Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28596.

chessnut

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Quote from: EuroTrash on April 01, 2014, 06:40:41 PM

Resistance around 480? Seems that we are a bit stagnating again in the last few hours.

I dont see how the rally through the 500s could follow through without some base in the 400s. 450-600 isn't gonna happen in a day. similar to last time, the base formed in the 520s.

JayJuanGee

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Self-Custody is a right. Say no to"Non-custodial"

Quote from: surfer43 on April 01, 2014, 06:03:40 PM

Quote from: seleme on April 01, 2014, 05:50:19 PM

Quote from: Walsoraj on April 01, 2014, 05:48:28 PM

Quote from: seleme on April 01, 2014, 05:41:56 PM

Guess you saw this one:

http://finance.sina.com.cn/roll/20140402/012118683625.shtml

Needs translation + proudhon confirmation.

http://translate.google.com/translate?sl=zh-CN&tl=en&js=n&prev=_t&hl=hr&ie=UTF-8&u=http%3A%2F%2Ffinance.sina.com.cn%2Froll%2F20140402%2F012118683625.shtml

This part is the best Grin

Quote

December 5 last year, including the central bank and other five ministries jointly issued "on guard against the risk of Bitcoin notice" (Yin Fa [2013] No. 289, hereinafter referred to as "Notice"). "Notice" clearly the nature of Bitcoin that Bitcoin is not issued by the monetary authorities, such as not having sex with mandatory legal tender currency property, not money in the true sense.

This made me spit coca-cola all over my laptop. Cheesy

You shouldnt be drinking that shit, anyhow. Tongue

EuroTrash

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Merit: 500

Quote from: JayJuanGee on April 01, 2014, 06:44:50 PM

I also heard that social security could go bankrupt in 30 years if NO one were to pay into it.

She should try asking kindly.

JayJuanGee

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Activity: 3948

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Self-Custody is a right. Say no to"Non-custodial"

Quote from: adamstgBit on April 01, 2014, 05:30:22 PM

Quote from: mmitech on April 01, 2014, 05:29:26 PM

Guys did you read what Pieter Wuille Bitcoin dev wrote ? I have no intention to make any fud but Bitcoin generation maybe not limited to 21 million as sopposed to be, they still dont know how the client will behave when they reach the last Block reward, and they think it will start over from 50 BTC....
https://github.com/bitcoin/bips/blob/master/bip-0042.mediawiki

Quote

Although it is widely believed that Satoshi was an inflation-hating goldbug he never said this, and in fact programmed Bitcoin's money supply to grow indefinitely, forever. He modeled the monetary supply as 4 gold mines being discovered per mibillenium (1024 years), with equal intervals between them, each one being depleted over the course of 140 years.

This poses obvious problems, however. Prominent among them is the discussion on what to call 1 billion Bitcoin, which symbol color to use for it, and when wallet clients should switch to it by default.

To combat this, this document proposes a controversial change: making Bitcoin's monetary supply finite.

Details

As is well known, Satoshi was a master programmer whose knowledge of C++ was surpassed only by his knowledge of Japanese culture. The code below:

int64_t nSubsidy = 50 * COIN;
// Subsidy is cut in half every 210,000 blocks
// which will occur approximately every 4 years.
nSubsidy >>= (nHeight / 210000);
is carefully written to rely on undefined behaviour in the C++ specification - perhaps so it can be hardware accelerated in future.

The block number is divided by 210000 (the "apparent" subsidy halving interval in blocks), and the result is used as input for a binary shift, applied to the original payout (50 BTC), expressed in base units. Thanks to the new-goldmine interval being exactly 64 times the halving interval, and 64 being the size in bits of the currency datatype, the cycle repeats itself every 64 halvings on all currently supported platforms.

Despite the nice showoff of underhanded programming skills - we want Bitcoin to be well-specified. Otherwise, we're clearly in for a bumpy ride

ya and the Y2K bug will crash the planet.

Yeah..... let's worry about what could happen 140 years from now... as if it were the most pressing issue and as if it would be the end of the world if there were some unexpected glitch. I also heard that social security could go bankrupt in 30 years if NO one were to pay into it.

surfer43

sr. member

Activity: 560

Merit: 250

"Trading Platform of The Future!"

