Bitcoin Shrinking - The Long View - page 3.

Synaptic

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Quote from: ?? on ??

Quote from: Synaptic on September 02, 2011, 03:36:49 PM

Quote from: ?? on ??

Quote from: Synaptic on September 02, 2011, 03:08:55 PM

Well anyway, Bitcoin sucks, it has caused a lot of pain and strife, enriched a few undeserved shysters (and still is), and may very well to turn out to be written into the history books as a more modern example of the tulip craze or beanie babies.,,

As I've said, the sooner it dies, the better it will be for cryptocurrency in the future.

So then, what do you propose as an alternative... That could only be used in 'white' markets, and could not be used by shysters, etc?

I have an awesome idea for a blockchain system, but I'm certainly not going to post it here until I could protect it or release a full program.

Obviously you can't keep any currency out of a black market, and fools and their money will always be soon parted, but my chain completely obviates the potential for the rife abuse of centralized systems as we have with bitcoin and it's clones. As for white market viability, that would be the entire gearing of the system, and there are ingenious controls for economic accountability inherent to the chain. Bitcoin is just a proof-of-concept with no real economic forethought behind it. The Satoshi entity might be adept at cryptographic systems, but it's economic comprehension is in severe arrears. Unless of course the entire point was to foster the pump and dump scam that it's become.

Also, this is my first post using my HP touchpad, and "bitcoin" auto-corrects to "buffoon," LOL...

We anxiously await your contribution to humanity.

Which will 99.9% never come to fruition. There's no way for me to feasibly patent the ideas, and I really don't have the time or skill to code such a thing...

...tragic, I know.

2112

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Quote from: ?? on ??

So then, what do you propose as an alternative...

Bitcoin is actually quite good. But it had bad fortune of attracting shysters from all walks of life. Bitcoin is the project about which its main architect Gavin Andresen wrote: we don't much care if you don't approve of the software we write.

http://www.youtube.com/watch?v=koIq58UoNfE

and about 1:25 into the clip.

Synaptic

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Activity: 84

Merit: 10

Quote from: ?? on ??

Quote from: Synaptic on September 02, 2011, 03:08:55 PM

Well anyway, Bitcoin sucks, it has caused a lot of pain and strife, enriched a few undeserved shysters (and still is), and may very well to turn out to be written into the history books as a more modern example of the tulip craze or beanie babies.,,

As I've said, the sooner it dies, the better it will be for cryptocurrency in the future.

So then, what do you propose as an alternative... That could only be used in 'white' markets, and could not be used by shysters, etc?

I have an awesome idea for a blockchain system, but I'm certainly not going to post it here until I could protect it or release a full program.

Obviously you can't keep any currency out of a black market, and fools and their money will always be soon parted, but my chain completely obviates the potential for the rife abuse of centralized systems as we have with bitcoin and it's clones. As for white market viability, that would be the entire gearing of the system, and there are ingenious controls for economic accountability inherent to the chain. Bitcoin is just a proof-of-concept with no real economic forethought behind it. The Satoshi entity might be adept at cryptographic systems, but it's economic comprehension is in severe arrears. Unless of course the entire point was to foster the pump and dump scam that it's become.

Also, this is my first post using my HP touchpad, and "bitcoin" auto-corrects to "buffoon," LOL...

Synaptic

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Activity: 84

Merit: 10

Well anyway, Bitcoin sucks, it has caused a lot of pain and strife, enriched a few undeserved shysters (and still is), and may very well to turn out to be written into the history books as a more modern example of the tulip craze or beanie babies.,,

As I've said, the sooner it dies, the better it will be for cryptocurrency in the future.

Synaptic

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Activity: 84

Merit: 10

Quote from: tvbcof on September 02, 2011, 02:32:52 PM

Quote from: Synaptic on September 02, 2011, 02:14:28 PM

Quote from: tvbcof on September 02, 2011, 01:53:44 PM

Quote from: Synaptic on September 02, 2011, 01:35:34 PM

Does the mention of the black market offend you all?

