But why back it with fiat, and not gold? Fiat is worthless and ever-inflating, and that Brock Pierce thing already made a realcoin that is backed by US dollars.
I know there's some coin backed by dollar. I am not saying that bitcoin should be backed by gold. I am saying that dollar should be backed by bitcoin (to make it sound simple for you). Oh okay, sorry, I misunderstood. Well, why make fiat backed by Bitcoin when we can use Bitcoin easily, quickly and instantly? That's a good question. I'd ask it myself too  I think it would solve the anonymity problem that naturally comes with the direct use of Bitcoin itself. Also, it might be easier to use cash sometimes than grabbing for a smartphone and relying on the Internet. |
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But why back it with fiat, and not gold? Fiat is worthless and ever-inflating, and that Brock Pierce thing already made a realcoin that is backed by US dollars.
I know there's some coin backed by dollar. I am not saying that bitcoin should be backed by gold. I am saying that dollar should be backed by bitcoin (to make it sound simple for you). |
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In the ancient times there was this concept of currency backed by gold. I believe I'm referring to this: http://en.wikipedia.org/wiki/Gold_standardThe problem with this system is the fact that regular audit is needed to verify that the supposed gold really exists. With the help of Bitcoin, a much better version of such paper money is possible. The money issuer stores bitcoins and prints paper money so that each note has: 1. a bitcoin address that holds the bitcoins backing the particular note 2. an expiration date Bitcoin address is needed so that everyone can see that the issuer really has the coins backing its paper. Expiration date is needed so that destroyed notes could be recovered by the issuer. Users would have to renew their paper notes before they expire. Every year the issuer proves that it still has the bitcoins it says it has. This can be done by using the associated private keys to sign messages. Every note can then be verified by anyone online to see if it is still backed by the issuer. Any takers? |
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I just wondering, do butterflylabs pays their employee well ? I mean, my point is .. I'm not quite sure if I would buy a product from a foxconn slavery factory style ... Fact is they can manufacture 65nm ASICs. Once developed, it's cheap to mass produce them. Desperate times take desperate measures, right? I'm pretty sure they're mining Bitcoins themselves and that's why they changed their refund policy and are now paying back with bitcoins to the customers who paid for their preorders with bitcoins. They're employees might even get paid unofficially with bitcoins. |
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Thanks for the topic. I had no idea such things are taking place and I feel somewhat pleased with the fact that repressed customers can strike back.
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To me it's a win-win scenario. I'm waiting for a refund from Butterfly Labs for the equipment I preordered when BTC was trading at 1200$ each. Should the price remain stagnant until I get my bitcoins refunded, I will have doubled them Should the price explode, I'll make shit load of profit anyway. WIN WIN  Your timing was very well done. I too want a refund from Butterfly Labs but they have denied it to me because I accepted the "upgrade" in March 2014 (it's been almost 4 months. When I asked for a refund newly, they denied me). I placed my order with BFL when the BTC was $130 each. I will lose about 5x what I spent IF I can get it back.  I was banned from their forums as well, for pointing out missed dates. Reading for your downtime: https://bitcointalk.org/index.php?topic=682150.0http://wedemandjusticefrombfl.com/Heh. The reason I opted for refund was that my posts got deleted and it angered me and even if they delivered the next day I would have been import taxed on the old price which started to seem more and more like discrimination. I suspect though that I won't get the refund before the price explodes so I won't be making any more bitcoins than I initially paid in. 30 days refund countdown will be over in the beginning of August for my order. |
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Refund from Butterfly labs?  Yes? |
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To me it's a win-win scenario. I'm waiting for a refund from Butterfly Labs for the equipment I preordered when BTC was trading at 1200$ each. Should the price remain stagnant until I get my bitcoins refunded, I will have doubled them Should the price explode, I'll make shit load of profit anyway. WIN WIN |
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Most people don't pay attention to security of banking, because all transactions are revocable with USD. If their funds are stolen, they complain to the bank and they get it back. Options moving forward are 1) Make BTC transactions revocable, 2) Make wallets unhackable, 3) Let the common person deal with a revocable asset backed by Bitcoin rather than Bitcoin itself, 4) Educate the consumer on security best practices.
I don't think #1 or #2 are feasible. I don't think #4 is realistic if we want mass adoption.
