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Bitcoin is like spectrum à la FCC. That stuff is real valuable, albeit more stable. It is rising as fast as it is only because transacting in it is terribly disincentivized (which is the complete opposite of what it claims).
You can't spend it easily, and you can't change it back into fiat easily. Once people who bought in figure this out, what else is there to do but hold it?
And this kicks off the recursive bubble process:
People don't want to spend it because they'll lose out on market gains. When I say 'spend' i am also referring to buying fiat with it, not just goods.
No spending = supply bottleneck #1, causing it to become harder to buy, making it in higher demand, reducing incentive to spend it even further, bottlenecking supply further still, raising value, etc. Inflate the balloon.
Not only do people not want to spend it, it is exceedingly difficult do when you do. I am not talking a handful of token "look at me hop on the bitcoin fadwagon, gibe me free press coverage nao thx" pizzas and subway sandwiches and VPN accounts here, i am talking real consumer economy-driving spending.
And wait till mom and pop average figure out how hard it is (if not impossible) to get any hard cash funds out of any exchange (i am looking at you, Mt.Gox, with your 7 day email response times), particularly US$, and most acutely when they *need* it back for holiday shopping. Cue flood of evening news hit piece stories on the long faced sad sacks and bag holders who are astonished to find that they can't buy their family Christmas presents because their bitcoin 'bonanza' is useless as a means of practical day to day commerce.
I suspect that up to half of the apparent "popularity" of Bitcoin the past 4 weeks or so, is entirely due to the friction of moving funds in - and especially out - of Bitcoin.
And when the upper middle class to wealthy Chinese who only care about Bitcoin as a means to move RMB out of china into USD under the radar, find out just how much of a pain in the ass it is to turn it into USD, their support is going to disappear in a puff of panic.
I believe in the underlying concept of bitcoin but I am getting the feeling it is going to die from over exposure before it is ready to handle the attention.
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As long as everyone on the network switches to an agreed upon arbitrary data structure to work with such long numbers. If less than everyone agrees to mosey on over to the new abstraction structure, it would be complicated. letīs suppose that BTC gets so popular all over the world that you can even buy everything in all over the world with BTC, the question is since BTC is a currency limited (21 million by year 2140) the BTC will have to split into .000000000001 for instance? or how is it going to work? if all the people all over the world will use BTC?
Regards
It can split as much as you want. It can even go as small as 0.0000000000000000000000000000000000000001. |
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Oscillations can be taken advantage of. We dole out Nobels for people who figure out how to cash in on unreasonable market behavior. Someone could easily end up holding a Nobel for bitcoin. Should be John Nash, IMHO. this is the most neurotic sentiment Ive seen on an issue possibly in my whole career. Ive traded commodities for 16+ years, and its easy to see in the price action that the people in this market are emotionally unstable and immature. The greed / fear oscillation is beyond compare. Match that with tiny float / no liquidity and you get this roller coaster of emotional and financial insanity.
For those having important money in BTC, i.e. college fund, retirement etc, you should be warned that the the lows will be plunged again. Protect yourself, at this stage of development this is a wealth grinder. Ive seen the effect is some OTC stock issues, but nothing this extreme.
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"yes, bitcoin is rat pison - the banks are the rats!" saw someone post this before on this forum and I love this quote...  After Fannie and Freddy... it's not just a quote. Yay, verily! It's pretty much policy now. |
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If it needs a URL, it might be confused because you only entered the server address without the protocol part.? I have been trying for days to set up any kind of bitcoin miner on my mac. I tried rpc miner, followed all the instructions, entered bitcoin.mining.cz for url. 8332 for port account.worker for user and my workers password and only get an error mssg.
I've tried setting up other clients, but I'm not good at dealing with terminal stuff and cant get anything to work. This is more for my education and future mining. Im not concerned with speed or hash rate, I just want to get a client running. Can someone give me a macmining for dummies walk through on how to get a client running. I'm looking for a cpu miner for now. I know it's slow and not very profitable, but that's what I want to do.
On top of everything else, I downloaded Bt-q wallet. It took over a day to catch up, then I got a database error, it took another day to fix it and then got another database error. And on top of everything else I had bitcoins on input.io and lost some of that. TF sent me 1.3 of the 2 btc balance I had. Anyway my bitcoin experience has not been a happy one and I'd appreciate any help. Thanks
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It's pool mentality.. I suppose that explains all those "xyz pool is hiding block data from us" It's competitive against waves of increased hash power, but the kind of competition that US persons are not accustomed to. They risk splitting the chain each time to a degree the bitcoin supersystem May or May Not be Able to handle. Of course the typical doom is heard from the shortsighted. |
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Person calls NSA. NSA listens. Warrant never obtained. I don't get the problem with the NSA listening to US calls....someone explain this to me.... |
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invasion of privacy of the officer though?
Does not exist. |
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I'm just not quite sure that's precisely how FCC requirements work; you might want to pose your question to the lawyer subforum?? Proof: http://www.youtube.com/watch?v=resTnZa3erg&feature=youtu.beThe accompanying "brick" clearly shows the label, and if it didn't one, the supply sure as hell wouldn't have applied for it. The UL is definitely required being that it's a outlet plug of sorts. If the FCC requirement wasn't important, then Josh wouldn't have taken the time to lie about getting certified. When is the Jalapeno getting FCC approval?
