813100+ entries in 0.527s
monolithik: yeah he is pretty
terrible as a spokesperson. But his code is good
monolithik: I don't know about most of
the other people involved, but Amir
Taaki is a
talented engineer.
mircea_popescu: the wilson guy definitely means well. i don't see he;s delivering any value yet, but it's way
too early.
the other
thing sounds like it means well, same situation.
monolithik: I read some of
the libbitcoin source. It is high quality.
xoinfinityox: for large entities like nations (banks?) i
think
the value / advantage of ownership would keep
them mining
xoinfinityox: i dont
think mining cartels would really be profitable or efficient
monolithik: so far,
the system has shown
to be incentive-safe in practice
monolithik: will people abandon bitcoin if some kind of nefarious mining cartel forms? Is
that enough of a disencentive for
the miners
to do so?
Duffer1: if it's not an assumption
then how do you know?
xoinfinityox: the value of
their own coins vs
the risk of losing
them should keep from cartelizing
mircea_popescu: monolithik mining is roughly slightly unprofitable on
the spot
today, and has been for a while. on
the long
term it will remain so.
xoinfinityox: mono: i
think once you get
the market consolidated
to a few big players,
they will compete pretty fiercely
Duffer1: mircea what do you base your assumption on
that us/china govs are hashing?
monolithik: question: will people run miners unprofitably
to ensure
that nobody has a majority share?
xoinfinityox: i would prefer
to be a slumlord with
the same
tiles
mircea_popescu: monolithik i
tell you, it's when upscale bathrooms come with miners in
the
tile
monolithik: network consolidation is definitely a problem. Best case scenario IMO: ASIC development hits
the point where an increase in ghash/watt would be reducible
to a general improvement in human knowledge of semiconductors. At
that point bitcoin ASICs will become commoditized like Intel CPUs, and
the distribution of hashpower would settle
to some equilibrium where power was not
too widely concentrated
mircea_popescu: we're roughly past
the point where
this is feasible, which is one of
the major
things
tghat changed since back in spring.
xoinfinityox: i gotcha,
they can get out in front of
the actual chain
mircea_popescu: can of course does not equal will, but giving
that sort of an option
to anyone is anathema
to
the bitcoin philosophy and
the expectations built around it.
mircea_popescu: resulting in untrustworthy btc conveyance for as long as
their 51% position lasts
mircea_popescu: that party can
then do some nefarious choosing in
the
transactions
that get accepted and
then rolled back
mircea_popescu: a 51% attack is
the situation where one party controls a majority of mining.
xoinfinityox: @mircea - good article.
this might be a dumb Q but whats
the danger of controlling interest in BTC?
ozbot: Things
that matter
these days ;
things
that don’t matter
these days. pe
Trilema - Un blog de Mirce
mircea_popescu: which by now of course does more in a day
than
the fiat stock exchanges combined in a week
mircea_popescu: what will it look like when
the miner producers dominate
the silicon industry on
the ground, and are like 5 of
the
top 20 corps on mpex
Bugpowder: how many
total computational power of
the worlds is
that
mircea_popescu: and nobody is doing
this, practyically, acoupla noname shops
mircea_popescu: moving on, did i mention body stockings are kinda cool ?
they should put
this in seventeen or w/e kids read, "if you don't own a coupla good ones you're no woman"
KRS|Gotyawallet: mircea_popescu: I was wondering about a follow-up on
that one, much
time has passed in btc
time.
mircea_popescu: i did have
the "ppl stop buying" post prepared, but it never got
there, so... crisis averted.
mircea_popescu: we're not imo in dangerous
territory, and
that's all i care about.
mircea_popescu: not
that, really, but anyway. seriously pizzaman1337, it's impossible
to make a definitive call like
that in
the current circumstance.
BingoBoingo: Honeslty it is probably worth an amount such
that you yourself would have
to pay
to get an honest answer
ozbot: People Bitcoin is not worth 100+ dollars per. STOP BUYING! pe
Trilema - Un blog de Mircea Popescu.
pizzaman1337: so do you
think it's currently worth more or less
than $500 per coin? (seems
to be hovering at around 500)
ozbot: BitBet - BTC network difficulty
to
top 1B before 2014
mircea_popescu: not for you, for
them. plunk
the whiole
thing down on yes :D
Bugpowder: Its going
to
take a while
to get
to $4,000 / btc I
think. Doubt
they will be able
to hold on
Bugpowder: oh shit...
They needed
their coins
to appreciate
to $75,000??
pizzaman1337: mircea_popescu: and how about in
terms of USD?
pizzaman1337: mircea_popescu: just curious, what do you
think bitcoin is worth right now?
Bugpowder: my buddy just started getting
T supplementation
nubbins`: we got a rush job earlier
today, due
tomorrow ;(
nubbins`: ok enough of
this, gonna print one more color
mircea_popescu: ;;later
tell mircea_popescu remind me in 10 years
to neg Bugpowder if his "i will never be frail" promise
turns out
to be made of milk.
nubbins`: one week each month,
the bathroom garbage fills up much quicker
than usual
mircea_popescu: Bugpowder it'll suck
to be you when you're 50 and old and frail
ozbot: How much for
the little girl? - YouTube
mircea_popescu: nubbins` when i was a mobster i didn't wanna go live with all
the other mobsters. generally
this seems
to be a common
trend,
too, people don't seem
to go "a shit, you know what'd be cool ? let's move upstate.
the city's a
toilet!"
nubbins`: mircea_popescu: you gotta do something like
that in a city, not out in
the woods. e.g. freetown christiania
mircea_popescu: BingoBoingo re options, you gotta understand
that ecosystems are born out of shit.
mircea_popescu: nubbins` gotta give junkies credit when
they manage
to hold off for a
thousand words before bringin; it.
Bugpowder: warned
them not
to manic sell if it were
to drop... I hope
the held on...
nubbins`: he waited 8 or 9 paragraphs before bringing up
the drug
therapies
Bugpowder: they need bitcoin
to go
to $2500
to afford
their land
nubbins`: mircea_popescu: i remember a while back
this guy on
the forums had a huge
thesis-length post about "bitcoin land", a place where bitcoin would be used everywhere
Bugpowder: Geeky father, overbearing fat mother,
two incredibly cute blond girls
mircea_popescu: Bugpowder is a family of four mean a guy and
three women ?
mircea_popescu: nubbins`
they were
trying
to sell me on
the
thing. i
tell you i don't see it, why would you want
to go hang out
there ?
Bugpowder: They just wanted
to move
to Chile...
Bugpowder: I
think it was
their life savings :(