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4361  Bitcoin / Bitcoin Discussion / Re: [RFC] Our next denomination: UBC on: May 26, 2011, 08:45:53 PM
I don't know if another currency code is needed. USD isn't going to get a new one when you need a billion for a sandwich.

"Want a 2oz coffee, Sam? That's 4,000 BUS (billion USD)"

Hmmm, maybe it will come in handy.

People don't have too much problem using large numbers, but small decimals are problematic. Even companies get it wrong:

http://verizonmath.blogspot.com/2006/12/verizon-doesnt-know-dollars-from-cents.html

Oh, absolutely. I'm not saying that normal folk should use tiny fractions. There will certainly be a general use word that emerges whenever more precision becomes common out of necessity. I'm just thinking that two currency codes for different denominations is odd. And no one is going to make one code 'official' anyway.
4362  Bitcoin / Bitcoin Discussion / Re: [RFC] Our next denomination: UBC on: May 26, 2011, 07:57:49 PM
I don't know if another currency code is needed. USD isn't going to get a new one when you need a billion for a sandwich.

"Want a 2oz coffee, Sam? That's 4,000 BUS (billion USD)"

Hmmm, maybe it will come in handy.
4363  Bitcoin / Bitcoin Discussion / Re: [RFC] Our next denomination: UBC on: May 26, 2011, 07:55:23 PM
I'm calling it a Mike.

"Gimme one coffee to go, please."

"That'll be 500 mikes, pal."

I like it.



Yeah, it's good. Not my idea, someone in another thread. I'm still waiting for Mike and Mille (10^-3) cartoons (or porn).
4364  Bitcoin / Bitcoin Discussion / Re: Vote to get bitcoin on Fox's Freedom Watch! on: May 26, 2011, 07:49:19 PM
Sorry, I still don't get the site.  That GOOOH thing has been on the site for at least a year and has been number one for a while now, but I don't think it's been done on the show.  Of the 3 under 'completed' the one with the most votes had some 600 votes.  So, I don't see what the number of votes has to do with getting on the show.  Rather, it just looks to me like people vote on topics and when they happen to appear on the show, they get moved into 'completed'.  But, it looks like they're not put on the show because they were on the list.

Are you suggesting that there is a television show where producers instead of viewers determine the content? Mark me shocked.
4365  Bitcoin / Bitcoin Discussion / Re: [RFC] Our next denomination: UBC on: May 26, 2011, 07:47:19 PM
One question.

BTC = Bitcoin
UBC = ?

MicroBitcoin

I'm calling it a Mike.
4366  Bitcoin / Project Development / Re: [PAID] Publish result of Days Destroyed calculation on: May 26, 2011, 06:37:47 PM
I feel like BTC Days Destroyed should be able to be roughly calculated (not exact) by the average number and size (in btc) of transactions per block and the average interval between blocks, over the entire life of bitcoins.  Like couldn't I just find the total amount of BTC traded per block, and get how many "bitcoin blocks" instead of "bitcoin days" by using the summation forumla:

(Blocks^2 + Blocks) / 2

And then just figure out the average number of blocks per day.  Those figures should give a basis of measurement of btc days destroyed should they not?  Is that true, or am I wrong about that?

If I am correct, could somebody post the (roughly accurate but not completely accurate) formula for btc days destroyed, since I can't read python!..?  Thank you!

BTCDD is better precisely because of it's difference with something like you describe. It gets at the difference between Satoshi unloading and noob shipping coins around all day.
4367  Bitcoin / Bitcoin Discussion / Re: Is there an incentive for pools to attack each other? on: May 26, 2011, 05:57:36 PM
Shutting a pool down would keep difficulty low longer, there is an incentive.

And what's to keep the individual miners in that pool from simply switching to another pool. Or mining for themselves? The hashes/sec are still going to be present for the most part

Uh, yeah. n/m.
4368  Bitcoin / Bitcoin Discussion / Re: Is there an incentive for pools to attack each other? on: May 26, 2011, 05:50:38 PM
Shutting a pool down would keep difficulty low longer, there is an incentive.
4369  Bitcoin / Bitcoin Discussion / Re: google is going to help :) on: May 26, 2011, 01:23:49 AM
Before you can use your cell phone to pay at a B&M store we need payments to be processed in less than 30 minutes. It needs to be at least 200 times that fast.

How about your mybitcoin account to theirs?

If it has to be direct 0/unc are pretty good after 15 seconds.
4370  Economy / Economics / Re: Digital currency backed by Bitcoin on: May 26, 2011, 12:34:39 AM
This is what pretty much every site that holds a bitcoin balance for you is doing. I have BTC credits at Mtgox. I expect it's fully backed, but it's still not the same as actual bitcoins. Betco gives you 100 cents for each bitcoin you send. They could call them chips and it would work exactly the same way.
4371  Bitcoin / Project Development / Re: Letter to the EFF on: May 25, 2011, 10:46:03 PM
Whoa!  Maybe they just want to set up a "submit to this address" button; what with our being able to see exactly how much they were getting.

But if the EFF turns its back on Bitcoin, I will not be happy.
more likely they not "turned back to BTC", but simply lack extra-staff to handle it.
when BTC status/flow clarified and simplified, its back, IMO.

Lol, no way. How many staff do you think it takes? Do you see all the people in this forum handling bitcoin donations? Do they all have tons of staff?
4372  Bitcoin / Project Development / Re: Letter to the EFF on: May 25, 2011, 10:01:21 PM
Are you kidding me? Haven't they gotten like $15k worth?

