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If, hypothetically, there were no computers and Bitcoin had to be mined manually, how could the 10 minutes be enforced when even a single hash takes more than a day? The difficulty can't go negative, can it?
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but isn't bitcoin value related to dollar?
Only in the USA. Here in Mexico I buy Bitcoin with pesos, therefore Bitcoin value here is related to pesos. |
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Care to write a summary in the original post?
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Bitcointa.lk was cloning this forum, but due to technical issues, it stopped some months ago. It's not a reliable source right now.
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STAHP! D:
This thread is from 2011. Why are you still commenting on this?
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This is just too technical. In the practical side, it can be said that you own bitcoins and you can spend them whenever you want. Practicality does not give you the power to bend reality or language to your will. Reality is reality, and no one can own information, it is free by default, most especially now in the internet age. Bitcoin is information. "Just as water always seeks to flow downhill, information always seeks to be free" Language “bends” (or rather, evolves) constantly, and words can change meanings, and although I agree no one can own information, Bitcoin is more than just information. The fact that I can know that private key X has control over Y amount of bitcoins, doesn't mean that I can spend them. Information is not enough to use Bitcoin. |
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Nobody owns any bitcoins. The fact that they even ask the question shows a mis-understanding of the nature of decentralized cryptocurrency. If makes as much sense as asking if you own the number seven. Numbers are transcendent, nobody can own them.
In my case, I don't even own a cryptographic key to any bitcoins. I will admit that I do know a phrase that if you perform a HASH-256 on it, then convert to base-58, then add a checksum, then you could sweep an address and get some bitcoins.
But do I own any bitcoins? The answer is definitely "no".
This is just too technical. In the practical side, it can be said that you own bitcoins and you can spend them whenever you want. |
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Is there a need to bring this old post back, other than just create more FUD?
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okay how about just focus on this: THE MOST VALUABLE ASPECT(S) OF BITCOIN CAN BE REPLICATED, hence in the grander scheme of things, bitcoin is not much more valuable than any other crypto currency.
Enough chit chat. Why don't you just create a hundred crypto currencies so that Bitcoin loses value and thus you prove us wrong? |
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There is NOT a limited amount of alternate coins, which are NO different from bitcoin.... In that sense, bitcoin is unlimited.
Are you saying that alternate coins are no different from Bitcoin? Good, so try sending 0.01 BTC to this address: DCLJBPdkp51ckcHHobM2WknCTu9LTUMBXi. And tell me when you have succeded doing so. |
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You should add the option to convert the units to bits and satoshis.
If by “bits” you mean 0.00001 BTC, then the option is already there (µbit) |
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Do you guys think I should use "bit" instead of "µbit" on this website? I know bit is more commonly used but I feel like µbit is more clear.
“bit” is too confusing. I think it's better to keep using SI prefixes. |
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Well i was thinking almost every laptop has this feature.
Where do you live? Here in Mexico few laptops actually have them (and nobody cares, anyway). |
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How can somebody even predict a cryptographic algorithm will be broken? It's either broken or it's not. You can't predict something with no proof, but that proof would mean the algorithm is broken already.
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Sorry, I forgot to add my own opinion on the topic.
I actually agree with you, DannyHamilton, that SI units should be preferred, but that ultimately the one that works for the most people will win.
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Those sound terrible.
You have to consider that professionals will be using this terminology. CEOs of companies are not going to be going around and saying "Our new product should cost 30 en-bees".
And yet they are perfectly happy to say that their product should cost 30 "doll-ors", 30 "you-rows", or 30 "pay-soes"? Yes. dol·lar Origin from early Flemish or Low German daler, from German T(h)aler, short for Joachimsthaler, a coin from the silver mine of Joachimsthal (‘Joachim's valley’), now Jáchymov in the Czech Republic. The term was later applied to a coin used in the Spanish American colonies, which was also widely used in the British North American colonies at the time of the American Revolution, hence adopted as the name of the US monetary unit in the late 18th century en·bee Origin a term made up by Internet user DannyHamilton that has no real meaning and no real history Whoa, wait a second. What exactly are you discussing? Etymology, or sound? Because “Those sound terrible” say NOTHING about etymology, but then you're saying the reason they sound terrible is because of their etymology. The reason they don't sound terrible to us is because they have history and are from an actual language. Hence etymology is related to how something sounds. “enbee” sounds like “envy”, a real word with real etymology. Anyway, I still disagree that etymology affects the pretty sound. |
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Those sound terrible.
You have to consider that professionals will be using this terminology. CEOs of companies are not going to be going around and saying "Our new product should cost 30 en-bees".
And yet they are perfectly happy to say that their product should cost 30 "doll-ors", 30 "you-rows", or 30 "pay-soes"? Yes. dol·lar Origin from early Flemish or Low German daler, from German T(h)aler, short for Joachimsthaler, a coin from the silver mine of Joachimsthal (‘Joachim's valley’), now Jáchymov in the Czech Republic. The term was later applied to a coin used in the Spanish American colonies, which was also widely used in the British North American colonies at the time of the American Revolution, hence adopted as the name of the US monetary unit in the late 18th century en·bee Origin a term made up by Internet user DannyHamilton that has no real meaning and no real history Whoa, wait a second. What exactly are you discussing? Etymology, or sound? Because “Those sound terrible” say NOTHING about etymology, but then you're saying the reason they sound terrible is because of their etymology. |
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Where are the Yes/No options?
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Yes, that's what makes it ridiculous.
To rephrase the headline "Bitcoin's popularity depends on its popularity"
That's the definition of the network effect, isn't it? |
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