294500+ entries in 2.199s
mircea_popescu: let's consider
a similar case. if the 3d printer people could print guns
mircea_popescu: the entire thing is
a ploy to try and take some control back from the people.
fractal: mircea_popescu: you need more resources to do that. only
a handful of entities can afford it
mircea_popescu: you CAN'T fab your own hdd+ ram+etc for
a "normal computer"
jborkl: fractal: you are advocationg cpu mining with
a sata and ram? I just want to clarify
mircea_popescu:
a move away from sha would be
a move away from free market and independece.
jborkl: no, we have been through this
a year ago
fractal: mircea_popescu: if you follow the inevitable logic -- the entity with access to the smallest manufacturing process will control
a PoW such as SHA256. There is 1 entity who always has the smallest fab process -- Intel.. they can do 14nm and put the rest out of business. They won't until the US Government asks them to, or until mining is worth $5B / year or so to make it worth it
jborkl: if you have 100 gh, you get to vote as
a miner with 100 gh
mircea_popescu: fractal you do realise the devs don't get
a vote, either, do you ?
fractal: I dont know if its possible for such
a PoW to exist -- but i think it can be close
jborkl: no, that was called
a botnet
fractal: kako,
a PoW that was most efficient on standard computer hardware would be the best to use, IMO, it would make centralized mining more difficult.
jborkl: wasnt there
a buttsexcoin?
fractal: kakobrekla: big miners will lose the vote to small miners who would likely start using
a new PoW if it meant they could mine on their own rigs again from parts they buy at the store
mircea_popescu: what with gavin going on about introducing
a server that can turn off transactions etc.
mircea_popescu: fractal there's two layers. on one layer, all this is roughly aggitation from
a bunch of dishonest people trying to serve the interests of their political masters.
fractal: mircea_popescu: also, Dan Kamisky thinks the SHA algo will be replaced due to centralized mining --- he seems to be
a pretty smart guy ;)
fractal: gmaxwell said that
a tough PoW algo that used all aspects of
a general-purpose computer could still probably be sped up by up around 20% on custom hardware --- but that isn't much of
a margin to make it worth it until the market cap and mining reward are very high
jborkl: burnin, that actually made
a nice board with Avalon sample chips
fractal:
A PoW that required lots of disk-access, RAM, and processing power, would sort of make custom hardware useless to build --- assuming that such
a PoW algo could be made
fractal: mircea_popescu: I understand that custom hardware could be build for any algo, but my goal would to make it not cost-effective until the coin had
a market cap of say $100B
fractal: it would ensure
a decentalized network
jborkl: you cant make
a algo that could only be done in gpus
fractal: Am I the only person who thinks that the network will be stronger if the PoW was changed to
a algo that couldn't be performed in custom hardware? (i..e gpu's only)
fractal: mircea_popescu: yes, but the actual impact of it is mostly overblown in americas case.... its mostly
a laissez fair keynesian capitalist state
gribble:
A market order to buy 50000 bitcoins right now would take 8575337.2782 USD and would take the last price up to 300.0000 USD, resulting in an average price of 171.5067 USD/BTC. | Data vintage: 0.0045 seconds
mircea_popescu: it is
a fascist state after all. uses statal corporations.
mircea_popescu: ThickAsThieves usacoin wouldbe implemented as
a googlecoin
mircea_popescu: but yes, in
a historical perspective this is correct, had it been
a few decades late it'd have bnever vbeen possible as such
ThickAsThieves: more likely to have Amazon or Google coin as
a threat than the usacoin
fractal: mircea_popescu: maybe... it will be interesting to see how it plays out in
a few years. i predict the US minting virtual currency is
a certainty at some point
fractal: its more of
a 'USCoin is legal tender, and you can pay taxes in USCoin' that means people will have to sell BTC to buy USCoin to pay taxes -- UScoin will be more valuable
fractal: USACoin would be adopted quickly with government backing, and likely grow to
a larger marketcap then BTC
jurov: ^ i have
a bit of an issue with this :)
mircea_popescu: "o, we have
a mandate fgrom the voters" "well, d othose voters hold any birtcoin ?"
