Define "fail".
See in the doc mentionned above (section IV to be exact). Several scenari fit the description of "failure". |
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Mi ne uzis Esperanton dum jaroj! Verŝajne me perdis la plejparton de mia (jam nebona) lerteco je la lingvo...
Bonvenon!  Mi ankaux ne uzis la Esperantan de longe, sed mi vin komprenis senprobleme |
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I agree about the anonimity part. Bitcoin is not even really fully anonymous anyway.
But I don't see how we could get rid of the word "cryptographic". Otherwise people will have no clue about how it works.
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It would be some kind of a cyberwar.
On one side, bitcoin adepts. On the other side, supporters of centralised government based national currencies.
Good thing is that such war would not recquire guns or explosive, but GPU cards and electricity.
Could be fun.
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Others were arguing that Bitcoin was a libertarian paradise, not a democracy. I think it's far closer to the latter than the former, at least potentially. And this is a significant fragility; more than anything else at the moment, I think it would prevent me from converting dollars to Bitcoins, if I were otherwise inclined to do that.
Well, I said that bitcoin is not democratic but indeed I was wrong. As Satoshi wrote it clearly from the very beginning, the network can be corrupted by any group of people which can obtain and maintain 50% of the processing power. |
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To make it concrete: I believe I know (or at least know of) people who, under the right circumstances, could decide to mobilize relatively easily to get 1000 people with decent hardware to attempt to destroy the Bitcoin network if they thought it was a moral imperative to do that. Note that under the brand of libertarianism popular in these forums, such an "attack" would not be "criminal" or "wrong"; it would be an exercise of "freedom."
Well, yes (I don't know if 1000 people would be enough though). So what? Also, if it's an University professor that does that with tax payer money, it's not much liberal, you know. Anyway, even if it's with their own money or if we consider that a university professor can do whatever he wants with his money even if it comes from tax payer (I don't know about univeristies in your country, but in mine, most of them are financed by gov.), I guess they can indeed mess with other people's business and try to destroy what other people have built. It would only reveal a weakness in bitcoin, which somehow would be a good thing. |
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crime is a very small percentage of what dollars do and, from the way it's reported, a much larger percentage of what Bitcoin does.
Do you have any proof for these allegations? |
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You forgot: "Why?"
I think this forum is sufficient enough. We don't need to waste money and energy for physical meetings.
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I was just reading this quite good document about bitcoin written by a Yale student. In this document, the guy describe many of the possible ways bitcoin could fail. It is the best critic of bitcoin I have red so far. So, could bitcoin fail? Yes, it could. But you know what? The current financial system has shown us so many flaws, so many disgusting priviledges for a few too big to fail corporations, that I just want to give bitcoin a try, even if it might be risky. I just don't want to hoard any national currency any more. Someone wrote somewhere something like : "Current financial system is completely messed up. Give geeks a chance." That's exactly the spirit. |
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bitcoin can be transfered electronically, gold can't. gold can be traded physically, bitcoin can't. otherwise, for the purposes of money, they are the same, but due to this distinguishing feature, they each serve different markets for money: the physical and the electronic.
I totally agree and I couldn't write it better. |
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It hit already 2 $ in bitcoinmarket.com in past 24 hrs.
New poll is needed.
I don't think this counts The trade was for 20btc on a low volume market. If I traded 10btc to a friend for $3/btc would that count as the price hitting $3? I think it would, if you can convince us that this trade really happened and that you and your friend didn't fake it. |
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grondilu, I'd be interested to hear if you made profitable use of the coins in the time that you held them, or if this was just an experiment that cost you 3.9 BTC.
I did sell some of these 96.1 BTC and then bought others at a lower price. But I could have used my own bitcoins. So to tell you the truth, it was much more of a proof of concept that I wanted to make. Might be usefull for my reputation if I have to borrow bitcoins in the future, though. |
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Justmoon has made quite a good answer already. I think that's enough for now.
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-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1
Maturity has almost been reached (current latest block is 119998)
Here is the hash of the paiement transaction:
00ebc0bfbc8074b75f3b09cf8b546eef64e27a2d6222f76ed40c8b49615500ad
>-----BEGIN PGP SIGNED MESSAGE-----
>Hash: SHA1
>
>mpkomara won the auction and I acknowledged paiement in due time.
