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Showing 20 of 218 results by SomethingElse
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Board Altcoin Discussion
Re: What does it mean that a coin is premined or instamined?
by
SomethingElse
on 23/10/2015, 16:31:17 UTC
Nobody is explaining the answer well to the OPs question.   

A premine, means coins were given out before mining started.  That basically in the genesis block a certain amount of coins were distributed to accounts when the chain started. 

In PoS coins, this is typically a 100% premine as all the coins are created at block 0.  An popular example of this is NXT.

Instamine is a little different.  That is when a PoW coin has basically been set up so that the the dev and friends are the first and main miners of the blockchain and therefore reap a high amount of coins early on.  A popular example of this is Dark/Dash.

A fair distribution is often a point of contention in either of these cases with early birds who got a lot for little saying everything was fair or has been redistributed by now so don't worry. 

PoW people try to cry foul when seeing any Instamine or Premine saying said coins are cheating, but we should all remember that Satoshi has mined over 1 million Bitcoins, but Bitcoiners too will tell you it is fair because nobody knew back then it would be worth something.  But the fact is nobody knows anything is going to be worth something until it finally is. 

Some people by into IPO coins and share a large part of the genesis block coinbase only to see that blockchain crash and burn, then they cry it wasn't fair that they lost their money  But if it is successful then the people that come later cry it is unfair for somebody to have so much. 

I guess overall, there is just a lot of crying by lots of people a lot of the times when the term "instamine" or "premine" are brought up. 

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Topic
Board Announcements (Altcoins)
Re: [ANN] eMunie (EMU) - NOT a BitCoin fork/clone - call for beta testers
by
SomethingElse
on 23/10/2015, 15:28:55 UTC
good luck on this  Grin
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Topic
Board Altcoin Discussion
Re: Paycoin (XPY) is scam
by
SomethingElse
on 25/12/2014, 06:48:33 UTC
doesn't look good to me. hahaha
Post
Topic
Board Bitcoin Discussion
Re: Compared to Bitcoin, gold doesn't seem real...
by
SomethingElse
on 18/11/2014, 14:17:02 UTC
Oh. And try carrying a few pounds of gold through an airport without a lot of questions. Bitcoins don't need to fly.

You can't really go through an airport with 50,000 USD in your pocket too without getting some questions. 

But yes, one of the great advantages of Bitcoins is how easily they can get shipped around the world.  That is a big +1. 

I'd say it is also easier to find places to spend bitcoins for goods than gold for goods.   

But gold does have its advantages too.  You could at least make jewelry out of it.  Bitcoin is bling bling too, but digitally for nerds. 
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Topic
Board Service Discussion
Re: Shape Shift
by
SomethingElse
on 18/11/2014, 14:09:36 UTC
site looks like it is down right now
Post
Topic
Board Bitcoin Discussion
Re: Bitcoin vs. War: Can Bitcoin Reduce Wars?
by
SomethingElse
on 18/11/2014, 14:07:21 UTC
I think Bitcoin can help lower wars. 

The truth is, we won't know for sure until it happens.
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Topic
Board Bitcoin Discussion
Re: The Wolf of Bitcoin
by
SomethingElse
on 18/11/2014, 14:05:56 UTC
that was funny
Post
Topic
Board Bitcoin Discussion
Re: The Joke known as U.S. Congress now worry about Bitcoin
by
SomethingElse
on 27/10/2014, 13:32:47 UTC
The best bet is for government to do nothing and then Bitcoin gets sooooo big and powerful that people with fat bitcoin wallets can start making campaign contributions.  At that point bitcoin will be solidified.  It's basically bribery but legally done.  Just need to make sure that by the time it comes and issue that the Bitcoin lobby can match the big banking lobbies. 
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Topic
Board Bitcoin Discussion
Re: Gavin Andresen Proposes Bitcoin Hard Fork to Address Network Scalability
by
SomethingElse
on 27/10/2014, 13:26:18 UTC
Sidechains allow a lot of really cool functions to be added to bitcoin, without having to actually change bitcoin.  Now the real bitcoin chain doesn't have to take a risk and implement a risky code.  After a long time if a code is proven it can be added, but for now the sidechains can be extensive testnets that are locked into bitcoin but not actually bitcoin. 

