that this OKPay withdrawal is just another part of the tactical manouevres undertaken by Government institutions to crack down on Bitcoin.
You simply do not "crack down" on Bitcoin. It's about time financial institutions and their sockpuppets (the Governments) grow up some balls and officially outlaw Bitcoin, so they can face the harsh reality: Bitcoin is resilient to bans and regulation by design.Anyhow I think they know it, so they won't make us the favour to ban Bitcoin - they know they would have lost the battle from the very beginning, so they will try to play their cards in a different way. Governments are big, with vast and sprawling org charts full of people trying to do things in the interest of that government. There are a lot of branches on those org charts looking at this stuff with more than a passing interest. Bitcoin can serve their interests pretty well in so far as its logging ability being useful for tracking transactions. Use of anonymity addons can be indicative of intent, which is a prong in most criminal prosecutions. Our tree will be pruned of bad fruit, and even of good fruit infected with a few bad worms, but it has good roots. It will grow and adapt. |
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does anyone think that the hashing war will level off once mining revenues switch mainly from block rewards to transaction fees?
This should provide incentive for more miners to sell and trade Bitcoins and to get more of a marketplace established, to seed the market and create more transactions for gathering the fees. |
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http://mises.org/daily/1121There are. Here is one that lasted for longer than the United States has been an independent country, before they had their first civil war. Some have argued that where there is greatest freedom on the planet today, are those places where the Vikings had invaded. On behalf of one of those countries the Vikings invaded, allow me to say that some have bloody foolish ideas of what freedom means. Indeed. That statement needs to define what "freedom" means to the observer. Rights are not the same as abilities, and permission is not the same as liberty. And correlation is not causation... Which raises an interesting anthropological question. What causes lead toward a society to remaining voluntary? |
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http://mises.org/daily/1121There are. Here is one that lasted for longer than the United States has been an independent country, before they had their first civil war. Some have argued that where there is greatest freedom on the planet today, are those places where the Vikings had invaded. |
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But as they say, "bad money drives out good".
That is only true when an authority like the state enforces the use of bad money and merchants to accept it. If that is not the case, then good money will drive out the bad, because merchants will prefer and demand it (gold, silver, bitcoins). Or, it is always true when there are multiple currencies in play and you are suggesting a situation where there is not multiple? For the example of the United States, where there is not such enforcement of the use of bad money generally. The only place you are forced to use the fiat money is when you are paying your taxes (the Legal Tender law). So when the merchant is the government, they demand (not merely prefer) the bad. Everyone else is free to offer or take what they desire, provided the exchange does not include contraband, there is the same tax liability no matter the currency, and the tax gets calculated on the unit of account for the tax. One risk in accepting something other than the fiat is that when time comes to pay the taxman, if everyone is converting to the fiat at that time, there is a price drop at the worst time. So it may be easier and perceived as less risky to use the fiat, until such time as the network effects and systemic integration benefits make it easy to change, this is how Diner's Club card was born. And so we have payment cards of many types. When we have automatic accounting for bitcoin built into things like quickbooks or other small merchant applications that can read the blockchain and do their accounting for them, we get a more broad acceptance. |
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Wrong. It was never, EVER, sold or represented as a Research and Development product.
