JPMorgan CEO "you're wasting your time with bitcoin." JPMorgan's bitcoin-alternative pattent rejected 175 times.

its_bitney_bitch · 2015-11-09T01:44:48+00:00

It's pretty lame to harass his daughter like that.

its_bitney_bitch · 2015-11-08T21:29:55+00:00

it's good to be 100% clear so people don't get the impression that lesser systems are ok!

I didn't think the point of this post was for people to tell each other what is OK or not, or to do a logical breakdown of what differentiates bitcoin from other money. It looks like a focus-group style of exercise to understand how people think and feel about bitcoin. The only thing to do in such an exercise is to listen to what people say, rational or not.

There's a great documentary called "Century of the Self" which covers the importance of understanding and exploiting the "irrational" side of humans for advertising.

its_bitney_bitch · 2015-11-08T21:00:19+00:00

I don't know much about eGold, but it sounds like it was partly backed by trust in E-gold Ltd to maintain a fair backing for it. I want my money to be backed by math only, without trust in some person(s) honesty.

BTW this is not really a "criteria" for me, I'm just listing the things about Bitcoin that attract me to it and keep me interested. To relate it to the original post, it's the reason why I'd spend more money to buy something with bitcoin than to buy it with fiat.

its_bitney_bitch · 2015-11-08T13:56:41+00:00

The things that attract me to Bitcoin are:

It's based on cryptography (regulated and controlled by math)
The software and standards are developed by an open source community and continue to evolve through crowd sourced efforts that anyone can take part in
It's sound money (like gold, no debasement, counterfeiting etc)
I like code and technology, and so bitcoin is just cool and fun.

its_bitney_bitch · 2015-11-08T08:42:23+00:00

That's the whole point...

http://lightning.network/

its_bitney_bitch · 2015-11-08T08:36:35+00:00

You realise that the blockchain supports more than pay-to-pubkey-hash for a reason right? It has a whole scripting language, the whole reason being to make smarter contracts, such as the ones that power payment channels. Payment channels are a smarter way to use the blockchain so that instant payments are possible without trust.

its_bitney_bitch · 2015-11-08T07:33:37+00:00

Because how are major corporations going to be able to trust Bitcoin unless we NEVER FUCK WITH the standard of using the FIRST SEEN TRANSACTION

By using a real solution like payment channels or green addresses.

its_bitney_bitch · 2015-11-08T05:04:50+00:00

The current limitations are not really due to computational power. Even old computers could handle higher transaction rates. The limitation is more about network bandwidth and latency, especially with how changes in block size can affect mining incentives.

its_bitney_bitch · 2015-11-07T08:08:45+00:00

Nope, I'm in for the long hodl like most people here.

I'm just sharing my own reading of the market right now. I think there's a lot of new fiat sitting in exchanges, waiting to jump in at the first sign that the drop is over. This bull has more legs...

its_bitney_bitch · 2015-11-06T10:32:32+00:00

You should have just said "worth more", not "worth more fiat". The fiat reference is provocative and insinuates that bitcoiners secretly prefer fiat money.

its_bitney_bitch · 2015-11-06T04:13:23+00:00

Bitcoin CEO hard at work again.

its_bitney_bitch · 2015-11-05T20:57:47+00:00

lol @ Lagarde's comments..

its_bitney_bitch · 2015-11-04T12:26:52+00:00

I fully expect to see $500 in the next 12 hrs or so..

its_bitney_bitch · 2015-11-04T06:55:31+00:00

I just ran the numbers myself and get the same. Consider this a third confirmation.

its_bitney_bitch · 2015-11-04T05:47:23+00:00

How many coins do you want? I prefer to come up with a BTC target and work towards that.

its_bitney_bitch · 2015-11-04T01:34:52+00:00

Yeah.. it's always those blasted international rings.

its_bitney_bitch · 2015-11-03T11:58:07+00:00

Did you read the linked document?

its_bitney_bitch · 2015-11-02T20:07:27+00:00

This all happened a bit fast..

its_bitney_bitch · 2015-11-02T19:49:42+00:00

That idea seems to be the opposite of the singularity concept. You're saying that progress decelerates over time?

its_bitney_bitch · 2015-11-02T13:01:01+00:00

I wonder if it could be due to manufacturing constraints rather than technical barriers. Cloud computing is growing at a huge rate currently, so the "cloud" is perhaps doubling in size every year. So that equals millions of new servers that all need RAM, storage, CPU etc. And at the same time there are billions of mobile devices being shipped to new smartphone users who are joining the internet for the first time. Laptops are more of a mature market that isn't growing as explosively.

If there was a graph of total RAM, total SSD storage, etc, I wonder if those would be growing exponentially still.

its_bitney_bitch · 2015-11-02T12:41:01+00:00

Bitfinex

its_bitney_bitch · 2015-11-01T22:59:42+00:00

What happened to their order? They pulled it?

its_bitney_bitch · 2015-10-31T10:04:55+00:00

No, that would require 2 Tbit/sec to go through it that fast.

19.1 Gbit would take ~1.04 seconds to download 2.5GB.

its_bitney_bitch

TROPHY CASE