pontiacg5, you've displayed your youthful ignorant idealism. All the governments of the world are into regulation. Doing a few high profile prosecutions on pools will be enough to scare the rest of them to enforce the regulations on you. Once there are 51% of the pools who are refusing blocks from pools which don't attach their signed regulated control number, then your movement to a unregulated pool means you earn precisely zero and your ASIC is a brick.
You don't seem to understand that the bankrupt masses are against you. They will support their governments' attempts to stop tax evasion and get control over the movement of money, because for one reason the government pays them.
Whatever, I don't think it will go down that way. There is no tax evasion, you still need to pay what is legally owed unless you want to argue the ethics of taxes next. You want to sell to a US vender that restocks ATMs or loads pre-paids, you pay taxes. But again, you think all the nations in the world are going to colaboriate together and agree on a "regulated control number?" What are YOU smoking???
What are you smoking?
I had a merchant account. Verification is a few seconds.
If you are referring to when the cash is transferred to the merchant account, that is irrelevant because from the customer's perspective it is instant because the merchant trusts the credit card company to fulfill the payment 95+% of the time.
Hell no. I hate that 10 minute delay. It slows me down a lot. I don't have 10 minutes to wait when I have several transactions to do, in fact where they were sequentially ordered and I couldn't do them in parallel.
And often it is more like 20 - 30 minutes.
Right, so waiting days for USD to electronically move from a merchant account to a bank account is much, much shorter than 10 or even 30 minutes.
If you are just a customer, what in the hell are you doing that takes thirty minutes to complete? I'm quite sure that's a daily task, too, right?
What benefits for your average consumer? I see only disadvantages and no benefits.
Advantages are opening up a lot larger marketplace, with less restrictions on both merchants and customers. Due diligence is not bitcoins problem, just as it is not the USD's problem, so don't go there.
Ebay is a good example, a steaming cesspool of what it once was, wrecked by overzealous customer protection and paypal fraud. Now it's a junk marketplace, for overpriced garbage or cheap Chinese junk the seller has a 200% markup on.
Faster block periods doesn't require no generation of new coins.
Btw, Bitcoin's generation of new coins declines eventually to virtually 0.
No duh, somewhere something 100+ years in the future. If anyone is still working them over that late in the game, you can bet the transaction volume alone would support the network. On the other hand, Quark, with it's super fast blocks and "no mining" since all the coins are gone in the first 6 months, is toast and ready to be wrecked by ~250 R9 290's. No support, no volume, and a very bleak future.
Faster blocks are no more secure than longer ones, and create plenty of problems on their own. Unless some super genius figures out zero latency connections for everyone in the world, people in disadvantaged areas with slow connections are at an even bigger disadvantage. Wasted work (stales) is a huge problem, and could easily lead to hard forks compared to bitcoin, either naturally from latency or by dubious methods (selfish mining, holding blocks) Course you knew that, right?
You don't want your ASIC becoming a useless brick. I understand now the motivation for your myopia.
And yet again, you would be wrong. I own no asics at this point, save for some block eruptors. Of course I already said that, but you must be right though, being so old and all.
Indeed altcoins offer more opportunities to experiment with what might be more stable against threats. Most will not succeed, but some or one might.
Alas, the hole in your argument. The government could not allow these alt coins to exist, not when anyone with a server can set up a BTC/alt exchange. All your coin control (assuming it ever exists in the first place) destroyed, just like that. Trace my bits, as they jump chains. Are they going to make trading illegal now? Then surly new alt coin generation would be illegal, and therefore mining a fork of the blockchain on accident would also be illegal. To keep people from moving BTC to new altcoins would absolutely destroy the whole process, may as well outright ban any new innovation in the area. Every single newbie you've seen with a AMD GPU in the last year is now suspect for money laundering. Please step this way sir, all your coye are belong to U.S.
Tin hats, everyone
You don't seem to understand that the bankrupt masses are against you. They will support their governments' attempts to stop tax evasion and get control over the movement of money, because for one reason the government pays them.
