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Showing 20 of 272 results by danielW
Post
Topic
Board Development & Technical Discussion
del
by
danielW
on 30/10/2017, 08:18:06 UTC
del
Post
Topic
Board Speculation
Re: BETI: Bitcoin Exponential Trend Index and technical analysis
by
danielW
on 30/10/2017, 06:30:55 UTC
Yes I used a slightly different timeframe.

Starting 31/7/2010 Mt Gox.

From 02/01/2012 Bitstamp. For any missing days I used previous available price.
Post
Topic
Board Speculation
Re: BETI: Bitcoin Exponential Trend Index and technical analysis
by
danielW
on 28/10/2017, 11:25:05 UTC
Update 27 Oct:

Being a fan of Johnsons approach I made a google docs spreadsheet based on this thread.

Thought I would share it. I will try and improve the spreadsheet in the future to make it more interactive and show more data:

https://docs.google.com/spreadsheets/d/1wfAzREX-FnwSrGDKfKNwndX2uc54q27mbhFp0gyQRcw/edit?usp=sharing








Exponential graph with line of best fist (blue). Red is a lower slope line based on possibility that exponential growth will be lower as we go forward in time.






Volatility will likely go down in future, plus being conservative let’s choose a BETI of 1 for top of cycle (all time high BETI is 1.8 ).

Let’s assume the next bubble is in 90 days. This would gives us cyclic price high of:

$20 468 based on line of best fit.

$14576 for conservative slope line.



If in 150 days we reach lowest BETI point with BETI of -1.7 (assuming lower volatility).

That gives us cyclic price low of :

$1672 for line of best fit.

$1152 for conservative line.




If the downturn is slower and we reach BETI low of -1.7 in  300 days. The price will be:


$2727 based on line of best fit.

$1727 based on conservative line.




And if we reach BETI of 1.46 (slightly below last BETI high) in 120 days. The price would be:

$35754 for line of best fit.

$25039 for conservative line.
Post
Topic
Board Development & Technical Discussion
Re: Post your SegWit questions here - open discussion - big week for Bitcoin!
by
danielW
on 03/09/2017, 10:13:11 UTC
I tried using the [addwitnessaddress address] in bitcoin core and go an error code 4 (segwit not activated on the network yet). Is there a reason for this does anyone know? The only thing I can think of is that my bitcoin core version is not fully synced yet with the network/blockchain and that might be causing the problem but other than that...

I would think that it is that. If its not synced it does not know segwit is activated yet.
Post
Topic
Board Development & Technical Discussion
Re: segwit@work? mempool empty
by
danielW
on 03/09/2017, 09:57:55 UTC
Its not because of segwit. Segwit transactions are barely 1% of all transactions. Segwit has made no significant impact on transaction capacity so far.
Post
Topic
Board Development & Technical Discussion
Re: Post your SegWit questions here - open discussion - big week for Bitcoin!
by
danielW
on 30/08/2017, 05:17:23 UTC
If using bitcoind (command line) on bitcoin core, how do I:

1) create a segwit address

2) will 'bitcoin-cli getnewaddress' give me a segwit or non segwit address.

3) what exactly is the difference between a segwit and non-segwit address,

4) if I use bitcoin-cli sendfrom ...' will the change address generated be a segwit or non segwit address?


Also what about the next version of Bitcoin core, how do I:

5) create a segwit address

6) will 'bitcoin-cli getnewaddress' give me a segwit or non segwit address.

7) if I use bitcoin-cli sendfrom ...' will the change address generated be a segwit or non segwit address?

8 ) When will this segwit capable version of bitcoin core be out?

Post
Topic
Board Announcements (Altcoins)
Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling
by
danielW
on 31/07/2017, 10:37:15 UTC
So will there be two coins immediately on 12:20 UTC time on August 1. or is there some sort of lock in period or something of that sort ?

Also how exactly do I use the Bitcoin ABC client to split the coins? I send a transaction with some flag and then another without the flag?
Post
Topic
Board Bitcoin Discussion
Mircea Popescu opinion on segwit UASF
by
danielW
on 26/05/2017, 20:36:25 UTC
I dont wanna give his opinion too much weight but he is a significant holder and might also be representative of a very fundamentalist 'immutable bitcoin' position.

Anybody knows what his position on segwit UASF is?
Post
Topic
Board Bitcoin Technical Support
Bitcoin rpc getbalance returns negative
by
danielW
on 26/05/2017, 12:28:10 UTC
bitcoin-cli getbalance "*" 6

returned a negative balance. How is this possible? Or am I going crazy or something.


EDIT: Also if there are two conflicting transactions, i.e. One transaction was meant to be replaced by a higher fee transaction, would getbalance double count that?
Post
Topic
Board Bitcoin Discussion
Re: @RogerVer lets make a deal. At least 60k, my BTU for your BTC.
by
danielW
on 22/03/2017, 01:18:46 UTC
Escrow is needed, Get Andreas or a few trusted Bitcoin personalities to hold a key to a multisig address holding the Bitcoin.

e.g.

