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Initiatives like this one is what Bitcoin needs now. Technically speaking Bitcoin works, and has been subject to and survived lots of technical scrutiny. Addressing legal uncertainty is the next big step, and is a prerequisite for serious business development and growth of Bitcoin economy.
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The logical response to this is to buy some bitcoin and wait for someone else to make bitcoin succeed. If everyone waits simultaneously, then bitcoin fails. That is what is happening.
To get the ball rolling, you need to have an agency which is heavily invested in bitcoin (say to the tune of ten million USD) to spearhead and fund projects. They would have an incentive to do something professional because they could gain from currency appreciation. This needs to happen in order to get to the future where bitcoin can be big and profitable.
If an agency like this isn't created, bitcoin will continue to consist of hobby businesses. The profits from these businesses are so slim that even when they attract a reasonable amount of interest, the business owners often fail to maintain them. You certainly don't see them upgrading and becoming professional. That makes sense. There is no reason to invest money right now when there is no money to be made right now.
This post by cunicula is so on point. Definitely saving this for later usage. On the other hand, perhaps it's too early for getting the ball to roll, and Bitcoin still needs a sheltered, hobby status until some technical issues are hammered out (as evident from the recent fierce discussions about various BIPs) and clients and network overlays mature and get tested. Also, legal status will need to get clearer at least in the taxation domain. I know this is a chicken-and-egg issue, but it seems to me that Bitcoin has grown quite dramatically in only a year, and I'm happy with the pace. I am neither a developer nor a businessman, but I do what I can - in my case by simply using Bitcoin in everyday life, thereby proving that it works, and works better than the alternatives. But we went astray from the point of OP. |
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Not sure why there is so much negativity in the comments here. This is great news for Bitcoin. Certainly MintChip is completely different in technical terms, but it shares some attributes with Bitcoin as far as a lay person or a judge or government bureaucrat is concerned. If you look at this picture  you will notice that Bitcoin essentially provides a secure, decentralized way of doing what the top (minting) and bottom (p2p transactions) of the picture represent, while eliminating the centre. If this picture is legal, so is Bitcoin. |
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We, however, have no plans to engage into manufacturing and sales of bitcoin mining hardware.
this could be bad. you could force minor(GPU) miners out and take control of the network, if you do not give them a chance to upgrade to better hardware(ASIC). but except that, GO! GO! GO!, secure the network. It is a dog eat dog world out there. I don't see why this is an issue. If Vladimir decides to invest hundreds of thousands of dollars into mining equipment, he should be able to reap the full rewards and not have to feel guilty about stepping on some toes. Nobody was talking about Vladimir not reaping the rewards, but about one entity potentially taking control of the network. Any and all vulnerabilities of that entity then become vulnerabilities of the Bitcoin network. |
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I beg you, please draw your inspiration in images of freedom, voluntarism, cooperation, openness, consistency, capitalism and entrepreneurship as opposed to oppression, violence, and pretense of knowledge. Thank you.
I don't understand how and why you managed to mention capitalism as something opposite of oppression, violence, and pretense of knowledge. |
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The Royal Canadian Mint, for example, is exploring how to issue digital currency in the future. Its chief financial officer Marc Brule said Bitcoin's biggest problem was that it is not backed by anything.
"The system we would bring in would be backed by a fund," he told Reuters.
I heard this argument before, but I don't get it. What does it mean if a currency is "backed by a fund"? A fund of what kind? |
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I use it successfully between the US (MtGox) and Canada (Virtex). It's faster and cheaper than any alternative (exchanging at the bank, then either wiring it or buying and mailing a certified check). The only issues are
(1) price fluctuation within the hour it takes to confirm the BTC transaction
(2) recently there is some trade imbalance between the two exchanges that skew the exchange rate compared to regular fiat markets, and
(3) lack of legal framework that makes me a bit nervous.
The first two issues may be problems or opportunities, depending on your situation. Either way, it should cancel out in the long run: sometime you gain a bit, sometime lose a bit. All in all, I can vouch that Bitcoin works in real life, and works great.
