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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 2014280 times)
justusranvier
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April 24, 2015, 03:09:57 AM
 #23021

I hope everybody is getting familiar with the informal economy now, before access to the informal economy becomes a matter of survival:

http://www.thefallingdarkness.com/2015/04/22/the-cashless-society-is-going-to-backfire-for-the-establishment/

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They should also consider what will happen if every single transaction causes you to lose money. If just having money means losing money. This will make it profitable for the black market reach into every facet of the economy. Think prohibition, but applied to buying groceries and paying your rent. Everything that can be done informally, will be. This will in time, pave the way for an economy that is separate from the one we currently operate in. It will create a viable alternative to the system we’ve been forced to endure.

Perhaps, this is difficult for us imagine because we’ve never experienced it. But in most cases the black market always finds a way, because the black market goes by another name: the free market. And the free market can’t be stifled in the long run. It will always produce an alternative to any law or regulation.

Money has become intrinsically connected to everything we want, need, and do, so by removing cash and creative negative interest rates, they’re placing a tax on every day life. And if the black market does what the black market does best, it will create an underground alternative to everything we want and need. And I mean everything.

The same situation occurred in the final days of the Soviet Union. Their dysfunctional system produced one of the most virulent and extensive black markets in history, and one could find just about any product or service there. There’s no reason why it can’t happen here. If they succeed in eliminating cash, their system will fade while the black market thrives. They’re too stupid and hubristic to realize that they’re fueling alternatives to their vision of the world, and sealing their own doom.
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rocks
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April 24, 2015, 03:57:44 AM
 #23022

I hope everybody is getting familiar with the informal economy now, before access to the informal economy becomes a matter of survival:

http://www.thefallingdarkness.com/2015/04/22/the-cashless-society-is-going-to-backfire-for-the-establishment/

Quote
They should also consider what will happen if every single transaction causes you to lose money. If just having money means losing money. This will make it profitable for the black market reach into every facet of the economy. Think prohibition, but applied to buying groceries and paying your rent. Everything that can be done informally, will be. This will in time, pave the way for an economy that is separate from the one we currently operate in. It will create a viable alternative to the system we’ve been forced to endure.

Perhaps, this is difficult for us imagine because we’ve never experienced it. But in most cases the black market always finds a way, because the black market goes by another name: the free market. And the free market can’t be stifled in the long run. It will always produce an alternative to any law or regulation.

Money has become intrinsically connected to everything we want, need, and do, so by removing cash and creative negative interest rates, they’re placing a tax on every day life. And if the black market does what the black market does best, it will create an underground alternative to everything we want and need. And I mean everything.

The same situation occurred in the final days of the Soviet Union. Their dysfunctional system produced one of the most virulent and extensive black markets in history, and one could find just about any product or service there. There’s no reason why it can’t happen here. If they succeed in eliminating cash, their system will fade while the black market thrives. They’re too stupid and hubristic to realize that they’re fueling alternatives to their vision of the world, and sealing their own doom.

For some reason people only seem to pay attention to the numerator and ignore the denominator, as in: my wealth = my dollars owned / total dollars in existence .

This is how the FED has gotten away with inflationary theft for so long. Yes people are losing money because the denominator is increasing (monetary base expansion) but they think they are doing well because their numerator is increasing as well (# of dollars they own). Never mind the fact that if the monetary base expands faster rate than your holdings that you are in fact losing money. Most people don't see this.

But negative rates reduce the numerator, it is what people see. They will not like seeing the numbers in their accounts go down. Not at all. It will cause people to look for alternatives.

The FED seems to be getting more serious about this as they run out of alternatives, but I think it shows they don't understand human behavior well enough. People will first escape to cash (which has the negative effect of causing bank runs and draining the banks of reserves), then if they ban cash people will try to escape the dollar entirely.

Enter black market economy and bitcoin as the intermediary.
cypherdoc
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April 24, 2015, 05:38:23 AM
 #23023

I hope everybody is getting familiar with the informal economy now, before access to the informal economy becomes a matter of survival:

http://www.thefallingdarkness.com/2015/04/22/the-cashless-society-is-going-to-backfire-for-the-establishment/

Quote
They should also consider what will happen if every single transaction causes you to lose money. If just having money means losing money. This will make it profitable for the black market reach into every facet of the economy. Think prohibition, but applied to buying groceries and paying your rent. Everything that can be done informally, will be. This will in time, pave the way for an economy that is separate from the one we currently operate in. It will create a viable alternative to the system we’ve been forced to endure.

Perhaps, this is difficult for us imagine because we’ve never experienced it. But in most cases the black market always finds a way, because the black market goes by another name: the free market. And the free market can’t be stifled in the long run. It will always produce an alternative to any law or regulation.

