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Showing 20 of 61 results by Romyen
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Board Politics & Society
Re: The NSA is reportedly able to access offline computers thanks to radio wave tech
by
Romyen
on 15/01/2014, 04:13:50 UTC
I guess we need to keep our offline computers enclosed within a copper wire mesh.
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Board Service Announcements
Re: BitcoinRichList.com
by
Romyen
on 13/01/2014, 11:34:24 UTC
Unfortunately just a lower limit on concentration of bitcoins held per individual. I'll bet the concentration is vastly higher than the list would indicate.
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Board Bitcoin Discussion
Re: Overstock.com's News on Accepting Bitcoin, Underwhelming Price Boost.
by
Romyen
on 13/01/2014, 10:43:55 UTC
Of course it's not true. The guy was obviously joking. Even if the feds were dumb enough to do this, they couldn't legally, because the legal process hasn't completed.

They had said as much earlier. Then again, I was amazed to learn that in my own country, the Netherlands, the government does regularly sell seized goods before the legal process has completed. If the defendants are acquitted, they get back the amount the government got when it sold their possessions. The government tends to do that for bulky goods, good with highly variable prices, or if the costs of safe storage make it worthwhile to sell. In the case I enquired about it was a bunch of BTC seized from FBTC Exchange, which they sold because it was so volatile. I called the public prosecutor's office, and they explained the policy to me.

Refer to the following link: https://en.wikipedia.org/wiki/Asset_forfeiture . Sale of forfeited assets is handled by the U.S. Marshals Service: http://www.justice.gov/marshals/assets/assets.html . It takes a while for due process to run its course, and it's too soon for this to happen.
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Board Bitcoin Discussion
Re: Would you ever consider insuring your bitcoin holdings?
by
Romyen
on 13/01/2014, 10:27:44 UTC
Any sort of business with fiduciary responsibility might do this as cryptocurrency becomes mainstream. A competent individual can take of himself, and usually doesn't need that sort of insurance.
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Board Beginners & Help
Re: Amazon Will Be Forced To Start Accepting Bitcoin
by
Romyen
on 13/01/2014, 10:12:22 UTC
Here's a link: http://www.businessinsider.com/overstock-bitcoin-2014-1 . This is the opinion of Overstock's CEO, nothing more.
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Board Beginners & Help
Re: where is Satoshi living?
by
Romyen
on 13/01/2014, 07:37:46 UTC
I think he's in China

The timing of his posts indicate that he's in the Eastern Standard Time zone. Probably eastern U.S. Nick Szabo seems to be the best candidate.
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Board Bitcoin Discussion
Re: Overstock.com's News on Accepting Bitcoin, Underwhelming Price Boost.
by
Romyen
on 13/01/2014, 07:28:16 UTC
As the title says, seems like people were expecting some lunar performance, but got some down-to-earth performance.

Do you think that Overstock.com's acceptance was a significant thing for the price of bitcoin? If yes, let us know.

The US Government is going to sell the FBI's stash of Silk Road's bitcoins this week so expect the price of bitcoin to drop to $5.00 per BTC

Is this true? Link?

Of course it's not true. The guy was obviously joking. Even if the feds were dumb enough to do this, they couldn't legally, because the legal process hasn't completed.
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Topic
Board Bitcoin Discussion
Re: Overstock.com's News on Accepting Bitcoin, Underwhelming Price Boost.
by
Romyen
on 13/01/2014, 01:50:00 UTC
They aren't holding their coins, so all sales immediately create a supply in bitcoin. This could cause a temporary price drop if sales are high enough. I doubt this is much cause for concern although.

I don't think that people buying things on overstock rather than holding their coins could explain a temporary price drop because the number of coins spent in one day on overstock (if I recall correctly, about 135,000 USD) is tiny compared to the daily bitcoin trade volume (about 40,000,000 USD). A lot of the bitcoin volume is caused by people just mixing and moving their coins around, but even then, overstock accounts for about 0.33 percent of the total trade volume. I'll agree that even such a small change could have a noticable effect on price, but there exist so many other possible explanations, and no way of knowing for certain the real cause.

It's human nature to over-analyze, and determine a cause for everything, even when It can't be known for certain. If I showed a random signal, people would claim that it follows a deterministic pattern.
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Topic
Board Bitcoin Discussion
Re: Overstock.com's News on Accepting Bitcoin, Underwhelming Price Boost.
by
Romyen
on 13/01/2014, 01:20:11 UTC
Realistically the only other alt currency I can see being adopted by major retailers other than BTC would be LTC (Naturally, due to market cap, right?)

