Just the same as your local supermarket doesn't know if the $10 you gave them to buy a packet of cigarettes was obtained by murdering someone down the road and stealing it from the wallet in their lifeless body ... and then when the supermarket gives it to the next person who receives it as change, the shop that they take the $10 change to, to buy their grandmother flowers doesn't know that it is "tainted" money and will happily let you use it to buy the flowers ... then the child of the murdered person may get the $10 back as change when they buy flowers for the funeral of their parent ...
Lol I think this is more about counterfeit than it is about murder x.x It is not possible to counterfeit Bitcoins. Counterfeit collars don't exist either, if they are counterfeit they aren't dollars :p You could trick someone into accepting something that isn't actually a bitcoin, that's really what counterfeiting is. Don't let your guard down. |
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No, you could get totally screwed going long 10:1 if the price drops even a bit before it skyrockets. Even 2:1 isn't what you want, plus that would require more hedging capital. You need an option to buy coins at or near the current price in 5 years time. That's not going to be easy to get because anyone who will promise do that for you won't hold them or be able to afford coins if they skyrocket or else they are holding them because they expect them to go way up and will charge you a lot.
For your case I would borrow dollars with an agreement that you can pay them back with bitcoins at the market rate. I don't think anything else is going to match up perfectly with what you want.
The loan is amortizing, so I do not need to hedge the entire amount 5 years out. I need to hedge a lot today, but that amount frops over time as the loan pricipal is reduced. The loan agreement I have reached is a BTC only loan. The loan is extended in BTC, and payments are made in BTC. That is the whole point....we are trying to be BTC centric..... I understand wanting to be bitcoin centric, but borrowing in terms of coin is going to potentially leave you (I know you know obviously). The cleanest way to cancel the bad effects of borrowing coin would be to go borrow some dollars and use them to buy the coin so you'll be sure to have it when you need it. |
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No, you could get totally screwed going long 10:1 if the price drops even a bit before it skyrockets. Even 2:1 isn't what you want, plus that would require more hedging capital. You need an option to buy coins at or near the current price in 5 years time. That's not going to be easy to get because anyone who will promise do that for you won't hold them or be able to afford coins if they skyrocket or else they are holding them because they expect them to go way up and will charge you a lot.
For your case I would borrow dollars with an agreement that you can pay them back with bitcoins at the market rate. I don't think anything else is going to match up perfectly with what you want.
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The old LadyBytes address is still getting coins send to it =/ Has InstaWallet done something that new donations to that address are going to LadyBytes?
Maybe someone could write a script that moves coin out of that wallet and to her? |
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Of course, the rule is that people save "good" money, and spend "bad" money, so as a business owner, I prefer to have dual currency accounting, and receive payment in BTC, and make payment in USD (or better yet, EUR or GBP!)
Yes, running a business can be a way to convert some USD and labor to many coins. Funny looking model to authorities also. IIRC I tried to go to Seals. I think I will have to (ahem) go on a trip abroad, and then try again. (I've been to others but they just absorbed my BTC with no fun, or drinks!)
I don't quite follow. You can play at Seals from anywhere. sealswithclubs.eu edit: and you can have fun for cheap or free if you like. Freerolls on the hour, cheap tourney with extra added on the half. |
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This is the conundrum. Bitcoin has been around for three years and is improving. One day it will be pretty cool and ready for adoption by the world. The world says, "hey no fair you already own all the Bitcoins and we don't want to give you all our wealth to buy them, so we'll start a new blockchain with the same core." They then release a Worldcoin. Now rich people have been screwed in the past when money is re-issued and wealth is redistributed. They don't want this to happen again, so they will do everything they can to make sure they hold their money. The rich people buy BIG mining rigs so they can keep much of their wealth. So what happens? Who would trust Worldcoin run by banksters over Bitcoin that was built by grass roots efforts?
Bitcoin wins every scenario I can think of.
Even disregarding the 'who', why would someone stake anything in the second copy of the same thing? Obviously a third is coming along to screw you. Obviously baring large improvements. |
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Trying a new promo out later today. 4-6pm ET in the Pond 10/20 (0.4BTC to 2BTC buy in) game the high hand will get 2000 chips (2BTC).
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As I saw someone else point out, most people aren't used to having to account for fluctuations in exchange rates to do business. Right now, everyone has to convert their BTC to purchase supplies & services to run their businesses. If more business was able to conduct their back-end business (the b2b part) via bitcoin, rather than just the customer facing side of the business, "stability" would be perceived.
Seals accounting is bitcoin based. We have no ongoing dollar costs and just buy some when we need to pay for work from someone who doesn't want coin. It's happened twice. Promos, ads, server all bitcoin payments. 2 of the 3 are even denominated in coin. |
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The food was really good though, I'd eat there every time I was in town if they'd just hand me the 5-7 digits it takes to get the job done. Reusing should be no problem, laminate a few business cards.
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Just need an instawallet clone that sends a satoshi (using SendMany for low fees) to addresses in advance of giving them out.
