Bitcoin have properties which makes it good both as currency AND as store of value. Unlike anything else known to mankind.
Well, gold has much better properties as a currency, I cannot double spend it, even if I have 51% of all the mining power, and it's more widely accepted, for now. Also over 9000 Can you teleport gold? Can you hide it so that a guy with a metal detector cannot find it? |
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if everyone saves all the bitcoins they get then all the market will drop and bitcoins will worth like 1 dollar or even less, so what really makes the bitcoin market increase the btc value is the trades ...
And if everyone saves all gold it will fall to 1$ or even less. Bitcoin have properties which makes it good both as currency AND as store of value. Unlike anything else known to mankind. |
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As I advocated before I suggest to set a goal of saving 2100 Bitcoins and trade the rest.
Given that 2100 BTC is cool 0.01% of all bitcoins there ever be and potentially this will represent 0.01% of bitcoin economy and that there will be not more than 10000 such "lottery tickets" this seems like quite a decent amount.
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I take the source for bitcoin and start up a new genesis block and call this bitcoin2 and get some people starting to use that as well.
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While you are at it why don't you also start ebay 2.0 google 2.0 twitter 2.0 and facebook 2.0 ... |
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Hi
"So how do I take the money out into Australian Dollars?"
Sell bitcoins on britcoin.co.uk than transfer to AUD account with conversion with xe.com or likes of it. Eventually there will be an AUD exchange or two. |
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I propose "do nothing" approach. Let miners decide how much they want to charge for transaction inclusion into the block. And also let users to decide how much they want to pay.
At the same time there is nothing wrong with having some "recommendations" from software developers or community. I, for example, personally, at the moment perfectly happy running official client with default rules.
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Nice one Jeff, now I can say fellow brits that Bitcoin was featured on BBC.  |
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Talking of bubbles...  I suggest that we are in Stealth Phase right now, not even approaching the take off point yet. Bitcoin indeed is going to burst... but not just yet... we will be in 7 digit territory by than... Whoever is buying now clearing all the asks up to 100$ perhaps is SMART MONEY . Institutional investors have not even heard or seriously considered bitcoin. When first bitcoin ETF comes online we will be around Enthusiasm and maybe Greed phase. |
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At this point, the "best" solution (using the term loosely) I've seen proposed is for the maintainers to pick a minimum fee and for it to be enforced by a officially-approved mining cartel, ie, miners who refuse to build on blocks containing transactions of below the minimum fee. This solution is suboptimal for a whole bunch of reasons and it'd be nice to find a better one, but that will almost certainly require changes to Bitcoins design and code.
Come on! Mike! Why would we want some wise men and elders decide something, when it can be given to be sorted out to the free market. The former would be very much not in spirit of Bitcoin. Should we ask Fed to do it for us, maybe? Though, surely any developer of any bitcoin client is free to put whatever default for the fees he sees fit. And users are free to hack it up to change it. Miners on other hand are free to form and break cartels and include or not include "fee free", and "low fee" transactions in their blocks. The danger here is when some mining cartel having more than 50% of mining power refuses for some reasons to build up on blocks of other miners. And this is called 50% attack AFAIK. |
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pickerin, Damn hoarders do not sell me coins for 15$, bastards!!! This is why bitcoin is doomed! Put a bid at 20$ (maybe 50$ in a week or two) and some of those damn hoarders will be tempted enough to fill your order. P.S. why people complain that free market sets the price wrong all the time is beyond me... if you know better than the market you can get filthy rich in no time. |
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What is stopping people from starting bitcoin2 or bitcoin3?
What's stopping you? Reportedly it is just an hour of work for a well qualified person. P.S. There can be only one singularity. How many Internets are there? What is stooping you from making another one? P.P.S Thank You for validating the point in the subject of this thread. |
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At 1169 khash/sec, is it worth mining? If you rephrase your question as At 0.001 Ghash/sec, is it worth mining? Than it kind of answers itself, isn't it? |
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The bitcoin network currently has more hashing power than the top 500 super computers COMBINED.
That figure is really only valid for publicly available info. NSA, for instance, is one of the largest electricity users on the eastern seaboard. They must be mining like crazy... saying "aha... soon we wont need to stash money and hide it from congress... we will fund all the black ops with our precious... bitcoins...." |
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Anyone knows a number on the Hashrate in which the Network becomes really indestructible?
Whatever bitcoin has at any given moment in time? |
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Another guy who thinks that in 5 minutes he figured out what thousands of smartest people on the planet failed to spot in 2 years. Humility is surely even in more short supply than bitcoins among noobs these days.
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Vladimir:  So, are you below or above 38 Ghash/s now? (Last time you said you were below ArtForz's 38 Gh/s) Way above that... though I understand that ArtForz keeps all of it for himself (and probably has more Ghps by now) while significant part of my capacity is contracted out. BTW your image did not work for me inline  but works if copied into browser... Had a bunch of those too recently.... |
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While I share the belief that bitcoin or something very like it will play a major role in the future, I think the road there is going to be a lot rougher.
I imagine we will see a huge boom then a bust, after that those who stick around will build the meaning full economy that will allow bitcoin or its successor to dominate.
I don't care about the busts. I am riding this pig wherever it takes me. If it tanks, I'll have a helluva story to tell. I'm sick of half measures. I'm swinging for the fences and If I strike out, so be it. I won't be some mediocre drone living a life of quiet desperation. I believe in bitcoin and I'm going for broke, knowing the risks. I'm with you. Want to camp together if this shit burns? Topic: I am pretty confident we are the new wealthy elite, gentlemen.Quote: I'm with you. Want to camp together if this shit burns? ^^^ Camping together is the wealthy elite back-up plan? I suppose when by camping they mean buying a cruise ship and parking it in international waters, than yes indeed |
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