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venzen commented Jan 16, 2016Perhaps, for those who get a lot of information from the mainstream media, there is still a perception that Bitcoin use is restricted to rebel-geeks and other minority deviants, but here is the same mainstream media with some light non-computer ...
A recession worse than 2008 is coming
- venzen commented Jan 16, 2016
@Zer0sum, this is neither theoretically possible nor provably true. The central Napster server could be unplugged but Bitcoin is better compared to BitTorrent. How does any agency or government propose to destroy such a distributed network? A ...
A recession worse than 2008 is coming
- venzen commented Jan 15, 2016
What is interesting about this article is not so much the doom prophecy as the fact that the mainstream media is now using the word "deflation" with greater frequency. The author's points: 1. global slowdown in production 2. ongoing commodities rout ...
A recession worse than 2008 is coming
- venzen replied Jan 6, 2016
It sure looked like a sell-off was about to grip the market, especially with the XT hardfork looming on 11 Jan, but it seems the Chinese exchange participants want to buy urgently. With the bulk of miners based in China and with their unanimous vote ...
Bitcoin technical analysis
- venzen replied Dec 29, 2015
Thanks chonchy, same to you, too. Another bitcoin downdraft seems to be setting up. I'm seeing $400 and 2600 CNY as critical support, and below that... well, a bounce could spare us from months of meandering before the next block reward halving ...
Bitcoin technical analysis
- venzen replied Dec 23, 2015
The Rally Before Christmas BTCC 1-Hour image Price has launched higher following a typical Bitcoin base forming pattern. If PA can establish above the 200MA (red) then the next evident target is the resistance ceiling where year-end profit taking ...
Bitcoin technical analysis
- venzen replied Dec 21, 2015
ForexOracle, You made yourself sufficiently clear and my previous post agrees with you: govt is not out to steal bitcoins from ordinary users' wallets, just as they don't go around stealing funds from ordinary citizens' bank accounts. I illustrated ...
Bitcoin - Reality check for the naives out there
- venzen replied Dec 21, 2015
Exactly, so if govt is not explicitly out to steal bitcoins, then there is no rational motivation for them to dedicate quantum resources to deducing private keys from bitcoin public keys ("addresses"). If govt wants to know what bitcoins are being ...
Bitcoin - Reality check for the naives out there
- venzen replied Dec 21, 2015
Perhaps your choice of scenarios and potential outcome is skewed by your own country's conditions, but the very thing you mention (transactions only via computer) is why sole reliance on cryptocurrency and the kind of regime you project into the ...
Bitcoin - Reality check for the naives out there
- venzen replied Dec 21, 2015
Well, yes, depending on which country you live in, most likely the authorities already know all of that. Having the whole citizenry use cryptocurrency issued by the regional central bank will increase their ability to monitor money flow. And this is ...
Bitcoin - Reality check for the naives out there
- venzen replied Dec 20, 2015
ForexOracle, We need to consider that as much as there is the possibility of cracking almost all encryption, there are also degrees of encryption and the option to change the encryption that a protocol uses. There are certain "mathematical ...
Bitcoin - Reality check for the naives out there
- venzen replied Dec 20, 2015
Don't be too sure about that, Mingary. The Fed will soon be deploying a blockchain for some form of crypto-dollar settlement network, and the major banks, Visa and SWIFT have announced planned migration to blockchain based payment systems.
Bitcoin - Reality check for the naives out there
- venzen replied Dec 20, 2015
It's not always easy to understand the concepts involved in achieving certain forms of encryption, but there are familiar mathematical constructs and formulae that you don't have to understand to see how they can be useful to achieve the "difficulty ...
Bitcoin - Reality check for the naives out there
- venzen replied Dec 20, 2015
I also appreciate the fact that we can have a reasonable discussion, ForexOracle - this is how we can move toward understanding in respectful way. Glad you value that also. Let's assume for a minute that you are correct: everything digital is the ...
Bitcoin - Reality check for the naives out there
- venzen replied Dec 19, 2015
I believe you don't understand how Bitcoin works: Firstly, there is no encrypted traffic on the network. It all happens in the clear - as a bytestream that anyone can read. Secondly, the details of every transaction are recorded in the blockchain - ...
Bitcoin - Reality check for the naives out there
- venzen commented Dec 19, 2015
@8fingers, this is happening in your own country and your own neighborhood and you don't see the benefit? Well, suit yourself.
‘Star Wars’ crushes opening-day record, global sales near $130 million
- venzen replied Dec 19, 2015
You make two assumptions: 1) That economies will recover. From what? The 40 year credit expansion experiment that has no self-evident off-ramp to recovery? If it does, according to you, then what are the practical steps? 2) Bitcoin is "already not ...
Bitcoin - Reality check for the naives out there
- venzen commented Dec 19, 2015
@Conscript, if we put our money in the market then we need to look to the social phenomena that reveal sentiment. Consumer Sentiment is a data metric, but record breaking box office sales is a raw fact, not true?
‘Star Wars’ crushes opening-day record, global sales near $130 million
- venzen replied Dec 19, 2015
My apologies for being direct but this thread title is misinformation and the OP is speaking from sheer ignorance. Firstly, good point, Kilian19. The OP is proposing that Bitcoin's dependency on the internet is a core weakness and this is true. As ...
Bitcoin - Reality check for the naives out there
- venzen commented Dec 18, 2015
@aymanalarous, think of Star Wars as an indicator of popular sentiment in the US. With the movie selling out and breaking records, does it perhaps imply the awakening of a new US era and dollar strength? The fact that other countries are also ...
‘Star Wars’ crushes opening-day record, global sales near $130 million