Nope. The definition of black vs. white markets seem to shift around at the whims of those who can afford lobbyists. As in, unless you are paying a %10000 markup on some medicine you need, it's 'black market.'

Quote from: Synaptic on September 02, 2011, 01:35:34 PM

It's a fact that Bitcoin makes black-market transactions easier than cash. I'm not saying that's a failing of Bitcoin, the failing of bitcoin is that it's more viable for the black market than the white market...

I think BTC (based currency) would be highly viable for the 'white market' if there were a need. USD works fine for me currently for most things. If/when it stops being so, I wish to have an alternative.

I'm curious, what things to USD not work well for?

You want _that_ as a freebie? Don't hold your breath.

Lol, what?

I just mean, I can't even imagine what it's more difficult for you to buy with USD, unless you're talking about black market goods....

tvbcof

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Quote from: Synaptic on September 02, 2011, 02:14:28 PM

Quote from: tvbcof on September 02, 2011, 01:53:44 PM

Quote from: Synaptic on September 02, 2011, 01:35:34 PM

Does the mention of the black market offend you all?

Nope. The definition of black vs. white markets seem to shift around at the whims of those who can afford lobbyists. As in, unless you are paying a %10000 markup on some medicine you need, it's 'black market.'

Quote from: Synaptic on September 02, 2011, 01:35:34 PM

It's a fact that Bitcoin makes black-market transactions easier than cash. I'm not saying that's a failing of Bitcoin, the failing of bitcoin is that it's more viable for the black market than the white market...

I think BTC (based currency) would be highly viable for the 'white market' if there were a need. USD works fine for me currently for most things. If/when it stops being so, I wish to have an alternative.

I'm curious, what things to USD not work well for?

You want _that_ as a freebie? Don't hold your breath.

Synaptic

member

Activity: 84

Merit: 10

Quote from: tvbcof on September 02, 2011, 01:53:44 PM

Quote from: Synaptic on September 02, 2011, 01:35:34 PM

Does the mention of the black market offend you all?

Nope. The definition of black vs. white markets seem to shift around at the whims of those who can afford lobbyists. As in, unless you are paying a %10000 markup on some medicine you need, it's 'black market.'

Quote from: Synaptic on September 02, 2011, 01:35:34 PM

It's a fact that Bitcoin makes black-market transactions easier than cash. I'm not saying that's a failing of Bitcoin, the failing of bitcoin is that it's more viable for the black market than the white market...

I think BTC (based currency) would be highly viable for the 'white market' if there were a need. USD works fine for me currently for most things. If/when it stops being so, I wish to have an alternative.

I'm curious, what things to USD not work well for?

tvbcof

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Quote from: Synaptic on September 02, 2011, 01:35:34 PM

Does the mention of the black market offend you all?

Nope. The definition of black vs. white markets seem to shift around at the whims of those who can afford lobbyists. As in, unless you are paying a %10000 markup on some medicine you need, it's 'black market.'

Quote from: Synaptic on September 02, 2011, 01:35:34 PM

It's a fact that Bitcoin makes black-market transactions easier than cash. I'm not saying that's a failing of Bitcoin, the failing of bitcoin is that it's more viable for the black market than the white market...

I think BTC (based currency) would be highly viable for the 'white market' if there were a need. USD works fine for me currently for most things. If/when it stops being so, I wish to have an alternative.

Synaptic

member

Activity: 84

Merit: 10

Does the mention of the black market offend you all?

It's a fact that Bitcoin makes black-market transactions easier than cash. I'm not saying that's a failing of Bitcoin, the failing of bitcoin is that it's more viable for the black market than the white market...

tvbcof

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Activity: 4690

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Quote from: Synaptic on September 02, 2011, 01:00:45 PM

Quote from: ?? on ??

Quote from: Synaptic on September 02, 2011, 12:45:02 PM

the sane side of the global economy.

That's a good one! Cheesy

Sane as in not wanting to pay to see children raped or murdered, etc...

I get it. Pay Blackwater to do it using pallet loads of USD and close your eyes then, eh? Or did you mean direct deposit to NATO troops bank accounts?

