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Without lowering the reverence of this thread I'd just like to say that Hal's avatar always reminds me of Pierce Brosnan.
Thanks for all the work you've put into making Bitcoin what it is.
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Okay, thanks for the explanation.
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I sent 1.5 BTC from MtGox to a WalletBit address: Bitcoin withdraw to 1QARSgpZ2um4n9JFBhMYTxBYXZsxEhEUb6 late last night using the Green Address option on MtGox.
I think it was right around the time of the bug because the price crashed soon after and as I watched blockchain.info it went from an estimated 6 minutes to confirm down to 0 and then replaced with "Unknown".
The confirmation still sits at "Unknown" as of this afternoon.
Will it ever go through or did my BTC get lost in the ether? I had to send 2 more BTC this morning because of the price change, I was trying to pay for my hosting service.
It will go though. It may take a while for the blockchain to sort itself out but no genuine transactions will be lost. I believe this when I see it. Until then, I would assume your coins are gone. Gone where? They're floating around the memory pools and after a while they'll be included in a block. |
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The fork is kind of difficult to explain so I'd expect most journalists to steer clear of it.
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There is a train of thought that the Bank of England is quietly fostering inflation. If it can successfully keep interest rates low it can inflate away the countries debt.
Much as I like the idea of a federal Europe this is a good (or the main) reason that the UK never joined the single currency. The flaw in this cunning plan will be downward pressure on average wages. With millions unemployed and underemployed workers have very little bargaining power to raise wages in line with inflation. Debts might look less significant as essentials soar in price due to inflation but if wages don't keep up things will only get worse. |
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Lol that is a little bit sensationalistic if you ask me! The Pound will be here for a long time yet.
"George Osborne has warned there will be no let up in his plans to reduce the deficit"
Well that's a good thing isn't it? We are high in debt, at least they are sticking to plans to get us out of it.
Our credit rating has been reduced a little? Not massive news, we are among many other large countries in the same boat.
Bitcoin is never going to replace the £.
Bitcoin potentially could be a large player in digital online commerce, or simply be relegated to the grey / black market digital currency only.
A bit premature to tell everyone to stock up on Bitcoins and Gold... you can hardly buy any of life's necessities with Bitcoin in the UK yet!
My friend, you've just made the cardinal error of believing government spiel without thinking about what is being said. A reduction in the deficit means the government is borrowing less than it did in the previous year. As you can see this still means that money is being borrowed and the national debt is still increasing. But don't worry, you're not alone in making this mistake. http://www.independent.co.uk/news/uk/politics/dont-know-your-debts-from-your-deficits-youre-not-alone-8082168.html It's not just the politicians who are in a muddle about the economy. Research published today reveals that only a tiny proportion of Britons understand the difference between debt and deficit – or know which one the Government is trying to reduce. Now you could say, "Hey, why so negative? The government is slowly getting its act together and a reduction in the deficit is better than nothing" Yes a reduction in the deficit would be better than nothing but seeing as the Treasury is stealing private assets to achieve this I remain pessimistic. http://politicshome.com/uk/story/25516/The Royal Mail pension fund will be transferred to the Government next month, in a move that paves the way for privatisation of the postal service.
Treasury officials are finalising plans which see the Royal Mail sever all responsibility for its huge pension fund, from the start of April.
The proposals, which have the backing of the Communication Workers Union, will provide the Chancellor with a £28bn windfall.
Accounting arrangements mean the £28bn of assets will show up in Treasury books immediately, while the the pension fund's £37.5bn liabilities will only show up on the books over the next 20 to 30 years. |
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Printing money is the way out of this recession both for the US and the Uk. The Us is not in a particularly good place either.
But the Us and the Uk both have a massive advantage that our debts are denominated in the currencies we print, so as long as it is done fairly slowly, over a few years, they can print as much as they like and will do so. Many countries can live easily with inflation rates as high as 20% with out chaos. Hell, Turkey used to have 100% inflation, and although it was chaotic, people still worked, lived, ate, etc.
My advice is buy Gold and Bitcoins, and Desireable property which will always be in demand. Get the biggest mortgage you can afford, and watch THAT get inflated away too!!