He's a sockpuppet or a troll. Defending BFL at this stage is beyond possible. Notice Gavin made a nice statement about BFL's delay and then suddenly this happened: Got a ButterflyLabs ASIC doo-hickey. PITA to find/setup pool/software/etc, but it is now hashing away at 5.2 GigaHash @ 35 watts I wonder when he preordered.... https://twitter.com/gavinandresenPossibly it was a resale from someone else who pre-ordered. |
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Unfortunately this is what happens with a currency that has a limited amount of units. If btc was limitless, then there would be no need for hoarding and thus its value would plummet as there would be btc in abundance. As an example, communities in the US are starting to use time as a unit of currency which is itself limitless in supply, thus eliminating the need to hoard. See www.themoneyfix.orgTime is limitless only if you are immortal. So what is your point? The idea between a fiat and a community currency (if you bothered to watch the documentary it discusses about the use of River hours named after the community it is used in) is that fiat money is itself limited by the supply that is being produced and thus would encourage hoarding. Time is a currency that anyone can give to the community (obviously within the life expectancy of the person) and there is no reason to hoard this type of currency as it is limitless. Therefore, people within the community contribute to their local economy when there is a need which brings to the opposite end which are wage slaves which is what you see nowadays people working to make ends meet. Which do you prefer? Being a slave your entire life or work only when you need to? You are engaging in some interesting rhetoric and it is difficult to see if you are agreeing or not. If you equate work with slavery (which I don't, the difference is coercion vs freedom to contract) and the hours of your life are the currency of the land, then everyone would be participating in a slave economy. Take a look at what policy goals you are looking to achieve with the currency in play. The same incentives for hoarding exist whether you pay someone in gold or in hours. Money in its simplest form is the means used to convince someone to do something that they would not do for free. Bad money in circulation drives good money into hoards. |
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Like i said, the best we can do is to simply offer more services for bitcoin. I'm working on new game i will be selling for bitcoin only (and i am paying for everything using bitcoin where possible). And guess what. I am going to HOARD them. Get over it.
Seems like the opposite of hoarding to me, seems like you are participating in the bitcoin economy. |
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Having the MAJORITY (51%) of the hashing power, more or less ends the currency, doesn't it?
No. The effects of a 51% attack are only temporary. As soon as the attacker stops attacking, or is overpowered by legitimate miners, the network will instantly resume normal operation. Some people may have been ripped off the attacker's double-spends, and everyone will be forced to temporarily stop accepting bitcoins to avoid becoming a victim of a double-spend themselves, and the exchange rate will likely take a massive hit as many people lose confidence in the currency, but apart from that it'll be as if nothing ever happened. Apart from that? That is quite a lot actually. What will get the attack to stop, other than defeating it? So a hashrate / difficulty increase is a call to arms for those that would defend the currency. The army of gamers and their GPUs can be called on via bitcointalk and STEAM and WOW (or whatever game might be popular now) to leave their raids and get to mining instead. That is our bitcoin Paul Revere These gamers are our minute-men and women. The alerting and alarming systems should be prepared and tested if we are going to expect them to be effective. |
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In fact, we have silver and gold for sale for cash and Bitcoin.
NewLibertyDollar.com
Also have some very collectible original Liberty Dollars that folks have sent in for reminting into the New Liberty Dollars, but they are really beautiful and as a collector it would be nice to see these preserved.
The rumor is that there is going to be some news on the LD case soon which is still awaiting sentencing for more than two years. I'm going to hold on to as many as I can until then, but I am going to have to let some go.
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Bitcoins are good money. Good money gets saved while bad money gets spent.
When you run out of bad money, and you want to spend, then you spend some good money.
When I spend bitcoins, I like to spend them with people who are doing something meaningful and with which I am ethically aligned.
Greed doesn't impress me as much as getting something done.
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the usa cost to much to live in, im in michigan
I wasn't talking to you there, I was talking to uvwvj who seems to think the discovery channel has all the answers. To the OP this time. If you do come to Europe to live, don't bitch about the extortionate petrol (gas) prices. Here it is probably 5x as much to fill your tank. Simple economics. Europeans don't invade defenseless nations on false pretenses so we can rape them of their natural oil. No, we just buy it from them at market prices. Sounds crazy to people from "the land of the free" I know, but that is how things roll in mainland Europe. Mainland Europe excludes the UK. They are not main anything. 2 peas from the same pod. Fucking leaches on this earth. You will be welcomed in mainland Europe if you don't swagger like dubya and come pre-prepared with a superiority complex. We don't like that because Europe is the real land of the free. Come see for yourself. No, the exorbitant tax prices are due to the extremely high tax pressure in Europe. Like 60% of the gas price is tax paid by you. It's a socialistic shithole. Gas tax is regressive too. |
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For stocks with a low beta you can keep your stocks pretty tight, for something high beta (lots of volitility) like Bitcoin, you will likely get stopped out more often than you would like to be unless you want to be actively trading.
