Oh boy, it seems people will never get over this intrinsic value fallacy. It's actually funny... one of the advantages capitalism brings is specialization. Not only skill specialization, but resources as a whole. Always trying to use the best cost/effective material for a certain purpose. So, why do you people want money to be useful for something else? Why, particularly for money, people are against specialization in the use of resources? Money doesn't need to have other uses. Actually, I dare to say it would better not have other uses. And, by the way, why would one want to use money to timestamp stuff? Can't there be a cheaper (= most efficient) way to do it? Quoting from the link you provided... I think it is safe to say that gold does have certain intrinsic qualities. It is highly durable, easily divisible, transportable, and most of all, it is scarce. Money must be all of these, to one degree or another, if it is to function as a means of exchange. It is vital that we get our categories straight in our minds: it is not value that is intrinsic to gold, but only the physical properties that are valued by acting men. Gold’s physical properties are the product of nature; its value is the product of acting men. So what I am looking for are special properties of bitcoin that we (men) can use to add value to it, that can augment to it's historical value. |
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One of the major disadvantages of bitcoin at this point in time is that it serves no purpose other than a currency. In essense, it is like fiat currency; it is only worth what people think it is worth. 100% of the price increase of Bitcoin is based on money put in by investors. If Bitcoin had another purpose the price of Bitcoin would be based not only on money put in by investors but the additional demand caused by that purpose.
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I am starting this new post from another thread because I think it needs further discussion.
Right now gold can be mined and used as a currency. You can also use gold to make jewelry, build circuit boards, etc., because it has special properties. Therefore, gold has more than one purpose which increases its value. As of now most people believe that bitcoin can only be used as a currency. If people start using bitcoins to timestamp their work, then every bitcoin actually has more intrinsic value because it has more than one purpose! A bitcoin is actually not only useful as a currency but it has the ability to timestamp. If someone could use this special bitcoin property similarly to how scientists used the conductive properties of gold, then bitcoins could takeoff in a different tangent which could further increase its value. Is there a breakthough application waiting to be discovered using the timestamp property out there???
Please brainstorm how to use bitcoins in new ways and post your ideas here.
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I also support a third transaction type for timestamp hash sized arbitrary data. There's no point not having one since you can already do it anyway. It would tell nodes they don't need to bother to index it.
Yes it is possible already. But it is disappointing to encourage main bitcoin chain to be used for generic data storage. When a large amount of users are non-currency data users, currency users will face longer delays, higher costs, and decreased ability to send free transactions. Currency users will be discouraged by these factors from using bitcoin. All these folks talking about the glory of the free market conveniently omit that there only one, monopolized market right now -- the mainline chain. This implies decreased competition versus many markets (==many chains) and tragedy of the commons, as everybody shoves all their data onto the main chain. An alternate chain that encourages data storage would better serve data users, leaving the main chain to better serve currency users. Concerning using bitcoins as timestamps... Right now gold can be mined and used as a currency. You can also you gold to make jewelry, build circuit boards, etc., because it has special properties. Therefore, gold has more than one purpose which increases its value. As of now most people believe that bitcoin can only be used as a currency. If people start using bitcoins to timestamp their work, then every bitcoin actually has more intrinsic value because it has more than one purpose! A bitcoin is actually not only useful as a currency but it has the ability to timestamp. If someone could use this special bitcoin property similarly to how scientists used the conductive properties of gold, then bitcoins could takeoff in a different tangent which could further increase its value. Is there a breakthough application waiting to be discovered using the timestamp property out there??? |
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I wonder if dark pools is a good thing for bitcoin...
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Awesome...bitcoin on a roll!
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I archived my wallet to be opened 16 years from now. Will I run into a similar problem?
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Way to go on making an effort.
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brucewager, u r my hero. great job!
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Sorry if this is a repeat but is there an equivalent type of concept as a dark pool in other exchange sites like etrade? I don't know if I like dark pools...
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Just to clarify. Unfortunately, we can only accept US orders right now. It was pointed out to me that according to Alexa.com: Visitors by Country for Bitcoin.org Country Percent of Site Traffic Russia 25.4% United States 16.0% Switzerland 7.1% India 5.3% Australia 4.3% Canada 1.9% OTHER 40.0% Canada 1.9% OTHER 40.0% Needless to say we will be working on an international solution as quick as possible  My feeling is you are getting a lot if russians who may be attempting to hack your site. |
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I think implementing pooled mining in the main client is necessary for bitcoin's future. Right now less and less people are not generating because of GPU domination where a handful of users are controlling the network. Pooled mining will also give newbies a chance to generate. The more people that are interested the more valuable and important bitcoin is.
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It seems there will also be a huge market for Bitcoin Private Investigation services.
Going to be pretty impossible after I launch this service  Scammers, send your funds to an address, people seeking to get extra coins send 5 times as much clean money to the same address. Funds get redispatched between lots of addresses with random amounts, scammer pays a percentage fee, I get a share, people who provided clean coins get their share Ummm this thread is supposed to be about solving a scam, not starting new ones. |
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Also, how is the bandwidth, CPU usage going? How many clients can it support?
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How often will this be updated? Can I write a bitcoinblogger article on this?
Write an article. Doublec plans to keep his up for a while, and if need be, I'll toss one up if he can't. Publish the tutorials, links, whatever. The more people that participate, the more likely everyone will get a small share more often. Ok, maybe this weekend, but we need to make it as easy as possible to run this. Maybe have a GUI to enter in the bitcoin address or any other info. |
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How often will this be updated? Can I write a bitcoinblogger article on this?
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You might be able to declare bankruptcy, but you won't be able to rent or buy ever again, I don't think.
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My economics professor in college said a good economy is when the amount of money spent equals the amount of money saved. For example, if I made $100 a week then I should spend $50 and save $50.
Also, right now bitcoin is not very liquid. If it was more people would be spending.
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There must be an incentive for small miners to hash. At the rate we are going only the top miners will continue to mine and it is possible there could only be one left. If we reach that point the network will be controlled by that big boy miner.
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IMHO, most if not all bitcoin sites stink.
bitcoin.org is the best. Every other site needs work including mine.
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