I agree it would probably be litecoin, but disagree on the reason. Market cap is a meaningless concept when applied to cryptocurrencies. It's calculated by multiplying the number of coins in existence by the price per coin at the time of the last sale. A little more meaningul would be trade volume in a fixed time peried, measured in common units, e.g. BTC or USD. However even that isn't very meaningful because some trade volume involves mixing or moving coins already held.

Litecoin seems to me to have the most established market among the altcoins at this time, but its standing might change in the future.

Marketcap isn't meaningless. If there's billions or trillions of coins in existence then there always going to be worth very little.

Market cap is meaningless because prices are determined on the margin. Say you premine a billion coins, and sell one for a dollar. That doesn't make you an instant billionaire because you can't sell the rest of them for a billion, or even anything close to that. Developers make prices artificially high by making coins artificailly scarce, and selling a few of them to suckers. Their coins look like they are doing well, based upon market cap rankings, but as I said, it's really meaningless. The market is being manipulated through artificial scarcity.
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Board Bitcoin Discussion
Re: Overstock.com's News on Accepting Bitcoin, Underwhelming Price Boost.
by
Romyen
on 12/01/2014, 06:49:28 UTC
Realistically the only other alt currency I can see being adopted by major retailers other than BTC would be LTC (Naturally, due to market cap, right?)

I agree it would probably be litecoin, but disagree on the reason. Market cap is a meaningless concept when applied to cryptocurrencies. It's calculated by multiplying the number of coins in existence by the price per coin at the time of the last sale. A little more meaningul would be trade volume in a fixed time peried, measured in common units, e.g. BTC or USD. However even that isn't very meaningful because some trade volume involves mixing or moving coins already held.

Litecoin seems to me to have the most established market among the altcoins at this time, but its standing might change in the future.
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Board Bitcoin Discussion
Re: Overstock.com's News on Accepting Bitcoin, Underwhelming Price Boost.
by
Romyen
on 11/01/2014, 06:19:26 UTC
If you have bitcoin and you aren't spending any of it, you are not helping the cause whatsoever, and ultimately just hurting yourself. 

Not quite. Individual self-interest conflicts with group self-interest. As long as people expect the price to dramatically increase, they won't spend. Virtually no one will spend coins out of altruism to the group of all bitcoin holders.

I disagree.  Individual self-interest is the same as group self-interest in this case.  If people don't spend their bitcoins, major retailers will announce they are no longer accepting them.  This would have a devastating effect on the value of bitcoin, period.  Therefore, bitcoins must be spent.  If everyone holds onto theirs expecting someone else to do the spending, it's over.  If you are worried about losing future value, simply immediately replace the bitcoins you spend, problem solved.  In the meantime, for your self interest AND the group's self interest, spend bitcoin.


They aren't the same at all.

Suppose all but one person agreed with you, and spent their bitcoins. This would cause the price to skyrocket as merchants adopted it, and the one hold-out would make a killing by hoarding. On the other hand, suppose that 99.99% of bitcoin holders disagreed with you, and hoarded. The other 0.01% spend their bitcoins. This would cause a bubble that would quickly burst, causing the price to plummet. The 0.01% who already spent their coins would make out well, while the other 99.99% would be stuck with coins worth nothing.

Neither scenario is realistic, and reality falls somewhere between two extremes. As long as people expect the price to rise, they will be more likely to hoard. When the price stabilizes, people will spend more. This is inevitable in the early days of cryptocurrency.

In an open market people act in their own self-interest, not in the best interests of the group of competing players.
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Board Bitcoin Discussion
Re: Overstock.com's News on Accepting Bitcoin, Underwhelming Price Boost.
by
Romyen
on 10/01/2014, 16:35:04 UTC
Why is everyone suddenly ranting about Overstock again? Did nobody check the date on the news articles? I checked the site and don't see anything in their checkout yet, nice to see the actual CEO talking about it though.

Look again. I saw bitcoin as a payment option in the checkout cart a couple of hours ago.
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Board Bitcoin Discussion
Re: Overstock.com's News on Accepting Bitcoin, Underwhelming Price Boost.
by
Romyen
on 10/01/2014, 16:31:53 UTC
If you have bitcoin and you aren't spending any of it, you are not helping the cause whatsoever, and ultimately just hurting yourself. 

