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381  Bitcoin / Bitcoin Discussion / Re: Ecuador: The First Country to make it's own CrytoCurrency on: August 17, 2014, 02:12:03 AM
They could just exchange the crypto coins for their local currency at a fixed rate, and say that the local fiat currency will no longer be accepted after "x" date. This is how the Euro was distributed.
AFAIK Ecuador does not have local currency, they uses bucks. why not support bitcoin, rather than inventing yet another bicycle?..
The Ecuador government could implement a similar deadline as the EU did with the various local currencies. It could mandate that their citizens start to use their crypto coin starting on a certain date. Citizens could have a grace period as to when both the US dollar and their currency would be accepted.

With all that being said, IMO this is very unlikely because the dollar is accepted almost anywhere in the world and has a much more stable value then bitcoin does.
382  Bitcoin / Bitcoin Discussion / Re: Satoshi was murdered? New evidence coming in on: August 17, 2014, 02:07:12 AM
Probably he is still here in this precise moment, writing in the forum under a different account to help developers with the coin releases.
Maybe he just lost his password, maybe is dead, nobody knows that for sure.
I would doubt he would have lost his password as he does not seem like someone who would make this kind of mistake.

I wouldn't doubt that he somewhat monitors this forum for developments regarding bitcoin. And I would certainly say that he monitors bitcoin related news.

He is almost certainly not helping release any of the alt coins that are out there as most of them (really all of them) are just stupid.
383  Bitcoin / Bitcoin Discussion / Re: ARGENTINA COULD BE THE 1ST COUNTRY USING BITCOIN AS OFFICIAL CURRENCY on: August 17, 2014, 02:02:13 AM
it's too much of a gamble, even for a country like argentina.. besides, i doubt their population doesn't have the capacity to use it as the country's main currency.

Even in this unlikely case, they probably wouldn't adopt bitcoin per se.
They'd most likely peg their currency to it for the reasons you mention (like pegging your currency to a basket of trade weighted other currencies)..
The argentina peso is already more or less pegged to the dollar on the government sanctioned currency exchanges. The most likely scenario is that Argentina would have a much higher adoption rate of bitcoin then the rest of the world. The government of Argentina is unlikely to give up control of their currency as they are more or less a deadbeat government (has a history of defaulting on their obligations). 
384  Bitcoin / Bitcoin Discussion / Re: How easy it is to KILL bitcoin. on: August 17, 2014, 01:54:53 AM
This sounds a lot like FUD to me. Most of what the OP is describing is already possible today with a few important details. It is not possible to decrypt an encrypted message without the private key that is to be used to decrypt the message. TOR uses encryption to access the entry guards so if you were to connect to TOR all that anyone would see be able to see is the fact that you are connecting to TOR. The same applies to signed messages that are not encrypted. If you sign a message using crypto technology and the message is somehow altered then the signature would not match the message and would not be accepted.
385  Bitcoin / Bitcoin Discussion / Re: Why don't people under ISIS rule buy bitcoin? on: August 17, 2014, 12:15:53 AM
Most likely because it is hard to get it and hard to use it. Remember you have to have internet connection and a mobile phone at least to buy it and use it. Not everyone has that, and that is holding it back. In my opinion at least.

Most of the people living in cities such as Baghdad and Basra are having broadband internet connection, although the same can't be said about the rural areas, such as the ISIS-infected villages of Al-Anbar.  Grin
From what I can tell from news reports, most of the places that the ISIS has under it's control are more rural areas, and a lot of what they have under their control are the mountains in Iraq. It may make some level of sense for people in the major cities in Iraq to buy bitcoin prior to the ISIS taking over where they live.
386  Bitcoin / Bitcoin Discussion / Re: Good news everyone! on: August 17, 2014, 12:08:36 AM
Good on you for taking the initiative to propose Bitcoin to the higher ups.  That is something I hope pays off in the long run for both you and the company you work for.  I also completely understand not saying who you work for and associating the forum account with the company is smart IMO.
If he already knew about bitcoin then your impact was likely very small, but you rather just confirmed that he knows about bitcoin. If a lot of customers were asking about your store accepting bitcoin then it would be a different story.
387  Bitcoin / Bitcoin Discussion / Re: Who's brave/stupid enough to invest their life savings into Bitcoin? on: August 17, 2014, 12:06:50 AM
I don't think it's smart to invest all you have in anything. Just being a sane person, never put all your eggs in one basket. It's simply not logical to do something like that when you know your future depends on it.

