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Cryptocurrency and Blockchain News and Discussions Thread

bitcoin blockchain P2P DAO decentralization digital currency cryptocurrency dogecoin Ethereum economics

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#161
kjaggard

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I'm not an economic neophyte of a currency noob, I just know that back in the days of 20 cent bit coins all the talk by the anarchocapitalists I know was that crypto was better because It's not a government backed, politically enmeshed, note of fiat currency. It wasn't linked to petro dollars and not bound to any physical thing that more would be mined from the earth or moon or whatever. The talkwas always about how pure cryptos were because there boundries of supply were pre determined and known up frontand thus the factor for value was demand. The more who wanted it the more valuble it would be, and the more it could be used by people as a means of exchange (IE the more people who wanted it and would trade/sell things in exchange for it) the more valuble it was.

 

Early on I saw it as pseudo fiat currency in that it's value depended heavily on percieved value. But it also is similar to commodities in it being a finite resource with potential to have much more demand for it than supplies of it.

 

Frankly it's the Kardacians of money, famous for being famous. And it's trade is little more than gambling in most ways.

 

Block chain does intrest me a bit because I can see it as a sort of napster of the currency systems in a gloablized economy. I don't think I forsee Bitcoin going all the way to take the title as the winner of the foundation of a cryptocurrency future, but it is the public and loud signal that started the exploration that will lead to the several imatators from which the title holder(s) will emerge. (I actually feel like there will be a few title holders, at least for most of our lifetimes, and not just a single master currency)

 

I think I will invest in some options in the near term anyway. But my interest isn't restricted to it's current forms and functions. I've been talking for a long time, well before cryptocurrencies emerged (heck before 2005) about scrips and things like Ithica Hours. I'd had this fanciful idea back in the dawning days of the new millenium of a currency based in the arts and crafts. Shares of a painting of a master, or some such thing. A cultural currency derived from the value of skilled cultural products not simply scarcity based mineral resources.

 

Trust me I would love to see some way of anchoring a cryptocurrency to something like art works. but I'm not sure the current formats are conducive to that. 


Live content within small means. Seek elegance rather than luxury, Grace over fashion and wealth over riches.
Listen to clouds and mountains, children and sages. Act bravely, think boldly.
Await occasions, never make haste. Find wonder and awe, by experiencing the everyday.

#162
kjaggard

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jeez all the cryptos are dropping. I feel like there is still a little more time before they settle out yet. I need to go see where they were at in october last year, Isuspact the they will bottom out within range of a couple hundred of thet number before a more steady climb back up later in the year.


Live content within small means. Seek elegance rather than luxury, Grace over fashion and wealth over riches.
Listen to clouds and mountains, children and sages. Act bravely, think boldly.
Await occasions, never make haste. Find wonder and awe, by experiencing the everyday.

#163
caltrek

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SEC v Cryptocurrency

 

https://www.courthou...cryptocurrency/

 

 

MANHATTAN (Courthouse News) — The SEC on Friday unsealed a federal court order freezing $27 million from allegedly illegal sales of Longfin Corp. shares, a “purported cryptocurrency business,” and its CEO Venkata Meenavalli and two cronies.


The principles of justice define an appropriate path between dogmatism and intolerance on the one side, and a reductionism which regards religion and morality as mere preferences on the other.   - John Rawls


#164
wjfox

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Bitcoin jumped from $6,800 to nearly $8,000 in the last 12 hours.

 

https://www.coindesk.com/price/



#165
kjaggard

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yeah I watching it hover between 6750 and 7250 for about a week and a half. now it's hopped up again into 8000 territorry but I feel like it's due to settle out again in the low 7000s again by mid summer. October to holiday season is where I expect the next spike to hit. 


Live content within small means. Seek elegance rather than luxury, Grace over fashion and wealth over riches.
Listen to clouds and mountains, children and sages. Act bravely, think boldly.
Await occasions, never make haste. Find wonder and awe, by experiencing the everyday.

#166
wjfox

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Simply insane.

 

---

 

Bitcoin to use 0.5% of world’s electricity by end of 2018

 

Thu, May 17 2018. 07 26 PM

 

Bitcoin, one of the most popular cryptocurrencies, currently uses almost as much power as Ireland does, and could be consuming about 0.5% of the world’s total electricity by the end of this year, a study has found.

