There is one weakness of it, which I hope someone can invalidate. Suppose I'm a car-dealer and I buy 1 car for 100 BTC from my supplier. By the time I can sell it to a customer, I can only ask 95 BTC for it, because of deflation. Now everyone argues that isn't a problem, because the prices at my supplier also have dropped with the same amount, so I can buy a new one there for 95 BTC, and again have 1 car in stock, and don't suffer any losses. But if I did absolutely nothing I would still have 100 BTC, so why should I work hard as a car-dealer instead of hoarding?
I can't see why this would be good for Bitcoin. People said that it's good because it forces merchants to keep their stocks low, or produce goods only on-demand. But then you're asking merchants to change the way they have been doing business for decades, which seems unlikely to happen.
So how can Bitcoin solve this problem for merchants?
This is true if you have hyperdeflation and your business's profit margin is 0%. Lets take a scenario where annual deflation is 5% and you take 5% cut of each car sold. You have BTC100. First month you buy BTC100 car and sell a month later. Car costs now BTC99.5 due to the deflation. To take your cut you sell it for BTC104.5. ( BTC100- 5% / 12months)* 1.05 = BTC104.5 Pocket the BTC4.5 and buy another BTC100 car. Do that for 1 year and you end up with BTC154. If you count in the deflation you are now 58% richer. If you didn't do anything then you are only 2% richer. That is a terrible example: Your whole premise means that anyone doing business needs to KNOW THE FUTURE. You assume it will be 5% per year... with the volatility of bitcoin can be upwards of 50% or more. How can you possibly set realistic profit margins when value can swing in such huge unpredictable fashions? Ask Wall Street. |
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I figured it was a DDOS attack. Lots of that bullshit going around these days. I guess it's a sign that you're important enough for assholes to take notice.
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Hopefully this endorsement isn't as shit as his Lehman Brothers one.
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I got this error when my hard drive was failing and it corrupted my wallet.
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Yeah I didn't even think of that. It would be nice for it to print the remaining balance on it to make it easier to remember what it's actually still worth. I would love to have a 15.8686493 denomination bill. :-P
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For the bills a bill reader like on vending machines could be modified to read the QR code and import the private key to the store's wallet. Once it is verified the bill could be shredded and recycled. For change they could use a heat printer to spit out a QR code with the remaining balance. It would be awesome if you could incorporate your program into the actual Bitcoin client so you just tell it what denomination bills you want and it would print them out. The client would show your wallet balance and the balance of your printed bills which would be updated when someone claims the private key when you spend a bill.
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When merged mining will it say anything about it in the P2Pool window? I think I have it working but I don't see anything telling me.
Edit
Nevermind, I see it's getting new merged work. Was going by too fast for me to see it before.
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It should not take 5 days for a Bitcoin transaction. I bet something went wrong on the website's end and they messed up the deposit.
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I had a power supply die on me a couple months ago but it didn't start on fire. It just quit turning on. Was it dirty?
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It sees is the nonce will work for any of the other blocks. Instead of doing the same work twice for Bitcoin and Namecoin it sees if the one nonce will work with either.
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Screw regular alpaca socks. EXTREME ALPACA SOCKS!  |
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My opinion on greed is that eventually enough money is enough money. Anymore and it's not helping anyone sitting in vault somewhere. If you can already afford everything your heart desires then what is the point of just adding to the pile at the expense of others? Money is only useful if you spend it.
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I use AOCLBF to mine and overclock with. I use MSI Afterburner to set custom fan speeds for certain temps.
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My parents own about 150 acres in Iowa. It isn't nearly enough to make a living off. My mom works for Job Corps and my dad did construction on the other side of the state to make enough money to raise my sister and me.
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Why not diamond instead of tungsten?
Because of the high refractive index. Well, in case you are indeed serious: Sure, go on, and aquire a diamond large enough for that. Then have one flat side on it. I suggest at least as large as a stamp for readability. Go on and engravve or laser your keys on it. And start over again once you transfer the funds somewhere else or the like :-) But yes, technically there do exist enough bitcoins to make all of this worthwile.. Even more once you try to aquire a significant part of them. Oh, and: Diamond starts burning over 700°C, is brittle, and will have a low reading contrast. Ente There is a Canadian diamond mine that laser etches their diamonds with a polar bear. This makes it easy to tell the difference from a Canadian diamond and a conflict diamond. Add the laser etching to man made diamonds like Gemesis makes and you have a tiny bitcoin wallet. I don't like diamonds since I see them as just shiny rocks but for long term bitcoin storage they would be ideal. |
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That's why you make backup, so in case of problems you do a rollback and problem solved. Not like the scammers of bitcoinica that "we have no backups lol"
Unfortunately, it's not problem solved for at least two reasons. First, you can't rollback coin withdrawals. (They may have a similar problem with LR withdrawals, but I doubt it.) Second, you will have customers who will, in many cases justifiably, feel that rolling back legitimate trades rips them off. (You'll also have a bunch of jerks demanding to keep their ill-gotten gains, such as people who deposited BTC, sold them for $50 each, and then tried to withdraw USD. But screw them.) For example, consider someone who saw the price rise at BTC-e and then bought a Mt. Gox code and then bought bitcoins at Mt. Gox, withdrew them from Gox and deposited them at BTC-e. A rollback would give them their bitcoins back. That still leaves them out the commission they paid for the Gox code plus two Mt. Gox commissions (buying the bitcoins and then having to sell them). They also may take exchange losses depending on the timing and are left having to withdraw USD from Mt. Gox. After the price rose above $12, it was extremely obvious that this was a hack. Anyone who traded elsewhere with the assumption that the btc-e trade was legit deserves to have the trade rolled-back. I think you meant to say, "Anyone who traded elsewhere with the assumption that the btc-e trade was legit was a freaking idiot." |
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I have about -$50,000 so I would need about -5376 BTC.
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TIL the 10 Commandments were actually private keys carved into stone tablets.
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Doesn't that theater serve alcohol and therefore you're not allowed to carry a gun there?
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