He can only be a central bank if he uses his BTC to pay off government officials to get him special privileges. In a Bitcoin world, there is no central government, or only very weak ones.
If there is no central government or any other body that would explicitly prohibit him doing so, he has a free hand to do anything with his bitcoins including introduction of his own debt money covered to a degree by his Bitcoin reserves (what FRB is about)... |
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I'm familiar with Austrians (sometimes even think myself belonging to them), consider their theory of subjective value brilliant (which started with Carl Menger). I know what you mean here, but, I'm afraid, this idea is not the only option in this case (and probably not the best one either). If that guy accumulated 90% of all coins he would be a central bank himself (remember, there is no other currency in circulation but Bitcoin). He wouldn't need to spend the coins, he could just issue "paper" BTCs, allegedly covered by real bitcoins. And then we have Gresham's law...
Why would people accept paper BTC? People accepted paper gold because they didn't want to lug around gold bars. Bitcoin has a weight of zero and is even easier to hide than paper bills. I didn't mean anything like notes made from actual paper (hoped this would be self-evident like today's paper gold). Something more like present Visas or MasterCards Indeed, people may try to avoid accepting paper BTCs as much as possible if their aim is to hoard bitcoins (see goldbugs as an egregious example), but they are not always in the position to choose (see Weimar Germany as another example). Also, if they can always redeem paper BTCs for true bitcoins at any time (or at least promised to) and paper BTCs provide as much convenience as true bitcoins, I see no reasons why these bitcoin derivatives couldn't be used for everyday activities The majority of people wouldn't probably need some advanced features of Bitcoin such as anonymity and whatnot, so the paper bitcoins might actually be made more convenient as a means of exchange (having been deprived of such features)... |
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Ghandi said that first they ignore you, then they laugh at you, then they fight you, then you win, therefore Bitcoin will succeed
When they first kill you, then... well, then there will be no "then"... |
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Quickly could somebody explain where the Bitcoin is 'leaking' to?
Leaking to every slit and chink out there... Or maybe, to every Chink, wtf? |
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Да ладно вам, докопались до произношения, грамотеи... Зато сразу видно - конкретный пацан, попусту языком болтать не будет! Наверное, скоро забанят... |
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Это где такие нормы прописаны, уж очень хотелось бы с ними ознакомиться? Ну или, на худой конец, хотя бы убедиться в их наличии...
Вот здесь, (внизу страницы) есть вся аргументация и ссылки на правила: http://bitnovosti.com/chto-takoe-bitcoin/И, да - биткойн.  Это какие-то несерьёзные правила, да и ни какие это не правила вовсе (особенно порадовали "правила" транслитерации с Википедии). Английское произношение здесь вообще ни к селу, ни к городу - как удобнее произносить по-русски, так и будет произноситься... Однако тороид! |
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PS толи и правда майнингом заняться?  А то чую счас и правда до 10-50 K$ раскрутят, тогда и майн станет выгоден... PPS идея. А может алюминивым заводам майнеры на 10 МВт продать? Проводка у них уже есть Да неужели? Что-то мне сдаётся, вы тут рубаху на груди не так давно рвали, что это майнинг повышает цену битка, но никак не цена способствует майнингу. Или что, своя рубашка всё таки ближе к телу оказалась и теперь пофиг на собственные доводы и аргументы стало? |
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Поздно уже сейчас майнеры запускать, если, конечно, у тебя там не ферма на пару мегаватт...  Тогда, впрочем, понятно почему ты так о своей заднице печёшься (SSL, сорм, все дела), только непонятно почему ты всё ещё не на Каймановых островах!  а может быть потому что на Каймановых островах электропроводка слабая? Я там не был, поэтому про электропроводку ничего не могу сказать. Но думаю, тебе хватит! Майнеры на 10 мегаватт не понтами случаем называются? |
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Поздно уже сейчас майнеры запускать, если, конечно, у тебя там не ферма на пару мегаватт... Тогда, впрочем, понятно почему ты так о своей заднице печёшься (SSL, сорм, все дела), только непонятно почему ты всё ещё не на Каймановых островах! GPU вполне доступны Может быть и доступны, только много ли на них можно коинов поднять (даже несмотря на рост стоимости биткоина). Окупится ли хотя бы электричество, я уже ничего даже не говорю про стоимость самих видях? |
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As for Gresham's Law you're probably right, with the open question that should apply to all economic theory at this point...are we moving forward or backward. The internet has already killed a swathe of "laws". I'll reserve judgment until I am better informed.
