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Showing 20 of 23 results by PassTheAmmo
I agree. I've worked as a software developer for 15+ years and this really is not that bad compared to some of the code out there. I was honestly expecting worse..
It's all those "rockstar programmers" who spend more time reading blogs than working. Only the object oriented design pattern de jour is the way to go, everything else sucks beyond belief, apparently.
Meanwhile, COBOL code sprinkled with GO TOs run their banks and steer their satellites. The only thing that matters is if the code 1) works and 2) is readable (and most hipster frameworks fail on both accounts).
The difference between serious and amateurish outfits like MtGox is testing, testing, testing and testing. Did I mention testing? And a bunch of people who do not consider themselves rockstars or other silly things who work these systems daily.
The code isnt't testable in its current state which is exactly for the reasons already mentioned. It is not separated into components. That would have a lot of advantages, one og them being testability. The reason that COBOL works in banks is because the code has been running for decades, not because better tools don't exist now.
And OO has been questioned for a long time now with new programming languages even boosting about being non-OO.
You seem to be arguing against your own misconceptions.
I have a hard time believing that someone who's proficient in multiple programming languages would choose PHP for THIS particular job, but it would easily be the right choice if that's the only language he was fluent in.
Re: CoinLenders Script :: Bitcoin Bank (Borrow+Deposit) Software :: Demo Available
Let's keep an eye on blacklilac as well: https://bitcointalk.org/index.php?topic=321290.0
Remember, he was one of the borrowers that TradeFortress said he couldn't reach. Maybe he ripped TradeFortress off or maybe they are in on something together. Blacklilac vouched for tradefortress and coinlenders honesty here: http://www.reddit.com/r/Bitcoin/comments/1j4sy2/how_legit_is_coinlenderscom/ while claiming that they had made 1000s of bitcoins together in the last few months.
edit: lender/borrower confusion
Remember, he was one of the borrowers that TradeFortress said he couldn't reach. Maybe he ripped TradeFortress off or maybe they are in on something together. Blacklilac vouched for tradefortress and coinlenders honesty here: http://www.reddit.com/r/Bitcoin/comments/1j4sy2/how_legit_is_coinlenderscom/ while claiming that they had made 1000s of bitcoins together in the last few months.
edit: lender/borrower confusion
Re: CoinLenders Script :: Bitcoin Bank (Borrow+Deposit) Software :: Demo Available
To name a few that have been impossible to reach (when talking about their debt):
https://bitcointalk.org/index.php?action=profile;u=70557
https://bitcointalk.org/index.php?action=profile;u=17548
https://bitcointalk.org/index.php?action=profile;u=70541
https://bitcointalk.org/index.php?action=profile;u=35121
https://bitcointalk.org/index.php?action=profile;u=70557
https://bitcointalk.org/index.php?action=profile;u=17548
https://bitcointalk.org/index.php?action=profile;u=70541
https://bitcointalk.org/index.php?action=profile;u=35121
User 1) BlackLilac
Running these sites:
- http://www.blacklilacfinancial.com/
- http://www.2asic.com/ (closed) Used for selling asicminer devices.
- https://asicminer.info/ (closed)
His 2asic.com ended up in scam accusation: https://bitcointalk.org/index.php?topic=321290 for not delivering.
Here is some contact details on blacklilacfinancial.com:
His real name: Jordan Lear
Black Lilac Financial Corporation
666 Burrard St
Vancouver, British Columbia
V6C 2X8
Canada
Phone: 1 (877) 420-7992
Fax: 1 (888) 220-0714
E-mail: info@blacklilacfinancial.com
Skype: BlackLilacFinancial
Twitter: @BlackLilac
Also, here BlackLilac claims to have made over a thousand BTC with TF in the first 8 months of 2013, as well as having thousands of BTCs in cold storage:
http://dt.reddit.com/r/Bitcoin/comments/1j4sy2/how_legit_is_coinlenderscom/
Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore
If people don't know what to say in the bitcoin world they talk about how mt gox sucks. It's like our weather-talk. Clearly they won't fail, was it $5M that was seized? There is no way they couldn't raise that in a week, it's about a seed round for an unproven start-up in silicon valley.
