I stopped watching that video after a 100 MPG car patent from the 50s was eliminated due to conspiracy theory. |
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No land register, seriously? What a joke. Maybe the EU should demand one instead of lower wages and subsidies.
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http://youtu.be/S8WReKlUFP4Of course I don't like fiat currency, and I am glad the video raises awareness of the fallacy of the fiat dollar. But I find this guy's explanation unconvincing.
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I was able to drastically reduce the rate of invalids by removing the heatsinks, scrapping clean the white adhesive and using gasoline, and the apply thermal paste (I couldn't quickly find thermal epoxy here in Mexico) and then gently press the heatsinks back on.
I think TheSeven is right about the nasty plastic packaging of the FPGA, it is the major bottleneck for its heat to dissipate. Isn't this chip available with a metal top?
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@99Percent I don't think the computer industry evidences anything. I'm talking about general prices deflation, not about products reducing their price by innovation and efficiency. Here's how I see it. About increasing costs of commerce... Whatever you trade, deflation hurts you for every item you have on stock. You must compensate those losses somewhere else. If you believe deflation is general, holding items which you will sell later at a lower price does not hurt you because the prices of other goods and services will also go lower. The cost of deflation and inflation will hurt if it spirals out of control. But because bitcoins are easily divisible and the rate of new coins is known beforehand this will not happen, much like what happened in the computer world with Moore's law. |
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What's really ironic is that it's not even other people's money. Its really just money the central banks decided to create out of thin air and lend to the Greek government.
The debate is to whether keep on creating more money to lend to this country who just spends it recklessly.
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It really depends on the inflation rate and whether you are getting good interest ...
You are still talking about Bolivar arenīt you? No, I am talking of currency in general. The bolivar is not very strong fiat wise obviously. |
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It really depends on the inflation rate and whether you are getting good interest vs this inflation rate when saving money.
That it is fiat currency you are saving is not very important if its "fiatness" is worthy (ie lots of people trust it).
It can be dumb and short sighted to spend all money you earn immediately just because you think it might not be worth any tomorrow..
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The point is, if you are going to invest in bitcoins, also invest hashing power.
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I estimate it would take about $30 million USD to reliably take down the bitcoin right now.
how do u arrive at that number? About $1500 per GHash multiplied by 15000 max current network hash rate (with some overhead) =$22.5 million leaving $7.5 million for administrative and electricity costs. This is just very quick estimate, obvious corrections welcomed. |
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I estimate it would take about $30 million USD to reliably take down the bitcoin right now.
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There is nothing inherently wrong in holding money instead of spending.
I'm not saying it is immoral or anything like that. If there's deflation there's an incentive to spend. I'm not judging anyone for playing by the rules. The set of rules that define different monies is what interest me and want to discuss. Money held in the long term could accumulate to the point of reaching capital value (like mortgage payments on a hous). Deflation will be bad if people held money because there is just no way to spend it in a "worthwhile" way. But bitcoins have the wonderful characteristic that it is very divisible. So there will always be just something even very diminute where people would be willing to "let go" of some of their hard earned bitcoins.
I understand that we're not going to "run out of bitcoins" or anything similar. But deflation increases the costs of commerce and discourages investments. While trying to stop it by inflation can only postpone the problem and make it worse, deflation damages markets. Its effects, and what causes big deflations are different matters, of course. When I was saying there is nothing inherently wrong, I wasn't talking in the moral sense, but bitcoin as currency in an economy. Deflation doesn't increase the cost of commerce or discourage investment, that is a myth as evidenced by the computer/tech industry. |
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I am surprised hashing hardware would be expensive in Venezuela. Usually populist governments allows for free import of computer hardware because it is believed it helps education, business, blah blah.
The black market money changers turn their bolivars back to dollars at the fixed official rate because they are well connected. That is why it is so corruptible system.
As a Venezuelan, the last thing you want to hold are bolivars, if a devaluation is inevitable. It is very shocking to see how big of a drop it makes, *always* much more than expected.
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Maybe instead of daisy chaining USB, the board can come with its own bus, so they can be easily added without having to use more USBs and power cables.
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Horrible (mis)application of Gresham's Law if at all. These guy should stick with cryptography and stay out of economics. And not even that because a botnet has virtually no chance in competing with the current hashrate, unless (unlikely) such a botnet focuses on targeting gamers. And not even now with specialized hashing hardware like FGPAs.
