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Showing 20 of 70 results by JohnOliver
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Re: Kim Jong Il is dead. Will it have an impact on BTC prices?
by
JohnOliver
on 19/12/2011, 19:50:16 UTC
  • Fidel Castro
  • Than Shwe
  • Hu Jintao
  • Robert Mugabe
  • Prince Abdullah
Now that we solved the difficult question of "What makes BTC prices go up?", the rest is easy. We just have to take out these five human trashes. Should we spread out the assassinations over a few months or just kill them all in the same day?

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Topic
Board Bitcoin Discussion
Re: Bitcoin Easy Tax Chain
by
JohnOliver
on 19/12/2011, 19:42:05 UTC
Still have the issue of no one wanting to mine it, leaving all the mining work to the government. Then there's the issue of Bitcoin type networks being global, meaning the government's mining activities could be supplanted or screwed with by foreigners. About the only secure option a small government would have is to either force everyone else in the country to mine, too, or get rid of mining and just run a secure ledger all by themselves, having total control of all coin distribution, and tracking all transactions digitally from a single centralized location (what central banks already do).
I don't think there is a way for any government or private entity to own a private Bitcoin clone, simply because not enough people would ever be willing to mine/secure it.

Why not just reward people for mining the way bitcoin does? This way it is a non-centralized government recognized currency that also pays for govt activities.

Anyone in the world could mine the currency for the govt, and it would be taxed world wide, and then spent in the country by the govt.

So what's stopping an enemy nation from launching a 51% attack? Untraceable cyber-warfare with 100% chance of victory.
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Board Speculation
Re: You guys don't get it - Bitcoin will act like a Ponzi scheme until Dec 2012
by
JohnOliver
on 19/12/2011, 08:40:56 UTC
Read what I wrote in the first post. I have never said that Bitcoin is a ponzi.

No, you just said "it will act as if it was a ponzi scheme". I love playing these semantic games.
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Topic
Board Politics & Society
Re: "Religion is always in the control business..."
by
JohnOliver
on 19/12/2011, 07:59:55 UTC
1) Right, so now that we think we understand the spirit of the god given law it should be updated to account for modern technology. People back then were not ready to hear about "bacteria".

2) As would not eating "split hoofed animals" if they happened to be around. What at first seems like a waste may be better for a society or individual for unexpected reasons.

Indeed. I had some clams for dinner. I don't wanna be stoned to death by my neighbors.

I was just saying that modern science found evidence that those prohibitions made sense 2000 years ago. Obviously none of them makes sense today. 
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Board Politics & Society
Re: "Religion is always in the control business..."
by
JohnOliver
on 19/12/2011, 07:38:14 UTC
1) Science now allows us to avoid the need for ruminants via direct cultivation of vitamin B12 from bacteria, or synthesize it directly (probably more expensive)

2) Milk and eggs

1) Yes, modern science can help us get vitamin B12 artificially. But 2000 years ago it wasn't possible. So instead of saying "you guys need vitamin B12 to survive", God said "go eat these animals on my approved list".

2) Drinking milk but not eating the cows would be a waste. Eating eggs but not the hens would be a waste. 
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Board Speculation
Re: The rocket is secretly taking off! High 3.26, 20k BTC to $3.50 (up from $3.35)
by
JohnOliver
on 19/12/2011, 07:14:49 UTC
This 'benevolent stabilizer' crap is very annoying.

Annoying indeed. Whoever they are, they just spent nearly $100k in the last 30 minutes stabilizing the price.

I honestly cannot see how a speculator could benefit from having the price stabilized.
Yes, stable prices are good for bitcoin evangelization.
Yes, stable prices are good for bitcoin merchants.
But no, stable prices are not good for speculators.

What's good for evangelicals and merchants is good for speculators who are long.

Perpetually increasing prices is actually bad for evangelicals, because it'll cause a repeat of the summer bubble. Bitcoin becomes harder to accept when it undergoes such unhealthy bubbles periodically.

Perpetually decreasing prices is annoying for merchants.
Perpetually increasing prices is annoying for customers, which results in lower sales, which in turn causes headaches for the merchants.
Which is why I said stable prices are good for merchants.
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Board Speculation
Re: The rocket is secretly taking off! High 3.26, 20k BTC to $3.50 (up from $3.35)
by
JohnOliver
on 19/12/2011, 07:02:09 UTC
This 'benevolent stabilizer' crap is very annoying.

Annoying indeed. Whoever they are, they just spent nearly $100k in the last 30 minutes stabilizing the price.

I honestly cannot see how a speculator could benefit from having the price stabilized.
Yes, stable prices are good for bitcoin evangelization.
Yes, stable prices are good for bitcoin merchants.
But no, stable prices are not good for speculators.
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Topic
Board Speculation
Re: The rocket is secretly taking off! High 3.26, 20k BTC to $3.50 (up from $3.35)
by
JohnOliver
on 19/12/2011, 06:46:24 UTC
A new ask wall just went up at 3.26. Houston, we have a problem?
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Board Speculation
Re: Kim Jong Il is dead. Will it have an impact on BTC prices?
by
JohnOliver
on 19/12/2011, 06:39:57 UTC
The number of data points might be limited, but we can still safely conclude that dead dictators leads to higher bitcoin prices. Who wanna take one for the team and fly a cessna into Castro's mansion?
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Topic
Board Politics & Society
Re: "Religion is always in the control business..."
by
JohnOliver
on 19/12/2011, 06:09:17 UTC
Quote
Maimonides, the Jewish philosopher and legal codifier, who was also court physician to the Muslim sultan Saladin in the twelfth century, understands the dietary laws chiefly as a means of keeping the body healthy. He argued that the meat of the forbidden animals, birds, and fish is unwholesome and indigestible. According to Maimonides, at first glance, this does not apply to pork, which does not appear to be harmful. Yet, Maimonides observes, the pig is a filthy animal and if swine were used for food, marketplaces and even houses would be dirtier than latrines

