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A millimeter is 1/1,000th of a meter, and a micrometer is 1/1,000,000th of a meter.
A millivolt is 1/1,000th of a volt, and a microvolt is 1/1,000,000th of a volt.
A millibit is 1/1,000th of a bit, and a microbit is 1/1,000,000th of a bit.
I have only seen the terms "millibit" and "microbit" used to refer to .001 BTC and .000001 BTC. Therefore, logic dictates that one bit is equal to one bitcoin.
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Basically he says USD is better because with USD you're losing your purchasing power at a predictable rate. Lol.
What a fucking joke. What a fucking moron.
But that IS the primary benefit of USD. Stability is the single most desirable attribute for a currency to have. If BTC had a user base that was the same size as the USD's then the purchasing power would be a lot more stable. Stability will come with time as adoption grows. That doesn't happen overnight. It will take time. Those who want stable (but steadily rising) purchasing power will just have to be patient. |
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Define poor. Do most poor folks have cell phones?
My take is the poor is already priced out of bitcoin, the middle class is already priced out of bitcoin because people think in whole numbers. I can't tell you how many of my friends/coworkers have said, "I'll let you create a wallet for me but I want one bitcoin".
Perhaps you can help your friends understand the math that's involved. There are currently about 7 billion people in the world and a little less than 13 million bitcoins have been mined so far. There just aren't enough whole bitcoins for everyone to have one. Fortunately, each bitcoin can be divided into 100 million "whole" satoshis and your friends could each buy one million of those "whole" satoshis for about $4.50 at current prices. |
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He fails to explain that Bitcoin is a "bottom-up" solution and not a "top-down" solution. As bitcoin adoption expands the volatility in purchasing power (not necessarily price) will dampen. Purchasing power volatility is a small price to pay for being an early adopter of sound, honest money.
He also avoids the issue of how the new money is distributed when the money supply is expanded. Distributing the new money to the existing holders of the currency in proportion to their current holdings would be the fair and honest thing to do. This would allow for purchasing power stability that he claims is so important. Instead, large amounts of the new money are given to the bankers or handed over to the politicians and their cronies. These lowlifes are now able to buy the products and services that the productive members of society should be able to buy at lower prices.
Just a pathetic salesman trying to defend his racket.
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Circle has to be the worst idea in Bitcoin history; a Bitcoin central bank to centralize a decentralized cryptocurrency! Next thing we know, there will be a Bitcoin Federal Reserve, Bitcoin Fractional Reserve Banking and, of course, Bitcoin INFLATION!
Anyone who supports the idea of DECENTRALIZED CRYPTOCURRENCY needs to IMMEDIATELY speak out against circle and its corrupt CEO Jeremy Allaire. This is a massive ponzi scheme just waiting to happen. They are so desperate to attract Bitcoiners that they are giving away a free $10 in Bitcoin just to get you ID-verified on their system.
This is a travesty and I am just dumbfounded that such a company could even get off the ground. Bitcoiners need to speak out on the forums, blogs, magazines, commenting on articles - SPREAD THE WORD.
This company 'Circle' is gearing up for the biggest ponzi scheme that Bitcoin has ever known. And if these types of centralized Bitcoin banks are allowed to succeed, it could very well spell the end of Bitcoin and a mass exodus towards other, less commercially-corrupted cryptocurrencies.
Michael Moriarty
Sounds like a bunch of baseless FUD, but thanks for bringing them to my attention. I'll be looking into what they have to offer. I would never transfer all of my BTC to a single party, but if they incorporate multisig addresses and learn from the mistakes of other organizations, then they may very well be providing a valuable service. |
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lol.... the Zimbabwean dollar is no longer used as a currency, after it was withdrawn in 2009. Now the most popular uses of the Zimbabwean dollar are: 1. Toilet Paper 2. Land-fill 3. Emergency fuel  You mean to tell me I can't even buy one bitcoin with my life's savings of 50 quadrillion Zimbabwean dollars that I diligently saved and stuffed under my mattress?  I guess it's a good thing that the market would never allow the USD to suffer that same fate. |
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Absolute BS. If one Bitcoin becomes equal to $1 billion, that means that the total market cap of the Bitcoin becomes $21,000 trillion. That is 100 times the world GDP. Not possible either theoretically or practically.
