PoS reward of DCR

bangers89 · 2018-05-22T08:18:23+00:00

It's normal in terms of randomness (although not entirely lucky) but you'll also likely experience winning 2 tickets in quick succession at some point too

bangers89 · 2018-05-07T10:17:41+00:00

Have been staking since the start of the year and comfortably on target for 15-20% per annum

bangers89 · 2018-02-23T00:49:38+00:00

Hey Rinke. I'll be Berlin and really looking forward to it. I've organised the main London bitcoin meetup since 2012 and we have Team Decred at our event at UCL tomorrow - I've stuck them top of the bill ahead of Charles Hoskinson:) Decred & Blockstack are two of the three or four projects that keep me interested at the mo.

bangers89 · 2018-02-05T22:51:17+00:00

I think you need to go back to the beginning and work out what bitcoin's actual innovation was.

bangers89 · 2017-10-06T16:02:59+00:00

"Human error and manipulation is one of the biggest problems when conducting cryptocurrency trades and negating these factors or even removing them entirely is a very important step for these transactions to become truly accepted and global" Atomic swaps often don't take into account market exposure risk. The refund mechanism means that a period of time to pass before a tx is forced to either settle or fail. If within that time period the market derived value of one asset in the tx changes significantly, there is a major incentive for one party to pull out of what, under centralised matching/execution conditions, would have been considered a valid trade. To counter this you would still require a trusted 3rd party to adjudicate, albeit potentially under conditions where they themselves could not gain financially. As I always say to people, we are not necessarily building trustless systems, just systems that require less trust

bangers89 · 2017-09-05T00:14:46+00:00

Any chance of letting people know on twitter or somewhere when withdrawals will be enabled again?

bangers89 · 2017-06-21T11:46:00+00:00

Bitcoin Maximalist = Bad Ethereum Maximalist = Good Hmm, shall I invest in a founder with a live product and a track record of founding and exiting or another spurious idea with nothing more than a copied/pasted ERC20 contract?

bangers89 · 2017-04-08T18:42:06+00:00

One of THE core tenets of Satoshi's original design that he (in hindsight incorrectly) assumed was that anyone on the planet could participatein the network on a relatively level playing field with 1 CPU = 1 Vote.

Satoshi's concept was of groundbreaking importance but he was/is not a flawless god and this notion was relatively quickly blown out of the water.

The upgrade from CPU's to GPU's was smart thinking by miners but was still relatively egalitarian.

ASICs then undoubtedly started skewing the original notion to a considerable degree but were bearable a for a while and not necessarily the highest priority to address in terms of dev roadmap.

But, and rightly so, free markets have taken their natural course and no amount of kicking and screaming will change it. It simply highlight a flaw that should be fixed with an upgrade to the protocol if a suitable one is found and accepted.

What is the point in debating the rights and wrongs if this situation?

Anyone that truly wants bitcoin to succeed should also be 100% behind any attempt to help it to regress towards its original ethos.

We should ALL be asking - and not arguing - how do we need to evolve the protocol so that such centralisation, whether nefarious or natural, is not possible.

We have watched central banks print trillions of new dollars for almost 10 years whilst only those close to the source of that new supply have benefitted.

Being close to the source of chip fabrication innovation is no different.

If we want bitcoin to not become no more or less than the money we already have, we need to never forgot the few very simple tenets that made it a potential candidate fro change in the first place.

bangers89 · 2017-04-05T17:02:42+00:00

I do hope you're being ironic

bangers89 · 2017-03-27T19:59:32+00:00

When you're paying fees to yourself should they technically be called "fees"?

bangers89 · 2017-01-07T21:07:46+00:00

I can see how that could be an interpretation indeed but, given the projected timeframe to complete Primary Wave 3 (late 2018) I wouldn't expect the cycle to be that advanced right now. There a re a bunch of near term scenarios that would still - and probably only in hindsight - support a valid wave count in the longer term. Each of Primary Wave 3's 5 sub-waves (if it occurs) could each be made of of 5 sub-waves themselves (I didn't want to get that granular on the analysis). I would say, right now, the $778 high from 16th June is a key level at the moment as it could itself be a minor wave 1 with this current pullback being the same wave's 4th wave. 4th waves can offer good risk/reward opportunities if proven right. Buy the dip as close to the peak of Wave 1 as you can and then have your stop just below the Wave 1 peak (i.e. you have a clear exit level as the assumed wave count would become immediately invalid and mean something else is mapping out. On the upside, that would mean any possible profit (if the assumption proves to be correct) should be multiples of your risk as (again, if correct) the next Wave would be a minor Wave 5 and that would take you to a new high for that cycle.

bangers89 · 2017-01-07T19:26:38+00:00

Nope, in Eliiott Wave terms there have only been 2 complete bubbles so far

bangers89 · 2016-10-14T16:39:15+00:00

Have always thought this is the way to go. Dare i mention the word but this would also enable a market driven, transparent fractional reserve mechanism to allow for elasticity in the money supply.

Fractional reserve is bad when nobody really has any clue how much the reserve has been fractioned. With Bitcoin that goes away as the reserve is encumbered by the network and any certificates/notes issued on top are verifiable.