Quote
The cultural materialistic anthropologist Marvin Harris thinks that the main reason for prohibiting consumption of pork was ecological-economical. Pigs require water and shady woods with seeds, but those conditions are scarce in Israel and the Middle East. They cannot forage grass like ruminants. Instead, they compete with humans for expensive grain. Unlike many other forms of livestock, pigs are omnivorous scavengers, eating virtually anything they come across, including carrion and refuse. This was deemed unclean, hence a Middle Eastern society keeping large stocks of pigs would destroy their ecosystem. Harris points out how, while the Hebrews are also forbidden to eat camels and fish without scales, Arab nomads couldn't afford to starve in the desert whilst having camels around.

These are basically the arguments for vegetarianism.

No, they are arguments for eatings ruminants. Science already showed that humans can't survive on vegetables alone (http://en.wikipedia.org/wiki/Vitamin_B12).
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Board Politics & Society
Re: "Religion is always in the control business..."
by
JohnOliver
on 19/12/2011, 05:21:31 UTC
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Topic
Board Speculation
Re: Bitcoin Stagflation
by
JohnOliver
on 19/12/2011, 03:44:46 UTC
In some 40-min intervals today, only 15 BTC was traded.  AFAIK that's a very low minimum!

24h volume just under 10k BTC, which is a small fraction of the normal volume (30-50k).

Looks like the holiday low volume theory could be right after all.
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Topic
Board Speculation
Re: Kim Jong Il is dead. Will it have an impact on BTC prices?
by
JohnOliver
on 19/12/2011, 03:42:20 UTC
I'm gonna side with the poll and say there will be no effects whatsoever.
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Board Speculation
Re: how else is waiting for a sizeable drop to buy more coins again?
by
JohnOliver
on 19/12/2011, 00:21:25 UTC
I'm not sure about that.  I think on MtGox the order is processed instantly.  It's just the reporting that's delayed.
Just give it a try. Place a large order and then immediately click cancel. If you're right then it should be all or nothing.
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Topic
Board Economics
Re: Investing in BTC to Preserve Wealth - Silly or Practical ?
by
JohnOliver
on 19/12/2011, 00:07:21 UTC
USD cash has serious liquidity problems due to the various anti-money laundering laws, and unfortunately this liquidity issue is plaguing bitcoins as well. Personally I'm hesitant to hold more bitcoins than my daily mtgox limit.
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Board Speculation
Re: The Historical Depth Blog -- updates once a day
by
JohnOliver
on 18/12/2011, 23:50:38 UTC
I've got a hunch we're going to see some movement today, one way or another.

I was wrong.
yup, this stability is killing me lol. I would have expected at least a spread of 10 cents over the day but not even.

Don't jinx it, guys. When the storm comes we'll all be wishing for calm seas again.
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Re: how else is waiting for a sizeable drop to buy more coins again?
by
JohnOliver
on 18/12/2011, 23:48:56 UTC
there are currently 3 times more bids than asks in the orderbook; in these conditions a drop is very unlikely.

Not that unlikely.  There was a giant sell-off not too long ago and the order book looked similar.  In fact, several times over the past 6 months there have been large sell-offs when the money in bids was significantly greater than the asks.

if i do a sell order of say 20,000coins at $1 each... (i wish i had 20,000 coins  Tongue)

wont i sell to all the bids all at once, so they don't have time to take off their bid?

That really depends on the exchange. In mtgox at least transactions are processed sequentially, so bots have enough time to shift phantom bid walls. If you don't believe me just try it yourself. If you sell a large order of coins at market price you won't see the USD balance in your account reach the final value instantaneously. You'll see it jumping up in increments. This all happens in less than 2 seconds, but that's plenty of time for a bot to react.

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Re: This lack of volatility almost makes Bitcoin look... civilized
by
JohnOliver
on 18/12/2011, 21:59:57 UTC

A rollercoaster building its own tracks? That's...that's just like the blockchain!
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Re: The Historical Depth Blog -- updates once a day
by
JohnOliver
on 18/12/2011, 21:53:56 UTC
Depth charts would be an interesting information to have, but I think that people give too much importance to walls and standing orders. Anyone can make an order. I can easily write a bot to put random orders up there and I won't lose a cent. Market depth by itself is not an accurate measure of the buy/sell strength.

You would, of course, have to have funds deposited in the exchange though, correct? That in itself is interesting information to have, although I wouldn't give it too much importance either.
standing orders can be bought/sold into...  that makes a difference

Key word there being "can". Bot-controlled walls can disappear or shift in terms of milliseconds, so they are extremely misleading. Especially when you consider that you're relying on misinformation that someone is purposely feeding you.
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Board Speculation
Re: Bitcoin Stagflation
by
JohnOliver
on 18/12/2011, 21:49:52 UTC
I've been watching the price since Wednesday and its barely moved. Could we be about to go through a uber-boring period where there a more coins being mined so inflation is increasing but the actual price remains solid?

I guess we may find out by the time this weekend is up.

I don't think it's right to say that inflation is increasing but prices remain the same.  Inflation is when prices don't remain the same - they go up.

If the price remain the same then it's inflating at the same rate as USD. It's not a pretty rate, if you ask me.