for those who miss their daily SC's hit, go here for an excellent discussion btwn this guy Coinlock and nullc over on Reddit. Coinlock gives some very clear and cogent arguments against the peg and shuts nullc down real quick:
http://www.reddit.com/r/Bitcoin/comments/2qpdnc/gregory_maxwell_how_i_went_from_bitcoin_skeptic/cn8dne9
Topic: Gold collapsing. Bitcoin UP. - page 604. (Read 2032266 times)
ok, will it fail to confirm?
havent had that euphoria yet... should be a major upthrust soon.
just saw The Imitation Game. wow, great movie. a must see for every Bitcoiner and cryptographer:
https://www.youtube.com/watch?v=S5CjKEFb-sM
https://www.youtube.com/watch?v=S5CjKEFb-sM
Bitcoin has now less monetary inflation than these countries (and probably a few others if 'real' rates were used).
http://en.wikipedia.org/wiki/List_of_countries_by_inflation_rate
Egypt 10.61
Argentina 24.2
Ukraine 13
Syria 13.6
Iran 14.6
Belarus 19.8
Sudan 46.8
Venezuela 60.9
http://www.tradingeconomics.com/country-list/inflation-rate
Central African Republic 25.6
Eritrea 12.3
Ghana 17
Liberia 12.7
Malawi 23.7
Monogolia 11.5
North Korea 55
We can keep this list up to date as the bitcoin inflation rate continues to drop.
http://en.wikipedia.org/wiki/List_of_countries_by_inflation_rate
Egypt 10.61
Argentina 24.2
Ukraine 13
Syria 13.6
Iran 14.6
Belarus 19.8
Sudan 46.8
Venezuela 60.9
http://www.tradingeconomics.com/country-list/inflation-rate
Central African Republic 25.6
Eritrea 12.3
Ghana 17
Liberia 12.7
Malawi 23.7
Monogolia 11.5
North Korea 55
We can keep this list up to date as the bitcoin inflation rate continues to drop.
New year is coming closer, hopefully BTC recovers to at least 500 before silver or gold takes off
Now is the perfect time to buy more cheap coins
Now is the perfect time to buy more cheap coins
ok, will it fail to confirm?
The scale is a bit misleading. It looks perhaps like LTC is down 99% but look at the numbers. It is down from about 0.03 to 0.01.
Bitcoin is down a similar amount against USD.
(Granted LTC is priced against BTC so down ~90% against USD).
Nov 29 2013, LTC was at 0.043BTC, which was about $47. LTC = $2.74 today, so that's a fall of 94.2% against the dollar (and a fall of 80% against bitcoin at current 0.00859BTC/LTC).
Yes and from the peak of 1163, BTC is now down 73%. At its recently low of 275, it was down 76%. Not quite as bad as LTC but nothing to cheer about either.
First off, I was just fixing your litecoin numbers, not comparing to bitcoin's dollar performance.
But since you bring it up: falling 94.2% against something is quite meaningfully worse than -76%. Specifically, it represents a loss of 3/4 of the remaining amount.
And if you believe in fibonacci; 76.4%.
The scale is a bit misleading. It looks perhaps like LTC is down 99% but look at the numbers. It is down from about 0.03 to 0.01.
Bitcoin is down a similar amount against USD.
(Granted LTC is priced against BTC so down ~90% against USD).
Nov 29 2013, LTC was at 0.043BTC, which was about $47. LTC = $2.74 today, so that's a fall of 94.2% against the dollar (and a fall of 80% against bitcoin at current 0.00859BTC/LTC).
Yes and from the peak of 1163, BTC is now down 73%. At its recently low of 275, it was down 76%. Not quite as bad as LTC but nothing to cheer about either.
First off, I was just fixing your litecoin numbers, not comparing to bitcoin's dollar performance.
But since you bring it up: falling 94.2% against something is quite meaningfully worse than -76%. Specifically, it represents a loss of 3/4 of the remaining amount.
LTC lost 80% against BTC compared to the ATH. Period.
The scale is a bit misleading. It looks perhaps like LTC is down 99% but look at the numbers. It is down from about 0.03 to 0.01.
Bitcoin is down a similar amount against USD.
(Granted LTC is priced against BTC so down ~90% against USD).
Nov 29 2013, LTC was at 0.043BTC, which was about $47. LTC = $2.74 today, so that's a fall of 94.2% against the dollar (and a fall of 80% against bitcoin at current 0.00859BTC/LTC).
