you are probably right it is doomed to fail but not for the reason you mentioned.

imho here is why

1. reliance on internet. if some global cataclysm happens it might dissolve. for example what if governments start to tax any traffic that goes across the border? or something similar happens.

2. no solution for growth. there is no even talk about getting rid of having to store all the transaction on each node's medium. how can it grow when there is no space to grow into?

3. big players will never adopt bitcoin because they will never rely on a handful of individuals who control the source code. even though adepts claim bitcoin to be decentralized, most (all?) crysises were solved by centralized authority that de-facto controls the source code emission.

If you are not web programmer I doubt you will be able to modify a e-com system that does not support bitcoin to accept it.

I think the prices should be converted server-side, by fetching current trading price. There should be some kind of protection agains price spikes so it should be updated according to the period of time rather than current price snapshot.

After accepting bitcoin payment you should as soon as possible (ideally by server side scripts) exchange bitcoins to your fiat currency of choice since price can change not in your favor very fast so your original price will no longer be valid.

to do that you may want to keep enough bitcoins on the mtgox accound (or other exchange) so you can exchange immediately after purchase, and when the new bitcoins arrive to that account you'll have the same amount reserved as before. this way you won't have to wait while funds arrive by which time the price may change not in your favor.

so as you see this system is going to be rather complicated so only an experienced programmer can implement it correctly...

perhaps someone who is already accepting btc in their web shops would like to share their code to promote btc commerce.

так что с существующими переводами на банки? они никогда теперь не придут? надо делать возврат? может стоит об этом написать на сайте, чтобы не вводить людей в заблуждение.

что-то я не понял. деньги не дошли до банков, или уже в банке, но банк не хочет переводить на другой свой счет?

that graph is already completed and it now climbs again. will it repeat, sherlock?

Sad but truth - bitcoin indeed is centralized system that pretends it wants to be decentralized.

1. The blockchain split incident. It required central authority to split the chain. It required central authority to cause the problem in the first place (which was formed by accumulating >50% hash power).

2. The client code is controlled by central authority. Does anyone check the source code and compile it by hand before using it? Even if someone does, 99% of userbase just installs whatever they get each time a new version is released. If that code is secretly controlled by some authority, they have all the power they need and you can't do anything about it.

And what will happen with gold, etc when people run out of money and to cover expenses go sell their gold etc?

I think exactly what happens to bitcoin and gold right now...

Saying that bitcoins have intrinsic value of electricity used to produce them is very dumb since you can't turn bitcoin back into electricity. In fact, for it to even exist, you need electricity to run all the computers that have bitcoin client installed on them and servers used to connect them to internet.

Paper money at least have intrinsic value since you can use them to attend toilet but with bitcoins, well you can't do even that...

lots of people forgot about btc when it kept at $2-$10 for a year or so and now when they hear it's $250 they sell their small but now pretty valuable leftovers from $30 fiasco.

there are also leftover pre-miners with thousands of btc and they can crash the market any moment, you can't predict anything with btc really.

to pay unemployed people, cheap medicine, cheap credits, etc etc etc
welfare in other words. one they use to win votes in elections.

There is only near useless real time trades feed but no market depth data.

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i think this is great news, this is basically the very reason bitcoins still do have any kind of chance to survival. because this is the only thing bitcoins are really useful for - the anonymous payments that would otherwise be impossible due to gov't interference.

if uses such as thie would become widespread due to bitcoins utility, the usage value would grow and so would hash rate which would reinforce the bitcoins.

however with great usage may come great danger as well. when gov't realizes they can no longer shutdown wikileaks contributions, they may as well spend a relatively little money to shut down bitcoin itself. but this would happen sooner or later anyway if bitcoin would gain any real impact so it's all the same.

i wonder how will they react though - by technical means (using some supercomp cluster plus simultaneous DDOS on several largest pools to pollute blockchain with mundane blocks) or just shutting down the exchanges since that's essentially where will people like JA collect all the donations they received.

Excuse me if i am wrong but it seems to me extremely unwise to opt out of NMC mining since even if you do, your hash rate is still used to generate NMC so you basically giving your NMC away. It is not that hard to run a namecoind (in a virtual machine if you don't trust the namecoind builds) once to create a wallet to receive the NMC.

You can just put the nmc wallet near your bitcoin wallet backup and forget about it, and one day you can exchange a large bunch of namecoins for bitcoins for some extra income.

I just lazily did not count NMC per day, there is only a btc per day graph available.

0.4 btc per 24 hours on deepbit with near 0% 24-hour luck and 0.27 btc plus uncounted amount of NMC here...

so basically either the pool is super unlucky atm or mm is not as harmless as is was promised to be. we'll see in a few more days just to exclude the possibility of extreme unluck...

the flaw of Bitcoin design is not the GPUs, it is the mining pools. They completely invalidate the initial assumption thatr every Bitcoin participator is contributing to the network security. With the pools, only pool owners do. Currently the end miners don't need a Bitcoin client and can't even know for sure which network they are mining for...

I think the bitcoin community needs an open source instrument for attacking emerging block chains. I mean, several people would happily lend their hashpower to attack these junkcoins but there is no instrument for them to do so.

Seriously, someone needs to develop an attacking tool to be used as the base for attacks ... Sure, it won't be universal since emerging blockchains may protect against it, but that's why it should be open source - to be able to modify it easily to be used against certain new shitcoin.

This won't be dangerous for the bitcoin since there is no such hashrate to attack it, but new chains would be vulnerable.

clearly someone is trying to undermine the idea of bitcoin by flooding newcomers with obscure blockchains.

i mean, bitcoin advocates tend to use gold analogy, but there is only few precious metals - mostly gold, silver and platinum, and each has unique industrial uses. while there can be any number of bitcoin-like blockchains and they only differ in amount of people who invested in them, so it's theoretically unlimited... looks to me pretty unattractive.

of what exactly? got a link?