If they did that, they would have created Yet Another Alt Coin (which happens very frequently), and it would have no effect on Bitcoin at all.
Yes, I know that bitcoiners have taken solace in that belief, since the 51% risk became real. Keep believing. There is no belief involved. What constitutes Bitcoin is defined by the consensus of the miners - period. If a majority of miners were to choose to mine according to a different protocol than what they currently do, that protocol will effectively become Bitcoin. It has nothing to do with what Gavin or the foundation want. Yes, and that is what I meant: if someone with billions to spare offered to buy 25 million bitcoins, the protocol would be immediately changed to create them, with the full cooperation of miners AND approval of developers. Again, I think you are just describing a situation where someone creates an artificial demand to create an alt coin. Hell, I will personally create you a Bitcoin clone with a 25 million premine if you want to buy all 25 million right now. I don't know how you will coax miners to continue to mine (i.e. validate) your personal alt coin, though. |
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If they did that, they would have created Yet Another Alt Coin (which happens very frequently), and it would have no effect on Bitcoin at all.
Yes, I know that bitcoiners have taken solace in that belief, since the 51% risk became real. Keep believing. There is no belief involved. What constitutes Bitcoin is defined by the consensus of the miners - period. If a majority of miners were to choose to mine according to a different protocol than what they currently do, that protocol will effectively become Bitcoin. It has nothing to do with what Gavin or the foundation want. |
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It sounds like they should read the white paper first :/
I bet that 25 million bitcoins would be promptly made available for the occasion, with the full blessing of Patriarch Gavin.  And this is not entirely a joke. I am pretty sure that the protocol would be turned inside out, with full agreement of all the Defenders of the Dream, if that meant more money for them.  If they did that, they would have created Yet Another Alt Coin (which happens very frequently), and it would have no effect on Bitcoin at all. |
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major exchange offline for a day and no big movements at other exchanges  Minor exchange in Slovenia offlne for a day, Chinese short-term speculators do not care. I believe Bitstamp is in the UK now, isn't it? Last time I checked (several months ago) they were physically in Slovenia but registered in UK in some guise. Has that changed? Bitstamp, is a Bitcoin exchange based in the United Kingdom. As of September 2014 it was the world's second largest by volume.[2] The company is headed by CEO Nejc Kodrič, who co-founded the company in 2011 with Damijan Merlak.[1] The company initially operated in Slovenia, but moved its operations to the UK in April 2013.[1] Kodrič is a publicly available, widely known member of the Bitcoin community.
EDIT to correct myself: From the same wiki page - Notes
The company is registered in Reading in the UK, but this is in fact just the offices of UK PLC, a company specialising in company formation and which, amongst its services, allows companies to use its own address as their registered office, effectively acting as a forwarding address. There is no clear information available as to where this company is based or whether they actually have any presence at all in the UK or are still run out of Slovenia
So you're probably right. |
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major exchange offline for a day and no big movements at other exchanges Minor exchange in Slovenia offlne for a day, Chinese short-term speculators do not care. I believe Bitstamp is in the UK now, isn't it? |
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Neil Degrasse Tyson is so damn gangsta...  :p |
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Civil servants do not get a cut of the money from the auction; that money goes to the Treasury (or to some general fund for the public good). They are motivated by gold stars in their resumé, that eventually lead to promotions. Catching and convicting criminals yields gold stars for all involved. Carrying out a smooth auction of a weird item, with no complaints of bad press, also yields gold stars. They do not care if the auction messes the market or gets a lousy price, but they worry about doing something stupid that could stain their resumés -- such as auctioning a bunch of seized game tickets after the game, or auctioning so much stuff at one time that they cannot get enough bidders for it.
http://www.nytimes.com/2014/11/10/us/police-use-department-wish-list-when-deciding-which-assets-to-seize.html?_r=0The seminars offered police officers some useful tips on seizing property from suspected criminals. Don’t bother with jewelry (too hard to dispose of) and computers (“everybody’s got one already”), the experts counseled. Do go after flat screen TVs, cash and cars. Especially nice cars. In the sessions, officials share tips on maximizing profits, defeating the objections of so-called “innocent owners” who were not present when the suspected offense occurred, and keeping the proceeds in the hands of law enforcement and out of general fund budgets. The Times reviewed three sessions, one in Santa Fe, N.M., that took place in September, one in New Jersey that was undated, and one in Georgia in September that was not videotaped.
Officials offered advice on dealing with skeptical judges, mocked Hispanics whose cars were seized, and made comments that, the Institute for Justice said, gave weight to the argument that civil forfeiture encourages decisions based on the value of the assets to be seized rather than public safety. In the Georgia session, the prosecutor leading the talk boasted that he had helped roll back a Republican-led effort to reform civil forfeiture in Georgia, where seized money has been used by the authorities, according to news reports, to pay for sports tickets, office parties, a home security system and a $90,000 sports car.