2 of 3 multisig.

20k Bitcoin in each address, Roger holds one key, Loaded one key , Bitcoin personality hold other key.

do that 6 times with different Bitcoin people holding third key.


Edit: after split Bitcoin could be withdrawn from escrow BTC 1k at a time, to a service like poloniex, split and each person would get their btc or btu coins.


Edit2: Also Roger, just a tip, do not generate your multisig key or signature or anything else using BU, who knows what other type of vulnerabilities will be exploited on it.
Post
Topic
Board Speculation
Re: SegWit losing Bitcoin Unlimited winning -> Moon soon
by
danielW
on 15/03/2017, 01:42:18 UTC
This is small, the biggest bug in BU has still not been fixed and is not even recognised as such.

i.e. Emergent consensus failure bug

The 'emergent consensus' mechanism means miners can increase profit by increasing the blocksize.

The only thing stoping increasing the blocksize is the increasing cost of bigger blocks due to orphan rate.

To optimise for profit miners will have competitive pressure to reduce orphan rate and that is easily done by centralisation of  mining.

With centralised mining Bitcoin is led to a permanent failure mode as it devolves into a fully centralised system. Centralised mining and centralised nodes.

This is a massive, massive, catastrophic bug that would slowly kill Bitcoin if the network would run on BU (unlikely). This still has not been fixed by Bitcoin Unlimited.
Post
Topic
Board Bitcoin Discussion
Re: Advantages of Bitcoin over traditional payment systems
by
danielW
on 10/10/2016, 07:27:40 UTC
All of those things are great...if you're computer savvy, which most people are not and never will be.  And to that population, fiat is so much easier to use and so much more available that there's no true need for bitcoin.  I do wish you luck in proselytizing, because bitcoin needs pumpers out there.  I just think if you're trying to convince Joe Blow on the street that he needs to use this funky internet currency, he'll laugh in your face.  Anonymity is big, but a lot of people don't care about that.

Its not necessarily about pumping or proselytizing. Some people are interested in Bitcoin and want me to explain it to them seeing as to them I am a 'Bitcoin expert'. For such situations I want to be prepared by having a good explanation of its advantages.


Anyhow I think there were some good suggestions here. I will rewrite my op and post update next week.
Post
Topic
Board Bitcoin Discussion
Re: Advantages of Bitcoin over traditional payment systems
by
danielW
on 07/10/2016, 15:08:37 UTC
it looks good to me.

although i would add security to it.
when using any other payment systems online you are risking your information being stolen like your credit card information, and there is always risks of malware, keylogger, and other things that can steel your information and abuse it.

however with bitcoin since you can do everything offline all the said risks reach zero. you can have a air lock system using a Live linux offline for example, and make the transactions (use your sensitive information like private keys) there and then only broadcast the public data (non-sensitive) online.

also there is no charge back. it means the trust is shifted from users trusting the merchant with their personal information into merchants trusting their users not to double spend. also users trusting merchants (based on the merchant history) to send the product.

I agree with you.

I did mention security but I think more can be said as I believe ultimately Bitcoins model is less prone to hacking the the current financial system.

For example there were the recent hacks   https://en.wikipedia.org/wiki/2016_Bangladesh_Bank_heist

Bitcoin is less prone to these kind of heists since the money is distributed and held by individuals (mostly apart from exchanges). Banks get hacked all the time any one way or other consumers must bear the cost.

Not sure how to succinctly phrase that.

Ever heard of MtGox, Bitfinex?

Or a shit load of other thefts: https://bitcointalk.org/index.php?topic=576337.0

Yes I know but thefts happen in traditional system also. I feel that fundamentally Bitcoin is more secure against thefts then legacy systems. Not sure how to explain why I have that feeling. Some people might disagree with me.
Post
Topic
Board Bitcoin Discussion
Re: Advantages of Bitcoin over traditional payment systems
by
danielW
on 07/10/2016, 14:43:14 UTC
it looks good to me.

although i would add security to it.
when using any other payment systems online you are risking your information being stolen like your credit card information, and there is always risks of malware, keylogger, and other things that can steel your information and abuse it.

however with bitcoin since you can do everything offline all the said risks reach zero. you can have a air lock system using a Live linux offline for example, and make the transactions (use your sensitive information like private keys) there and then only broadcast the public data (non-sensitive) online.

also there is no charge back. it means the trust is shifted from users trusting the merchant with their personal information into merchants trusting their users not to double spend. also users trusting merchants (based on the merchant history) to send the product.

I agree with you.

I did mention security but I think more can be said as I believe ultimately Bitcoins model is less prone to hacking the the current financial system.

For example there were the recent hacks   https://en.wikipedia.org/wiki/2016_Bangladesh_Bank_heist

Bitcoin is less prone to these kind of heists since the money is distributed and held by individuals (mostly apart from exchanges). Banks get hacked all the time any one way or other consumers must bear the cost.

