matter what currency is involved - eventually they'll run out of money.

I think you're missing the bigger picture.

The first country that introduces an honest currency should prosper. People who may have never found it worthwhile to work or strive in the past will for the first time have an incentive to participate in a real economy not distorted by corrupt monetary policy.

 Cheesy

Good one.

The "corrupt monetary policy" is what has afforded them the social welfare they're adamant on substaining. Bitcoin risks taking away all of these "entitlements" away.

Bitcoin will never be accepted with open arms by "the masses".
Btc is meant to be ideal money.. Thats geared towards mass acceptance regardless of govt

I think you drank too much of the trainscarwreck kool aid.

It will not be accepted by the masses, the ones who profit from current welfare state and status quo, it will be forced upon them.

"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
sidhujag
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March 01, 2015, 06:17:53 AM
 #21666

A problem greece cant fix it based on production.

They have no export/import things from their own country. Meanwhile china, we all love almost everything we have here in the U.S is "Made in China" so it creates millionaires for them.

Greece is nothing but a tourist attraction, unless they understand their own mechanics to the problem.

Well, if they don't export anything, then Bitcoin theoretically would be precisely the type of currency the Greek people should want to adopt. It goes up in value over the long run as well their purchasing power. Just sit back and consume.
Bitcoin still doesn't save them.

They could buy up the bitcoins with whatever euros they have on hand, but then they'll still need to spend their bitcoins.

If they are trying to spend more than they earn - no matter what currency is involved - eventually they'll run out of money.

I think you're missing the bigger picture.

The first country that introduces an honest currency should prosper. People who may have never found it worthwhile to work or strive in the past will for the first time have an incentive to participate in a real economy not distorted by corrupt monetary policy.

 Cheesy

Good one.

The "corrupt monetary policy" is what has afforded them the social welfare they're adamant on substaining. Bitcoin risks taking away all of these "entitlements" away.

Bitcoin will never be accepted with open arms by "the masses".
Btc is meant to be ideal money.. Thats geared towards mass acceptance regardless of govt

I think you drank too much of the trainscarwreck kool aid.

It will not be accepted by the masses, the ones who profit from current welfare state and status quo, it will be forced upon them.
Status quo will stop working when people have an option that ideal money provides.. In any market good money drives out bad.. Its just a matter of timing.. Thats mathematics
tabnloz
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March 01, 2015, 07:39:19 AM
 #21667

China planning a yuan denominated gold fix this year

http://www.cnbc.com/id/102461888
marcus_of_augustus
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March 01, 2015, 07:58:29 AM
 #21668

http://lightning.network/lightning-network-paper-DRAFT-0.5.pdf

off-chain transaction routing protocol claim.

Kupsi
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March 01, 2015, 12:17:12 PM
 #21669

This showed up in my Google news alert today  Smiley

http://www.otcmarkets.com/stock/BTCV/profile
lunarboy
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March 01, 2015, 01:45:37 PM
 #21670

http://lightning.network/lightning-network-paper-DRAFT-0.5.pdf

off-chain transaction routing protocol claim.

Conclusions
Quote
If all Bitcoin transactions were conducted inside a network of micropayment channels, to
enable 7 billion people to make two channels per year with unlimited transactions inside the
channel, it would require 133 MB blocks (presuming 500 bytes per transaction and 52560
blocks per year). Current generation desktop computers will be able to run a full node with
old blocks pruned out on 2TB of storage

That's quite a claim.

Thanks for sharing.
cypherdoc
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March 01, 2015, 04:47:56 PM
 #21671

decent article on what is happening worldwide, altho nothing new from i have said here for a while now:

http://cointelegraph.com/news/113576/why-the-european-central-bank-is-paving-the-way-for-cryptocurrencies-op-ed
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March 01, 2015, 09:40:19 PM
 #21672

Continued mining decentralization:

Zarathustra
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March 02, 2015, 07:18:21 AM
 #21673

A problem greece cant fix it based on production.

They have no export/import things from their own country. Meanwhile china, we all love almost everything we have here in the U.S is "Made in China" so it creates millionaires for them.

Greece is nothing but a tourist attraction, unless they understand their own mechanics to the problem.

Well, if they don't export anything, then Bitcoin theoretically would be precisely the type of currency the Greek people should want to adopt. It goes up in value over the long run as well their purchasing power. Just sit back and consume.
Bitcoin still doesn't save them.

They could buy up the bitcoins with whatever euros they have on hand, but then they'll still need to spend their bitcoins.

If they are trying to spend more than they earn - no matter what currency is involved - eventually they'll run out of money.

I think you're missing the bigger picture.

The first country that introduces an honest currency should prosper. People who may have never found it worthwhile to work or strive in the past will for the first time have an incentive to participate in a real economy not distorted by corrupt monetary policy.
Individuals will prosper, but countries will not.

It's not possible for a nation-state to survive in the presence of honest money.

