The Litepresence Report on Cryptocurrency

So you don't expect a new low (below 2120 on Huobi)?

I would expect the price to bottom between 375 and 100 on MtGox, based on other months long downtrends of the 2011 and april 2013 bubbles.
 
MasterCoin looks like the first attempt to implement exactly what I have already described. Except the big glaring problem, also exactly as I have described, is the attempt to stack layers on top of BTC protocol. MasterCoin functionality is perfect, and should be built inside a brand new protocol core.

I also completely disagree with the following assumption,

  • New protocol layers on top of the bitcoin protocol will increase bitcoin values, consolidate our message to the world, and concentrate our efforts, while still allowing individuals and groups to issue new currencies with experimental new rules. The success of any experimental currency protocol layer will enhance the value and success of the foundational bitcoin protocol.
Click to expand...

No they won't. New protocol layers that are designed to
  • Will fix the two biggest barriers to widespread bitcoin adoption: instability and insecurity.
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simply mask those problems in the core. It does't fix them.

The author of this software is probably highly vested in the original protocol, but understands as I do the problems that will eventually crash the value. He will be unable to place these repairs to the protocol into the core, since that would require a hard forking of the block chain, which is why he invented "the Exodus" block for MasterCoin.

This was the next best thing to a hard fork. This begs the question, if the crypto dev community has raised 5k BTC to implement security layers in this fashion (embedding a pseudo fork patch inside the original block chain data), is the original protocol really worth what people are paying for it?

I don't think so.

I think people are actually paying for the wrong thing. The nature of open source software is that it may be replicated by anyone (copy paste attribute source) and improved upon.

BTC protocol has become brittle to this approach. BTC protocol because the financial investment into some arbitrary iteration (version 0.5) of that protocol has become closed sourced. Or semi-closed source.

Meaning, no new iterations of the block-chain implementation, when it in fact is the blockchain itself which needs the most improvement.

I think of it this way, BTC as a complete vehicle for financial freedom is like a model-T. It's such a great improvement over horse drawn carriage. But, yeah, I think you get the point.

MasterCoin is a layer that's like trying to drop a hemi into a model T. Good luck with that.
 
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fatjohn said:
So you don't expect a new low (below 2120 on Huobi)?

I would expect the price to bottom between 375 and 100 on MtGox, based on other months long downtrends of the 2011 and april 2013 bubbles.
Click to expand...


no... I don't expect a new low; this last bounce was not "dead cat" IMHO


Are you lead dev for Mastercoin? or just same avatar?
 
And so the final bull run before the bear market begins:

166gfvk.png
 
PaulConventionWV said:
Is LTC/BTC going to reverb? If so, I'm going to try to sell high.
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NMC and PPC just both pumped for 70%+ gains on weak fundamentals over 48 hours.


The 48 hour dollar volume for both combined is EQUAL to the LTCusd volume in the past 3 hours.


I'm holding LTC... 2 days.


I don't think we're looking at a "5%" gain anymore...



The market and trollbox is wild with speculation right now.



We could easily see $30/ltc or more in the next 48 hours if the buying frenzy with the lesser alts carries over.



I'm gaining confidence we will see 0400 ltcbtc by midnight EST today.
 
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PaulConventionWV said:
What about BTC?
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bitcoin is always the "safer" bet... LTC is like leveraged trading. If you're not watching your crypto and don't have time for it... then BTC.... If you're willing to take greater risk... LTC... If you want that crazy rise and crazy risk... NMC... but I wouldn't touch NMC right now... you can get it for $4 tomorrow. NMC and PPC are "done" LTC and BTC still have room to grow.
 
presence said:
bitcoin is always the "safer" bet... LTC is like leveraged trading. If you're not watching your crypto and don't have time for it... then BTC.... If you're willing to take greater risk... LTC... If you want that crazy rise and crazy risk... NMC... but I wouldn't touch NMC right now... you can get it for $4 tomorrow. NMC and PPC are "done" LTC and BTC still have room to grow.
Click to expand...

I just got locked out of my coinbase account for 24 hours. Where do you think BTC will be by then?
 
PaulConventionWV said:
I just got locked out of my coinbase account for 24 hours. Where do you think BTC will be by then?
Click to expand...

I suspect it will work out to your fortune :)

No option to panic sell on the way up!

Be sure to get back online to cash out at the top, I think we have 36 more hours of BTC gains ahead of us... but time is much more difficult to quantify than are price points.

I don't think we will see $1000 BTC again... but I wouldn't be surprised if your BTC is worth 10% more tomorrow.
 
Along the same lines as Mastercoin

What is Link? Link is an open source protocol for embedding data in the blockchain of Crypto-currencies.
Why would you want to do that? Crypto-currencies like Bitcoin have a number of useful properties which Link exploits:

  • The blockchain is built on a peer-to-peer network which makes broadcasting of data far and wide easy to accomplish.
  • The blockchain is verified by all the participants in the network, meaning data embedded within it cannot become corrupted.
  • The blockchain is used as a record of account, so it already has existing utility, meaning it's less likely to be censored.
  • The act of embedding data in the blockchain via the Link protocol requires users to spend their coins, meaning there's a cost associated with publishing.
By building on these foundational properties, Link allows anyone to publish data in a way that is effectively anonymous, and will be very hard to censor, yet easy to find.
Does it destroy coins? Yes. Every publish requires spending to addresses for which the private key isn't known. This causes further deflation of the currency, making the existing coins more valuable.
But won't this bloat the blockchain? While the blockchain will increase in size with every piece of data published, because the coins are being destroyed, they can never move again. This means they will never generate another transaction to increase the size of the blockchain. Any cost in size is paid once and never again, as opposed to when coins transfer ownership and will subsequently generate more transaction. If the blockchain was only used for this purpose, there would be an upper limit on the blockchain size, as opposed to the present assumption that it will grow forever. So while adding data to the blockchain will increase the size of it, it can't possibly increase it more than sending coins around.
Click to expand...

http://blockchain-link.com/#faq
 
presence said:
I suspect it will work out to your fortune :)

No option to panic sell on the way up!

Be sure to get back online to cash out at the top, I think we have 36 more hours of BTC gains ahead of us... but time is much more difficult to quantify than are price points.

I don't think we will see $1000 BTC again... but I wouldn't be surprised if your BTC is worth 10% more tomorrow.
Click to expand...

And by "again", I assume you mean "before the looming 40% decline".
 
presence said:
Along the same lines as Mastercoin

http://blockchain-link.com/#faq
Click to expand...

I've been following Kevlar (the dev) as he's been writing this. If people are interested in seeing how things came together, check out [Kickstart] Link - The File Sharing Blockchain Protocol on the Feathercoin forums, as well as [ANN] Link - The Blockchain File Sharing Protocol for the original announcement thread. It's some really fascinating stuff. zerodrama is also working on an extension of Link titled FLUX, which is itself a whole other beast and pretty awesome if it comes to fruition.
 
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