mircea_popescu: which as
a side point makes all the sec posturing rather lol.
mircea_popescu: not make
a few million. fuckall cares. the idea is that the us president will take office upon swearing an oath to the conclave of bitcoin.
mircea_popescu: basically there's
a 1-200 people that matter, holding like 90% of all coins. there's ~10k people with modest holdings, doing another 9%
fractal: cool.. I think 2,100 is
a good goal for someone with
a lot of money, and very bullish on bitcoin -- mathmatically no more then 10,000 people can own as much as you, and in reality it will likely be 1000 or less in the future
fractal: MTGOX has
a great idea though ;)
mircea_popescu: someone should send the labcoiners
a digest list of glbse muppets hating mp back in like... august 2012.
ThickAsThieves: re labcoiners hating mp "I agree 100%. Right after his little post I thought "wow, didn't he show this same distaste towards asicminer at one point?" This was the biggest signal for me, and I bought up
a shitload.. "
fractal: if it was
a guy with 201 BTC who lost 200BTC , id say return it right away.... how bad can you feel about someone with 10,000+ BTC laundering coins losing 200?
fractal: ThickAsThieves: the ownder has over 10,000 BTC -- likely
a criminal/money launderer -- friedcat sohuld have kept it, he has
a responsibility to shareholders
jurov: ThickAsThieves: karma is
a bitch
ThickAsThieves: (regarding
a block that has an insanely high tx fee in it)
ThickAsThieves: "I'm extremely happy that Friedcat returned that transaction fee mistake. Integrity is worth
a lot more than 200 coins (no matter what BTC ends up being worth)."
fractal: but i suppose 'if its not broken, dont fix it' can be
a valid argument sometimes as well
fractal: mircea_popescu: i've always thought that becoming my own competition is the best way to provide the most efficient service to
a market...
mircea_popescu: fractal i have
a history, by now it's long in btc terms.
mircea_popescu: because the goal is to make bitcoin work, not to try and finesse
a few coins out of the masses.
fractal: mircea_popescu: why not start
a btct.co type site using your backend code? ;) you can own the small-fish market and big-fish
mircea_popescu: if random chinese asic manufacturers would help rather than hinder we'd be moving
a lot faster, but even so, we're moving.
Rulother: There's
a service out there, that will do the trading for you with
a small % per transaction. Forgot the name :P
mircea_popescu: i've said it's only going to go up in the future, and it's
a fact.
mod6: ok, well maybe i aught to add
a random number to this thing now...
mircea_popescu: someone actually rtemembers what scamlab was claiming
a few weeks back
fractal: I made an investment
a couple weeks ago,,, profit seems to have stalled there for
a bit
pankkake: well, I'm still at
a loss from my small investment on JD. bad timing
fractal: nice... you must have done well... they need
a few more whales to play to get the profit up to 1% tho... can't belive 1 guy took them for 4000BTC
mircea_popescu: "please agree X is
a great company to spare me the emoptional cost of readjusting with
a contrary and grossly dissinterested reality"
mircea_popescu: i wonder why people don't just say "dude, i'm
a big labcoin fan, because x y z"
mircea_popescu: Swift moved to Nashville, Tennessee at the age of fourteen to pursue
a career in country music.
ThickAsThieves: meanwhile Taylor Swift is relieved she is still allowed to have
a soul
mircea_popescu: masturbatory sexualness, i think it comes as
a food additive.
Rulother: I think she's
a crazy mastermind
mircea_popescu: you're not allowed to agree with anything if you want
a good argument to keep going
fractal: mircea_popescu: i agree.... thats why law is
a difficult field
mircea_popescu: which has been perpetually
a problem in any attempt at justice.
fractal: mircea_popescu: right -- i meants the 2nd laptop comes with
a power cord also
mircea_popescu: you bought
a laptop that'd run for months not for hours.
fractal: mircea_popescu: but your first laptop+brick as
a UNIT wasn't at specs
fractal: mircea_popescu: So, 1 UNIT would be what was required to operate the original laptop at advertised specs.... if the company sent you
a 2nd laptop to make up for the fact that your first laptop wasn't good enough -- you received 2 UNITS