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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1977521 times)
Melbustus
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July 02, 2014, 05:10:49 PM
 #9081

I remember when Slashdot used to be cool.

Now it's nothing buy paid marketers and shills spewing venom and misdirection in the comment sections:

http://news.slashdot.org/story/14/07/02/1546224/investor-tim-draper-announces-he-won-silk-road-bitcoin-auction

I noticed that in 2004ish. I was an avid slashdotter in the late 90s/early00s, but then the comments on some article about online-poker in '04 just pissed me off enough that I abandoned the site for about 7 years.

Things obviously didn't get any better, but I still have a soft spot for Slashdot for two reasons:
1) What it was in the 90s.
2) The bitcoin dollar-parity mention on Slashdot was when I first heard about bitcoin.


Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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Melbustus
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July 02, 2014, 05:13:44 PM
 #9082




I think there'll be <=4 alts that have value >= (BTC / 100), and zero with value > (BTC / 10), but yeah, that pic sums up the overall idea nicely Smiley


Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
cypherdoc
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July 02, 2014, 05:19:33 PM
 #9083




I think there'll be <=4 alts that have value >= (BTC / 100), and zero with value > (BTC / 10), but yeah, that pic sums up the overall idea nicely Smiley



without downloading a pic onto your pc, how do you get a photo into Twitter?  any way to link a location?
kehtolo
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July 02, 2014, 05:44:34 PM
 #9084

can you link to imgur? similar to you do here, just use the url instead of bbcode.. i dunno, haven't tried, but i'd guess it'S this way

The next 24 hours are critical!
cypherdoc
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July 02, 2014, 05:44:43 PM
 #9085

Noam Chomsky, Institute Professor emeritus in the Department of Linguistics and Philosophy at Massachusetts Institute of Technology.

http://www.nakedcapitalism.com/2014/07/noam-chomsky-americas-real-foreign-policy-corporate-protection-racket.html
thezerg
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July 02, 2014, 07:21:12 PM
 #9086



I think there'll be <=4 alts that have value >= (BTC / 100), and zero with value > (BTC / 10), but yeah, that pic sums up the overall idea nicely Smiley


Alts will exist if there is mutually exclusive functionality.  If we imagine Bitcoin fundamental protocol dev is essentially frozen at this point due to the fact that it is carrying so much value, then I see 2 more coins:

Anon-coin: XMR?
micro-coin: TBD, for lots of fast small payments.

micro-coin != anon-coin because certain required features seem mutually exclusive.  For example, micro-coin is most effective with a database-style current-value ledger (as opposed to bitcoin's history based ledger) with few addresses per person -- tiny payments go to the same address to reduce the "UTXO" set and aggregation makes spending efficient.  But this feature "leaks" information (I may not know who owns account X, but I know that one person received payments from A,B,C,D...) so is not appropriate for an Anon-coin.
Melbustus
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July 02, 2014, 08:07:01 PM
 #9087



I think there'll be <=4 alts that have value >= (BTC / 100), and zero with value > (BTC / 10), but yeah, that pic sums up the overall idea nicely Smiley


Alts will exist if there is mutually exclusive functionality.  If we imagine Bitcoin fundamental protocol dev is essentially frozen at this point due to the fact that it is carrying so much value, then I see 2 more coins:


Agreed. I still think my market-cap and number-of-successful-alts estimates probably hold. There's only so much mutually-exclusive functionality to go around without another decades-in-the-making breakthrough in computer science.


On the topic of alts that should die... Hey Goat - if that 50k LTC dump yesterday wasn't you, can you please come and drop a few of those? Might as well put LTC out of its misery sooner rather than later.




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Melbustus
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July 02, 2014, 08:11:38 PM
 #9088

This is probably some of most bullish news of the past few months:

Quote from: 'WSJ, July 2nd 2014'
Before we get into the where, let’s detail the news: Overstock plans to offer its vendors discounts and terms that will encourage them to start taking bitcoin, or reward ones that already do, and offer to pay its employees in bitcoin as well, Mr. Byrne said.

