Earlier quoted context omitted.
seems more ammo for the argument by Bitcoin Maximalists - cant easily own/manipulate a larger network
Also minimalists.
ah, yes. never forget the devil you know.
Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
511–520 of 555 posts
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#512Earlier quoted context omitted.
Not exactly a double spend, but billions BTC being printed out of thin air: https://bitcointalk.org/index.php?topic=822.0
It has happened before but that was in 2010 when the codebase was < 2 years old.
It's happened quite a few times after that. Consider the merchants who have been known to use fewer than the standard # of confirmations and what it takes to reverse or reuse those charges. For example, here is a blog post on one way to do this: https://blog.acolyer.org/2015/10/01/misbehavior-in-bitcoin-a.... If you want to search you will find that there are scripts to automate this type of action by constructing bitcoin transactions.
Also, consider ghash.io or the odd OKPAY double spends.
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#513Earlier quoted context omitted.
They are not negative sum, because they provide entertainment. Also, all systems that pay taxes are negative sum as well! Utility is not measured in money.
Entertainment can also have negative value. That's what the parent meant: your entertainment is provided by someone exploiting your gambling-addicted (and gambling may cause an actual addiction afaik, no less so than opioid addiction although based on different biochemistry) dopamine circuitry in order to extract actual (social) value.
All entertainment is someone exploiting your chemistry. Thats the whole point.
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#514Earlier quoted context omitted.
Obviously capital allocation of individuals is not a perfect measure of utility, but it is the best/ fairest metric we have. Conveniently it provides a clear mechanism to sort out this mess. Price carbon pollution at the source and see the rest of the actors seeking profit fall in line. Miners will chose green energy, green energy will get more demand, their economies of scale will increase, pollution will decrease.…
If you had a mechanism to price externalities, and it wasn't government, then sure ok. But while we have no effective externality accounting and enforcement, this notion of wastage still exists fairly. If we could price in externalities with a government, then perhaps they would be more worthy of trust for currency too? In terms of my original statement, I was effectively stating that the problem of decentralising cu…
It does not follow that if we can trust a Government to price carbon emissions then we should be able to trust them to not print money. We are basically guaranteed that they will, despite being able to effective disincentive things like smoking with an excise tax.
It is trivial for Governments to implement a carbon tax which would improve environmental conditions for all energy intensive production.
With regards to giving power to people, this is not done through wealth redistribution (although you get a little bit of that). The mechanism is tgrough the constraint that the currency can not be debased. A rising tide lifts all boats, especially when there are not holes in them.
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#515Earlier quoted context omitted.
They are not negative sum, because they provide entertainment. Also, all systems that pay taxes are negative sum as well! Utility is not measured in money.
They mainly provide addiction. Go to a casino sometime and look around. Do those people look like they're entertained? The slot machine zombies barely look human anymore. You're also wrong about taxes. Consider my local taqueria. They buy raw materials and create value by making ready-to-eat food just when people are hungry. They receive cash in exchange, a portion of which they pay in taxes to fund the infrastructur…
I dont think you've followed through on that model of yours.
If you buy 50 dollars of taco materials, then taco materials seller makes likes than 50 dollars ,because the state will charge a tax on him. If he didnt sell 50 dollars worth of raw materials, he would have 50 dollars of raw materials to consume, instead of less than 50 dollars.
On the other side, making the taco, you have the same issue: if you sell 100 dollars of tacos, and someone pays you 100 dollars for them, you then pay taxes.
You earn less than 100 dollars, and someone else lost 100 dollars. Repeat the proces ad-infinitum and your holdings go to 0.
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#516Earlier quoted context omitted.
They are not negative sum, because they provide entertainment. Also, all systems that pay taxes are negative sum as well! Utility is not measured in money.
They mainly provide addiction. Go to a casino sometime and look around. Do those people look like they're entertained? The slot machine zombies barely look human anymore. You're also wrong about taxes. Consider my local taqueria. They buy raw materials and create value by making ready-to-eat food just when people are hungry. They receive cash in exchange, a portion of which they pay in taxes to fund the infrastructur…
I dont think you've followed through on that model of yours.
If you buy 50 dollars of taco materials, then taco materials seller makes likes than 50 dollars ,because the state will charge a tax on him. If he didnt sell 50 dollars worth of raw materials, he would have 50 dollars of raw materials to consume, instead of less than 50 dollars.
On the other side, making the taco, you have the same issue: if you sell 100 dollars of tacos, and someone pays you 100 dollars for them, you then pay taxes.
You earn less than 100 dollars, and someone else lost 100 dollars. Repeat the proces ad-infinitum and your holdings go to 0. (assuming for simplification, any rate of positive taxation on income).
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#517Earlier quoted context omitted.
They would exist as ERC20 tokens I believe...?
EOS has begin trading without any of that. Now it's a ERC20 token, I guess, but still there is no code, no network, no nothing -- and in fact their creators have declared they won't be starting the network or whatever, they're just selling "the idea". The tokens themselves have no value at all, they only _hope_ that whenever someone starts the network they will give some privileges to the current token holders.
>but still there is no code, no network, no nothing
EOS mainnet launch is June 2nd, 9 days away. There's lots of code: https://github.com/EOSIO/eos
Check this cool demo out: https://eosauthority.com/space/
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#518Earlier quoted context omitted.
Nah, you could short-sell Bitcoin. Take out a sell option, crash the value, buy cheap, then exercise the option. Information is valuable, no matter which direction it predicts the market to go.
Where would you buy a put (sell) option on Bitcoin (without substantial counterparty or settlement risk)? I genuinely want to know. I would have bought one in November if I could have.
Bitmex
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#519The strange thing about this is that there is no visible effect on the price of BTG. It is going down true - but most crypto go down now - and when you look at the chart you would not guess that there was such a dramatic event: https://cryptowat.ch/markets/bitfinex/btg/usd
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#520Earlier quoted context omitted.
What game are you playing if you don't care about the price?
Do you care about the price of 1 dollar? "In what?" you will ask. "Exactly. In what?" I will respond.
In loaves of bread, in liters of milk, in months of rent, gigabytes of internet, square feet of land, kilowatts of electricity; in i7s and shitty steam games and iPhones. I care about the price of 1 dollar in the labor I put in, and the goods I get out.