The cost for something like this could only start to become justifiable if USD/BTC was in the high 3 digit range or 4 digit range.
It's possible. If 1BTC=1000 USD, it's only 10 billion worth of economy. it's just as large as the market cap. of a middle sized list company on the NASDAQ. it's not that difficult with the more and more recognition from all over the world. And you guys and all the Bitcoiners must decide a three-letter currency code representing 1e-3 bitcoins, before the "UTC= 1e-6 bitcoins" is actually meaningful in daily use of Bitcoin. |
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It's definitely possible from the view of social psychology .
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Suppose that:
1) The early adopters must have a bunch of BTC in hand.
2) The others with BTC in hand is willingly to donate.
Then:
1) when the BTC/USD exchange went high up, sell some of the BTC. That must be a large amount of USD.
2) With the USD, buy a piece of land in the Africa, or a small island in the Pacific Ocean
3) Co-work with a group of lawyers and diplomatists, make this island as a new nation.
4) Declare to the world, that the BTC is the Legal tender of this nation.
P.S
My mother tongue is not English, and thanks EFF a lot, from which I learnt the phrase "Legal tender".
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I'm a newbie here, but this sets off a red flag in my mind. If bitcoins really take off and end up being used for micro-transactions all over, won't this occur more and more often? It just seems to me that as time goes on bitcoins will get more and more "fragmented" and split into tiny chunks, such that when you do need to spend a large amount it's going to be a "lot of data".
It seems that transaction fees will inexhaustibly increase without bound as time goes on and the data required just goes up and up. Is there something I am missing that handles this issue?
Transactions can also be combined. This is what the OP did: he combined ~13 inputs into one output. If the recipient wants to send that same amount later, the transaction will only be about 220 bytes. Do you mean that even if we start to use UTC, the transaction fee won't be too much? |
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Just a bitcoin bank is enough.
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I wouldn't say greed, Bitcoin is promoted as a more fair store of wealth than the USD? If something appears to threaten that, should we be ashamed to point that out? Am I greedy for worrying that my buying power could potentially lose a third of its value on the whim of any of ten people or so? Calling me greedy for this sounds as silly as a Federal Reserve claim that "hey, we deserve the interest we charge you as compensation for all the years of "stability" we brought". It's ironic that I can be sitting here saying I have gained a huge sum I feel I don't deserve, and wouldn't be bothered to sacrifice if it took away a certain unfairness for everybody, and yet be called greedy at the same time.
So then why don't you donate 10,000 BTC to the faucet then, to more fairly distribute your unearned wealth? Or perhaps set up a trust, such that if a person can prove their identity to a reasonable degree (to minimize fraud), they will receive 1 BTC from you? Or pay a developer to start a new block chain? Seriously, there are so many things you could do rather than bitch about how unfair it is that the early adopters were able to make boatloads of bitcoin. Have you considered that if Bitcoin seriously takes off, buying at $9 could be considered an early adopter in the future? Oh my god, people were able to afford HUNDREDS of bitcoins! The distribution of wealth is soooo unfair! Some how ponzi, the last paragraph. |
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This poll is very important in my view. Just make your idea into the poll, please.
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Some people want to sell BTC short (this means betting on a price decline). These short sellers will pay to borrow your BTC, in order to sell them with the hope of buying those coins back later at a lower price. So someone could setup a bank that offers interest to depositors, paid by the people who borrow BTC to sell short. Those "borrowing" the BTC might not need to physically hold the coins if they are to be immediately sold short into the market. This would prevent people from running off with depositors' coins. However there will need to be a lot of collateral on hand from the short seller, otherwise if the price of BTC goes up quickly, there could be problems for the bank and the person who loaned the BTC.
In this case, the total accounting system was based on USD. The BTC is only a kind of commodity. |
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what if the whole internet was departed into two separated parts?
As I know, the Chinese government may be going to block its domestic internet from other world, to build a so called Chiternet, so that they can control the press\pulic voice.
So the Bitcoin will developed into two independent sysytem, one in China, and one in the freedom world. Then one day, the Bitcoin left in China became the ostrich in Australia??
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Nope. Just read about the story of The Island of Stone Money, 1910 |
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Thank you very much for this little question.
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How much USD do you keep in your daily life?
You know, USD is of course more widely accepted all over the world,
and if you go to the shops to try to use USD, there ARE some chances they will accept your USD.
But, how much USD do you keep in your daily life?
SO, how much BTC are you going to keep in your daily life?
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