Diversify is smart but if you are young or if your savings is a amount of money compared to your revenues or futures revenues you can take a chance and bet it all in
Even if you are young and have a long time to recoup your potential early losses, putting your eggs in one basket is still a very bad idea. The money that you invest early in your life will grow the most by the time you retire in 50-60 years as it will have the most time to grow.
388  Bitcoin / Bitcoin Discussion / Re: Bitcoin sites leaked :( - Big bitcoin members emails database on: August 17, 2014, 12:04:59 AM
As of now it seems that this is just scam in the case of bitcoin.de. This is not the first attempt of this kind. The person trying to make money out of this wasn't able to provide any proof that this data is indeed what he claims it is.

Best regards
Oliver

This is good to know, it would be good to hear from the other sites, though I suspect this is a hoax/scam.  As others have noted freebitco.in has a lot of users, but I'm not sure what the value of the passwords would be since they are tied to btc addresses not anything useful.
Well, you can change receiving address but then user would get email about that. Only way it could work is if rhat mail went to spam folder. Also problem is that users have same passwords for many sites, so somebody could hack much more things then just freebitco.in account.
The bitcoin stored on sites like freebitco.in are likely little to none and it would likely not even be worth it to attempt to steal funds from these accounts. There may be a very small number of accounts that have something "writing home about" but the overall take would be very little.
I've just remembered that there could be some advertising accounts on the site which have solid amount of money. But I also doubt that its database is worth 3 BTC.
3 BTC is only ~$1,500 with BTC trading at $500/BTC. I don't think that advertisers would likely have massive amounts of BTC on that site (or on any site). Another important note is that the site is likely not able to generate even market rates for ads as it likely generates very low quality traffic and much of the traffic is likely from repeat visitors.
389  Bitcoin / Bitcoin Discussion / Re: Three Men Mine $200,000 In Bitcoin Every Month on: August 16, 2014, 11:49:47 PM
yeah, but I'm not so into the ASIC game. I feel like the only people who can truly profit are the ones who have endless amounts of money to continuously dump into the newest and most efficient ASIC miners. I'll be sticking with my GPUs mining alts for the time being. The downside is having to do the research to find the right coins to mine.

The only ones who actually profit with big margins are the makers. Build the next generation ASIC, mine with it at lower difficulty, and then sell off the obsolete to suckers.

Mining is more or less useless now, sadly.
For most small miners this is more of less true. However if you are able to invest a much larger amount into your mining operation then you may be able to get the manufacturers to ship you your miners much earlier then others as if they wouldn't they would lose out on a very big sale.
390  Bitcoin / Bitcoin Discussion / Re: Margin Call in Bitcoin World on: August 16, 2014, 11:47:52 PM
Check Chinese exchanges selling unbacked btc, I think you'll find your answer there. In my opinion that is what is driving the price down. It's like a lot of forged money is around and sure it will drive the price down, since there is more then should be.
I think panic selling by people on Chinese exchanges realizing that their bitcoin in their account is not backed by anything would cause a much larger drop in price. Look at what happened on Gox when it was clear that they did not have BTC to back their trading positions; the price fell as low as ~150/BTC when other exchanges were trading ~700-800/btc. If this was panic selling like this then we would see a much larger drop (IMO) and there would be a much larger divergence in the prices on various exchanges.
391  Bitcoin / Bitcoin Discussion / Re: The Declaration Of Bitcoin's Independence on: August 16, 2014, 11:38:35 PM
LOL. OK I should have said "went on to become the greatest country the world has ever seen."

In terms of technological advancements, its true.

I appreciate the rap dubstep breakdown in the middle.

It was fiat that allowed my beloved America to become the most prosperous nation on earth.  We must not forget that.  If America turns it's back on fiat, it will be doomed.
This is really not true. America's industrial economy allowed it to be as prosperous as it is today. Since the industrial revolution technology has also helped the US's economy grow and prosper (the technology sector). Fiat has simply been what trade in the US economy has been done it. If trade was done in some other way then it would not have effected as to how big the US economy has grown to become, as long as the method of trade is something that is widely accepted and easily spent.
392  Economy / Economics / Re: The Export-Import Bank on: August 16, 2014, 11:20:18 PM
Should it stay or should it go? It is little more than thinly disguised corporate welfare.

