Try the Bitcoin 101 Blackboard Series on YouTube: https://www.youtube.com/playlist?list=PLzctEq7iZD-7-DgJM604zsndMapn9ff6qStart with: Bitcoin 101 - What is Bitcoin? Bitcoin 101 - Understanding Bitcoin (pt. 1 of 3) - A Beginner's Guide (With Help from Wikipedia) Bitcoin 101 - Understanding Bitcoin (pt. 2 of 3) - A Beginner's Guide (With Help from Wikipedia) Bitcoin 101 - Understanding Bitcoin (pt. 3 of 3) - A Beginner's Guide (With Help from Wikipedia) Bitcoin 101 - Why Bitcoin is Not a Ponzi Scheme - Debunking Bitcoin Myths - Part 1 Bitcoin 101 - How To Buy/Get Your First Bitcoins Bitcoin 101 - Glorious Coinbase - The Best Place to Buy Your First Bitcoins Bitcoin 101 - Quindecillions & The Amazing Math Of Bitcoin's Private Keys |
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Interest rates aka usury implies that the borrower will get more money from the economy than he had put it. If half of the people would borrow someone else money, from where the additional percent of the money would come? From heaven? Or from nowhere because it is impossible.
The flaw in this oft-repeated fallacy is that it ignores the fact that money is a medium-of-exchange. Value is produced and consumed in an economy. As long as borrowers can produce enough value, loans can be repaid. It doesn't matter if there is a finite amount of money -- money is a tool used to exchange value. A loan can potentially be paid back using the same dollar over and over again. |
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While end-to-end encryption is the ultimate solution to government/corporate spying, you can't store the world's email in a distributed block chain.
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So, do you know of any good brokers that allow small investments similar to the values I mentioned?
I don't know about brokers in the U.K., but buying $500-$2000 of stock at an online broker in the U.S. is relatively straightforward and cheap. Is this a pump and dump?
Uh, do you mean am I trying to pump and dump stock of a company with a market cap of nearly £3bn on a bitcoin forum? No, no I'm not. You have to admit that someone promoting the stock of a pharmaceutical company on a Bitcoin forum looks a lot like pump-and-dump. |
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“Never ascribe to malice that which is adequately explained by incompetence.”
― Robert J. Hanlon
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Mining is an integral part of Bitcoin. Bitcoin began when Satoshi mined the initial block, known as the "genesis" block.
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It is possible to loan bitcoins with interest, so I don't see your point.
In my opinion, there is nothing wrong with interest. Having money now vs. later has value, and people are willing to pay for that value. People should be allowed to pay interest in order to obtain a loan.
Also, the term "usury" generally means charging an excessive interest rate, though in the past it meant charging any interest (perhaps because any interest was considered excessive).
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... I suggest adding a special flag which would add a certain period of time after which the wallet with that flag set by the wallet owner should be declared as public property. The transactions that credited these bitcoins to such a wallet should be cancelled (just like correcting entries are made in a real ledger), and the coins should be moved to a new wallet, for example, to finance scientific research...
Your idea can easily be implemented right now: 1. Create a transaction that moves the coins and set nLockTime to a date in the future. 2. Don't publish the transaction. Instead, give it to the potential recipient. 3. If the coins have not moved by the specified date, then the recipient can publish the transaction and receive the coins. 4. If the coins have already been moved, then the transaction is no longer valid. Yes, it is a very close approximation to my idea The only drawback that I can see right now is that if someone holds the keys to his wallet exclusively, say, some lonely but rich geek, who still doesn't want his coins to be lost forever (e.g. if he suddenly dies or gets caught by the FBI and their likes), then he wouldn't be able to donate the entirety of his bitcoins to some fund, charity or community. Leaving a will with a private key may not be what he would actually want to do, for obvious reasons (e.g. anonymity issues) He donates his bitcoins when he creates the transaction with nLockTime, and that can be done at any time. He can give the transaction to the beneficiary anonymously at any time before his death. BTW, there is no concept of a wallet in the Bitcoin protocol. A wallet is just a collection of addresses and their private keys, sometimes represented by a single "seed". Another way to accomplish what you want to do might be to use OP_CHECKLOCKTIMEVERIFY, which can be used to prevent an output from being spent before a certain time. By sending bitcoins to yourself using a transaction with OP_CHECKLOCKTIMEVERIFY, you can make it so that you can spend the bitcoins at any time, and somebody else can spend the bitcoins after a certain time with a special key. |
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... I suggest adding a special flag which would add a certain period of time after which the wallet with that flag set by the wallet owner should be declared as public property. The transactions that credited these bitcoins to such a wallet should be cancelled (just like correcting entries are made in a real ledger), and the coins should be moved to a new wallet, for example, to finance scientific research...
Your idea can easily be implemented right now: 1. Create a transaction that moves the coins to the potential recipient's wallet and set nLockTime to a date in the future. 2. Don't publish the transaction. Instead, give it to the potential recipient. 3. If the coins have not moved by the specified date, then the recipient can publish the transaction and receive the coins. 4. If the coins have already been moved, then the transaction is no longer valid. You could even use this to prevent losing the bitcoins in the first place. If you create such a transaction that sends the bitcoins to yourself, then you must lose the private keys for both addresses in order to lose the bitcoins forever. |
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It appears that we have underestimated just how ignorant the general public remains about the intrinsic value of gold. Some of the best reactions include:
This is illegal…you can’t destroy money.
This physically pained me. $40,000…
$40,000. I would rather give it to charity…
He is wasting GOLD!!!!
Who the f*** wastes a $40 grand block of gold like this?! Why waste money?!
This must be satire, or trolling. Otherwise, it appears that this person is the ignorant person. He seems to believe that the value of the gold bar is in its appearance. Anyway, other than demonstrating how soft gold is, it was a pretty boring video. |
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I have and I have never had a problem.
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Relying on basic income is a trap that far too many people will fall into.
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No one is talking about stealing here. In fact, in many countries there are laws regulating how the lost things (for example, buried treasures) can be claimed as the property of those who found them.
The issue is that there is no way to know if coins are lost or not. I have coins that I have not touched in years, but they are certainly not lost. If they were confiscated, I would consider that theft. If I remember correctly, in Denmark, if no one lives in an apartment for a year, it can be taken by anyone, and the previous right of ownership is revoked
That is theft, whether it is sanctioned by a government or not. |
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From the DM article: "Mr Carney claimed that 'up to 15million of the current jobs in Britain' – almost half of the 31.8million workforce – could be replaced by robots over the coming years as livelihoods were 'mercilessly destroyed' by the technological revolution."
In contrast to the apocalyptic predictions of the Luddites 200 years ago, we are all much better off now. |
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... It might more so make PoW more efficient, using less power but make the cryptography part more robust. ...
A common misconception is that if PoW is more energy efficient, then Bitcoin will use less energy. The reality is that the cost of PoW depends on the value of the block reward. So, if the cost of PoW goes down because of the increased energy efficiency, then economic incentives will cause mining to increase until the cost of the energy returns to the value of the block reward. The way to reduce the amount of energy used for PoW then is to increase the cost of the energy or to reduce the block reward. |
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The guidance is fantastic. Basically it says, - 1. Crypto-currencies are not money, so we don't really care. I don't expect this to last, but the impact of it going away is low.
- 2. Holding or sending money (but not crypto-currencies because they aren't money) for someone is money transmission. Basically no change here.
- 2. Trading crypto-currencies, even for fiat, is not money transmission because nothing is transmitted. Yeah!
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