I don't have a problem with early adopters being rewarded. I DO have a problem with any single person holding more than 0.5% of the currency available.
Hmmm maybe I'm just weird, but this seems like the biggest non-issue of all the non-issues. Those who "adopted" earliest represented the greatest initial thrust behind the project. Bitcoin was a "silly nothing" when the early adopters got involved... and without them it would've forever remained as such. I sincerely hope those early adopters make a fortune, and I care not at all what "proportion" of Bitcoins any single person owns. Those who hold the most coins have the greatest incentive to see them succeed, and if they decide to "dump" them, then all the complainers will get a great opportunity to buy for cheap! I really don't see the concern here... but it seems just like jealousy and a misunderstanding of how prices and markets work. |
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Cause they were all like "omg early adopters bought tons of btc for a so low price! This is not fair!" Well, did you buy them at 6$ now? What? You didn't? Guess what? I expected that. Why? Cause omg price is low, crash, fail, blabla? But but but that's exactly what early adopters faced, an almost unknown currency at very low price, they risked a LOT and won (BTC price then increased). While you are only good at whining  BTC at 6$ was a chance to buy them at a low price even in august 2011, if you whined about early adopters AND you missed that then you are just a whiner  Why i open that thread? Cause i'm tired of reading about ppl who is good only to whine about early adopters and of course can't be bothered to risk when price is low. +1!!!!!! The term "early adopter" should be changed to "wild risk taker". I think a lot of people just want to be given a bunch of valuable stuff, and have no risk attached  |
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Nagle, can I suggest an idea that not all cash sits in bids? Some people set bids when they actually do want to buy. That may happen to be a weekend, if the trend change is becoming apparent.
+1 I almost never leave standing bids. My cash sits at the exchange until I want to buy, then I buy. I imagine many people never hold standing bids and thus the true bid depth on both buy and sell side is very tenuous. |
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Spend it on a motion graphics video, like the weusecoins.com video, which points out and discusses the safe and unsafe ways to use bitcoin. Something easy and familiar for newb to learn more, after they've been introduced to the Bitcoin concept.
Alternatively, use it to hire translators for various projects - French, German, Mandarin, Urdu, etc....
Alternatively, use it to create a tutorial on how to be as anonymous as possible with Bitcoin. Maybe discuss Tor or other techniques. There are alot of libertarian types who crave Bitcoin but aren't tech-savvy developers.
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Thanks Math Man. I'm basically just trying to encrypt my wallet.dat, so I can email it to myself and make backups.
I'm also having difficulty because this is installed on a 4gb usb drive, and it seems to be partitioned so that the amount of space available for the block chain is too small. Only like 50mb are left now =/ I'm assuming I can't reallocate size without reformatting?
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Bruce thank you for the update. My lady and I will be attending (but have not registered yet) and I can't wait to meet everyone and further solidify the vanguard of the Bitcoin revolution. Woot woot!
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Noob here - when running linuxcoin, how do I install a software like TrueCrypt?
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Putting your public profile on an anonymous currency kinda defeats the purpose. Atleast IMO.
Not everyone needs every bitcoin address to be anonymous. Most people will have at least one public address, and integration with social networks is inevitable and a great idea |
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From what I know, SDR and similar "currency" is not obtainable by normal people. It's an intergovernmental money. I can't imagine IMF permitted it to be traded with Bitcoin lol
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This looks really fun! Too bad I'm stuck in the fascist USA and can't play games for money  |
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Are there any details of the business plan behind this? Is this guy funding himself, or is this larger than that? Where will these be rolled out? There are a thousand questions... but this is undeniably awesome. I would be overloaded with joy to see one of these in a corner market in Manhattan.
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Should there be a Bitcoin satellite in flying through space? HELL YES! |
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Does anyone have the skill/expertise to set up a time series of this data and visualization? How awesome would it be to record this map every 12 hours over the course of 3-6 months? Would be great footage.
And if the historical data is stored somewhere, then a video can be created of the entire history of Bitcoin network, right?
Anyone know how to make this happen?
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it was my understanding that you needed the entire block in order to hash it to verify it, so how can you possibly remove data from the chain.
You do not need the entire block chain to run a wallet. For example, the Android wallet app uses a very light version which is only like 30MB instead of 400mb and it's a fully-functional wallet. The point is, not every functional Bitcoin user need store the entire Bitcoin database. As long as some people or companies are, then the network functions. |
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Bitcoin will succeed because of the following mechanism:
1) Merchants will slowly start adopting it because they can eliminate charge-back risk completely. Using a service like Bit-pay, they can receive USD still with this benefit.
2) Merchants that accept BTC will start realizing it reduces their cost of business. They will start preferring BTC payments because it's cheaper for them to operate.
3) Merchants will thus slightly lower prices for customers paying in BTC
4) Customers will see that prices tend to be slightly lower if paid in BTC, and thus they'll become increasing interested in using this means for payment online.
I think this mechanism is what solves the "chicken or egg" problem that Bitcoin as a new currency faces. It's pretty compelling, and the OP's points underscore the market need.
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They could outlaw the use of "cryptographic peer-to-peer currency."
But I won't stop using it.
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His math doesn't work. He is calculating the fixed cost for running the network at a given point in time. That cost isn't variable with the number of transactions.
If the number of Bitcoin transactions doubles tomorrow, the Gigahashes spent in the network will remain roughly the same. So his calculated cost of $4.2/transaction is cut in half. If Bitcoin transactions increase by 100-fold, the cost per transaction similarly falls by that magnitude.
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OP - Your concerns are actually more thoughtful than most on this forum. I don't mean to dismiss them out of hand, but I believe they are generally addressable. 1) It is pretty darn anonymous, actually. Find me the MyBitcoin thief, or any bitcoin thief for that matter, and I'll withdraw this statement. The block chain is unreliable in court, because coins can change ownership without the blockchain knowing (see Bitbills, for starters) 2) Solved with time and user-friendly, trusted online wallets. 3) Don't be jealous of other people who discovered the value of Bitcoin before others. I fail to understand why an "unequal" distribution of coins is a problem for anyone who's not ideologically a communist. 4) Again solved with time and user-friendly, trusted online wallets. 5) With "green addresses" and trusted nodes and a modicum of creativity this problem is solved. Legit e-wallets will arise that can certainly be trusted for small common lighting-quick transactions. Doesn't mean you need to store your savings there. 6) I can send a micro-payment right now pretty easily. When there are "millions" of these payments, you can assume the price per bitcoin will be significant and thus processing issues will not be too problematic. 7) Over time (long-run) the price of Bitcoin will stabilize. And Bitcoin is actually inflationary, just not as fast as government fiat currencies. This inflation approaches zero, but Bitcoin will never be "deflationary" unless many people are losing their coins. And deflation, as an economic problem, is contentious. Observe that you buy computers frequently, even though you know they'll be cheaper and more powerful in 2 months. "The Deflationary Spiral" is a chimera... or at the very least is an unproven problem.  Yes, freedom requires greater responsibility. Alternatively, you can use US fiat, and enjoy steady and continuous theft from the Federal Reserve. |
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Two years later there are cheap Androids that do the same for less.
Okay Debbie Downer, sheesh! Find me a new Android device with a 7" screen and (almost) full size keyboard without a phone contract. |
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