there will always be some disagreements over what to describe bitcoin as, because people have different IQ levels and understand things differently. they need analogies and comparisons to real life stuff.
some may disagree that its "digital gold" for instance
some people have analogized bitcoin as a digital cheque, because the transaction shows where the funds come from (long numbers at bottom of cheque), where it is going to (hand written destination) amount. and is then signed... which then goes into a banking network to be confirmed(cheque clearing house)
I wouldn't say bitcoin is digital gold, but I like it as a comparison. I've not heard the cheque comparison before but I like that too, though cheques usually take days to clear, so bitcoin is much faster than that. and thats how you say it to people.. digital cheque that is accepted instantly and people can walk off (unconfirmed) and it gets cleared in 10 minutes usually many people think that a cup of coffee at a starbucks would require people waiting until bitcoin confirms. yet using the cheque analogy is a easy explanation that for such small amounts its not worth the hassle of waiting for confirmation, and just accept it on trust. much like how people dont verify cheques for only $10, but would verify with a bank for amounts of over $100 |
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there will always be some disagreements over what to describe bitcoin as, because people have different IQ levels and understand things differently. they need analogies and comparisons to real life stuff.
some may disagree that its "digital gold" for instance
some people have analogized bitcoin as a digital cheque, because the transaction shows where the funds come from (long numbers at bottom of cheque), where it is going to (hand written destination) amount. and is then signed... which then goes into a banking network to be confirmed(cheque clearing house)
and the most funniest dispute about what bitcoin is, was the reply to
"its a digital decentralized peer-to-peer ledger secured sing cryptography"
the reply:
"hmmmm .. so its german then"
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What's up with people talking about "november rush"?
they are looking at last years super spike and think it will return. they dont realise that last years super spike was due to 4 things 1) ASICS that produced Thash/sec came onto the market 2) new tax years for certain large whale financial institutions 3) china adoption 4) crazy minded hype this year there is no new china adoption or new technical ASIC release, only the new financial year for some big whales. the problem im finding is that these big whales cant simply deposit into the crappy exchanges due to AML monetary limits, thus we should se a small rise but nothing in comparison to last year as the main upto 3 elements that caused last year are not there this year |
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People assume satoshi is sitting on nearly 900K to 1000K bitcoins, but this simply isn't true.
He wasn't the only person that was mining in the early days, so there must be more people sitting on atleast 100K bitcoins that still have not touched their coins yet.
If the coins were mine I would definitely cashout a good bit of coins at the peak. Perhaps the guys can't access, or don't want to access their coins.
+1 for instance, hal Finney When Satoshi announced the first release of the software, I grabbed it right away. I think I was the first person besides Satoshi to run bitcoin. I mined block 70-something, and I was the recipient of the first bitcoin transaction, when Satoshi sent ten coins to me as a test. I carried on an email conversation with Satoshi over the next few days, mostly me reporting bugs and him fixing them.
After a few days, bitcoin was running pretty stably, so I left it running. Those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU. I mined several blocks over the next days. But I turned it off because it made my computer run hot, and the fan noise bothered me. In retrospect, I wish I had kept it up longer, but on the other hand I was extraordinarily lucky to be there at the beginning. It's one of those glass half full half empty things.
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bitcoins are not coins, but a token is a better term. remember a token is not like a casino chip (round piece of plastic) or a supermarket coupon (piece of paper) a token has more meaning then that. google 'session token' for instance .. screw it ill spell it out for yousession token is a piece of data that is used in network communications (often over HTTP) to identify a session, a series of related message exchanges. so bitcoins are closer to being described as a token rather than a coin |
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so the issue is internet speeds?
yet i do not hear people complaining that they had to download 15gb for last years call of duty, and 20gb for this years call of duty and more so for the next call of duty via steam.
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if gavin proposes to fork the chain. i propose that he forks it and jumps the max limit to 20mb or more for 2015, and then do the 50% increase a year,
as at the moment the tx per second limits for the next 10 years are proposed by gavin as
2014: 7/sec
2015: 10/sec(rounded down for easy maths, dont knitpick)
2016: 15/sec
2017: 22/sec
2018: 33/sec
2019: 49/sec
2020: 73/sec
2021: 109/sec
2022: 163/sec
2023: 244/sec
2024: 366/sec
366 tx per second is still not competitive enough to cope with visa/mastercard tx/s volume in 10 years.
yet if we start at 20mb in 2015
2015: 140/sec
2016: 230/sec
2017: 345/sec
2018: 517/sec
2019: 775/sec
2020: 1162/sec
2021: 1743/sec
2022: 2614/sec
2023: 3921/sec
2024: 5881/sec
which is more appealing as able to handle large volume.
just remember this is just opening up the potential tx volume and it wont actually bloat the blockchain unless there is actual transactions to fill the limits, meaning in 2015 we may have the potential of handling 140 tx per second even if actual tx average is still less than a dozen (thus giving a nice buffer space to cope with unpredictable growth)
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could anyone point me to a solution of the problem (if it's implemented)?
