Xcp counterparty bitcointalk speculation
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Chapter 3: Next Generation Platforms
If you can answer that question, then it says something about the usefulness of bitcoin without MtGox. Yeah MtGox was big, and this will almost certainly cause bitcoin to take a slide, but there are other exchanges, and Bitcoin is bigger than just MtGox.
My prediction: bitcoin will drop a lot, then slowly recover as other exchanges take the load and people see that this is not, in fact, the end of the world. Yes, in a rigged market, the price is controlled and doesn't drop on very bad news. You can contrast that with a free market like housing which took a drop after Lehman shut down.
Those two objects are not correlated. The housing market collapsed because of bad debt that was loaded into paper held by banks, and Lehman happened to have some of the paper too. Note that Lehman was allowed to collapse because the impact to the housing market was a non-event. The impact to the US as a whole, and the housing market secondarily, by the bankruptcy of all solvent banks was much greater. And so we entered into a time when the government took a stake in the stock market and financial institutions.
Which means the market is actually free. Much of the value attributed to Bitcoin comes from the perception that it can be traded, easily, for traditional currency, and how do you do that? Well, the main place to do it is was MtGox.
When stocks fall off the major exchanges onto "the pink sheets," they almost invariably lose value just from the de-listing. The MtGox failure is worse, it's like a bank failure - your coins are in there, but can you get them out now? Regardless of history, it is true that Bitcoin is "just another cryptocurrency" and MtGox is "just another exchange" but, they are both significant brands in their space, and perception of them will weigh heavily on all similar cryptocurrencies and exchanges, regardless of "reality.
No it wasn't and hasn't been for a long time. Value doesn't come from you guys, value comes from the unwashed masses who see a story on CNN and say "how can I get in on this Bitcoin thing? Not an exchange in the many-to-many sense, but you can still buy Bitcoin there. And that's where a lot of new Bitcoin purchasers are getting them. And now those folks are scared shitless to even think about it.
That's what the "everything is gonna be okay, folks! Regardless of anything else, this was a big huge warning to those masses that told them to stay as far away from BitCoin as possible. That's why this is the beginning of the end - some folks who have been mildly curious, or who haven't even re. Not that Bitcoin is now "too big to fail," but I think that enough people are deeply enough invested into it at this point to rationalize their fears away and carry on - and probably invest a little bit in educating the world about how "it's really not as scary as all that.
It's easy to have volume when you're trading two worthless things mtgoxUSD was known to be worthless for a while, then it appeared mtgoxBTC was going to be too as it was used to get out of it.
Let it be a warning to anyone dealing with bitcoin - don't store it in a "bank" that lacks bank-grade security. Doing so just means your coins have been combined with a bunch of others to make a much more tempting target. You've got your mathematically clever, cryptographically secure, hard inner kernel; but the moment you step away from that it's pure Wild West. The MtGox failure is worse, your coins are in there, but can you get them out now?
Are you sure? I thought the reason they stopped trading was alleged software flaws which were siphoning the coins out. That is a pretty nasty accusation to make without any evidence. They were taking a fee on every transaction, making money. Also bitcoins are regulated just like anything else.
If that is what they did, it was still illegal because it was still fraudulent. Stealing or defrauding people out of bitcoins is every bit as illegal and regulated as anything else you would like to steal from them or defraud them out of. MtGox was a parasite on the backside of BitCoin. Removing it might hurt like hell but it has to go.
If that kills the price so be it, it will recover. The customer's coins are most likely not in MtGox anymore. They leaked away all the coins they were trusted with because they had no understanding of how the technology they relied on actually worked. It was. It hasn't been for over a year, which is an eternity for Bitcoin. Everyone involved in Bitcoin has known for a very long time that putting money into MtGox is extremely high risk.
And when someone involved in Bitcoin says "high risk", it means something. But what you are missing is that to the masses out there that BitCoin needs to keep buying into the base of the pyramid to make current Bitcoins worth anything in the real world, MtGox is the onky exchange they have ever heard of, and first impressions may not be everything but they sure count for a lot. You guys who buy into this are missing the overall point - BitCoin has had more mainstream press over this than every before and it's all negative, terrible news.
Most folks aren't going to get involved e. That's entirely subjective and also controversial. It's true that lots of people who have heard of Bitcoin have also heard of Mt Gox, but we have no reason to believe that a significant number of them used Mt Gox, do we? You might as well say Russia is a large part of the Olympics brand. That's true and also not true, depending on how you're choosing to look at things. Much of the value attributed to Bitcoin comes from the perception that it can be traded, easil.
To be honest, I have been kind of busy with other stuff and only peripherally following bitcoin recently. However a friend of mine, who also has a few, has been following a bit more closely and, for at least the past few months, this is what he has been saying. Long before the MtGox issues cropped up publically, they stopped being the largest exchange by volume. That's basically what has happened over the last couple of days.
After the joint statement on the insolvency of Mt. Gox [siliconangle. Gox is only the beginning. Once the script-kiddies get around to it then anything of value that can be stolen electronically from ordinary PCs is toast. You are right to be sarcastic but you are dead wrong in conflating volatility risk with counterparty risk.
The key is to distinguish from the risk inherent in the fulfillment of the contract and the risk that the contract will not be carried out. This is a very simple situation. It's no different from an uninsured bank failing. But you can also steal bitcoins by getting access to someone's wallet, just like you could steal cash by getting access to someone's wallet. Once you spend them, they can't be spent again.