I think this is from eating with politicians.
4373  Economy / Economics / Re: my argument against the so called deflation problem on: May 25, 2011, 09:50:28 PM
Deflation is simple math in a growing economy.  Bitcoin says it is built to create a stable economy.   Really it is built to create an extremely stagnant economy.   It would be better if their were an algorithm for controlled growth over time.  I am for Bitcoin.  BUT As value and population increase in an economy and you don't grow the money supply, deflation is inevitable.   Everyday central banks are attempting to not only protect against inflation but deflation as well.   Here is an example......

Say there are 2 people in an economy.  1 guy grows corn and likes to have his shoes shined and on person shines shoes and needs corn to survive and there is only 1 BC to exchange.   Each day they will exchange the 1 BC as value is rendered for it.   But if the corn grower grows 10x and the Shoe shine boy grows by 10x and there is still 1 BC the average exchange will be 10 cents oh and some people may starve to death.   This is a very simple example that can be expanded upon.     Lets say I am a baker and I buy my inputs and I even stock up to have a months supply but when I go to sell my bread the price of bread has gone down to where it cost me more to buy the inputs than I could sell it for.   Soon I would stop backing bread.   

Bottom line as an economy grows from value being created with demand the BCs need to be there.   Even gold grows..... or is "mined" and is added to the money supply.   I love love to see smart industrious hard working people add value and keeping the currency stagnant will stop that.   There will not be an incentive to do it and there will be wars. This is not a viable currency until this is taken into effect.   Many on Wall Street have stated that the Fed should be replaced with an algorithm.   There has been open discussion on this. 

The value in BCs is:
-It can't be stopped.
-It can be very transparent.

Just make the growth transparent and allow the miners to continue to mine based on a very open algorithm.   The algorithm would need to be perfected over time but it would be very transparent in doing this. 


Oh man, where were you a year ago? You could have saved us so much trouble.

I for one don't want to starve to death, I'm done with Bitcoin.

4374  Bitcoin / Bitcoin Discussion / Re: Use for bitcoin: Hiding assets from government on: May 25, 2011, 09:45:43 PM
Drink the blood of the parasite! Don't become reliant on it!

But seriously, you know why the walfare class has huge tvs and cars? They can't keep money in the bank without losing the support. They can have as many flat screens as the want though. Much better for them if they can save up value instead.
4375  Economy / Marketplace / Re: Entering the market on: May 25, 2011, 09:03:21 PM
Welcome. I'm surprised to hear that it's possible to be a financial journalist in a country that can't get mail to the US.
4376  Economy / Trading Discussion / Re: Non-profit orgs on: May 25, 2011, 08:51:11 PM
Are there any non-profit organizations taking bitcoins right now? I am just kind of doing this for fun, not a serious profit.
and Seasteading Institute
Really? I know they were asked and rejected it, and they don't say anything about it now. http://seasteading.org/interact/forums/engineering/infrastructure/introducing-bitcoins?page=2, http://forum.bitcoin.org/?topic=1746.0

I googled this. https://en.bitcoin.it/wiki/Donation-accepting_organizations_and_projects

Though I don't know how recent that is.
It's recent, that's the "official" list and all important ones should be there.

Oh, I could be wrong, wonder what I'm thinking of.
4377  Economy / Economics / Re: American Exchange - Why are we afraid? on: May 25, 2011, 08:09:35 PM
You're original point was "why don't companies take a chance on America" and then in the last post you talked about online poker.  Using that example, do you really think any new online poker company is going to make its home base in the USA?...

They did make billions in revenue and probably hundreds of millions in profit first.
4378  Economy / Marketplace / Re: MtGox international on: May 25, 2011, 11:20:05 AM
Seems like a buy signal to me  Cool
4379  Bitcoin / Bitcoin Discussion / Re: Bitcoins in meatspace on: May 25, 2011, 11:16:18 AM
You do need external storage, namely the block chain stored on the network nodes. If you consider it as given since it's replicated on thousands of nodes, you should give the same treatment to a wallet.dat file if it's stored in a decentralized storage system (though I don't know of any currently existing system that fits the bill).

No.  I personally do not.  The bitcoin system requires a block chain to function, but any copy of that block chain will do for me.  Only my copy of the wallet.dat will do. 

You have neatly avoided my observation that distributing an encrypted wallet is not actually that secure, it is only as safe as the password chosen, rather than the strength of the encryption method  used, so you really shouldn't be broadcasting your wallet anyway.

I really think you're taking this far too literally.  I specifically said I wasn't suggesting anyone do this.  For practical purposes it is obviously (so obvious that I can't believe I've been sucked into this) easier to encrypt your wallet and store it in the cloud.  I'm also assuming that computers exist and that the Internet still works; but really these are just nit picking what was not ever a practical suggestion.  You miss the point though, which others seem to have got: Bitcoin wealth can (note: can, not should) be stored with no physical presence whatsoever.  To me, that is magical.  If it's not to you: fine, let's agree to disagree and say no more.


+1 for the magic.

It's almost my 1 year anniversary with Bitcoin and I'm still amazed every day.
4380  Economy / Trading Discussion / Re: Non-profit orgs on: May 25, 2011, 10:25:48 AM
Are there any non-profit organizations taking bitcoins right now? I am just kind of doing this for fun, not a serious profit.

FSF and EFF and Singularity Institute and Seasteading Institute
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