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Messages - oldman

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151

General Discussion / Re: Bitcoin trying to become BitShares - Decentralized Dev Funding

« on: January 22, 2015, 09:05:04 pm »

Quote from: triox on January 22, 2015, 06:21:12 pm

This has none to do with DPOS. It's basically a donations platform with a slick desktop client.
It doesn't solve the freerider problem: my contribution will cost me personally but benefit everyone else equally. This is evident even in the bounty that funded the app: 50 grand for the app and another 50 as a matching fund. It's really pathetic compared to the amounts spent on electricity.
Bitcoin will have to switch to some variation of DPoS or it should die. The quicker the better.

Or be adopted by big banks, corps and govs who will use the wasteful mining process as a barrier to entry (ie. same thing they do with regulations) and slowly but surely assume control of the network (in the best interests of the public, of course! Safety, security!).

I think it is safe to say that BTC will always be POW.

The question is really - can the herd turn fast enough?

BTS = Freedom

BTC = More of the same

Wish folks could see this coming.

152

General Discussion / Bitcoin trying to become BitShares - Decentralized Dev Funding

« on: January 22, 2015, 03:06:19 am »

http://www.reddit.com/r/Bitcoin/comments/2t86n6/100000_bounty_completion_call_to_core_devs_and_you/

Look familiar?

153

General Discussion / Re: Up 10% against btc.

« on: January 21, 2015, 08:28:22 pm »

Quote from: bluebit on January 21, 2015, 07:28:00 pm

I'm betting that Bishares will be up 1000% by the end of the year.

Possible... and possibly probable.

154

General Discussion / Bitshares Feature - Coinbase

« on: January 21, 2015, 08:21:39 pm »

http://www.reddit.com/r/Bitcoin/comments/2t6ksp/coinbase_just_made_tax_accounting_unnecessary/

This is genius and we should consider incorporating a similar mechanism with bitAssets and the various gateways and commerce cart/plugins etc. being developed.

155

General Discussion / Re: What's the realistic BTS potential?

« on: January 21, 2015, 04:59:08 pm »

Lots has been said on this topic.

Personally I believe Bitshares will become the first trillion-dollar crypto, but I'm slightly biased.

Bitshares has the potential to completely reboot global finance (bitAssets) and politics (Vote). Sounds grand, but is real.

The recent announcement of Google's billion-dollar investment in Musk's satellite internet program is the harbinger of a perfect storm.

Bitshares + Global Internet + Cheap Smartphones = Revolution.

Just for a little circlejerking I'm saying $1-$5/BTS in the next 2 years/by 2017...

156

General Discussion / Re: The bitcoin death spiral has begun?

« on: January 15, 2015, 08:03:38 pm »

BTC is a perfect fit for TPTB: highly centralized, high barriers to entry, easily regulated, easily monitored (white/black coins/addys), wasteful, poorly distributed and generally exactly what you would expect were big banks, big corp and big gov to get together and think up what a global currency should look like.

BTC will hit $10k then $100k then $1M. Call me a looney, but I've been around too long. Too many governments that are insolvent, too much instability in the global power balance.

Central banks are out of ammo. QE and NIRP are failing spectacularly. M2 velocity is through the floor. Real GDP growth is non-existent. Unfunded liabilities are at all-time highs.

Bitcoin is going nowhere.

The millions of coins that have sat patiently and mysteriously for the last 5 years will be distributed to central banks around the world in a giant reset of the global economy.

Just sayin' I'm down with tinfoil.

157

General Discussion / Re: 2.2 mil vs. 36k, What is the problem?

« on: January 15, 2015, 07:45:59 pm »

Quote from: bytemaster on January 15, 2015, 04:48:42 pm

Note that total NuBits supply does not represent NuBits in circulation. I would venture to guess that we have more REAL USD in circulation than NuBits has. After all a large percentage of NuBits are held by market makers themselves.

This is yet another example where our efforts to remain pure and NOT manipulate the numbers hurt us.