The system doesn't know that they didn't arrange to give them to you offline. Bitcoin was fine these guys were idiots and left a gaping hole in the exchange API. Sending your bitcoin to somebody else to hold for you is not a good idea security wise. The transactions can not be undone and there is no state run insurance backing it so they can and will loose your bitcoin. Compared to what? Stuffing your savings into your digital pillow case isn't a good idea security wise either.
Whatever you do, It's going to boil down to something physical that hopefully doesn't break or get stolen, plus a secret that isn't forgotten or discovered. All around, it's hard to imagine what you could come up with that would beat a safety deposit box at a bank, i. The GP is saying instead of stuffing it into a digital pillow case, stuff it into multiple digital pillow cases.
That way if one of the pillow cases breaks, you still have b. You load your friend you car and he promises to take care of it. You sell your car to a person not your friend. You ask your friend for the car back. He can't or won't give it back to you to deliver to the buyer. You type out a lame car analogy You suspect that it is not actually correct You like to appear knowledgeable and witty, yet You didn't secure your Bitcoin wallet You are in quite a predicament, and how?
Your Bitcoins are all belong to me now. There's a budding market in Ford turn indicator lenses - they're exposed to unusually high levels of breakage and common across a large number of models, and the supplier that makes them is having labor troubles, something about the paperwork required to certify them for use growing exponentially. So, some guy sets up an overseas depot that makes a market in these turn indicator lenses, they'll hook up buyers and sellers of the lenses and allow the market to find its own price point.
Let's say you deposit your retirement money at the Bonnie and Clyde savings and loan. They then take that money and move to Mexico and use it for their retirement. They may or may not use a car to get there. Either way, you're never going to see that money again. Could someone please explain it? Car analogies OK. Just about any scenario where money is held as cash or a deposit in a bank account could apply equally to Bitcoin. In the case of the Pirateat40, it was a classic Ponzi scheme.
The fact that it was done with Bitcoins instead of pieces of paper with pictures of dead Presidents and statesmen on them doesn't change much. Someone at Mt. Gox stole the money 2. Gox itself was just a confidence trick designed to steal peoples' money. Gox was a Ponzi scheme that is now unraveling.
Financial Cryptography and Data Security
Let me tell you a story. Twelve days after incorporation, Wayne decided to sell his equity in the company because, unlike the other two, he had assets that could be seized by creditors if the venture failed. So he played it safe. The rest, as they say, is history. Fast-forward 41 years later.
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Today's interview is with Andrew Tierney, otherwise known online as Cybergibbons. Andrew hacks everything from oil rigs at his day job, to Cryptocurrency hardware wallets and smart locks in his free time. We conducted this interview a bit before COVID had taken over the planet, back in the good old days a few weeks ago , when we were more worried about malware than going to the grocery store without an N95 mask. Andrew and I discuss hacking hardware wallets, general security, IoT devices, home routers, his day job as a hacker for hire, and other stuff too. I hope you enjoy! Are you interested in getting into the cryptocurrency markets but don't know where to start building your portfolio? It's called CopyTrader. With CopyTrader, you can automatically copy every trade of eToro's top crypto traders at the exact price in real time. No need to study up on markets or develop your own strategies. Simply sign up and copy the trader of your choice.
[Pedro Franco] Understanding Bitcoin Cryptography(BookSee.org)
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PragmaticPulp 9 months ago next [—]. Can confirm. Instead, their business seems to revolve around the value of the utility tokens for their project. Few people are buying the utility tokens to pay for the service. They have a lot of tokens in circulation, but only a small number of them get used to pay for the service.
Tag Archives: Counterparty XCP
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Counterparty is a decentralized asset exchange for trading digital currencies such as Bitcoin, and 'smart properties' such as virtual shares, as well as gambling and speculative financial instruments, through a free and open source peer to peer marketplace. Like other decentralized exchanges the Counterparty system does not require users to trust a central authority for holding funds, issuing assets or executing exchanges, and in fact no middleman of any kind is needed other than the free and open source software itself, the development of which is community driven. This software, which enables direct peer to peer financial transactions, is designed to eliminate 'counterparty risk' — the risk that the other person involved in a contract will not fulfil their obligations which is also known as default risk — by automating the fulfilment of obligations. In order to do this the Counterparty system has a built in escrow system which holds each party's funds until the whole transaction can be completed.
Peter Van Valkenburgh , Research Director peter coincenter. This report, originally published in and updated in , presents a framework for securities regulation of cryptocurrencies— e. We find that several key variables within the software of a cryptocurrency and the community that runs and maintains that software are indicative of investor or user risk. These variables are explained in depth and mapped to the four prongs of the Howey test in order to create a framework for determining when a cryptocurrency resembles a security and might therefore be regulated as such. We find that larger, more decentralized cryptocurrencies— e.
If you can answer that question, then it says something about the usefulness of bitcoin without MtGox. Yeah MtGox was big, and this will almost certainly cause bitcoin to take a slide, but there are other exchanges, and Bitcoin is bigger than just MtGox. My prediction: bitcoin will drop a lot, then slowly recover as other exchanges take the load and people see that this is not, in fact, the end of the world. Yes, in a rigged market, the price is controlled and doesn't drop on very bad news. You can contrast that with a free market like housing which took a drop after Lehman shut down.
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