Gold collapsing. Bitcoin UP.

[theZerg]

@Peter R: A mixture
@molecular: RE: stakeholders, yes I am be thinking that proof-of-balance should get you a vote. But is it the ONLY thing that gets you one? And is it 1 vote per bitcoin or 1 vote per person (which of course would require an organization to administer)? RE: implementing it: I am talking about social decision-making constructs so no software implementation necessary...

 

[cypherdoc]

Grinding higher

 

[Ivanhoe]

Be patient on stocks, they are going to fall. No worries on that.

 

[cypherdoc]

More and more banks coming to Bitcoin. It's inevitable:

http://www.newsbtc.com/2015/09/08/axa-investment-bank-is-looking-to-use-bitcoin/

 

[cypherdoc]

Trends like these are what guarantee Bitcoin's success. Get out of the way Blockstream:

http://www.bloomberg.com/news/articles/2015-09-07/philippines-to-roll-out-nationwide-free-wi-fi-service-by-2016

 

[cypherdoc]

if the banks think we have a problem with such a low #tps, why don't we? they ALL laugh at this:

Mr Hartzer said after being asked about it at the bank's strategy briefing on Monday. But he added that "nobody really knows yet where it is going to go to [and] there are a number of limitations and challenges with it."These include limits on the number of transactions that can take place on the blockchain (seven a second).

http://www.afr.com/technology/bitcoin-could-disrupt-banks-warns-westpac-boss-20150908-gjhjnk

 

[Zangelbert Bingledack]

As far as governance, I think the problem isn't that we have a poor governance system for Core, but that we have an official implementation at all.

I would ask instead what the governance system for updating the ledger is, and that will eventually be the market. Entirely. The fact that this hasn't happened yet, where we have competing implementations forking to allow investors to make decisions, is just a reflection of how small Bitcoin still is, that it isn't yet being attacked in a way that requires complete decentralization of development with market decision-making. Or maybe it just now is.

 

[theZerg]

I think that you are right that it would be better to have multiple implementations, but not multiple consensus (i.e. currency forks).

But there is power in the name and in the continuity. So I think that there should be a way for other stakeholders to formally express their desire that a particular brand ("Bitcoin XT" for example), have a certain feature.

And this could be a model for a larger system to mediate consensus changes.

I've moved discussion over to here: http://bitco.in/forum/threads/bitcoinxt-dispute-resolution-etc.36/ as suggested by the mod.

 

[bucktotal]

http://bitcoinist.net/its-bitcoin-time-for-federico-abad-creator-of-popcorn-time-the-bittorrent-killer-app-challenging-netflix/

<thumbs up>

 

[cypherdoc]

http://www.mystatesman.com/news/news/local/downtown-austin-vault-of-precious-metals-turns-up-/nnYS2/#st_refDomain=t.co&st_refQuery=/2X7WjLwJ7M

 

[Justus Ranvier]

You know what makes a currency really great?

If you can't use it directly.

Let's invent complex layered protocols that get in between people and their money instead of letting them use it directly.

What could possibly go wrong?

 

[Bloomie]

Not to mention the tax implications.

 

[cypherdoc]

yes. slush clamping down on the bullshit. you are not going to stop this dude:


https://mining.bitcoin.cz/stats/

 

[cypherdoc]

you know what they say; slush is now stronger than all the other miners being the only one who's had to deal with this type of overwhelming UDP flood ddos attack.

all hashers should point at slush.

 

[Justus Ranvier]

This guy again.

Disagreeing with people who call themselves scientists = "attacking scientists" = "being anti-science" = "being a jerk".

Could he be any more transparently dishonest and childish?

You don't call someone a "jerk" instead of "incorrect" when the facts and logic are on your side.

 

[cypherdoc]

i'm still waiting for a Selfish Mining Attack...zzzzzzzzzzz.

 

[Justus Ranvier]

The UPS blog posting about private money is a very interesting development.

There are a very large number of companies who do business internationally who deal with the friction, uncertainty, and risk of dealing with multiple national currencies. A business with contracts in n different countries has exposure to n different monetary policies.

Besides the cost of dealing with this risk, the time they spend on it is a distraction from their core competencies and does not add value for their customers.

As more companies realize this, the more economic interests will be in favour of a universal world currency.

Of course, every government in the world wants to be the entity who creates and issues that currency. Everybody knows the degree to which the US has abused its position of issuing the world's reserve, and everyone wants that exorbitant privilege instead so they can abuse it for themselves. They also know that everybody else wants that power and whoever has it will abuse it.

There is a Nash equilibrium solution to this game - a neutral, free market money which nobody controls.

Even though everybody really does want to be in control of the money, they know everybody else has the same strategy and they can't get to where they want to go without the cooperation of every other player and so they'll lose if they try to obtain it.

 

[cypherdoc]

@Justus Ranvier

correct. this is what we have talked about here in this thread for over 4y now. the only major economic competitor to the US, China, has been trying to unseat the dollar for over a decade w/o success. they can't even get the yuan to elevate to an on par status with the dollar as they have been rebuffed many times:

The IMF has postponed the inclusion of the Chinese yuan in the reserve basket of currencies. The fund decided to extend the current composition (US dollar, euro, yen and British pound) of Special Drawing Rights (SDR) by nine months from December 31.

https://www.rt.com/business/312910-yuan-imf-currency-basket/

the best they can hope for is on par status as i'm sure they've realized. but one cannot just unseat the dollar; a viable alternative needs to take it's place. will it be an IMF SDR basket of currencies or gold?

oh, how about Bitcoin, should say China? conveniently, they have the highest concentration of miners and exchanges. plus, it really is neutral and liquid money that can solve alot of financial problems. this would be China's smartest play.

 

[theZerg]

Personally I think that international B2B is the killer app for bitcoin and I've been tooting that idea since 2012. I used to source chips and PCBs from China, have circuit boards fabbed, and then sell them internationally. Over 10% of the retail cost was going to Paypal because I had to use it for both production and end sales. It cost me about as much to move the money as the physical product (but that may be atypical, since several hundred bucks worth could fit into a single priority mail flat rate box).

And B2B has a lot of repeat business, so it can make sense to spend time educating a partner.

 

[cypherdoc]

talk about moral hazard. there is so much meat in this article (dead meat actually) it's astounding. futures trading is incredibly important as a trading and hedging tool for large and small investors alike. plus, they trade during off hours when some of the greatest manipulations take place. the following is serious, serious news:

China Just Killed the World's Biggest Stock-Index Futures Market

Volumes in the country’s CSI 300 Index and CSI 500 Index futures sank to record lows on Tuesday after falling 99 percent from their June highs. Ranked by the World Federation of Exchanges as the most active market for index futures as recently as July, liquidity in China has dried up as authorities raised margin requirements, tightened position limits and started a police probe into bearish wagers.

“It is further evidence that the Chinese authorities are not yet ready to commit to freely trading markets,” said Tony Hann, a London-based money manager at Blackfriars Asset Management, which oversees about $350 million. “Fully functioning developed financial markets in China will take many years.”

http://www.bloomberg.com/news/articles/2015-09-08/china-just-killed-the-world-s-biggest-stock-index-futures-market#media-2

http://www.bloomberg.com/news/articles/2015-09-08/china-just-killed-the-world-s-biggest-stock-index-futures-market