Yes and from the peak of 1163, BTC is now down 73%. At its recently low of 275, it was down 76%. Not quite as bad as LTC but nothing to cheer about either.
First off, I was just fixing your litecoin numbers, not comparing to bitcoin's dollar performance.
But since you bring it up: falling 94.2% against something is quite meaningfully worse than -76%. Specifically, it represents a loss of 3/4 of the remaining amount.
whilst i'm here.
also of interest today
not really sure what this signifies, but I assume they are pretty concerned about the state of the countries banks to hold up in this crisis??
also of interest today
Quote
President Putin signed a law on Monday doubling the deposit guarantee for bank accounts, to 1.4m roubles (£16,290; $25,370).
The last time Russia suffered a major economic crisis, in 1998, many ordinary Russians saw their bank savings wiped out.
Mr Putin has also given the Russian central bank the power to recapitalise the country's biggest retail bank, Sberbank, directly with soft loans. The total must not exceed Sberbank's capital as measured on 1 January 2015.
The "subordinated debt" issued by the central bank, if Sberbank needs it, will not have to be repaid until other loans have been paid off. It is a cushion in case Sberbank gets into financial difficulty.
Other banks can be recapitalised by the central bank through Russia's deposit guarantee agency, using federal government bonds.
The last time Russia suffered a major economic crisis, in 1998, many ordinary Russians saw their bank savings wiped out.
Mr Putin has also given the Russian central bank the power to recapitalise the country's biggest retail bank, Sberbank, directly with soft loans. The total must not exceed Sberbank's capital as measured on 1 January 2015.
The "subordinated debt" issued by the central bank, if Sberbank needs it, will not have to be repaid until other loans have been paid off. It is a cushion in case Sberbank gets into financial difficulty.
Other banks can be recapitalised by the central bank through Russia's deposit guarantee agency, using federal government bonds.
not really sure what this signifies, but I assume they are pretty concerned about the state of the countries banks to hold up in this crisis??
Trouble ahead in Greece
http://www.bbc.com/news/world-europe-30623421
http://www.bbc.com/news/world-europe-30623421
Quote
Although Syriza's lead in the opinion polls has been narrowing in recent weeks, there is concern in the markets and among EU officials that a new Greek government could throw out many of the fiscal reforms implemented by Mr Samaras's coalition with the left-of-centre Pasok party.
Thanks for this.
It's just a matter of time. .
the left-wing Syriza party leading the polls wants the terms of a huge EU-IMF bailout renegotiated. That could cause some upsets in the financial markets, and may even lead to a greek exit of the euro??
Trouble ahead in Greece
http://www.bbc.com/news/world-europe-30623421
http://www.bbc.com/news/world-europe-30623421
Quote
Although Syriza's lead in the opinion polls has been narrowing in recent weeks, there is concern in the markets and among EU officials that a new Greek government could throw out many of the fiscal reforms implemented by Mr Samaras's coalition with the left-of-centre Pasok party.
Thanks for this.
It's just a matter of time. .
Trouble ahead in Greece
http://www.bbc.com/news/world-europe-30623421
http://www.bbc.com/news/world-europe-30623421
Quote
Although Syriza's lead in the opinion polls has been narrowing in recent weeks, there is concern in the markets and among EU officials that a new Greek government could throw out many of the fiscal reforms implemented by Mr Samaras's coalition with the left-of-centre Pasok party.
The scale is a bit misleading. It looks perhaps like LTC is down 99% but look at the numbers. It is down from about 0.03 to 0.01.
Bitcoin is down a similar amount against USD.
(Granted LTC is priced against BTC so down ~90% against USD).
Nov 29 2013, LTC was at 0.043BTC, which was about $47. LTC = $2.74 today, so that's a fall of 94.2% against the dollar (and a fall of 80% against bitcoin at current 0.00859BTC/LTC).
Yes and from the peak of 1163, BTC is now down 73%. At its recently low of 275, it was down 76%. Not quite as bad as LTC but nothing to cheer about either.
The scale is a bit misleading. It looks perhaps like LTC is down 99% but look at the numbers. It is down from about 0.03 to 0.01.
Bitcoin is down a similar amount against USD.
(Granted LTC is priced against BTC so down ~90% against USD).
