And all the coins will be mined in 2040
I was afraid this might happen. When AMD gets into the mining development game, all the rest of the coins will go to them. |
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Another question: if there are say 300,000 to 500,000 mastercoins created depending on initial investment (that's in the ball park I think) and mastercoins are divisible to 8 decimal points, is there any concern that that number will not be optimal if the concept really takes off?
Related point: for mastercoin to be valuable it needs to capture market through widespread acceptance, but what is stopping others from copying the idea and implementing it for particular purposes.
Could this type of project damage bitcoin if many try to implement similar protocols on top of bitcoin? thanks
I have these same questions. From the BitAngels interview, it sounds like there is no protocol to prevent infinite quantitative easing. If it is successful we will see competing DinersClubCoin, AliCoin, VisaCoin, etc. TBH, the name MasterCoin may provoke a trademark dispute. I don't see anything wrong with just calling it Exodus. |
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The Bubble Buyer's Daily Affirmation: When one bubble pops, another bubble begins!
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If you know anything about banksy, you would know that he shuns consumerism and would very likely get offended at the idea of people paying him to tag buildings to market a product.
Bitcoin is free. I mined my own. Tagging is free too, you just have to buy the spraypaint. |
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Not to discourage the idea, but one of the best qualities of Bitcoin is that you "push" payments rather than have them pulled from an account by the vendor. As long as Bitcoin distinguishes itself by allowing 2fa or some other wallet control, then it makes an ideal wallet for subscription based content.
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The banksters just don't get it.
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Is this associated with the current Bitcoin Foundation?
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Here is what people are doing *
1. Buy BTC on Bitstamp
2. See higher price on MtGox
3. Sell BTC on MtGox
4. Realize you can't get cash out of MtGox
5. Panic sell at higher price
6. LOL at others making the same mistake
*Present company excepted, of course.
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Bitcoin is backed up by Math ^^
That's a nice sound bite, but not much more. Depends on how deep you read into it. |
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No one gets it, when you make something illegal it's value rises, alcohol or drugs are a good example of this.
I disagree. I've witnessed the exact opposite of what you describe. YMMV, ofcourse, and currency is probably on a whole new level that drugs, alcohol, and tobacco are not. Unless you believe that the whole world respects USA polices, I doubt Bitcoin will go away. When the dollar eventually devalues to nothing, Bitcoin will be the only way to get your wealth out of the country. The price will go up. |
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It's not so much about showing how resistant Bitcoin is to the government, but how resistant it is to outside threats. Bitcoin is more reliable than banks.
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They say Bitcoin will do to banks what email did to the post office. Both are brick and mortar facilities with somewhat similar functions that cannot be entirely replaced. We will need (for awhile) some local community place with informational clearinghouse functionality. Whether that information is financial, legal, civic, or security, they will all be replaced by some electronic form. They can all benefit from Bitcoin. Perhaps a single brick and mortar facility can accomplish all of these civil functions through Bitcoin. I'm calling it a BitPost.
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Nobody uses bitcoin yet. It's hard to know why people will adopt its use.
Thats not true plenty of people use bitcoin everyday. Retail acceptance has been slow but that doesn't mean people aren't using it. Orly? What percentage of cc users have bitcoins? Probably closer to zero than one. Bitcoin is nothing yet. Get them cheap. Proof? I can make random general statements too ya know. The truth is you have no idea how many people are using bitcoin but I think you would be surprised its a lot bigger than you know. You win. I'm waiting for the bitcoin commercials during the superbowl. |
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"by assuming coded words are drawn from a source’s typical set and so, for all intents and purposes, uniformly distributed within it. "
meh.
Seconded, this assumption doesn't hold for Bitcoin. Additionally, Bitcoin isn't mentioned in the article. This is peripherally on topic at best. This article is pretty relevant because bitcoin is based on an open-source cryptographic protocol, and this article is about cryptography. I think we should be aware of any potential issues with cryptography in order to keep bitcoin safe. The "dictionary" type attack they are discussing might only be relevant for brain wallets, but not wallet generated addresses. |
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I want to learn more about this. Some coin might be fun to play around with if they are useful. I don't want to promote something I know nothing about, but I'll check out what you've published about it. I reserved a BTC address 1mcnAR4d5waaD1WaDfH1gU9BuGmCwNNMe. Shared on FB https://www.facebook.com/Lifeground?hc_location=streamThis looks legit so far. I'm still skeptical, but I think I understand what you are doing. That Facebook link doesn't open for me . . . Maybe cause I'm not in your friends list? A screenshot is fine too. I sent a screenshot. |
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Nobody uses bitcoin yet. It's hard to know why people will adopt its use.
Thats not true plenty of people use bitcoin everyday. Retail acceptance has been slow but that doesn't mean people aren't using it. Orly? What percentage of cc users have bitcoins? Probably closer to zero than one. Bitcoin is nothing yet. Get them cheap. |
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Isn't anonymity one of the BIGGEST reasons lots of people support Bitcoin? So that the centrally controlled banks/governments don't have records and control transactions you make
Identification does not mean centralization. The blockchain address and content is still only controlled by the owner of the address/key. "They" could know who you are but not be able to freeze any assets. Add in mixing services and you're anon again. I think you are missing my point. I never said anything about identification = centralization. All I said is that anonymity in a bitcoin transaction is one of the biggest reasons people are drawn to bitcoin. People don't want to be "known" at all. They don't want the governments, banks, etc. (what I referred to as the "central" authorities) to have private information they don't need Nobody uses bitcoin yet. It's hard to know why people will adopt its use. I don't think the anonymity factor is as strong as its deflationary quality. Greed will win. |
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I followed Gavin's example. I created 3 vanity testnet addresses and took 1.5 test bitcoins from the faucet. I followed the example and created a 2 of 3 multisig with "value" : 0.01000000 sent from n18BfALhuJ4cXAtTDSMLSpiRjLvB6czXP8 to 2MuiZNuQR2vEmCq81XRTGRSHNETUGxEWR3C, but it sent the entire balance of 1.5 instead of 0.1. I have not yet imported the vanity addresses into a client to recover the test bitcoins. What happened to the change? Transactions are redeemed in full. When using the raw API, you are responsible for making your own change. In this case, your inputs total 1.5 and out outputs total 0.01. The difference, 1.49, is the fee. This is why we use TESTNET! |
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I followed Gavin's example. I created 3 vanity testnet addresses and took 1.5 test bitcoins from the faucet. I followed the example and created a 2 of 3 multisig with "value" : 0.01000000 sent from n18BfALhuJ4cXAtTDSMLSpiRjLvB6czXP8 to 2MuiZNuQR2vEmCq81XRTGRSHNETUGxEWR3C, but it sent the entire balance of 1.5 instead of 0.1. I have not yet imported the vanity addresses into a client to recover the test bitcoins. What happened to the change? |
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bitcoincard.org is working on a mesh network for Bitcoin.
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