That plan only works if wages keep up with inflation. With millions officially unemployed and millions more in minimal self employment (claiming working tax credits) there won't be any increases in wages. Also if inflation begins to pick up interest rates will eventually have to rise. Good luck servicing a jumbo mortgage! From here until the crunch it's going to be misery all the way. |
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Yes, the Titanic unsinkable. The UK has come through two World Wars and survived. I love Bitcoin, but man does it attract some crazy people  You think what's happening now is comparable to a World War? What's happening now is far worse (financially speaking). When thousands of the finest men from around the land were running into machine gun fire for King and country the Bank of England still managed to keep the base rate between 5 and 6 percent. During the blitz when everyone was eating lard on sandpaper for dinner the base rate stayed at 2 percent. Keeping base rates at 0.5 percent for the last 4 years is unprecedented and can only be seen as an act of war by the feckless and over indebted against the prudent and sensible.  |
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Yeah, we will all die. Hehe. Earlier or later.
If rates on gilts were to double, debt servicing would approximately equal spending on government health services. We could be dying a lot sooner than we think. |
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It's game over for the Pound Sterling.
Huge budget deficits, pyramid scheme housing market, mounting inflation, massive real unemployment, suppressed interest rates, financial repression.....http://www.telegraph.co.uk/news/politics/georgeosborne/9889605/George-Osborne-no-let-up-in-plan-to-cut-deficit-after-AAA-downgrade.htmlMoody's said it had acted to downgrade Britain for the first time because of “continuing weakness in the UK's medium-term growth outlook”, the risk that the Government will fail to hit its targets for reducing the deficit and the UK's “high and rising debt burden”. No government has the balls or the incentive to make the reforms necessary for a recovery. Their only plan is to stick with QE. To keep the plates spinning for just a little bit longer they'll keep the Bank of England pumping ever more worthless pounds into the economy. http://www.telegraph.co.uk/finance/economics/9886554/QE-may-need-to-be-raised-by-175bn-says-BoEs-David-Miles.htmlQE may need to be raised by £175bn, says BoE's David Miles
The Bank of England has a case for restarting its asset purchase programme, and may need to increase it by up to £175bn if the economy is running substantially below capacity, a senior policymaker has said. Raising QE by £175bn would mean the Bankrupt of England controlling more than 40% of the entire government debt market. Any small bump in interest rates and the whole sorry mess will go straight down the toilet. Be prepared! Dump your pounds and start stocking up on food, gold and bitcoins. I dread to think what the country would look like with petrol at £5 a litre.  
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rP3rhqVWQUoqrmBorWfmTnJyAWsdznL9sE
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Point #2 is patently false. Yes, it sounds counter-intuitive because it's not true. Giving the customer more payment options always increases sales, because it expands who can be a customer. If some product is desired at all then having maximum options to pay for it is a bonus/benefit, not a drawback. Do you know that because you've actually looked at data and measured it or are you just assuming, because the person you're quoting likely has. It's known as overchoice in the consumer field. http://en.wikipedia.org/wiki/OverchoiceHaving more choices, on the surface, appears to be a positive development; however it hides an underlying problem: faced with too many choices, consumers have trouble making optimal choices, and thus as a result can be indecisive, unhappy, and even refrain from making the choice (purchase) at all.
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Bitcoin with a fixed block size limit == steady state economy
Bitcoin with an increasing block size limit == self destructive economy with the requirement of sustained exponential growth
Please explain how you come to this conclusion? |
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Sure you can kill (well not kill, it will live on at a much lower price) btc buy buying up a bunch. You buy a ton the price goes up you hold then off the market prices goes high and higher. Then you have a massive sell of. People buy into the hysteria, other sellers are no longer willing to sell they think they are going to get rich and say things like "we are all going to be weathy men" and the "price can only go up" and "there is always a bigger fool". So delusional IMO. Let SR shut down and see what it does to price.
I was selling 50-100 a day to my customers and when the price started shooting up I sold below spot. The reward should come from sharing BTC with the world not stashing it away like a troll. I stopped buying at 19, because I cant risk the volatility. I cant buy coins one day to have them devalue the next. If I were a seller on SR I would be looking for other options. It is great on the way up but, say you sold a lot and had all of your funds in BTC and while waiting for escrow to release of funds to transfer the bottom falls out, not a good position to be in. The speculation also punishes customers. The prices are not automated on SR So if sellers aren't changing the price every couple hours it inflates the price of their goods.
