Gold collapsing. Bitcoin UP.

[Justus Ranvier]

they just change the distribution to be front-loaded when no one else is looking so that they can claim later there was no pre-mine.

There's also the trick of releasing intentionally crippled mining software publicly while keeping the optimized version for themselves.

 

[cypherdoc]

you sure are devious

 

[VeritasSapere]

@cypherdoc I agree that it is terrible, but I am invested in the project today, with the full knowledge of its history, because I think it is a great project. There are many cryptocurrencies that have extremely skewed distributions, the distribution of Dash is relatively good. It is not a scam just waiting for people to be dumped on, I would not be here supporting it if thought that was the case.

Like I said before even though the launch was a mess and it was all rather shady, it was announced publicly when the genesis block was started.

Ethereum had a huge pre-mine in the form of a pre-sale, these funds have arguably been squandered, Ripple had a 100% pre-mine which basically all went to their for profit company LOL. And not everyone is comfortable that Satoshi might or might not have the keys to over a million Bitcoin. Not every launch is perfect, history is important, however sometimes it is better to judge more according to what something is today compared to what it might have been in the past.

 

[solex]

Technology is improving far faster than the rate of growth of the world economy. The primary factor determining which single global cryptocurrency prevails is the crypto which keeps decision-making out of the hands of a few controlling people:

http://gizmodo.com/researchers-achieve-fastest-ever-data-transmission-at-b-1758452054

For comparison this is almost 50,000 times greater than the average speed of a UK broadband connection of 24 megabits per second... To give an example, the data rate we have achieved would allow the entire HD Game of Thrones series to be downloaded within one second.

 

[cypherdoc]

Jihan Wu=Antpool. Go Antpool!:

 

[VeritasSapere]

The miners speak, and they choose to increase the blocksize.

It is the miners in charge of the mining power not the pool operators, what a dramatic switch in hashing power, that is quite something.

 

[cypherdoc]

 

[Farhad]

Many see the price trend from here right now as being predictive of the direction for this quarter.
Let's predict the trend for this quarter and our reasons for it-
-I'm bulish, reasons
There is a lot of money and effort invested in bitcoin, The convergence of goals is likely closer than their divergence, and I'm inclined that the parties will work out something (looking at the broader/abstract picture, similar to how geopolitics makes predictions: While individuals are relatively unpredictable on a short time frame, their collective behavior, their decisions as they shape the directions of organizations, are less variable and more compelled or constrained. That said wars at times start with a random accident that escalates quickly)

the influencer wouldn't be a bag holder @ $360, it's to the interest of the honey badger to push this through regardless of temporary losses

Another blow to the market would be psychologically devastating to the market (even this group whose mostly strong believers, had thought of selling/or already sold after Mike Hearn, market is simply not ready for another blow.

Those said, I've come to appreciate and be humbled by the unknown/random, would love to hear what you think.

 

[cypherdoc]

 

[cypherdoc]

still crawling up the lower boundary of the bullish triangle:

 

[cypherdoc]

quick note: everyone should consider 2 factor authentication on your acct

 

[rocks]

If hypothetically Bitcoin grows and more people come into the fold so do more mainstream theories on economics which would favor a more inflationary currency. I would side with not changing the supply schedule at all of course.

That is what happened with gold as money. The majority were unhappy with gold's constraints and wanted easier monetary policy. That gave us the FED and fractional gold. Fractional money is what created the 20s boom which everyone loved, then by the time the hangover started in the 30s the people again demanded the easy way out and demanded default (which is what FDR did), and all the while most people praised FDR for saving them from the "hoarders".

An advantage of Bitcoin is it is not a democratic vote. Entities with real stacks in the system have to agree too. As frustrated as we are by the Chinese miner hesitation today, this aspect also puts a brake on the majority described above from voting or forcing a supply change.

Another aspect that protects Bitcoin's supply is who the rewards go to. Today monetary inflation provides free money to governments and banks, but in Bitcoin an increase in supply goes to miners, not governments. This is a huge difference and it creates a stalemate. If the people want to increase the supply to provide them free money, well that money won't go to them, it would go to the miners instead. Since that benefits no one but the miners, why would anyone want that?

