Gold collapsing. Bitcoin UP.

[cypherdoc]

so if a bank, gvt, NSA, or other malicious actor wants to do a 51% attack, they need to duplicate all the mines in the world like this one:

http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/

Scary. As. Hell.

One well placed missile and that entire building would be gone, along with it 5% of the entire bitcoin network.  I hope that these bitcoin facilities are hard to track down.  But with all the electricity it is sucking, I doubt it...

whose missile?  certainly not a US one.  neither a Chinese one; it's their gvt's ace in the hole if gold and UST's go kerplunk.

Can you say Terrorism?

well then, the US gvt would have to pay the consequences of its actions.

I'm just concerned that these bitcoin mining facilities, that are supposedly running the greatest worldwide virtual currency network ever seen on planet earth, have all the security & disaster hardening equivalent of a shabby convenient store.  In the near future we could be talking about $100+ Billion worldwide market here.

Even most corporate HA/DR data centers are better designed than this.

Bitcoin's peer-to-peer design IS the security and disaster hardening.  That mining facility is just one peer on the network.  Bitcoin is likely too big to fail at this point.

the fact that we now have dozens of facilities like this scattered all over the world will maintain decentralization.  this is the free market dynamics at work with all of them chasing profit.

[1713490466]

1713490466

[cypherdoc]

http://www.forbes.com/sites/kashmirhill/2013/12/26/how-you-should-have-spent-100-in-2013-hint-bitcoin/

[Adrian-x]

ghash 20%, Discus 24%

i thought ghash was supposed to take over and trash the entire network?:

yes just like BTC Guild and ASICminer before them.

[wachtwoord]

ghash 20%, Discus 24%

i thought ghash was supposed to take over and trash the entire network?:

yes just like BTC Guild and ASICminer before them.

Wow and I can't even come up with the 50% contender before that. They had a huge fee but were immensely popular up to the end of 2012 (and maybe a little longer). Help me remember?

Also: Who the hell is Discus? 

[cypherdoc]

Nice tool!

http://coinmap.org/

[cypherdoc]

ghash 20%, Discus 24%

i thought ghash was supposed to take over and trash the entire network?:

yes just like BTC Guild and ASICminer before them.

Wow and I can't even come up with the 50% contender before that. They had a huge fee but were immensely popular up to the end of 2012 (and maybe a little longer). Help me remember?

Also: Who the hell is Discus? 

yeah, i'm always forgetting the name of that one too. Artforz's mine.

[STT]

Guild was coming in the region of 50% about a year ago but the difference was they started ramping up their charges to discourage users from continuing to join where ghash seemed to not care about the potential dangers.  Its worrying anyhow that it could be a personal choice in the hands of so few at the top of what is supposed to be a distributed network

http://www.forbes.com/sites/kashmirhill/2013/12/26/how-you-should-have-spent-100-in-2013-hint-bitcoin/

Good graph but take a special case and its possible a nice set of options purchases could have performed better in 2013.  That could be considered closer as its an all or nothing kind of thing and thats how many consider btc, to be potentially expiring at zero in some future scenarios

[thefunkybits]

ghash 20%, Discus 24%

i thought ghash was supposed to take over and trash the entire network?:

yes just like BTC Guild and ASICminer before them.

Wow and I can't even come up with the 50% contender before that. They had a huge fee but were immensely popular up to the end of 2012 (and maybe a little longer). Help me remember?

Also: Who the hell is Discus?  

Was it Deepbit youre thinking of? I remember them having ridiculous fees

I've heard Discus Fish is a friedcat project he built from ASICMINER cash.
Still a rumor at this point but if anyone has more info please pm me.
It would make sense considering how dismal AM has been performing lately

[wachtwoord]

ghash 20%, Discus 24%

i thought ghash was supposed to take over and trash the entire network?:

yes just like BTC Guild and ASICminer before them.

Wow and I can't even come up with the 50% contender before that. They had a huge fee but were immensely popular up to the end of 2012 (and maybe a little longer). Help me remember?

Also: Who the hell is Discus?  

