The unit of value is a psychological demand, people give trust to those medium that have the highest credibility and widest acceptance, which require a powerful entity's backing like fiat or long history of popularity like gold.

Bitcoin is too young, with no one backing, its value is largely decided by the speculative demand on exchanges, thus fluctuates wildly, and the security is difficult to handle. To make it worse, the sudden reward halving every 4 years will like some kind of financial emission which keeps the volatility forever high

Of course it will become an option if the fiat currency's value fluctuate wildly due to currency wars out there. But most likely it will become some kind of digital assets with high risk and high reward. Most of the people will still be the slaves of fiat money, but those a few who get hold of bitcoin can get out of the slave camp some day

It's exactly how these kind of people were shaken out by huge speculative bubbles in the past. Few understand that when the time comes, you just don't need to convert to fiat. If someone just aims 10K, he will miss the chance to see it reaching 1 million

In mining, lots of costs can be deducted as company expense/investment, while the bitcoin income can disappear into cyberspace, maybe it is this aspect attracts lots of industry miners 

Full node can run p2pool for its miners to benefit from the operation, we just need p2pool to become more popular

Waste of time

There can not be deflation when the money supply increases. However people's income is different: Those in the bottom of the food chain are still suffering from a lower demand and lower income, while those at the top of the food chain are getting higher income and higher demand for those things that are not included in inflation/deflation statistics (capital goods and assets)

So the price of capital goods and assets will rise quickly, bring hyperinflation at top of the food chain, while the price of daily consumption goods will still drop, drag the CPI, PCE indicator down

Poor dude   

Most of the options just never execute, the pricing model is like a casino house, your chance of winning against the house is extremely low

Because people unconsciously use fiat to measure value, they got this habit since they were born, there is almost no escape

"XBT Provider AB (publ) är en del av KnCGroup, som är garant för certifikatet."

knc is dumping their coins 

The key question is if the FIN-2013-G001 guidance has lawful status

Reward halving to be only 1/3 or 1/4, that will not change the limited total supply but smooth out the distribution phase. Current reward halving scheme is just too steep that causes large appreciation expectation in general

A bank run by the pension fund 

All those large institutions will eventually understand that banks do not have any money in their pocket, what they have is just some numbers in their database, just like MTGOX. That's the essential of FRB, but I guess those pension fund managers have no idea about it

Exactly, mining cost will eventually get close to its market price due to arbitraging

Imagine that one bitcoin only cost $20 to mine but the market price is $200, what will happen? Everyone who want to get bitcoin will mine, no one will buy. And many arbitragers will mine and sell for a quick and immediate fiat profit, that will drive the market price down, and raise the mining cost, until they get close

Similarly, when one bitcoin cost $200 to mine but the market price is $20, all the people want to get bitcoin will stop mining and go to exchanges to purchase, all the miner will refuse to sell, thus raise the market price and lower the difficulty and mining cost, until they get close

That 1:100 risk/reward ratio only counts from the end of 2012 to the end of 2014, just 24 months. If you think 5 years time is not enough, you might also think 10 years time is not enough, you should wait 20 years before you confirm its success, but by then you will lose most of the potential gain from it

Actually the decision making difficulty is almost the same when bitcoin is at $0.03 or $3 or $300, you always face an uncertain future and ridiculous price, and large wild swing of exchange rate, so that you never know for sure if one day you wake up and find out it just crashed 90%. That's the reason a pension fund should never allocate more than 1% of its funds, but that is like buying a lottery with 50% chance of getting the value of your whole portfolio doubled, almost a no-brainer buy

And the worst performance of 2014 is definitely not bitcoin. If you adjust the volatility of other investment to be the same as bitcoin, then their performance will be much worse: A 90% retracement of bitcoin comes after a gain of 100X, but a 90% retracement of crude oil, comes as a result of a gain of only 2x (when you adjust the crude price by 2x leverage)

Give me the right of creating money then I don't care who is studying macroeconomics  

"In the name of economy" is the most cunning excuse I see over my life time. Economy itself consists of shows and shows of scam and chess play, it always rob those innocent participants who have no idea of how the scheme works. You can even observe plenty of these scam in a small economy like bitcoin ecosystem, not even mention the real economy

Only care about gadgets while missing the big picture? Satoshi created something that free everyone from banks' slavery

People want to convert their fiat into bitcoin because fiat is a scam, why accept something that is created out of thin air instead of something created with real valuable resources? Of course most of the people are so ignorant that they don't understand the scam of banks, but with the help of internet, more and more people will wake up

The truth is, if everyone use bitcoin to save for retirement, then bitcoin will rise to at least millions per coin, thus make that pension plan a huge success, it is just a matter of time before major institutions start to dive in. Currently lots of private person already started to do private long term savings using bitcoin

For 5 years performance, bitcoin beats every single investment in human history when it comes to risk adjusted return: With a 1% risk you get 100% return. And typically for a successful investment, with 1% risk you get 3% return. So from the view of a pension fund (they typically measure 10+ years performance of any investment), this is the top choice, just need regulation to be in place

It's this one, it seems the transaction fee is less than recommended

https://blockchain.info/tx/b5f1a50f10ef314e4e8c6b92e15f1972c1757f78665ab3f3fe7d705b67370257

One of the input of this transaction is still unconfirmed, that's the reason this one can not be done before that input is confirmed, what could be the cause of that unconfirmed input? A double spending?

You are not sending euro, just some numbers changed in your bank, similar to doing an internal transaction in one of the bitcoin exchanges, some numbers changed in your bank's database, does not involve any real money transfer