Quote from: EuroTrash on April 01, 2014, 06:40:41 PM

Resistance around 480? Seems that we are a bit stagnating again in the last few hours.

+1

EuroTrash

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Activity: 728

Merit: 500

Resistance around 480? Seems that we are a bit stagnating again in the last few hours.

chessnut

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https://www.youtube.com/watch?v=OCHCf8qY4so

Grin

the things people say.......

surfer43

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"Trading Platform of The Future!"

Quote

Abstract
Although it is widely believed that Satoshi was an inflation-hating goldbug he never said this, and in fact programmed Bitcoin's money supply to grow indefinitely, forever. He modeled the monetary supply as 4 gold mines being discovered per mibillenium (1024 years), with equal intervals between them, each one being depleted over the course of 140 years.

This poses obvious problems, however. Prominent among them is the discussion on what to call 1 billion Bitcoin, which symbol color to use for it, and when wallet clients should switch to it by default.

mmitech

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Activity: 1148

Merit: 1001

things you own end up owning you

for the people who didnt get the Devs Joke, I didnt copy that because I thought some will read the Github post, but I think most of people here spend full time only on speculation so here :

Compatibility

Given the moderate time frame over which this change is to be implemented, we expect all miners to choose to screw themselves and deploy this change before 2214.

If they don't, and a minority remains on the old code base, a fork may occur. Essentially, they'll be mining fool's gold after that time.

Cheesy

also

Quote

Hi all,

I understand this is a controversial proposal, but bear with me please.

I believe we cannot accept the current subsidy schedule anymore, so I
wrote a small draft BIP with a proposal to turn Bitcoin into a
limited-supply currency. Dogecoin has already shown how easy such
changes are, so I consider this a worthwhile idea to be explored.

The text can be found here: https://gist.github.com/sipa/9920696

Please comment!

Thanks,

--
Pieter

surfer43

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"Trading Platform of The Future!"

Quote from: seleme on April 01, 2014, 05:50:19 PM

Quote from: Walsoraj on April 01, 2014, 05:48:28 PM

Quote from: seleme on April 01, 2014, 05:41:56 PM

Guess you saw this one:

http://finance.sina.com.cn/roll/20140402/012118683625.shtml

Needs translation + proudhon confirmation.

http://translate.google.com/translate?sl=zh-CN&tl=en&js=n&prev=_t&hl=hr&ie=UTF-8&u=http%3A%2F%2Ffinance.sina.com.cn%2Froll%2F20140402%2F012118683625.shtml

This part is the best Grin

Quote

December 5 last year, including the central bank and other five ministries jointly issued "on guard against the risk of Bitcoin notice" (Yin Fa [2013] No. 289, hereinafter referred to as "Notice"). "Notice" clearly the nature of Bitcoin that Bitcoin is not issued by the monetary authorities, such as not having sex with mandatory legal tender currency property, not money in the true sense.

This made me spit coca-cola all over my laptop. Cheesy

MinermanNC

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Activity: 2198

Merit: 1000

Quote from: chessnut on April 01, 2014, 05:53:22 PM

The best FUD always comes at the bottom

http://qz.com/193931/bitcoin-looks-like-the-worst-investment-in-the-world-this-year/

that's interesting, lol seems they failed to mention that BTC has and can double just as easily almost over night, and where the price was just a year ago. 50.00 bucks

and all of the big names now excepting BTC as of late.

Dalmar

hero member

Activity: 1106

Merit: 500

Life is short, practice empathy in your life

Quote from: chessnut on April 01, 2014, 05:53:22 PM

The best FUD always comes at the bottom

http://qz.com/193931/bitcoin-looks-like-the-worst-investment-in-the-world-this-year/

Yet people keep on hodling here. Grin

EuroTrash

hero member

Activity: 728

Merit: 500

Quote from: chessnut on April 01, 2014, 05:53:22 PM

The best FUD always comes at the bottom

http://qz.com/193931/bitcoin-looks-like-the-worst-investment-in-the-world-this-year/

Don't forget http://www.professorbitcorn.com

billyjoeallen

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Hide your women

Quote from: Zule on April 01, 2014, 05:53:10 PM

So in other words they are forbiden to have mandatory sex with bitcoin?
Voluontary is just fine i guess

That which is not forbidden is mandatory! In the name of freedom, of course.

