Gold collapsing. Bitcoin UP.
- Thread starter cypherdoc
- Start date
I think stranger things have happened.
The premise is invest bitcoin to make more bitcoin by suppressing the hash rate.
Subsidise expenses by depressing the BTC market which has the effect of keeping a limit on the profitability of mining - total win strategy - eliminating competition -
There is also a possible opportunity to wash some stolen BTC in china too, the only risk is the competition in the Bitcoin hashing space. And competition hasn't been all that cutthroat - mining has always been profitable for me (I'd still be mining now but unfortunately I fitted a new cooling system and overclocked my miners a couple of month ago to and burned out all my wiring and haven't been bothered to replace it given the risk of the upcoming halving and an amazing ROI ).
Chinese miners quite probably got a green light on this strategy with a built in timer being next halving.
Oh Yes, and that FriedCat don't worry about him he's not going to flood the market with cheap asics and screw up this plan, we've seen to that,
he's run away .We're getting within spittin distance of gold.
When we meet, listen for the Thunderclap.
When we meet, listen for the Thunderclap.
VeritasSapere
Active Member
- Nov 16, 2015
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I think it would be more likely that the dark markets will start using cryptocurrencies like Monero, Dash, XVC and SDC, which have more anonymity build into them when compared to Bitcoin and Ethereum.
[doublepost=1466120392,1466119702][/doublepost]
My miners are over a year old now and they are still running profitably, they are three generations older then the latest ASIC's. I have made a four fold return from this equipment at this point, and my GPU rigs have done even better thanks to Ethereum, it helps that I hold and take advantage of the price appreciation. I reckon a lot of miners do not want to you to think that mining is profitable, that way they get to profit more.
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- Dec 16, 2015
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https://www.reddit.com/r/ethereum/comments/4oi2ta/i_think_thedao_is_getting_drained_right_now/
https://www.reddit.com/r/BitcoinMarkets/comments/4oib45/alert_eth_is_crashing_because_of_a_critical_error/
A poster describes it as "an exploitation of the recently disclosed reentrancy issue [1] in some smart contracts".
Vitalik requesting exchanges to stop trading DAO/ETH:
https://www.reddit.com/r/ethereum/comments/4oif2x/dao_attack_exchanges_please_pause_eth_and_dao/
"No DAO funds at risk" - famous last words or mother of all ruined reputations.
Bitcoin up, or bad for all cryptocurrencies in the short term?
[1] archive link: http://archive.is/402Up
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"most people investing in cryptocurrencies are going to lose money".
- Dec 16, 2015
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"and that means >95%".
[doublepost=1466159449][/doublepost]I know I'm not betting terribly helpful here, or terribly insightful even, but look : Vitalik is a kid who knocks the Bitcoin asymptotic algo distribution because somehow the release is unfair to him because he wasn't given a chance to become an early adopters. like, wtf is that? . Yet ether was premined and handed out in an arbitrary manner. Furthermore, what is the security mechanism, PoW or PoS? Is there a blockchain? These things would seem to be important to know ahead of time before all the vested interests start lining up to influence them. If the community was calm just a week ago, it sounds like the shit just hit the fan.
[doublepost=1466159449][/doublepost]I know I'm not betting terribly helpful here, or terribly insightful even, but look : Vitalik is a kid who knocks the Bitcoin asymptotic algo distribution because somehow the release is unfair to him because he wasn't given a chance to become an early adopters. like, wtf is that? . Yet ether was premined and handed out in an arbitrary manner. Furthermore, what is the security mechanism, PoW or PoS? Is there a blockchain? These things would seem to be important to know ahead of time before all the vested interests start lining up to influence them. If the community was calm just a week ago, it sounds like the shit just hit the fan.
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Good for Bitcoin imho.
It has a touch of schadenfreude but I think it's good news for Bitcoin and a conservative approach to digital currencies. As I said before, Ethereum seems to be a lot of hype with a lack of real use cases and I don't see the urgent need for a Turing complete script language.
Maybe it gives Mr. "29 Softforks parallel" and his crew something to think about. Don't add thousand unnecessary lines of code to Bitcoin. Defend Bitcoin as the thing it is: Decentralized, digital money.
And Coinbase might rethink their "Oh that's so easy to script for" approach. As you see it's also easy to make huge fucking mistakes.
I've got downvoted heavily on reddit for that but I don't want brogrammers doing funky things with my money. And I don't care that the GUIs look so pretty and the websites are so Web 2.0 (I know, that's already an ancient buzzword) around Ethereum.
[doublepost=1466160555][/doublepost]
Yep. Just a flaw in a "smart contract". Thank's, I think I can live without these smart contracts every child can script in a few hours...
@satoshis_sockpuppet Exactly right.
[doublepost=1466161030][/doublepost]This is a great way to bring it home:
[doublepost=1466161030][/doublepost]This is a great way to bring it home:
- Dec 16, 2015
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@satoshis_sockpuppet :
It seems @SysMan also agrees with running stable code. Wonder what BitFury's stance is on unnecessary complexity, economic distortion and undermining of network validation by SegWit soft fork?
It seems @SysMan also agrees with running stable code. Wonder what BitFury's stance is on unnecessary complexity, economic distortion and undermining of network validation by SegWit soft fork?
pekatete
Active Member
Given the oracle problem (essentially that all useful programs use data and there's no way to inject data into the blockchain in a trustless fashion), I always thought that these contracts should be executed by a layer above the blockchain.
Given eths rise I've been revising my opinion mostly because as a practical matter its probably safer to rely on an oracle data source than complete trust of funds management.