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Here in Mexico City, the government will sometimes outright cutoff the water supply specially in dry and hot weather like in March or April. This forces us to "hoard" water even if water is available most of the time. The norm for constructing a house is to have a "tinaco" which is a like 1000 litre barrel of water on top of every house. In apartment complexes, besides having several tinacos we will have a "cisterna" which is like a mini well on the basement that hold several thousands of liters of water. These are not very efficient because they are usually made of cement and water filters out gradually. In extreme cases we will save water in buckets and 20 litre bottles, just so that when the cutoff lasts several days (sometimes weeks) we can at least brush our teeth and cup bathe This is not just in poor neighboorhoods, it is habitual in middle class and even rich houses.
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There is nothing inherently wrong in holding money instead of spending. Money held in the long term could accumulate to the point of reaching capital value (like mortgage payments on a hous). Deflation will be bad if people held money because there is just no way to spend it in a "worthwhile" way. But bitcoins have the wonderful characteristic that it is very divisible. So there will always be just something even very diminute where people would be willing to "let go" of some of their hard earned bitcoins. This cannot happen with fiat currency where the coarseness of money is defined by the government (cents?).
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True, but you can easily have a currency union without political union. For example, many countries use the US dollar or peg to the US dollar.
Greece could stay in the Eurozone, but the Greek government could default on its debt repayments. Of course, no-one would lend any more money to the Greek government. The government would immediately have to start spending within its means, and is that a bad thing? The debt of the Greek government is so bad that if they default, it would completely colapse, all services suddenly cutoff probably leading to dangerous anarchy if not outright revolution. So yes, now it would be a bad thing. The EU should not have allowed Greece to be so heavily indebted but they could not force them, because it is a political issue. The greek government "decided" on that. But this crisis isn't about that. This crisis is about finding ways to keep Europe chugging along without exposing the folly of exponentially-increasing government debt.
Also true. Even the U.S. is at risk of this "contagion". I'm still confused by the fact that in a day that money can be freely created out of thin air, such debt will still make so much pain... Imagine 2 cases: Case 1: ECB just printed several trillions of euro and lend it to greece for 50 years, then greece will have plenty of cashes to spend: They hire all the leading construction companies to rebuild their country and buy what ever high tech/luxury things made in France/Germany to decorate their home Case 2: Greece suddenly find out an area rich of petroleum near their sea shore, it worth several trillions of euro, and ECB have to print several trillions of euro to trade these petroleum(otherwise the deflation will destroy europe). Then, Greece hire all the leading construction companies to rebuild their country and buy what ever high tech/luxury things made in France/Germany to decorate their home Comparing these 2 cases, in the first one, Greece produced nothing, in the second one, Greece also produced nothing, but they find something others want. Most of people will accept case 2 but not case 1 Why? I guess down to the basic, it is about fairness or justice: If Greece can get free money and spend, why France and Germany can not? If anyone can just print money and do not need to work, then there will be no one making the real products, people will soon find out the money have nothing to purchase, then the monetary system will collapse But strangely, if Greece happened find lot's of petroleum, then no one will argue about it when they get same trillions of euro from ECB, although they still do not work, but now they have something that others want See? As long as you can provide something that others want, you will be fine. It seems this is the common sense when people are looking at economy related phenomenon, it also means: If you can not impress others with your products/services, you will have trouble So I think, the real problem of Greece now is that they can not provide something that impress others Why do people need to impress others with their products/services? I remember there is a chinese saying: In society, everyone is a beggar, the big beggar make big money and the small beggar make small money Is there any other better way? What is alarming of Greece's debt is its proportion to their GDP. Of course Greece produces stuff and "impresses" others, but it is not enough in proportion to what they owe. Money can be created out of thin air as long as there are reasonable enough goods and services produced (moderate inflation), but if too much money is created without its equivalent production of goods and services you can either default on the loans or absorb this money in the economy creating hyperinflation. |
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How difficult would be to daisy chain the USB, and power?
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Bitcoins are worth something because people would rather have bitcoins in their hands than other goods and services available to them. When you buy something with a bitcoin you value more that something than the bitcoin you are currently holding, but the seller values more that bitcoin than what he is selling to you. The value of the bitcoin is still maintained in the overall market.
The bitcoin miners are the first to "inject" value into the bitcoins they mine because it took them a lot of effort to obtain them so they don't just sell at any price.
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