While I agree Bitcoin will not replace the dollar, and it will certainly not do so tomorrow, using the correct scale shows just how bad a design is. A smaller Bitcoin is not less bad, just bad on a smaller scale, a local toxic spill as opposed to a full blown Exxon Valdez.
First, you're omitting the colossal amount of waste engendered at every level of the debt based we are enjoying right now, due to the very nature of the this economic model. Second, your point about maximum energy expenditure is irrelevant. As long as energy is available, mining will race to hashing power. If Bitcoin becomes so dominant that mining will suck the majority of the electricity produced in the world, then it'll turn into an energy race. Note too that worldwide electricity consumption is but a small portion of global energy expenditure. France is the country with the most nuclear power plants in the world and yet electricity is only 17% of its total energy expenditure. Also try to think about how that would change the portion of electricity within the total energy expenditure, while keeping in mind that electricity in most of the southern hemisphere can be produced 100% green. Lastly, how do you propose a decentralized, p2p store of value achieves high enough levels of security to serve its purpose properly without the use of intensive and aggressive concepts such as proof of work? What do you think is more wasteful, to produce wealth and have it consistently weaseled out of your hands, or spend energy to maintain and protect a proper currency? Resources spent to protect wealth are just a fact of life, deal with it. And be happy that there are stores of value out there that won't lose in value on top of costing you to protect and store them. |
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Disregard Females
Acquire Bitcoins
Disregard Keynsians Acquire Bitcoins |
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I am confused, maybe I am just reallllly tired; i've dedicated my life pretty much to being a geek so feel free to ridicule me if it's an obvious oversight here how is the number of bitcoins for the address stored? where is it stored? how is it secured? if I format, and lose my address, do I lose all my bitcoin cash? what the hell stops someone else using my address? what lets me use my own address? I am so confused  thanks guys Every transaction is registered in the block chain. You have a wallet, holding pairs of public/private keys. You give your public to people that pay you, they sign their coins to your public key. You then need the matching private key to use the BTC so: - Your keys are in your wallet, means lose the wallet, lose the BTC. Someone gets your wallet, they can send themselves the BTC. - Everything else is in the block chain, means you can access your coins wherever you want as long as got your wallet with you. Careful with that though. - Public addresses are only to send BTC to you. Someone can use it, and you'd be getting free BTC =P - Right now you are expected to provide security for your wallet on your own. Client based wallet encryption is under dev/testing right now. |
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I think publicity is no longer something that need to be sought out. However, some of the anti-bitcoin propaganda that is becoming more and more prevalent does need rebuttal...in a rational, level headed manner. Predictably, the propaganda machine is cranking up and trying to associate bitcoin with various illegal activity. A simple counter point to that is to describe to people how insane you'd be to use bitcoin for illegal activity as every transaction will be recorded permanently and available to anyone for analysis. Most criminals likely do not possess the skills that would be necessary to hide your tracks in the digital world. Criminals and tax evaders would be wise to steer very clear of bitcoin.
There are criminals going about their business as we speak. These criminals are already savvy enough to do what they do without getting caught and Bitcoin won't change a thing to it. As for wannabe criminals that thought they might get away with it now thanks to Bitcoin, 99% of them will get caught, since this is but a case of PEBCAK. |
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Any progress on this? Seems to be one of the most important outstanding issues.
I've got other stuff on the works right now, but if by the time I've got some time no one has implemented it, I'll give it a try. |
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can't bitcoins be broken down even into smaller denominations if necessary? Like even beyond a satoshi?
Yes, there is no hard limit so to speak. |
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your (frankly silly) mistake is that you think i'm a bitcoin detractor. nothing could be further from the truth.
Well then that's some tough Christian love you got yourself for Bitcoins xD bla bla bla Personal attack, random nonsensical ranting, and other stuff. Good job making a fool out of yourself. |
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What I've learned so far: - Stay out of the economic forums, loon fest Bitcoin hater den - Stay out of the mining forums, idiocy contest between cpu miners and Deepbit fanboys led on a river of hurr durr gpu won't work. and of course, I've learned by following twitter: that everyone is an 'expert'. As well as being millionaires and having gigantic schlongs. Welcome to the internet! |
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Except that loans really do make money out of thin air.
lawl |
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The part about bubbles being 'fuelled' by expansionary policies is probably correct, however it's not the same as 'caused'. More money should mean blanket inflation, if most prices stay the same while a sudden part of society decides that groceries.com is the wave of future, than we are talking about a speculative mania. The fact that money was easy to get does not exempt the investors who used it to inflate a bubble.
That's called malinvestement, which you will note is spurred by inflationary and credit based economic models. The problem is simple, people fuck up, disregarding the economic model. The difference is, in a debt based economy, the fuck ups will trickle down to every part of the economy, since essentially, it was wealth one did not own that was lost, as well as wealth that was being expected and planned upon. A severe case of putting the cart in front of the horses. In a savings based economy, the losses will be limited to the poor investors themselves, and their wasted savings. |
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Quick, newbies screaming bubble and hating on deflation! Bitcoin will die, you guys should gtfo while you still can!!
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I split this topic from the Public Relations thread. Apologies for any mistakes I made selecting which posts to split.
For the record: I think a main block chain reset is a terrible idea.
You had to start it with a comment about you looking like spock didn't you o.o" |
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so there is a game that is being played by people with a strong media presence, like gambling? they get points for siding with the 'right' things and not siding with the 'wrong' things?
i never looked at it that way.
it's pretty sad.
Since the audience somehow only managed to endow itself with short term memory and a short attention span, this is a win-win game: trash any and everything you can with sensationalist headlines, 6 months from now whether it happens or not as you predicted is irrelevant. |
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This. If it is GUI related, you can just isolate the core classes and put your GUI code in a seperate file..
Or just make a GUI as a front-end for bitcoind, no need to edit the original code at all, just send API commands to the daemon. I like the idea but you'd depend on bitcoind for portability. |
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Of course, but you need to be very careful to get everything right and secure.
I'm sure it's not the client you don't like, but the GUI.
Maybe you can change what you don't like and publish some patches for the official client.
This. If it is GUI related, you can just isolate the core classes and put your GUI code in a seperate file, will make it even easiers for others to adopt it. If you want to change part of the core code, that's another story altogether. |
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This instead of the halving block rewards? Is this from the fear that fees won't provide enough incentive to mine?
I think it's mainly to skip the halving of coinbased reward milestones altogether. But then if the tx fee passes 55BTC before the 21mil target, you wouldn't be able to reach it, which isn't much of a problem I guess. |
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Then maybe you don't have an openCL device altogether. What's your gpu?
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Point blank, some of the regular HN spammers like the one protesting too much in this thread (just as a for example) don't give a shit how they're coming across to the majority there as long as they are getting some traction with somebody.
Nevertheless, the spamming is retarded. |
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Yes. If you get 0.1 BTC in fees in your block:
49.91 SHINY NEW BTC with no TX history
0.1 BTC in fees
for a total of 50.01.
Ok now let's discuss what's the point oO, cuz I can't fathom much of it. |
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