Gold collapsing. Bitcoin UP.

[Justus Ranvier]

Wait, so Bitcoin Classic swallowed the social justice poison pill?

https://bitcoinclassic.com/codeofconduct.html

They are opening themselves up for in infusion of toxicity even worse that what we've already seen.

FWIW, here's what an codes of conduct from people who are actually interested in protecting communities from bad actors (rather than pushing unstated social agendas) look like:

http://hintjens.com/blog:108

 

[tynwald]

I hope Classic is ready for DDOS on all available sites and nodes they are exposing. Reaction to the possibility of a fork is going to be brutal.

 

[sickpig]

@cypherdoc

great mind think alike, they say

we could arrange a mutual knowledge exchange. win-win situation

 

[cypherdoc]

hold on boys. we are there:

[doublepost=1452878491][/doublepost]BOOM!!!

 

[VeritasSapere]

Bitcoin is freedom, many people have not fully realized this yet. It is a scary time, but the cryptocurrency revolution will triumph regardless of what happens. We have truth on our side and we are changing the world.

 

[cypherdoc]

$DJI -492

$DXY dropping
[doublepost=1452878816][/doublepost]DXD ramping:

[doublepost=1452879080][/doublepost]-500 coming right up
[doublepost=1452879173][/doublepost]this means the $DJI will eventually drop below it's August low too. very bad:

[doublepost=1452879302][/doublepost]$DJI -523

no one could've seen this coming...
[doublepost=1452879595,1452878745][/doublepost]Financials, bottom dropping out:

[doublepost=1452879705][/doublepost]Bottom line: ALL the charts are sick. that ugly top left to bottom right look.

 

[AdrianX]

On second thought Mike is going to get the spotlight for a bit, that's going to give him a megaphone to highlight the issues at play.

I hope he does us proud.

These market conditions I hope bring a new tech focused investor who feels comfortable with Moore's law and simple scaling.

Other than that Mike's take is realistic I'm just surprised he is not in touch with the changes he's initiated.

 

[cliff]

A little flattered today, NK censored me: https://www.reddit.com/r/Bitcoin/comments/413q9d/interesting_so_with_the_above_said_we_will_be/

Many folks say that miners have popped in China due to cheap electricity. The Paris climate talks resulted in a commitment from China; an example of a prior - but related - commitment can be viewed here: http://www4.unfccc.int/submissions/indc/Submission Pages/submissions.aspx (*)
If accurate and if there is follow through, it seems like electricity prices may rise quite dramatically for a lot of folks.

QUESTION - Has anyone in bitcoinland written about the collateral affect international deals on climate change may have on miners in China? Is their reign as having the largest concentration of miners inevitably on the way down?


*See Also:

1. http://thediplomat.com/2015/12/china-celebrates-paris-climate-change-deal/
2. https://www.washingtonpost.com/politics/obama-administration-will-announce-halt-on-new-coal-leases/2016/01/14/469b4b40-bb2c-11e5-85cd-5ad59bc19432_story.html

 

[Peter R]

Guys, we have a centralization problem: it looks like an Andrew will be President, Developer and Secretary!
[doublepost=1452881200][/doublepost]Good news:

 

[cypherdoc]

@cliff

BU doesn't invoke a fork. it simply follows the longest chain right after you DL it.
[doublepost=1452882741][/doublepost]this is quite a letter:

https://forum.bitcoin.com/bitcoin-discussion/an-open-letter-from-sam-cole-ceo-of-knc-miner-t4868.html

 

[rocks]

A little flattered today, NK censored me: https://www.reddit.com/r/Bitcoin/comments/413q9d/interesting_so_with_the_above_said_we_will_be/

Many folks say that miners have popped in China due to cheap electricity. The Paris climate talks resulted in a commitment from China; an example of a prior - but related - commitment can be viewed here: http://www4.unfccc.int/submissions/indc/Submission Pages/submissions.aspx (*)
If accurate and if there is follow through, it seems like electricity prices may rise quite dramatically for a lot of folks.

QUESTION - Has anyone in bitcoinland written about the collateral affect international deals on climate change may have on miners in China? Is their reign as having the largest concentration of miners inevitably on the way down?