ElectricMucus

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Quote from: Synaptic on September 02, 2011, 12:45:02 PM

Quote from: 2112 on September 02, 2011, 12:38:42 PM

Quote from: Synaptic on September 02, 2011, 10:18:18 AM

And recent history is replete with programmers hammering out code on dead end projects, nothing new.

This is true. In case of bitcoin it was particularly compounded by the fact that the various side projects are/were building wrappers around horribly bad central engine.

But the central idea still seems interesting. Even if it isn't completely innovative, it is/was an innovative combination of earlier ideas.

And no matter what will happen to Bitcoin itself, the education in scam detection and avoidance will have a lasting positive effect on many people. I would never expect that such a variety of emotions could be stirred by a piece of badly written C++ code.

Cryptocurrency is definitely interesting. I'm just disappointed Bitcoin had to be the first incarnation and that it achieved such popularity. It's a shame because the fact is that Bitcoin fucking sucks. It's poorly thought out, and horribly implemented.

It was a wonderful proof-of-concept, and would have made an EXCELLENT academic paper for some aspiring undergrad. However, becoming the fad phenomenon of a mockery of some new global alternative currency is purely the result of a bunch of poorly educated get-rich-quick maggots and the nature of open source software.

Cryptocurrency as a concept has been irreparably HARMED in the near term because of this shithole backwater project...

Of course, it has served its purpose in the darker seedier sides of transaction processing...I'm sure there's plenty of anon very happy that bitcoin has made purchasing child porn, scheduled drugs, and who knows what else, an easier reality for them...

But that doesn't really help the rest of us on the sane side of the global economy.

plonk

I suggest anyone with a few braincells left ignore this troll

2112

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Quote from: Synaptic on September 02, 2011, 12:45:02 PM

It was a wonderful proof-of-concept, and would have made an EXCELLENT academic paper for some aspiring undergrad.[...]

Cryptocurrency as a concept has been irreparably HARMED in the near term because of this[...]

It still may be a good subject of some dissertation. In fact I hope it will not pass into obscurity, but it will stay an active subject of research and academic writing.

In addition I consider "short term irreparable HARM" a good thing: it is an excellent and fresh source for an examples of wide variety of scams. Sometimes it is hard to keep explaining to young people how scams work using the cases from 19 and early 20 centuries. Now we have really neat 21 century scam: all digital, all new-genaration, all Internet. No need to keep invoking tired, old references to "dog and ponny show" & "snake oil salesmen".

Most importantly, it doesn't appear to have been designed from the start to be a scam. It evolved into it.

Synaptic

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Quote from: ?? on ??

Quote from: Synaptic on September 02, 2011, 12:45:02 PM

the sane side of the global economy.

That's a good one! Cheesy

Sane as in not wanting to pay to see children raped or murdered, etc...

Synaptic

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Activity: 84

Merit: 10

Quote from: 2112 on September 02, 2011, 12:38:42 PM

Quote from: Synaptic on September 02, 2011, 10:18:18 AM

And recent history is replete with programmers hammering out code on dead end projects, nothing new.

This is true. In case of bitcoin it was particularly compounded by the fact that the various side projects are/were building wrappers around horribly bad central engine.

But the central idea still seems interesting. Even if it isn't completely innovative, it is/was an innovative combination of earlier ideas.

And no matter what will happen to Bitcoin itself, the education in scam detection and avoidance will have a lasting positive effect on many people. I would never expect that such a variety of emotions could be stirred by a piece of badly written C++ code.

Cryptocurrency is definitely interesting. I'm just disappointed Bitcoin had to be the first incarnation and that it achieved such popularity. It's a shame because the fact is that Bitcoin fucking sucks. It's poorly thought out, and horribly implemented.

It was a wonderful proof-of-concept, and would have made an EXCELLENT academic paper for some aspiring undergrad. However, becoming the fad phenomenon of a mockery of some new global alternative currency is purely the result of a bunch of poorly educated get-rich-quick maggots and the nature of open source software.

