Yay for me and my laptop, I missed 10. 

You're missing the point. Higher prices will turn off all those who aren't trading them yet. It's like when you look at stocks, everyone wants to find and buy that one super cheap stock that will explode in price when it becomes really popular. Once it's popular and the price already exploded mostly day traders buy it...

With the amount of services and goods being offered and the volume at the exchanges anyone without any screws loose will quickly recognize that $0.90 is just too high of a price and will simply not buy. I know I wont even though I think this is the greatest invention I have ever discovered.

My prediction: the price average might hover at this mark for a while longer despite ever higher hashing difficulty and ever larger network. Then there will either be a shit ton of people entering the market based only on the logic behind bitcoins and them being the great invention that they are and not their actual market value and the price will rise or people will follow common sense, look at the volume, look at the services and goods available for BitCoins and decide against entering the market and the price will stagnate and eventually fall and the hoarders will soon hold worthless BitCoins at which point they'll start selling for cheaper and cheaper until the market will find the price for their actual value.

I think Satoshi made a huge mistake when he was designing the whole thing. If I could have changed one thing it would be the rate of issuing new BitCoins to a really slow start and then double the rate until we reached half of the 21mio limit and then I'd reverse the trend back to ever slower issuing until the limit is reached. This way the first people would still get a head start but not to the extent they did now and the supply of BitCoins would have been much more evenly spread between the economy which would encourage more trade and would keep the price low through competition until they would have actually gained value.

But it is what is now I guess. In the end hoarders will sell and price will drop, it'll just be a longer and more grueling process that's all.

You are asking the wrong question. The question can't be "What can we do to prevent this from happening?" but rather "Who will find the best answer if such a problem occurs?"

You see no single person can possibly answer all the questions to all the problems that exists, hence why the idea of politicians is so ridiculous, I mean as if a title grants them a special kind of wisdom to deal with problems?  

The answer to the right question is always "the free market". If there's going to a problem someone will offer a service to solve that problem and if the service is good and problem big enough people will pay for it and use it and if not that someone will find something else to do. Simple, isn't it?

Here's a crazy idea: If I'm allergic to peanuts and I get some in the mail, guess once what I'll do with them!? NOT EAT THEM.


FFS quit fearmongering because it's a non issue.

+1

Thanks, that clears it up for me.

Is it? I don't understand how he can take something that's open source and put a copy right on it? I'm not a programmer so that might be the reason why. Also I'm very wary about some big company having anything to with the BitCoin clients.

I of course appreciate his effort I just don't fully understand what he is doing and what his motivations might be.

Definitely not a ponzi even though the original miners accumulated a ton of BitCoins. Why? Because if they wanted to "cash in" they'd crash the price and their BTC would essentially be worthless.

It could put a damper on how fast the BitCoin economy grows though if we experience hoarding which I think we are. I doubt the current price is very realistic and is mainly supported by the unwillingness of the majority of the most wealthy BitCoin owners to sell. If the price stays this high new people will be more reluctant to enter so my hope is those hoarding right now will realize this and will start selling more and lower making the price more appealing and getting more people in.

I doubt miners would switch to an identical cryptocurrency since it's not the easiest thing to have those mined coins actually have some real world value but I could see this happen if perhaps a better much improved cryptocurrency emerged.

The answer is it doesn't matter. As long as people have the trust that their BitCoins will retain their value that's all that's important, everything else is just semantics..

I think you misunderstood his question.


Unfortunately I don't know the answer either, try the wiki pages.

I look at these kind of "know it all" documentaries as only mere distraction from the real problem which is:

Our freedom and our rights to private property.



None of the problems would exists if we had complete freedom and absolute rights to private property. Also I don't ever pretend I know the answers to problems, no one does for that matter but the free market. That's what we need to focus on if we ever want to have a prosperous world and a bright future.

Yeah I hate it when today's "news" outlets release articles about various prices rising or falling and then they pin on something banal like I don't know unrests in Libya being responsible for rising price of silver...  

It's always just supply vs demand with a tiny bit of the speculative element.

I know right, especially since he used to run a software development company..

I think the server only calculates it for that particular 7min interval you submitted a hash block in.

My balance got emptied but I didn't receive anything, is everything ok?

My friend you worry too much. Gold which has similar properties as BitCoins has been chosen by the market consistently throughout the last 6000 years so as the best suited commodity to use as money. As long as people are free to choose they'll always pick sound money over fiat and you have to keep in mind that currently people don't have a choice but are forced by law to accept ever depreciating currency.

Is there actually a way to set what % of power GPU should use for hashing?

I asked Stefan today on his show what his opinion of BitCoins was and he said he didn't know enough about it to share his opinion yet.

Don't know but it makes me a happy camper, especially when I play poker

You couldn't be more wrong. I just see it as a huge turn off for new people to risk their fiat currency for BitCoins when they learn about it. IE a problem. A problem which I provided an answer to that doesn't even involve those who already own the 5.6mio.