Please do some research first into bitcoin before spreading misinformation.
>> The problem is that they'll run out of bitcoins to sell,
No, they just need to keep busting drug dealers that take bitcoins. if those hauls over time net less bitcoins it just means the popularity of bitcoin itself is going away, therefore the number of bitcoins they need to sell to affect the market is less.
Or they cannot efficiently steal large caches of Bitcoins anymore since they squashed the Silk Road and many decentralized exchanges started appearing. Open Bazaar will be an example where there is no company to steal from or server to take down. They will have to investigate and spend millions to attack every dealer individually and only be able to seize small amounts as there is no centralized escrow or profiting company.
True but thats controlled by difficulty which is adjusted montlhy, and does not necessarily always increase. In fact its decreased several times lately,
Bitcoin doesn't adjust difficulty every month or set amount of time but every 2016 blocks which is approximately 2 weeks on average.
The government have no such problem, since unlike every other miner, their goal is not to make a net profit, but to crash the bitcoin economy at any cost.
This would be quite entertaining to see. I would like to see them spend a billion dollars to perform 2-3 double spends on a 51% attack while they simultaneously keeping these plans a secret. We are ready for them.
Why the need for mandated cryptographic backdoors than? The funny thing is regulators have been focused on studying Bitcoin as a technology as it existed 4 years ago and have yet to understand some of the new privacy features we have invented like stealthaddresses, coin shuffle, coinjoin, and cryptonote.
Someone suggested it's rich Argentinians who want to get their money out of Argentina. Sounds like there's a market for a US-dollars-located-in-the-US to pesos-located-in-argentina exchange business. That would replace at least two middlemen with just one and eliminate the risk of dealing with an unstable medium of exchange. There's really no reason to involve bitcoin at all, except to facilitate two separate exchanges skimming off a fee.
Wealthy Argentinians have always been able to launder their assets for more stable stocks or currencies. Bitcoin allows individuals without the ability to afford laundering large amounts of pesos for dollars the ability to launder a small amount of pesos for bitcoin.
Not if you can't spend the bitcoin to buy stuff. If you have to convert it into pesos first, the black-market peso-bitcoin dealer is going to take is cut the same as he would for dollars.
There are hundreds of thousands of stores that accept Bitcoin directly and many more that accepts bitcoin indirectly. I just saved 24% off a large amazon order by using bitcoin to buy the items. You are assuming that just because bitcoin isn't accepted everywhere that I cannot leverage it as a tool to save money where it is accepted and when it is an opportune time to use it. Using Bitcoin doesn't invalidate my use of other tools like stable forms of Fiat.
The Data from payment processors reflects spikes in spending with bitcoin when it goes through disinflationary bubbles however. Perhaps your Econ101 professor didn't understand everything?
Bitcoin is almost 50% higher than the average of 2013 when it peaked in value. You understand that it was in the ~1100 USD range for a few days right? Most people bought in much lower and any competent investor understands you invest when it has capitulated to a new support. This is why venture capital money is pouring into bitcoin related companies and increasing year after year.
On a global scope, no one would benefit in the long run from a deflationary currency since the economy -the one that produces the things both rich and poors will consume, will stop to a grinding halt, leading to a S XVIII-style economy with aristocracy on one side and peasants/serfs on the other.
First of all Bitcoin isn't deflationary, but disinflationary. Currently it has a relatively high inflation of ~10% (2016 will drop to ~5%) which would explain the year of capitulation to the new found support that is almost 50% higher than the average of 2013 where it peaked in price.
Please provide any evidence that disinflationary currencies where disinflation is a planned intrinsic property of the currency create greater economic disparity as you claim.
Any idea how that works? The only way I know of to produce partial keys has one person entirely in charge, which wouldn't work for an untrusted escrow service.
Bitcoin allows for escrow and arbitration where you can select any arbitrator both parties trust and agree to and thus eliminates counterparty risk. The keys are split with either multi-sig or shamir's secret sharing.. here is one example amongst many:
Mycelium entropy released a offline hardware based paper wallet generator which allows you to generate secure single wallets or Shamir’s 2-of-3 Secret Sharing Scheme wallets with a single click and even use your own seed if you are especially paranoid
There are occasional checkpoints like the US , but they are mainly looking for weapons or smuggled items. They rarely last more than 30 seconds if you aren't doing something really odd. There are some odd things about the laws here as in some cases they have stronger 4th amendment protections than the US. It is extremely difficult for the Fuerza Publica to get a search warrant for your home even if they are in hot pursuit.
Costa Rica has some of the highest fuel prices in Central America , and many people use propane/solar to heat their hot water and stoves. The high elevation in many places allows for a cool climate with no need for air conditioning and their are tiered electrical rates that make electricity 3 times more expensive than the US at the highest rate(using Air conditioning will get that ). This means people are naturally environmentally consciousness here due to greater poverty and high taxes.
