You are trying to solve two problems.  First, provide a method for fast transactions.  Second, find a way to hold a fixed value.

The first problem requires a third party that is willing to take on the rollback risk of a transaction.

The second was solved centuries ago by King Canute.

Why isn't the value of the dollar the value that the Bureau of Printing and Engraving puts into it?  Why is it valued by the user instead of the creator?  Now tell me why the exact opposite is true for bitcoins?  Why is one currency valued at production cost while the other is valued at exchange cost?

Wouldn't it make more sense to leave my coin locked, and find someone else willing to buy my 150 NDC for 1.5 BTC?

So, the value of the NDC has fallen by 33%, but I don't have to take that loss, because I can get my BTC back for exactly the amount I paid for it?

What if it went the other way?  Say I buy 150 NDC for 1 BTC, then the exchange rate goes to 100 NDC/BTC.  I can now sell my 150 NDC for 1.5 BTC, right?  Or am I somehow forced to buy my own BTC back for 150 NDC?

Except that it only makes sense to unlock when the exchange rate is exactly what it was when you locked.  So, you are giving up the use of your bitcoins in exchange for the chance that they will be worth exactly the same amount at some point in the future.

Monetary policy is how they manipulate interest rates, which is not the money supply.  You'd know that if you'd ever read the minutes of the FOMC meetings.  Go find out why Bernake is called "Helicopter Ben".

You might want to look into how GDP is actually calculated.  I'll give you a hint, production is not part of it, but spending is.  They could say that GDP is found by counting unicorns, but that doesn't change the math.  What they actually do is much more important than what they say they do.

Once again, you've done an excellent job dodging my direct challenge, so I'll issue it a third time.  Tell me how exchanging my work for dollars creates dollars (or at least gives them value, somehow) while exchanging my work for bitcoins does not.

So, you've invented the world's most complicated non-interest paying savings accounts?

I'm not sure I see the point.  It takes up one PCIe slot on your motherboard and provides one slot in an external case.

Oh, and you can build a whole new box for less than the $400 this thing costs.

It gets worse.  The price of A can't be stable unless it is pegged to the price of B.  The price of B is stable because it is stable.

All prices, of all things, in all places, and at all times, are backed by supply and demand only.  Everything else is an illusion.

Your post advocates a

(x) technical ( ) legislative ( ) market-based ( ) vigilante

approach to fighting spam. Your idea will not work. Here is why it won't work. (One or more of the following may apply to your particular idea, and it may have other flaws which used to vary from state to state before a bad federal law was passed.)

( ) Spammers can easily use it to harvest email addresses
(X) Mailing lists and other legitimate email uses would be affected
( ) No one will be able to find the guy or collect the money
( ) It is defenseless against brute force attacks
( ) It will stop spam for two weeks and then we'll be stuck with it
(X) Users of email will not put up with it
( ) Microsoft will not put up with it
( ) The police will not put up with it
( ) Requires too much cooperation from spammers
(X) Requires immediate total cooperation from everybody at once
(X) Many email users cannot afford to lose business or alienate potential employers
( ) Spammers don't care about invalid addresses in their lists
( ) Anyone could anonymously destroy anyone else's career or business

Specifically, your plan fails to account for

( ) Laws expressly prohibiting it
( ) Lack of centrally controlling authority for email
( ) Open relays in foreign countries
( ) Ease of searching tiny alphanumeric address space of all email addresses
( ) Asshats
( ) Jurisdictional problems
(X) Unpopularity of weird new taxes
(X) Public reluctance to accept weird new forms of money
( ) Huge existing software investment in SMTP
( ) Susceptibility of protocols other than SMTP to attack
( ) Willingness of users to install OS patches received by email
(X) Armies of worm riddled broadband-connected Windows boxes
( ) Eternal arms race involved in all filtering approaches
( ) Extreme profitability of spam
( ) Joe jobs and/or identity theft
( ) Technically illiterate politicians
( ) Extreme stupidity on the part of people who do business with spammers
( ) Dishonesty on the part of spammers themselves
( ) Bandwidth costs that are unaffected by client filtering
( ) Outlook

and the following philosophical objections may also apply:

