375600+ entries in 0.135s
mircea_popescu: it DOES however threaten any one actor, and ESPECIALLY actors acting on deluded presumptions,
mircea_popescu: this will be a major resource black hole in the coming years, but it does not threaten the system itself.
mircea_popescu: and with "the network accepts it" as pretty much the only measure of good or evil.
mircea_popescu: this will aggravate over time, with miners and large merchants all pushing on the code,
mircea_popescu: 5. the situation has evolved in the exact direction i was expecting : absent a specification everyone is using their own in house concoctions.
mircea_popescu: this, obviously, is a very hard task. they, aware of their intellectual limitations, eschewed this task.
mircea_popescu: 4. at the right time (ie 2012) i pointed out to them that their only chance to maintain any semblance of relevance is to fully specify the code.
mircea_popescu: basically a collection of people with poor iq and worse skills, hanging on because they perceive this as sexy, and imagine hanging on makes them somehow important.
mircea_popescu: 3. once satoshi left the dev team never recovered. it's roughly what the linux dev team would be if linus left.
mircea_popescu: 2. people started using it anyway, because it was there. this is how things usually work.
mircea_popescu: 1. bitcoin was released as a prototype. that means something specific, and what it means doesn't include "to be used for any actual purpose". prototypes are there to test.
mircea_popescu: but anyway, rather than have you shoot in the dark, here's the story :
mircea_popescu: cause the credibility of the dev team is somewhere between nil and epsilon
mircea_popescu: however, wallets made by those versions won't see a significant chunk of actual bitcoins... likely ever.
mircea_popescu: it's possible that a significant chunk of users (by headcount) are on .7/.8 or w/e
mircea_popescu: as best as i can determine everyone is on some trunk from .4 to .6 with a bunch of in house patches
mircea_popescu: 2. i doubt anyone uses unpatched bitcoin code anymore.
mircea_popescu: well 1. payouts are done with a lot of human supervision anyway ;
mircea_popescu: Duffer1 it's impossible to accurately calculate the value bitcoin transmits
mircea_popescu: if you look at the stats, Confirmed bets: 7123 Confirmed total: 9,728 BTC
mircea_popescu: jamespeerless not moreso than the average site taking bitcoin
mircea_popescu: suppose i show up one day to find my gpg key was helpfully changed.
mircea_popescu: well i ain't changing that, but you should start your own troll school./
mircea_popescu: bonus points for firing acetone charged magnets at the sun to generate extra gamma particles <<< bwhaahahajh omfg
mircea_popescu: is probably going to make someone a few bitcoin down the road.
mircea_popescu: asciilifeform actually, the application where you generate all bitcoin addresses whose private key is an ascii string
mircea_popescu: lol. i kept reading KRS : blabla, gotyawallet: blank line
mircea_popescu: i misread a blank line because your name is so long it bumps the table
mircea_popescu: BingoBoingo lol that got her well fuming. apparently it's some scammy thing that is trying to pretend like they're less scammy because they're associated with credible people, by the procedure of giving those people free shares they never asked for.
mircea_popescu: dub i suppose someone should tell them my henchman snackman was jus' trolling them
mircea_popescu: true to form the usual tard brigade took the bait, gmax and phantomcircuit << lawl.
mircea_popescu: verge, computerworld and the rest of the trade rags quite 100mn
mircea_popescu: bbc has it at 5mn (ie, 5k btc, which seems reasonable)
mircea_popescu: sooo... some sr contender nobody heard of had ~100k btc in its wallets ?
mircea_popescu: twist : snackman scammed mike_c by falsely claiming to have placed more bitbets
mircea_popescu: things like "some chick is crazy enough to produce a pic of a large wooden object stuck in her snatch" is one thing
mircea_popescu: if such things were a function of people's crazyness...
mircea_popescu: ironically because of scrypt, fpgas are actually a much better choice for ltc than asics
mircea_popescu: BingoBoingo i dunno that anyone will ever deliver ltc asics. putting all that memory on a chip is not trivial.
mircea_popescu: in fact, everyone evaluates their bitcoin exposure in terms of what their bitcoin holdings are. this is about half the story.
mircea_popescu: somewhere in there he failed to account for the fact that having kept his reputation intact for those two years is just about as valuable as having kept his bitcoins for two years.
mircea_popescu: he goes on forum as a week old and is shocked at how mean people are, telling him to do 6 motynhs + of reading before he opens his mouth again
mircea_popescu: two years later, he needs to be 1 year+ old to be even considered, because now bitcoin is 4 years old.
mircea_popescu: there's a lot of truth to it. let's lay it out : bozo comes in when bitcoin is 1 year old, can start a reputation within a week and be doing business within am onth.
mircea_popescu: that's pretty much the story of how we ended up with the insanity.
mircea_popescu: it was stretched past its usability into insanity by a desperate desire and need for stability. bitcoin doesn't offer much of that,
mircea_popescu: consequently, the first fpga's were pretty much a potluck affair
mircea_popescu: asciilifeform originally this started as a hobbyst project.