What's the world GDP measured in Zimbabwe Dollars? |
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Last two questions.
Does anyone know how much capital is retained from profits for future reinvestment?
Are there any other revenue streams apart from self mining, franchise mining and chip sales?
I don't believe any profits from Gen3 chip sales are going to be retained, thus the "aggressive" dividends. I think friedcat has enough in reserves to cover Gen4 R&D. Nope. Those are the only revenue streams that I'm aware of. |
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Thanks to everyone casually buying 1 share and keeping the price a tad higher, every time someone eats through the bids. But lower prices are a good thing for those that are buying or still accumulating. The share price shouldn't matter for those that are waiting on the dividends to start being paid again. It's how much the dividends are going to be that really matters. |
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[X] Allow the user to choose BTC, mBTC, or µBTC.
+1 |
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the thing with mining that nobody seems to acknowledge is this;
If you have a rig that cost 1000$, paid for it in fiat, run it for one year and it mines a total of one single btc, it seems like a colossal loss at current prices. but if the btc price rises to 10 000$ in the future, even ten or twenty years from now... you have still made a good investment.
in traditional investing, doubling your money in ten years is seen as a decent conservative return. so if btc is even only worth 2000$ in 2024 you have a win, my friends.
support the network and hodl!
Or you could just buy 2 btc... just caught myself as you posted (edited) As far as I'm concerned, the only way to achieve ROI is to successfully mine more BTC than you would have been able to buy with the fiat you spent on the mining equipment. (Or, if the mining equipment is priced in BTC, mine more BTC than the amount of BTC that was spent on the equipment.) Now, of course, we know that the IRS considers mined BTC to be income as soon as it's mined, and expects to receive their cut. So, that's another cost that Americans have to take into consideration that makes achieving ROI even more difficult. |
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that would be big  Yep, and accumulating a reserve of sound money would help get them on the path to long-term solvency. |
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Time to invade Iran in search of Satoshi Nakamoto.
lol... Yep, they'll try to convince the sheeple that Satoshi is the mastermind behind this plot to destroy America by creating an alternative to the dollar. |
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There are folks out there that refuse to accept the fact that buying mining gear is losing against buy and hold, of course somedays they will get it, but there're always new bloods to replace them. At least AM and hopefully RM, give what user paid for unlike those scumbag / incompetence bfl,cointerra,knc .
And if it turns out that AM is having difficulty selling chips in sufficient numbers, then there's the self-mining option. |
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What means "Libertarian" ?
Honestly I don't know.
"Libertarian" with an uppercase "L" is a political party in the USA or a member of the Libertarian Party and "libertarian" with a lowercase "l" is someone who believes in libertarianism. |
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Yes. This was the first time he used IE to access his blockchain.info wallet. In the past he has always used Chrome.
Could it be this issue? |
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The closest we could find was an IE addon called WebCake that neither of us knew what it was.
Was he using IE to access blockchain.info? |
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Retired Admiral Mike Mullen has already identified the biggest threat to the USA. There's no reason for the DoD to start demonizing Bitcoin, which is an inanimate payment system and currency. Bitcoin will likely be one of the lifeboats that will save us from the coming calamity. Perhaps the DoD should refocus their attention on Congress. |
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Looks like we missed each other last night.
Let me know if you are still interested. My local post office is open until 17:00 CDT. They close for an hour for lunch from 12:30 CDT until 13:30 CDT.
It looks like the current rate is a little over $440. Do you want to buy 2 for $880? If so, PM your BTC Address and I'll get'em to you. |
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