Topic: GOVERNMENT SELLS BITCOIN!!! - page 3. (Read 3843 times)
Not really news, they have mooved their BTC to another address like a week ago and it was known that SR coins will be sold, since they can't get nothing else of it.
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I Quantum Leap to different worlds when I sleep...
Very well written piece 
People need to realize what makes Bitcoin great? is it's DECENTRALIZATION and TRUST LESS system Protocol! Whether ghash has intentional motives or not? Is completely IRRELEVANT! WE shouldn't have to be MADE into a position to TRUST THEM! That defeats the whole idea of Bitcoin....... reminds me of the old FABLE "The SCORPION and THE FROG" for all those that don't know? It goes like this and a valuable lesson to be had..........
One day, a scorpion looked around at the mountain where he lived and decided that he wanted a change. So he set out on a journey through the forests and hills. He climbed over rocks and under vines and kept going until he reached a river.
The river was wide and swift, and the scorpion stopped to reconsider the situation. He couldn't see any way across. So he ran upriver and then checked downriver, all the while thinking that he might have to turn back.
Suddenly, he saw a frog sitting in the rushes by the bank of the stream on the other side of the river. He decided to ask the frog for help getting across the stream.
"Hellooo Mr. Frog!" called the scorpion across the water, "Would you be so kind as to give me a ride on your back across the river?"
"Well now, Mr. Scorpion! How do I know that if I try to help you, you wont try to kill me?" asked the frog hesitantly.
"Because," the scorpion replied, "If I try to kill you, then I would die too, for you see I cannot swim!"
Now this seemed to make sense to the frog. But he asked. "What about when I get close to the bank? You could still try to kill me and get back to the shore!"
"This is true," agreed the scorpion, "But then I wouldn't be able to get to the other side of the river!"
"Alright then...how do I know you wont just wait till we get to the other side and THEN kill me?" said the frog.
"Ahh...," crooned the scorpion, "Because you see, once you've taken me to the other side of this river, I will be so grateful for your help, that it would hardly be fair to reward you with death, now would it?!"
So the frog agreed to take the scorpion across the river. He swam over to the bank and settled himself near the mud to pick up his passenger. The scorpion crawled onto the frog's back, his sharp claws prickling into the frog's soft hide, and the frog slid into the river. The muddy water swirled around them, but the frog stayed near the surface so the scorpion would not drown. He kicked strongly through the first half of the stream, his flippers paddling wildly against the current.
Halfway across the river, the frog suddenly felt a sharp sting in his back and, out of the corner of his eye, saw the scorpion remove his stinger from the frog's back. A deadening numbness began to creep into his limbs.
"You fool!" croaked the frog, "Now we shall both die! Why on earth did you do that?"
The scorpion shrugged, and did a little jig on the drownings frog's back.
"I could not help myself. It is my nature."
Then they both sank into the muddy waters of the swiftly flowing river.
Self destruction - "Its my Nature", said the Scorpion...
Ghash has obviously pulling Smoke and MIRRORS THE Rise in UNKNOWn by 9 10% is clearly GHash that type of power doesn't suddenly appear overnite
People need to realize what makes Bitcoin great? is it's DECENTRALIZATION and TRUST LESS system Protocol! Whether ghash has intentional motives or not? Is completely IRRELEVANT! WE shouldn't have to be MADE into a position to TRUST THEM! That defeats the whole idea of Bitcoin....... reminds me of the old FABLE "The SCORPION and THE FROG" for all those that don't know? It goes like this and a valuable lesson to be had..........One day, a scorpion looked around at the mountain where he lived and decided that he wanted a change. So he set out on a journey through the forests and hills. He climbed over rocks and under vines and kept going until he reached a river.
The river was wide and swift, and the scorpion stopped to reconsider the situation. He couldn't see any way across. So he ran upriver and then checked downriver, all the while thinking that he might have to turn back.
Suddenly, he saw a frog sitting in the rushes by the bank of the stream on the other side of the river. He decided to ask the frog for help getting across the stream.
"Hellooo Mr. Frog!" called the scorpion across the water, "Would you be so kind as to give me a ride on your back across the river?"
"Well now, Mr. Scorpion! How do I know that if I try to help you, you wont try to kill me?" asked the frog hesitantly.
"Because," the scorpion replied, "If I try to kill you, then I would die too, for you see I cannot swim!"
