Some of the things I've bought or sold for btc
Cash
Vps
Silver
Gold
Ammo
Stocks and bonds
Mining equipment
Guns
Bread
Chocolate
Grenade launcher ( yes really )
Gift Cards
just reordered that list a bit |
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Spot on reasoning, printing money doesn't make services But risky as this new currency may be, I still trust it more than I trust politicians. When my fellow baby boomers demand our promised Medicare payments and discover that government promised trillions more in benefits than it can ever pay for, I assume politicians will print dollars until they are nearly worthless. |
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then the readers can choose from the following option:
[ ] ElectricMucus poll is bullshit
FTFY
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http://www.coindesk.com/skyhooks-open-source-bitcoin-atm/An opensource project from my home town! this could really change the landscape. only 1.3 BTC at current exchange prices! Ok, it's really only a BTC vending machine because it can't dispense fiat, but it's 1/4 the price of it's cheapest competitor. Go Stumptown! This is a great project, way cheaper than current bitcoin ATM machines and also fiat ATM machines  The $64,000,000 question is of course which countries will allow these machines. The 64M question is which countries will have the ability to enforce a ban on them. This is an open source project. It's like 3D printer guns or maybe even more like moonshine stills. Open source has nothing to do with the legal status of bitcoin ATM machines. Government regulation does. I think he is referring to can you enforce the law, when you can make these things open source, and likely for less and less cost. |
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hmm that actually doesn't bother me much if someone says BTC is worth more and others will pay that price , its just a form of price discovery. lol I thought as much. Then perhaps your scenario of the exchange selling their clients coins for extra cash and them continuing to use that exchange is some sort of price discovery too! hmm maybe your right!!!! |
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hmm that actually doesn't bother me much if someone says BTC is worth more and others will pay that price , its just a form of price discovery. |
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I get the "feeling" there is fractional reserve exchanges going on.....
eventually there may be runs on various exchanges, and when people realise there is not as much BTC as they thought there was, this will cause a mad scramble to actually buy BTC.
What are you saying? I do not understand. I mean that exchanger of BTC for $ do not have as much BTC as they may have received in. Eg they sold it or use it for other purposes, but are no longer in possession. So when you come looking for your BTC there wont be enough to go around. So while everyone account at an exchange may say they have say 10 BTC, if they were to all try get their BTC at one the exchange only has enough to give out 50% to everyone. This would cause a run on exchanges(s) and probably push BTC way up. |
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I get the "feeling" there is fractional reserve exchanges going on.....
eventually there may be runs on various exchanges, and when people realise there is not as much BTC as they thought there was, this will cause a mad scramble to actually buy BTC.
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Folks! Let's try to get an article on coindesk. Unlike before, they've got a lot of press on other alt coins: http://www.coindesk.com/technology/altcoins/So we got a very good story to tell, specially with the Native User Defined Currencies (NUDC). Can someone do the legwork for this? I am damn busy updating the site and trying to work out the NUDC spec and implementation! fc should put your forum in sig |
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So to all the tech savy people in here - what advantages could other cryptocurrencies bring that will give them a crucial edge over BTC, and how fast could something like that come along?
I think the biggest problem with Bitcoin is that the transaction volume can't scale past a certain point. Bitcoin blocks can only support 5-7 transactions per second at max, which is way too low to support a large-scale public adoption. Compare to Visa with 2,000 t/s and Paypal with 40+ t/s (numbers from https://en.bitcoin.it/wiki/Scalability ). As the transaction volume gets closer to the block limit, the transaction fees go up and it becomes impractical to use Bitcoin for small value transactions. As it stands, Bitcoin transactions are already too expensive for payments in the $1-$2 USD range (transaction fees around $0.20-$0.50). Altcoins can provide value because they can offload some of that transaction volume and usually have lower transaction fees. For example, Litecoin can support 4x the transaction volume of Bitcoin (with 4x faster blocks) and has transactions fees around $0.03. But a 4x improvement is still nowhere near what we need to get to Visa-level numbers (or even catch up with Paypal). I see two possible "end games" for Bitcoin: 1. Bitcoin stays as the "gold standard" relative to other altcoins, but altcoins are used for most day-to-day transactions. Bitcoin is only used for high-value transactions. In this way, we solve the scalability limit by adding more coins. 