Sidechains aren't necessarily an altcoin killer, though they are a pump and dump killer.  If a novel alt coin is born, it can be locked into bitcoin and add value to the bitcoin network.  If it isn't, then it can be ignored. 

In many ways sidechains will separate the phonies from the true innovators.  It is needed. 

These guys making sidechains are extremely vested in bitcoin.  I am sure they all have huge stashes and are doing this to protect their investment. 

By allowing side chains into bitcoin, it makes it soooooo much difficult for an alt to gain a network effect to challenge Bitcoin. 
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Topic
Board Bitcoin Discussion
Re: Is Apple Pay a threat to Bitcoin?
by
SomethingElse
on 27/10/2014, 10:42:58 UTC
http://t.co/uiP1iV4GSr

Coinbase's Brian Armstrong hints that ApplePay or something like it might support Coinbase in a few years.

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Topic
Board Bitcoin Discussion
Re: When quoting small amounts of bitcoin, how do you call 100 satoshis?
by
SomethingElse
on 26/10/2014, 10:56:58 UTC
So Satoshi is a good name for the smallest unit.  But we do need a good name for 100 Satoshi.  It seems like momentum is going for "bit" and and I am okay. 

We then know that 1,000,000 bits equals one bitcoin. 

We need to figure this out because someday hopefully a Satoshi will be worth 0.01 USD.  A bit will equal $1.  And a million bits will be a bitcoin, "the whole coin". 

To me though these names of "bit" and "Satoshi" are a nerdy and weak. It would be much better if the community came up with better names.  Some kind of rebranding. 

That would also draw more interesting into Bitcoin as it would spark discussion.. 
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Topic
Board Announcements (Altcoins)
Re: Crypti | XCR | Ͼ | 3 PoS algorithms | Ed25519 | 2nd Gen Source
by
SomethingElse
on 26/10/2014, 06:15:20 UTC
1. Without forging fees, how will you combat spam?  I have only talked to one developer that has said he can do this and his coin hasn't been released so there you go. 

2. The approach of putting it all on vendors and their hardware is in theory a sustainable model, and one I think is a good idea, just not from Crypti.  The problem is the bootstrap.  It would literally take a company like Apple or Google to release their iBits or Gbits to get mass amounts of retailers to update their hardware. 

Crypti doesn't have the money, power, or pull of Google or Apple, so trying to get vendors to install new hardware is a dream.  Your best bet would be to find some pre-existing hardware that would be compatible with Crypti and try to get a firmware update.  It couldn't be a hack because nobody is going to trust a third party changing the code in their POS terminal.  That is unwise.  Sooooo, that means talking directly to the manufacturer and good luck with that.  I'm not sure if you could even get somebody high up to even answer the phone. 

3. As Starik pointed out, then this system isn't decentralized which of course is not necessary, but it is, because it is an established cannon rule that whatever crypto win the alt wars be, it must be decentralized and open sourced.

4. There is some great theoretically ideas being tossed around here about how to solve many of the PoW problems that Bitcoin has plagued us with, but the answer just hasn't come yet. 
Post
Topic
Board Economics
Re: Mainstream merchant adoption leads do declining Bitcoin price?
by
SomethingElse
on 14/10/2014, 12:06:21 UTC
3600 are produced daily I think....

And it is only a small fraction of total exchange volume.

It is one thing to trade the same coin back and forward for profit. Quite another to add 3600 coins into the circulation everyday.

Many might be sold off exchange as just dumping that many coins is dangerous. Still.... Even if a discount is given, it's more than a million dollars a day, somedays two or three.

In someways this might keep the price of Bitcoin from going to high.