Bitcoin’s burgeoning electricity demands have attracted almost as much attention as the cryptocurrency’s wildly fluctuating value. However, estimating exactly how much electricity the bitcoin network uses, necessary for understanding its impact and implementing policy, remains a challenge.

“We’ve seen a lot of back-of-the-envelope calculations, but we need more scientific discussion on where this network is headed. Right now, the information available is pretty poor quality overall, so I’m hoping that people will use this paper as a foundation for more research,” said economist and blockchain specialist Alex de Vries, who works at PwC in the Netherlands.

 

The estimates, based in economics, put the minimum current usage of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland. A single transaction uses as much electricity as an average household in the Netherlands uses in a month. By the end of this year, he predicts the network could be using as much as 7.7 gigawatts—as much as Austria and 0.5% of the world’s total consumption.

 

“To me, half a per cent is already quite shocking. It’s an extreme difference compared to the regular financial system, and this increasing electricity demand is definitely not going to help us reach our climate goals,” he said. If the price of bitcoin continues to increase the way some experts have predicted, De Vries believes the network could someday consume 5% of the world’s electricity.

 

https://www.livemint...nd-of-2018.html

 

 

dXMeQer.jpg


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#167
Erowind

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/\ Ethereum will be switching to a proof of state model eliminating 99% of it's electricity usage.


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Current status: slaving away for the math gods of Pythagoras VII.


#168
caltrek

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I am not sure how Ethereum will affect this situation. At any rate, here is another article on the energy related aspects of this topic.

 

 

Bitcoin’s energy use studied

 

https://grist.org/ar...rse-than-usual/

 

Introduction:

 

(Mother Jones) Bitcoin’s energy footprint has more than doubled since Grist first wrote about it six months ago.

 

It’s expected to double again by the end of the year, according to a new peer-reviewed study out Wednesday. And if that happens, bitcoin would be gobbling up 0.5 percent of the world’s electricity, about as much as the Netherlands.

 

That’s a troubling trajectory, especially for a world that should be working overtime to root out energy waste and fight climate change. By late next year, bitcoin could be consuming more electricity than all the world’s solar panels currently produce — about 1.8 percent of global electricity, according to a simple extrapolation of the study’s predictions. That would effectively erase decades of progress on renewable energy.

 

Although the author of the study, Alex de Vries, an economist and data consultant based in the Netherlands, has shared these calculations publicly before, this is the first time that an analysis of bitcoin’s energy appetite has appeared in a peer-reviewed journal.


The principles of justice define an appropriate path between dogmatism and intolerance on the one side, and a reductionism which regards religion and morality as mere preferences on the other.   - John Rawls


#169
MrJazz

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Look they have found out who is creator of Bitcoin 

 

 

According to ZyCrypto, Bitcoin creator Satoshi Nakamoto was finally identified as Gavin Andresen by using Eder’s bootstrapped stylometry method. Previously, Andresen announced during an interview that Satoshi Nakamoto is probably Dr. Craig Wright, an Australian scientist, and businessman.

 

By the way, i have known recently good ways to buy bitcoins without verification, nice guide though https://bitcoinbestb...o-verification/



#170
Yuli Ban

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Ehh, interesting but they need more evidence.


And remember my friend, future events such as these will affect you in the future.


#171
zEVerzan

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Simply insane.

 

---

 

Bitcoin to use 0.5% of world’s electricity by end of 2018

 

Thu, May 17 2018. 07 26 PM

 

Bitcoin, one of the most popular cryptocurrencies, currently uses almost as much power as Ireland does, and could be consuming about 0.5% of the world’s total electricity by the end of this year, a study has found.

Bitcoin’s burgeoning electricity demands have attracted almost as much attention as the cryptocurrency’s wildly fluctuating value. However, estimating exactly how much electricity the bitcoin network uses, necessary for understanding its impact and implementing policy, remains a challenge.

 

At least bitcoin will run out eventually when they mine that 20,999,999th one.

 

The bitcoin craze is actually a detriment to miners as a whole, as the demand for graphics cards and processors is spiking, and driving up the prices - because now, those sorts of people can afford the same equipment even if it's more expensive thanks to their bitcoin gains.


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#172
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Bitcoin has lost more than half its value since last year’s all-time high

 

Amid fall, mining energy demand remains so high that Quebec utility halts new orders.