It should go. Its just another market distorting corporate subsidy at taxpayer expense.
If it were to go wouldn't it put American companies (and the US economy) at a competitive disadvantage? Hint: the answer is yes because most other industrialized countries have similar subsidies. The result of shutting the ex-im bank would be that the US economy would grow less then it otherwise would and jobs would be relocated overseas that would otherwise be competitive in the US.

Just because other countries tax their people in order to sell things to us at under-market prices, we should that favor in return?
Is the goal is to move manufacturing into this country in those industries so that we can get the secrets of foreign production techniques?
Is there a special interest for subsidizing a particular industry at the expense of all the others for strategic reasons?
If we don't do this then our companies will be at an international disadvantage. if they are at a disadvantage like this then they would need to employ less people, which would shrink the tax base. if the tax base is less then in order to collect the same tax revenue overall tax rates will need to rise.
Doing it also puts "our" companies at an international disadvantage.
It marries them to the state, making them dependent on subsidy so fatter and lazier than needed.  That it does so by killing off other companies that would have survived but for the marginal tax to support the favored few (minus the losses by running it through the bureaucracy) is a bit of economic self destruction.

Doing this sort of thing does accomplish something, it creates the new industry of government begging for the folks that lobby for these handouts.  GDP measures that as a plus, but it oughtn't.  It produces nothing.
What the ex-im bank does is reduce counter-party risk for American companies. If for example a foreign company wanted to buy $100 million dollars worth of light-bulbs from GE, then GE could use the ex-im bank to guarantee this payment while they are producing these light-bulbs. If GE's customer were to default then GE would still get paid and the light-bulbs would be given to the ex-im bank to sell or otherwise dispose of. In this situation, without the ex-im bank, GE would either need to take on more credit risk, produce a better light-bulb, charge less then the competition, or a combination of the three to be on a level playing field then it's competitors. If they did not then they would be at a disadvantage and would likely receive much fewer sales as a foreign company could buy the light-bulbs of a similar quality at a similar price on better terms from someone else. There is no way to use efficiency to solve this issue.
393  Economy / Economics / Re: Easiest way to make BTC? on: August 16, 2014, 10:54:04 PM
Yeah, what's the easiest way to make the most BTC?

Convince your boss to pay you in bitcoins instead of fiat.
While this would technically allow you to "earn" BTC, I really don't think this would answer the spirit of the OP's question. Getting paid in BTC instead of fiat would likely actually decrease your total earnings, as they would only pay you in fiat and would "charge" you all of the expenses in paying you this way.

I would agree with the many people who have posted that signature campaigns are the best way to make BTC, as you will get paid for something that you would normally do for free.
394  Economy / Economics / Re: Bitcoin Derivatives on: August 16, 2014, 10:51:52 PM
Are you looking for something like futures? If so then you might as well use margin trading (it really is the same thing as trading futures, with only technical differences), which is allowed at btc-e and bitfinex. If you are looking for options then you can try updown.bt which allows binary options on a number of markets.
395  Economy / Economics / Re: Facebook accepts Bitcoin? on: August 16, 2014, 10:35:07 PM
There is no guarantee facebook is thinking about accepting bitcoin. They already accepted whatsapp and instagram. Right now, it seems like Facebook is getting ready for another new technology by accepting bitcoin. The company is ready to provide financial services and electronic money.
It isn't so much that facebook "accepted" instagram and whatsapp but they rather bought them out.

It is already possible to pay for things via bitcoin on facebook and IMO it is only a matter of time that facebook will start to accept bitcoin for payment for ads and likely credits. Also since it is possible to purchase many gift cards on this forum, I would not be surprised to start to see trading of facebook credits on the marketplace sometime in the future.