I always thought of it as 0.00006 percent difference each day which to me meant basically nothing.  But when you say 1-3 million a day, that sticks pretty hard.

I double checked, the block reward is currently 25 and that means 3600 bitcoins come into play a day.  By the end of next year though that will half to 1800 and I think that might help the system as a whole.  Not sure though. 
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Topic
Board Bitcoin Discussion
Re: Newsweek could get sued for its dubious Bitcoin scoop | VOX Report
by
SomethingElse
on 14/10/2014, 11:54:51 UTC
They deserve to get sued.  He deserves some money.  The lawyers will make out on both ends.
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Topic
Board Altcoin Discussion
Re: Counterparty: We Are Powering Two-Thirds of Bitcoin 2.0 Startups’ Crowdsales
by
SomethingElse
on 14/10/2014, 11:53:33 UTC
I would really love to see the full list of 2.0s created on CounterParty.  I do know the NXT AE has a looooong list of start up projects.  http://nxtblocks.info/#section/assets_exchange/12465186738101000735

Can anybody please share the equivalent link for CounterParty?  Something where all the CounterParty assets, volumes, and prices are listed?

I would really like to see some facts behind the headline.

https://blockscan.com/asset

The best place to look at the Counterparty market activity is within the Counterwallet itself:

https://counterwallet.io

I haven't read the article but a few (as of today) successful Counterparty-backed startups include:

SWARM
Storj (SJCX)

And... OK.. you got, me, I can't think of any more.

But the whole Overstock thing does give them some credibility not enjoyed by many other competitors: business world legitimacy.

I'm having a hard time making sense of the blockscan, but the wallet is actually easier. 

I hadn't really explored the wallet much.  I have to say I think CounterParty has the nicest wallet of any platform I have used.  It is easy to log into, the interface is good looking and well designed. 

But still, NXT has way more assets that are legitimate and a lot more volume.  Maybe it is because CounterParty is realllllly slow.

I hope when this Overstock deal comes through they speed it up to the speed of Ripple.
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Topic
Board Economics
Re: China will become Super Power ?
by
SomethingElse
on 14/10/2014, 05:26:06 UTC
Every country that had a great boom since the 1950s also had a bust.

China hasnt had a bust but had had an unprecedented growth unlike anything on earth.

China's reputation for cutting corners is well known.

The bigger they are, the harder the fall.
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Topic
Board Economics
Re: Mainstream merchant adoption leads do declining Bitcoin price?
by
SomethingElse
on 14/10/2014, 05:22:23 UTC
3600 are produced daily I think....

And it is only a small fraction of total exchange volume.

It is one thing to trade the same coin back and forward for profit. Quite another to add 3600 coins into the circulation everyday.

Many might be sold off exchange as just dumping that many coins is dangerous. Still.... Even if a discount is given, it's more than a million dollars a day, somedays two or three.

In someways this might keep the price of Bitcoin from going to high.

I always thought of it as 0.00006 percent difference each day which to me meant basically nothing.  But when you say 1-3 million a day, that sticks pretty hard.
Post
Topic
Board Bitcoin Discussion
Re: A Block Chain Based Decentralized Exchange
by
SomethingElse
on 14/10/2014, 04:11:16 UTC
All

Basic Functions of exchange are -

Order books - Open / executed order.
Rate determination.

Getting order / price determining mechanism over the network would mean making a different ecosystem altogether.

Hmmmmmm. Sounds a little like Ripple.
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Topic
Board Bitcoin Discussion
Re: The Rise and Rise of Bitcoin - Full Movie for Free
by
SomethingElse
on 14/10/2014, 04:07:41 UTC
I watched the movie. This will be a part of the Bitcoin 101 cannon.
Post
Topic
Board Bitcoin Discussion
Re: Why blockchains might want to consider using AT "Turing complete" txs
by
SomethingElse
on 14/10/2014, 04:02:51 UTC
This is a really great project. I remember when you announced it and things went back and forth whether you would build it or not.

And here it is! Congratulations.