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Enlighten us on the vulnerability.
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I challenge you to make any of your theory make sense using the equation of exchange...
At a words-level: the oldest deflationary good there is — land — continues to be traded and recommended for investment, ...
Also, permanent-inflation coins exist. ...
OK, here we go; M*V=P*Q (M=mass, V=revolving velocity, P=price, Q=trading quant.). If we observe the market as it is now, we see that mass is stable and all other variables are very unstable. Price fluctuates and so does trading volume. Most of the time we have low trading volume, with occasional spikes (positive and negative) in price accompanied with much higher volumes. So we can conclude we have low and unstable velocity of money, which I think is pretty bad. The goal should be exactly the opposite, a high and stable velocity, supported by stable prices and constant high trading volumes. When you compare Bitcoin to land, there is one huge difference; land is a resource that provides yield (rent, crops, ...). Bitcoin is just money, it can only provide profit when traded.The only bright future I see is when a currency becomes relevant. Many small coexisting currencies are doomed to also be irrelevant. Bitcoin is now on a good path. For it to succeed completely, it needs a stable price which will allow more and more goods to be sold for Bitcoins directly. Otherwise it will remain more or less a bubble, even if deflatory in nature. I see many people defending the deflatory nature per se. Why??? The goal should be for it to be strong, globally relevant and foremost useful to as many people as possible.You should do some reading about the blockchain and other uses for bitcoin before you make statements like the ones above about it being "just money." Regarding "deflationary nature," (presuming that is what you mean by "deflatory"), most people disagree with the need for inflation (except for statist economists) and see bitcoin as stable alternative. As others have said if you want inflation and think that it is required to succeed, use an alt-coin or start one. If inflation is needed to "be strong, globally relevant and foremost useful to as many people as possible", your alt-coin will take off like wild fire and you'll be a hero. "Stable price" in WHAT term??? Dollars, Yen, Euro, Yuan? They are all inflating away value every day. If by "stable price" you mean stable value, that means no inflation. |
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See Cyprus to show bail-ins are possible in Europe. Laws are added when needed. As far as the wealth tax, it is certainly possible and increasingly likely.
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This "teaching" about money is actually one of the most powerful gifts of bitcoin. It strips these high priests of economics and their beloved fiat of all their tricks of illusion and manipulation. It helps us all to see through to what is really going on. Of course they don't like it - it cuts to their identity and value to society - and shows them as the dictators that they are. And they don't like to see themselves that way. I'm sure Krugman would hate to think of himself as a fascist dictator or sycophant for the dictator, but that is what comes clear when you read his piece about Bitcoin - he does not believe in markets or free choice. He does not see it yet, but we can all see it now clearly.
+1. Krugman is a tool, and about to schooled in the difference between currency based on math and currency base on Keynesian voodoo economics. I doubt he or his ilk will learn much from it, they have a vested interest in maintaining control over everyone else. |
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There has been much talk about the deflatory nature of Bitcoin (limited final mas). Outsiders i.e. economists mostly argue it is a major drawback. 1-2% inflation is supposed to be healthy for any currency. ... If we would want to further stabilize the currency, a 'chairman of Bitcoin reserve' could make minor periodic adjustments to this rate depending on the market conditions.
As Lethn stated, go make your own currency with inflation (or use an alt-coin with it) and a central "chairman of the Bitcoin reserve" if you think it is better. Then you can see what people will use, and what they won't. Perhaps you are right, and everyone wants an electronic version of fiat currency that is continually losing value due to inflation with some central authority figure to control it in which case if you start this, you'll have the opportunity to have a lot of early coins. Anyway, to propose a having a "chairman of the Bitcoin reserve" seems to show a complete lack of understanding of the nature and benefits of a peer to peer distributed network without a central corruptible authority figure. |
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I do have a graphics card, but it's old. I can just use whatever I have and mine at a loss? I'd like to do this for a little while to at least learn how. I have athlon II X2 2812 megahz and radeon HD 5670. Maybe I could mine some coinye west? Would you be willing to help me learn how to do this?
The Radeon should mine bitcoin and others okay. You won't mine much, but it will help you learn. There are lots of guides to help get set up. As far as the coinye west, I haven't seen any details.. :-) |
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My question is about nxtcoin hacker/malware but relates any similar situation. I received this link via personal message:
http:/ /coinsmag.orgfree.com/nxtchg_warning.html
Maybe a java program? Unfortunatelly I did click on it. I hope it is not a key logger or similar, reading browser history or anything...
Question: Should restarting computer and erasing browser cache be good enough precaution in this situation? I'm on os x.
Thanks in advance.
You can try scanning it with ClamXAV - the link should be on macupdate.com. Do you run as a regular user not admin? Did it have you type in an admin ID and password? You are probably fine, but better to check. |
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It is probably 0.21% and that is a reasonable rate. If it is 21%, then that is bad! but if it is saying 0.21% then that is 1/5th of a percent. You should also be able to check your miner and see what it is saying too.
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Have you considered setting up your own stratum proxy for the block erupter and the other? Iirc, I was running a BE on Slush's pool back in May and to get it working at a reasonable rate, it needed a stratum proxy to do so. It has been since May/June when I set it up, so going from memory.
There is info stratum on mining.bitcoin.cz and in the thread here, but I bet that will be your issue. I doubt it has been hacked.
The proxy keeps the ASICs well fed with work while without them they run out of work to do.
