Search content
Sort by
Showing 20 of 28 results by Arrow
One thing that bothers me about the choice of the 21M top is that if you expect the whole world population to use bitcoins, then only very few people will be able to own even 1 BTC.
It would be better to right shift the decimal point right now, rather than when/if Bitcoine becomes more mainstream.
It would be better to right shift the decimal point right now, rather than when/if Bitcoine becomes more mainstream.
If they did that though, even though it wouldn't warrant any market change in the slightest, would probably scare a few people who didn't understand it and destabilize the market even more.
Anyone can have their client display whatever (sub) multiple of Bitcoin he wishes. The reference implementation is free software an anyone is welcome to modify it or make one from scratch. Non-programmers can hire a programmer.
Go ahead, stop crying and modify your client and distribute a patch.
Go ahead, stop crying and modify your client and distribute a patch.
It wouldn't work well unless everyone was using the same standard.
This is an image of linux create using dd
When you burn this to pendrive you get full and safe linux on pendrive, you can keep this always with you.
If you dont trust you can make this your own.
Just download TnyCore Linux and put few apps .
But when you download this you have all in one place and its ready to work.
Best Regards
r50zyry5
When you burn this to pendrive you get full and safe linux on pendrive, you can keep this always with you.
If you dont trust you can make this your own.
Just download TnyCore Linux and put few apps .
But when you download this you have all in one place and its ready to work.
Best Regards
r50zyry5
Ok, I see what you did now. Yea, keeping a small bootable version of linux encrypted on a flash drive is a good idea.
Gold is different because there are a lot of good reasons to buy gold. Not gonna bother listing them.
Compelling argument. 
However gold isn't valuable because of it's intrinsic value, which is less than steel, but because of it's scarcity which gives it an actual value that is very high.
Quote
Just because merchants are accepting bitcoin doesn't mean people are going out and buying bitcoins to spend at said merchants.
With Silk Road people have.As for the other services, what they want isn't necessarily listed.
Quote
And guess what those merchants are doing a soon as they receive bitcoins as payment for goods and services?
Convert it into Bitcoin, obviously because the market is new, and not very large.As the market expands people will convert their BTC to USD less often, and a large portion of bitcoins can be spent on whatever it is they need.
There will be a lot of conversion at first, and then people will find the things they need still in the Bitcoin market, it's simple.
However you feel about jury nullification, I'm sure you wouldn't be so happy about reverse jury nullification -- where the law contains a loophole, the jury agrees the accused falls into the loophole, but convicts him anyway because the thing the loophole is stupid. (Not that there's anything inconsistent in this position. Just remember, many crimes have victims.)
Personally, I believe that in an ideal world, jury nullification would be a serious evil. However, our world has some massively screwed up laws, and refusing to enforce a bad law is a virtue.
Personally, I believe that in an ideal world, jury nullification would be a serious evil. However, our world has some massively screwed up laws, and refusing to enforce a bad law is a virtue.
If 1 of 12 jurors says "not guilty" then the defendant doesn't go to prison (unless they are retried and convicted).
If one of 12 jurors says "guilty" in this "reverse-jury-nullification" scenario the person still does not go to prison.
I must object. Hight supply is a problem if you want the price not to drop (which is implied by OP). A lot of miners decided to join when the price was at $30. They mostly joined for a quick buck, not because of bitcoin and it's features (see troll post above). These people have to throw their mined coins to the market, to recoup their investment and pay utility bills.
But people are continuing to mine, the network hasn't stopped running because a few decided to stop. Even after the cap is hit, transaction fees will get people to keep mining.
I didn't say anyone stopped mining. Mining is still profitable, even at an exchange rate of $5. I said many miners must sell their mined coins.
Just 3-4 months ago, one could mine 20 BTC per day with a 700 EUR machine. You need something like 20 GHash/s for that nowadays, that'll cost you $10.000, and if you look in this thread (watch out, hardware/cable porn): http://forum.bitcoin.org/index.php?topic=7216.msg321184#msg321184, you can see that people are doing this.
I don't think they make such an investment with some "spare fiat money" they have laying around and then just keep the coins, they sell them.
Yes, miners sell coins. What is your point? How is this a mark against Bitcoins at all?
Oh no, gold miners sell gold!!! Gold will fail!!
Honestly, what point are you trying to make?
It's too hard to understand. Nearly all new coins generated are sold. That means there's a steady supply of coins being sold at market price. If there isn't demand to meet that constant influx of sellers (and there isn't), then the price drops.
Yes, but remember that demand is increasing, very fast- more merchants are accepting it now than ever before. Not even just online, but in physical shops.
And as for the supply, that will slow down as the difficulty increases, and ultimately when it caps off.
The FAQ says otherwise: https://en.bitcoin.it/wiki/FAQ#But_if_no_more_coins_are_generated,_what_happens_when_Bitcoins_are_lost?_Won_t_that_be_a_problem?
