epscylonb

9 ms·

31.
by epscylonb 13y ago
I don't see any way to do a decentralized exchange, at some point in needs to deal with local currencies. I can see a federated exchange, lot's of exchanges using using each others liquidity to do trades.
32.
by epscylonb 13y ago
Yeah and both are weaker than a truly random private key, I give up, it's only money after all.
33.
by epscylonb 13y ago
I have had this conversation before, what is "sufficiently long"?. Remembering 10 random words in order isn't that much easier than 10 random alpha numeric chars and symbols. The words might have some mnemonic value, but the point is, if y
34.
by epscylonb 14y ago
Completely agree with the article. Whether you realise it or not, what you want from a private key is lots of entropy. A simple pass phrase is easily cracked, a complicated one is hard to remember (and it needs to be remembered exactly). Th
35.
by epscylonb 14y ago
I'm not commenting on the politics and economics of using public funds to guarantee deposits. I actually agree with the philosophy behind bitcoin, it's clear from the levels of public and private debt that west is gaining a reputation for
36.
by epscylonb 14y ago
I hate the term "securing the network". Mining prevents double spends, that's all it does. It doesn't prevent your bitcoins being stolen or make you whole afterwards, it's not analogous to a security guard standing outside a vault, or the g
37.
by epscylonb 14y ago
No it doesn't if you take your profits in bitcoin you can move them freely between exchanges to a friendly local jurisdiction.
38.
by epscylonb 14y ago
If the exchange allows international traders then the price will equalise with the rest of the world due to arbitrage.
39.
by epscylonb 14y ago
It's estimated due to the way bitcoin works. A transaction can be made up of a different number of inputs, if the inputs don't exactly match the output (the amount you want to send), there is "change". The change is sent to a new address (b
40.
by epscylonb 14y ago
Yes, AML (anti money laundering) and KYC (know your customer).
41.
by epscylonb 14y ago
The problem here is that brain wallets and paper wallets have become popular. Brain wallets are always a terrible idea, either the pass phrase is too simple and easily cracked, or too complicated and easily forgotten. Paper wallets are only
42.
by epscylonb 14y ago
And a whack-whack-oomps for the losses?
43.
by epscylonb 14y ago
The key thing missing from the fiat section is that the main way that governments give a currency value is by demanding that taxes are paid in it. I don't believe that any government of a significantly sized economy will ever accept taxes i
44.
by epscylonb 14y ago
You mean most western countries?.
45.
by epscylonb 14y ago
MTGOX is the most trustworthy and secure bitcoin service out there. I still wouldn't put a large amount of bitcoin through it all in one go.
46.
The Case for Bitcoin 2.0(reddit.com)
2 points by epscylonb 14y ago|0 comments
47.
by epscylonb 14y ago
I could be wrong, but this looks like an ASIC fueled bubble to me. Avalon, the first ASIC producer to market, require payment in bitcoin. I believe BFL require payment in bitcoin for orders outside of the US. This created demand for bitcoi
48.
by epscylonb 14y ago
So the price should be lower in the US because supply is greater right?.
49.
by epscylonb 14y ago
Interesting, I wonder how much of that is Satoshi Dice though?. Not that SD doesn't count as demand, but it's unlikely to be sustainable due to the way it bloats the blockchain.
50.
by epscylonb 14y ago
I'm a fan of bitcoin, and I think it may well have a bright future, but this recent rise over the last couple of months is probably a bubble. New mining equipment called asics are being produced, at least one manufacturer, demands payment i
51.
by epscylonb 14y ago
If you are using bitcoins to buy something local to youself, you do have protection, the local jurisdiction. One of the proposed benefits of bitcoin is that by protecting the merchant from buyer fraud, it could enable a global free market.
52.
by epscylonb 14y ago
In the image showing the internals, the boards they are using look a lot like raspberry pis.
53.
by epscylonb 14y ago
I'm pretty much convinced that the big problem today in software is deciding where your APIs should go. My instincts are similar to the articles author, a preference for small discrete pieces software rather than a giant monolithic applicat
54.
by epscylonb 14y ago
> Taken to an extreme, there should never be more than one paying customer for every piece of digital (or convertible to digital) content ever created. Sounds bizarre, but used to be quite common, wealthy individuals commissioning a pie
55.
by epscylonb 14y ago
> While I have zero doubt these companies and others will be taking 101% advantage of the situation, don't forget that the situation has been created by our own governments and an unwillingness to modernise in the face of a globalised w
56.
by epscylonb 14y ago
The problem with oil, is that it is an inelastic commodity. During the oil shocks of the 70's prices had to rise by 400% before demand started to fall. Also the notion of a country being energy independent when relying upon oil is a silly
57.
by epscylonb 14y ago
The pruning stuff looks great, at the moment the time it takes to download the blockchain (and the disk space requirements to a lesser degree) is creating a disincentive to run a full verifying node. I suspect bitcoin blockchain transaction
58.
by epscylonb 14y ago
It's actually not really optimised for micro transactions. The popular gambling site satoshidice is responsible for the rapidly increasing size of the blockchain, now around 3GB. Bitcoin has two main utilities, firstly it is very hard to pr
59.
by epscylonb 14y ago
This to me is one of the most interesting aspects of bitcoin. Some have speculated that if bitcoin is widely adopted in the global economy, then a certain percentage of all energy produced on the planet will have to be spent doing proof of
60.
by epscylonb 14y ago
The developer plan is still $100?. I never really understood this, it seems more logical to me to give all members the developer perks. Most of the users won't use them, and those that do are helping to promote the app.net service and get

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