Now this seemed to make sense to the frog. But he asked. "What about when I get close to the bank? You could still try to kill me and get back to the shore!"
"This is true," agreed the scorpion, "But then I wouldn't be able to get to the other side of the river!"
"Alright then...how do I know you wont just wait till we get to the other side and THEN kill me?" said the frog.
"Ahh...," crooned the scorpion, "Because you see, once you've taken me to the other side of this river, I will be so grateful for your help, that it would hardly be fair to reward you with death, now would it?!"
So the frog agreed to take the scorpion across the river. He swam over to the bank and settled himself near the mud to pick up his passenger. The scorpion crawled onto the frog's back, his sharp claws prickling into the frog's soft hide, and the frog slid into the river. The muddy water swirled around them, but the frog stayed near the surface so the scorpion would not drown. He kicked strongly through the first half of the stream, his flippers paddling wildly against the current.
Halfway across the river, the frog suddenly felt a sharp sting in his back and, out of the corner of his eye, saw the scorpion remove his stinger from the frog's back. A deadening numbness began to creep into his limbs.
"You fool!" croaked the frog, "Now we shall both die! Why on earth did you do that?"
The scorpion shrugged, and did a little jig on the drownings frog's back.
"I could not help myself. It is my nature."
Then they both sank into the muddy waters of the swiftly flowing river.
Self destruction - "Its my Nature", said the Scorpion...
Ghash has obviously pulling Smoke and MIRRORS THE Rise in UNKNOWn by 9 10% is clearly GHash that type of power doesn't suddenly appear overnite
Bitcoin got some good news as well, with companies like Expedia, Yahoo!, and Google among several big names implementing a Bitcoin strategy. Venture capital dollars continue to flow into Bitcoin exchanges and new products at an ever increasing pace...
Good news for Bitcoin, followed by more good news.
Good news for Bitcoin, followed by more good news.
Bitcoin prices dipped in the wake of an announcement last week that the US Marshal's Office was putting $17.5 million worth of Bitcoins seized from Silk Road up for auction. Bitcoin prices dropped from the $670 range down to $608, where prices stabilized mid-week.
Bidder registration for the sale closes on Monday, with the auction to be held June 27th. Initially there was concern that a large flood of new coins would impact prices, but those fears have largely diminished. The $17.5 million up for sale is only a fraction of government holdings, and in line with the mid-range of typical exchange volumes. Even after the auction, the government will still have a large stake in the price of Bitcoin.
Bitcoin got some good news as well, with companies like Expedia, Yahoo!, and Google among several big names implementing a Bitcoin strategy. Venture capital dollars continue to flow into Bitcoin exchanges and new products at an ever increasing pace, even while troubling signs persist in the Bitcoin infrastructure itself.
GHash.IO Attains 51%
GHash.IO attained the milestone 51% of mining processing power we discussed last week, and this time the mining pool didn't automatically correct itself. In a statement made through CEX.IO, the exchange portion of GHash.IO, the operators reaffirmed their commitment to Bitcoin and vowed never to launch a 51% attack on Bitcoin infrastructure. In essence, the operators said "trust us".
Then an amazing thing happened; the hashrate of GHash.IO diminished, and was replaced by an unidentified entity currently labeled "Unknown" and a second entity currently labeled "Other Unknown". It's not a stretch of the imagination to guess that Unknown and Other Unknown were simply GHash.IO splitting off parts of their own pool behind different names, which could be still be controlled by same central entity.
We'll find out in the coming days whether the change is largely semantic, or whether GHash.IO implemented a more robust division of its mining pools -- but whichever way it turns out, the only real difference may be the perception. The fact remains that a single entity could still disrupt the Bitcoin marketplace and turn it to their advantage; a fact which, all by itself, undermines the whole decentralized concept behind Bitcoin and cryptocurrencies. Whether the operators ever would do so is immaterial; the fact remains they could. The community has largely dismissed the fears of a 51% attack as overblown, and perhaps that's true. What that doesn't change is the reality that, as long as the actual operators themselves remain anonymous, it's impossible to accurately weigh their motivations.