It is a figure or speech. It does not mean anything. Actual implementation will be decided later. I think most people are in favor of leaving a bitcoin where it is and using a different denomination, like a microbitcoin, as the default.
A figure of speech a simile or a metaphor, or some thing not meant to be taken literally. The way it is written is not figurative.
Yes, it's not set in stone, but it is still a possibility that is being discussed seriously. And considering transferring "0.00000001" bitcoins would turn people away, and there is no real reason not to move the decimal place over, it will probably happen.
I stand corrected. But that is so far in the future as to be a non-issue. In the short term, we'll use smaller denominations. Moving the decimal would require a re-write of the client, and would likely cause a fork, as above.
Yes, it is very far off, but I wouldn't consider it an issue, but a solution. Many people are afraid Bitcoins will become obsolete when they hit 21 million, and that people will not want to pay 0.00000015 for a drink or some such thing. It makes it more aesthetically pleasing to move the decimal point over.
There is no objective standard for what is moral or ethical, everyone has different opinions of that.
I for one, don't consider drug trade, or information trade to be unethical.
Many people, I included, are against murder, but I doubt that anyone has been murdered and paid in Bitcoins.
So, at the moment: 0%
I for one, don't consider drug trade, or information trade to be unethical.
Many people, I included, are against murder, but I doubt that anyone has been murdered and paid in Bitcoins.
So, at the moment: 0%
I must object. Hight supply is a problem if you want the price not to drop (which is implied by OP). A lot of miners decided to join when the price was at $30. They mostly joined for a quick buck, not because of bitcoin and it's features (see troll post above). These people have to throw their mined coins to the market, to recoup their investment and pay utility bills.
But people are continuing to mine, the network hasn't stopped running because a few decided to stop. Even after the cap is hit, transaction fees will get people to keep mining.
I didn't say anyone stopped mining. Mining is still profitable, even at an exchange rate of $5. I said many miners must sell their mined coins.
Just 3-4 months ago, one could mine 20 BTC per day with a 700 EUR machine. You need something like 20 GHash/s for that nowadays, that'll cost you $10.000, and if you look in this thread (watch out, hardware/cable porn): http://forum.bitcoin.org/index.php?topic=7216.msg321184#msg321184, you can see that people are doing this.
I don't think they make such an investment with some "spare fiat money" they have laying around and then just keep the coins, they sell them.
Yes, miners sell coins. What is your point? How is this a mark against Bitcoins at all?
Oh no, gold miners sell gold!!! Gold will fail!!
Honestly, what point are you trying to make?
In a sense, Bitcoins do not actually have a limit.
If the market grows big, and more is printed you are essentially stealing from those who already hold bitcoin because you are diluting their coins.
But instead the decimal point can be moved over so that you have 10x the # of bitcoins, of course each bitcoin is now worth 1/0 of the original price. This way we always have enough, but no one has their funds diluted.
If the market grows big, and more is printed you are essentially stealing from those who already hold bitcoin because you are diluting their coins.
But instead the decimal point can be moved over so that you have 10x the # of bitcoins, of course each bitcoin is now worth 1/0 of the original price. This way we always have enough, but no one has their funds diluted.
Not quite. The decimal is never moved. 1 bitcoin will always be 1 bitcoin. but if we 'run out', we can start denominating prices in smaller increments. ie, .1 BTC instead of 1.0 Essentially, every bitcoin is now worth 10x more (at least at that store, there's no central bank deciding that)
The FAQ says otherwise: https://en.bitcoin.it/wiki/FAQ#But_if_no_more_coins_are_generated,_what_happens_when_Bitcoins_are_lost?_Won_t_that_be_a_problem?
Quote
Not at all. Because of the law of supply and demand, when fewer Bitcoins are available the ones that are left will be in higher demand, and therefore will have a higher value. So when Bitcoins are lost, the remaining Bitcoins will increase in value to compensate. As the value of Bitcoins increase, the number of Bitcoins required to purchase an item decreases. This is known as a deflationary economic model. Eventually, if and when it gets to the point where the largest transaction is less than 1BTC, then it's a simple matter of shifting the decimal place to the right a few places, and the system continues.
^Yes, that is what BTC is for. Mine it, sell it, profit REAL money and not virtual worthless currency.
Please explain why it is more worthless than a currency which can be continually created from thin air and injected into the money pool whenever a minority decide upon it. The real worthless currency is one which is completely centralized and heavily taxed. The real worthless currency is one which can be produced en mass from paper grown on trees. That's right, money does grow on trees.Actually money (US money at least) is made from cotton.
I must object. Hight supply is a problem if you want the price not to drop (which is implied by OP). A lot of miners decided to join when the price was at $30. They mostly joined for a quick buck, not because of bitcoin and it's features (see troll post above). These people have to throw their mined coins to the market, to recoup their investment and pay utility bills.
But people are continuing to mine, the network hasn't stopped running because a few decided to stop. Even after the cap is hit, transaction fees will get people to keep mining.
