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Messages - monsterer

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1666
General Discussion / Re: [DAC proposal] Decentralised Forum Software
« on: November 18, 2014, 07:02:18 pm »
Quote from: sschechter on November 18, 2014, 05:23:35 pm
Let us know if you find them.  Personally, I don't see the value proposition.  If a forum is taken offline, its users can easily congregate in a backup channel.  Certainly there may be a need for a very limited niche, but for wholesale adoption, who gives a shit? You are essentially taking a free product (to the end user) which is easy move off from, and suggesting that people now pay for it.

Anonymity is something which isn't covered by the existing system.

1667
General Discussion / Re: Upgrading bitcoin
« on: November 18, 2014, 06:24:08 pm »
Quote from: Rune on November 18, 2014, 05:00:55 pm
Sorry I didn't even notice this earlier. It's from a PM discussion on reddit, and obviously taken out of context, but he does seem to think it will work and even did an ethereum talk in the past about a similar theoretical concept (assembling a 51% attack by paying external rewards for blocks)

I don't want to sound dismissive, but it's obvious that you can buy your way into a 51% attack. 'All' you do is buy 51% of the mining power, then you can do whatever you want.

1668
General Discussion / Re: Great picture of essential Dapps - over half within reach without major changes
« on: November 18, 2014, 04:43:05 pm »
Quote from: Rune on November 18, 2014, 04:28:12 pm
Is that what maidsafe is trying to make? I'd also really love to see blockchain full nodes become nodes in a custom profitable TOR network as well, that would be such a massive value proposition.

I think it is, yes. Their success rate will be proportional to their available product base. I didn't see anything specific about them supporting HTML (looked very low level), but maybe they do. That will be the driving factor for any decentralised internet IMO, because you need to attract web developers to create websites.

1669
General Discussion / Re: Why BTS is falling like this?
« on: November 18, 2014, 04:24:47 pm »
It's not as related to these recent changes as you think.

Have you ever noticed how strongly positively correlated the NXT market is to the BTS market? Yet there is no connection.

NXT is deflationary, BTS is inflationary, but the prices move the same way at the same time. The only common factor they both have is that they both were created under IPO funded by bitcoin and have similar market caps.

As the bitcoin price moves, this massively affects BTS and NXT, that's the primary driving factor for the price, IMO.

1670
General Discussion / Re: [DAC proposal] Decentralised Forum Software
« on: November 18, 2014, 03:59:13 pm »
Quote from: sschechter on November 18, 2014, 03:48:53 pm
Who will build it and at what cost?

Blockchain based forum?

Who: well funded developer team, somewhere, say 5 hero developers, 1 year
Cost: ballpark $2M USD

For the blockchain based internet, you can probably scale that by a factor of 10.

Both of these will be developed eventually, its just a question of when really.

1671
General Discussion / Re: Great picture of essential Dapps - over half within reach without major changes
« on: November 18, 2014, 03:53:55 pm »
IMO they missed a huge one, but its not BTS specific: blockchain based internet.

1672
General Discussion / Re: 100% delegate pay in USD could be $200/month due to slippage
« on: November 18, 2014, 03:45:04 pm »
Quote from: CLains on November 18, 2014, 03:31:09 pm
I also counted the 80BTC+ at BTS/CNY at BTC38. I am counting 20 BTC at BTER now, and 18 BTC at BTS/BTC at BTC38.  All within 10%.

Ok, so if you cash out using every exchange possible and in every currency possible and somehow all manage to get this into USD (we didn't even consider the slippage going from BTC->USD), maybe you can do so within 10% of the best price. For 20, 100% delegates.

But it isn't going to be easy, by any definition. The whole point of this thread is to get people to realise that best price valuations are misleading at best, and meaningless at worst.

1673
General Discussion / Re: Upgrading bitcoin
« on: November 18, 2014, 03:35:24 pm »
Quote from: Rune on November 18, 2014, 03:23:33 pm
You can read the full strategy to get the details. The money will simply be inflated at the time of the upgrade and be included in the migration block.