Nov 29 2013, LTC was at 0.043BTC, which was about $47. LTC = $2.74 today, so that's a fall of 94.2% against the dollar (and a fall of 80% against bitcoin at current 0.00859BTC/LTC).
what is "constant time"?
Improved signing security
For 0.10 the security of signing against unusual attacks has been improved by making the signatures constant time and deterministic.
This change is a result of switching signing to use libsecp256k1 instead of OpenSSL. Libsecp256k1 is a cryptographic library optimized for the curve Bitcoin uses which was created by Bitcoin Core developer Pieter Wuille.
There exist attacks[1] against most ECC implementations where an attacker on shared virtual machine hardware could extract a private key if they could cause a target to sign using the same key hundreds of times. While using shared hosts and reusing keys are inadvisable for other reasons, it's a better practice to avoid the exposure.
OpenSSL has code in their source repository for derandomization and reduction in timing leaks, and we've eagerly wanted to use it for a long time but this functionality has still not made its way into a released version of OpenSSL. Libsecp256k1 achieves significantly stronger protection: As far as we're aware this is the only deployed implementation of constant time signing for the curve Bitcoin uses and we have reason to believe that libsecp256k1 is better tested and more thoroughly reviewed than the implementation in OpenSSL.
[1] https://eprint.iacr.org/2014/161.pdf
Improved signing security
For 0.10 the security of signing against unusual attacks has been improved by making the signatures constant time and deterministic.
This change is a result of switching signing to use libsecp256k1 instead of OpenSSL. Libsecp256k1 is a cryptographic library optimized for the curve Bitcoin uses which was created by Bitcoin Core developer Pieter Wuille.
There exist attacks[1] against most ECC implementations where an attacker on shared virtual machine hardware could extract a private key if they could cause a target to sign using the same key hundreds of times. While using shared hosts and reusing keys are inadvisable for other reasons, it's a better practice to avoid the exposure.
OpenSSL has code in their source repository for derandomization and reduction in timing leaks, and we've eagerly wanted to use it for a long time but this functionality has still not made its way into a released version of OpenSSL. Libsecp256k1 achieves significantly stronger protection: As far as we're aware this is the only deployed implementation of constant time signing for the curve Bitcoin uses and we have reason to believe that libsecp256k1 is better tested and more thoroughly reviewed than the implementation in OpenSSL.
[1] https://eprint.iacr.org/2014/161.pdf
A countermeasure against
http://en.m.wikipedia.org/wiki/Timing_attack
?
Although I can't think of a practical scenario where a typical user would ever be exposed to this, yes, the concern is side-channel attacks (e.g., a timing attack):
( ... cut a lot of helpful links, quote and explanations ... )
I think deterministic signatures are much more important than constant-time signatures (there's been a non-trivial amount of funds lost due to the repeat k-value problem but I doubt a single satoshi has ever been lost due to a genuine side-channel attack). Someone like gmaxwell could comment better on the practical risks here…
I concur with all you said. I think that Pieter Wuille took a chance to snap in this "constant time" thing while writing libsecp256k1. What seems weird to me is that they don't mention the main advantage of replacing OpenSSL with such "custom made" signing tool: speed.
Quoting a gmaxwell's email to the bitocoin-development mailing list (related to the headers-first sync feature):
Quote from: gmaxwell
(I'm using 295k as the target here because after that point ecdsa
dominates, and then your 6+x faster libsecp256k makes more of a
difference)
(bold is mine)dominates, and then your 6+x faster libsecp256k makes more of a
difference)
The scale is a bit misleading. It looks perhaps like LTC is down 99% but look at the numbers. It is down from about 0.03 to 0.01.
Bitcoin is down a similar amount against USD.
(Granted LTC is priced against BTC so down ~90% against USD).
i still say that there is a purpose for this long, drawn out year long pullback in Bitcoin; flush the competition:
It is almost getting tempting to pick a few thousand!
no. just let them die. the sooner that happens, the sooner Bitcoin can Moon.
Litecoin isn't holding back Bitcoin from mooning. The premise there is wrong in my opinion. Bitcoin will succeed whether or not Litecoin does.
People will speculate despite what some may want. I should know I was and still am one of them.
Mastercoin flushed.
Speaking of those guys, they are getting desperate now.They are changing the name of the project in an attempt to escape their past bad press.
Several developers have quit in disgust.
D.J. and JR. W. are sending out emails trying to recruit more projects like Maidsafe they can use to pull more MSC bagholders.
I don't think it will do them much good in the end.
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