All posts by o3u

ICOs are the “Proof of work” of DDoS – Another reason Ethereum is broken

My initial criticism for ethereum smart contracts was the vulnerability to recursive attacks like that which was incorporated into the DAO, and saw over 1B$ in today’s money disappear.

But the new wave of ICO effectively incentivises speculation, users create otherwise “unnecessary” transactions, causing DoS on the network, the same way Bitcoin’s mining incentivises users to support the network via Proof of Work mining. Except sending transactions to a single contract/address does not benefit the network/platform on which the transaction is made.

So i’ll call it Proof of DoS.

 

Technical analysis interesting example last few weeks

After hearing a lot of naysayers speak of “shorting bitcoin” since the 1200$ range i decided to take a technical look at the charts, knowing fundamentals have been strong as always.

 

I recognized a symmetrical triangle pattern, something i saw a couple of times in small cap stocks in the market last year, and noticed in btc/altcoins too. I’m posting it here cause it looks like if i drew it perfectly it would be the perfect example of such a pattern!

Currently in no particular order, i followed this pattern i quickly noticed. It’s deceiving to see so many “self proclaimed bitcoin believers/experts” be short on bitcoin, so i’m happy for the rally.

 

 

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The Bitcoin Hype

Bitcoin will replace fiat currency in “modern”* countries by 2017.

Emperors were skeptical of democracy. So where the French monarchs.

The democracy behind bitcoin is true, and fair, but i think we shouldn’t get caught up by these “revolutionary” and political reasons why Bitcoin will rise, bitcoin’s usefulness for technology is unprecedented.

Bitcoin is not what the internet was to libraries/tv/media in general.

Bitcoin is infinitely more, to automated computer systems, which we depend on every time we use the internet, the only difference is nothing has been implemented yet that uses bitcoin to fund it.

Computers can already learn, but they need humans to teach them, and humans are greedy and lazy and wont work for free. What if a computer paid humans to teach it?

It’s also a 100% proof of transaction, or contract exchange. It is undeniable, it’s impossible to falsify a contract written on the blockchain. This will replace basically every lawyer, accountant, notary, and anyone else whose task can be automated by computers.

Right now, we’re scratching the surface, and making some money off the hype, but honestly, even if it drops to 1$ tomorrow, i would keep on buying as much as i can afford. Because i know it’s going to be an important technology whose worth is determined by the amount of money spent to generate bitcoins.

Just a thought.

* We’ll have to change our perception of modern countries by then, as it seems those currently ahead are lagging behind with Bitcoin 😉

Bitcoin blog about to go live

In the past few weeks the bitcoin has rallied to all time highs and broken many records. It’s getting attention from many people, and is now more than ever seen as a potentially useful instrument.

My perception is that Bitcoin’s power lies way beyond it’s use as a currency, rather it is a decentralized sequential register of trust. I will go into more details as to my understanding of bitcoin in this blog.

I’ve been busy the last couple weeks mining and investing left and right, i have had no time to structure the blog. I’d like to welcome a new Author and contributor: slimus.

He’ll be offering his opinion, knowledge and advanced financial skills on many aspects of the Bitcoin phenomenon.

Bitcoin, Litecoin, *coin

Welcome to my cryptocurrency blog

In this blog i’ll give you the down and dirty on cryptocurrencies.

I’ll keep my posts succint but short, and pages detailed, i’ll include all references and will try to make this as user-friendly as possible.

Articles to come:

  • Where and how do you buy bitcoins (Online, In person, ATMs)
  • What to do now that you have bitcoins (Play, Invest, Buy stuff)
  • How to safely keep large quantities of bitcoins (Wallet types, Setting them up, A word on security)
  • Why should you buy bitcoins (It’s the future!)
  • Mining, what it is, what do you need to know about it
  • Links to the wiki