Gold collapsing. Bitcoin UP.

[cypherdoc]

oh yes, nice dump in the last 5 min of the $DJI.

next week should get real interesting. DXD looking good.

 

[cypherdoc]

Huobi's over the top of it's 7/12/15 high:

 

[molecular]

a comment linked from the reddit discussion about the vorhees article led me to this excellent post by pizzaface18:


not sure if he coined the term, but I heard it there first and I like it: "settlement-free asset".

Also: "this is the motherfucker."

 

[solex]

@molecular

Great point, only BTC which are native to the blockchain protocol are truly a settlement-free asset.

 

[cypherdoc]

a comment linked from the reddit discussion about the vorhees article led me to this excellent post by pizzaface18:


not sure if he coined the term, but I heard it there first and I like it: "settlement-free asset".

Also: "this is the motherfucker."

http://www.nber.org/papers/w15223.pdf

 

[cypherdoc]

great post from /u/pecuniology:

https://www.reddit.com/r/bitcoinxt/comments/3qyx7k/blocksizegate_as_regulatory_capture/

 

[cypherdoc]

 

[cypherdoc]

The Bitcoin network just hit five hundred million billion hashes per second.

Screw Maxwell who continues to spread disinformation about centralization in mining.

 

[_mr_e]

How does that show anything about the centralization of mining?

 

[cypherdoc]

As price expands more hashing power comes online from a diversity of sources. And so it will be if we get more TX's per second.

 

[_mr_e]

How do we know its a diversity of sources?

 

[cypherdoc]

It makes sense.

 

[theZerg]

IDK about Cypherdoc's ideas around mining centralization. However, right now I believe that it is driven by reliable access to premium hardware. As some early ASIC mfgs proved, if you can get your hands on these ASICs you might as well mine with them rather then sell them. However, AFAIK the mining ASIC industry is basically at the state-of-the-art with this release so subsequent generations will track the 2-3 year at best ASIC process improvement cycle.

Without the centralization force of unreliable access to hardware, I think that large mining farms will start to find it difficult to compete against incidental miners (like hobbyists) because these miners will more efficiently use byproducts (heat), will not be expensing their time or internet (or even better deducting it on their taxes as a home business expense), and do not need to pay for location, monitoring and security. This means that dedicated solutions will only be competitive based on electricity cost.

However, where I live you can sell solar back into the grid for 4c per kwatt*hour, and I have very expensive energy on the buying side. The spread is pretty huge right now. So mining can be used to consume excess solar energy at a very low energy cost.

 

[theZerg]

Ok updated BU Articles of Federation document.
Bitcoin Unlimited - Ideas, arguments, and proposals

Please start checking and posting over there, I don't want to be spamming GCBU anymore. Thx!

 

[cypherdoc]

Gold collapsing. Bitcoin UP.

 

[Bagatell]

Other analysts are calling it a "horror divergence"

https://bitcointalk.org/index.php?topic=274613.msg12859196#msg12859196

 

[sickpig]

IMHO, another priceless quote:

Blockstream has not taken a position on the block size debate, but rather adheres to Bitcoin’s consensus process. Many members of our team participate as independent contributors to Bitcoin development, but i f you’ve been following the discussion, you know even the team here doesn’t always agree with each other.

(emph is mine)

edit: fix format

 

[Zangelbert Bingledack]

Great comment by Rip Rowan on Mike's recent post:

https://medium.com/@riprowan/the-entire-debate-transcends-block-sizes-and-gets-to-the-fundamental-principles-of-bitcoin-as-c7f7bc1a493#.qj0wwps11

 

[theZerg]

boom! on Huobi makes me wonder what its going to be like at 9am china

EDIT: we're going vertical. When do the shorts close?

 

[cypherdoc]

Yawn.

Wake me up when we hit gold, please.