Facebook credits will slowly fade away. Merchants might decided to by pass payment system and accept and deal using bitcoin directly.
AFAIK facebook has rules against this. The most common use for facebook credits is for in-game purchases, and maybe for advertising (although I am not 100% sure on this). AFAIK if someone wants to sell something "inside" facebook, then they need to use facebook credits; if they want to use some other payment method then they can use their own website to sell their product on.
396  Economy / Economics / Re: "Treasury Securities" vs. US National Debt on: August 16, 2014, 10:32:59 PM
Unfunded liability such as social security and pension are not counted toward the National debt figure.

The money need to be printed in the coming years will be staggering as baby boomer starting to retire.

Actually, the money spent by the Fed on assets was essentially "printed" though technically "created" by Bernanke pressing a button.  This is why so many people thought there would be a lot of inflation right now in the USA.  However, the velocity of money dropped and so inflation has yet to show up.  This has enabled left of center economists like Paul Krugman to claim that more of the same is needed to create full employment.
This still does not account for the unfunded liabilities. Our country needs serious entitlement reforms in order for us to be able to continue paying our bills.
I'm sorry to jump all over this, but the words "entitlement reforms" make me mad.  First, I very much dislike how people use "reform" to try to make screwing over people's lives (seriously in some cases) sound like an improvement.  And second, "entitlement" is a poor way of describing things like Social Security and Medicare because of all the connotations the word has.  I think they are better described as paid-for benefits.  You pay into the system to earn a benefit in the future.

That said, I don't fault you personally for using those terms as, unfortunately, they've caught on.
You do not pay into any system. Social security is setup so that the taxes you pay today pay for today's beneficiaries of the entitlement. You do not have any kind of "social security account" that increases in value as you pay more in taxes, although this would be a much better system then what we have today.

When social security was first implemented, the average person would live to be around the age that they would be able to retire with "standard" benefits (not early retirement, not full retirement) so they would receive benefits for a very short amount of time, however today, people will most often live for decades after they can receive even full retirement benefits. As a result people are able to draw much more benefits then what they "put into" (aka paid taxes for) the system. This is obviously not sustainable.

Yes, you pay into the Social Security system: you pay X today so that (hopefully) you will get Y tomorrow.  I said nothing about having a Social Security account.  There is (or at least used to be) a trust fund that held all the saved money from the system.  I believe, however, that it's been mostly drained due to improper management of the system.

Social Security is intentionally designed to be a pyramid scheme.  If all the numbers were actuarially adjusted to properly balance the inputs and outputs, it would work well.  But with longer life spans and an aging population, benefits have effectively become too generous.  But that still doesn't mean that the benefits each person has earned to date should be diminished.
You pay in "x" over your career in taxes, however under today's system you will end up receiving more then "x" in benefits over your retirement even after accounting for inflation and interest. In other words you end up taking more then you pay in taxes over your retirement. This is obviously not sustainable and changes need to be made.
I would hope that if you pay in X over your career that you'd get more than X+inflation out (interest might be pushing it).  Otherwise there's little point.  But as long as the numbers are calculated correctly, that doesn't *have* to be a problem.  The population *should* be growing such that there will always be more workers paying in than those receiving benefits.  But with people having fewer kids now, that really messes things up.  Like I said, it's supposed to be a pyramid system.  And it works fine as long as the base is much wider than the top.
I would disagree that it should work this way. The social security administration obviously has administrative costs that would need to come out of total benefits paid. Social security has been setup very much like a pyramid scheme but this is a very bad way of doing it (only a liberal would think this is a good idea). The thing is that the population boom that we saw after WW2 when soldiers started to come home and a lot of people started to start families at roughly the same time was not sustainable and was not sustained. As a result we will (and are) having a concentrated number of people stopping paying FICA taxes and start taking social security benefits at the same time. A very major problem with having SS be a massive pyramid scheme is that the earth has limited resources and can only handle a limited number of people living on it at one time (based on things like ability to house people, ability to grow enough food, ability to produce energy, total water supply) so population growth cannot last forever. Social security should be setup so that the average person draw slightly less then total taxes paid over their career plus inflation in total benefits. Some people would obviously draw more because they last longer, and some people would draw less because they die at a young(ish) age.
397  Economy / Economics / Re: PB mining, Ponzi or Succesfull Business on: August 16, 2014, 10:17:57 PM
I wouldn't say that they are so much a ponzi scheme, however they do sell mining capacity that is way overpriced. Their cost per GHs is well over what each GHs will likely earn over the 5 year period. Another thing that is very unfair to their customers is that they force customers to prepay for 5 years worth of electricity when they buy a contract, however after several months the hardware is likely to produce less BTC then the cost of the electricity will consume so their customers would be better off if they simply turned off the GHs after a certain time.
398  Economy / Economics / Re: How profitable are exchanges? on: August 16, 2014, 10:14:48 PM
they are surely less profitable now, but usually they are the most profitable thing, between fee/voting and other stuff, they earn lots of btc per day, but you need a good employers with security internet study ecc....
I think that the altcoin exchanges likely make a lot of money from coin voting "fees"....I really think that is almost a genius idea to have people "vote" to have additional coins supported on their exchanges with their money. I would think that it usually costs next to nothing to have an additional coin supported by the exchange and the exchange could protect themselves by mandating that a higher number of confirms is needed for coins that are less secure.
399  Economy / Economics / Re: Can bitcoin survive without the Internet? on: August 16, 2014, 08:06:07 PM
Radio waves could work, but let's assume no wireless communication...