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The one I'm looking at is 600Ghps, and I haven't seen any of the next generation miners sold for cash. They all list cash prices, but only accept bitcoin for payment since they are pre-orders. I know there is a risk that it won't be profitable, but my power rates are low, and at 600 Ghps I should be able to make at least my money back. I figured the payback at a little over a month at triple current difficulty. Maybe I'm underestimating difficulty. The machine wouldn't be delivered until the end of February or early March. I used the calculator here: www.bitcoinx.com/profit/ with the default settings for current exchange rate and profitability decline. I changed the first 2 "1"s to "3"s in the difficulty line, then filled in the price of the miner, my power rates and the wattage of the miner. I know my uptime won't be 100% and there will be things that slow me down occasionally, but it looks like it should make the money back to me and then anything else they make would be a bonus. What am I doing wrong to estimate my return? I'm very happy to hear your thoughts, you guys obviously have more experience than me. Thanks for your help Korxax 1NtV1q29FtRAYAkMJHMYbASZLiLur2FQe I am not sure which one you are looking at, but a lot will depend on when you get it. If you could get your 600 GHps tomorrow, then you might be okay at around $2200. If you get it mid-February, you probably wouldn't break-even. Many of the miners are way overpriced for the amount difficulty is increasing right now. Coinbase is probably your best bet right now - you can at least get it started buy buying 3.25 (or more) and then if you find a better way, do that for the other machine. If you don't, then you'll be on the way to getting some bitcoin. Good luck! |
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And more reasons to own something that is difficult to confiscate: IMF paper warns of 'savings tax' and mass write-offs as West's debt hits 200-year high --- UK Telegraph http://www.telegraph.co.uk/finance/financialcrisis/10548104/IMF-paper-warns-of-savings-tax-and-mass-write-offs-as-Wests-debt-hits-200-year-high.htmlMuch of the Western world will require defaults, a savings tax and higher inflation to clear the way for recovery as debt levels reach a 200-year high, according to a new report by the International Monetary Fund.
...
The paper says the Western debt burden is now so big that rich states will need same tonic of debt haircuts, higher inflation and financial repression - defined as an “opaque tax on savers” - as used in countless IMF rescues for emerging markets.
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Most advanced states wrote off debt in the 1930s, though in different ways. First World War loans to the US were forgiven when the Hoover Moratorium expired in 1934, giving debt relief worth 24pc of GDP to France, 22pc to Britain and 19pc to Italy.
This occurred as part of a bigger shake-up following the collapse of the war reparations regime on Germany under the Versailles Treaty. The US itself imposed haircuts on its own creditors worth 16pc of GDP in April 1933 when it abandoned the Gold Standard.
Financial repression can take many forms, including capital controls, interest rate caps or the force-feeding of government debt to captive pension funds and insurance companies. Some of these methods are already in use but not yet on the scale seen in the late 1940s and early 1950s as countries resorted to every trick to tackle their war debts.
... |
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And I don't see a mention of bitcoin.
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Thanks. The "Estimated Confirmation Time" has been 4 minutes for a few hours now so I couldn't help but be concerned.
It looks like it confirmed now. |
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Don't panic, it appears from blockchain.info that it may be in the next block. I bet if you give it a few more hours, it will go through. Given the number of bitcoins and maybe the age (I didn't look), it may not have needed a transaction fee. |
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Certainly they can, but as long as they keep collecting the money through taxes it is an immoral use of force. Saying that collecting taxes is immoral doesn't really advance your cause much. Most people think its immoral to allow the poor to starve and thus collecting taxes is the lesser of two evils. What you need to do is either make a moral case for allowing the poor to starve or stop complaining about taxation being immoral. I didn't see jinni advocating "allowing the poor to starve". I think he believes, as do many, that charities are much more capable than government in providing for the poor since they are much more local, efficient, and accountable. Forced servitude to provide for someone else is immoral no matter what the person's need is. Voluntarily saying you will help is a completely different matter. Most people are more than willing to help others and around here do so. It isn't charity at the point of a gun, and it isn't charity or moral if you are giving away the products of someone else's life. In short, someone's "need" doesn't give them a right to force you to work to provide something for them. |
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Hi everybody, I'm looking to buy some bitcoins to buy a mining machine. Most of the manufacturers only seem to sell them for bitcoins. The problem is I'm fairly new to mining and only have .012 bitcoins  I was hoping someone here could tell me a good and fast way for me to buy some bitcoins, say about 3.25 bitcoins minimum should get me the device I want. Should anyone here want to sell some of their bitcoins. I'd be happy to pay with paypal or google checkout, just let me know how much you want for them and if it's close to the exchange price we can probably work something out. Thanks for the info! Korxax 1NtV1q29FtRAYAkMJHMYbASZLiLur2FQe Some options: http://coinbase.comhttps://localbitcoins.com |
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I would guess that only 50% or so thought BTC would even get to $1000 a year ago.
I think 56% is pretty good.
I voted YES! I think a 10x increase in BTC is very likely next year.
I even think it might reach $100,000 but I am not trying to think about that right now. It just seems too hard to believe, but I guess $1000 was too.
There was a pool in Jan 2013 or Dec 2012 that asked that and it was a low percent - I couldn't find the thread off the top of my head. :-) This one in July 2013 ( https://bitcointalk.org/index.php?topic=264170.0) even only had 21% saying it would be above $310! This one from Jan 2012 ( https://bitcointalk.org/index.php?topic=56562.0) had about 48% saying the price would be $47 before the end of 2013 (24% saying before the end of 2012, 24% before the end of 2013)! So this poll is actually quite high! BitChick - I hope you are correct. If Fortress, and even a tenth of all the other projects and investors getting involved do so, 2014 will be a banner year! :-) |
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Please show mathematical or historical evidence that the Bitcoin economy booming would be a bad thing.
Yeah. And is this a booming price? Booming usage? Booming mining? |
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