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Whether they are No 1 or No 2 in terms of size of economy, or foreign reserves, strength of their military, right now they are already at the level you call superpower. Question is which spot is it be as different metrics of measurement might suggest otherwise.
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I've just recently read about a Bitcoin party in Disney World that happened (source: http://gawker.com/magical-thinking-bitcoin-gathers-at-disney-1644521971/+ericlimer). Was anyone even here? Are the people related to Gawker really that negative about Bitcoin? Here's a quote: The technology behind bitcoin is really cool but I still haven't seen a good argument for WHY it should replace the dollar other than maybe it COULD replace the dollar.
Wasn't this community clear enough of the benefits of Bitcoin? Are these Americans (not all of them obviously) this ignorant? The quote itself actually has a valid argument. If i can still use paper money on whatever i need to buy.... then by all means give me a good reason on why do i need to move towards complexity adopting use of a digital currency? Even though they may not realize paper money value is devalueing but as i said most people don't go to the extent of thinking or worrying so much. |
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Well for one, I'm not going to convince you to take the plunge and put everything solely on bitcoin. Every investment has a risk and it's all about managing and mitigating the risk to acceptable level. As for your case, i believe there are already businesses working on it. Their contingency plan from what i know to lessen the risk is by reducing the time holding onto bitcoin by quick selling one portion and another portion remains. The size of the portion is up to you to determine though based on your business strategy.
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Ok basically if you need to do a hardfork, one node needs to tell the rest that says "hey now i got new rule" so you all need to follow my lead. Since when was this the case? Ever since there was the need for a starting point maybe? Please don't get me wrong, I am NOT the one to answer your question on the specific subject however I am inclined to believe that everything has a starting point. Also, I am guessing that the node in discussion here is Gavin. He is the one that holds the key, so I am guessing his node will be the one all other nodes trust first. AGAIN, I am not the one to answer this question. I am just speculating here. I am sure that someone with more knowledge on the subject can help you better. Exactly that is what I meant to say. There must be a starting point. If the majority controls the hash rate, you can't just come up and say now I have a new rule in place and it needs to be implemented. Take for example if the current block size is 250kb and a hard fork is required to change it to 1mb for example, how would that be made valid?? And that is where the speculation on a hidden secret code comes about. It's like a passphare that gives authority to one single node to dictate the terms. |
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Ok basically if you need to do a hardfork, one node needs to tell the rest that says "hey now i got new rule" so you all need to follow my lead. So what if let's say another node that control the majority of the hash rate decides otherwise and ignores it. So in reality that would not be possible right? And how do we get it done if that is the case??? I remember before that sometime back (not sure if the site is still around) that i read that there is a secret handshake that once established it will allow one particular node to dictate the terms and it's well hidden. I mean satoshi must have a backup plan or something right in case they need to immediately apply a patch?  Anyway most of you might say the codes are at github. But question is have we really audited and understand every single line? |
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Well it's a good idea but gamblers having strike a jackpot pretty much don't care whether it is bitcoin. They want cash that they can spend straight away. Imagine if a person suddenly has so much wealth on hand, would that guy think long term? Just my thought...
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It is commendable that the issue plaguing our financial system and role of bitcoin are brought up and discussed openly at higher level. What we need to see from here is the follow-up actions by the decision makers to bring it to the next. And the next step means implementation, mass adoption, approval, acceptance, draw up the legal framework mainly make it legal and also remove whatever existing barrier there is. Bitcoin is long ready for that.
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BIG UPDATE
All users who have enrolled or are going to enroll in the future, please post your own bitcoin address here (payments for this month will be sent to a bitcoin address of your choice). Thanks!
My btc address: 13P79evhLXBDDRXDsB6KHggiRK4MxhYNg1 |
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I always told myself if I ever met the real Satoshi standing in front of me, I would imagine he would be really really rich, brilliant kind of guy who is probably prefer to stay low profile all of life. And no, II'll never meet the real guy nor will ever have the chance to know his true identity. And that's a fact
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I thought it was something related to paypal announcement on bitcoin integration as payment method. But anyway you can't make a conclusion based on a single data. It might be a coincidence unless you tell me there is a shop selling all these stuff to singles and they accept only bitcoin. However your idea on Alibaba partnering with bitcoin sure sounds interesting; )
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Interesting thought. That will eventually become the main driver that will support or push up bitcoin price. Put it in other words nobody and yes nobody controls bitcoin. It is going to change the financial system and the way things work.
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Black market operators are in no way going to be the next bitcoin adopters, they are the "early adopters". That is why we have the price shooting to 1000 usd in such a short span of time and then slumping when authorities started the clampdown. It's only the wall street financial guys that needs to be moving in next. Until we still this happen, bitcoin price will continue to remain more or less at current level.
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Well it depends. If a person is a cunning type and would not bother living happily despite knowing the victim who has lost the stash of bitcoin is living in misery, then probably he will choose to hack. That is provided that by calculation the account holds substantial stash of btc measured and weighed against mining reward.
For me, I would never do that even with all the processing power at my disposal. Question is.... not everybody will think the same.
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The remaining 5% of the miners will still continue to mine in order to sustain the network. Transaction confirmation will be slow but that doesn't mean a complete meltdown of the bitcoin network. With that said, block reward is now shared among less people so it's a bigger share of pie for everybody. This means the network will slowly grow again will those who initially dropped out has decided to start anew. And so it moves forward again until we see an equilibrium.
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One thing I would like to point out is that if I'm the rich in the elite group then by all means "maintain" the current system already in place so that I can continue to manipulate and get richer and richer. So why do I need a New World Order for? To create equality??? That would mean I'm losing out so why go against the flow that has given me the advantages all these times. And how does that relate to bitcoin existence? I still don't get it. |
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Post Count (including this one): 359
Address: 3BfHwGzhXZViwqCML6HoZ4bTv7xVzaYruu
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A new scientific paper describing what drives Bitcoin price and what types of merchants want to adopt it is downloadable here: http://ssrn.com/abstract=2516754Abstract: This paper empirically examines Bitcoin – one of the latest innovations in electronic finance. By focusing on price formation we discover that Bitcoin returns are driven primarily by its popularity and the transactional needs of its users. We also conducted a survey of merchants who have adopted this technology and model the share of sales paid for with this alternative currency. Particularly, we look at how company-specific characteristics, use of other payment methods and customers’ knowledge about Bitcoin interact with the proportion of sales attributed. The results presented here allow us to better understand the economic ramifications of this innovation. This means lot. http://techcrunch.com/2014/11/28/paypals-bitcoin-integration-and-the-future-of-digital-currency-adoption/if it goes through and adoption of merchants become widespread, we will see a big wave of change coming |
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To imply that it is a complete failure may not be fair or in any way reflect the current situation. Well it has flaws, weaknesses become more evident, in fact i don't think the word decentralization bears any meaning now in bitcoin's dictionary. However to look on the bright side, we are progressively moving forward... more adoption, growing userbase, people start to see abd accept bitcoin as an alternative currency that can replace fiat... and more important with world economy in its current state whereby fiat is becoming like paper junk, well all that point to bitcoin's advantage
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No difference for me in terms of security whether i want to keep in online wallet or exchange. Maybe if i am a trader that trades frequently so it will be exchanges as i will have funds readily available anytime
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