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The great thing about economics courses is that they can use the same exam questions every year. It's just the answers that change.
The value of gold can also crash real hard too. I love to use the analogy of finding some ultra-pure veins of gold on some asteroid. If you could get a million ounces of gold @ $10 USD per ounce (in theory something which could happen), it would certainly send the gold markets crashing if those guys decided to dump it on the world markets all at once. The days of a major gold rush to somewhere still aren't over, but they are going to be found in more exotic places than we've seen in the past. If that happens, Bitcoin users are going to smile and those who are hoarding gold are going to look foolish. The only similar kind of event with Bitcoins is if somebody who is hoarding a large number of bitcoins decides to dump them onto the major currency exchanges for Bitcoins to push the value down. I think that would only be a temporary situation anyway. Somebody doing that is also shooting themselves in the foot, and self-interest is one that would encourage you to put a large hunk of Bitcoins into such a market much more slowly.
This actually happened to the spanish during the colonization of south america. They brought so much gold back to spain from the new world at such a low cost that it caused monetary inflation(they used gold as money then) It also disrupted their internal wealth calulations.
However, despite the disruption, it remained valuable.
If we find a gold asteroid today, it won't even disrupt society(gold is not money, we don't use it for value calculations). It will just drop the value calculation via the dollar. It will still be an excellent wealth reserve because people will still want it.
Gold is no longer money and it should remain that way.
Gold has been money for nearly all of recorded human history, and remains so; despite the desires of governments. If that were not so, it wouldn't be worth much more than lead, and certainly less than many other heavy elements. Uranium, for example is much more dangerous and capital intensive to mine and refine than gold, yet has recently been described as being in a bubble rally for breaking $60 per pound. Gold's current spot price reflects it's position as an ideal, physical money. That has never not been so. The primary advantage that Bitcoin holds over gold as a trade currency is that 1) you can't transfer it over the Internet and 2) if you could it would still impose a transit overhead well beyond a transaction fee.
If you are attending the University of Kentucky as an Economics student and you have been taught that gold isn't money, you should consider transferring before you learn some more falsehoods that are difficult to overcome.
I use the word "money" for lack of a better term. Read my definition of it above. It is an internal calculation of value. It is not part of the material world.
Gold has been used as money in the past. However, this stopped for the common man after FDR and it stopped for international trade after Nixon. It hasn't been money since. We have been using fiat dollars to make our mental calculations.
Gold is an excellent wealth reserve(the best wealth reserve) but it is not money.
Also, I am not university trained. They teach crap economics in all universities.
If you think gold is money then find me somewhere that you can buy something directly with gold. Find somewhere that a person uses gold to calculate value. Find somewhere that gold settles international trade imballance. It doesn't currently exist.
I should add that bitcoin's characteristics make it capable of outlasting any money system ever invented. Once the adoption group is large enough, they will remain stable for longer than gold money or fiat money ever could.
I think that bitcoins will work beautifully as a transactional currency. I do not see people using them for savings.
Bitcoin is a better store of value than any fiat currency in the world, but everything is relative. Good money is chased out of the market by not-so-good money, so your Bitcoin/gold duality theorem might be correct.
Gold is no longer money and it should remain that way. People just need to realize that money exists only in the mind, to make transactions fair. Money is the human concept of value as it relates to the real world. Gold is payment in full by virtue of it's existance in the real material world (any physical object can be payment in full but gold is best if you want to store value for the future). Gold should never be linked to the imaginary in any way. Bitcoins are the best representation of the imaginary money system because they are only a small step away from being imaginary. They have just enough structure to ensure a constant supply (stability).
No money supply can ever be permanently stable. All systems can be gamed. But, if you save in gold then the failue of money can never hurt you. If bitcoins fail someday then the bitcoin savers will be burned just as bad as the dollar savers will be. The gold savers will just shrug and convert some of their saving gold into whatever comes along next as money.
I think that bitcoins will work beautifully as a transactional currency. I do not see people using them for savings.
However, I consider the seperation of transaction/saving as a great thing. People can use bitcoins to do buisness and then convert into gold for saving. This would create a nearly perfect monetary system. Untouchable by governments and reliable through the centuries.
One of the main weaknesses of fiat dollars is that they are used for transaction and saving. Dollar users are 100% tied to the whims of the central bank.
However, I consider the seperation of transaction/saving as a great thing. People can use bitcoins to do buisness and then convert into gold for saving. This would create a nearly perfect monetary system. Untouchable by governments and reliable through the centuries.
One of the main weaknesses of fiat dollars is that they are used for transaction and saving. Dollar users are 100% tied to the whims of the central bank.
Alex Jones didn't seem too enthusiastic about the plan. I would be cool if they actually pulled it off.
I was surprised that he was not more enthusiastic. Normally, he seems like he is all about bringing down the powers that be.
This is only indirectly related to bitcoins
http://maxkeiser.com/2010/11/12/crash-jp-morgan-buy-silver-america-says-max-keiser/
It would be nice to see a criminal bank go down. That is the kind of thing that opens the door in peoples minds to looking for alternate forms of currency.
http://maxkeiser.com/2010/11/12/crash-jp-morgan-buy-silver-america-says-max-keiser/
It would be nice to see a criminal bank go down. That is the kind of thing that opens the door in peoples minds to looking for alternate forms of currency.
Re: Dragon's Tale - a Massively Multiplayer Online RPG/Casino
We shouldn't require admin rights, so although this may work, I'd like to understand what is different about WIndows 7...
Are you changing elaunch.exe to administrator rights, or eclientc.exe? If the later, then the file egenesis.bug from the install directory will be helpful.
Are you changing elaunch.exe to administrator rights, or eclientc.exe? If the later, then the file egenesis.bug from the install directory will be helpful.
I gave admin rights to elaunch.exe
The bug log can be downloaded here http://www.voodoovelvet.com/egenesis.bug
Re: Dragon's Tale - a Massively Multiplayer Online RPG/Casino
Where can I go for game tech support?
I created an account but when i click on the "I have bitcoins tell me where to send them" link, it says 'processing' for a few seconds and then returns to the menu.
I created an account but when i click on the "I have bitcoins tell me where to send them" link, it says 'processing' for a few seconds and then returns to the menu.
I am respectfully withdrawing.
You guys didn't really like my image anyway so no big loss to you.
I enjoy contests and I thought this would be fun so I just jumped into it.
However, after observation I realize that I do not want to support this.
Completely without malace or regret I say good luck to you and your contest.
You guys didn't really like my image anyway so no big loss to you.
I enjoy contests and I thought this would be fun so I just jumped into it.
However, after observation I realize that I do not want to support this.
Completely without malace or regret I say good luck to you and your contest.
I see, thank you for the explination.
So the calulators that I see are just calculating odds then. I take it you could solve a block in your first 5 minutes if you were lucky enough. Or if unlucky then you might not solve one all month.
So the calulators that I see are just calculating odds then. I take it you could solve a block in your first 5 minutes if you were lucky enough. Or if unlucky then you might not solve one all month.
I hope that it will be used to promote bitcoins.
And I am NOT! 
Will be more BTC for the really cool image?
I'm not sure I understand what you mean here. To clairify my own meaning, I intend that the image be under the creative commons liscense that you linked. I also hope that my image will be used to promote bitcoins.