The counter isn't reset right? it's just a past 24 hour average?

is the volume meaningful to anyone?

I think a lot of you guys are undervaluing this transition. The more bitcoin companies become integrated into the US economy and follow all the laws and regulations that are in place.... the more it protects bitcoin itself. If more and more companies use bitcoin in the US and fully comply with the laws there exists a legitimacy that didn't before. Right now the news only talks about silk road. It's better to have them talking about legitimate things. just my opinion

ordered > Acer Aspire One AOD270-26Dkk 10.1" LED Netbook - Intel Atom N2600 1.60 GHz

Did anyone see this small gem from the liberty conference? Interesting news.

https://www.youtube.com/watch?feature=player_detailpage&v=MJCLCQ8zTC4#t=233s

yeah yeah... the new coins that are a subsidy don't account for a great percentage that are in circulation. But it's still meaningful.

I'm fairly comfortable with the idea and I am going to give it a try. One question I have though... you mention "private keys" in plural.  Doesn't it just generate one private key? (is there a point of a wallet having more than 1 private key? I know having multiple public keys can be good because you may not want people watching your transactions)

On a last note... I heard in an upcoming bitcoin client release (not sure if it's true) that they will some integrate vanity addresses. Is that also possible with armory?

ahaa. Well I wouldn't plan to not make any backups. I would just feel an additional layer of security if I also had it memorized. 128 is not hard for me. I did a bet once when I was little where I remembered pie to 100 digits in I think 1 hour.

I don't really know what a deterministic wallet is so I'll read about it.

So there is a root key and a chain code and it derives more than one private key?

edit: what advantages would there be of using armory  to say... just going to bitaddress.org and printing out a paper wallet backup?  I guess you could perform transactions easier with armory so if you spent your coins often it would help....

Mt gox has to expand. If they simply hired someone directly then you would have to trust someone new with your data. So either way you are going to be trusting someone new simply due to growth.  It makes sense for them to partition out their company. If bitcoin is going to grow since it is a borderless, stateless money then you don't want a monolithic exchange that is centered somewhere. Partitioned all over the place is a much better idea.

Is this really possible? can they get this done? is it in the realm of possiblity? Would it meant that you could direct deposit and could convert your salary instantly to bitcoins?

one other related question........ will armory let you see your own private key on the offline computer in case you want to memorize it as well?

thanks. I guess i'll get a netbook after all then.

Suppose you want to sign transactions with the offline computer. Is it necessary they are the same OS?

Have you had any issues with the authorities or anyone from the government in the US? Does everything seem okay on that end?

JW

I was wondering if there was a market interest for raspberry pi's preloaded with linux on their SD cards. The primary use of these is for Armory. If you don't know armory is a way to have your wallet on two computers. One online and one offline. The offline one is untouchable by hackers and it holds your private keys. It's useful though because you can still create a transaction on the online computer and sign it with your offline one.

I see one "kit" is on amazon for 89.95. It's probably possible to get a lower price

so is anyone interested?
Would you want armory to already be installed or not? I haven't used raspberrian but installing is usually easy in linux these days.

As some of you know bitcoin is on the list.


Does anyone actually believe that? My theory: the random and valueless words inserted were just to keep people(the researchers themselves)  from knowing what they are really interested in. I bet bitcoin wasn't so random.

I've been skimming around the boards on the internet lately... and it seems that one of the most widespread misgivings about bitcoin from people who think they understand it is the "deflationary spiral".

So I'd thought I'd take a shot at showing why they are wrong.

Deflation. If bitcoin deflates and the price rises... how does that hurt the users of that currency? Does it make it harder to transact larger purchases? No, it makes it easier. Does it make it harder to transact small purchases of less value since the bitcoins price is increasing? Not if we compare it to the dollar. Compared to the dollar... the lowest unit is a satoshi or 1 / 100 millionth. This means that if we were to say that the smallest unit of a dollar (the penny) is worth the same as the smallest unit of a bitcoin.......... the price of ONE bitcoin would have to rise to 1 million dollars per btc for this to happen. So in order for the deflation aspect of bitcoin to harm users in any way(the theoretical harm here is that the price is so much that it makes transactions more difficult) ... would mean that it would have to deflate to 1 million dollars. IF we are comparing it to the dollar. The argument "deflation causes hoarding" is the exact same as what I just described. The price would rise from hoarding. And it would only cause hypothetical issues at 1 million dollars per bitcoin. So if bitcoin deflation doesn't hurt users transacting with one another.. does it hurt acquiring them? Not really. If you have enough money to buy 1 bitcoin but wait for a year... and then the price has doubled you can still buy .5 bitcoin and you would have the same purchasing power as you would have had. So it doesn't hurt users transacting with other users... and it doesn't hurt acquiring them.. what does it hurt?


There is a second big mistake I see some people making...... and it's that the deflationary aspect of bitcoin causes the economy harm. Really? Just 5 years ago bitcoin didn't exist. Dollars existed. And now bitcoin exists and dollars still exist. So how could ANY aspect of bitcoin cause harm to the economy? Especially a deflationary one. That makes no sense whatsoever. They seem to be thinking from a philosophical standpoint as if bitcoin was the only currency that existed.  The truth is that competition is good. A new currency is good and people having more choice cannot cause harm except for those who don't use the right currency for their needs.

This brings me to my next point... frequently those who say deflation is a problem argue that prices are a problem because the money deflates. Once again........ this argument seems to be made from a philosophical standpoint and not a realistic one. Bitcoin isn't the only currency. So if it's value is volatile then you can just connect it to something less volatile(as is already being done).

And even if bitcoin ends up being used for larger transactions... there are even more alternatives now. Other cryptocurrencies. With our modern digital age it is no longer a problem to exchange from one currency to another and it is only going to get easier.

Looks like it wasn't premature!

if you could prove that your coins were there how does that prove that extra coins aren't there?