*See Also:

1. http://thediplomat.com/2015/12/china-celebrates-paris-climate-change-deal/
2. https://www.washingtonpost.com/politics/obama-administration-will-announce-halt-on-new-coal-leases/2016/01/14/469b4b40-bb2c-11e5-85cd-5ad59bc19432_story.html

Korea and Japan have sky high electricity rates, Korea was around $1 per KWh, that makes California look crazy cheap. Actually they were tiered, electricity started very cheap but only for very little usage, one or two lights plus a little TV would easily put you over, then it was absurdly expensive. I only ran the AC sparingly in the summer while there, a friend didn't and he had a monthly bill over $1,100 one month, no joke.

Basic summary, if China moves to the tiered pricing Korea or Japan have then we will see mining leave China.

 

[albin]

The electricity consumption objection is very frustrating because almost nobody actually understands that it's just a rehash of an argument that Keynes made against gold, and in my experience it's too difficult for people to be willing to listen to the reality that fiat money issuance causes exactly the same resource consumption, but whose cost is socialized for the benefit of the first recipient of the issued money, as opposed to commodity money where under free market conditions the party seeking out the commodity incurs those costs in exchange for a normal economic rate of return.

 

[Melbustus]

Fred Wilson on the drama: http://avc.com/2016/01/bitcoin-is-dead-long-live-bitcoin/

While he's not in agreement with Hearn's conclusions, I expected more confidence out of him. Probably worth jumping in the comments (which he reads) to point out that solutions seem more near-term inevitable than ever.

 

[Richy_T]

Many people are also unable to understand and comprehend a dynamic situation. Huge amounts of electricity *are* being squandered right now but that is because the block reward is so high. We (by which I mean those that do) have to stop thinking like it will be there forever.

 

[cypherdoc]

The electricity consumption objection is very frustrating because almost nobody actually understands that it's just a rehash of an argument that Keynes made against gold, and in my experience it's too difficult for people to be willing to listen to the reality that fiat money issuance causes exactly the same resource consumption, but whose cost is socialized for the benefit of the first recipient of the issued money, as opposed to commodity money where under free market conditions the party seeking out the commodity incurs those costs in exchange for a normal economic rate of return.

i'm sure you're aware of this report that implies legacy financial system cost and environmental impact to be much larger than Bitcoin mining:

http://www.coindesk.com/microscope-economic-environmental-costs-bitcoin-mining/

 

[Zarathustra]

@cliff

BU doesn't invoke a fork. it simply follows the longest chain right after you DL it.
[doublepost=1452882741][/doublepost]this is quite a letter:

https://forum.bitcoin.com/bitcoin-discussion/an-open-letter-from-sam-cole-ceo-of-knc-miner-t4868.html

Game over for the tyrants @Core.

https://www.reddit.com/r/btc/comments/413w2s/check_out_bitcoinclassics_miners_support_list_now/

 

[cypherdoc]

things looking up @theZerg


gavinandresen
10:48 AM I would like Classic to be the client for infrastructure providers. And Unlimited be the client for end-users.

 

[Richy_T]

I become more convinced that we will need bigger blocks by the halving and that 2mb will not be enough. Even if you accept the artificial scarcity based fee market, the halving could result in a *significant* reduction in available block space as miners switch off until the next difficulty adjustment. Rather than 6mb per hour being availble, it could be 1.5 or less depending on circumstances. This would result in an unprecedented squeeze on the price.

A temporarily lower block rate could be somewhat compensated for by users increasing their fees to make up for some of the lost block reward and bring miners back on line but restricted block space will compound the pressure on fees. If fees are too high, people just won't transact and the incentive for miners becomes worse.

 

[cliff]

@cliff

BU doesn't invoke a fork. it simply follows the longest chain right after you DL it.
[doublepost=1452882741][/doublepost]this is quite a letter:

https://forum.bitcoin.com/bitcoin-discussion/an-open-letter-from-sam-cole-ceo-of-knc-miner-t4868.html

Thx. I asked the wrong question I think and then I found the answer I think I was looking for - deleted my question to save space.

 

[JVWVU]

Fred Wilson on the drama: http://avc.com/2016/01/bitcoin-is-dead-long-live-bitcoin/

While he's not in agreement with Hearn's conclusions, I expected more confidence out of him. Probably worth jumping in the comments (which he reads) to point out that solutions seem more near-term inevitable than ever.

Fred has never been "all-in" and has admitted that he owns less than 150 BTC and as a VC thats light.