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Showing 20 of 47 results by papa_snurf
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Board Bitcoin Discussion
Re: It is not a bubble
by
papa_snurf
on 21/11/2017, 11:00:28 UTC
"It is not a bubble" is what we hear every time from people invested in an asset hoping it will make them rich.



Before the dotcom bubble burst, dotcom shares were not a bubble said the people investing in shares. It can only go up they said. NASDAQ is going to the moon and will reach 100.000. They said. And then they lost.



Before the housing price bubble burst, house prices were not a bubble said people who were borrowing more and more money. It can only go up they said, because there will never be more land. They said. And then they lost.


It is so predictable that it is sad.




Bitcoin is currently as big as the ruble. Think about how big Russia is, withs its 140 millions inhabitants sand the second or third oil reserves in the world ( among many other things ). Bitcoin is as big as that, with no economy to back it up.

If Bitcoin grow by 20x, it will be in the same league as the USD. Think about it: a currency that currently supports up to 500k transaction a day ( which couldn't power a medium-sized city ) nearly as big as the USD.



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Topic
Board Bitcoin Discussion
Re: Bitcoin can be hacked
by
papa_snurf
on 21/11/2017, 10:55:12 UTC
A quantum computer can crack ethereum and bitcoin in 1 hour. So now there are many forks that are more protected

ECC can be broken by a quantum computer. Not SHA256. So your assertion is partially false.

A quantum computer can break an address that you spent from, but not an address that you have not spent from.
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Board Bitcoin Discussion
Re: Can Bitcoin make Banks disappear?
by
papa_snurf
on 12/11/2016, 19:01:14 UTC
Theres no chance for a digital currency  in placing a   fiat currency. We all know  that  fiat  is  being  used  by all people  all  over the world and  it already  established  its  name and  its uses  worldwide  and  for bitcoin  no matter  how  it flies  , it cant still  place  fiat currency , so this means  banks  would be  still there because  fiat  do store  on banks.
I agree with you, bitcoin and bank is two totally different concept, bitcoin's existence doesn't have anything to deal with banks and the fact that no matter how high bitcoin can grow or how low it can get, banks aren't affected by any of them. Therefore, bitcoin certainly can't replace banks, not to mention make them disappear.

Bitcoin makes some bank functions obsolete, but not all of them.

From the top of my head: bitcoin cannot do the following:
-lending & borrowing
-letter of credits
-chargebacks
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Topic
Board Economics
Re: Bitcoin the Bubblecoin
by
papa_snurf
on 28/04/2013, 21:30:45 UTC
Bitcoin is not a currency it’s a steak. My corner grocer had T-bones on sale last week for $5.99 a pound, this week they’re $10.99 and next week they might be $6.99. You are never going to know the exact price of btc or steak until you check the price today. Welcome to the world of commodity trading; glad you could join us.

When I price a steak in chicken wing, then it becomes relatively stable.

Bitcoin will eventually become less volatile. The market is still very small and relatively small influxes of money can be very large compared to the market value of the coins in circulation. It's still a very young baby, don't forget that.
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Board Economics
Re: First offer accepted for 300k per coin
by
papa_snurf
on 28/04/2013, 21:24:59 UTC
Wut?
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Topic
Board Development & Technical Discussion
Re: Bitcoin clients should have a MESSAGE option !
by
papa_snurf
on 27/04/2013, 09:34:23 UTC
the blockchain is designed to be a ledger, not a place to put your messages. if you want to do that, feel free to create your own "message coin" fork.

Another 'feel free to fork your own shit' reply... it's getting tiresome.

That said we don't want to bloat the blockchain do we?
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Board Bitcoin Discussion
Re: CNN : The Bitcoin Bubble Re-Inflates
by
papa_snurf
on 20/04/2013, 21:35:02 UTC
BItcoin prices are back in rally mode, just one week after it looked like the bubble had started to burst.

Early Friday, Bitcoin prices traded as high as $136.43 before pulling back to $119.36. That's more than double this week's low of $50.

Trading volume doubled in just two hours.

The price of the virtual currency, which was created by an anonymous hacker just four years ago, has increased almost 20-fold this year. It gained particular attention in the wake of a mini-bank run in Cyprus, which had raised concerns about the health of government-backed paper currencies like the euro and the U.S. dollar.

http://money.cnn.com/2013/04/19/investing/bitcoin-prices-rally/


Bitcoin is like a cockroach (in a positive way). The damned thing just won't die Smiley.
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Board Bitcoin Discussion
Re: Roger Ver and Jon Matonis pushed aside now that Bitcoin is becoming mainstream
by
papa_snurf
on 20/04/2013, 21:27:21 UTC
I think a diversity of views is good, as long as the people expressing their views are honest, trustworthy, and respectable.

I still think Luke causes more trouble and strife than he is worth. And I wish people would stop implying he is part of the core development team.


So maybe we need a list on the bitcoin.org page or the bitcoin foundation page.

An international list Smiley

Think of the German, Russian, and Indian medias as well (and any country in which Bitcoin is likely to generate interest).
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Board Bitcoin Discussion
Re: Roger Ver and Jon Matonis pushed aside now that Bitcoin is becoming mainstream
by
papa_snurf
on 20/04/2013, 16:42:36 UTC

I think the goal of this Press center should be to make the press's job easier and the standard used for inclusion should be competence and professionalism along with established reputations in the Bitcoin community. I do not see why political ideology is relevant or should be used for any type of test or standard for inclusion.