FYI.... it has been a long dry summer... so not exactly good rainfall. Just starting to rain again.
To place this article in a bit of context. Costa Rican summers extend from December to February and are extremely dry where sometimes there is no rain for 3 weeks straight. Costa Rica Just went through a slightly longer hot Dry summer and is just ending, so I am a bit confused that the article suggests high rains. Perhaps higher than expected? The wettest months is typically October and it can rain continuously for days, but at least several hours each day. The worst I witnessed was 8 days of continuous rainfall in October. This means that Costa Rica's electrical production should increase because it is starting to rain again.
Machinable dimensions: 175 x 75 x 60mm (~6.75 x 2.95 x 2.35")
Maximum part dimensions: 230 x 90 x 100mm (~9.05 x 3.50 x 3.90")
Overall footprint: 330 x 280mm (~13 x 11")
Weight: 20kg (~45 pounds)
Spindle Speed: 10,000+ RPM (Final Value TBD)
* Single piece powder coated 1018 steel exoskeleton to improve rigidity per unit weight
*Reinforced A36 steel end plates to further improve rigidity
*A new open source GrBLDC brushless motor controller shield for Arduino.
*Oversized 125W NEMA 23 BLDC motor, electronically throttled to 72W.
*Spindle incorporation of industry standard ER11 collet system, supporting tools up to 5/16”
The entire machine is Open Source. For other Open Source designs, Defense Distributed developed a custom spindle that exceeds the quality, accuracy, and cutting capabilities of any sub-$400 spindle we've tested. We also developed a custom signal conditioning PCB called GrbIO that reduces RF noise generated by the several stepper motors used on the machine. GrbIO includes screw-posts for easy wiring, including separate analog, digital, power supply and chassis grounds, which internally isolate noisy components from sensitive ground planes. The plug-and-play PCB connects between existing Arduino and gshield boards, requires zero software changes, and should resolve many headaches on other derivative designs.
Their machine can likely to be scaled up to make larger parts.
Look forward to seeing Carbon fiber 3d printed guns being developed:
https://www.youtube.com/watch?v=5L9mHtL1HTs
FYI- Cody purchased a Mark 1 within a day after posting the bounty.
So the more educated you are the more likely you have an unfavorable view of the NSA. Seems about right. There are some examples of young people asking the right questions: https://www.techdirt.com/artic...
These changes are superficial and still permit this atrocious practice to be used and is one of the Raison d'être of currencies like bitcoin where the currency can be secured in such a manner that it is nearly impossible to seize with brain wallets, mutisig, and nTimelocks.
Circle and coinbase are regulated with Fincen, AML and KYC regulations, additionally they are insured. The "hack" exchange discussed here was also audited recently and had over 100% solvency unlike most banks and the stolen amount was just some of their pocket trading coins on their live server. I use traditional banks along with bitcoin banks because there are advantages to knowing when to leverage Bitcoin or Fiat.
Bitstamp has over 100 % solvency and stores most of the coins in multisig cold storage. The stolen amount was just their pocket change on the trading server. Circle and Coinbase are insured and store a majority of coins in multisig cold storage. Multisig cold storage means that it is practically impossible for hackers, disk corruption, or physical theft to steal the coins.
You are missing the point that Anarchists like Cody Wilson and DD are making. Legal Restrictions and regulations for gun manufacturing and 3d printers are now obsolete and moot. You can create your own 3d printers from other 3d printers and make your own filament. Pandora's box has been opened. It is a bit naive as well to assume that their actions have anything to due with restricting our liberties as history has shown all it takes is one mentally ill child and a tragedy to foist these restrictions upon the public.
You really need to do a bit of research into Anarchists like Cody Wilson's philosophy before jumping to these conclusions. 3d printed guns were never intended to be more efficient than stamped ones and they don't represent a violent call to armed revolution.
They represent a backstop and to show the ultimate futility in regulations. A shifting of the paradigm and a change of the power dynamic more towards decentralized and egalitarian power structures vs the NRA, factory gun manufacturers and the military industrial complex.
Slashdot Mirror
>> The problem is that they'll run out of bitcoins to sell,
No, they just need to keep busting drug dealers that take bitcoins. if those hauls over time net less bitcoins it just means the popularity of bitcoin itself is going away, therefore the number of bitcoins they need to sell to affect the market is less.
Or they cannot efficiently steal large caches of Bitcoins anymore since they squashed the Silk Road and many decentralized exchanges started appearing. Open Bazaar will be an example where there is no company to steal from or server to take down. They will have to investigate and spend millions to attack every dealer individually and only be able to seize small amounts as there is no centralized escrow or profiting company.
