Gold collapsing. Bitcoin UP.

[cypherdoc]

look who's having trouble. too bad:


RUT futures arching downwards tonite:


Round 2:

 

[Justus Ranvier]

How to destroy the world:

 

[sickpig]

Dave Scotese on btc dev ml rise interesting questions on soft-forks.

"Why are they called soft forks when they are really hidden forks? Isn't
the point of a soft fork to prevent old clients from rejecting what they
don't have the code to validate? That seems dangerous."

 

[Zarathustra]

How to destroy the world:

Marriage and monogamy is a post-neolithic invention of the Organized Violence, aka Church and State.
Monogamous pairing families can never be self-sufficient. They need the state and the market (trading with aliens) to survive. Self-sufficient communities don't.

Destroying civilization (collectivism) is the opposite of destroying the world!

 

[sickpig]

Ethereum: Bitcoin Price Decline Created $9 Million Funding Shortfall aka eth beaten by "the declining value of bitcoin against the US dollar."

isn't this proof of how difficult it is to bootstrap a new crypto (sure in eth case is more than this)? and how at the moment all other cryptos are actually "function" of btc?

 

[theZerg]

Its more proof that he knows how to loot his own foundation along with the best of them. Everything is going along fine on zero budget for a year + then they get money and then poof its gone (and typically the project falls apart after that). Its a classic syndrome where startup CXOs figure they've "won" once they get the money. Its so much more fun to travel the world, pontificating at conferences and on the internet then it is to actually get things done.

They should have given developers (including VB) large eth options held in escrow, 10% vesting per year but nothing (cliff vesting) for the first 2-3 years. Then pay the devs 75 to 100k. That's still a lot for a guy with his experience, honestly, and the point is to have comfortable living and work for the big payoff (eth succeeds). No physical location, weekly (and "customer") meetings at rent-an-office costs about $200 a month for membership $20 an hour for the actual room. No traipsing around the world attending conferences, 2x conferences per year MAX and only if they pay you.

So 3 devs would be 300k a YEAR burn rate rather then 400k per MONTH. More then 3 devs on a single project and you start to get into each other's way. Ofc, if you have completely separate projects then maybe hire more. For example, if the foundation is trying to build both the core eth, an exchange, and an e-bay clone then that is essentially 3 separate projects so 9 people max (but why would you do all that at the same time -- probably tactically a bad decision).

 

[cypherdoc]

I've always said part of this 90% prolonged pull back is to kill off the speculation through altcoins and weak hands. This is just as hard on the Bulls as it is on the Bears.

There is a tension between the sound money deflationary aspects of Bitcoin and the merchant economy dependent on TX's. Hodling clearly is the best strategy right now but that stunts the economy. That doesn't mean we shouldn't try to develop it, partly because I could be completely wrong in my suppositions (i don't think so), and because Bitcoin really is ideal transaction money.

Ethereum: Bitcoin Price Decline Created $9 Million Funding Shortfall aka eth beaten by "the declining value of bitcoin against the US dollar."

isn't this proof of how difficult it is to bootstrap a new crypto (sure in eth case is more than this)? and how at the moment all other cryptos are actually "function" of btc?

The thing that jumped out for me was the large legal fund set aside for trouble.

This was the brilliance of Satoshi's leaving the scene; he can't be sued. Neither can the other core devs, presumably, because they didn't invent it and nor do they own shares in the "Bitcoin corporation". It's an OS project, unlike Ethereum or Blockstream.

That kinda CYA is a major drag on profitability.

 

[lunar]

From Coindesk -

In a release, R3 revealed Bank of America, BNY Mellon, Citi, Commerzbank, Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group, Morgan Stanley, National Australia Bank, Royal Bank of Canada, SEB, Societe Generale and Toronto-Dominion Bank had signed on to the project.

nine previously announced partners including Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, JP Morgan, Royal Bank of Scotland, State Street and UBS

So this is some serious financial power and competition here. What with such a fractured community, censored troll filled forums, core and xt divide. I feel we are firmly in the 'Trough of Disillusionment'.

What will it take to reunite the community and it's spark? Is it hubris to think a Bitcoin valued singularity is inevitable?

Before anyone says the fast approaching financial and currency chaos. We're not ready for that level of influx.

 

[Melbustus]

...
Hodling clearly is the best strategy right now but that stunts the economy. That doesn't mean we shouldn't try to develop it, partly because I could be completely wrong in my suppositions (i don't think so), and because Bitcoin really is ideal transaction money.
...

