No don't think it violate the Mises regression theorem, it is just that it evolved incredibly fast so the first stages where barely noticeable.
BitCoin was not actually created as a money, but a scarce virtual good that can be owned anonymously. The first transactions with BitCoin would have been barter and not indirect exchanges. People mined some coin and used it to barter to something else, and only gradually there are more and more indirect exchanges where BitCoin is a money taking place.
The fact that a owner of a unit of BitCoin good can not be directly identified and that it is virtual add tremendous utility value to BitCoin. Also a bit of the initial value can be derived from the nuseanse and cost of creating it. Mises theorem is simply and understandably just not adapted to a virtual economy so it is difficult to see, but there is utility value in BitCoin that is not purely monetary. It don't think Mises ever claimed something first have to be used in heavy industry, gold didn't have any industrial value before it was used as money. It was just pretty to make ornaments from and scarce. With BitCoin instead of wanting shiny things to give the money initial value people wanted something which is virtual and who's owner is very difficult to identify...
Cost does not create value. Cost is paid because value is expected. |
|
|
|
Have you guys considered what might happen if EFF were mounting a vigorous defense of Bitcoin, if they were sitting on a huge pile of it? What if the shit hits the fan a year and a half from now and those 3k coins or whatever are then with 1.2 billion USD? Do you think that would help the Defense or the Prosecution in the Federal racketeering and money laundering case against your Bitcoin shoe-shine and haircut parlor?
I'm going to go out on a limb and say yes 1.2B would help. But if it's worth that we won't need defense. |
|
|
|
|
Dwolla won't help you. There are solutions for Aus though. Let me look for a minute.
|
|
|
|
Another option is to make it 100/((n/4)^2) with special adjustment to 50 for n=1, this still keeps the first 8 year the same as today, thus limiting short term effect, and also guarantees a finite total number of BitCoins.
If wanted some other adjustments can be made to make the total 21,000,000 but still have a heavy enough tail.
If you release a version of the Bitcoin client with this change made, and 51% of the network starts using it, then congratulations, you've changed the rules. Not really, the 49% will just keep using Bitcoin with Bitcoin rules. What happens when the longest chain doesn't match the client's rules for what a chain is supposed to look like? If I tell my client that, say, new generations can only be 5.0 BTC, what will it do? Bitcoin rejects invalid generates (and other tx) regardless of how long a chain they are in. This is why the >50% attack is double spending or stopping tx only not magic creating money. You can have your chain with as many or few people as you like, it just isn't Bitcoin and no Bitcoin client will ever accept it. |
|
|
|
Another option is to make it 100/((n/4)^2) with special adjustment to 50 for n=1, this still keeps the first 8 year the same as today, thus limiting short term effect, and also guarantees a finite total number of BitCoins.
If wanted some other adjustments can be made to make the total 21,000,000 but still have a heavy enough tail.
If you release a version of the Bitcoin client with this change made, and 51% of the network starts using it, then congratulations, you've changed the rules. Not really, the 49% will just keep using Bitcoin with Bitcoin rules. |
|
|
|
If they do just leave the damn country, and change currencies before you go lol
To what? Already using Bitcoin  |
|
|
|
|
Starting after July 1st, lasting 1-3 months. 1-2br. Near BART best. Looking to spend ~70/mo, flexible.
|
|
|
|
If you're in Austin, TX and have at least 50 BTC you're willing to sell me for cash, PM me. what is your defiition of a large amount? I'm guessing 50 since that's what he said. |
|
|
|
1. Buy a box of Mesh Potatoes 2. Go to supermarket 3. Hand Potatoes to housewives 4. Whisper "Mesh with me" 5.  More seriously: 1. Buy Potatoes 2. Set up a booth at a conference/fair with interested folks 3. Give away enough Potatoes to build a local network 4. Sell remaining Potatoes because they are worth a lot more now that there is a network to link into |
|
|
|
There does seem to be hoarding. Perhaps more selling to reduce volatility and additional exchanges like Mt Gox would reduce volatility and increase credibility. "Animated graph showing from which point in time coins have moved and stayed unused. Analyzed directly from the complete blockchain. You can see some fairly large (+200kBTC) chunks of coins being moved forward at once multiple times around the end. Coins from the first 240 days are barely moving. About half of the coins generated between the 300 and 700th day after the chain started have been transferred forward at this point. 22% of all the coins have moved in the past 30 days." http://www.youtube.com/watch?v=9q3UtmhR9G8I swear I'm not hoarding any coins. All the ones I haven't spent yet are being saved. |
|
|
|
|
I know it isn't implemented, but can't a fee be 'added' to an unconfirming tx by creating a transaction that depends on it that has a fee? Now the miner does both and gets the fee on the second, but can't get the fee without making the tx valid by doing the first.
|
|
|
|
|
Neat, I'll probably sell you a few.
|
|
|
|
A little prediction...
Long term, if bitcoin users can't be taxed, governments will have no choice except to start charging absurd amounts for electricity. We have to pay for roads somehow.
Long term there won't be governments. There will still be roads if we want them. |
|
|
|
|
Do it the other way. Make awesome product, get mad donations.
|
|
|
|
|
Someone should invent a decentralized currency we can use so that it doesn't matter what Senators think... oh wait, nice.
|
|
|
|
USD is soon going to go into hyperinflation
roflmao!  It won't be as funny as you think it will. |
|
|
|
|
Any guesses on how much Silk Road is paying schumer?
|
|
|
|
|
Show Posts