True but thats controlled by difficulty which is adjusted montlhy, and does not necessarily always increase. In fact its decreased several times lately,
Bitcoin doesn't adjust difficulty every month or set amount of time but every 2016 blocks which is approximately 2 weeks on average.
The government have no such problem, since unlike every other miner, their goal is not to make a net profit, but to crash the bitcoin economy at any cost.
This would be quite entertaining to see. I would like to see them spend a billion dollars to perform 2-3 double spends on a 51% attack while they simultaneously keeping these plans a secret. We are ready for them.
>> At least it can't be devalued like government's magic paper.
Sure it can. The government already got their hands on 30,000 ( worth about $18 million then) of Silk Road's bitcoins and more from other busts,
The amount of Bitcoins the US government stole was much higher at over 144 million BTC. Those have already all been sold as well.
and the NSA already has masive computers that could mine bitcoins like there's no tomorrow.
Nope, Not even close. Are you suggesting the NSA's datacenters and supercomputers can encode a double round of SHA256 anywhere near 324,680,873 GH/s ?
Digital information is very traceable.
Why the need for mandated cryptographic backdoors than? The funny thing is regulators have been focused on studying Bitcoin as a technology as it existed 4 years ago and have yet to understand some of the new privacy features we have invented like stealthaddresses, coin shuffle, coinjoin, and cryptonote.
Yeah. The interesting question is, why?
Someone suggested it's rich Argentinians who want to get their money out of Argentina. Sounds like there's a market for a US-dollars-located-in-the-US to pesos-located-in-argentina exchange business. That would replace at least two middlemen with just one and eliminate the risk of dealing with an unstable medium of exchange. There's really no reason to involve bitcoin at all, except to facilitate two separate exchanges skimming off a fee.
Wealthy Argentinians have always been able to launder their assets for more stable stocks or currencies. Bitcoin allows individuals without the ability to afford laundering large amounts of pesos for dollars the ability to launder a small amount of pesos for bitcoin.
Not if you can't spend the bitcoin to buy stuff. If you have to convert it into pesos first, the black-market peso-bitcoin dealer is going to take is cut the same as he would for dollars.
There are hundreds of thousands of stores that accept Bitcoin directly and many more that accepts bitcoin indirectly. I just saved 24% off a large amazon order by using bitcoin to buy the items. You are assuming that just because bitcoin isn't accepted everywhere that I cannot leverage it as a tool to save money where it is accepted and when it is an opportune time to use it. Using Bitcoin doesn't invalidate my use of other tools like stable forms of Fiat.
The Data from payment processors reflects spikes in spending with bitcoin when it goes through disinflationary bubbles however. Perhaps your Econ101 professor didn't understand everything?
Their currency loses 25% per year ...
Bitcoin recently lost 75% in a year.
Bitcoin is almost 50% higher than the average of 2013 when it peaked in value. You understand that it was in the ~1100 USD range for a few days right? Most people bought in much lower and any competent investor understands you invest when it has capitulated to a new support. This is why venture capital money is pouring into bitcoin related companies and increasing year after year.
Check for yourself-
http://www.coindesk.com/bitcoin-venture-capital/
On a global scope, no one would benefit in the long run from a deflationary currency since the economy -the one that produces the things both rich and poors will consume, will stop to a grinding halt, leading to a S XVIII-style economy with aristocracy on one side and peasants/serfs on the other.
First of all Bitcoin isn't deflationary, but disinflationary. Currently it has a relatively high inflation of ~10% (2016 will drop to ~5%) which would explain the year of capitulation to the new found support that is almost 50% higher than the average of 2013 where it peaked in price.
Please provide any evidence that disinflationary currencies where disinflation is a planned intrinsic property of the currency create greater economic disparity as you claim.
Any idea how that works? The only way I know of to produce partial keys has one person entirely in charge, which wouldn't work for an untrusted escrow service.
Bitcoin allows for escrow and arbitration where you can select any arbitrator both parties trust and agree to and thus eliminates counterparty risk. The keys are split with either multi-sig or shamir's secret sharing.. here is one example amongst many:
https://www.bitrated.com/
Mycelium entropy released a offline hardware based paper wallet generator which allows you to generate secure single wallets or Shamir’s 2-of-3 Secret Sharing Scheme wallets with a single click and even use your own seed if you are especially paranoid
The unit was 40 dollars - https://mycelium.com/entropy https://mycelium.com/assets/en...
or you could just get one of many hardware wallets - https://bitcointalk.org/index....
