Bitcoin is not only predictable at the current state, but it will have a ZERO deflation
You don't know what the word deflation means. You still think that Nash was Satoshi Nakamoto? |
|
|
|
Oh, ok. Good luck with that. Trying to force the government or really the central banks, e.g. the Fed, into certain monetary policies like trying make their fiat currencies approach Nash's ideal is ok with me. Not sure how that will go but please go right ahead and try.
How close (approaching asymptotically or otherwise) must a currency be to ideal to be called ideal? Once it is deemed ideal then what? If it ever moves again then it wasn't actually ideal, was it?
The reason I am still in this thread is that the theory is that we don't have to force the governments/central banks to do anything. The theory is that market forces will do the forcing for us. I like that because it does not rely on us getting them to do anything - that is never going to happen, ever. So "ideal money" is money that perfectly accounts for the economy and maintains this accounting without gaining or losing value relative to the economy (no inflation or deflation). Perfection here is not possible. Bitcoin will always be gaining in value but at a predictable enough rate due to its design. This behavior, through market forces, will force all the inflationary fiat money to asymptotically approach "ideal money" while always being inflationary with an inflation rate approaching but never quite becoming 0%. All fiat currencies will have a choice to either become honest money or die at the hands of the existence of honest money. We end up with one money for saving with a low transaction rate and one money for day to day transactions with a high transaction rate - is how I understand it. Bitcoin is not only predictable at the current state, but it will have a ZERO deflation rate from 2140 on until forever. Fees will then be the only reason for miners to support the network and this will end up in a near production cost (energy) value, which still makes Bitcoin a candidate for a pretty close - or even better, because decentralized - concept of Ideal Money. I don't see any of the current governments able to create some sort of Ideal Money anytime soon. This probably could only be created by a world government, which might not have a reason to do so, because they could simply prohibid any other competitor to their own currency. |
|
|
|
|
Btw. Bitcoin is here, real and now.
Ideal money is not and it will not be anytime soon. At least not until we have a one world government.
|
|
|
|
If OP is right, than in theory, some governments will peg to bitcoin UNTIL a world body forms
to create their own mimic. This mimic version would be the "Ideal Money" that came about only
to compete against bitcoin and the other "Alternative Options".
No. Listen. Think about reality. Governments already provide a money. Its called "fiat". And they have money policies that increase or decrease the value. The issuers of the money COULD choose to print stable money, but there is no incentive to when they are the monopoly. Now they are no longer the monopoly and so there is incentive for them to print better money. As money gets better and better, it will eventually be ideal. this means in the future governments will print ideal money. This will only be possible when we have a world regime that sets the fixed and unchangable value of ideal money. Though I think we will be heading to this situation of a big brother like world government, I would not like to live in a world like this. To me Nash's Ideal Money has nothing to do with Bitcoin, because it has to be centralized and Bitcoin is not. |
|
|
|
Then why would he have proffered his famous suggestion?
it can it i can.... nothing at all like "we must..." "we will". So you assume, that Satoshi said "We can change to bigger blocks later with a consensus if nescessary", but in reality he thought "We can NOT change to bigger blocks later, because I know it will be impossible to achieve a consensus about blocksize, but I won't tell anybody"? |
|
|
|
Lately so much has been said about a New World order which will cripple the world ecconomy and introduce a new currency.
Does any one know what kind of crypto or paper currency they will Use?
Worldcoin |
|
|
|
What happens when Bitcoin deflation ends in 2140? Wouldn't this be a factor to stabilize Bitcoin value and therefore could be Ideal Money in the long run?
deflation is not the correct word in this sentence. bitcoin's value will NEVER be stable. BITCOIN CANNOT BE IDEAL MONEY. Bitcoin is deflationary, which means "increases in value over time", things that increase in value over time are not stable in value, because stable in value means that its value DOESN'T CHANGE. So there must be one entity, that defines the price of ideal money for all times, because when the value changes it will never become Nash's "Ideal Money" ever again. That sounds pretty much like a big brother scenario to me and therefore is not decentralized and "ideal" at all. I like Bitcoin, because it is the the best store of value atm and easy and quick to send/recieve transactions. It is proven by math and cryptography to be very secure and can still adapt to future issues. When my government shuts down my bank account I still have Bitcoins to trade. If I have to flee because of a war or whatsoever, it would be easy for villains to steal my money, gold, diamonds etc, but it will be quite difficult to even know about my Bitcoins. The idea of storing a value behind a very big number is simple but genious. Thanks! |
|
|
|
|
What happens when Bitcoin deflation ends in 2140? Wouldn't this be a factor to stabilize Bitcoin value and therefore could be Ideal Money in the long run?