“We’re going to start giving sort of special deals to the vendors who want to be paid in bitcoin,” he said during a podcast interview. That might include paying vendors a week early, he said. “It’s all about building. If we can get employees taking it, and vendors taking it, and customers paying for it, then it all becomes a virtuous circle.”


http://blogs.wsj.com/moneybeat/2014/07/02/bitbeat-overstock-boosts-commitment-to-bitcoin-draper-holding-presser/


Edit: http://panichodl.com/

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
Ivanhoe
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July 02, 2014, 08:35:50 PM
 #9089

If bitcoin overtakes gold when bitcoin is at 1337, that would be so epic. It's not very unrealistic.
rocks
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July 03, 2014, 12:48:13 AM
 #9090

This is probably some of most bullish news of the past few months:

Quote from: 'WSJ, July 2nd 2014'
Before we get into the where, let’s detail the news: Overstock plans to offer its vendors discounts and terms that will encourage them to start taking bitcoin, or reward ones that already do, and offer to pay its employees in bitcoin as well, Mr. Byrne said.

“We’re going to start giving sort of special deals to the vendors who want to be paid in bitcoin,” he said during a podcast interview. That might include paying vendors a week early, he said. “It’s all about building. If we can get employees taking it, and vendors taking it, and customers paying for it, then it all becomes a virtuous circle.”


http://blogs.wsj.com/moneybeat/2014/07/02/bitbeat-overstock-boosts-commitment-to-bitcoin-draper-holding-presser/


Edit: http://panichodl.com/

I am really starting to love this guy. It's rare for me to feel compelled to purchase from a given firm for personal/political reasons, but Byrne is so in sync with the full vision of Bitcoin that Overstock has become a standard site for me to check before making purchases. They don't usually have what I need, but if they do it's a guaranteed sale for them.
cypherdoc
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July 03, 2014, 01:06:25 AM
 #9091

Tim Draper regarding cryptocurrencies:  "you really want one to succeed."
Zangelbert Bingledack
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July 03, 2014, 04:21:17 AM
 #9092

can you link to imgur? similar to you do here, just use the url instead of bbcode.. i dunno, haven't tried, but i'd guess it'S this way

With imgur extension for Chrome, I just right-click on the image, click "rehost image" then CTRL+V to paste the imgur URL anywhere. Takes literally 2 seconds.
Zangelbert Bingledack
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July 03, 2014, 04:24:34 AM
 #9093

This is probably some of most bullish news of the past few months:

Quote from: 'WSJ, July 2nd 2014'
Before we get into the where, let’s detail the news: Overstock plans to offer its vendors discounts and terms that will encourage them to start taking bitcoin, or reward ones that already do, and offer to pay its employees in bitcoin as well, Mr. Byrne said.

“We’re going to start giving sort of special deals to the vendors who want to be paid in bitcoin,” he said during a podcast interview. That might include paying vendors a week early, he said. “It’s all about building. If we can get employees taking it, and vendors taking it, and customers paying for it, then it all becomes a virtuous circle.”

When this starts happening, we'll see the real fireworks. Closed loops is a game-changer. It makes $10K or $100K per coin in the fairly near future start to look obvious.
cypherdoc
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July 03, 2014, 04:47:24 AM
 #9094

Allaire is starting to complain.  just last week Circle board member Hearn was complaining as well.  not to mention Allaire didn't win any auction blocks.  they must not be getting what they want and there must be trouble brewing underneath with their rollout.  

