When you'll already have the 21 million bitcoins, but the userbase is still growing or the mined coins are lost, happens deflation. The prices of the goods and services will drop, because each of us will have less coins to spend in the long run. The user base has nothing to do with inflation or deflation. The inflation or deflation is price of money measured in itself if the factor of time is included. The price of goods and services will drop, because labor productivity is increasing. Forcing inflation into the monetary system is equal to forcing people buy goods and services they don't actually need! This is not economic growth. This is economic disaster. Because such a monetary system gives wrong signals to the rest of the economy including investors, manufacturers and consumers. |
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I want to know who are those people that I'm going to make rich? Very rich.
Why? Because I need to be sure the world will be a better place for my children to live in. |
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But I think that until the person(s) behind Bitcoin doesn't come forward I think that the best I can do is to reconsider if I should invest time and money into this project. Same here. So I've decided not to invest until I know who are people that labeled themselves 'Satoshi'. We know exactly what Bitcoin is, line for line you can see exactly what it is and what is does, we know its secure and we know there are no backdoors or methods of control available to anyone. Thats all that matters, could Santoishi have another purpose for Bitcoin, other than the obvious experiment in digital money? Hell yes, but that does not mean we can not use it in the mean time. I want to know who are those people that I'm going to make rich? Very rich. |
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But I think that until the person(s) behind Bitcoin doesn't come forward I think that the best I can do is to reconsider if I should invest time and money into this project. Same here. So I've decided not to invest until I know who are people that labeled themselves 'Satoshi'. |
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There will always be inflation or deflation with bitcoins too. And the inflation being slightly predictable helps a lot. 1. There is neither inflation nor deflation with bitcoin. You know when you'll have 21 million coins and that is it. Lack of inflation is not equal to deflation! 2. Inflation that is offered here with altcoin is not 'slightly' but 100% predictable. I don't understand how 100% predictable inflation helps? |
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The currently will have constant inflation There is no point in a constant and 100% predictable inflation. Every hour (or even second) the price of goods and services will have to be changed accordingly! Is that what you want? A madhouse? this will encourage people to spend their coins rather than holding them back Complete nonsense. This will encourage people to spend their coins for real money like gold and silver. Because real money doesn't inflate! |
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and haven't really been part of the community. How do you know they are not part of the community? Can you point me to the list of community members? |
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I am also becoming a bit concerned about the level of 'control' a few individuals seem to have over Bitcoin. I'm concerned about that as well. Everyday I find some new backdoor as far as technicalities are concerned. Decision making process is a mystery while it must be totally transparent. |
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Mod,
Locking, moving, deleting, or hiding this thread is wrong. Don't try to kill the virus because next one will be more dangerous. Let bitcoin immune system adapt and get stronger!
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Someone should just pay Vladamir for one day to overtake and split their chain. Their network's gotta be pretty paltry. I wonder what the cost would be.
Someone should pay some goons to kick over kids sandcastles at the beach, and rip up their monopoly boards and burn their monopoly money. -MarkM- (Oh and lemonade stands are right out...) LOL... Just wondering if the bank lobby did the same to bitcoin? |
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Now suppose Mallory manages to get her hand on Alice's cash (either by stealing her purse or breaking into her house by installing malicious software on Alice's house alarm system) and sends Alice's cash to a big company called ABCDEFG, then exchanges it for illegal currency (for it's easily-laundered) called bitcoins. What a tragedy... This is why the next phase of fiat money fiasco will be a transformation to coupons with owner's birth certificate serial numbers engraved. This will (eventually) solve the money laundering problem.
Alternatively, Alice could only keep a small, safe amount of money in cash at once and store the rest of her money in an organisation that's capable of securing it more effectively and lets her withdraw it as she needs it. We might call this hypothetical organisation a "bank". Alice is not storing her cash in this organization called 'bank'. She is giving her cash in exchange of bank's promise to give her same amount of cash if she needs it! As history shows during last 40 years, the organization called 'bank' will spend Alice's cash speculating on different markets. For this is the only way such organization can pay their way. When time comes to keep the promise they gave to Alice, this organization would simply bribe the government to print some more promises called 'banknotes'. This is the only way this hypothetical organization can keep their promises! Fortunately, time is coming when only low life illiterates will use banks. The rest of people will learn to do banking without banks from their home computers or mobiles. They will only keep small, safe amount of cash at once (called wallet. dat) and the rest of their money in a separate wallet.dat file copies that is more effectively secured than any bank can do. We might call this hypothetical personal "bank" without paying any banking fees or taxes. |
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I think they can still survive because they are a very viable competition to PayPal It is not difficult to be viable competition to paypal. I haven't used them for years and won't touch them anymore. As far as your standing on Paxum I also believe there is some solid ground to be suspicious but lets give them a chance. You know, sometimes people change and it might be for good. I'm also concerned about this forum. There are very high standing individuals in the forum hierarchy that act as children or are too biased in case of certain discussions. This doesn't serve well to the bitcoin community. |
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A decent Bitcoin economy where an average person can get most of their essentials without ever having to convert to fiat currency. That is not possible. Many currencies will exist in paralel incl. bitcoin for certain period of time, maybe years. Bitcoin will have to compete and prove they are the better choice. |
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And i'd be happy to meet with anyone at any of those  Is there any relation between Paxum and Ruxum?
No - not at all. but soon enough BitcoinExpress and aurumexchange will find super secret connections between us im sure  we both end us XUM so we must be related Who is Penn Olson? No clue..... But you know who is Michael Olson, right? [/quote] http://www.penn-olson.com/2011/07/27/ruxum-bitcoin-asia/Penn Olson 1 haig road #12-565 singapore, singapore 330046 Singapore Just where Ruxum bitcoin exchange was registered before they hide under private registration! I guess when they come out of beta they will have their accounts with Paxum?! |
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And i'd be happy to meet with anyone at any of those Is there any relation between Paxum and Ruxum?
No - not at all. but soon enough BitcoinExpress and aurumexchange will find super secret connections between us im sure we both end us XUM so we must be related Who is Penn Olson? No clue..... [/quote] But you know who is Michael Olson, right? |
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And i'd be happy to meet with anyone at any of those Is there any relation between Paxum and Ruxum?
No - not at all. but soon enough BitcoinExpress and aurumexchange will find super secret connections between us im sure we both end us XUM so we must be related [/quote] Who is Penn Olson? |
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Is there any relation between Paxum and Ruxum?
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i'm not sure that you've been following the bitcoin news lately but there have been SO MANY positive developments just in the past few weeks that its astounding Bitcoin exchanges are much more important to the bitcoin economy compared to everything you've listed! Unfortunately, there is growing evidence that banks block every bank account that bitcoin exchanges use to do their business. That is a fact nobody can deny. I'm quite confident that even Dwolla's recent troubles with all those chargebacks and credit reversal coming from third party banks are due to serving bitcoin exchanges! |
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somewhere, sometime, someone is going to break ranks. the liquidity contraction that is going on worldwide will force this. Sure, but it might be the bitcoin 'economy' that is going to break first! Because of liquidity contradiction! Miners and mining pools have to pay their bills in fiat currencies, so they have to constantly sell the bitcoins they earn. The bitcoin exchange rate will go in a downward spiral if there is no bitcoin economy to support it. Without cheap and convenient way to exchange bitcoins against fiat currencies no established merchant will go the bitcoin way! Because enthusiasm can work to a certain limit, after that it is simply a matter of calculations and feasibility! This is why bitcoin exchanges must not depend on banks in such a way, because banks can very easily sabotage everything bitcoin-related. |
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