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Unfortunately this is what happens with a currency that has a limited amount of units. If btc was limitless, then there would be no need for hoarding and thus its value would plummet as there would be btc in abundance. As an example, communities in the US are starting to use time as a unit of currency which is itself limitless in supply, thus eliminating the need to hoard. See www.themoneyfix.orgTime is limitless only if you are immortal. |
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They didn't go bankrupt "because they tried to monopolise silver", they went bankrupt because COMEX changed the rules of the game.
You don't buy *all* the bitcoin, you would just buy enough of it.
You are the US govt. You have infinite money. You buy anything below market price, and put it back up for sale at some percentage higher. The market will trened higher, and you will gradually accumulate bitcoin all of which was bougth for less then the market price.
The more you own the more scarce a commodity it becomes and this is what will support the price. You do it throughout the inflationary period of bitcoin. At which point bitcoin has replaced dollar, you as the govt own most of it, all the while you have also been cornering the block chain by ramping up govt controlled cpu power. You then set your miners to ignore zero fee / low fee, thus effectively enforcing a minimum price for transactions that have any need to go through quickly. Now you are taxing the world. Welcome to The New New Order!
Why does anyone think that this is not already happening? The defense is slow and continuous selling from the large holders and exchange for real assets such as gold/silver/property/asic miners/means of production. This is already happening now, and more Bitcoin enter the market from the miners. It is a wise design with much safety built in. It becomes very expensive to kill one of these crypto-currencies, and a new one can start. Try putting the cat back in the bag. |
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I have 90% of my assets in bitcoin.
And no, I don't think it is risky. Quite the opposite in fact.
More than 5% in anything, is riskier than a balanced portfolio. Though Bitcoin could qualify for more than one asset class. |
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I think bio-engineered carbon dioxide eating bacteria is the answer.
You know that green plants already do this? Bio-diesel powered Bitcoin water heaters. |
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The power of fiat for them is the ability to endlessly print new money.
You can do that with bitcoin, provided you have the majority of the hashing power... That's false. Bitcoin's issuance is fixed, so even with majority of the hashing power the only thing that attacker can do is be the recipient of the entire block reward subsidy. But even with a majority of hashing capacity does that give the attacker the ability to issue more than the Bitcoin protocol allows (currently 25 BTC every ten minutes). So "endless" in terms of no upper limit, is not possible with Bitcoin. Having the MAJORITY (51%) of the hashing power, more or less ends the currency, doesn't it? The goal for sustainability is widely distribute the hashing power. |
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I think its being looked at all wrong, its not about collecting, trading and earning millions its about spending and getting the btc economy on the move, a cup of coffe, loaf of bread, fill my car up etc, this needs to be useable to succeed or surely we all end up with a load of useless digicash.
Excellent post. It is an effect of Gresham's Law http://en.wikipedia.org/wiki/Gresham's_lawFor those who don't remember DigiCash http://waste.informatik.hu-berlin.de/grassmuck/Texts/ecash.e.htmlYes, we do need to spend, and to spend especially with those we value as contributing to the society we are building. Spending deserves thanks and some honor. When I receive bitcoin, it lets me value that customer more. I feel motivated to do more for the bitcoin community. |
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The hoarding vs Spending question https://bitcointalk.org/index.php?topic=210102.new#newSpend with those whom you cherish. Spend to grow the community. Spend to show a special sense of honor. Spending bitcoins deserves thanks. The Liberty Dollar faced this problem. The spending was thereby encouraged by the acquisition of the currency at a lower cost than the spending. We have that today with the miners, but there is no "gain" in the spending as there was with the Liberty Dollar model. So the problem we face is that if we do as benefits us most, the community does not grow swiftly, because even if more merchants want to accept them, they will not get many in their sales. Though public about accepting bitcoin for New Liberty Dollars, it is very rare that any get offered. |
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