I agree its about 2M BTC, give or take, per year. But you can't simply print the money all at once and expect the chain to be worth anything. It has to be worth something before that point, or the dilution will dilute the value in exact proportion and you'll be back where you started.

In order for the chain to be worth 2M BTC, you'll need 2M BTC investment from outside the ecosystem.

1674
General Discussion / Re: [DAC proposal] Decentralised Forum Software
« on: November 18, 2014, 03:26:14 pm »
Quote from: arhag on November 15, 2014, 10:38:59 pm
How about we first create a generalized voting framework and a decentralized hosting platform, which would be the critical infrastructure on top of which a decentralized forum / social network could be built.

Blockchain based internet is much harder to achieve than blockchain based forum. Yes you could host the forum on the 'blockernet', but wow it's a lot of work :)

1675
General Discussion / Re: 100% delegate pay in USD could be $200/month due to slippage
« on: November 18, 2014, 03:08:18 pm »
Quote from: CLains on November 18, 2014, 03:02:42 pm
In practice if you go 10% down on the orderbook at BTC38 and BTER you can sell BTS for 100 BTC. So if 20 100% delegates decide to cash our their monthly earnings in one instant they go 10% below price.

Last time I checked on BTER, the entire buy side orderbook for BTS/BTC was only ~40 BTC deep. Looking at BTC38, the situation isn't much different.

1676
General Discussion / Re: Upgrading bitcoin
« on: November 18, 2014, 03:04:18 pm »
Quote from: xeroc on November 18, 2014, 02:54:41 pm
One can start and offer an interest on the vested BTC on the 'sidechain' .. thus however gets to mine those blocks first can get interest on the vested stakes in BTC2

Where does this interest come from?

1677
General Discussion / Re: Upgrading bitcoin
« on: November 18, 2014, 02:57:38 pm »
Quote from: xeroc on November 18, 2014, 02:53:25 pm
Are we talking Pool operators or pool miners? because the miners most certainly don't even see the transactions included as they mine on the merkle tree and guess the nonce .. they have no idea how the merkle tree was spanned .. afaik .. so the only thing the miners see is a hash to mine on .. not the transactions ..
the pool operators construct the merkle tree from the set of transactions they include ..

I'm using the term 'miners' quite broadly because honestly I don't know where the decision about what types of transactions to consider in blocks is made. I just know that it is, and this stops things like atomic-cross-chain from being possible currently because the miners wont pick up the non-standard scripts in the transactions, which is required to make it possible.

1678
General Discussion / Re: Upgrading bitcoin
« on: November 18, 2014, 02:39:56 pm »
Quote from: Rune on November 18, 2014, 02:12:08 pm
This also how majority support for soft forks is achieved, I think they simply include the message in the nonce.

Ok, so assuming, for arguments sake that you manage to get them to mine these blocks and therefore they have access to this side chain - how do you propose to raise more than 1,312,500 BTC mined each year + their investment in mining hardware which is probably equal to that sum again in order to make the transition profitable?

And your investors, aren't they taking a massive risk investing such a large sum into something which is likely to fail?

1679
General Discussion / Re: Upgrading bitcoin
« on: November 18, 2014, 02:32:32 pm »
Quote from: xeroc on November 18, 2014, 01:47:17 pm
since when do miners 'care' about the block they mine?

I don't think they 'care' in the traditional sense. More likely due to them using non-standard builds of the client, suited to their needs.

1680
General Discussion / Re: Upgrading bitcoin
« on: November 18, 2014, 01:40:05 pm »
Quote from: Rune on November 18, 2014, 01:31:58 pm
and all they have to do to get these vested coins are to mine blocks with a simple message that supports the upgrade.

Still got the same problem. Miners don't even mine non-standard transaction scripts, so they certainly aren't going to mine some amount of arbitrary non transaction data baked into a transaction.

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