Was it Deepbit youre thinking of? I remember them having ridiculous fees

I've heard Discus Fish is a friedcat project he built from ASICMINER cash.
Still a rumor at this point but if anyone has more info please pm me.
It would make sense considering how dismal AM has been performing lately

Yes I meant Deepbit thank you

[cypherdoc]

it's bullish that price is sticking so close to the ask walls.  it doesn't appear that buyers are backing down. also, why aren't the ask walls wiping out bids on the buy side?  manipulation to prevent/stop a rise in the price?  sit tight; maybe a bull whale will come along and wipe out those ask walls.

[Melbustus]

it's bullish that price is sticking so close to the ask walls.  it doesn't appear that buyers are backing down. also, why aren't the ask walls wiping out bids on the buy side?  manipulation to prevent/stop a rise in the price?  sit tight; maybe a bull whale will come along and wipe out those ask walls.

Feels more and more like 2012. Lots of solid infrastructure building and adoption of various sorts. But still a little hung-over from prior boom/crash. Seeking the next wave/class/type of bitcoin user.

A robust, liquid, trustworthy futures market for fiat/btc would be nice... Could underpin the next wave of user-type adoption (ie, driven by international commerce, or merchants/supplier relationships, etc). Businesses need to be able to *use* bitcoin while hedging the purchasing-power volatility risk.

Or more gold bugs could just come around.

Or a pittance of the world's "off-shored" cash could move to bitcoin.

Or more bank account seizures, etc...

[cypherdoc]

still higher lows on the 1h.  pretty much up against the walls.  buyers still not backing down.

[marcus_of_augustus]

Or a pittance of the world's "off-shored" cash could move to bitcoin.

This.

I think a great little business right now would be a chain of small,  professional bitcoin brokerage offices located in those known jurisdictions of large offshore holdings. Cayman's, Seychelles, Panama, Switzerland, St. Kitts and Nevis, Hong Kong, Singapore, etc.  All linked up to a buying pool, maybe with franchisee model and with smart, helpful, staff to service the noob, high net-worth bit-curious.

[cypherdoc]

all this jockeying back and forth putting up and then pulling down those walls are only meant to block a price rise.  if the seller were truly interested in selling, he'd be hitting bids and driving down the price.  that's not happening.  it's a blocking technique.

[smoothie]

http://www.forbes.com/sites/kashmirhill/2013/12/26/how-you-should-have-spent-100-in-2013-hint-bitcoin/

The funny thing about this is I was seeing Youtube videos around October or November of last year saying this about Litecoin.

Litecoin price at beginning of 2013 was $0.06

$100 / $0.06 (per ltc) = 1666.67 LTC


Litecoin price at end of 2013 was $23.50


$23.50 * 1666.67 = $39,166  



Even at today's prices ($5.30/LTC) you would have $8,833.

Still well above that $5000 mark.  
 
Edit: My mistake...it was closer to $0.07 per LTC on Jan 1st, 2013...but if you do the math it is still a monster of a trade.

[marcus_of_augustus]

http://www.zerohedge.com/news/2014-08-27/chris-hedges-our-liberty-has-been-sacrificed-altar-national-security

Corporate totalitarianism with a constitutional democratic facade ... bout sums it up.

[zeetubes]

Or a pittance of the world's "off-shored" cash could move to bitcoin.

This.

I think a great little business right now would be a chain of small,  professional bitcoin brokerage offices located in those known jurisdictions of large offshore holdings. Cayman's, Seychelles, Panama, Switzerland, St. Kitts and Nevis, Hong Kong, Singapore, etc.  All linked up to a buying pool, maybe with franchisee model and with smart, helpful, staff to service the noob, high net-worth bit-curious.

I had the same idea earlier today driving through west lake in Hangzhou. I have never seen such a concentration of high end car dealers from aston martins to bentleys, and I'm pretty sure this is one of china's richest cities. There are one percenters in most countries who could be potential clients. 

[manfred]

About Japans current state, Greece was bad but this is a few steps up

https://www.youtube.com/watch?v=3fzA1j7c320

[cypherdoc]

the ask walls @ 515 on both exchanges are not a sellers; they're blockers.

they must know something is coming in September which will force the price up.  that's my sense.

[cypherdoc]

stocks at a short term top