Maybe two weeks? We are waiting for the test lab to issue the test report. With the bump in power requirements on the MR and the new screen, we had to make changes, although the new screen is already certified. We are doing all the devices at once, since they all share the same board. The video is proof that this is a customer's unit and not that of a developer, therefore, at this speaking, Butterfly Labs is breaking the law. Also, as of Friday, BFL has not apply for FCC approval of any of their units. To be clear, if the FCC received a unit in their facility on Thursday from some entity, it would most definitely be on this website on Friday: https://apps.fcc.gov/oetcf/eas/reports/GenericSearch.cfm?calledFromFrame=NSearch it yourself. |
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and this client would be called?
the vacuum |
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I don't see the time since order 1 as unreasonable in the slightest. Others in the industry would tend to agree, especially given that bfl ain't exactly a multinational all in one house.
IMHO.
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Lets get a fighting fund to get BFL held to account Oh yes lawyers. Then we could get some politicians to join in the fun. I bet Obama's press secretary is dying to chime in about pre-orders. |
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You missed these: Jitsi - https://jitsi.org - Encrypting all your online communications in one client (Very nice) Crypto Cat - https://crypto.cat - Like IRC chat rooms, but all totally encrypted Project Byzantium - http://project-byzantium.org - Ad hoc mesh networking On the topic of mesh networking, I think the 1 ingredient that's really missing from replacing the internet is a new wifi spec that supports more range... The OLPC laptops they've been giving out for years already show a decent amount of ad-hoc range but it's clearly not enough to cover a big city without every user online. cjdns http://en.wikipedia.org/wiki/CjdnsLong Term Evolution, at least that's the plan. |
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There's actually a terrorist group on the darknet accepting bitcoin as donations...
Isn't that how they secretly hire agents from Blackwater? I KNEW IT ALL ALONG!! |
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Seriously. Just one of them says they bought a couple weapons using bitcoins and we'll be SCREWED......
Bets anyone?
Don't they usually use suitcases of US one-hundred dollar bills? Was the backpack and pressure cooker not paid for in USD? If it's a weapon no one is supposed to own, it doesn't matter what kind of coin was used. Bitcoin's novelty offers scant long-term surety, but it all depends how the community treats it. It could end up being gold, so we still see a prospect in the face of Liberty Reserve, MtGox, and who ever is next. My money would be on OKpay, unless it turns out to be the financial arm of the PRC. That would suck balls. |
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I'm far from the delusional cultist that is somewhat of a norm on these forums as I can clearly see Bitcoin both succeeding and failing at the same time and appreciate (not fear) any and all healthy competitors and innovations in the payments industry brought on by Bitcoin's initial first steps.
That said, I couldn't help but snidely snicker and snort when looking at this DWOLLA spam sent to me this morning and thinking of what that infographic would look like if there were a third column, "Bitcoin". Since I'm looking up currency laws in the UK, any one else want to waste some time on photoshopping this bitch?
{deletia}
To me the difference between Dwolla and Paypal is none of my homies work for Dwolla, but they have an app in the apple app store, so its like the difference between a safe and a wallet. They both take care of your money while you don't need to use it, but each has it's limitations. The wallet only holds so much, but you can carry it around. The safe is too heavy to carry, but holds way more money, and is harder to pickpocket.  Paypal is an institution, especially beside Dwolla. Bitcoins are like proprietary trades, and wouldn't it be nice if they fit inside wallets and safes? Well, maybe no, if bitcoin was intended to be the monetary system that allowed token exchange psychology to ascend into the annals of history. If I go to the sushi bar and buy sushi and pay for it in japanese yen, we are transacting in a virtual reality, since I'm in the states. All I have to do is establish the virtual reality construct by going to a sushi bar and befriending one of the waitresses. The bar pays taxes in dollars, and pays rent in food service. In the US, federal reserve notes are but one option we have of settling a properly registered debit, and are technically always available as a fall-back debt payment device no matter what. That is a good strength to have, and since over time Paypal has expanded into institutional finances, they show the strength of their credit in the fees they charge. It is along with the requirements of the federal reserve system, extra assurance that cash would be on hand in the event it was requested by the holders. In terms of antidisestablishmentarianism, BTC would face exponential challenges in that regard. And those are not even personal political opinions, just finance observations. How does that one verse go?? Give to Kaisar what is the Kaisar's, give to G-d what belongs to G-d.. |
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I will happily do so, might stop by the BBB as well. I just tried filing a resolution with PayPal but it was instantly closed, too long since the initial transaction I guess? So BFL has my money and apparently won't give it back. I will give it some more time but I might just be screwed here. If you are going to report what you think is a scam. The scamming BBB site is not the place to do so. AMEN. ALLELUIA. |
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While this miner is not adding transactions in his block, there will be times where there will be no TXes to add in a block and I am talking about edge-cases where a block is found seconds after another. Will you also reject those?
Yes. I repeat: bitcoin is about transactions; so, no transaction should mean automatic rejection. Perhaps this must be hardcoded in incoming releases of the client. No hang on, bitcoin includes the ability to pass signed cryptograms for trust certification purposes. I don't think you're going to find that functionality separable from transaction processing... no? |
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"Intergallactic"  great! only on IPv6. Bitcoinnet adoption of ipv6 is unclear... |
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