“The whole industry should be contributing to the IP of bitcoin,” Allaire told CoinDesk ahead of the Bitcoin Finance 2014 conference in Dublin on 2nd July. “The reality is today that we’re shut out.”

http://www.coindesk.com/circle-ceo-jeremy-allaire-issues-challenge-bitcoins-core-developers/

unfortunately, the newcomers who were late are going to continue to push for changes to the main protocol to "let them in".  we must resist any such proposals that risk damage to the protocol.

edit:  Vitalik Buterin once again displays his ignorance.  another bitter wannabe.
justusranvier
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July 03, 2014, 05:04:04 AM
 #9095

edit:  Vitalik Buterin once again displays his ignorance.  another bitter wannabe.
Where were all these people when the cypherpunks were doing the hard work of figuring out what money is, and how to make it better?

http://nakamotoinstitute.org/b-money/

Quote from: Wei Dai
I am fascinated by Tim May's crypto-anarchy. Unlike the communities traditionally associated with the word "anarchy", in a crypto-anarchy the government is not temporarily destroyed but permanently forbidden and permanently unnecessary. It's a community where the threat of violence is impotent because violence is impossible, and violence is impossible because its participants cannot be linked to their true names or physical locations.

Until now it's not clear, even theoretically, how such a community could operate. A community is defined by the cooperation of its participants, and efficient cooperation requires a medium of exchange (money) and a way to enforce contracts. Traditionally these services have been provided by the government or government sponsored institutions and only to legal entities. In this article I describe a protocol by which these services can be provided to and by untraceable entities.

I will actually describe two protocols. The first one is impractical, because it makes heavy use of a synchronous and unjammable anonymous broadcast channel. However it will motivate the second, more practical protocol. In both cases I will assume the existence of an untraceable network, where senders and receivers are identified only by digital pseudonyms (i.e. public keys) and every messages is signed by its sender and encrypted to its receiver.

In the first protocol, every participant maintains a (seperate) database of how much money belongs to each pseudonym. These accounts collectively define the ownership of money, and how these accounts are updated is the subject of this protocol.

1. The creation of money. Anyone can create money by broadcasting the solution to a previously unsolved computational problem. The only conditions are that it must be easy to determine how much computing effort it took to solve the problem and the solution must otherwise have no value, either practical or intellectual. The number of monetary units created is equal to the cost of the computing effort in terms of a standard basket of commodities. For example if a problem takes 100 hours to solve on the computer that solves it most economically, and it takes 3 standard baskets to purchase 100 hours of computing time on that computer on the open market, then upon the broadcast of the solution to that problem everyone credits the broadcaster's account by 3 units.
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July 03, 2014, 05:26:47 AM
 #9096


Big lol at the volatility remark.  You would think these people would understand bitcoin before they try to become "captains of industry"....
cypherdoc
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July 03, 2014, 05:49:36 AM
 #9097


Big lol at the volatility remark.  You would think these people would understand bitcoin before they try to become "captains of industry"....

How about just basic market dynamics of a new fledgling currency?
FNG
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July 03, 2014, 06:00:01 AM
 #9098


Big lol at the volatility remark.  You would think these people would understand bitcoin before they try to become "captains of industry"....

How about just basic market dynamics of a new fledgling currency?
It's supposed to jump to the $Trillions without any volatility

 Roll Eyes

 Grin
justusranvier
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July 03, 2014, 06:05:53 AM
 #9099

You would think these people would understand bitcoin before they try to become "captains of industry"....
Nope.

Quote
we've revealed some ultimate truths and clarity about what money is and how it works and almost immediately another layer new layer of ignorance has grown on top ... a new layer but the same ignorance that buried these truths for a few centuries
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July 03, 2014, 06:38:56 AM
 #9100

http://www.zerohedge.com/news/2014-07-02/brics-are-morphing-anti-dollar-alliance

“I think the work on ruble-yuan swap line will finalized in the nearest future and the way for ruble-yuan settlement will be open. Moreover, we are not the only ones with such initiatives. We know about the statements made by Mr. Noyer, chairman of the Bank of France. As a retaliation for what Americans have done to BNP Paribas, he opined that the trade with China must be done in yuan or euro.”

 Shocked
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