Unless governments figure out how to increase the supply in a manner that causes money to go directly to government coffers, then they won't be motivated to force a supply increase. I suppose governments could try taxation of coinbase rewards, but this would be hard to force since mining is cross boarders and we have things like tor. If governments tried to force increased coinbase rewards and tax them 100%, well miners who ignored these taxes and mined through hidden proxies would grow since they would be massively more profitable...

[doublepost=1455253927,1455253305][/doublepost]

The miners speak, and they choose to increase the blocksize.

It is the miners in charge of the mining power not the pool operators, what a dramatic switch in hashing power, that is quite something.

The vote on Slush was something around 99.5% for Classic and 0.5% for core. It was pretty one sided. This bodes well.

It also makes me surprised that one of the smaller pools is not activating Classic quickly and advertising the heck out of that. It would be a great way to grow share if the slush vote was even reasonably close.

 

[Erdogan]

Great post by u/olivierjanss.

"Soft forks require 95% approval. We are far more than that 5% needed to veto changes."

That's indeed the most encouraging fact.

https://www.reddit.com/r/btc/comments/458r12/classic_is_here_to_stay/

Time for talk is over, now It is hammer time.

 

[cypherdoc]

Great post by u/olivierjanss.

"Soft forks require 95% approval. We are far more than that 5% needed to veto changes."

That's indeed the most encouraging fact.

https://www.reddit.com/r/btc/comments/458r12/classic_is_here_to_stay/

yep, given Jihan Wu's Like of my tweet re: above poll, sounds like SW most likely is a no go; for now. that is both good & bullish.

 

[Erdogan]

The intuitive impression I get is that miners are currently shopping for favors, because of how this entire process put them on a pedestal. I mean at Stalling Hong Kong, they literally put them on a pedestal.

Don't think so, I think they just don't know what to do. (Assuming the letter is genuine, which is far from certain).
[doublepost=1455255646][/doublepost]

yeah, that's always disturbing when jstolfi gets Bitcoin better than nullc. altho it is becoming a regular occurence.

I think he now understands everything, except the essential motive of self interest which makes the world go round.
[doublepost=1455256096,1455255307][/doublepost]

@Erdogan: Which one?

Hehe, I tend to lump them together. Most likely the USG, because they have the best resources.

 

[Richy_T]

Well, I don't think this would stand on its own and I can't find a decent thread in /r/btc to glom it into for now but I'm sure you chaps will appreciate it.

There's been some speculation on where the new nodes are coming from. The fast rise of classic has produced speculation of cloud created nodes and some note has been made that Core nodes are not falling all that fast.

In order to get a rough measure of this, I took the data from bitnodes and looked only at nodes on Amazon's network. I aggregated the data down into count by node type. These are the results: (Hmm, no tables?)

BitcoinUnlimited 3
Satoshi 150
Classic 145
Bitcoin XT 8
mining.bitcoinaffiliatenetwork.com db2 1
BTCC 49

So it seems that there's a bit of that going on on both sides. It looks a bit worse for classic in relative terms though.

I should note that some of the Satoshis are older versions also so may not be gaming the stats.

Full disclaimer: One of those 3 BU nodes is me

 

[sgbett]

So I am the only guy running BU nodes on AWS then!?
[doublepost=1455259011][/doublepost]Also those "gaming nodes" cost me few hundred dollars a month. It's no game!

 

[sgbett]

Hang on you said one of them is you!?
[doublepost=1455268008,1455267259][/doublepost]These are me...

Http://52.17.222.179
Http://52.30.178.23
Http://46.51.193.129

 

[cypherdoc]

Cam someone parse what JihanWu is saying? Core playing hard ball;

 

[cypherdoc]

Do you ever get that feeling there's nowhere to hide?

http://money.cnn.com/2016/02/11/news/economy/negative-interest-rates-janet-yellen/index.html