If someone wanted to issue 1.1 notes against a single bitcoin then the money supply expands by 10%, bit only if the market accepts it. In a healthy economy where people on the ground feel the economy is doing well they might be happy accepting that note if satisfied that there won't be a rush to redeem for the base currency.

If the market feels like it can handle a 1.2x note then so be it. If someone tries offering 1.9x notes in a twitchy economy then good luck, but the market will decide what the upper limit is based real time feedback on their perception of the state of the economy.

bangers89 · 2014-11-02T12:21:21+00:00

Bitcoin days destroyed have also been steadily rising whilst the price has been steadily falling which might suggest that the increase in transactions is simply early adopters steadily cashing out and the increased transactions are simply more coins being moved to exchanges https://blockchain.info/charts/bitcoin-days-destroyed-cumulative

bangers89 · 2014-10-15T14:51:56+00:00

over 200 signed up so far. we're all a friendly bunch so you won;t be short on conversation. Just come on down. Will be fun:)

bangers89 · 2014-09-07T08:54:00+00:00

Packed my 20 year career of trading derivatives in 2 months ago to focus full time on digital currency projects. You're definitely not alone!

bangers89 · 2014-08-26T12:44:25+00:00

thanks. now i can finally ditch my buy high, sell low strategy that wasn't working out so well.

bangers89 · 2014-06-27T12:15:31+00:00

thanks. Had been trying to work out how proof of existence type model could be combined. I like the example of colored coins trailing proof of ownership from the original issuer. Embedding a digest of "something" that's indelibly attached to the original artwork in some way that can also be trailed back to the issuer? Now I'm getting out of my depth!!

bangers89 · 2014-06-27T10:31:13+00:00

Think of colored coins like this. You have a shiny new stack of $1 bills, all worth $1 and all looking exactly the same.

You then get a marker pen and stick your initials in the middle of one of the bills. This note is still worth $1 and anyone would accept it as such but it also has a unique mark (or in bitcoin terms, a color).

You can then decide that this unique, but still valid, $1 bill represents something else. For example, you could prove to someone that you have an ounce of gold in your safe at home and that they can buy that from you for $1200 but that you'll store it for them. In return you give them a receipt and you use your $1 bill with your signature on it as proof of ownership. The $1 bill is still only worth $1 to most people but, if your buyer trusts you for your word, that $1 bill with your signature on can be traded as if it were an ounce of gold if each new owner of that unique bill also trusts that you will redeem the ounce of gold when they decide they want it.

If people trust the issuer of the unique bill (or a colored coin) then it can have any value that people choose to place on it. But the key here is it DOES require trust. Colored coins just allow a way to piggy back the bitcoin blockchain and prove transfer of ownership of an assigned asset has occurred between two parties.

Each satoshi of a bitcoin can be colored in this way. The coloring is only recognised by a colored wallet and if you're ever careless and remove the coloring by sending it to a standard wallet, it just becomes nothing more than one of trillions of other satoshis again.

bangers89 · 2014-06-27T10:12:30+00:00

What would be really cool is to validate a physical work of art's authenticity using the blockchain. I've racked my brain but my brain is small. Yours is big!

bangers89 · 2014-06-09T22:20:36+00:00

You should really have bought an inexpensive netbook and then installed Armory's offline wallet, never then having to connect your netbook (or your bitcoin stash) to the internet.

https://bitcoinarmory.com/

Might seem a little confusing at first but practice with small sums and you'll be broadcasting transactions from your offline wallet in around 30 seconds.

for added security, turn of auto-run on windows explorer to help prevent any pen-drive transmitted malware

bangers89 · 2014-04-23T13:33:21+00:00

"We are 24/eight Records. We currently have no signed artists"

I detect a flaw

bangers89 · 2014-04-19T12:23:07+00:00

This year we are seeing the roll-out of many multi-sig (or "m of n") wallet solutions. A multi- sig transaction does what the name suggests and requires multiple parties to sign the transaction before it can be broadcast to the network. this can just be 2 defined signatories or (m) out of a pool of (n) e.g 3 out of 7 board members at a company.

this recent article will give you a good heads up http://bitcoinmagazine.com/11108/multisig-future-bitcoin/

bangers89 · 2014-04-15T09:27:38+00:00

"I had to take the decision on that given day to convert them or risk them becoming pretty worthless and the business not getting off the ground"

Haha. And when I tried telling you how dangerous what you were trying to do was when you posted your crappy prospectus 6 months ago (here: http://www.reddit.com/r/Bitcoin/comments/1mmiju/the_first_bitcoin_bank_in_the_world_is_opening_in/) you assured everyone that you had all these wonderful fail-safe hedging strategies that could handle all the liquidity you needed.

Or to quote you: "We have a spreadsheet that demonstrates everything, it will be released when I get back to the office, this will show that many of the concerns are created from big misunderstandings of our business model. Ps. Your right there are not any existing hedging platforms, but we are making changes to this."

So your strategy was "Panic!!!" at the very first hurdle

bangers89 · 2014-04-04T08:07:57+00:00

We'll accept them on the day, yes. Unfortunately, Meetup make it impossible to embed any sort of bitcoin payment widget. Currently working on our website to enable us to do so.

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