Bitcoin could probably survive without internet per-se, but there would still have to be a Bitcoin network. Perhaps people could print out signed transactions and deliver or mail them to their local node, which would exchange with some other nodes (either on paper of digital media such as SD cards). Each region/nation could have a "supernode" clearing-houses which would receive local transactions and send them to foreign supernodes  (maybe via telegraph cables? If we are generous to ourselves) and vice-versa in order to speed the regular node-to-node propagation.

(*Sigh*, when I started this post I didn't realize how ridiculous this would sound)

I have little idea how mining would work because I don't know enough about how it works now, but presumably blocks could be distributed by the same methods, although mining might have to be done by super-nodes exclusively.

In that situation, I'd say paper currency is probably better, BUT I would like to see the look on my face when I get a letter in the snail-mail letting me know that "You've received a Bitcoin payment for 125 mBTC!" or "Your payment of 125 mBTC to 1CBNHbNNJ4C3dTELRJq312hXFwUqxg7bnm has been confirmed!"
A letter in the mail would not allow you to know if the TX was actually confirmed, nor would it allow you to check for double spends and reject the TX if your letter is a double spend.

You'd get a letter several days later letting you know that "Your payment of 125 mBTC to 1CBNHbNNJ4C3dTELRJq312hXFwUqxg7bnm has been confirmed!" Wink
Who would send this letter? I can't imagine anyone paying for anything close to this kind of service without there being some kind of central authority. Additionally a letter in the mail will cost at least 34 cents while most transactions today cost 5 cents making it at the very minimum 7 times as expensive to send a TX then with "todays" bitcoin.

The nodes would. I'm sure there would probably be a fee to "connect" to nodes as well. Increased costs are to be expected any time there is a massive reduction in technology.
One of the major benefits of bitcoin is that it is, for all intensive purposes free to use (yes you have to pay very little to spend your money, but this is an insignificant amount). If you were to have to pay upwards of $0.34+ to send a TX (it would actually be much more as the nodes would need to send multiple letters to other nodes re: the TX, probably 100x as much) it would make much less sense to use bitcoin.

EDIT: today there are roughly 7k nodes on the network. If a node would have to send 7k letters each time a TX was sent then it would cost almost $2,400 per TX, and this is a lot more then the average TX size. What this would be good for is a way to save the US postal service.
400  Economy / Economics / Re: Dollar coming to an end on: August 16, 2014, 08:03:02 PM
Before dollar will come to an end, everyone will have died then, so it will not affect us.
This is the most naive comment I have ever seen.

If you would read a majority of the thread, you would have seen why the dollar will collapse BEFORE you are dead. It will affect you plenty.

Please, go read the thread.
What is in this thread is mostly speculation and generally not backed up by facts. It would be unprecedented for the dollar to fall from where it is now to "come to an end" in just one generation. The british pound is still a major currency several generations (~300 years) after it's empire collapsed. The greek economy flourished for a long time after it's empire collapsed.   
I would also highly doubt that the dollar will collapse for the very same reasons. I would hope that other currencies like bitcoin would become more commonly use in trade, potentially to levels that would eclipse other major currencies. However it is very difficult to make huge impacts on levels of currency trade.
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