Not sure, the only ones I've *earned* was maybe 25 bitcoins mining. The rest I bought.
Which is the best way, it depends on your age and where you live of course, but an adult living in the west could easily buy 10 bitcoins every month or so on a rather mediocre job. And with the way the bitcoin price is going, soon he might have to work two months to buy the same amount, then ten.
Which is the best way, it depends on your age and where you live of course, but an adult living in the west could easily buy 10 bitcoins every month or so on a rather mediocre job. And with the way the bitcoin price is going, soon he might have to work two months to buy the same amount, then ten.
And the nice thing about the entrepreneurs, that we the savers are in supporting the value of bitcoin, is that if we make the wrong decisions, our prosperity will evaporate and we fall back to the ranks of the wage-earning masses, as we deserve.
The sweet thing about bitcoin is that you don't have to convince anyone that it is good. You just put your money where your mouth is and bitcoin will win the argument for you. I remember discussions like this with colleagues in 2011, where I was like "but shouldn't you buy at least a few, there is so much upside and you can only lose the money you buy for", and they were like "I just don't believe in the idea", "But surely it has *some* chance of succeeding?", "No". That was around $5, at $10 I could taunt him, after that it became too cruel to mention.
I have said that there is a risk in NOT investing too. That said, I did not purchase that low, unfortunately. My husband and I were worried about being associated with the negative aspects of Bitcoin and there was no regulation back then. That said, I believe it is still a great time to buy even at $200! We are just scratching the surface of what it can and most likely will become.
Just this morning my husband and I were discussing how "old money" really is not involved yet. We were thinking about the Bernie Madoff scam. How much money did people throw into that? We looked it up and there was over 50 billion that went through the fund. Granted it was a pyramid scheme as we know, but think about it. What is the cap on Bitcoin right now? 1 billion or so? Let' say that the Bitcoin Investment Trust by Second Market, or some other fund that comes along, starts getting some of the numbers like the Madoff fund (that was only in America BTW and not world wide like Bitcoin) and the old money holders start to see the growth potential? The price of Bitcoin will just start going through the roof!
Hang on people. It will only get more fun from here I believe.
Yeah, this is the way I have thought about things from the beginning. Buy and hold, don't try to time the market, look at the big picture instead. BTC "market cap" just passed $2B again but there is far from that much money that has gone into buying them, because most were bought at lower prices. So the difference to Madoff is even bigger. Still, only invest money you can afford to lose, and don't speculate with funds you might need in the short term.
My opinion this is because of the difficulty in withdrawing USD and generally CASH from MtGox. Leading to continious and increased flow of cash to exchange USD-BTC since it's the only way to withdraw money from there, BitStamp withdrawals are still going (for verified accounts) and therefore the flow of USD To BTC is just the normal.
Do you have any experience in withdrawing EUR instead?
I do. I haven't raised the limit above 1000, so I made five withdrawals (SEPA) of 1000 each. The first one took 30 days before it was in my bank account. The second one still hasn't come through even though it has been ~35 days now.
Since the bitcoin price was pretty stable for the last few months Mt Gox was a good place to get more money for each coin providing you could plan in advance. Now that the price is going up again I have registered on bitstamp, I think the bitstamp-price 30 days from now will be higher than the gox-price today.
Re: DO NOT USE MT GOX - MtGox requires photo ID for BTC transactions now!
Or, just possibly, in order to get new banking partners online, they need to increase their KYC efforts?
This is definitely the reason. I read that they are trying to partner with new banks to improve withdrawal speeds. No bank would take them on if they risk problems with US authorities.
And the nice thing about the entrepreneurs, that we the savers are in supporting the value of bitcoin, is that if we make the wrong decisions, our prosperity will evaporate and we fall back to the ranks of the wage-earning masses, as we deserve.