Whatever, I don't think it will go down that way. There is no tax evasion, you still need to pay what is legally owed unless you want to argue the ethics of taxes next. You want to sell to a US vender that restocks ATMs or loads pre-paids, you pay taxes. But again, you think all the nations in the world are going to colaboriate together and agree on a "regulated control number?" What are YOU smoking???
More hogwash, CC transaction times are in the order of days, you just never see that.
What are you smoking?
I had a merchant account. Verification is a few seconds.
If you are referring to when the cash is transferred to the merchant account, that is irrelevant because from the customer's perspective it is instant because the merchant trusts the credit card company to fulfill the payment 95+% of the time.
Online transactions, that don't much care about a ten minute delay, are still worth a decent chunk of change.
Hell no. I hate that 10 minute delay. It slows me down a lot. I don't have 10 minutes to wait when I have several transactions to do, in fact where they were sequentially ordered and I couldn't do them in parallel.
And often it is more like 20 - 30 minutes.
Right, so waiting days for USD to electronically move from a merchant account to a bank account is much, much shorter than 10 or even 30 minutes.
If you are just a customer, what in the hell are you doing that takes thirty minutes to complete? I'm quite sure that's a daily task, too, right?
They also benefit from other features of bitcoin.
What benefits for your average consumer? I see only disadvantages and no benefits.
Advantages are opening up a lot larger marketplace, with less restrictions on both merchants and customers. Due diligence is not bitcoins problem, just as it is not the USD's problem, so don't go there.
Ebay is a good example, a steaming cesspool of what it once was, wrecked by overzealous customer protection and paypal fraud. Now it's a junk marketplace, for overpriced garbage or cheap Chinese junk the seller has a 200% markup on.
A coin with no generation is worth nothing, surly you've heard of "pre-mine?" Quark tried quick generation, faster transactions (both pretty bad for a technical reason) and it sure seems to be floundering. Two step for transactions? Man, cmon...
http://bitcoin.stackexchange.com/questions/3718/what-are-multi-signature-transactions
http://bitcoin.stackexchange.com/questions/3718/what-are-multi-signature-transactions
Faster block periods doesn't require no generation of new coins.
Btw, Bitcoin's generation of new coins declines eventually to virtually 0.
No duh, somewhere something 100+ years in the future. If anyone is still working them over that late in the game, you can bet the transaction volume alone would support the network. On the other hand, Quark, with it's super fast blocks and "no mining" since all the coins are gone in the first 6 months, is toast and ready to be wrecked by ~250 R9 290's. No support, no volume, and a very bleak future.
Faster blocks are no more secure than longer ones, and create plenty of problems on their own. Unless some super genius figures out zero latency connections for everyone in the world, people in disadvantaged areas with slow connections are at an even bigger disadvantage. Wasted work (stales) is a huge problem, and could easily lead to hard forks compared to bitcoin, either naturally from latency or by dubious methods (selfish mining, holding blocks) Course you knew that, right?
All this time the other currencies are taking, you admit "quite a while" are loosing ground every day. If it takes too long, people are not going to want to change. To do so would undermine the entire trust in the whole thing, someone is holding the bag, either customers, merchants, or the most likely - everyone. Why would they want to do the whole shebang all over again?
You don't want your ASIC becoming a useless brick. I understand now the motivation for your myopia.
And yet again, you would be wrong. I own no asics at this point, save for some block eruptors. Of course I already said that, but you must be right though, being so old and all.
Not to say they can't co-exist together, which just adds a whole 'nother layer of complexity to the "feds is gonna get you!" theory.
Indeed altcoins offer more opportunities to experiment with what might be more stable against threats. Most will not succeed, but some or one might.
Alas, the hole in your argument. The government could not allow these alt coins to exist, not when anyone with a server can set up a BTC/alt exchange. All your coin control (assuming it ever exists in the first place) destroyed, just like that. Trace my bits, as they jump chains. Are they going to make trading illegal now? Then surly new alt coin generation would be illegal, and therefore mining a fork of the blockchain on accident would also be illegal. To keep people from moving BTC to new altcoins would absolutely destroy the whole process, may as well outright ban any new innovation in the area. Every single newbie you've seen with a AMD GPU in the last year is now suspect for money laundering. Please step this way sir, all your coye are belong to U.S.
Tin hats, everyone