(X) Ideas similar to yours are easy to come up with, yet none have ever been shown practical
( ) Any scheme based on opt-out is unacceptable
( ) SMTP headers should not be the subject of legislation
( ) Blacklists suck
( ) Whitelists suck
( ) We should be able to talk about Viagra without being censored
( ) Countermeasures should not involve wire fraud or credit card fraud
( ) Countermeasures should not involve sabotage of public networks
( ) Countermeasures must work if phased in gradually
(X) Sending email should be free
( ) Why should we have to trust you and your servers?
( ) Incompatiblity with open source or open source licenses
( ) Feel-good measures do nothing to solve the problem
( ) Temporary/one-time email addresses are cumbersome
( ) I don't want the government reading my email
( ) Killing them that way is not slow and painful enough

Furthermore, this is what I think about you:

(X) Sorry dude, but I don't think it would work.
( ) This is a stupid idea, and you're a stupid person for suggesting it.
( ) Nice try, assh0le! I'm going to find out where you live and burn your house down!

Not even close.  You'll top out around 300-310 per card.  Odds are good that some of them won't even reach 270.

I'm going to bold the parts of my comment that you ignored.


And just for fun:

A) requires that all prices be fixed all around the world, and until the end of time.  Do you comprehend this?  Do you understand what it means?

B) is the job of a third party, not a currency.

C) is really just a restatement of A, but it makes you sound like someone that failed out of math class in 4th grade.

You are completely 100% wrong on all points.

The Federal Reserve Bank has nothing to do with the amount in circulation.  (Go here if you'd like to know what they really do)
GDP has nothing to do with work.  (It measures spending ONLY)
Work has nothing to do with dollar creation.

And while I'm at it, this is wrong too:

First, no one knows what anything will be worth tomorrow.  And second, people do things all the time that don't make sense economically.

By the way, I would really like to get back to your insane (and I mean that clinically) notion that one currency is worth its production value, while another is worth its exchange value.  In particular, I'd really love to hear how exchanging my work for dollars creates dollars (or at least gives them value, somehow) while exchanging my work for bitcoins does not.

[edit:  fixed misplaced quote tag]

I would really expect the username for the RPC connection to be the same in the GUI as it is on the command line.  If not, you may need to ask in the BTCmine thread.

No, you do hashes.  The pool does shares, and I'm pretty sure the right word for that process is allocation.

Ahh, that explains it.  You can't set your own server to connect to, you have to pick one of the ones in the list.

I'd just go with the command line for now (or change pools).  Presumably whoever maintains guiminer will update the list to include whichever pool you want.  Might be a good idea to check the guiminer thread to make sure he is aware of it.

My work creates dollars?  Well shit, does that mean the Secret Service is going to come after me?  Because I'm pretty sure they think that dollars are printed by the Bureau of Printing and Engraving.

Or, if you expand the notion of "dollar" to include checkbook money (accounts in a database) then a little research will easily demonstrate to you that electronic dollars are created out of thin air by bankers.

You are unlikely to recover the cost of even a single 4870 even if you run a pair of them until they crumble into dust.

Opinions are mixed on this.  I'm pretty sure the profit ship sailed a couple of weeks ago.  Others think you can still do it.

If you don't mind gambling, or if you want the second card for better gaming, go for it.  If you need that money for something more important than entertainment, I wouldn't.

So, a bitcoin that I mine is worth the cost of the electricity used to find it (production cost).  But, a dollar isn't worth the cost of the paper it is printed on (production cost), it is worth the amount of effort that I put into getting it from someone else (exchange cost).

Why is a bitcoin valued at the cost of production, while the dollar is valued at the exchange cost?