oleganza

59 ms·

571.
by oleganza 13y ago
It is a speculation bubble. People are betting that Bitcoin will become world money and be worth millions of products in many countries. Anything can become money only when it has value and acceptance which are created by speculators. Such
572.
by oleganza 13y ago
Prediction: it'll crash down to $450-$500 before reaching $700. But I bet we'll see $1000 before December 31. Also, we yet to see journalists screaming "insane bubble!" like in April, when it hit $100. So far media was q
573.
by oleganza 13y ago
USD is a bubble too because everyone speculates that tomorrow trust in USG does not drop. Which is much more fragile speculation taking into account recent events. When other countries start massively dumping their USD savings one of two th
574.
by oleganza 13y ago
Most probably, quantum computer will not be invented overnight. Hash functions are not seriously vulnerable, but ECDSA signatures are. Fortunately, most funds are sitting on never-used addresses which are basically the hashes of the public
575.
by oleganza 13y ago
Not much. Zero-confirmation transactions are quite hard to revert, so they are widely accepted for small instant purchases. Here's how you normally do it: send a transaction with fairly recent inputs with a zero mining fee. If you are
576.
by oleganza 13y ago
1. Any money is a bubble in a sense. It's a feedback loop of speculation that the commodity at hand will be widely accepted by other speculators in the future. The only basis for this speculation is that people need some money to trade
577.
by oleganza 13y ago
Bitcoin is not reversible after 10 minutes, credit card transaction is not reversible after 90 days in some cases. Guess how much fraud will happen to anyone selling Bitcoin with PayPal, Visa or similarly reversible payment mechanism. The p
578.
by oleganza 13y ago
For the purposes of hashing, double SHA256 is very far from being "broken" or drastically accelerated. If there's some ultra-fast chip that increases hashing by a factor of million, there are still enough of non-zero bits to
579.
by oleganza 13y ago
MtGox was handling 90% of exchange last year, but now - only 25-30%. Bitstamp is huge now, and Bitcoin-Central.net is easy to use (although it hasn't regained it's past volume yet).
580.
by oleganza 13y ago
Difficulty does not affect the price at all. Bitcoins are produced at a more-or-less stable rate regardless of the amount of mining competition. In fact, before hashrate was that high a lot of investors' money was going into mining, no
581.
by oleganza 13y ago
Banks would go under en masse if they were not bailed out with printed money or bailed in with depositors' money. Regulations heavily protect banks against competition: safer, nicer banks and new disruptive tech like Bitcoin.
582.
by oleganza 13y ago
A lot of scam only proves that there is a lot of genuine demand. Instead of respecting consumers and really protecting them from scammers, government simply says them to fuck off. It's like with bad parents: child wants to ride a bike,
583.
by oleganza 13y ago
A warning sign from a clever inventor, to expose the fallacy of the current global economy. And a tool to fix many problems with global economy.
584.
by oleganza 13y ago
Like I said above, Egold was a single entity. In U.S. feds must shut down multiple very different service providers related to Bitcoin and even then there are other countries with their own companies and legislation. Also, it's one thi
585.
What regulators should know about Bitcoin(blog.oleganza.com)
1 points by oleganza 13y ago|0 comments
586.
by oleganza 13y ago
Here's my version :) Bittorrent is used to download fucking movies while a lot of serious people invest millions in Bitcoin. Federal armies will have to deal with a lot of vested interested. In addition, some bankers and regulators may
587.
by oleganza 13y ago
E-gold had a central provider. Bitcoin has anonymous miners all over the world. Has anyone shut down Bittorrent or The Pirate Bay?
588.
by oleganza 13y ago
A workaround would be to wrap the blur layer in another one with overflow:hidden and extend the edges of the inner one. I wonder if that would do the trick.
589.
by oleganza 13y ago
1. There's no problem with "backing". Gold is backed by gold. Bitcoin is backed by Bitcoin. Bitcoin is not broken while being in the open for plenty of people to exploit it. Just like anyone interested may try to synthesise g
590.
by oleganza 13y ago
You are right that exact price of Bitcoin is irrelevant when you need to convert 8 hours of your day job into an iPhone. But for anything to be a medium of exchange it must have value. And the value is derived solely from the desire to hold
591.
by oleganza 13y ago
In the worst case, white market Bitcoin transactions will be no more tracked than cc/paypal/swift/sepa transactions. On the bright side, people will have much harder money and state will have much less power (no deficit spend
592.
by oleganza 13y ago
You have it backwards. If I spend $1M doing some awesome product and will ask for it $1.1M to cover my costs and make some profit, then it says nothing about how many people would actually pay that price. Miners invest in mining in expectat
593.
by oleganza 13y ago
Except Bitcoin could potentially remove a lot of war from the Earth. If it becomes the world currency, it'll kill "deficit spending" which is used to move billions of dollars for production of jets and bombs.
594.
by oleganza 13y ago
Shamir's paper is bullshit (RSA and SSSS are cool, though). 98% of bitcoins belong to exchanges or web wallets that manage money for their users. This distribution says nothing about actual users and there is no way to find this out. Y
595.
by oleganza 13y ago
You want people to eat each other in a complete anarchy? We need some minor group of accountable well-educated lawyers and bankers to decide the laws and issues of life and death. That'd be more civilised. And this requires people to f
596.
by oleganza 13y ago
In relative terms it can be the same. If it just repeats history (most probably it won't), the price goes to $2660 and then stabilises around $1000.
597.
by oleganza 13y ago
US cash is a depreciating asset fuelled by cheap artificial credit. This level of spending is not a genuine liquidity, but a economy on heroine. It will not end well because while people are buying all these plasma panels, printed money is
598.
by oleganza 13y ago
If bitcoin becomes a universal "store of wealth" it automatically becomes the only currency: most marketable, most liquid, cheapest to transport and store currency. See my big comment on how this happens elsewhere in the comments
599.
by oleganza 13y ago
Do you realise that for something to be money or currency (e.g. medium of exchange), it must have value ? How do people know what is the value of 1 BTC or 1 dollar or 1 ounce of gold? They look at how much other people are willing to pay
600.
by oleganza 13y ago
Imagine if you spent $1000 for bitcoins a year ago and now they are worth $40000. Wouldn't you enjoy spending a little bit of it here and there, spread the word etc? If you are a hard believer, then you'd probably wait till it&#

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