Cryptocurrency as a concept has been irreparably HARMED in the near term because of this shithole backwater project...

Of course, it has served its purpose in the darker seedier sides of transaction processing...I'm sure there's plenty of anon very happy that bitcoin has made purchasing child porn, scheduled drugs, and who knows what else, an easier reality for them...

But that doesn't really help the rest of us on the sane side of the global economy.

2112

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Quote from: Synaptic on September 02, 2011, 10:18:18 AM

And recent history is replete with programmers hammering out code on dead end projects, nothing new.

This is true. In case of bitcoin it was particularly compounded by the fact that the various side projects are/were building wrappers around horribly bad central engine.

But the central idea still seems interesting. Even if it isn't completely innovative, it is/was an innovative combination of earlier ideas.

And no matter what will happen to Bitcoin itself, the education in scam detection and avoidance will have a lasting positive effect on many people. I would never expect that such a variety of emotions could be stirred by a piece of badly written C++ code.

wumpus

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No Maps for These Territories

Quote from: Synaptic on September 02, 2011, 10:18:18 AM

it's been very entertaining.

Yes, it is.

Synaptic

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Quote from: wumpus on September 02, 2011, 10:09:15 AM

Quote from: Synaptic on September 02, 2011, 10:04:50 AM

And capitulation isn't necessary to call the ToD on this project. It's obviously winding down, losing steam, and spiraling into obscurity.

You must be so happy now. With the "fad" forgotten all your time spent on this forum writing 565 posts will be as wasted as our development time. But at least we trained our skills.

Nah, not wasted time, it's been very entertaining.

And recent history is replete with programmers hammering out code on dead end projects, nothing new.

S3052

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Quote from: grod on September 02, 2011, 09:28:49 AM

It's not over yet. We haven't had capitulation yet (plenty of perma-bulls still calling for $100/btc by year end, no "all is lost" sentiment at all), but there is now a possibility of that in the next 2-3 months.

After that is over -- who knows. There's still long term upside potential, especially if the algorithm changes from sha-1 to a memory-intensive algorithm + sha-1 and opens the bitcoin ecosystem participation to the general public again.

If it becomes a small club of FGPA and ASIC hardware owners as the entire bitcoin community IMO the odds of mass adoption go to zero.

+1
Agree with you. Most often those longer term downtrends like the down we have seen since June 2011 end with a capitulation "crash".

We probably need to see this in BTCUSD before we make significant progress on the upside.

wumpus

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No Maps for These Territories

Quote from: Synaptic on September 02, 2011, 10:04:50 AM

And capitulation isn't necessary to call the ToD on this project. It's obviously winding down, losing steam, and spiraling into obscurity.

You must be so happy now. With the "fad" forgotten all your time spent on this forum writing 565 posts will be as wasted as our development time. But at least we trained our skills doing so.

You lose either way. If bitcoin lives, you are just another angry man with a stick preaching about the "end of the world" which never came. If bitcoin disappears, this forum disappears and you will have accomplished nothing.

ElectricMucus

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Quote from: Synaptic on September 02, 2011, 10:04:50 AM

Quote from: grod on September 02, 2011, 09:28:49 AM

It's not over yet. We haven't had capitulation yet (plenty of perma-bulls still calling for $100/btc by year end, no "all is lost" sentiment at all), but there is now a possibility of that in the next 2-3 months.

After that is over -- who knows. There's still long term upside potential, especially if the algorithm changes from sha-1 to a memory-intensive algorithm + sha-1 and opens the bitcoin ecosystem participation to the general public again.

If it becomes a small club of FGPA and ASIC hardware owners as the entire bitcoin community IMO the odds of mass adoption go to zero.

Well, there will never be an ASIC or widespread FPGA adoption due to cost. Never.

And capitulation isn't necessary to call the ToD on this project. It's obviously winding down, losing steam, and spiraling into obscurity.

Such are fads.

Quoting a troll in a troll thread.

Topic: Bitcoin Shrinking - The Long View - page 3. (Read 19400 times)