6/10/2018, 7:33 PM

 

On Sunday, the price of Bitcoin continued to fall, losing 5 to 6 percent of its value.

According to CoinMarketCap, since an all-time high of near $20,000 per bitcoin on December 17, 2017, the cryptocurrency has lost more than half of its value, currently trading at around $7,200.

 

Overall, Bitcoin’s price is up by about 150 percent compared with this same time last year, when it was trading around $2,800.

 

Such fluctuations don't seem to have stopped demand for setting up new mining operations, particularly in areas where electrical power is relatively inexpensive. Demand is so high in one part of Canada that Hydro-Québec, the province’s energy utility, recently said that it would "temporarily" stop accepting energy requests from cryptocurrency mining companies "so that the company can continue to fulfill its obligations to supply electricity to all of Québec."

The move comes as three months ago, utilities in neighboring New York state announced they would be raising rates for mining companies.
 

https://arstechnica....-all-time-high/

 

 

ajEmcM6.jpg


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#173
Raklian

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My heart goes out to investors who took out mortgages and whole life savings to capitalize on this obvious and easy get-rich scheme...

 

 

NOT.


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#174
starspawn0

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Uhoh, looks like there is a new economic analysis of Bitcoin showing that it must necessarily be limited:

http://www.nber.org/papers/w24717

In particular, the model suggests that Bitcoin would be majority attacked if it became sufficiently economically important — e.g., if it became a “store of value” akin to gold — which suggests that there are intrinsic economic limits to how economically important it can become in the first place.


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#175
Erowind

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Uhoh, looks like there is a new economic analysis of Bitcoin showing that it must necessarily be limited:

http://www.nber.org/papers/w24717
 

In particular, the model suggests that Bitcoin would be majority attacked if it became sufficiently economically important — e.g., if it became a “store of value” akin to gold — which suggests that there are intrinsic economic limits to how economically important it can become in the first place.

 

The level of computational power it would take to 51% attack the blockchain is something that could really only be mustered by a powerful state or conglomeration of multiple multinational corporations at this point. The other thing is that the moment someone attacks the blockchain through this method and starts falsifying transactions the blockchain would lose its value defeating the purpose of attacking the network to begin with because their stolen funds would be worthless. That is, if the motive to attack is profit, no one with the resources to carry out the attack will. And unlike some folks I like to think that any of the states or organizations who could summon such an attack for a non-profit driven motive arne't malicious.

 

Now if there were a group of communist hacktivists with computational resources on the scale of the NSA poking around there might be cause for concern. 

 

If I'm completely misunderstanding that abstract I apologize, but I can't exactly read the paper since it's behind a paywall. I have actually read the bitcoin whitepaper, alongside other whitepapers from Monero Labs and the ethereum devs and that's where I'm pulling knowledge from. These questions and concerns assuming I'm understanding correctly have been discussed and worked out for years.

 

Also the NBER can screw off in general for charging money to view to research, it's anti-intellectual and anti-science to copyright or otherwise restrict access to research in any form. But what else would I expect from academia.

 

https://theanarchist...-and-liberation


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#176
Yuli Ban

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Nvidia Overestimated Bitcoin Mining Demand, Stuck With Excess GPU Inventory

At Computex 2018Nvidia CEO Jen-Hsun Huang announced that the company would not be launching any new GPUs for "a long time". Perplexing when you consider that the GeForce 10 series of cards have been around for two years. Now we know why. It seems that Nvidia is stuck with excess inventory of 10 series cards due to overestimating the bitcoin mining GPU demand and the demand from gamers. So much so that one top Asian OEM partner reportedly returned 300,000 GPUs to Nvidia. According to a report from SemiAccurate (paid subscription) via Seeking Alpha, Nvidia also aggressively bought GDDR5 that it now has in excess stock of lower-end GPUs that need to be made into boards.
"Nvidia has overestimated pent-up gaming demand and underestimated the impact of declining mining demand," claims Seeking Alpha before going into details on the state of GPU supply from Nvidia.
"How badly have they miscalculated? Enough to have to agree to take back 300,000 GPUs from a 'top 3' Taiwan OEM. This is quite notable news as Nvidia usually exerts massive influence over its partners and can be quite ruthless with allocations of new GPUs if partners step out of line. The fact that this partner returned these GPUs says a lot about the current state of supply in the channel."


