Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 27177. (Read 26710234 times)

Like the US House of Representatives (lower house of Parliament).

Right. Never mind.

It starts out with explaining what bitcoin, the blockchain, mining, wallets, altcoins, open source, supply and demand, decentralized, the usual gold analogy, the usual negatives (silk road, volatility, and such), and etc.

One of the speakers talked a lot about volatility in price, and it sound like he is setting up a website to discuss possible solutions for addressing it.

The next speaker did a pretty good job of comparing the beginnings of the internet to bitcoin.  He discusses email and message passing, along with cryptography and the inability to counterfeit bitcoins.  So, of course, the next speaker talks about mining, mining pools, double spend, and the 51% attack.

One of the speakers urged that in Italy the less they try to regulate the better it will be.  He suggested that there will probably be regulation from other sources like the EU in general, and that Italy should not need to add anything.  To counter this someone that is running an exchange said this is music to his ears, but he still would like some guidance on how to handle KYC/AML in Italy.

It looks like this is "just gathering evidence for consideration of the government concerning future legislation," like JayJuanGee had guessed.  Overall, it sounds very positive to me.  The conversations are more like "bitcoin is comming, lets embrace it and see how the EU in general decides to regulate it."  I have the same warm and fuzzy feeling I had at the end of the senate hearings in 2013.

(It looks like whoever created the stream forgot to stop it, so it's just streaming garbage from the station that it was broadcast from and you can't rewind it.  Hopefully, someone will post a proper edit of it.)


TL;DR: It's basically the same as the senate hearings in 2013, but in Italy.  To be honest, I'm not sure what function the "Camera dei Deputati" plays in the Italian government though.

Wrong thread prof.  You remember when I used to bitch at you about researching the Bitcoin technology rather than concentrating exclusively on the market price?

But how can the pool check that the submitted (failed) hash is correct for that nonce, without redoing the work? 

The member has to submit each one to the pool in order to get credit for it.

Somewhere between 40% and 60% of Dubai does not make sense so this would fit right in.

Thanks.  By the way, how does the pool make sure that each member is actually trying out all the nonces that he is supposed to try?  If the pool software runs on the miner's equipment, it could be compromised and lie to the pool, couldn't it?

Right. "Mine workers" is not appropriate either because it is not them that do the work, it is their computers.  "Slave owners who rent their slaves to a mine" may be closer. 

It occurred to me that since the computers are now making money themselves, rather than being an instrument for humans to do valuable work, perhaps they should now be given full person status and citizen rights, while their human tenders should be relegated to the status currently enjoyed by pets and horses. 

it is very difficult to deposits cash, so they have to pay the premium price.

get used to it.

Yes, you're right but a single manipulator which have many Bitcoin, more of 50.000, can manipulate market without problem.

Less risk of dumping on the exchanges, I guess

Yes, that's what makes pooled mining work at all.

Miners* can't alter the generation transaction and still have their shares accepted.



(*) whether or not it's accurate to call people who operate mining equipment and sell their hashing power to a pool instead of create their own blocks "miners" is a topic for another discussion.

I presume that the destination address in the reward payoff transaction, at the start of the block, is specified by the pool, not chosen by the miner -- correct?

Does this mean that they are acting as a vehicle for other people to bid on the blocks?

I just don't quite understand the sense in that. Perhaps to alleviate the 200k deposit hurdle?

And they are not going to be the only big parties bidding for the btc. Remember yahoo stating they added btc market info, because clients have shown interest. Go figure what will happen next.

Why would anyone want to do that?

I mean, you don't really gain anything from it. And competing pools are actually a good thing, because the more pools there are the more secure the network is.

The USD equivalent displayed on some charts (eg bitcoinwisdom) is computed from the CNY price by some CNY:USD exchange rate, presumably the official one, not necessarily up to date.  I have noticed that arbitragers apparently use a different exchange rate; say when the official one was 6.22, the Bitstamp/Huobi ratio, at "quiescent" times seemed to be consistently closer to 6.10 -- that kind of difference.  This "arbitrager's ratio" was itself fairly consistent, for days or weeks on end.  I will try to post a graph later.

Moreover, the Bitstamp/Huobi ratio was often well off the usual value whenever the price was changing very fast -- presumably because the arbitragers were unable to keep up.

Also, at Huobi the arbitragers apparently went to bed at night, like other clients.  Usually that did not matter because Bitstamp would be rather quiet at those times too. But if there happened to be independent activity at Bitstamp during the night (like there was a hour ago), Huobi would not pick up the change until waking up.

EDIT: clarifications

This is going to cause more than a mini-rally... I don't think many people have seen this yet.

Explanation

Mini-rally because this:
https://twitter.com/barrysilbert/status/477931080889012224

"1/Announcement: @BitcoinTrust and SecondMarket's bitcoin trading desk will be forming a syndicate to bid in US Marshals bitcoin auction..."

Reddit discussion:
http://www.reddit.com/r/Bitcoin/comments/285qzk/bitcointrust_and_secondmarkets_bitcoin_trading/