BTW, a solution to the whole network conspiring to lower the cost to produce is to never decrease the difficulty. I had thought this up months ago in the first revision of the proposal that never got released. I didn't include it in later proposals because I was worried about pools screwing everything up. But there are ways to counter that too. So never decrease difficulty, as long as at some point people were honestly mining, it could never be later abused.

And another way to thwart ASICs and FPGAs and the like is to add some memory usage to the algorithms. They don't always have to be a straight SHA or WHIRLPOOL or whatever. It would be more annoying to use the software, but it would pretty much prevent application-specific hardware from going anywhere.

I posted this the night before it crashed. Obviously if it never recovers it won't help to just keep increasing the bounty. I was hoping that it would recover and the bounty would look pretty awesome if we saw a rally on its value which is still possible.

But play-money of governments buys more stuff - and people need stuff.  When do you think I can buy gas and groceries with my Bitcoins?

May I suggest an optimization?  Dump them now while the value is high, pick them up for a fraction of the price between now and whenever the millions flood in for "laundry."

Me, I'm a bit more realistic.  I expect anyone with a large amount of money to launder already has current solutions to that problem.  Wachovia, etc.  They're set.  The little guys are more than fine with bitcoin and existing exchanges.

And it's approximately 2 million times harder to sell any number of TBX with a grand total of $1500 up for grabs on a tiny exchange.  While a whole 325 BTC is on the line 2/3 of that is at .00001 BTC/TBX, not the one or two BTC worth at .0015.  Meanwhile, the lion's share of all TBX ever mined (as opposed to pre-mined) is up on asks.  60k mined so far, roughly, and 40k up on asks.  Woof.

TL;DR: there's not enough money in TBX to bother developing and deploying a botnet to mine TBX.  And the odds of that pyramid launching into orbit with a 6 year (not 3, it's 3 years at 50 coins/block) premined payload are basically zero.  Try again with a less blatant display of greed.

Okay, let's move the faucet discussion to a thread of its own.


Dude, that is E-X-A-C-T-L-Y why I premined millyooonz instead of just private-mining a few thousands and dumping them in the deployment spree.

Ability to have a one-time, absolutely non-repeatable "zomg roflhuge" generation run is worth so much more than just dumping consiz for the equivalent of measly 1000$ (if lucky). If I wanted to dump, I would have premined a sum that can actually be BOUGHT by the market.

P.S.:
Once again, I have no capacity to assess the legal status of TBX / TBX Transaction Mixer users.

It's not a Government conspiracy. Deal with it.

We can tell which coins Satoshi mined in the beginning.  We can tell if they move. 

Satoshi would not be first concerned about user encryption wallet, just like Gavin told at the NY conference.

Wouldn't you first investigate as to whether it was the employee or some third-party Evil h4x0r ? ~__^

Also illegal and likely to result in your termination if they find out.
People have been fired over running FAH/Rosetta on their work computers.

Then again, CPU coins are built for botnets and other dubiously legal applications, so have at.  Just don't bitch to us if you get fired.

Hey, I've got one: BitOrgans! Pay for organs using BTC! Irreversible, just like these organ transplants will be! Real effort post here!

What is the pain you are solving?  Who has it?
The pain of needing organs. The disabled, heavy drinkers, Eugene Victor Tooms.
Product idea must in someway support people's well-being.
Living is more well than not living, so sure.
Product must be intended for commercial market.
Well, we don't intend to do this for free.
What will it allow our customer to do that couldn't be done before.
Being able to see, being able to drink to destroy another kidney/liver.
Why are they going to pay for a solution to their pain?
Because otherwise they'll die.
Cost saving? Efficiencies?
You don't have to wait on a donor list for years. Time is money, friend!
Increased market share/sales?
Oh, you're getting the entire market here. Not just a piece of the steak and kidney pie, but the whole thing!
How are we going to make money?
10% cut. Of the BTC. Not the organs.
Who are the ideal target customers?
The desperate terminally ill, Eugene Victor Tooms.
Competitive landscape. How would we be different? Why us vs. others?
We guarantee anonymity because of the stigma of paying for organs from political prisoners/desperate families in third-world countries.
What is our advantage?
Our secret is that we don't actually sell the organs, we just take the money.
5 year revenue plan
1) Collect money for organs.
2) Don't deliver product. Hurray for irreversibility!
Employees required
1
Timeline
Tomorrow: We make a website and post pictures of the "donors"
Day after tomorrow: Collect money
Never: Provide service

I am a graphic designer, not a cop or a judge, so I cannot assess the legality of activities of my future service's users, especially relative to laws of jurisdictions I have never been to, and never will.

I do however think that the unique position of launching a "neo-coin" grants one the ability to procure a huge mass of coins and forever lock them in a huge "relatively clean coin buffer" for just such a service, and operate said service in a manner that nominally, that mass of coins remains out of market proper forever.
Such set-up would allow the "laundry" to guarantee the client that they will never receive "their own" coins from the service, that the coins they get will always have a history completely unbound from their preceding activities.

I believe opportunity for creation of such a service to be unique and far more worthy than "premining a reasonabl-ish amount and/or leveraging first-adopter privilege, then cashing out"

P.S.:
Also, good sir, I can handle being accused of various unwholesome things - my hide is thick, but by insinuating that I am "normal people", you have insulted me greatly.

We need a MAJOR Porn distributor (Vivid, etc) to start accepting bitcoins. That will do the trick.

No.

I intend to start a huge abstract-quasi-value-token "laundry" (aka Geist and Brix Transaction History Exchange Society) , which would be quite unprecedented at this scale. I also plan to implement it in a fairly innovative manner, but that I can't promise (Unlike certain someone, I only make claims I know for certain to be at least theoretically possible)

P.S.:
Also, monopolization (or at least, stronger oligopolization) of supply is virtually guaranteed to lead to increase in per-coin price.