Not quite. Individual self-interest conflicts with group self-interest. As long as people expect the price to dramatically increase, they won't spend. Virtually no one will spend coins out of altruism to the group of all bitcoin holders.
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Board Bitcoin Discussion
Re: Now that a large online retailer is accepting, bets on who's next?
by
Romyen
on 10/01/2014, 16:07:14 UTC
I think Amazon will be jumping on board soon, hopefully. Ebay and PayPal are buddies and PayPal hates Bitcoin so I don't see that happening. Amazon has always been at the forefront of the internet and if they are smart they will understand Bitcoin's potential.

I hope you are right. Amazon has more than 50 times as much sales revenue as Overstock. (About 61 billion versus 1.1.billion)
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Board Bitcoin Discussion
Re: Now that a large online retailer is accepting, bets on who's next?
by
Romyen
on 10/01/2014, 15:58:23 UTC
They are still not officially accepting since it is not available for international payments (e.g. the whole world).

Maybe to you, but to me overstock.com accepts bitcoin. Trying to dispute that fact is just dumb. Overstock.com IS accepting bitcoin.

Coinbase and overstock are both US companies, by the way.

Just seems to me that it is a little misleading and egocentric to claim that overstock now "officially" accepts BTC when they only accept it in the U.S.

Not misleading at all. Overstock is a U.S. company that operates worldwide. Anyone overseas with a U.S. address, which could be even a maildrop, can buy from them and easily ship overseas. Expats do this all the time. Overstock had sales revenues of 1.1 billion USD in 2012. I'll bet that most of that revenue came from shipments to the U.S., not overseas. So why is that egocentric? This is a U.S. company, after all.

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Board Altcoin Discussion
Re: Did NXT really jumped +88.28 %
by
Romyen
on 08/01/2014, 12:09:45 UTC
Who knows, or cares, other than the suckers buying it? Last I checked, that coin project uses a company based in Panama to handle the only exchange available. This means that the developer himself ultimately controls the market. For all we know, the exchange numbers could be fictitious.  For more details refer to the following link: https://en.wikipedia.org/wiki/There%27s_a_sucker_born_every_minute
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Board Announcements (Altcoins)
Re: [PRE-ANN] [RAPE] RapeCoin - because you can't say no to this coin
by
Romyen
on 02/01/2014, 15:02:02 UTC
What's next? Victimsoffalseaccusationofrapecoin? That would raise awareness, as well. Is this a joke?
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Board Altcoin Discussion
Re: quark
by
Romyen
on 02/01/2014, 14:53:44 UTC
Can't give technical mining advice, but why quark? It has a very steep mining curve that has the same effect as premining. I suggest you read the following link before you mine that coin:

http://bitcoinmagazine.com/8972/quarkcoin-noble-intentions-wrong-approach/

There are better quality altcoins to pursue.
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Board Bitcoin Discussion
Re: Chargebacks
by
Romyen
on 01/01/2014, 16:47:39 UTC
A chargeback system doesn't necessarily protect the consumer. Here's a link explaining why porn industry merchants prefer credit cards.

https://bitcointalk.org/index.php?topic=392310.0;topicseen
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Board Beginners & Help
Re: Newbies, stay away from altcoins. please
by
Romyen
on 01/01/2014, 16:20:15 UTC
bitcoin are so much expensive now , and litecoin are so much cheaper people start accepting them as well

And this will have a knock on-effect. Once BTC price gets ridiculous - maybe it already has - people will just invest in the next biggest currency; Litecoin. Then when Litecoins get too pricey; on to the next and so on.




Nope, by your logic, smarter would be start with new and still worthless alternative coin.

Litecoin is already too much expensive + useless

The line of reasoning in this subthread makes no sense at all. 1 Bitcoin and 1 Litecoin are arbitrary units. If they is expensive to buy, then you can buy more with them as well. If you think bitcoins are too expensive, then change the settings for your wallet to millibits or microbits. If you are hoarding coins, rather than usng them to buy things, it doesn't necessarily follow that a coin with lower price will increase in value more in the future. The network effect is what makes coins valuable, and it makes no difference what units you use to define them. After all, 1 kilolitecoin is much more expensive than 1 bitcoin.