Easy enough to use bitcoin day-to-day and just top-up every now and then. Hodling *and* spending...

 

[AdrianX]

Its more proof that he knows how to loot his own foundation along with the best of them. Everything is going along fine on zero budget for a year + then they get money and then poof its gone (and typically the project falls apart after that). Its a classic syndrome where startup CXOs figure they've "won" once they get the money. Its so much more fun to travel the world, pontificating at conferences and on the internet then it is to actually get things done.

They should have given developers (including VB) large eth options held in escrow, 10% vesting per year but nothing (cliff vesting) for the first 2-3 years. Then pay the devs 75 to 100k. That's still a lot for a guy with his experience, honestly, and the point is to have comfortable living and work for the big payoff (eth succeeds). No physical location, weekly (and "customer") meetings at rent-an-office costs about $200 a month for membership $20 an hour for the actual room. No traipsing around the world attending conferences, 2x conferences per year MAX and only if they pay you.

So 3 devs would be 300k a YEAR burn rate rather then 400k per MONTH. More then 3 devs on a single project and you start to get into each other's way. Ofc, if you have completely separate projects then maybe hire more. For example, if the foundation is trying to build both the core eth, an exchange, and an e-bay clone then that is essentially 3 separate projects so 9 people max (but why would you do all that at the same time -- probably tactically a bad decision).

This is why I actually feel sorry for Adam and Greg. I don't think the Block Size debate was part of the $21M judge. And I don't get the feeling they got what they need to change Bitcoin to their masters will.

Oh well that's the cost of a dogmatic belief system.

 

[cypherdoc]

$DJI under 16000

dollar dropping, UST's rising

 

[Peter R]

I just learned about this cool idea where anyone can donate to a "pot" and then a fraction of the pot gets paid out (by a bot) to the coinbase address of each BIP101 block found. As the pot gets bigger, miners can see how much more they could be earning per block by signalling support for BIP101.

https://cryptoplay.net/vote/

The site is managed by /u/NxtChg from reddit. We've been discussing potential improvements with him here.

I think this is a great idea and it would be good to get more publicity for this effort. If the pot got to over 10 BTC, then it would pay out 1 BTC per BIP101 block; a 1 BTC advantage per block would certainly get me thinking about signalling support for BIP101.

 

[Peter R]

@ CryptoScalper

Thank you for bringing this to our attention. We should note that the trust system at BitcoinTalk is notoriously abused, so we shouldn't necessarily read too much into this.

Regardless, I think /u/NxtChg should consider holding the bulk of the funds in a 2-of-3 address:

 

[Bloomie]

@CryptoScalper Sorry if you lost money, but people will listen and take you more seriously if you explain things calmly instead of using all caps or profanity.

 

[macsga]

Missed this thread. Glad I made it here. I'm sure I have a lot to catch up!

 

[macsga]

I just learned about this cool idea where anyone can donate to a "pot" and then a fraction of the pot gets paid out (by a bot) to the coinbase address of each BIP101 block found. As the pot gets bigger, miners can see how much more they could be earning per block by signalling support for BIP101.

https://cryptoplay.net/vote/

The site is managed by /u/NxtChg from reddit. We've been discussing potential improvements with him here.

I think this is a great idea and it would be good to get more publicity for this effort. If the pot got to over 10 BTC, then it would pay out 1 BTC per BIP101 block; a 1 BTC advantage per block would certainly get me thinking about signalling support for BIP101.

Incentive always works. Also think this is a great idea, just visited the site

 

[cypherdoc]

really great interview. the female interviewer was very soft spoken but she asked every conceivable hard hitting question of Mike. even more impressive was the way Mike answered; mature, calm, non-vindictive w/o any name or personal attacks. simply the truth of the situation. it's clear the Core and XT groups are as far apart as ever so don't expect any consensus anytime soon. if you're like me, i continue to run a half dozen or so XT nodes and am just waiting.

also, Mike's explanation of LN was great. i very much doubt it has a chance. undoing all the years of hard work on SPV wallets for a theoretical system proposed by the likes of a wanker like Joseph Poon is wasteful and ridiculous. listen carefully:

 

[lunar]

@cypherdoc
Nice little bulleted highlights from timepad

 

[cypherdoc]

 

[cypherdoc]

Ah, that sweet smell of deflation:

http://www.zerohedge.com/news/2015-09-29/global-wealth-destruction-world-market-cap-plunges-13-trillion-2-year-lows