>
>He provided me the following bitcoin address:
>1EWMwa7GEj4V5x1BF67pJq68HHbHB4qXMc
>
>This bitcoin address will be used to pay the nominal at maturity.
>> -----BEGIN PGP SIGNED MESSAGE-----
>> Hash: SHA1
>>
>> As a proof of concept, I hereby launch an auction for a bitcoin bond.
>>
>> This means that I promess to pay a certain amount of bitcoin (called "nominal"), at a certain date (called "maturity"). The nominal is 100 BTC. Maturity will occur at block number 120,000.
>>
>> I sell this bond in an auction process that will occur on this thread. To bid, just post a message with your bid in bitcoins. Auction will end at block number 116,000. Paiement should then be done within 10 blocks.
>>
>> No starting price, but if at the end I'm not happy with the final winning bid, I will cancel the auction.
>>
>> If selling does occur, I will materialize it with a GnuPG signed document where I will mention whe nominal, the maturity and the bitcoin address where the nominal should be paid at maturity.
>>
>> Happy bidding!
>> -----BEGIN PGP SIGNATURE-----
>> Version: GnuPG v1.4.11 (GNU/Linux)
>>
>> iEYEARECAAYFAk2UNq0ACgkQq17371C4DmhQIQCg86UwjCUt0q8iyojsOXUI7juB
>> BpsAn2UtxuFqtXpLPwedvnYap+m2wrx9
>> =qC0c
>> -----END PGP SIGNATURE-----
>-----BEGIN PGP SIGNATURE-----
>Version: GnuPG v1.4.11 (GNU/Linux)
>
>iEYEARECAAYFAk2U0doACgkQq17371C4Dmi42wCeI/odd75ulRfscbg5lllnSYW/
>OTYAnA8Ec616wA/JFV3y7qRBVsm37HgA
>=8+9B
>-----END PGP SIGNATURE-----
-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.11 (GNU/Linux)
iEYEARECAAYFAk20r64ACgkQq17371C4Dmg7wwCcD4+og03O6wNZlKzjZr5Dk0G6
BBIAoL8ZcgHTf6utteGXt0SYe+YPVPIA
=6C0i
-----END PGP SIGNATURE-----
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Thanks for that. I think it worths transcripting it here, as this has historical value for the bitcoin community: The Times
Saturday 03 Jan 2009
Chancellor on brink of second bailout for banks
Alistair Darling is considering a second major bailout for UK banks, as last year's £37bn part-nationalisation has clearly failed to keep credit flowing. The Treasury is likely to consider such options as cash injections, cheaper state guarantees for private fund-raising and buying up `toxic' assets. The moves follow the BoE's disclosure on Friday that banks continued to curb lending in the final quarter of 2008, in spite of intense pressure by the government to increase the supply of credit. The MPC is also expected this week to cut the base rate to below 2%.
The final Woolworths stores are set to close on Tuesday - a day later than planned - and will add to the surge in unemployment as companies in all sectors come under pressure. More retail chains are also expected to collapse in the next few weeks as even the late surge in demand over the holidays failed to compensate for overall weakness in the High Street. Meanwhile, JD Wetherspoon is to cut the prices of some beers to 99p a pint or bottle in a move likely to trigger a price war among pub chains.
Anne Ashworth reveals that homeowners are turning to `warm-coloured soft furnishings' in response to the downturn, rather than the neutral decor favoured during the boom years.
Editorial: The Times says the banks must start lending again and give up the `reckless caution' that is slowing the system down.
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Not bad for a first reply. I predict there will be more, but this one already does the job correctly. |
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Nielsio posted this on his channel. It is the video that is supposed to back up his point of view on bitcoin. "The Economics of Legal Tender Laws (by Jörg Guido Hülsmann) " http://www.youtube.com/watch?v=z-xR-xB84XQAny comments? Haven't watched it all but according to what Nielsio said it is just a refutation of the theory of value. The thing is that bitcoin is not based on this. So I don't give much crap about this vid. |
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