I wouldn't be surprise if we went up more than 50 times by then to 15000. That sounds crazy, but 2 years is a long time in blockchain time.

right, it isn't like they are going to work for free or at losses.  take away their profits and they take away the hashes.

A few people got burnt, now the rest of us should know.  "Don't ask, don't tell".  If you are the seller, up front say, "don't tell me what you are using these for and there won't be any problems".  It isn't that hard.  And if somebody then does tell you, well...... good chance they are a cop. 

because low ph chemical online retailers only accept Bitcoin?  get your head out of a delusion world.  nobody would assume that. 

the fact is when you sell somebody bitcoins, you need to make sure (or at least not know) they are going to be used for criminal activities. 

this doesn't just apply to bitcoins.  I am also pretty sure if you sell somebody a gun and they tell you they are going to murder somebody with it and you still sell it to them, you can go to jail. 

To the OP, what is the end game after all the Bitcoins are distributed?  You state that block rewards are meant to be a form of distribution, and they are that, but not limited to just that.  They are also a reward for miners to cover their expenses.  And right now they have A LOT of expenses.  It works out to at least $3 a transaction. 

Here is how to figure it out.  The most efficient mining operation in China is producing bitcoins at $80 a piece.  Lots others are of course have to spend far more than that to get a Bitcoin but lets assume the best case scenario that miners are willing to mine for $80 a coin. 

Each day there are how many Bitcoins produced?  lets see......  6 blocks per hour times 24 hours = 144 blocks times 25 coins per block = 3600 per day

Now the most efficient and best miners need at least $80 per Bitcoin to keep the doors open.  So 3600 x $80 is $288,000 per day.  Now on a very good day (again best case scenario) we will have 100,000 transactions per day.  That means the price of each transaction being paid to miners is at least at a bare minimum $2.88.  In reality that number is actually much higher than that.  That is where the $10 figure comes from. 

Now someday there will be no block reward at all.  Who then is going to pay the miners their standard $2.88 - $10 fee?  One would assume at that point the only place it could come from is the users paying fees. 

So therefore at some point in the halving of blocks game we reach a turning point.  That is the point where block subsidies no longer cover the price for all those hashes.  Again this is inevitable because sooner later the block reward is 0.  And even by the 10th block halving it is under 1 Bitcoin per block. So if the miners don't get their cash then they shut down their hashers and the network dies.  We all know that miners are selfish and are there for the profit.  Take away their reward and they leave. 

 

some say it is variance, and it is but man....... that is a long time to wait for a transaction to clear. 

I bet part of it has to do with the miners dropping out.   The 10 minute estimation assumes that the hash rate is rising.  If it was steady it would be longer than that and if it was dropping even longer again. 

Is that when NEM will finally launch?

The main reason Bitcoin was invented was to solve the issue of blind trust.  The funny thing is you can actually trust Bitcoin, it actually works.  Just most things built on top of it are still failing the blind trust problem.  I am wondering if maybe someday the blockchain advancements will solve this. 

Supposedly this is one of the great leaps of smart contracts, is that now, you can force third-parties to trust you via smart contracts. 

my jaw dropping this thread still alive

voted :-)

guess who for?

it is just getting ready to break $3

maybe will be in the tens of cents in a week and cents in a month.

Happy Birthday

I meant to say lost like 1/3 of his money.  My brain must have been foggy.  You are right on the numbers. 

I also didn't know that Draper might have got different prices on different lots. 

If he does go at this lot again, that will definitely make a lot of people take notice.

oh I am sure there are lots of drug busts that didn't involve that much money, but really usually when they find huge amount of drugs, they also find huge amounts of cash. 

And really, what do you expect them to do with the drugs?  Sell them?  So of course the burn it.

And really, what do you expect them to do with the money?  Just give it back to the people they are arresting?  If that is the policy, it encourages people to actually break the law. 

Look, I think it is stupid that they are raiding people and arresting them and taking their money away.  I want to see that changed.  But really it isn't just a scam to get lots of free money.  Those DEA agents really believe they are doing good by taking the drugs off the street. 

I doubt one person will buy them all for market price again.  The last guy got burnt and has like 1/3 of his money. 

That said, these auctions are actually good for the ecosystem I think.  It gives some big players a change to dip into the Bitcoin coin system.  There are some super rich people that can't be bothered with buying a few Bitcoins at a time.  This is an easy way for them to pick up 10 million worth of Bitcoin at once and not stress about it. 

uh oh, bitcoin just befriend hip-hop.  no way to stop it now.

In summary, Felix lacks serious vision and imagination.

1. How many people understanding the banking system as it exists today?  I think the banking system is more complicated than Bitcoin by far. 

2. How many people really understand the internet?  Yet, the internet is huge. 

3. Bitcoin is just a baby, similar to the internet in 1995.  In time it'll be much easier to use, safer, and stronger.  Felix assuming that the Bitcoin of 2016 will be the same as the Bitcoin of 2014 is just as silly as thinking the Bitcoin of 2012 is the same as today.  Since 2012, Bitcoin has come a long way.  Wasn't Gox about the only way to buy and sell Bitcoins back then, now it is super easy.  And there were only a few places that accepted Bitcoin for tangible goods.  Now there are lots of places. 

Satoshi's coins seem to be off the market so there you go, already down to 20 million.

Yes.  He is very public.  We know who he is. 

Here is a video of him speaking.  http://cointalk.ca/cointalk-015-btcmiami-debate-featuring-ethereum-mastercoin-and-bitshares/

I saw this video when it first came out and this was the fist way I was introduced to Bitshares.

Three guys are speaking

Charles from Ethereum - current status - Charles left Ethereum, a big reorganization and Ethereum is still very much in question.  Took lots of money.  Hasn't delivered much.

J. R. - Mastercoin - current status - Mastercoin is just about dead.  It has been killed by Counterparty.  Mastercoin had a huge IPO which made J.R. rich and had a famous Maidsafe scam.

Dan - Bitshares - current status - It is working.  There is some controversy though I don't really understand either Bitshares or or the controversy so I can't speak to it. 

The point of this video is that being a dev that is public doesn't guarantee that a dev will stick around or that the platform will be successful. 

Its also interesting to see how these projects were proposed and what they are today.