Yeah, if you assume corruption, all bets are off. The article I cited does not mention corruption at all. It just describes the way asset forfeiture works in the US currently. It's not corruption if it's not illegal, right? |
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Civil servants do not get a cut of the money from the auction; that money goes to the Treasury (or to some general fund for the public good). They are motivated by gold stars in their resumé, that eventually lead to promotions. Catching and convicting criminals yields gold stars for all involved. Carrying out a smooth auction of a weird item, with no complaints of bad press, also yields gold stars. They do not care if the auction messes the market or gets a lousy price, but they worry about doing something stupid that could stain their resumés -- such as auctioning a bunch of seized game tickets after the game, or auctioning so much stuff at one time that they cannot get enough bidders for it.
http://www.nytimes.com/2014/11/10/us/police-use-department-wish-list-when-deciding-which-assets-to-seize.html?_r=0The seminars offered police officers some useful tips on seizing property from suspected criminals. Don’t bother with jewelry (too hard to dispose of) and computers (“everybody’s got one already”), the experts counseled. Do go after flat screen TVs, cash and cars. Especially nice cars. . . . In the sessions, officials share tips on maximizing profits, defeating the objections of so-called “innocent owners” who were not present when the suspected offense occurred, and keeping the proceeds in the hands of law enforcement and out of general fund budgets. The Times reviewed three sessions, one in Santa Fe, N.M., that took place in September, one in New Jersey that was undated, and one in Georgia in September that was not videotaped.
Officials offered advice on dealing with skeptical judges, mocked Hispanics whose cars were seized, and made comments that, the Institute for Justice said, gave weight to the argument that civil forfeiture encourages decisions based on the value of the assets to be seized rather than public safety. In the Georgia session, the prosecutor leading the talk boasted that he had helped roll back a Republican-led effort to reform civil forfeiture in Georgia, where seized money has been used by the authorities, according to news reports, to pay for sports tickets, office parties, a home security system and a $90,000 sports car.
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I wish we would break 420. 410 isn't enough. If the buying stops now then the dumpers will take us down below 400 and from there it's a slow bleed back to 340 again.
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The other day Alaska, Oregon, and Washington, D.C. all legalized marijuana, joining Colorado and Washington state.
At the same time, California decriminalized possession of even heroin, cocaine, and most other scheduled drugs.
Prohibition is ending.
I guess the feds are packing in all the fun they can while it lasts.
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Saying it is impossible to change is having a fundamental misunderstanding of how or why bitcoin works
I think it's you who are failing to understand what 'Bitcoin' is. If you changed the 21M coin limit or the generation algorithm you will have created yet another alt coin (which is done every day) . You will not have changed Bitcoin. |
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The rest of the world has long since discovered the benefits of how to rob the populace with elastic money supply--benefits proven both empirically and through the works of John Maynard Keynes, the father of modern economics. Bitcoiners, gold bugs and other Austrian School vandals now wish to destroy decades of economic progress, thrusting the world back into pre-Keynesian economic darkness. Luddites  FTFY Back to education again... I'm pretty sure Keynes was not a Monetarist. That would be the work of Milton Friedman you are talking about. If governments would be satisfied to only expand/contract the money supply in very unusual circumstances, as prescribed by Dr. Friedman, it might be marginally tolerable, but governments will not restrain themselves to the necessary, and any inflationary currency will always be abused for political expediency. |
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...
Inflation is never needed. It is a tax that, for all intents and purposes, is paid only by the poor.
>>>/pol LMAO Best poster on Bitcointalk. He is pretty damn clever. Too bad he uses his powers for evil, trolling the bitcoin forums - but hey, the world needs super-villains too I guess |
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@xyzzy099: All fiat already exists in math. Like Bitcoin, not all of it has been released yet.
Really. Can you point me to the math that limits the number of CNY that will exist on 17 July 2017? Math is limitless, that's the beauty of it. Unlike Bitcoin's inflation, which is algorithmically predetermined, fiat inflation can be adjusted as needed. I also can't tell you how many BTC will exist on July 17, 2017. Learn how Bitcoin works  I'm pretty sure I know how it works. You may not be able to predict the exact number, but the math restricts it to a pretty small range. I'm pretty sure that no such math exists for CNY. Inflation is never needed. It is a tax that, for all intents and purposes, is paid only by the poor. EDIT: Hey, notice how I was able to make my point w/o including a picture of ponies? You should strive to emulate that kind of self-restraint |
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@xyzzy099: All fiat already exists in math. Like Bitcoin, not all of it has been released yet.
Really. Can you point me to the math that limits the number of CNY that will exist on 17 July 2017? |
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you "sound money" luddites
It's hilarious that the people promoting electronic, programmable virtual currency are the "Luddites" in your mind The expression "sound money" was appropriated by goldbugs--the ones who want to go back to the gold standard. It has nothing to do with electronic, programmable currency currently inflating @~10% per year. Always happy to educate.  @macsga: I'll see what I can do. As long as we are on the subject of education, you should know that Bitcoin is not inflating at all. All 21M coins that ever will exist already exist in the protocol. yw |
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you "sound money" luddites
It's hilarious that the people promoting electronic, programmable virtual currency are the "Luddites" in your mind |
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