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Chase also just refused an international wire transfer to BTC-e, claiming that "the government didn't allow it". I'm closing my accounts with them.
many exchanges are getting hit hard by regulations. i have stopped watching exchange price values ages ago as the volumes are so low that they should no longer be used to judge market cap value. BTC-E use to trade over 100k volume per day last year, now its settles at an average 15k-20k, with hardly any actual bank movements, mostly day trading. its not just chase bank, so it might be worth looking for other banks and also other methods to also buy-in The DOJ has been trying to shut down legal bitcon (as well as gun dealers and payday lending companies) companies that are operating within the law but are not doing things that the Obama administration "likes" i think its more about the fact that dollars are ending up in bank accounts in the british virgin islands and not in the "big 5" banks. (thats my personal belief). bitcoin itself is not a problem for the world in regards to 'justice'/crimes or terrorism. but when people are sending funds to non US banks, they dont like it much. the most stupidest think though is that these banks don't realize that the dollars eventually come back (when people cash out). thus its just like buying a bunch of banana's after visiting an ATM. one person hands dollars to someone else, but eventually those dollars end up in a bank account. |
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POW is not the analogy of the elitist. its the analogy of the hard worker
POS is not the analogy of a fair economy, its the analogy of the unemployed who thinks he deserves handouts purely because he has a social security number
by changing things so that its easier to obtain bitcoin with little to no labour or investment is like giving away apple phones for free to 3billion people. the glamour and value of an apple phone shrinks, and none of the other half of the population will then want to buy an apple phone for $400
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not sure what this has to do with bitcoin, but lets play along There is just one question: how to reduce everything to Poetry and Mathenatics.
The Three of Life is beautiful.33CD.
This is... 4 BTcoiners!
d3FlfSBUTfl teaching people the 21st century phonics lower case letter to make the sound of the letter upper case letters to say the letter d= da D= De f=fa F=ef d3FlfSBUTfl da three ef la fa es be you tee fa la now try this one BTCS3dM bitcoin is freedom |
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killing a human to invade his land and dig for precious resources is known as war, yes.
but you cant dig up bitcoin!
bitcoin has no land.. no one needs to be killed to invade and own their land,
their will not be a war, instead their will be 'regulation' and 'taxation' which is the other method to take property off of people
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Chase also just refused an international wire transfer to BTC-e, claiming that "the government didn't allow it". I'm closing my accounts with them.
many exchanges are getting hit hard by regulations. i have stopped watching exchange price values ages ago as the volumes are so low that they should no longer be used to judge market cap value. BTC-E use to trade over 100k volume per day last year, now its settles at an average 15k-20k, with hardly any actual bank movements, mostly day trading. its not just chase bank, so it might be worth looking for other banks and also other methods to also buy-in |
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why do people care about the year 2140.. YOU WONT BE ALIVE
but if you wish to write a book for your grandkids to read when they are adults.. heres some stuff
in the last 4 years before rewards per block stops.. the circulation will be
20,999,999.99790000
during that last 4 years each block would only give 1 satoshi per block. (maths brings the total at the end of 4 years to be the 21mill)..
at the end of the 4th year (2140) no one will notice or care that block rewards just stop, as their mindset has moved over to concentrate on tx fee's many years before
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i think public/state schools wont want kids knowing too much, but private/prep schools probably would teach it as they are more likely to be the next generation of elitists.
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And now the Moolah website is having problems, but the last news I have was that they were basically out of reserves and they're going to basically sell everything. This from their Twitter at @moolah_io: As there appears to be some confusion - we just want to clarify that @MintPalExchange is not closing. And yeah, Twitter users who are also Mintpal users seem to be pissed too. Moolah.io is going bankrupt. They are themselves all tangled up in all kinds of assets. Its pretty much get fucked time!  yep. get rid of their fiat.. hide the bitcoin. claim bankruptcy and then ride it out for a few months while you hoard secret wealth |
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There was a critical bug found in mintpal which has caused them to close the exchange temporarily, their "management" company Moolah also just filed for bankruptcy.Mintpal is current looking for new "management" but I would avoid. ouch, i feel sorry for you guys. not good news at all |
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high-school.... never.
schools currently dont teach kids how to fill in taxes or teach kids much about true value of money as it is. as if governments would allow bitcoin to become part of curriculum for high schoolers.
although for colleges and universities, bitcoin is already part of some curriculum
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