ChartBuddy

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Activity: 2380

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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ

Explanation

seleme

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Activity: 2772

Merit: 1028

Duelbits.com

Quote from: Zule on April 01, 2014, 05:53:10 PM

So in other words they are forbiden to have mandatory sex with bitcoin?
Voluontary is just fine i guess

Well, Chinese are definitely having hard sex with Bitcoin in last few months Grin

chessnut

legendary

Activity: 924

Merit: 1001

The best FUD always comes at the bottom

http://qz.com/193931/bitcoin-looks-like-the-worst-investment-in-the-world-this-year/

Zule

member

Activity: 84

Merit: 10

So in other words they are forbiden to have mandatory sex with bitcoin?
Voluontary is just fine i guess

seleme

legendary

Activity: 2772

Merit: 1028

Duelbits.com

Quote from: Walsoraj on April 01, 2014, 05:48:28 PM

Quote from: seleme on April 01, 2014, 05:41:56 PM

Guess you saw this one:

http://finance.sina.com.cn/roll/20140402/012118683625.shtml

Needs translation + proudhon confirmation.

http://translate.google.com/translate?sl=zh-CN&tl=en&js=n&prev=_t&hl=hr&ie=UTF-8&u=http%3A%2F%2Ffinance.sina.com.cn%2Froll%2F20140402%2F012118683625.shtml

This part is the best Grin

Quote

December 5 last year, including the central bank and other five ministries jointly issued "on guard against the risk of Bitcoin notice" (Yin Fa [2013] No. 289, hereinafter referred to as "Notice"). "Notice" clearly the nature of Bitcoin that Bitcoin is not issued by the monetary authorities, such as not having sex with mandatory legal tender currency property, not money in the true sense.

adamstgBit

legendary

Activity: 1904

Merit: 1037

Trusted Bitcoiner

Quote from: mmitech on April 01, 2014, 05:45:54 PM

Quote from: adamstgBit on April 01, 2014, 05:37:57 PM

Quote from: fonzie on April 01, 2014, 05:31:50 PM

Quote from: mmitech on April 01, 2014, 05:29:26 PM

Guys did you read what Pieter Wuille Bitcoin dev wrote ? I have no intention to make any fud but Bitcoin generation maybe not limited to 21 million as sopposed to be, they still dont know how the client will behave when they reach the last Block reward, and they think it will start over from 50 BTC....

https://github.com/bitcoin/bips/blob/master/bip-0042.mediawiki

Quote

Although it is widely believed that Satoshi was an inflation-hating goldbug he never said this, and in fact programmed Bitcoin's money supply to grow indefinitely, forever. He modeled the monetary supply as 4 gold mines being discovered per mibillenium (1024 years), with equal intervals between them, each one being depleted over the course of 140 years.

This poses obvious problems, however. Prominent among them is the discussion on what to call 1 billion Bitcoin, which symbol color to use for it, and when wallet clients should switch to it by default.

To combat this, this document proposes a controversial change: making Bitcoin's monetary supply finite.

Details

As is well known, Satoshi was a master programmer whose knowledge of C++ was surpassed only by his knowledge of Japanese culture. The code below:

   int64_t nSubsidy = 50 * COIN;
   // Subsidy is cut in half every 210,000 blocks
   // which will occur approximately every 4 years.
   nSubsidy >>= (nHeight / 210000);
is carefully written to rely on undefined behaviour in the C++ specification - perhaps so it can be hardware accelerated in future.

The block number is divided by 210000 (the "apparent" subsidy halving interval in blocks), and the result is used as input for a binary shift, applied to the original payout (50 BTC), expressed in base units. Thanks to the new-goldmine interval being exactly 64 times the halving interval, and 64 being the size in bits of the currency datatype, the cycle repeats itself every 64 halvings on all currently supported platforms.

Despite the nice showoff of underhanded programming skills - we want Bitcoin to be well-specified. Otherwise, we're clearly in for a bumpy ride

MOTHER OF ALL FUD! HOLY SHIT! WE MIGHT SEE 0.0001$

shame on you mmitech for spreading fud

if this isn't completely made up FUD, at most this is a bug, one the dev caught 32 years b4 it would become a problem, devs will fix it and you will upgrade

fonzie go take a chill pill.

come on for god sake, it is screaming Aprils fool, so all of you can fool around and I cant ?

Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28596. (Read 26712687 times)