Bitcoin has always been a political project. Hell, all money is political (google's definition: Of or relating to the government or the public affairs of a country).

Excluding somebody because of his political beliefs is akin to a purge. As far as I'm concerned anybody who passes well on TV and who don't come off as a crackpot could be on this list.
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Board Bitcoin Discussion
Re: Roger Ver and Jon Matonis pushed aside now that Bitcoin is becoming mainstream
by
papa_snurf
on 20/04/2013, 16:07:13 UTC
I will say that I have always thought of Tony Gallippi as the best at pitching bitcoin. Everybody else mixes politics and computer science to various degrees in their bitcoin pitch, but Tony's is 100% business.

Jeff Berwick is not too bad as well.
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Board Bitcoin Discussion
Re: Roger Ver and Jon Matonis pushed aside now that Bitcoin is becoming mainstream
by
papa_snurf
on 20/04/2013, 07:52:14 UTC

You have potentially the most important invention in the history of mankind, but you try to gift-wrap
it in a nice little politically-correct package. What are you afraid of? If Bitcoin is an efficient system,
it will be adopted regardless of the opinions of some of the speakers.



First, I think Bitcoin is amazing but it is objectively way less important than the invention of fire, electricity, the contraceptive pill, and a bunch of other stuff. You'd rather have Bitcoin or antibiotics?

Second, it is naive to think that the future has already been written. There's nothing ineluctable about Bitcoin and its image will impact its adoption. Put Ben Laden in charge of the PR, and you will see what will happen to your beloved currency (hint: it won't be pretty).
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Board Service Discussion
Re: Mtgox claim officially turned bitcoin into Ponzi
by
papa_snurf
on 14/04/2013, 11:19:34 UTC
Look what they say! ZOMG

https://mtgox.com/press_release_20130412.html
Quote
There is no doubt that we are expecting a violent crash of Bitcoin after trading resumes, but we are confident that this Panic Sell will be temporarily and that Bitcoin will rise again.

This claim can be recognized as promising of further high returns.

http://www.sec.gov/answers/ponzi.htm
Quote
A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes, the fraudsters focus on attracting new money to make promised payments to earlier-stage investors and to use for personal expenses, instead of engaging in any legitimate investment activity.

Bitcoin missed only one sign of financial pyramid: promises of high returns. And here is it! Congrats gox, well done.

Except that mtgox are not a bitcoin organizer...

They are just giving their opinion. If this is a ponzi then everybody who has a blog and who comments on where the SP500 is heading is running a Ponzi.
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Board Bitcoin Discussion
Re: BTC Billionaire
by
papa_snurf
on 14/04/2013, 11:14:52 UTC
BTC Billionaire??   There will only be 21million BTC at the end.  How can u be a BTC Billionaire?

If someone was called 'railroad billionaire' would you think they owned a  billion trains?

If someone was called a Yen billionaire would you think they owned a billion dollar? Bitcoin is a currency first.d.
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Board Bitcoin Discussion
Re: BTC Billionaire
by
papa_snurf
on 11/04/2013, 14:30:15 UTC
BTC Billionaire??   There will only be 21million BTC at the end.  How can u be a BTC Billionaire?

Maybe he holds or will soon hold a billion dollars worth of BTC?

~5 millions BTC? Unlikely.  Grin

I think he just has a sense of humor.
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Board Bitcoin Discussion
Re: Future Bitcoin millionaires - will you cash out when you hit $1M?
by
papa_snurf
on 10/04/2013, 16:21:42 UTC
I'll be a millionaire when you'll be a billionaire Smiley.

I won't cash out for USD. I'll spend it on real goods. Like booze. One million dollars worth of it  Cheesy
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Board Bitcoin Discussion
Re: What are the biggest mistakes you've done with Bitcoin?
by
papa_snurf
on 10/04/2013, 16:11:45 UTC
I did not buy enough  Roll Eyes
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Board Service Discussion
Re: Petition To Request Mtgox Not Add Altcoins
by
papa_snurf
on 10/04/2013, 16:10:49 UTC
Signed.

I am all for alt-coins (let the free market sort the winner), but mtgox should get their shit together first.

Their trading engine is bad there's no other way to say it. Real world exchanges routinely process billions of trades per minutes.
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Board Bitcoin Discussion
Re: Bitcoin part of the elite, the illuminati, new world order?
by
papa_snurf
on 07/04/2013, 05:32:21 UTC
this was all a ploy in order to scam hundreds of millions if not billions of dollars from you and me. 


You must be very rich. Grin
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Topic
Board Bitcoin Discussion
Re: Bitcoin part of the elite, the illuminati, new world order?
by
papa_snurf
on 07/04/2013, 05:30:09 UTC


OK i read a lot around the illuminati, new world order and to some people 'all that shite'. I dont believe in it, however I do think there  is a strong possibility of its existence.



Lol... You crackpot you...
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Board Service Discussion
Re: What happenned to pirate@40 ?
by
papa_snurf
on 06/04/2013, 16:46:28 UTC
he was tarred and feathered  Cheesy

Lol.  Grin But seriously there are no litigations pending ? I remember that there was a good case against the guy.