So maybe inflation isn't *all* bad, as long as it's kept to some reasonable value - the ECB's target, I think, is to keep it below 2%.
Comments?
I don't agree at all. This has been discussed many times on this forum. All money is a debt from society to its owner. Thus, someone who hoards money without actually spending it, is actually freeing society from this debt. There is nothing wrong in that. This 2% target comes out from nothing. It is actually a theft of increasing productivity which should normally make prices reduce. You don't have to give people any incentive to spend money whatsoever. Who are you to tell them what they should do ? If they want to spend money only for what they think is absolutely necessary, it is their right. Don't you believe in freedom at all ? Why don't you just have police beat them in order to force them to go shopping ? It would be much simpler. |
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Thanks for that. Just read the introduction chapter and I like it. I like when he says, for instance : There must be a way to be free without having to wish for a miracle. It must be a way by which an individual can change things without having to rally the rest of the world to his side.
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I'd just sell funded MyBitcoin accounts. It's easier to understand.
Hum... selling funded mybitcoin accounts is a neat idea. It could be used for my project of setting physical meetings for bitcoin exchanges. |
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What sort of safeguards are in place to prevent transaction fees from becoming prohibitively high?
Concurrence. Free market. Offer and demand. What I mean is that bitcoin allows all miners to compete as far as their fees are concerned. Hopefully this free market approach should reduce mining fees. Am I right ? |
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To do this what you need to do is agree a changeover time (or block number). Then release a new client which after the specified changeover point generates blocks which:
a) Have a different value in the version field
b) Generate coins according to the new scheme rather than the old one
These new blocks would be considered invalid by old clients.
The block chain would fork. If we want to do this we need get widespead support and then choose the first block were we currently plan to start generating 25BTC as a crossover point (2013).
Please do so. I won't buy such a currency, but I think it is important that it exists, only to get rid of people complaining about constant aggregate aspect of bitcoin. Indeed I forgot to mention that you might use a different version number. Possibly also a different port, but to me it doesn't seem absolutely necessary. Please also use a different name than "bitcoin". "Timecoin" could do, as suggested by FreeMoney, for instance. |
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I'm adding a feature that will allow anyone to add its own asset in my bitcoin asset exchange plateform. I'm too lazy to finish it today, but I promess it will be done for tomorrow. http://grondilu.freeshell.org/brokerage.cgiNot my point, I'd like to see the setup being disclosed publicly and the legal framework to be open so that other groups can start and create their own pools, Well, that's a relief. Because I'm still too lazy to work on this right now. It will be done, but not today. |
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In the very unlikely event of the lack of bitcoins in the economy becoming a real problem, we'll just start a new block chain. PS. Also, let me make it easier for you. If you really want a cryptocurrency with 50 units reward for eternity, all you have to do is to change this function into main.cpp : From this : int64 GetBlockValue(int nHeight, int64 nFees)
{
int64 nSubsidy = 50 * COIN;
// Subsidy is cut in half every 4 years
nSubsidy >>= (nHeight / 210000);
return nSubsidy + nFees;
}
to this : int64 GetBlockValue(int nHeight, int64 nFees)
{
int64 nSubsidy = 50 * COIN;
// Uncomment this line if you want
// Subsidy to be cut in half every 4 years
// nSubsidy >>= (nHeight / 210000);
return nSubsidy + nFees;
}
That's it. Normally your program should run fine with other people having done the same modification. |
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Would be nice to create a basic framework for people to adopt, so we can create many groups distributed all over the world.
I'm adding a feature that will allow anyone to add its own asset in my bitcoin asset exchange plateform. I'm too lazy to finish it today, but I promess it will be done for tomorrow. http://grondilu.freeshell.org/brokerage.cgi |
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Systems like this may be our biggest competitors, but they can also pave the way for mobile payments and the idea of "virtual currency". And we can get good ideas about how the UI should work.
I agree with the scond part. It's not a competitor at all. It's rather a first step towards bitcoin and private currencies. |
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The best way to obtain bitcoins, in my opinion, is to buy them.
I think that too but we should not discourage people for mining. The more miners there are, the stronger is the network. |
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Posted by Sebastiano Scròfina, a decentral banker at kakigarden.com
kakigarden.com redirects to a facebook page. Why should I read anything more from someone who does that ? |
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/tmp/wallet20110124-04-46.crypt: No such file or directory
For some reason the file could not be encrypted. Has the file /tmp/wallet20110124-04-46 been created by bitcoind backupwallet ? I suspect backupwallet doesn't accept full pathnames PS: Here is a proposal to make the script more robust : #!/bin/bash
TS=$(date "+%Y%m%d-%H-%M")
WALLET=/tmp/wallet${TS}
WALLET_E=/tmp/wallet${TS}.crypt
if
echo -n making backup...
bitcoind backupwallet $WALLET
[[ ! -s "$WALLET" ]]
then echo failed
elif
echo done
echo -n encrypting....
! gpg -r myusername --output $WALLET_E --encrypt $WALLET
then echo failed
elif
echo done
echo -n copying to distant server...
! scp $WALLET_E user@myserver.org:~/wallets/
then echo failed
else echo done
fi
rm -f $WALLET $WALLET_E
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I don't think it works that way. The banker can't get a shoe shine with the new money, because it does not belong to him. It belongs to the bank. And what the bank does with the new money is lend it out.
The banker is the closest person from the money supply. His salary is paid directly with it. Again, a financial director from an investment bank told it to me himself : "stay near from the tap". |
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Most of the time when I read an article or watch a video about how terrible is inflation to economy, I kind of feel that there's something missing.
Usually the author insists on how much the price of goods can have increased in, say, fourty years, and therefore how futile it is to save money. But who saves money for fourty years anyway ? I mean, there are certainly many better long term savings than cash. Nobody saves large amounts of money for that long.
To me, the most obvious problem with inflation is the theft of value from the money printers. And this occurs in real time, not with a 40 years delay. When a banker receive some freshly printed money from a central bank, this money looks exactly identical to currently existing money. Thus, this guy can obtain some good or services, ie real value, for this money, although this money has been obtained with absolutely no counterparting real value, apart from the pressing of a button.
When some banker wants his shoes to be polished, all he has to do is to print money and to give it to a shoeshiner. The shoeshiner is immediately stolen, although he will probably realize that in a few years, when he witnesses inflation. This, is what's outrageous with inflation.
This is not rethoric. I used to work in an investment bank and I was personnaly advised not to seek a job in an other sector because it was important to stay "near from the tap". Money supply was compared to a tap from which it was crucial not to be too far away. Do we really need a better explanation of how corrupted is this system ?
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And about competition, that might represent a risk for someone that puts all his eggs on bitcoins, but in general, if something better come up, we should celebrate.
That's quite a clever point of view. Indeed, if something better than bitcoin comes up, it will be great news. |
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I personnaly like what Satoshi wrote in P2Pfoundation ( http://p2pfoundation.net/bitcoin): The root problem with conventional currency is all the trust thats required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.
A generation ago, multi-user time-sharing computer systems had a similar problem. Before strong encryption, users had to rely on password protection to secure their files, placing trust in the system administrator to keep their information private. Privacy could always be overridden by the admin based on his judgment call weighing the principle of privacy against other concerns, or at the behest of his superiors. Then strong encryption became available to the masses, and trust was no longer required. Data could be secured in a way that was physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter what.
Its time we had the same thing for money. With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.
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My stuff is back on line : http://grondilu.freeshell.org/brokerage.cgiI've just tested and it works. I still have to add the possibility for anyone to add his own asset, though. But meanwhile, tell me if you want a testshare. |
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