If you want to help increase our ranking on coin market cap, short BitUSD to yourself. This will increase USD supply, give you a cut of USD yield, and not expose you to any extra risk (still net LONG BTS) as long as you cover before any margin call. Every time you cover and re-short to yourself you also increase our volume.

Any observer would recognize that those trades are MEANINGLESS noise, but to the casual observer and commentator being lazy they will simply quote the actual volume and market cap of BitUSD.

Need a button for this in the full client. Enter amount to short, bot keeps rolling the trade over until stopped.

158

General Discussion / Re: Working on Code... Blog on Hold

« on: January 14, 2015, 08:28:53 pm »

Quote from: donkeypong on January 14, 2015, 06:43:24 pm

Quote from: ripplexiaoshan on January 14, 2015, 06:02:59 pm
A stable wallet is the foundation of everything. We don't expect a APPLE quality software, but at least a stable one.

EVERYTHING else is on hold until we have a user-friendly wallet. This should be the big push.

BTS must be positioned to catch the next upswing... basic BTC/USD -> BTS gateways and a functional/easy wallet are critical.

Say 2-3 months tops.

159

General Discussion / Re: BTS long term support

« on: January 13, 2015, 08:28:29 pm »

Quote from: Ander on January 13, 2015, 05:25:39 pm

Quote from: liondani on January 13, 2015, 07:53:34 am
when there is blood on the streets... buy ( @stan) ... but how much blood? I thought we where bleeding at $50 million market cap ... even if this downtrend continues I am confident the market cap will reach $40 million for a while again...

Yeah, the problem is that people always bring out the blood in the streets quote like 3 different times before the actual bottom.

Bitcoin tanked much harder than I expected it would.

As long as you arent on margin you can afford to simply hold and buy more even though its really painful right now. Average down your cost and then you eventually make money if it returns to where you bought it initially.

Crypto bear market moves are surprisingly brutal.

I'm a bit taken aback as well - not sure who is doing the selling, but damn, they are on a mission.

I maintain my tin foil position: market is being driven by big money accumulating for a pump.

Big money buys X coins from miners off-market and continuously sells X-N coins on-market, enough to keep the bear market going.

As soon as the ETF's are approved (probably right around the depth of the despair stage) the lid is going to come off. Most epic short squeeze/pump in history.

Folks are sitting at the top of the SP500 staring into the abyss - but are too greedy to take profits and go to cash.

As soon as they see another train leaving the station, the hop from VOO/IVV/SPDR to COIN is pretty easy for some hot, speculative house money.

I think BTS is going to get a helluva pump when non-ETF BTC value takes profits and looks to diversify.

160

General Discussion / Re: Spec Chart for Major Cryptos

« on: January 13, 2015, 08:18:47 pm »

Well done!

161

General Discussion / Re: NuBits is a Ponzi [BLOG POST]

« on: January 13, 2015, 08:17:03 pm »

Mathematically the US cannot repay debt owed unless they pull some serious hyperinflation shenanigans.

Realistically they will:

1. Default

Tin foil says they will:

2. Show up with millions of BTC (following ground-up global adoption), claim it is legal tender/new world currency, pump the cap into the trillions via Wall Street, pay off their debt and resume status as the global alpha dog.

As for BM's article, sometimes you have to call a spade a spade. I applaud BM for doing so and truly hope he continues to do so in the future.

In the end, folks will come to Bitshares for honesty, integrity, truth. There is only one way to build that sort of reputation and sometimes it ain't pretty.

Plus I found the indignant 'soonish/someday/probably' response from the Nubits guy very telling...

162

Technical Support / Re: Locked out of Wallet - Help

« on: January 10, 2015, 06:45:41 pm »

My original wallet from the early days did this exact same thing to me.

One day it just didn't let me log in.

I panicked and sat there for hours typing/cut-pasting the password over and over - I use a password manager and have no doubt the password was correct.

Eventually and randomly the client opened.