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The Bitcoin blockchain can be kept up-to-date with less than a 2400 baud connection. This is within the limits of amateur packet radio technology. Using standard HAM radio transmitters and cheap SDR receivers, this can enable an unlimited number of clients to perform transaction verification and mining, possibly in remote locations, without requiring a dedicated internet connection. A separate uplink, such as a phone line or perhaps two-way pager, can be used intermittently to initiate transactions or to transmit mined blocks. What do you think? Could this concept be economical in developing countries, or in areas with high internet costs? Could it perhaps one day enable miners to reclaim stranded renewable energy during periods of overproduction? Could it even justify dedicated satellite or unmanned aerial transmitters? Or is this concept simply wildly-unrealistic, pie-in-the-sky speculation? Good point. There are already amateur radio satellites in the orbit. If they ever start broadcasting blockchain, I suggest we rename the network: Orbitcoin. |
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Just upgraded, and it seems to be stuck at 8 connections even though port 8333 is open. Version 0.5.3.1 under same settings worked fine. Any ideas?
False alarm - after 5 minutes or so it started going up.
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Is anyone else from this forum attending?
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After months of fascination with Bitcoin for purely ideological and technical reasons, I realized that I could use it for something I normally do in real life: international money transfers. It works better than any other option. Bitcoin is better.
I don't care at all about the government and how Bitcoin supposedly prevents them from interfering with my life (I think the reality is exactly opposite), and I am not obsessed with privacy.
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I understand that people who had their accounts frozen may feel bitter about it, but the fact is that Bitcoin at this point depends on MtGox. Another fact is that MtGox operates in real world, and needs to comply with AML or be shut down. They behave responsibly, and are doing what seems to be a good thing for Bitcoin.
Back to original topic: I personally don't care, as I don't trade that much. Good for those of us who do. Either way, it'll be interesting to see the effect (if any) of reduced fees on April 1st.
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I agree, the 99% bar is silly. Everytime I load the app it shows 99% for a minute and then disappears.. Makes me think something's broken.
Bring back the useful progress bar!
+1 agree with this +1 Show the percentage based on blocks missing at the client startup. This makes sense both for initial download and later for catching up. |
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...monitors the company's worldwide network, which Visa says processes 2,500 transactions per second.
Would someone versed in scalability issues please chime in? Can Bitcoin network function at such rates - equivalent to 1.5 million transactions per block? |
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If I understood correctly, they had a backdoor in the system that their users never knew about, but the thief somehow did. This enabled theft of serious ammounts of money (sic!), and deserves serious response.
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I actually use Bitcoin for international money transfers, and it's cheaper and faster than any alternative I could find. I don't know about China specifically, and won't comment on that. Two things bother me, though: the lack of legal framework (is it going to hurt?) and volatility. Legal aspects will inevitably become clearer this year due to tax returns and ongoing litigation (and, if most of us behave proactively, rationally, and responsibly, they will become clearer in a good way). The volatility will become less of a problem if and when market grows (again, this depends on us to a large extent).
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arXiv is a cool website that gives, in my opinion, a glimpse of what science might look like in the future.
http://snarxiv.org/ |
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I would add that even if my aunt had an easy way of getting come bitcoins (which she does - from me), and the exchange rate were stable (which it isn't), she would still have a hard time finding a place to spend those coins directly. Sure, there are several gift-card options, and a list of merchants accepting btc, but realistically it's all very limited.
The bitcoin network is here, and it works. I actually use it in real life on regular basis, for international money transfers - not because I simply want to, but because it works better than any other option. Other than that, there is not much going on (except for lots of wishful thinking) - no offense. What is needed now are several things going on in unison:
- we need developers to keep improving and diversifying clients, light clients, secure storage, and Web solutions
- we need people offering services and goods in exchange for btc
- we need to face the fact that 2012 is the year in which first taxation and legal decisions regarding Bitcoin will be made, following the 2011 breakthrough. BTC businesses and people with lots of vested interest should act prudently and cautiously now more than ever before: hiring good attorneys where needed, and consulting and coordinating with peers.
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