However clearly eth contracts during this early "beta" phase in both eth and in financial programming should have a human overseer with the ability to rewind say 48hrs of activity.
But ultimately I think this fiasco has just ensured fund managers jobs for years to come, even if 99% of their job is automated away...
Given eths rise I've been revising my opinion mostly because as a practical matter its probably safer to rely on an oracle data source than complete trust of funds management.
However clearly eth contracts during this early "beta" phase in both eth and in financial programming should have a human overseer with the ability to rewind say 48hrs of activity.
But ultimately I think this fiasco has just ensured fund managers jobs for years to come, even if 99% of their job is automated away...
Dusty
Active Member
- Mar 14, 2016
- 362
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The DAO thing keep becoming even better: now VitalButt proposes a soft+hard fork to recover the stolen funds caused by a buggy contract.
I bet they would not do the same if I make a mistake using Ethereum, so some smart contracts are more equal than others.
So, tell me, what is the difference between etherum saving the ass of a stupid organization that locks 200 million $ in a buggy smart contract and the Fed that comes forward to save the ass of some big corporation "too big to fail"?
If Vitalik is is successful in his plan ethereum is dead forever for me. Without appeal.
I bet they would not do the same if I make a mistake using Ethereum, so some smart contracts are more equal than others.
So, tell me, what is the difference between etherum saving the ass of a stupid organization that locks 200 million $ in a buggy smart contract and the Fed that comes forward to save the ass of some big corporation "too big to fail"?
If Vitalik is is successful in his plan ethereum is dead forever for me. Without appeal.
_mr_e
Active Member
- Aug 28, 2015
- 159
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Yet if they don't fork the money back, an attacker will hold a huge amount of mining power - forever once they switch to pos... Ethereum is fucked either way.
Miller continues to be one of the few coders willing to admit reality. I'd change "social inertia" to "economic incentives".
And I've always said that code is only there to enforce the coders ideology:
[doublepost=1466168790,1466168141][/doublepost]This isn't good :
http://pastebin.com/xW16N7Ye
And I've always said that code is only there to enforce the coders ideology:
[doublepost=1466168790,1466168141][/doublepost]This isn't good :
http://pastebin.com/xW16N7Ye
Dusty
Active Member
- Mar 14, 2016
- 362
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@cypherdoc: that is the news I linked a couple post ago
As mr.e points out, eth is fucked either way: if they hard fork they set a precedent, if they don't fork the thief will control a huge amount of coins that he could abuse when eth will become PoS
As mr.e points out, eth is fucked either way: if they hard fork they set a precedent, if they don't fork the thief will control a huge amount of coins that he could abuse when eth will become PoS
That's why eth can never become money nor compete with Bitcoin. When mtgox, MyBitcoin, & bitcoinica got hacked coins got stolen and never returned. Bitcoin code has never been hacked.
[doublepost=1466173622,1466172635][/doublepost]A statement like this would seem to me to require cooperation from the exchanges. Why should they do this again?:
Since no money in the DAO was ever spent, nothing was lost.
https://blog.slock.it/dao-security-advisory-live-updates-2a0a42a2d07b#.cstcydkrk
[doublepost=1466173622,1466172635][/doublepost]A statement like this would seem to me to require cooperation from the exchanges. Why should they do this again?:
Since no money in the DAO was ever spent, nothing was lost.
https://blog.slock.it/dao-security-advisory-live-updates-2a0a42a2d07b#.cstcydkrk
Ordinary banks just don't have s chance:
“A bank accepting Bitcoin is quite unusual, however it makes total sense for us and provides huge benefits to our clients,” said WB21 founder and CEO Michael Gastauer. “We are offering instant account opening in 180 countries. The problem some of our clients face is how to make deposits if we don't maintain a local account in their country. By accepting Bitcoin, our customers can instantly transfer funds to their WB21 account from any country in the world.”
https://bitcoinmagazine.com/articles/global-digital-bank-wb-starts-accepting-bitcoin-deposits-1466103194
[doublepost=1466175658][/doublepost]Ordinary banks just don't have s chance:
“A bank accepting Bitcoin is quite unusual, however it makes total sense for us and provides huge benefits to our clients,” said WB21 founder and CEO Michael Gastauer. “We are offering instant account opening in 180 countries. The problem some of our clients face is how to make deposits if we don't maintain a local account in their country. By accepting Bitcoin, our customers can instantly transfer funds to their WB21 account from any country in the world.”
https://bitcoinmagazine.com/articles/global-digital-bank-wb-starts-accepting-bitcoin-deposits-1466103194
“A bank accepting Bitcoin is quite unusual, however it makes total sense for us and provides huge benefits to our clients,” said WB21 founder and CEO Michael Gastauer. “We are offering instant account opening in 180 countries. The problem some of our clients face is how to make deposits if we don't maintain a local account in their country. By accepting Bitcoin, our customers can instantly transfer funds to their WB21 account from any country in the world.”
https://bitcoinmagazine.com/articles/global-digital-bank-wb-starts-accepting-bitcoin-deposits-1466103194
[doublepost=1466175658][/doublepost]Ordinary banks just don't have s chance:
“A bank accepting Bitcoin is quite unusual, however it makes total sense for us and provides huge benefits to our clients,” said WB21 founder and CEO Michael Gastauer. “We are offering instant account opening in 180 countries. The problem some of our clients face is how to make deposits if we don't maintain a local account in their country. By accepting Bitcoin, our customers can instantly transfer funds to their WB21 account from any country in the world.”
https://bitcoinmagazine.com/articles/global-digital-bank-wb-starts-accepting-bitcoin-deposits-1466103194