Not sure how to succinctly phrase that.
Post
Topic
Board Bitcoin Discussion
Re: Advantages of Bitcoin over traditional payment systems
by
danielW
on 07/10/2016, 14:35:52 UTC
You also should include the disadvantages, it doesn't seem honest just to show the good stuff, you should give a complete picture.
I agree there are disadvantages and I certainly mention them. For the proposes of this post I just want to focus on advantages.

TBH most people are already sceptical so they have plenty of disadvantages in their heads. I want to provide them some real reasons why they might consider Bitcoin interesting.
Post
Topic
Board Bitcoin Discussion
Re: Advantages of Bitcoin over traditional payment systems
by
danielW
on 07/10/2016, 14:32:44 UTC
lets address the elephants in the room
1 ) It is not controlled by anyone. Its a decentralised peer-to-peer network.

2 ) Based on open source software.

3 ) This means it can not be manipulated, Bitcoin supply is fixed modelling it after gold.

4 ) Nobody can stop or prevent transactions.

5 ) It has low fees compared to other online payment methods like paypal, credit cards etc.

6 ) It is truly global.

7 ) It is programmable money that allows for smart contracts.

8 ) Anybody including kids from their basement, can create financial applications without permission. This is because its open source technology and the network is not controlled by anybody. Nobody needs to ask permission to use it and nobody can restrict access. If you have access to the internet you can access it.

1 ) although the core fanboy leaders are using a softfork to slide in a change without the network nodes needing to upgrade/vote/consent.. the fanboys have faith that their leaders are doing it with honour. but they forget that even having the ability to slide in changes without consensus, can be used for bad too.
thus bitcoin is not indestructible as it relies on the TRUST that a group of devs are going to be honourable.
.. now imagine that it was used for bad..



Well thats not true because for the soft fork to work miners have to run their code so ultimately devs have no real power. Furthermore thats only for soft forks and soft forks can only be a subset of what is already allowed my nodes.
Post
Topic
Board Bitcoin Discussion
Advantages of Bitcoin over traditional payment systems
by
danielW
on 07/10/2016, 08:23:45 UTC
I often meet newbies and try to explain to them what makes Bitcoin special. I am trying to compile a list of advantages of Bitcoin.

Is there anything anybody feels I should add to the list below?

Also I think its better to keep to concrete, succinct,  advantages. Not what might be considered wishy washy hype about how it will 'help bring sub-saharan Africans out of poverty by allowing them to purchase goats with Bitcoin".

Some of the reasons which I currently state:

-It allows you to have full control of your money, nobody can take away your money.

-It is not controlled by anyone. Its a decentralised peer-to-peer network. Based on open source software. This means it can not be manipulated, Bitcoin supply is fixed modelling it after gold. Nobody can stop or prevent transactions.

-It has low fees compared to other online payment methods like paypal, credit cards etc.

-It is truly global.

-It is programmable money that allows for smart contracts.

-Anybody including kids from their basement, can create financial applications without permission. This is because its open source technology and the network is not controlled by anybody. Nobody needs to ask permission to use it and nobody can restrict access. If you have access to the internet you can access it.

-It is pseudo anonymous and with some extra effort it can be very close to anonymous. You need sophisticated state actors using significant resources to de-anonymise if somebody takes extra effort.

-It is less hackable then traditional payment systems because it is a push system. That means you dont provide your 'secret keys' to receiver/merchant when you make a payment, unlike with credit cards.
Post
Topic
Board Exchanges
Re: Coinbase Patents
by
danielW
on 20/07/2016, 11:54:50 UTC
Also I want to say I am not necessarily against companies having or even using patents for real innovation (Blockstream is possibly going beyond the call of duty in that regard).

Coinbase did not invent hot wallets however. If they are going attempt to patent things like that and justify to us as defensive then we should expect them to make a similar pledge.
Post
Topic
Board Exchanges
Re: Coinbase Patents
by
danielW
on 20/07/2016, 06:29:07 UTC


Obviously this is worrying, and while Coinbase said it intends to use them defensively this is not legally binding and just a promise that can be broken. All we have is their CEO’s word and if Coinbase gets acquired we do not even have that. https://medium.com/the-coinbase-blog/how-we-think-about-patents-at-coinbase-26d82b68e7db#.w3uxykl07



It would not be legally binding, but if they broke that pledge, it would put a huge dent in their reputation and they will lose a lot of users and a lot of business. I know a lot of people left them already, because they force down strict regulations on the ToS with AML and KYC regulations.

It is also rumored that they are passing on user information to the governments, which is obvious when you have to adhere to these regulations. ^hmmmmm^

To my understanding a pledge such as the one by Blockstream is legally binding.
Post
Topic
Board Exchanges
Re: Coinbase Patents
by
danielW
on 20/07/2016, 04:57:49 UTC
I just want them to respond so the community knows where they stand. Will they be making a similar pledge or no?

If no then I believe the community deserves to know. They applied for very broad patents like 'hot wallet'.

Saying 'we will consider it' and then doing nothing is not good enough.