The sweet thing about bitcoin is that you don't have to convince anyone that it is good. You just put your money where your mouth is and bitcoin will win the argument for you. I remember discussions like this with colleagues in 2011, where I was like "but shouldn't you buy at least a few, there is so much upside and you can only lose the money you buy for", and they were like "I just don't believe in the idea", "But surely it has *some* chance of succeeding?", "No". That was around $5, at $10 I could taunt him, after that it became too cruel to mention.
My Scrypt-like hashing function runs on a single core at about 1 k/hash with relatively few optimizations.
Ok. At that speed nodes in a DHT would only need a few kb/s of internet bandwidth to reach the full potential of the DHT. How much gain that would give would depend on the difficulty of finding a match. I think it would be cool if you made it even slower (if only by repeating it enough times) to make it suitable for one huge DHT. I don't know if it's possible, but for other reasons than the ones you brought up. Anyway, good luck, I think that you could have a great proof of work function with some modifications. I'm outta here!
Any time you throw away hashes because they fall outside of your memory range you move the computational complexity from the p(n) curve to the q(n) curve in my white paper. You save on memory but the cost is far greater. Memory and CPU power must always be paired proportionally or you will have idle memory or waisted CPU cycles.
I don't wanna pollute your thread with many small replies. If you answer what hashing-power we're looking at in mhashes/s I could make a more thorough reply with numbers. Also, is 32 bit output for birthdayhash right? That would only take storing 77000 entries for 50% chance of finding a collision.
I had considered the potential for such a design. DHT will not perform well enough, you would need 100BT ethernet or perhaps gigabit before the hash table could be filled quickly enough. From what I can tell a SUPER COMPUTER with a ton of RAM and high-speed interconnects would give you the best performance. Here is the difference, such a super computer could be built from commodity parts.
Well, if the hash is so fast you could just collaborate by splitting the birthday space in N ranges and each computer just throws away any result that isn't in its range. This trades hashing speed for memory, so works with rather than against your pow.
What range do you suggest for N and how fast is the hash?
This should be possible to test.
I agree with FreeTrade, why use a memory intensive algorithm for BirthdayHash if you're gonna fill up your ram with hashes anyway?
But either way, here is why it is worse than scrypt:
Your proposed algorithm (momentum) scales super-linearly with the number of computers that can be dedicated to solving the proof-of-work. Set up N computers storing generated hashes in a distributed hash table between them. They now have N times the memory capacity of a single computer and will fill up their memory just as fast. This could scale to pretty large N's, you don't need low latency, you could accumulate hashes on each computer and send them in batches.
And this is bad of course (would lead to centralization).
Suggested modification:
Embrace this and encourage every single miner to be part of the same DHT (Not that simple, but you get the picture), share reward between the computer generating the hash and the one that had it stored. Could work on the current P2P system already in place.
But either way, here is why it is worse than scrypt:
Your proposed algorithm (momentum) scales super-linearly with the number of computers that can be dedicated to solving the proof-of-work. Set up N computers storing generated hashes in a distributed hash table between them. They now have N times the memory capacity of a single computer and will fill up their memory just as fast. This could scale to pretty large N's, you don't need low latency, you could accumulate hashes on each computer and send them in batches.
And this is bad of course (would lead to centralization).
Suggested modification:
Embrace this and encourage every single miner to be part of the same DHT (Not that simple, but you get the picture), share reward between the computer generating the hash and the one that had it stored. Could work on the current P2P system already in place.
I think $1,000 will come sooner than later. More interesting question is, when one BTC costs $1,000+ USD, how much will LTC worth?
Most likely around $2, why should LTC be worth more just because BTC is ?
Most likely $20, because the LTC/BTC ratio will probably stay the same.
I do not think so. Due to the fact that there will be four times as much Litecoins as Bitcoins the value ratio should konverge to that sooner or later (probably later). Currently no cryptocurrency (CC) is mainstream so none of the current values (fx rates etc.) is stable or represents anything measurable. That may change within the next two years if Bitcoin gives a proof of stability and acceptance.
