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3581  Economy / Economics / Re: Is it correct to call BitCoin a currency? on: June 02, 2011, 04:35:53 AM
It is currently a currency in a very limited subset of the population, but it seeks to be a proper currency in general use with the bulk of the population.

The key value, in my mind, is that a currency is generally acceptable for trade.  That is not (yet) true.
3582  Other / Politics & Society / Re: BTC for Food on: June 02, 2011, 04:32:36 AM
Is it strange that I instantly recognize 58_59 as the category for condoms on that site?
3583  Other / Politics & Society / Re: Liberals please read on: June 02, 2011, 04:31:06 AM
Fascism would be a better word for the system than corporatism.  Except that people get all worked up over the petty tyrannies of the Fascist Party in Italy and think of them, rather than the major tyrannies that it really represents.
3584  Economy / Economics / Re: currency peg (ala Saudi riyal) on: June 02, 2011, 04:29:03 AM
Erm.  I'm not sure the part about the dwindling number of pegged currencies is true, but I'm too tired to do the research tonight.  Nixon closing the international gold window certainly did happen, but it was probably caused by, rather than causing, inflation.

Currencies are highly fungible.  The dollar is shitty, but it still beats all of the alternatives.  Any country could swap their dollars for any other currency, more or less at any time.  So we must come to the conclusion that countries keep (and accumulate!) dollars as reserves because they prefer it.

Yep he stopped the gold standard because of inflation and he knew investors would start were raping the US' stores of gold in exchange for dollars which would have crashed.  So he decided to let it float, inflation exploded after that but maybe not as much as it would have if the foreign investors cashed out.

Fixed that for ya.  The closing of the gold window was Nixon's solution to the Triffin dilemma.  Well, maybe not solution exactly, but at least an attempt.

The era after the close of the international gold window is known as Bretton Woods II, or the Washington Consensus.
3585  Economy / Economics / Re: currency peg (ala Saudi riyal) on: June 02, 2011, 04:08:55 AM
WWII saw the opening of the Bretton Woods era in the world economy.  Where governments started to keep US dollars as reserve in place of gold or silver.  They trusted that the US wouldn't inflate it's currency (Hahahahha).  Richard Nixon put an end to that in the 70ies and we started to see massive inflation until the fed jumped the interest rates into the double digits.  We've been in a quasi bretton woods economy ever since, with some countries pegging to the US dollar.  Less and less as we go on because of the weakening dollar fewer countries want to peg their currencies to it.

Erm.  I'm not sure the part about the dwindling number of pegged currencies is true, but I'm too tired to do the research tonight.  Nixon closing the international gold window certainly did happen, but it was probably caused by, rather than causing, inflation.

Currencies are highly fungible.  The dollar is shitty, but it still beats all of the alternatives.  Any country could swap their dollars for any other currency, more or less at any time.  So we must come to the conclusion that countries keep (and accumulate!) dollars as reserves because they prefer it.
3586  Bitcoin / Bitcoin Discussion / Re: Bitfaucet runs dry!!!!! on: June 02, 2011, 04:00:47 AM
My four drips from the faucet:  http://blockexplorer.com/address/147TdkNR2nB9etvyBn8KXn6YWk12hWHf5M

And me paying it back after I got a miner set up:  http://blockexplorer.com/tx/bbdc6950180e1c124c6f368a83259adba5d9a5fa9b8cdcb7b6af024f677a6532
3587  Bitcoin / Bitcoin Discussion / Re: The Bitcoin Sun Super Promotion Giveaway [ 0.05 BTC x 100] on: June 02, 2011, 03:50:28 AM
Does this work?   Wink
3588  Bitcoin / Bitcoin Discussion / Re: MIA Bitcoin? (Screen Shots) on: June 02, 2011, 03:47:43 AM
I am using version 3.20.2 BETA

What I can't understand is, if the address is showing up in my wallet.dat file how could I not be receiving credit for the transaction?

I will try running it on a fresh install.

I brought my laptop to work today.

This is fixed now, but I don't know if it was fixed before or after 3.20.2 BETA.

At first, the wallet did not keep track of block numbers.  So, if you moved a wallet from a computer that had not seen a transaction to a computer that had seen a transaction, that transaction would not be applied to the wallet.

Basically, the node client keeps track of your balance by looking at each new block as it comes in.  If an address in the new block matches one of your keys, it increases or decreases the balance accordingly.  If you took a wallet processed on a node that had seen up to block 50,000 over to a node that had seen up to block 100,000, any transactions in blocks 50,001 to 99,999 would not be counted in your wallet, even though the network as a whole would still know what was going on.