There are occasional checkpoints like the US , but they are mainly looking for weapons or smuggled items. They rarely last more than 30 seconds if you aren't doing something really odd. There are some odd things about the laws here as in some cases they have stronger 4th amendment protections than the US. It is extremely difficult for the Fuerza Publica to get a search warrant for your home even if they are in hot pursuit.
Funny , but keep in mind that we just went through a long 4 month dry summer that is just ending.
FYI.... it has been a long dry summer ... so not exactly good rainfall. Just starting to rain again.
To place this article in a bit of context. Costa Rican summers extend from December to February and are extremely dry where sometimes there is no rain for 3 weeks straight. Costa Rica Just went through a slightly longer hot Dry summer and is just ending, so I am a bit confused that the article suggests high rains. Perhaps higher than expected? The wettest months is typically October and it can rain continuously for days, but at least several hours each day. The worst I witnessed was 8 days of continuous rainfall in October. This means that Costa Rica's electrical production should increase because it is starting to rain again.
http://www.coindesk.com/change...
https://www.changetip.com/how-...
Protip aims at competing with changetip as well:
https://www.indiegogo.com/proj...
The closest CNC machines with similar specs I can find is more than twice as expensive. Do you have a link?
https://ghostgunner.net/faq.html
Machinable dimensions: 175 x 75 x 60mm (~6.75 x 2.95 x 2.35")
Maximum part dimensions: 230 x 90 x 100mm (~9.05 x 3.50 x 3.90")
Overall footprint: 330 x 280mm (~13 x 11")
Weight: 20kg (~45 pounds)
Spindle Speed: 10,000+ RPM (Final Value TBD)
* Single piece powder coated 1018 steel exoskeleton to improve rigidity per unit weight
*Reinforced A36 steel end plates to further improve rigidity
*A new open source GrBLDC brushless motor controller shield for Arduino.
*Oversized 125W NEMA 23 BLDC motor, electronically throttled to 72W.
*Spindle incorporation of industry standard ER11 collet system, supporting tools up to 5/16”
The entire machine is Open Source. For other Open Source designs, Defense Distributed developed a custom spindle that exceeds the quality, accuracy, and cutting capabilities of any sub-$400 spindle we've tested. We also developed a custom signal conditioning PCB called GrbIO that reduces RF noise generated by the several stepper motors used on the machine. GrbIO includes screw-posts for easy wiring, including separate analog, digital, power supply and chassis grounds, which internally isolate noisy components from sensitive ground planes. The plug-and-play PCB connects between existing Arduino and gshield boards, requires zero software changes, and should resolve many headaches on other derivative designs. Their machine can likely to be scaled up to make larger parts.
Look forward to seeing Carbon fiber 3d printed guns being developed:
https://www.youtube.com/watch?v=5L9mHtL1HTs
FYI- Cody purchased a Mark 1 within a day after posting the bounty.
https://www.youtube.com/watch?...
So the more educated you are the more likely you have an unfavorable view of the NSA. Seems about right. There are some examples of young people asking the right questions: https://www.techdirt.com/artic...
These changes are superficial and still permit this atrocious practice to be used and is one of the Raison d'être of currencies like bitcoin where the currency can be secured in such a manner that it is nearly impossible to seize with brain wallets, mutisig, and nTimelocks.
Circle and coinbase are regulated with Fincen, AML and KYC regulations, additionally they are insured. The "hack" exchange discussed here was also audited recently and had over 100% solvency unlike most banks and the stolen amount was just some of their pocket trading coins on their live server. I use traditional banks along with bitcoin banks because there are advantages to knowing when to leverage Bitcoin or Fiat.
Bitstamp has over 100 % solvency and stores most of the coins in multisig cold storage. The stolen amount was just their pocket change on the trading server. Circle and Coinbase are insured and store a majority of coins in multisig cold storage. Multisig cold storage means that it is practically impossible for hackers, disk corruption, or physical theft to steal the coins.
You are missing the point that Anarchists like Cody Wilson and DD are making. Legal Restrictions and regulations for gun manufacturing and 3d printers are now obsolete and moot. You can create your own 3d printers from other 3d printers and make your own filament. Pandora's box has been opened. It is a bit naive as well to assume that their actions have anything to due with restricting our liberties as history has shown all it takes is one mentally ill child and a tragedy to foist these restrictions upon the public.
1300 and you have a ghost gunner cnc factory in your garage https://ghostgunner.net/
You really need to do a bit of research into Anarchists like Cody Wilson's philosophy before jumping to these conclusions. 3d printed guns were never intended to be more efficient than stamped ones and they don't represent a violent call to armed revolution.
They represent a backstop and to show the ultimate futility in regulations. A shifting of the paradigm and a change of the power dynamic more towards decentralized and egalitarian power structures vs the NRA, factory gun manufacturers and the military industrial complex.