2. Some new cryptocoin comes along that has a whole new transaction/block structure and supports a much higher transaction volume than Bitcoin (e.g. 1000x). None of the existing altcoins do this yet. This is the only case where I can see Bitcoin actually dying. The number of transactions per second that Bitcoin can handle is limited to 7 per second artificially, and can be changed when needed. Read about it in the white paper - Satoshi was very aware of a figure of 100k per second as being necessary as part of the scale up. The biggest issue for bitcoin is the fact that it is currently going through the process of becoming legal and respectable. Once it has done this, and all the difficult questions have been answered, the door will be open for governments to introduce their own official version of crypto currency - with the advantage of any losses being covered by government insurance - just in the same way that if you burn cash, it can be replaced if you can prove it happened and have the remains. When that happens, Bitcoin will die, possibly within a few months. It will never die completely, but it will become the IRC of the currency world! Think of it like the wrong example given earlier. Google, was not first to market, but actually one of the last. They took every fault in the market, and fixed it. Within months, everyone forgot about Altavista, Dogpile and Yahoo, and to Google became a verb within 2 years. Bitcoin, the protocol will grow and grow, but Bitcoin, the currency will be replaced, as soon as the mainstream finally understand and trust the process - don't hold your breath though! The biggest issue for gov coin is the btc/CC protocol itself which enshrines the philosophy/ minium entropy level of capital allocation is antithetical to central gov operation, or non DAC's. CC's minimize entropy because they can collect many, mnay times more information about what the user wants than a gov can in wealth redistribution. The same as DAC's versus corps. The gov/coprs models themselves will be thus arbitraged out by CC's and DACS, until they cease to exist in current form, or are forced to adapt to exist. in more common parlance, who would invest wealth and time into GOV coin that Gov can devalue at will? Conversely how would Gov function as they do without being able to devalue and issue currency at will? Where mining becomes centralised, a decentralisation needs to occur, wogtami has written on this and donated to the development of the P2P mining. Of course, POS solves this problem, but has the separate problem of distribution. This is where (I see) PeerCoin comes in. It bootstraps mining into POS so bootstraping 1st gen into 2nd gen Cryptos. In the same way as 1st gen cryptos need time and mechanism to boot strap into fiat. Nxt perhpas misses this as its distribution model forgets to boot strap to gen 1. PeerCoin also steers clear of the transaction block chain bloat issue bu aiming at high store of value. Emunie or something similar may be come day to day transactional currency. the evaluation of Peercoin has been much greater than BTC and LTC over the same period. |
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Of course this is a bear market, you don't need TA to see that. We're clearly heading for sub $100 in the short term. Might rebound to $150 or so before continuing to $0. As all the societal usefulness has already been extracted from bitcoin, it's all downhill from here. Duh.
your hodling a serious amount of coin aren't you |
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As pointed out before, its cool, but also a load of shite, as past performance is not an indication of future results, especially with something as volatile as Bitcoin. Also this: http://xkcd.com/605/see I disagree with this. Physics and mechanics, biology etc is built upon extracting future performance from pas events and is very good at it. Thats why that roof is not falling down on your head. Bitcoin, or rather crypto's is physics/thermodynamics event being related to less entropy creation versus any competing currency due to central bank manipulation and central govt interference, over taxation, negative regualtion. In fact all systems are like this. The problem is the finance industry to cover their collective ass have this past is no indication of future along with economists who have massively differing views. Currency and economies that minimise entropy creation will prevail over time as a consistent and largely predictable rate. The log graph is good until the market share cap is reached. |
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just make oprah coin or "O" coin, ala coinye, you will soon be Onprah (portmandu for being on Oprah) and letters of demand from lawyers....job done
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how do you convert wallet type from old .dat to new type, or where is older version of electrum available?
thanks in advance
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That... looks absolutely fantastic. If you can patent that, I would suggest you do so.  once you publish in like this you can't patent it. |
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i'm a little confused why would you need a spec if you have the code and can code with proficiency, you should be able to read through it in about a week or 2 and figure it out?
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bitcoin protocol gives improved efficiency, ultimately less entropic than cash, or central banks, politics or Fiat. Accordingly Bitcoin can not be stopped anymore than you can change the laws of thermodynamics.
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hmm I think I made a similar proposal in a thread a bit back, but not with the zerocoin bit.
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IMHO it's not the right way to think of bitcoin in this fashion. Though I'm sure that 99.99% of BTC buyers/sellers nowadays are interested only in the value of BTC in FIAT currencies as they hope to exchange it back into FIAT when it will reach some "FIAT" value. But I believe it's just temporary hype and with wider adoption by merchants people will consider BTC a real currency and they will use it for buying stuff instead of trading it for some worthless FIAT currency which BTW will lose its value more and more in the future (for its nature). I think that selling BTC for FIAT is just waste of BTC. The value of BTC is the stuff you can buy for it and how much do you value it for yourself. For most people that stuff is some bullcrap FIAT currency, but it will change, trust me Think of BTC as buying power, and the exchange back to Fiat as a stop gap to expressing that buying power. The real value is in store of value and large value transfer, eg in 10-100 millions if not billions at will. This is something that Fiat nor the current banking system can offer, in any form. They buying of nick nacks from amazon/ebay or coffee is low value. Look at thier market caps, versus the value of the property market, high value. This is to some extent why I think Peercoin may be the better solution. |
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