The only viable option is dealing with a revocable asset backet by bitcoin because making bitcoin revocable is stupid, thats one of the good things about it, and wallets are unhackeable , what hackers hack are the passwords or the computer itself not the wallet, its like any credit card numbers stolen by a keylogger. Good point because it would be easy to prove that you really have the bitcoins you claim to have while with gold backed currencies you must physically visit the vaults in order to verify the existence of the gold. |
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Bitcoin traders are sometimes accused of unfairly profiting from an opaque asset beyond the understanding of ordinary people.http://www.newyorker.com/online/blogs/currency/2014/07/bidding-on-bitcoin.htmlYesterday I met a couple of my old classmates on the street. They asked about Bitcoin and started to whine that most people don't understand the mathematical fundamentals behind Bitcoin and therefore had no realistic chance to invest when it was cheap. Of course, I encouraged them to invest now (better late than never) but seems that people generally rather enjoy wallowing in their own self-pity than take steps to adapt and overcome. Even in this forum I have seen demeaning opinions about people who bought in when Bitcoin was trading single digits --- " they are not real investors and their earnings are equivalent to winning with a lottery ticket". I can see that these issues can raise some negative emotions and Bitcoin has even not risen to 6666$ yet . What's the worst case scenario to follow? Bitcoin Jesus getting beaten up by angry conventional Warren Buffer apprentices? I hope you did tell your classmates there are a few promising altcoins which are still cheap and which can dethrone Bitcoin. I guess you didn't. They will blame you later that you didn't, be sure of that. Not to those particular individuals but I have promoted Peercoins to several other old friends and course mates in the past. |
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You've got two people in the BTC world. The ones who are just pissed because they weren't an early adopter and the ones who are scared to dip their toes into Bitcoin.
You can't fix the first one but you can make BTC easier to work with by educating people instead of laughing them away. Having a BTC wallet is the same as a physical wallet (obviously with the exception of it being digital), you need to apply your own security practices that you would in real life. I see a lot of people complain about loosing their funds and eventually you find out it was because of their own error, IE uploading an unencrypted wallet file to Dropbox and then having their Dropbox account compromised.
Or making a photo of your paper wallet and uploading it to the internet for everyone to see |
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Prepare yourself for the SUPER BUBBLE.
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You people need to relax.
In the long run, owning a few Bitcoins ought to be enough to let you retire. The ride is a long one though. Short term speculators are in for a world of hurt, IMO.
Watch out. The system has enslaved us to the extent that people no longer even know the meaning of that word -- retired. |
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I don't get people who complain about having missed the boat on bitcoin. There are many penny stocks or sometimes even regular stocks that go up a lot more than bitcoin. So what? You can still trade it and profit from it.
That's a good argument, in case you're right. |
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Bitcoin traders are sometimes accused of unfairly profiting from an opaque asset beyond the understanding of ordinary people.http://www.newyorker.com/online/blogs/currency/2014/07/bidding-on-bitcoin.htmlYesterday I met a couple of my old classmates on the street. They asked about Bitcoin and started to whine that most people don't understand the mathematical fundamentals behind Bitcoin and therefore had no realistic chance to invest when it was cheap. Of course, I encouraged them to invest now (better late than never) but seems that people generally rather enjoy wallowing in their own self-pity than take steps to adapt and overcome. Even in this forum I have seen demeaning opinions about people who bought in when Bitcoin was trading single digits --- " they are not real investors and their earnings are equivalent to winning with a lottery ticket". I can see that these issues can raise some negative emotions and Bitcoin has even not risen to 6666$ yet . What's the worst case scenario to follow? Bitcoin Jesus getting beaten up by angry conventional Warren Buffer apprentices?
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The day bitcoin goes for a million dollar each
same day each litecoin goes for 10,000 dollars each
each peer coin goes for 1000 dollars,
each dogecoin goes for 1 dollar,
We all become truly the elite wealthy gentlemen, from the greatest wealth redistribution ever in human history.
Hope far transcends metcalfe's law and technical models.
The millennium begins with this great economic story at the early part of the century.
till the day,
HOPE & HODL
If you want to be a millionaire you should go out and do something awesome to try to earn a million dollars instead of just hodling bitcoin in hopes that it becomes worth a million dollars and you become rich doing nothing =/ yeah, sure, because getting rich is all about doing it the hard way / conventionally. What next? Saying that Bitcoin millionaires are not the REAL MILLIONAIRES because they did nothing to get rich? |
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You might want to check out this site: http://freeross.org/It tells you everything you should know about the case and why you should make a donation. I made a 5$ donation, it's the least I can do and let's be honest -- making donations has never been easier than it is now with the help of Bitcoin To me the most important aspect of the case is the fact that Ross did not sell drugs himself. The content was all user generated so the feds should go after the vendors for the drug money and apply violation of some e-shopping laws to Ross instead of blaming him for selling drugs. Also, drugs were just one aspect of the market. FBI stealing your bitcoins from SR because you wanted to buy a yubi key is not right. |
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Optimist.
Lots of wall street type will pay higher price.
highly doubt it. i believe the whole thing about above market price was a lie. if they realy paid that much , they would proove it instantly, and push the price up. theyre covering up the facts, and that will lead to price drop < 600$ til end of the month sure hope im wrong, but doubt it. Does not compute. Simply illogical. |
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