Making such a fund will make bitcoin gain legitimacy as everyone has a stake. Once you have 70BTC every human can have a stake in Bitcoin. At least on paper until the fingerprint reading equipment thing is sorted out. It would be in every Bitcoiners best interest to donate a portion of their holdings to such a fund.
Edit: in fact every Bitcoin-holder would benefit from giving away Bitcoin until it hits a sweet spot of potential increase in BTC price and BTC-percentage given away.
If you mean each person will have 70 btc, you may want to check the math. :-) I meant 70 BTC is enough to give everyone one satoshi, and then everyone has a stake in making Bitcoin more valuable. If more than 70 btc comes in, then great, more satoshis for everyone. If 7000 btc kome in everyone will have 1000 satoshis. That means that the price has to go to $100k/btc for that to be worth $1, but it wont flood the market because it will take time to implement so that people can actually access their wallets. Price went up 100x in 2013. If 7000btc were given away as a free gift, the price could easily go up to $100k in 2014. And according to Dan Arielys Predictably Irrational, the best way to make someone want something is to give away a free gift. I see. Thanks for clarifying! |
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Making such a fund will make bitcoin gain legitimacy as everyone has a stake. Once you have 70BTC every human can have a stake in Bitcoin. At least on paper until the fingerprint reading equipment thing is sorted out. It would be in every Bitcoiners best interest to donate a portion of their holdings to such a fund.
Edit: in fact every Bitcoin-holder would benefit from giving away Bitcoin until it hits a sweet spot of potential increase in BTC price and BTC-percentage given away.
If you mean each person will have 70 btc, you may want to check the math. :-) |
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I've said this elsewhere already, but if the transition to cryptocurrency is anything but smooth (and that's a seriously optimistic scenario), then there will be alot of people who end up losing all their saved money, even their pocket change, because no-one will sell them cryptocurrency in exchange for it. That number could be higher than we'd all be comfortable with, so there's got to be some contingency for how bad that kind of situation could be.
Put another way, when currencies in a fractional reserve system collapse, only the quickest will get any money out in time. What fraction of those quickest will get their money into hard currency before the real value becomes zero? Troubling to think how many people could be left with nothing. I will not be happy with that situation.
Good point. I am not sure if it would be a slow collapse or extremely fast. Or if the currency and bit coin will coexist. Often I lean towards coexistence for a long time. However if it happened quickly, it would be terrible for people who lose it all. |
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Thanks! That makes more sense  The whole reason I was so interested in this is because once KNC and Cointerra deliver... I was trying to figure out if the difficulty would double or triple... I think KNC is making something like 2400 machines @ 3 THs and Cointerra.. not sure. Any guesses? It is a gamble - if the ship on time, great, if they are delayed, then it is terrible. Like Avalon and BFL - if BFL had delivered at then end of 2012 like they said, people who got them would've done well. Instead they were very late and Avalon shipped in early 2013 and the people who got those machines did really well. I don't have a guess though. With the difficulty increasing so quickly you have to make the investment back very quickly or not at all. Did you plug in the numbers to any of the mining calculators to get a guess? :-) |
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While I'm keen on totally brutal free-market principles, they do produce their real-world problems. I think having a full on cultural revolution (where people don't get encouraged to believe that learning is a weakness, most importantly) will solve the problem in the long term, but before that can come about, there's going to be a lot of unfortunate people roaming the streets (hell, there already are).
Some kind of voluntary scheme is sensible, if only to make it safe and comfortable to walk around your neighbourhood. I don't like the idea of being surrounded by beggars and muggers everywhere I go, even if that's what the free market serves up for us.
I agree with you. Charity is always a good thing. It is important to remember that it isn't charity if it is at the point of a gun and it isn't charity if it is someone else's money. :-). |
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~$58 billion AUM is pretty big. Whether "whale" applies, who knows, but they have a big reputation. More so than Second Market. :-) |
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All I know, as a successful entrepreneur, is the more I work and give value to the world the more I am worth and the more money I make.
Indeed, the world is better off for my innovative efforts.
I am already taxed 40%. Tax me 75% and I am outta here after laying off my employees and shutting down the business.
When thousands upon thousands of overtaxed people quit their businesses and services, you will see widespread unemployment and poverty like you wouldn't believe.
Not rocket science my friends. Too many people are jealous that they too cannot come up with and launch ideas that other people value enough to pay good money for. So the solution they lobby for is to tax those "rich" people because after all it is soooo unfair that someone can earn more than someone else.
PS - if school teachers and policemen want to earn more money all they have to do is start their own businesses if they think that is so easy LOL
Stop using government guns to force your idea of economic fairness onto others. Isn't that what Bitcoin is all about?
+1. It is not easy. If you don't put in tons of hours for years, you can forget about it.. The socialists always want to test how far they can push things with force. If you can't do it in a free, voluntary manner, perhaps one will see eventually when it is done TO them.. |
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Wow man it’s great to hear that a person who write for CNN such big platform has come here to share his knowledge with us. So I welcome you this forum. Well bankers are the fraudsters who are greedy for money and now as their banking system along with fiat is coming to halt so they need to make bitcoins dirty too but they won’t succeed hopefully.
He said: about it over on CCN. :-) |
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Strike that, when i went to check it out on blockchain.info the address you provided is not correct. they look nothing the same. Nice try though, you got really close to taking my donation. How dis-honest of you to try and profit from these little girls creativeness. Does anyone who is not out to steal donations from these little girls have a way to read that distorted QR code? The QR is 17Qq8JKnTCHF5rMhmi5WaF19UDbY95Uh6i Also, this is really pretty cool. They don't seem to have any takers yet though  Talk about low trying to scam those kids! Glad you pointed that out |
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The difficulty isn't in terms of hashes, its just the difficulty.