Treat it like money! Give it to the world. Stop being a bunch of greedy trolls. I promise the person/people that give it to the world are the ones who will windup rich. The person who gives the most number of people what they want will be the wealthy ones.
"It is not a good deal unless it is a good deal for everyone involved"
For a small fee SR vendors can hedge their currency risk while in escrow and the BTC/USD rate is updated at least twice per day. The buyers and vendors have become wise to the price volatility. They've come up with appropriate strategies for doing business. From what I can tell on the forums the price swings aren't stopping any commerce from happening. |
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In the UK I'm seeing both inflation and deflation. Double digit inflation in the things that I can't do without such as food/utilities and strong deflation in the things I don't give a damn about. We're already in a great depression here. The government is running a 6% deficit to get 0% GDP growth. The decent into hyperinflation is in the hands of the public. With the best savings rates at around 1.5% gross it's only a matter of time before people empty their accounts to chase a decent yield. My parents half jokingly said that they might convert their savings into tins of tomato soup. They would have got a 12% ROI if they had done it a year ago  |
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from what i'm hearing they might have questionable English skills i could be wrong though
if so it would be stupid for anyone outside of Japan to be dealing with a company that has no proper understanding of English
and just uses pre-written English scripts for their website
So they will communicate with you in Japanese or English, and you complain in run-on uncapitalized sentences without a single punctuating mark in your "native" language? run-on uncapitalized unpunctuated sentences are the norm these days in a forum environment so stop pedaling nonsense and trying to troll the thread without responding to the subject matter あほ Many people would consider run-on uncapitalised and non punctuated sentences to be a questionable use of English. Contacting Mtgox's bank is pointless because they won't tell you anything about a customers account. You'll have to contact your own bank if you want to query a transfer to Mtgox's account. |
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Fair value of a bitcoin = (cost of all mining equipment) * 0.51 / (number of bitcoins in existence) ~= $20M*0.51/11M ~= $1
Because this is what it costs to destroy the bitcoin. Would you risk investing $100 into something that could be destroyed for the cost of $1, without any risk of legal action or war, as with fiat currencies?
Satoshi argued that if anyone had the resources to launch a 51% attack, she will be better off just mining bitcoins and profiting from it. The fallacy here is that profit and double-spending are attacker's only motive. But there could be a lot of more powerful motives to destroy the bitcoin. A competing blockchain. VISA and PayPal. War on drugs. War on tax evasion and money laundering.
If you wanted to do a 51% attack you'd have to have as much mining equipment as the rest of the network combined. That would change your very tenuous equation to Fair value of a bitcoin = (cost of all mining equipment) / (number of bitcoins in existence) ~= $20M/11M ~= $2 |
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I couldn't be arsed reading all of it but the few bits I skimmed through were full of rubbish. Near the start, However, what allowed Bitcoin to break into the mainstream – if only for a short period of time – is the Craigslist-style website “Silk Road” which allows anyone to trade Bitcoin for prohibited drugs. Bitcoin has never even been close to breaking into the mainstream yet. And near the end, There is no a priori technical reason for the hard limit of Bitcoin; neither for a limit in general nor the particular magnitude of 21 million. One could simply keep generating Bitcoin at the same rate, a rate that is based on recent economic activity in the Bitcoin network or the age of the lead developer or whatever. It is an arbitrary choice from a technical perspective. It's impossible to define what economic activity is on the Bitcoin network. I don't care how fancy his essay sounds, the guy is just a moron with a dictionary in one hand and a copy of Capital by Karl Marx in the other. |
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Well seeing that i sold 125k of boat parts last year I dont think that is the problem. Sorry i cant sell weed on the SR. My products are in demand they sell in dollars. The problem is the coin isnt acting like money.
You're aiming Bitcoin at the wrong demographic. I presume the type of person who buys boat parts is a retired baby boomer enjoying a big defined benefits pension. There aren't many of those in the Bitcoin community. Several surveys on this forum have shown the average Bitcoiner to be in the 16-30 age group. |
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