Then the next question is what will happen to the next introduced cryptocurrency (or the ballpark of the currently existing ones)
Why do you think that all LTCs should be worth as much as all BTCs? I would assume that a currency is a natural monopoly because you want to use what others use. Which would mean non btc cryptocurrencies would go toward zero in the long run, I can't see anyone overtaking.
Re: Advice I would give to myself if I were a Bitcoin newbie today
BOOM! Extremely sound advice! Great post! Thank you!!
Following on that: learn how to secure your money. That can't hurt and will pay off. Get comfortable with the security measures you have.
Brain wallets, paper wallets - extremely valuable tools you have, but know their weaknesses (insecure computers, insecure code, weak passwords). Learn how to use a linux live CD. How to create and manage cold storage wallets.
Even if bitcoin dies, same principles will apply to all cryptographically protected currencies.
This is a marathon, not a sprint.
Following on that: learn how to secure your money. That can't hurt and will pay off. Get comfortable with the security measures you have.
Brain wallets, paper wallets - extremely valuable tools you have, but know their weaknesses (insecure computers, insecure code, weak passwords). Learn how to use a linux live CD. How to create and manage cold storage wallets.
Even if bitcoin dies, same principles will apply to all cryptographically protected currencies.
Yep, good one as well. Also, understand how change is sent back to you on a new address and when that makes your old backups obsolete (and when it doesn't).
Re: Advice I would give to myself if I were a Bitcoin newbie today
I think you're gonna have to be a big player that can order large quantities from TSMC / GlobalFoundries / etc real soon. But I'm not worried for mining, in company-terms it is low entry, designs are very simple compared to gpus/cpus. I just hope that economy of scale doesn't somehow give too big of an advantage and we end up with three-four mining cos, that would be a disaster for bitcoin to the point a protocol change might be necessary.
As for concentration right now, imagine what a high rank Chinese politician could do to bitcoin. Is it possible to see how much mining there is within China's borders somewhere?
As for concentration right now, imagine what a high rank Chinese politician could do to bitcoin. Is it possible to see how much mining there is within China's borders somewhere?
Re: Advice I would give to myself if I were a Bitcoin newbie today
If everyone gives up mining bitcoin will end up centralized.
If you hold a sizable amount of coin I think it's only wise to invest in network diversity a little bit. You will not get rich though, that's for sure.
If you hold a sizable amount of coin I think it's only wise to invest in network diversity a little bit. You will not get rich though, that's for sure.
I'm just talking to newbies here.
I don't invest in mining cos because I think there is too much people throwing around money cause it's the hot thing now. In general I am amazed at the willingness to take risks without compensation. I don't follow it very closely now, maybe it has gotten better last few months. I'll wait until the dust settles and invest then, mining cos are almost the only companies that you can invest in if you believe in a significantly higher bitcoin price in the future.
(For those that haven't thought about the consequences of having shared denominated in BTC: If you buy shares in bitcoins in a cheese-company and they have income in $/ then their income seen in BTC will halve if the bitcoin price doubles, and the shares will go down. Mining companies have their income in BTC and some expenses in fiat, so they will only benefit from higher btc-price)
Yes, with only 21 million of them there is no level of success small enough to give a stable price under $1000. So the only possibility for BTC not to reach $1000 is if it goes to 0. Which isn't impossible of course.
You're thinking really long term.The block reward will get cut in half in 4 years and by that time it'll be worth around $1000 for sure.
There'll be bitcoin atms, bitcoin smart cards, there'll be more places that accept bitcoins like Germany.
I think the proper question is if it will reach $1000 before that.
Yes, but that is the way to deal with novel investments like Bitcoins in my opinion. Don't worry about ups and downs, don't try to time the market, and for the love of god, don't trust technical analysis.
I don't think that block reward halvings will affect the price too much, as for the time frame, I'd be surprised if the price isn't at $2k within two years. We'll soon get to the situation again when the sellers start to disappear. Not very healthy but most sellers seem to have a much higher price in mind.