The current Bitcoin network at time of this post is an estimated 11 PHash
Exactly. Salty is 100% correct. Hash rate (approx)= 10,938,061 GH/s = 10,938 TH/s = 10.98 PHash ( = 10,938,061,000 MH/s =10,938,061,000,000 KH/s = 10,938,061,000,000,000 H/s) Difficulty is not measured in hashes, but just is how difficult it is to find a new block compared to the easiest it could be. ( https://en.bitcoin.it/wiki/Difficulty) The higher the hash rate, the higher the difficulty will become in order to keep the block time close to an average of 10 minutes (given the hash rate increases, the average has been well under 10 minutes/block recently which is why we see the large increases in difficulty every 2016 blocks which should be about 2 weeks, but is faster now with the new ASICs being shipped each week). |
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The topic is: Are we back in a bull market ? My answer is: we have never been out of a bull market since 2011  This longterm- chart is imho the most important chart I ever have seen. Note the slowly ascending line, which got 5 to 6 supporting oints where the BTC Price touched this line. But never got under the line.So, every "chrash" of the BTC-Price happend to be inside the 2 ascending lines. We have a very stable bullish trend. even a 90 % (!!!) dip won`t harm BTC. Exactly. And given the investments (in companies and btc itself) coming in 2014, it seems unlikely it won't continue. |
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My father is a private wealth planner. Over the past couple months I have been hearing his clients calling into him and asking him about BTC. Usually ends up with me getting on the phone with them and going over everything. They for the most part have all been super positive when asking about BTC, but have some general questions and misconceptions.
My question is where is a good place to find the more technical info about bitcoin?
That is the part that I really can't obviously explain. Most of these clients are engineers and business owners, so they are pretty much not "day 1" material types. Anyway, the good part is that if clients are calling in and wondering to get in, there must just be tons of cash that isn't in BTC that will be very soon. As soon as someone in the USA comes up with a legit exchange that doesn't suck is the time BTC will take off. Just my opinion from some observations as of late. There must be a large list of high net worth individuals that are in the same situation.
Has your father heard of this? http://www.bitcointrust.co/If they are accredited per the SEC rules a way to get them invested in Bitcoin and a way your father can earn something for helping them out. Win win situation. He can be the broker of record on a PENSCO IRA if they are using retirement funds which is a really popular option via Second Market. Also has a nice little overly simplified presentation on why they should invest. But should be perfect for the everyday person! Ill show him this and take a look, thx Fortress Investment Group (-$58 billion AUM) is reportedly launching a similar fund. Just FYI. |
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I think Bitcoin 0.3 still used the term "generate"...can't be too hard to spot the terminology change in the code!
Just FYI. In 4.0 it is "mining". In 3.21 there is no "mining" or "mine" which was released in April 2011 ( http://bitcoin.org/en/release/v0.3.21). So it took a while for the bitcoin software to catch up to the terminology that was being used elsewhere since you can see it used here in 2010. I didn't look at the dev list either yet. NYE and all. |
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http://finance.fortune.cnn.com/2013/12/31/fortress-is-forming-a-bitcoin-fund/In September we discussed how SecondMarket had launched the first U.S.-based investment vehicle dedicated exclusively to Bitcoin, called The Bitcoin Investment Trust (beating out the Winklevii, who remain stuck in regulatory limbo). Now comes word that Fortress Investment Group (FIG) is prepping its own Bitcoin fund, which likely will be much larger than the SecondMarket offering.
Great news! Thanks for posting this bobdude! :-) Back in October the CIO of Fortress had recommended investing in bitcoin ( http://www.zerohedge.com/news/2013-10-24/head-fortress-recommends-investing-bitcoin). They manage ~ $58 billion so I think they are much larger than SecondMarket. SM is good, but if Fortress really markets it, it will be amazing for the market price. Even a 1% allocation would be a huge deal at the margin so large impact on prices. |
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Shhhh, don't tell the fascists and authoritarians. :-)
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he said it to be "fun and provocative." he's just saying this shit so people talk about it, which gives him more exposure and fame.
the best thing to do is not to give a shit about what he says; otherwise you're just playing into his hands.
So are you suggesting that Nobel laureate Paul Krugman is an internet troll? And isn't he playing into the hands of bitcoin too then? The more he talks about it, the more credibility he gives it, and the more attention it gets. I liked your initial thoughtful post, but please be aware that you are playing into the hands of Krugman and the fiat system he touts when you repeat the meme that he is a Nobel laureate. The prize he won is a bank-sponsored clone of the actual Nobel prizes and began in 1968. The "real" Nobel prizes have been issued since 1901, and did not include a category for Economics. The prize in Economics is analogous to you and I giving each other a prize "in honor of Alfred Nobel" and calling each other Nobel Laureates. It is a device intended to legitimize Economics, otherwise nicknamed "the Dismal Science." The device works in the media and popular thinking, but it is evil. Nobel factoids here: http://en.wikipedia.org/wiki/Nobel_Prize Quite right. They are fearful because the voodoo-science of economics is about to run into a wall of math, hard sciences like computer science, engineering, and consequently reality. Bitcoin makes it harder for the Krumans of the world to ignore the reality of their policies. Some economists are right, but economics is not a science and the phrase "voodoo economics" was redundant. |
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