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Watching, and hopefully participating.
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Even if every society adopted a cryptocurrency with a mining system like bitcoin, watt-hours would essentially become a de-facto world 'currency'. How would that even work? Watt-hours would always have to be more expensive than the amount of cryptocurrency that they could produce, otherwise a power company would be better off simply 'printing' money.
edit: The more I think about this, the worse it gets. Rapidly mining currency would deflate the currency. For one, this means that the base cost of electricity will constantly be increasing. For two, as the mining gets more difficult, you need to use more electricity to mine. The cost would have to fight both the increase from mining and deflation at once. This would be a nightmare - especially for the poor.
With some more explanations: If everyone were using cryptocurrency, they would all be tied to how much electricity it uses to generate the currency. The value of the currency would then be directly tied to watt-hours.
The cost of electricity would be in bitcoins. The cost of electricity would always have to be more than a bitcoin is worth, or power companies would have no reason to sell the power.
It sounds like he's arguing from the "Mining determines price" point, which is wrong, since we know mining follows price, and price is just a function of supply/demand on the free market. But either I can't wrap my head around it, or I can't explain this to him correctly. Please help? |
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Because your handlers wouldn't allow you to say that, and if you reply, it's proof you are still alive and not in solitary confinement.
That's exactly what they want you to think. Crap. Guess I better cash out that 750 before it becomes worthless!  |
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How do you know it isn't already?
Because your handlers wouldn't allow you to say that, and if you reply, it's proof you are still alive and not in solitary confinement. |
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Do you want me to take something from Spain? Your desire is my command Nah, I can get tacos and burritos around here too We don't have that in Spain, at least not the original from Mexico  Here we have sun, paella, bulls...  Yeah, I know, I was kidding How about some testículos de toro? |
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You can get hacked by Alzheimer's. Make sure to save paper backups still. |
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I still say that encrypted software wallet like Multibit is better than paper wallet. Of course back it up...on the cloud, on multiple USB sticks or microSD cards, etc. As long as it is encrypted with something like PGP or True Crypt, you can name the container anythign you want and no one would know it's bitcoin and even if they found out, they couldn't do much because PGP has not been cracked.
Paper wallet can be found and seized and if it's not encrypted, then there go your BTC.
But a keylogger or malware can steal your password when you decrypt it. |
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Do you want me to take something from Spain? Your desire is my command Nah, I can get tacos and burritos around here too |
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Nokia would have to convince shareholders. If there were already enough people convinced to go along with investing billions in bitcoin, Bitcoin wouldn't need Nokia to do it.
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If the dev team was compromised, then Bitcoin-QT would change, but Electrum, Blockchain.info, the wallets on exchanges, all the mobile phone wallets, and all the mining pools, will continue working as usual, and will likely reject Bitcoin-QT transactions and blocks, which would instantly throw really huge red flags that something is up. So, anyone using anything other than QT will be fine, and anyone using QT will just have to either downgrade to an older version, or export their private keys to a non-compromised wallet.
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I agree with that point, but as any other competing crypto-currency would also be an open source protocol, and benefit from the "network effect" of being an online currency, all bitcoin has left is its "First Mover Advantage", and while it would take some very impressive innovations to surpass such a head start, I believe such development is inevitable in the near term.
But that's the thing, other crypto-currencies don't have a "network effect." Network effect doesn't mean that it is used over a network. It means that it is used by the largest network of people. The bigger the network of people, the stronger it is, and, more importantly, the more it continues to feed on itself. All new customers, businesses, and developers coming into the crypto-currency economy are going to pick what everyone else they know is already using. A new user isn't going to pick Litecoin when the stores in their area accept Bitcoin, and a store owner won't accept Freicoin when the vendors they buy goods from accept Bitcoin. Everyone will continue to increasingly use what their friends and others they interact with are using. This is why Linux is impossible to unseat, despite there being tons of other opensource OS's, why DVD is impossible to unseat despite there being other optical media developed at the time, and why eBay is impossible to beat, despite there being better and cheaper alternatives out there. |
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Explain to me why Bill Gates, a prominent member of the Bilderberg group, is an avowed atheist then.
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BREAKING NEWS: Browser use has just been directly linked to murder rates!  |
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Interesting results. 7%+ above 2000 BTCs
You do realize most of those are BS, right? |
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I haven't thought this through, but would it make sense to include fiat amounts in the transaction history? I mean the actual historical worth, not the based-on-today's-exchange-rates worth. If you are already storing transaction data locally, adding this field would be trivial. If you are pulling the list from the server based on address(es), it might be too much work.
This. And more currencies please. $$ are of no use where I and 90% of humanity live. What, our drug money is suddenly not good enough for you???  |
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I won't be able to get the vodka across the border, sorry :/
Well let's sit somewhere in Amsterdam and drink it!  Moe? Little help?  |
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the real question is "Which crypto-currency will be most popular 10 years from now".
More likely than not, it won't be bitcoin. More likely it will!I damire your enthusiasm, and there's no way to know for sure, but I'm betting that Bitcoin will join the likes of Myspace and Napster as a defunct "first of its kind, paved the road, but since surpassed" technology. You can't compare an open source protocol to a closed source privately owned business. Bitcoin is like HTTP, or even like Linux. Sure, there are many versions, and new features being added, and sure, there may even be options for what kind of GUI or feature-set you use, but it's still HTML, or Linux. Bitcoin has something that in business is called "First Mover Advantage" and "Network Effects." I suggest you google those terms, but in short, everyone will continue to use bitcoin because everyone else is using bitcoin, and all the best developers will continue to flock to bitcoin because everyone else will then use their code and contributions. |
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I will be traveling from Iceland to attend the confrence  Bring some hákarl with you. I'll give you some bitcoins for it. I am serious. I know they sell it in sealed plastic packages. Try not to get the kind that was pissed on though, please. You got it. Ill also bring some other Icelandic goodies with me. Now I am really interested in what that stuff is. Does it taste good? It's poisonous shark that's been burried and left to "ferment" (rot) for months until the poison gets diluted, then hung to dry and rot some more. It tastes like jello that's been made with Clorox bleach. Tastes HORRIBLE! But not as bad as surstroming. Goes well with vodka when frozen though. I'll be taking shark (hákarl) with me, hardfish (harđfiskur) and brennivín (the Icelandic "vodka" to drink with the shark). I won't be able to get the vodka across the border, sorry :/ |
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Haha! Thanks for this! |
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Bitcoin Armory running on an offline computer, with a couple copies of backups printed and stashed in safe places. You can create a new bitcoin address for every new deposit you receive (thus not showing that you have a lot of coins), and you can still safely spend them when you need to without any exposure to hackers.
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