These situations are where it's necessary to make a distinction between Bitcoin as virtual property that you hold, and Bitcoin as a medium of exchange. Even if Bitcoin prices suddenly dropped to single digits, an event that would cause great consternation among those holding large quantities of Bitcoin, that would not affect its utility as a medium of payment and exchange. With services like Ripple, users send payments in their own currency to other users who receive payments in their own currency. In that payment scenario, Bitcoin is only a brief intermediary -- and the associated price is really not significant because neither party in the exchange is holding Bitcoin, unless they choose it as their preferred means of payment.
As a medium of exchange then, the 51% attack is not a relevant issue. GHash.IO could go off the rails one day, undermine the whole of the Bitcoin universe; and from the standpoint of those accepting Bitcoin as payment, nothing really changes. If your price for a product is $30 USD and you're receiving payments in USD, does it really matter how many Bitcoins were involved in the exchange? The bigger reality is that also makes Bitcoin irrelevant, as an exchange like Ripple could switch to Litecoin, Dogecoin, or any other coin -- and the process, and the way they make money, remains exactly the same.
Once again we see the brilliance and value of the underlying technology and, in an odd way, how the value of the technology protects Bitcoin itself.
-Redtea
Independent News for the Right-Minded American
redteanews
Bidder registration for the sale closes on Monday, with the auction to be held June 27th. Initially there was concern that a large flood of new coins would impact prices, but those fears have largely diminished. The $17.5 million up for sale is only a fraction of government holdings, and in line with the mid-range of typical exchange volumes. Even after the auction, the government will still have a large stake in the price of Bitcoin.
Bitcoin got some good news as well, with companies like Expedia, Yahoo!, and Google among several big names implementing a Bitcoin strategy. Venture capital dollars continue to flow into Bitcoin exchanges and new products at an ever increasing pace, even while troubling signs persist in the Bitcoin infrastructure itself.
GHash.IO Attains 51%
GHash.IO attained the milestone 51% of mining processing power we discussed last week, and this time the mining pool didn't automatically correct itself. In a statement made through CEX.IO, the exchange portion of GHash.IO, the operators reaffirmed their commitment to Bitcoin and vowed never to launch a 51% attack on Bitcoin infrastructure. In essence, the operators said "trust us".
Then an amazing thing happened; the hashrate of GHash.IO diminished, and was replaced by an unidentified entity currently labeled "Unknown" and a second entity currently labeled "Other Unknown". It's not a stretch of the imagination to guess that Unknown and Other Unknown were simply GHash.IO splitting off parts of their own pool behind different names, which could be still be controlled by same central entity.
We'll find out in the coming days whether the change is largely semantic, or whether GHash.IO implemented a more robust division of its mining pools -- but whichever way it turns out, the only real difference may be the perception. The fact remains that a single entity could still disrupt the Bitcoin marketplace and turn it to their advantage; a fact which, all by itself, undermines the whole decentralized concept behind Bitcoin and cryptocurrencies. Whether the operators ever would do so is immaterial; the fact remains they could. The community has largely dismissed the fears of a 51% attack as overblown, and perhaps that's true. What that doesn't change is the reality that, as long as the actual operators themselves remain anonymous, it's impossible to accurately weigh their motivations.
These situations are where it's necessary to make a distinction between Bitcoin as virtual property that you hold, and Bitcoin as a medium of exchange. Even if Bitcoin prices suddenly dropped to single digits, an event that would cause great consternation among those holding large quantities of Bitcoin, that would not affect its utility as a medium of payment and exchange. With services like Ripple, users send payments in their own currency to other users who receive payments in their own currency. In that payment scenario, Bitcoin is only a brief intermediary -- and the associated price is really not significant because neither party in the exchange is holding Bitcoin, unless they choose it as their preferred means of payment.
As a medium of exchange then, the 51% attack is not a relevant issue. GHash.IO could go off the rails one day, undermine the whole of the Bitcoin universe; and from the standpoint of those accepting Bitcoin as payment, nothing really changes. If your price for a product is $30 USD and you're receiving payments in USD, does it really matter how many Bitcoins were involved in the exchange? The bigger reality is that also makes Bitcoin irrelevant, as an exchange like Ripple could switch to Litecoin, Dogecoin, or any other coin -- and the process, and the way they make money, remains exactly the same.
Once again we see the brilliance and value of the underlying technology and, in an odd way, how the value of the technology protects Bitcoin itself.
-Redtea
Independent News for the Right-Minded American
redteanews
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