I see your point, but I guess what I'm grappling with is, once you grant some supervisory authority the ability to revoke permissions or change ownership, why do we still need a blockchain instead of just a centralized database? (For these specific a...
- LTBcoin Compatible Address: 1EV2q2uTqTuQTuXwNo3G3PgvyAq5QsmEwK
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Re: Proof of quality problems: The magic world of the day (Dash Across America: Cryptocurrency Panel at Jackalope Freedom Festival) don't work...
@Elma: I also had problems entering the magic word for that episode :(Posted on August 23, 2016 at 3:42 PM
I, for one, welcome our new OCTO overlords :) 1EV2q2uTqTuQTuXwNo3G3PgvyAq5QsmEwKPosted on March 13, 2015 at 8:58 AM
@cryrusfx: "I think its a good thing they didn't do the rollback; that would only help foster a "too big to fail" mentality for bter."
I'm also glad the NXT stakeholders didn't roll back the blockchain; I'm open to other views on this, but at first glance, rollbacks seem to me like a way to break integrity, and provide an easy "out" for centralized entities in the future to have lax security.
What does everyone think about how Bter handled the hostage situation? I might have missed something (and please correct me if I'm wrong), but it seems to me like they gave the perp 100 BTC before they had any leverage. Maybe they had no chance of having any leverage, or maybe they had more extensive plans for nailing the thief, but seems to me that they were just trusting the thief's word.
To put my personal biases out there: I own a few NXT tokens I received from a faucet. Before this I was looking at moving into a position in NXT. Now, I'm holding off. I'm still quite bullish on the currency/asset, but I don't trust the centralized altcoin exchanges, am now planning to wait for Multigateway to get into production.Posted on August 16, 2014 at 1:30 PM
Bitcoin & Beyond
I totally agree: this definitely appears to be the fault of the exchange, and nothing to do with NXT itself.
NXT's forthcoming decentralized exchange appears interesting, once it gets off the ground:
No hard fork decision yet, according to Coin Telegraph (at link above): "Update 5:30pm EST: The discussion about the hard fork continues. The new version released would only freeze the hacker's account."Posted on August 15, 2014 at 3:09 PM
Bitcoin & Beyond
According to reports, 50 million NXT has been stolen from the cryptocurrency exchange Bter:
Worth noting here that this wasn't an attack on NXT itself, but apparently happened thanks to a security issue with Bter's servers.Posted on August 15, 2014 at 2:06 PM
Bitcoin & Beyond
@cryptonaut, I really appreciate you sharing this on Reddit. Thank you! Pretty neat to see the conversations both here and there :)Posted on August 11, 2014 at 8:51 PM
But as for a Cryptocurency such as Bitcoin, besides making a profit for the person buying into an EFT - what other value does it hold? Can they actually use the coin if they wanted to or is it tied up until they decide to sell?
I'm not a financial advisor, but I'm guessing that owning ETF shares will be make it easy (or even possible?) for tax-advantaged accounts like IRAs, Roth IRAs, 401Ks, etc.  to gain exposure to cryptocurrency risk/reward profiles.
Beyond that, I personally see little benefit, since by owning shares of the "Crypto-ETF", you don't own the cryptocurrency directly and in a way that can be traded immediately and at will.
But again, this is just my amateur understanding. Void where prohibited by law. No warranty expressed or implied. Your mileage may vary. Toxic if ingested.
 For those whose 401K plan administrators are enlightened enough to allow people to make their own decisions about their own investments.
 I don't know how this affects those outside the US tax farm... er... country. I do acknowledge that people live outside the US, and that tax-advantaged accounts exist in non-US tax farms... er... countries.Posted on August 11, 2014 at 8:41 PM
Bitcoin & Beyond
Thank you, @hugginmunnin, for your transcription.
I took it upon myself to transcribe another of Andreas's passages, also requested by Jeffrey Tucker during the show. Originally posted it to the show's comments section (http://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-134-disruptive-leaps#comment-1536173830). Reposted here for our convenience:
Andreas M. Antonopoulos, 14:49-17:06:
'Yeah Jeffrey, you said something that got my attention: people telling you, "Have you forgotten all the lessons? Have you forgotten all the things you know?" And that's really the primary criticism of an established paradigm.
You know, the lessons and the "things you know," the conventional wisdom that's being drummed into your head -- especially if you study a subject as an insider, as an academic in the space, or as a professional in the space, and you become skilled and expert in the space -- that means you've reached the apotheosis of indoctrination. You've absorbed all of the dogma and become adept at teaching it to others.
And so the ironic thing is that the people who are able to escape the paradigm first are the ones who have never been schooled in it. To come in and say, "I don't know anything about money, so this Bitcoin thing looks good." You have a better chance of learning something.
But if you think you already know everything there is to know about money -- you know, you have that conventional wisdom in your head -- it's almost impossible to escape that paradigm. It invades your life in every way. It informs your academic success, you've written papers about it. You've taught thousands of others the same thing and reinforced it in your own mind. You've expanded your view within that narrow framework. You've explored its edges. You've taken it from kind of a vague description to hard lines and sharp edges and then stepping outside of that is almost impossible.
So you see that sometimes a person who comes along and throws all of that in disarray is someone who is outside the field. They have to be, because they've avoided the indoctrination. It's the patent clerk at the Austrian patent office that says, "Newtonian physics? I don't think so!" It's the tinkerer who has no formal training in electronics who understands a new perspective. And it's the half-programmer, half-physicist systems thinker Satoshi Nakamoto -- who is obviously not an economist -- who comes along and says, "Well how about we do it this way?"'Posted on August 10, 2014 at 1:06 PM