Money has become intrinsically connected to everything we want, need, and do, so by removing cash and creative negative interest rates, they’re placing a tax on every day life. And if the black market does what the black market does best, it will create an underground alternative to everything we want and need. And I mean everything.

The same situation occurred in the final days of the Soviet Union. Their dysfunctional system produced one of the most virulent and extensive black markets in history, and one could find just about any product or service there. There’s no reason why it can’t happen here. If they succeed in eliminating cash, their system will fade while the black market thrives. They’re too stupid and hubristic to realize that they’re fueling alternatives to their vision of the world, and sealing their own doom.

i don't think they can afford to let it get this bad.
lunarboy
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April 24, 2015, 08:50:50 AM
 #23024


Isle of Man getting some good press

http://www.bbc.com/news/business-32394170
cypherdoc
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April 24, 2015, 12:38:56 PM
 #23025

More cockroaches jumping onboard:

Bair and Bradley, along with ItBit CEO Charles Cascarilla, Liberty City Ventures founding partner Emil Woods and former Financial Accounting Standards Board director Robert Herz, are said to be listed as organizers on the state banking license application.

http://www.coindesk.com/bitcoin-exchange-itbit-seeks-bank-license-with-ex-fdic-chairs-support/?utm_content=buffer7e21b&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
cypherdoc
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April 24, 2015, 12:44:25 PM
 #23026

Voila!

To summarize autoprune: this adds a -prune=N option to bitcoind, which if set to N>0 will enable autoprune. When autopruning is enabled, block and undo files will be deleted to try to keep total space used by those files to below the prune target (N, in MB) specified by the user, subject to some constraints:

https://github.com/bitcoin/bitcoin/pull/5863
Ivanhoe
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April 24, 2015, 01:20:50 PM
 #23027

http://reut.rs/1EwgLtD

First Bitcoin exchange to file for a banking license.

I wondered who'd be first. Expecting Coinbase & Circle to follow.
Not the first one to file for it. A Dutch company beat them with that, they however didn't got it. So they still can be the first who get it though.
cypherdoc
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April 24, 2015, 01:23:32 PM
 #23028

Very interesting:

https://medium.com/@abarisser/high-frequency-trading-on-the-coinbase-exchange-f804c80f507b
cypherdoc
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April 24, 2015, 02:15:42 PM
 #23029

goin' UP!

Bagatell
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April 24, 2015, 02:21:26 PM
 #23030

goin' UP!



2.5 billion well spent  Angry
cypherdoc
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April 24, 2015, 02:41:20 PM
 #23031

cypherdoc
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April 24, 2015, 03:23:10 PM
 #23032

this bounce looks about done:

ssmc2
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April 24, 2015, 04:44:06 PM
 #23033

I like the cut of Mr. Moy's jib-

http://www.newsmax.com/Finance/Ed-Moy/bitcoin-IRA-investment-LLC/2015/04/24/id/640516/#
cypherdoc
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April 24, 2015, 07:42:58 PM
 #23034

Fred Wilson: Silicon Valley stands to be 'next Wall Street' because of bitcoin
http://www.bizjournals.com/newyork/news/2015/04/24/fred-wilson-silicon-valley-next-wall-street.html
justusranvier
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April 24, 2015, 08:17:12 PM
 #23035

https://github.com/justusranvier/rfc/blob/payment_code/bips/bip-pc01.mediawiki
molecular
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April 24, 2015, 08:37:12 PM
 #23036


cool! (at least the parts I understood)

"payment code" sounds much less threatening than "stealth address", too.

found a typo:

Quote
Alice serializes her payment code as a 65 byte number as a 65 byte number:

I especially like the "possiblity of refund" feature.

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
justusranvier
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April 25, 2015, 12:24:58 AM
 #23037

found a typo:
Thanks.

https://github.com/justusranvier/rfc/commit/8c4d3429012eb15847c4ae68f212c8b2dcd1b521
solex
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100 satoshis -> ISO code


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April 25, 2015, 08:02:46 AM
 #23038

Apropos of Cypherdoc's poll, I am posting a copy of my recent OP on the subject. This software problem has been my No.1 worry about Bitcoin's future for over 2 years now...

                        

Introducing the 1MBCON Advisory System which gives a quick overview of the risk conditions against timely transaction confirmations into the blockchain.

The debate has been thorough and extensive. Now the status of the risk needs to be tracked: average size of 1000 blocks (7 days) as a percentage of 1MB

End of Q1, 2015




hdbuck
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April 25, 2015, 10:06:18 AM
 #23039

The Fate of The Tech Bubble Is In The Hands Of Just One Company

http://www.zerohedge.com/news/2015-04-24/fate-tech-bubble-hands-just-one-company



cypherdoc
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April 25, 2015, 02:52:10 PM
 #23040

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