According to the site they direct you to: http://www.wikileaks.org/Banking-Blockade.html
They are accepting Bitcoin donations, and it's one of the only ways they can accept donations at the moment. Another awesome way Bitcoins is helping the world!
They are accepting Bitcoin donations, and it's one of the only ways they can accept donations at the moment. Another awesome way Bitcoins is helping the world!
^Yes, that is what BTC is for. Mine it, sell it, profit REAL money and not virtual worthless currency.
*Now, all the hardcore BTC economists are going to come in and tell me about fiat currency and how bitcoins are better, amongst other things that in the end no one cares about*
*Now, all the hardcore BTC economists are going to come in and tell me about fiat currency and how bitcoins are better, amongst other things that in the end no one cares about*
Try to quote instead of putting an arrow, it's ambiguous, who are you talking to? There are two people above that post, this is what the quoting feature is for.
And it look like you are denying the market place that exploded in activity recently. More real life merchants are popping up, and people are selling random goods on these very forums. Pretending these don't exist is delusional.
And why the bitcoin value is entirely dependent on the black market.
It is simple supply and demand. Lets look at each side.
Supply:
Supplied by miners. Any serious operation NEEDS to sell to pay utilities. That creates a steady supply of bitcoins offered at market price on a regular basis.
It is simple supply and demand. Lets look at each side.
Supply:
Supplied by miners. Any serious operation NEEDS to sell to pay utilities. That creates a steady supply of bitcoins offered at market price on a regular basis.
That alone is what kills it at this point. Everyone is still using this a profit making game, which means all mined coins are getting sold off for market price.
Bottom line: almost no one wants Bitcoins for Bitcoin's sake. People want Bitcoins to sell for dollars now or later, or they want them to purchase illegal items. That's really all they're used for right now and it's unfortunate.
Yes, many new people are investing for this reason, but this isn't that bad. It gives Bitcoins a lot of press and attracts people who do want to use it.
A lot of non-internet merchants are popping up. There may only be ~10, some restaurant here, some cake shop there, but most of them just opened up, and others are bound to follow. I bet many local people will see the money saved on transactions and want to join in as well.
You can't ignore the legitimate vendors using it. A quick look at the marketplace on these forums here will show you how popular it is for legal, non-investment purposes. Being able to wire money without involving a bank, and all kinds of fees and wait times is very useful to a lot of people.
Supply:
Supplied by miners. Any serious operation NEEDS to sell to pay utilities. That creates a steady supply of bitcoins offered at market price on a regular basis.
No they are introduced by miners, and supplied by miners and anyone holding Bitcoins. Supply is not a problem.Supplied by miners. Any serious operation NEEDS to sell to pay utilities. That creates a steady supply of bitcoins offered at market price on a regular basis.
Quote
Reasons to buy.
1. Investment. Nope. Not in any real amounts. Investors like security and the bitcoin is pretty much the opposite of secure. They also like secure exchanges and the bitcoin exchanges are pretty shady compared to mainstream exchanges. That is kind of an understatement really.
Bitcoin is not intended as a get-rich-quick scheme, if it makes you money for nothing, that's great for you, if it doesn't it's not a flaw because it was never intended to.1. Investment. Nope. Not in any real amounts. Investors like security and the bitcoin is pretty much the opposite of secure. They also like secure exchanges and the bitcoin exchanges are pretty shady compared to mainstream exchanges. That is kind of an understatement really.
Quote
2. To use as a transactional currency. This is the real appeal of the bitcoin. But there is no reason for someone to convert dollars to bitcoins and buy something unless it is illegal. It is inconvenient and provides zero protection against theft or fraud.
There are many reasons other than illicit goods.They are cheaper to move. Visa and Mastercard take several percent off of each transaction that is done with them. Considering profits for most merchants is severa percent, after all expenses, eliminating Visa and Mastercard from the equation can mean saving a lot of money.
Except for one minor problem. Energy is not free and unlimited for us with our current technologies. If we had limitless power, sure, absolutely. Time of scarcity is over.
Solar technology is advancing very fast, and pays itself off eventually making it economical (in the long run). There are funds that will loan money for the panels, and ask for a portion of the electricity savings essentially eliminating risk and ensuring everyone a bit of savings/gains.
As other limited energy sources shrink in supply people will switch over to solar, the faster the limited sources dry up the faster the switch, all the while the solar panels are becoming more economical with technological advancement.
In a sense, Bitcoins do not actually have a limit.
If the market grows big, and more is printed you are essentially stealing from those who already hold bitcoin because you are diluting their coins.
But instead the decimal point can be moved over so that you have 10x the # of bitcoins, of course each bitcoin is now worth 1/0 of the original price. This way we always have enough, but no one has their funds diluted.
If the market grows big, and more is printed you are essentially stealing from those who already hold bitcoin because you are diluting their coins.
But instead the decimal point can be moved over so that you have 10x the # of bitcoins, of course each bitcoin is now worth 1/0 of the original price. This way we always have enough, but no one has their funds diluted.