Of course that wouldn't be bitcoin and given there are no barriers of entry the remaining non-cartel miners could continue to real bitcoin fork. In time more miners would join the real fork because that is where the value (from utility, adoption, and scarcity) is at.
It would be like saying. Yeah someday gold miners could get tired of limited quantities of gold and start making coins made out of sand. Then people would buy the sand coins and the supply of sand coins would explode. Except they wouldn't. They would continue to use the gold coins due to their value (from utility, adoption, and scarcity).
How do the other miners mine without the cartel's blessing? You are dismissing the cartel by assuming that it does not exist. If the cartel is mining the fork then there is no restriction on mining the original. Unless it is your claim that the cartel will be so powerful as to have a monopoly on the mining of both the fork and the original. I know that is your argument because you have months ago denounced proof of work as unviable but it is just your unproven conclusion. How do a user decide what fork to be on? |
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In my opinion, the typical explanation, "Bitcoin is a peer-to-peer cryptocurrency" is too hard to understand. If I told you that "a Higgs boson is a peer-to-peer cryptoparticle", would that mean anything to you? I prefer, "Bitcoin is an independent online digital currency and payment system." Everyone understands what all those words mean.
Don't use the term "fiat currency". It doesn't mean anything to most people, and people that use the term "fiat currency" tend to be (perceived as) a little nutty.
"Bitcoin is the worlds only free independent online digital currency and payment system." Unlike FIAT currency (in its usual meaning.) there will only be 21 million Btc so you can be sure your coins should hold their value. Since each can be divided in 100 000 000 pieces each that is not a problem, its more than 14 times all mg of gold ever mined in the entire history of humans. According to a post by Niko here. https://bitcointalk.org/index.php?topic=96726.msg1066383#msg1066383 |
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Great research.
Their former reasons have without doubt been proved to be unvalid.
Will be interesting to see what their action will be.
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Seems BTC is still just digits of electricity. Now if the new currency is gold, would not BTC collapse as we don't need BTC anymore. The only value would be ease of transactions.
Internet transactions all over the world. Thats not "only"... How will you send your friend a real piece of gold or shop on Amazon with gold? Would you rather go around carrying gold in your pockets or Bitcoins that only you can access? Bitcoin are: ...Sending value all over the world 24/7. Thats never out of fashion. ...No chargebacks. Its allways useful. ...Is being in total control of your own digital currency, being in total control of your own things will never be out of fashion. ...Privacy, privacy is allways useful and valued, its not a trend. ...Cheap transactions, cheap transactions is not a trend it will allways be better than expensive transactions. Bitcoin is freedom, freedom will never be out of fashion. Bitcoin and or any other cryptocurrency is here to stay. |
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Donating to that coin and pointing it out, will make them understand Bitcoin better.
Its an eye opener
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At this time, this forum alone has over 68K registered members.
Any metrics on daily/weekly unique users logging in? (ie active users). Yes |
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The word scheme is also used for their own FIAT currency in the paper, so its a misconception, but that is a bagatelle.
The real big deal is how this paper does leave out that Bitcoin is designed to be inflation proof.
The other funny thing is that they mention the chinese virtual currency as a bad thing (though china is a totalitarian state) but leave out M-Pesa which is the same thing but is "seen" as good thing...
Its so obvious that they want to have a finger in the Bitcoin game.
Ofcourse to have anything to say, they would need to buy up lots of Bitcoins, and host a lot of miners and pay for auditing and development of the code and create a Bitcoin exchange.
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The whole question has zero relevance. Unless there is a law for a country to ONLY use Bitcoin, Bitcoin will never 100% replace local currencies. You look at Bitcoin as if it would have a monopoly and be the only currency. Than your fear would had relevance. Now thats not the case. People will allways want and need local currencies to keep trade in their area etc and governments will allways want that kind of power. So they will keep demanding taxes to be paid in their currency. This means, that you will have both kinds of currencies. So you can have it your way with creditcreation and still own Bitcoins. What would be the point of Bitcoin if it was like every other currency? Who would controll the creation of new currency? In a decentralized manner? How would it be controlled? There is a very high risc that those two questions would open up Bitcoin to someone to game the system. Lets imagine you want to trade with someone over a couple of years. In one currency you have no idea how many units of that currency will be created. In another currency you know exactly how many units there will be. This gives you a knowledge of exactly how much of that currency you own and will own in a couple of years. No matter what. If noone of you can control this, you will trade on 100% equal terms. Listen to this: http://www.youtube.com/watch?v=ltIidNNcVgoHe describes systems with two kinds of currencies one that holds it value and one that dont. |
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This is a great way to get people to think Bitcoin is a joke by some teenagers...
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I have and I will buy music with Btc at coindl. But it must be cheap otherwise I will use Spotify instead.
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cbeast I totally agree but with the exception of the 99%/1% message which was genius, Occupy Wall street we essentially a disaster. I did read something interesting recently. I'll post it if I can find it again. EDIT: Found it “Bitcoin and state banking systems are born enemies: only one can survive. If you are imagining that they can peacefully coexist, you are fooling yourself.” http://www.forbes.com/sites/jonmatonis/2012/10/04/bitcoin-prevents-monetary-tyranny/This article is making a profound statement. The baby steps bitcoin is making at the junction of bitcoin and fiat with bitinstant, bitcoin cards cards, etc are just that, a toddler striving to find his footing in a strange new world. But to survive and flourish bitcoin is going to have to bypass and eventually destroy the current traditional banking system. Its a little like saying youtube must destroy television, email must destroy mail, cars must destroy trains, cellphone cameras must destroy digital cameras. It might happen in the long run, in 200 years there will be no banks, but there is no must, right here right now. |
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Price have been pushed down just to buy "cheap" Bitcoins once done, price will go further up.
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You know who Phinnaeus Gage is.
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Bitcoin have more value than most physical stuff.
Important information, news, music, gossip, ideas, humor, all things valuable but not "physical".
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If people are hoarding it just shows that people value most of their Bitcoins much more than the current price level.
It also shows that 60-80% of the Bitcoin community have a positive faith on the future value of Bitcoin otherwise they would had sold their coins making them circulate.
If all Bitcoins are circulated it will show that noone wants to keep the Bitcoins as an asset.
So this is just extremely positive, its very bullish.
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Its amazing how someone so "famous" can be so utterly ignorant and downright stupid. Simply stunning. I would not pay that guy the price of his pocket book to hear his advice. In 10 years this will be gold  |
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If people think bitcoins will be worth hundreds of dollars they are dreaming. Why would a virtual currency with only advantages are no inflation and fast transactions (which are offset by irreversible transactions, which is a negative most of the time unless you are dealing in illegal stuff) be worth hundreds of times more than the U.S dollars or other currencies? Be realistic it wont happen.
"Only" no inflation Show me one other digital currency on this earth with that single advantage? Bitcoin also has several other unique useful "advantages" (not for all your money but for some of it.) that trumph all other FIAT currencies on this earth. How else would Bitcoin be used by millions of people to buy cars/boats etc  If Bitcoin does not go away which it wont. It will happen its just a matter of time. 2 years, 4 years or 10 years. Bitcoin could easily go to $thousands over the next century. |
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