I transferred most of my BTS to a new a account, but towards the end the transactions started stalling and throwing errors. I exported my private keys and then kept at it until about 10% of total holdings were left... then my wife restarted the computer.

I have not been able to log in since. I imported my keys into the new account to no avail - still have 10% stuck in the old account.

In the intervening months I have done research into cracking passwords, and I think this may be the only way for you to recover your funds. Because you know the password is should not take long to crack the hash.

Unfortunately I am old and terrible with programming, and all of the password cracking software requires compiling and command line stuff. I also have no idea where to find the hash of the password in the backup file.

Not much help, but perhaps gives you a direction to move in.

163

General Discussion / Re: The end of POW approaches...

« on: January 08, 2015, 07:12:27 pm »

Quote from: bytemaster on January 08, 2015, 06:57:28 pm

Quote from: mf-tzo on January 08, 2015, 06:55:57 pm
I am probably missing something but do we want bitcoin to become POS or DPOS instead of POW? If that happens then undoubtedly nothing could compete with bitcoin and our investment in BTS wouldn't lose it's value? I personally would like bitcoin to remain POW and steadily all bitcoin whales move away from bitcoin by injecting their cash to BTS rather than Bitcoin to switch to DPOS and we lose our competitive advantage..

Bitcoin will never switch faster than market whales move. Especially considering how vastly different it would be and they wouldn't have all of our features.

This - POW is an uncanny fit for TPTB.

At scale only large corps, hedgies, banks and govs will be able to mine and will therefore eventually control the entire network.

POW is merely a replacement for regulation in the next evolution of the finance sector; I would be very surprised if POW ever dies.

This is why I think BTC is in for a few huge pumps as corps -> hedge funds -> sov wealth -> banks -> govs jump on the train.

As soon as black/white addresses/coins are mandated it will become obvious that BTC/POW is a sort of viral trojan horse being unleashed on the world.

This is also why BTS is so critical - BTS can actually accomplish what BTC only pays lip service to.

BTC and BTS are going to be an epic David and Goliath story...

164

Stakeholder Proposals / Re: 100% developer delegate proposal: valzav.payroll.testz

« on: January 04, 2015, 04:44:48 pm »

Quote from: bytemaster on January 03, 2015, 05:23:24 pm

Quote from: valzav on January 03, 2015, 05:21:32 pm
Thank you to all of you who voted, but this seems to be not enough - currently my delegate is at position #141 with 1.4% votes.
My financial situation seems to be worsening - several days ago I've received the last pay check from I3, I've payed ~$1000 for delegate registration, so it's going to take two weeks to break even. Also $2,000 delegate payroll at current BTS price is much lower than my monthly expenses, so eventually I need to eat up from BTS stake - this is the last thing I want to do being bullish on BTS, having at least one delegate would decrease the rate I spend my stake, so I hope to survive until the time delegate salary catches up my expenses rate.
Please help me to promote this post in other languages/communities.

I'll vote for you on monday.

As will I.

165

General Discussion / Re: Year End Developer Bonuses

« on: January 02, 2015, 03:09:06 pm »

Multiple delegates for core devs is a bad idea because precedent.

Core devs have large BTS stakes and are incentivized by their holdings.

Let's not forget that when BTS hits ~ $1 all of the core devs become independently wealthy.

At $10 - $100/BTS they join the ultra high net worth crowd.

Keeping the dev team hungry and lean right now is ideal. Experience talking.

With regard to dev pay BM needs to stop using the term 'bonus'.

I don't think anyone in the community feels core devs are over compensated.

However, bonuses are associated with achieving goals etc. and 2014 was defined by continually moving the goal posts.

This was a good thing and ultimately will increase stakeholder returns etc. but it's 2015 and no 1.0.

Perhaps it would have been wise to schedule 'bonus' payments on release of 1.0, probably more palatable to the community and more in line with common perception of bonusing schemes.

Going forward I would suggest that 'bonus' payments be tied to achieving milestones and everything else be compensation, whether paid as salary or lump sum.

My other take away is that BTS needs to hit $.5-$1 in 2015.