Yes! But in a stateless environment the people are prospering because they are not forced of doing business.
You аrе forced to do business for the purpose of generating surplus, which is demanded by the state mafia (tribute/tax). In an environment beyond the state - in the rainforest - the communities are producing the same amount as 10'000 years ago. Zero increase. Zero surplus. Zero business.

"Staat nenne ich's, wo alle Gifttrinker sind, Gute und Schlimme: Staat, wo alle sich selber verlieren, Gute und Schlimme:
Staat, wo der langsame Selbstmord aller – »das Leben« heisst."
sickpig
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March 02, 2015, 10:50:31 AM
 #21674

Continued mining decentralization:



Sure you're right.

Nonetheless, from the same blog post,  a more worrisome observation:

Chinese pools control more than half the network

To be exact, pools identifying as Chinese contributed 52.8% of the networks blocks, with a 95% confidence interval of 
approximately +/- 8.5%. The top four pools are all Chinese. This shouldn't be surprising, since most (all?) bitcoin mining
chips are fabricated there and much of the development appears to be Chinese as well.

My concern with this development is the same as if that much of the network was concentrated in any nation - what happens
to the network if the government decides to take an interest?
Some pools have some of their equipment outside China, but
even so that still leave a large proportion of the network that could be controlled by one government.

I'm sure the Chinese pools are aware of this and have strategies in place to mitigate this risk, and I'd encourage them to
start moving at least some infrastructure to other countries.

emphasis' mine.



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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March 02, 2015, 11:05:48 AM
 #21675

Continued mining decentralization:



Sure you're right.

Nonetheless, from the same blog post,  a more worrisome observation:

Chinese pools control more than half the network

To be exact, pools identifying as Chinese contributed 52.8% of the networks blocks, with a 95% confidence interval of  
approximately +/- 8.5%. The top four pools are all Chinese. This shouldn't be surprising, since most (all?) bitcoin mining
chips are fabricated there and much of the development appears to be Chinese as well.

My concern with this development is the same as if that much of the network was concentrated in any nation - what happens
to the network if the government decides to take an interest?
Some pools have some of their equipment outside China, but
even so that still leave a large proportion of the network that could be controlled by one government.

I'm sure the Chinese pools are aware of this and have strategies in place to mitigate this risk, and I'd encourage them to
start moving at least some infrastructure to other countries.

emphasis' mine.

I'd also note that at the 50% level, that graph hasn't changed so much over the years. It has fluctuated between 2-3 pools almost if not entirely (very recently its >3 but who knows how long that lasts). At the 75% level there is more change, but that's not entirely encouraging on its face. 75% is too high a threshold for decentralization.

Erdogan
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March 02, 2015, 01:34:34 PM
 #21676

Look what is at the top of the Trouble Currencies Watch list: (Sadly, it is a bit old)

http://www.cato.org/research/troubled-currencies-project-watch-list

Fun times!

cypherdoc
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March 02, 2015, 02:37:00 PM
 #21677

This is the concept  I have been trying to push for a long time especially as it relates to UST's. I think it's accurate and this guy agrees:

In other words, we’ve reached the limit of what can be accomplished and with NIRP creating new market perversions on an almost daily basis, the unintended consequences of continuing to delve deeper into the new paranormal are making the game ever more dangerous as we now ow have central banks accidentally creating deflation while simultaneously embedding enormous amounts of risk in fixed income markets by sapping every last vestige of liquidity.

http://www.zerohedge.com/news/2015-03-01/are-central-banks-creating-deflation
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March 02, 2015, 02:56:17 PM
 #21678

More Moore!

SanDisk unveils 200 GB Micro SD to meet storage requirements of Smartphones at MWC2015:
http://www.techworm.net/2015/03/sandisk-unveils-200-gb-micro-sd-to-meet-storage-requirements-of-smartphones-at-mwc2015.html

Erdogan
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March 02, 2015, 04:47:19 PM
 #21679

This is the concept  I have been trying to push for a long time especially as it relates to UST's. I think it's accurate and this guy agrees:

In other words, we’ve reached the limit of what can be accomplished and with NIRP creating new market perversions on an almost daily basis, the unintended consequences of continuing to delve deeper into the new paranormal are making the game ever more dangerous as we now ow have central banks accidentally creating deflation while simultaneously embedding enormous amounts of risk in fixed income markets by sapping every last vestige of liquidity.

http://www.zerohedge.com/news/2015-03-01/are-central-banks-creating-deflation

It is in there, but it could be said simpler: Fucking with the interest rate produces distortions in the investment signals, therefore a misadapted capital structure, which means lower prosperity.
Erdogan
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March 02, 2015, 04:54:19 PM
 #21680

Here is a thought for those who think the bitcoin blockchain should be used for all kinds of notary stuff.

To guarantee the timestamp and the integrity of documents, only a single miner would be needed, which in that case would not need to expend energy, just create the blocks in a timely manner. Why is this enough? Because the whole chain is known at all times, and to cheat, the  miner has to unwind the  chain down to the document he wants to tamper with, and recreate the rest of the chain. This will then be obvious to all.

 
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