And remember my friend, future events such as these will affect you in the future.


#177
starspawn0

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Pump-and-dump hucksters are playing crypto investors for fools

https://www.technolo...tors-for-fools/

Lots of libertarians losing their shirts, and learning the hard way why unregulated markets are bad.

I guess their argument is that: but then they'll learn, and not do that again.

Except that, the people don't always learn.

....

Not to get too off-topic here:

Another thing to be aware of, regarding the price of stocks and even cryptocurrencies is that the price itself is already a prediction. Eliezer Yudkowsky mentioned this on Twitter, linking to a comment by someone on the FutureofLife website:

https://mobile.twitt...553162453286912

Seems to have a similar flavor to a comment I made about Superintelligence one time, a few years ago, how predicting its own future will require predicting its own future actions -- since it, and others like it, will be powerful forces in the world, causing everything in reach to mirror its own choices. And the problem with that is that it takes more computing power to predict ones own self than one has available -- unless the superintelligence loses computing power over time, it can only do so approximately.

There is, thus, an uncertainty principle at work: the greater your power to influence the world, and the more you choose to do so, the harder it becomes to predict. Because, you must be able to predict your own future choices.

To a good approximation, this isn't much a problem for humans, because we are too weak to influence too much of the world, so that all systems mirror our choices (in the sense that behavior of the systems is heavily influenced by our choices). But this won't be the case for a much smarter, much more capable, much more influential being.

#178
starspawn0

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Matt O'Brien piece on Bitcoin:
 
https://www.washingt...total-disaster/
 

None of this makes sense unless you think of bitcoin as a particularly elaborate way to teach libertarians the economic value of trust. The only way to create a financial system without it — that’s what bitcoin aspires to be — is with an enormously expensive Rube Goldberg device of dubious utility and even worse incentives. There’s a reason, after all, why bitcoin has attracted so many scammers: All its transactions are irreversible. That’s the price of getting rid of intermediaries, like credit card companies that make sure you’re not getting defrauded. All of which is to say that if you steal a bitcoin, you get to keep a bitcoin. That might be the top use case.

Bitcoiners think all of this is worth it. That it’s better to have a financial system that is clunkier, costlier and more vulnerable to attacks than it is to have to trust someone — or, more accurately, to admit that you have to trust someone. Bitcoin exchanges require some measure of it whether they realize it or not.


Paul Krugamn tweets:

https://mobile.twitt...929542940344320

This is a very good explanation of how libertarian derp drives Bitcoin


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#179
caltrek

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Coinbase Plots to become the New York Stock Exchange of Cryptocurrency

 

 

https://techcrunch.c...pto-securities/

 

Introduction:

 

(TechCrunch) The future of Coinbase  looks something like the New York Stock Exchange. That’s according a vision laid out by CEO Brian Amstrong who was interviewed on stage at TechCrunch Disrupt in San Francisco today.

 

Coinbase is known for being the most popular exchange for converting fiat currency into crypto — most of the largest traded exchanges are crypto-to-crypto — but he foresees a future in which it plays host to a growing number of cryptocurrencies as it becomes standard for companies to create their own token, which runs alongside equity as an alternative investment system.

 

“It makes sense that any company out there who has a cap table… should have their own token. Every open source project, every charity, potentially every fund or these new types of decentralized organizations [and] apps, they’re all going to have their own tokens,” Armstrong said.

 

“We want to be the bridge all over the world where people come and they take fiat currency and they can get it into these different cryptocurrencies,” he added.

 

That tokenized future could see Coinbase host hundreds of tokens within “years” and even potentially “millions” in the future, according to Armstrong. That’s a big jump on the five cryptocurrencies that it currently supports today, and it would make it way larger than financial institutions like the New York Stock Exchange, which is actually a Coinbase investor and is getting into Bitcoin, or the NASDAQ.

disrupt-coinbase-brian-armstrong-4.jpg?w


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The principles of justice define an appropriate path between dogmatism and intolerance on the one side, and a reductionism which regards religion and morality as mere preferences on the other.   - John Rawls


#180
kjaggard

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I'm contemplating getting into xrp.


Live content within small means. Seek elegance rather than luxury, Grace over fashion and wealth over riches.
Listen to clouds and mountains, children and sages. Act bravely, think boldly.
Await occasions, never make haste. Find wonder and awe, by experiencing the everyday.





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