With the new system, the wallet also keeps track of the last block processed.  So, if you do the same swap as in the last paragraph, the node will now know that it needs to look at the missing blocks.
3589  Bitcoin / Bitcoin Discussion / Re: Bitfaucet runs dry!!!!! on: June 02, 2011, 03:40:11 AM
Is it still doing quadruple payments?

When did it do that?

The first four transactions in my wallet, from the 16th, are a series of four 0.02 BTC payments from the faucet.  I think I saw other posts about multiple payments between then and now.
3590  Bitcoin / Bitcoin Discussion / Re: Early speculator's reward antidote on: June 02, 2011, 03:37:47 AM
Ignore him.

Dollar bills have dates and serial numbers on them.  In theory some kook could start a movement to reject old bills.

Dollars are legal tender, which means if you are already indebted to somebody, they have to accept the dollars at at least face value, although they can accept older notes at above face value if they really want to. Roll Eyes (And it's the same for other currencies in other countries)

Exactly.  They could offer a premium.  No difference.
3591  Bitcoin / Bitcoin Discussion / Re: Early speculator's reward antidote on: June 01, 2011, 12:21:19 PM

casascius's proposition is exploiting is what is, in my opinion, a weakness in bitcoin as a currency, that they are not truly fungible. (And it is related to the fact that they haven't got true anonymity either.)

His proposal is to selectively value bitcoins generated from different difficulty eras at different rates for conversion to the new system. If bitcoins were truly fungible each would be indistinguishable from the other and this process would not be possible. There would be no question about devaluing the early adopters gold because gold would just be gold, wherever and whenever it was found. After it is all melted down in a big pot there is no new gold and old gold.

As a currency, quasi-fungibility is a weakness and he is proposing an exploit, what are we going to do about it?

Ignore him.

Dollar bills have dates and serial numbers on them.  In theory some kook could start a movement to reject old bills.
3592  Economy / Economics / Re: currency peg (ala Saudi riyal) on: June 01, 2011, 12:14:59 PM
can pegging work without holding reserves of the currency you are pegged to?

is this frowned upon or illegal?...... how does United States of America view other countires pegging to their currency?

Sorta, but not really.  I mean a country could probably get away with it for a while, maybe even a long time, if they are able to swap whatever reserves they have for their peg target.  But that makes them more vulnerable to swings in forex rates.

It is sorta frowned upon, sometimes.  Our politicians call China a currency manipulator, and claim to be unhappy about it, but nothing comes of it.
3593  Bitcoin / Mining / Re: Mining with multiple machines on: June 01, 2011, 12:09:06 PM
and where can I find Infos regarding to Option 4?

The basic software is called pushpool.  Setting it up currently is a chore.
3594  Economy / Economics / Re: The current Bitcoin economic model doesn't work on: June 01, 2011, 06:59:55 AM
In that case, I think I should get it for coming up with the only qualitative difference between saving and hoarding cash.  Smiley

Then again, my answer falls apart when applied to commodities other than cash, as they all must.
3595  Economy / Economics / Re: The current Bitcoin economic model doesn't work on: June 01, 2011, 04:37:13 AM
I think this is a stretch.  The task was to find an economic definition that didn't rely on personal preference.  I proposed one that looked at expectation of significant price increases and significant accumulation, as opposed to saving which has an expectation of non-significant price increases.  To say this relies on "personal preferences" is only true if personal preferences encompass everything in the entire world, including economic predictions and warehouse inventory.  If a company accumulates more goo than another company, can you say that is somehow based on personal preferences?  Only in bizarro-world. 

If you are correct, the request for a definition was just a trick to show that personal preferences accompany everything in the world.  I think a more reasonable reading of the purpose for the request was to try to discredit the concept of hoarding as a descriptive term, saying that it was just a pejorative for saving.  I think what I have shown is that hoarding is not without merit as a descriptive term, and is not just a pejorative for "saving that I don't like" or "saving that society finds distasteful".  It is actually a distinct economic category that can be defined objectively, by looking at price expectations and extent of accumulation.  A plain reading of the request and my answers will reveal that this is the case. 

But that's just it.  Economics is the study of personal preferences, either in small (micro) or large (macro) scales.  Personal preferences are how people make value decisions, which they express through trades.

Also, I should point out that no one else in the entire world would ever come up with your definition of hoarding, and you've really only twisted "saving that society finds distasteful" to "saving that society finds statistically abnormal".

I think it was a trick.
3596  Economy / Economics / Re: The current Bitcoin economic model doesn't work on: June 01, 2011, 02:45:50 AM

I'm pretty sure you've defined all of the terms as statistic deviations away from the group average.