|
|
|
|
What? Your full of shit i dont think anything because of you.. ive formed my own oppinions based on the information thats been presented to me over the past several years. Did you write this post? http://fuk.io/who-is-satoshi-nakamoto-the-truth/Read my history for truth The link you gave is quoting and citing me, dummy. YOUR history? I lol'ed. |
|
|
|
Well firstly, I suspect Satoshi would be extremely good at covering their tracks if they're good enough to create Bitcoin and I doubt, especially after it was clear that Bitcoin was going to go far, that he would use the Internet in the same place consistently or on his private network.
If any governments wanted to track down Satoshi I'm sure that they would have found them by now - but what would be the point? For one thing they haven't actually committed any crimes (although to be fair American security services are hardly afraid of illegal searches or aiming for those they believe to have facilitated crime) and second, catching Satoshi wouldn't just have magically ended Bitcoin - it would still be very strong afterwards due to open source code etc - the Bitcoin community is pretty much entirely self-reliant.
The 3 letter guys are extremely good in demasking ips of every internet user. Might be that Satoshi wasn't good enough to hide his tracks. |
|
|
|
what would they gain.
the code is public.
its like trying to stop a train by getting rid of a VIP passenger.. the train still continues
I am not sure if the CIA guys knew too much about the Bitcoin protocol at that time. They might have thought, if they get the main developers, they would be able to control/destroy Bitcoin. |
|
|
|
hi all ...
im interested in seeing the specs for the algo that riecoin uses ...
are there any specs anywhere - or at least a specification list of what when where and how? ...
it would be appreciated ...
#crysx
You will find everything in the code: https://github.com/riecoin/riecoin |
|
|
|
Where can I withdraw bitcoin in cash?
Instead of transferring money straight into a bank account. Is there a bitcoin ATM that allows withdrawals? I have only seen two machines currently and they only accepted deposits. Or is there some kind of shop I can go to?
Check if you can find someone in your country on this site: https://localbitcoins.comAnother possibility is this network: https://bitsquare.ioIf possible, try to convince the people you want to pay in fiat to accept Bitcoin as a payment method. |
|
|
|
Hey, this topic should only be bumped when Bitcoin price drops. Since Bitcoin is up at 1220$ (Coinbase) people usually use this topic: I am pretty confident we are the new wealthy elite, gentlemen. https://bitcointalk.org/index.php?topic=12156.0 |
|
|
|
If Satoshi Nakamoto tell the mysterious truth about his Bitcoin and Blockchain invention and all the secrets to the media, how will it affect the Bitcoin Price ?
You mean THAT secret? The one which seems like a conspiracy theory? Damn, price will drop to an extreme if people knew. Please delete your posting to avoid spreading IT. Thank you! |
|
|
|
1. I bought a lot of different goods with Bitcoin and I earn Bitcoin with services that I provide. So: Yes, Bitcoin is money to me. 2. and 3. They can control some of the world wide operating Exchanges, but they won't be able to do that here: https://bitsquare.io/ |
|
|
|
I just hacked this Adress in a second: 12AKRNHpFhDSBDD9rSn74VAzZSL3774PxQ
Private Key is:
5JdeC9P7Pbd1uGdFVEsJ41EkEnADbbHGq6p1BwFxm6txNBsQnsw
Oh, you mean it was a brain-wallet address generated by a simple phrase. Yes. The simple phrase was 1  |
|
|
|
|
I just hacked this Adress in a second: 12AKRNHpFhDSBDD9rSn74VAzZSL3774PxQ
Private Key is:
5JdeC9P7Pbd1uGdFVEsJ41EkEnADbbHGq6p1BwFxm6txNBsQnsw
So. Yes this has happened before.
|
|
|
|
|
Show Posts
