Bitcoin Forum

There seems to be only two types of bitcoin miners: those with BIG PLANS (a.k.a. Investors) and those with BIG BALLS (a.k.a. Speculators). As can be expected, the ones with BIG BALLS are usually the loudest of the bunch, always chanting GOLD 2.0, GOLD 2.0, GOLD 2.0!!! But let’s face it, if it wasn't for these highly specialized gold diggers, bitcoin would have not become anything more than an intricate web of programming code.

Unfortunately, these same BIG BALLS miners can just as easily become the downfall of bitcoin, especially as we get closer to reaching the "21 million bitcoins" landmark. Perhaps as early as 2016 we can expect an exodus of BIG BALLS miners as there won’t be anything worthwhile left for them to mine (other than the alternative crypto-currencies, of course).

Fortunately, there’s still hope, and it involves building a BTC-based economy from the ground up. That’s where the BIG PLANS miners come in. They are the ones who want to see bitcoins used primarily as a currency rather than a speculative commodity/asset. However, for that to become a reality, miners must begin to actively commission projects/startups that transact solely in BTC (without converting BTC back to USD, etc). It is the only way to increase BTC money supply beyond the initial monetary base of 21 million bitcoins.

If you are a BIG PLANS miner who wants to save the BIG BALLS miners from extinction, feel free to suggest a project/startup that’s worth commissioning... Viva la BTC!!!

Apparently, there aren't any BIG PLANS miners in this sub-forum... Oh well, looks like the recent bitcoin hype did not spark BTC germination either. Or is this too soon to call?

Dunno more news related when it comes to developments its germinating but takes some time to pollen Mpex registration to trade is costly
And both lol
Havelock and Cavirtex holder (Investor in others investments) and speculator
Also Hybrid Currency 1.0 The Original Currency/Commodity XD
As for ideas
Any idea on the internet that's popular uses money and instead convert that cost to bitcoin :)
Shopping Site
Bandwidth
Etc
Or B. Merchants just accept bit as well certain roads

https://bitcointalk.org/index.php?topic=175270.0;topicseen
Business threads are all over the place

It would be interesting to know which of those ideas would actually tickle a bitcoin miner's fancy.

http://www.forbes.com/sites/kashmirhill/2013/05/03/living-on-bitcoin-for-a-week-the-bitcoin-diet/
Dunno something that's missing from the average joes diet :)

I'm in it for the long haul; that being said, I do not have enough resources or skill in this field to be an innovator or invest in an innovator beyond just a small amount.

I have a feeling this is where most people who aren't doing day trading with BTC lie, then there's the last few who actually have the available capital to make it all happen.

One small point beyond this though...

This isn't at all accurate... There's no way to increase the supply of BTC (though you can surely increase the effective circulation of it through fractional reserve banking.)

Call me picky, but I am interested in more people actually understanding how the economics of Bitcoin (and even economics in general) work.

You don't have to take my word for it... Here's an explanation from the man himself (https://twitter.com/gavinandresen/status/78504763586650112).


http://s9.postimg.org/euimqibn3/expected_bitcoin_money_supply.png

True that beats automated algorithms deciding how the market acts :)

He's talking about units of the currency, not total supply. What he is really saying here is that there's 2.1 quadrillion Satoshis... Since a Satoshi is 100 millionth of a bitcoin, each bitcoin (21 million) has 100 million sub units to it. There's no increase in supply, only a change in the decimal place.

Note the question to which he had provided the answer.

His answer relates to economic expansion (http://en.wikipedia.org/wiki/Economic_expansion) first and foremost,
not just to bitcoin's divisibility (currently set to 8 decimal places).

Are there any bitcoin miners who would consider commissioning the following project: Bringing a bunch of mainstream artists together for a cause (https://bitcointalk.org/index.php?topic=97585.msg2036298#msg2036298), by hosting a concert where Bitcoin miners community is the main sponsor? Just think about how many types of people would get paid in BTC and then spend those BTCs right there by buying posters, drinks, food, etc.

The best part about this is that all prices will be quoted solely in BTC... We're talking about thousands of transactions without any dependence on currency exchange markets -- a true indication/representation of a viable currency and a growing BTC-based economy... And that's just one example of how to create a widespread deflation in a bitcoin economy.

What other projects are you willing to commission to create deflation for your less than $3 bitcoins?

Don't worry, I read the whole thing.

The fact of the matter is that this wasn't an answer that could satisfy the question of "economic expansion" aside from saying that it BTC is divisible enough to be used even if its USD price goes up to $1bn. This has absolutely no relation to an increased supply of BTC, rather, it responds to an idea that Gavin inferred from the "economic expansion" statement that the price of BTC would necessarily rise.

Can you honestly expect to see a more thorough answer made within 140 characters?

I've planned to have big balls. PROBLEM?

I am both.


I have invested in everything you can buy to mine. Literally everything.

At the same time, I feel a rush daytrading funny sounding idiotic coins and taking part in pumps and pump on altcoins.

Big plans does not mean you don't sometimes love to lay the balls on the table.