Gresham's Law withstood centuries if not millennia. The Frogs will confirm, if you know what I mean. I don't think it is among that swathe of "laws" which Internet has already killed or will ever kill. It's rooted deep down inside human nature, and I doubt it strongly Internet (or anything for that matter) will ever be able to change that... |
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Probably I would be if I weren't still pissed off at Steve Jobs for not giving me my credit for inventing the ipod. Thought I'd at least get a deathbed confession. Such is life. We all miss a thousand opportunities a day, were I in this thing I would be pretty sketched out, opaque exchanges with long exit queues are not my cup of tea. But 'doing nothing' is terribly inaccurate, Banks printing themselves $85 billion a month, because they wrote themselves a law that says they can, that is much closer to nothing. People took risk, which isn't nothing, and spent time, which also isn't nothing, free markets drive capital where it already wants to go. No shame in profits.
I know, it's called an inventor's premium (or something like that), so no remorse either (I was not among the first early adopters). But for ordinary folks it looks like something along those lines really. You could have mined thousands of Bitcoins using crapware which would have made you a millionaire today. That's what people would think... |
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In a capitalist economy, technological improvement and its consequent increased production augment the amount of material wealth (use value) in society, whilst simultaneously diminishing the economic value of the same wealth, thereby diminishing the rate of profit. - Das Kapital
The gold standard was reigning when this text was written, with a hard currency system backed up by gold in which expansion of production had self-limiting effect through currency appreciation. The emboldened text is not valid for a properly organized fiat currency system in which producers profits are no longer diminishing with technological improvements and innovations... |
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I certainly hope so, else I would still be shitting in my diapers.
Should I take it as a confirmation that shitting in your diapers would mean an unbiased view on life? 'An unbiased view on life' is an oxymoron. But it was you who said that your skewed by life experiences opinion helped you stop shitting in your diapers! I did nothing but reversed your logic a little... |
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Forgot to ask last post, did you just buy property with btc profits? Just curious, not pertinent to the discussion.
No, I bought it long before Bitcoin ever started... Having regrets that you failed to grab at this opportunity in time and did not get rich for doing nothing? |
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There is a lot of shorthand here and I'm going to cut to the point to stay on topic or try anyway. I would like to see broadly less need for government. I don't view most governments as sane given the current state of humanity. I see them as self-interested primarily, their raison d'etre being to serve the people but that being not their current agenda. I'm fairly ignorant on how btc would interface in a global system that was fully unfettered by national agendas. I can see how governments would adopt altcoins, 99% of my fiat is already digital and the banks have wanted to go cashless for a long time (bluetooth was partnered with US banks early on to try and implement it but fell a little short). If governments did accept bitcoins for the coercive side of the economy (taxes, fees & fines), yes that would be a massive incentive to stop using fiat entirely. So long as any legal tender is coercive, then no, nothing else can fully replace it unless the government is replaced instead. Both can coexist in the meanwhile though, certainly.
There is nothing more far from truth than this! If governments decided to accept bitcoins for taxes and all that stuff on par with fiat, people would still be paying with fiat whenever possible while hoarding bitcoins in their wallets. Just another example of Gresham's law in action, i.e. bad inflating money (dollars or whatever) driving good deflating money (Bitcoin) out of circulation... |
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Ну это типа рулетка такая, нажимаешь "Roll" после ввода капчи и генератор случайных чисел генерит число от 0 до 10000, в зависимости от которого начисляются сатоши - это бесплатная версия (ну типа заманухи), играется раз в час. Но можно и свои деньги поставить, в этом случае используется мультипликатор, т.е. выигрыш возрастает, но можно и проиграться... А разве в мультипликаторе не свои ранее накрученные там и не выведенные коины используются? Не в курсе, но вполне возможно, что именно накрученные коины и используются. Мне хватило прочитать отзывы посетителей, игравших и проигравшихся, чтобы понять, что мне там удачу ловить не стоит... |
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don't waste your time just reading!
On the contrary. Before you post anything, please spend a lot of time reading. If you think you've spent a lot already, spend some more please. First of all, to spend your time reading you don't need to register at all, and you don't need to register even if you want to spend yet more time reading. Secondly, I said writing something useful instead of just reading... Is it really that hard to see my point? |
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Coin [kɔɪn], отсюда "коИн", и ссал я в рот этим вашим русоведам.
Молодец, чёткое начало своей жизни на форуме! |
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Hi,
only 5 posts so far, but I won't be a spammer. Noob just checking stuff out and wanting to participate.
Cryptsy trade key:
f32396152b6f6109a392d3c14a743a2ccf9053b0
Thanks!
edit: I don't know why link doesn't appear in my signature. I pasted and saved and then it says "linked removed". I guess I don't have enough posts?
You need at least ten posts to activate your signature... Write something useful, don't waste your time just reading! |
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There can no longer be "later" you refer to... If you don't buy today, the producer just won't sell tomorrow, because he will have to cut production and fire his staff... Is it really so hard to grasp?
Just because there is a fixed supply of bitcoin, that does not mean prices will have to keep going down. If the economy is expanding, then yes, it does mean just that. The economy will be expanding with prices going down as long as the negative effects of deflation are being offset by, say, technological innovations (as it was throughout the 19th century), credit and tax policies, etc. In short, as long as producers profits aren't diminishing... |
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