LOL... just thought of this... (not trying to be mean or a jerk, but) how about put your money where your mouth is and automatically fund that satoshi when firstbits determines that it can't find an initial transaction with the requested bitcoin address? wow, this could work... since you just got the bitcoin address from the user, you could fund the address and calculate what the first bits will be and tell them it will be ready in 10 minutes. DO IT! I LOVE IT! We currently wait 6 confirms before giving a firstbits as a reorg is the only way a firstbits will get invalid, but even 10 minutes isn't nearly as good as, welcome you're address is 1blahblahblah.... and your firstbits is 1blahb. It would cost like .01 to mark a million addresses, the problem is fees unless you wait and do them bulk, which is another delay. Premade is the way to go, you could have a free service with charge for premium firstbits. |
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Can you convince a large number of people that sending you money is in their collective interest? If yes, then fine you get money. If no, then you get no money.
Yes I can, that's what I'm doing now. Er, I assume they think it is in their individual interest. |
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The cleverest way to bootstrap (handle initial distribution) imo would be to allow people to buy in to the new chain by destroying their bitcoins in a specified manner to 'move' them into the new chain. But really that is just a way to allow people a one-way ticket into a breaking change version of Bitcoin, not a completely new system.
Bitcoin isn't really working. I've been around here for a long time now and still don't see much growth in real economic activity outside of speculation. This might be fixable with a better distribution scheme. IMO, cleverest way of handling initial distribution is to force miners to give away money to merchants who agree to accept the currency. Starting will small-time merchants and working up gradually to more important merchants as the currency becomes more valuable. Possible mechanism described here: https://bitcointalk.org/index.php?topic=74573.msg825936#msg825936Of course, bitcoin tries to do this through voluntary participation already. It is clear fail. People don't volunteer to give away significant amounts. You need to compel them. Ok, me me me I'm a merchant. Maybe it is a clue that people are speculating that it's going to get a lot bigger? They don't spend money for no reason you know. |
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I think the cleverest way to bootstrap would be to pick a bitcoin block and then look at the bitcoin balances of that block and copy them to the new genesis block. Then every bitcoin user would become a newcoin user automatically and they would be inclined to at the very least install the new client, copy their private keys to it and sell their newcoins.
I'm not sure what you are suggesting with "pick a bitcoin block". A block only contains a subset of transactions that happened since the prior block was solved. https://en.bitcoin.it/wiki/How_bitcoin_worksHe just means pick a point in time marked by block number. |
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The cleverest way to bootstrap (handle initial distribution) imo would be to allow people to buy in to the new chain by destroying their bitcoins in a specified manner to 'move' them into the new chain. But really that is just a way to allow people a one-way ticket into a breaking change version of Bitcoin, not a completely new system.
I think the cleverest way to bootstrap would be to pick a bitcoin block and then look at the bitcoin balances of that block and copy them to the new genesis block. Then every bitcoin user would become a newcoin user automatically and they would be inclined to at the very least install the new client, copy their private keys to it and sell their newcoins. It might work, but you get a flood of newcoins that way (maybe not terrible I don't know). In the way I mentioned you get new newcoins whenever they are worth more than a bitcoin (because people will 'convert' bitocins then). But since bitcoin has no such feature it is a one way street and eventually you'll get the goodness of newcoin (whatever that may be) and the wide distribution of bitcoin and network effects. |
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Anyone in Orlando want to get together. I'll be arriving in a few hours, maybe staying a few days, not sure.
How does Dicks take coin? Will they give me firstbits? I don't have a phone with scanner thingy. They have wi-fi?
They accept virtual bitcoins only, they use our mobile checkout so you have to send them from your phone when you are ready to pay, like this video. http://Https://bit-pay.com/aboutMobile.htmlThey actually didn't accept them at all. They said they didn't have the app. I said any bitcoin address would be fine, and she didn't know what that was. I tipped an instawallet address, curious to see if/when the funds are moved. |
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Or you could title the thread "What happened when someone started another chain" :p
My brief answer is that barring a revolutionary improvement it makes sense (from BOTH their own selfish perspective and the perspective of others) for each person to join the largest network if they are identical or similar.
It would already require a large improvement that was not possible to make to the existing bitcoin network.
The cleverest way to bootstrap (handle initial distribution) imo would be to allow people to buy in to the new chain by destroying their bitcoins in a specified manner to 'move' them into the new chain. But really that is just a way to allow people a one-way ticket into a breaking change version of Bitcoin, not a completely new system.
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What else could he say? "Here you go. This is money, no flaws, enjoy."? Even if the protocol was perfect it would still be a monetary experiment, no one knows what 6 billion people are going to do with something before any of them have even looked at it.
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Anyone in Orlando want to get together. I'll be arriving in a few hours, maybe staying a few days, not sure.
How does Dicks take coin? Will they give me firstbits? I don't have a phone with scanner thingy. They have wi-fi?
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We've got a table stater bonus running. All 2 and 3 handed play gets 50% rakeback at the end of the week. 100 (.1BTC) chips must be earned to qualify, it isn't hard to do.
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In order for this to work, the timestamp has to be easy to verify by a third party. Keep that in mind when designing your system. It can't be 100% trusted if it relies on any more than the document and the blockchain IMO. If you hash a whole bunch of documents together, than all of those documents will need to be available to the third party. This seems like it would be a problem.
Right, I was thinking it would be fine because he'd have a 'master document' with the days stamped docs, but people won't want to pass around the master so they'll go to his site I suppose, but that sucks because now you need him. You don't have to trust him, but you need him, or at least that doc. Still it could be useful, you could push torrents up every day with the day's stamped docs. Doesn't seem like it would scale well at all though. |
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