Post your complete theory in one place, just for clarity.
No, the distinction between saving and hoarding does not rely on statistic deviations away from the group average under the definition I proposed.  

It has to do with deviations away from the historical price averages.  

A hoarder accumulates because they expect price to increase significantly.  

A saver does not accumulate because they expect price to increase significantly over time.  Rather, a saver saves to preserve an asset for future use, and possibly to benefit from appreciation in the asset (but again, does not expect significant price increases, as defined statistically).    

Another element of hoarding (but one that does not necessarily distinguish it from saving) is that the hoarder accumulates a significant amount of the asset.  You can argue that this definition relies on personal preference but this is not the case.  You do not have to have a preference for the asset in order to hoard, you merely need to accumulate a significant amount of it, and do so because you expect that the price will increase significantly.  Measuring the deviation from the mean also does not mean the definition relies on society's collective preferences, society's average level of acquisition could be based on factors other than the collective preference of individuals for the asset, people could be accumulating ugly smelly icky pond goo, because they believe that it is a store of value.  One person could be accumulating a significant amount of ugly smelly icky pond goo, expecting that it will not merely be a store of value in the future, but actually increase in value significantly, i.e., the person could be hoarding.  

Personal preferences for an asset be correlated with the level of accumulation, but they are different measures.  The definition's reliance on level of accumulation is entirely agnostic as to people's preferences for the asset (or society's).  

The definition distinguishes saving from hoarding in an objective manner that does not rely on personal preference.  It looks at two objective measures that can both be analyzed using statistical tools (price increase expectation and level of accumulation).  

I hope people don't find this discussion too insanely technical or boring, I actually think it's pretty interesting, I had never thought about the distinctions between hoarding, speculating, and saving until today.  I do think, though, that I have met the task set forth.  Although I definitely would like to hear if anyone has any other arguments against what I proposed?

I think I found the problem.  You think that personal preference means what someone says about a good.  This is incorrect.  The preference is what they actually do.

In your goo example, if someone finds goo disgusting, but also feels that it is a store of value, then the accumulation by that individual is an expression of their personal preference for a store of value, in spite of their dislike of the goo.  Trade is, in fact, the only objective way to measure preferences.
3597  Bitcoin / Mining / Re: Any pool want to buy difficulty 2 shares?? on: June 01, 2011, 02:12:04 AM
At some point, this is going to become necessary.

We will have to invent meta-pools for CPU miners to join.  The meta-pool can accept difficulty 1 shares from miners, and the miners can earn meta-shares in the meta-pool.  Then the meta-pool submits any hashes that meet the next level of criteria to the real pool, which issues shares to the meta-pool.  When the real pool pays out, the meta-pool can pay down to the miners.
3598  Economy / Economics / Re: The current Bitcoin economic model doesn't work on: June 01, 2011, 01:48:44 AM
Except the factors don't look at personal preferences at all. 

Expectation of significant price increases certainly has nothing to do with preference.

And as to the first point, simply because preference might be correlated with amount of acquisition does not mean the two are measuring the same thing.

As the examples given above show, I may have little or no personal preference for an item, and accumulate a significant amount of it because of my expectation for future price increases, or tremendous personal preference for it, and accumulate an average amount of it because of an expectation of future price stability. 

The definition I gave is agnostic with respect to group or personal preference, although it may be correlated with it.  I am more likely to acquire significant amounts of things I personally prefer, but not guaranteed to, as is society as a whole. 

The definition is measuring two objective measures, the expectation of future price increases and the amount of acquisition, not the preference of the acquirer or of the society, which could be all over the map and diverge from personal (or collective) preferences. 

The task was to come up with a definition of hoarding that did not "rely on personal preference and is demonstrably different than 'saving'".   Task accomplished, no? 

I'm pretty sure you've defined all of the terms as statistic deviations away from the group average.

Post your complete theory in one place, just for clarity.
3599  Bitcoin / Bitcoin Discussion / Re: MIA Bitcoin? (Screen Shots) on: June 01, 2011, 12:44:33 AM
Close your bitcoin client.  Find the folder that bitcoin.exe is in.  Open a command prompt, go to that folder.  type "bitcoin -rescan".  See if that helps.

Has this wallet existed on this computer the whole time?  Or did you maybe copy it from somewhere else?
3600  Economy / Economics / Re: The current Bitcoin economic model doesn't work on: June 01, 2011, 12:40:11 AM
Except that the objective factors you are looking at are such things as the number of standard deviations away from the average personal preferences of society.  You have taken your own personal preferences out of your system, but only by including everyone else's.
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