oh come on guys it's probably something like this.. bitcoin... bitc... bitch <-- one letter difference There's no need to start conspiracy stories over this.  I'll buy it if they block Shiva. Shiva... Shi.... shit. There are many words that start with the letters shi... There are few words that start with the letters bitc... (that are not bitch!) Is "bitch" actually banned? Yeah, I guess it's the "tc" that makes it uncommon. |
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It depends on what you mean by "worthwhile".
If thousands of potential Bitcoiners feel good for leaving their browser pointing at a page, that is very worthwhile.
With a thousand it's as worth while as my 2 laptop CPUs. With a hundred thousand it's 4 GPUs. edit: Sorry, missed that you were talking feelings, calcs irrelevant perhaps. |
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Generally if you want something and don't want to do it yourself you can pay someone. I highly recommend that strategy.
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@minute_of_angle: sure, some people will spend their money, but eventually, if there is even one person in this world with a brain, every bitcoin will end up being hoarded inside of his wallet.dat file.
A brain does not imply a preference for another coin instead of some pleasure or need. What is this singularly brained person doing for everyone so as to get their coins that doesn't involve any outlay for employees or land or training or food even? |
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Okay, to be clear I'm not saying to spend up all your coins. I'm just saying that if you've come to the conclusion that it's such a sure thing that it is foolish to spend any then you need to be buying more.
I could imagine a person who can mine a few coins, but for some reason cannot buy any and perpetually has fewer coins than they consider their optimum amount. This person should not spend any.
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No, I am saying that it is reasonable to spend my depreciating wealth on milk, and to hoard my appreciating wealth.
Isn't it also reasonable to use your depreciating wealth to buy appreciating wealth? Yes, but that's besides the point. I currently still need depreciating wealth to live. Nobody accepts bitcoins for milk here in Toronto unfortunately. I have mined some bitcoins, but no way in hell would I sell them or buy anything with them, right now at least... I took grade 9 math =) Okay, to be simple lets say you get paid 2X each week and need X to live. You put X into bitcoin right away as savings. Now along comes someone selling milk for BTC (at the same rate for simplicity). You realize, ah ha, now I put X + milk budget into BTC each week and make a little extra since I get the appreciation right up until the second I buy. I want to buy everything with bitcoin. Then I don't have to hold any dollars. |
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No, I am saying that it is reasonable to spend my depreciating wealth on milk, and to hoard my appreciating wealth.
Isn't it also reasonable to use your depreciating wealth to buy appreciating wealth? |
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I was just talking with a friend earlier today... Basically we both agreed that "anybody who will currently spend their bitcoins on anything is an idiot"... (or not good with numbers, doesn't care about personal wealth, etc, etc..) Which brings me back to one of my main arguments that bitcoin is simply a store of value, not a currency. Bitcoin is a great tool for secretive billionaires to store their ill gotten gains. Unfortunately at the moment it's not so great to use as a currency. By the time I walk out of the bitcoin grocer whom I just paid 0.8 BTC for a gallon of delicious milk that you can only purchase from said bitcoin accepting grocer... the price of that same gallon has dropped to 0.79 BTC - because the buying power of my bitcoins has just increased. I don't absolutely need that milk right now anyways I suppose... There is another old dummy of a grocer up the street who actually accepts USD in exchange for milk - LOL - I think I have a few of those left around somewhere... The BTC value has risen... causing the people to hoard their BTC, which will cause the value to rise, which will lead to more press and cause people to hoard their BTC, which will case the value to rise, which will lead to more press and cause people to hoard their BTC.... Not sure yet if this is a good or a bad thing. But I am 99% sure this is a bad thing. /rambling Are you saying that it's reasonable to spend your wealth on milk, but not reasonable to spend it on bitcoins, wait a day, then spend the bitcoins on milk? Is it more or less dumb to buy coins, wait a week, then buy milk? Under your assumptions shouldn't you put all of your wealth in coins and then spend sparingly from them? How is this a bad thing? Don't we all get rich if you are right? |
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The term 'grassroots' makes me think of tree-hugging hippies.
However I agree the term 'crypto-currency' is likely to turn off the average listener.
I think p2p has a pretty good image. If people are calling it "internet money" without snickering then we're doing good. But all those central database linked to the dollar failboat currencies have given it a negative connotation I think. GrassMerkleRoots money. |
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This is precisely the motivation behind this particular comic. Until we can get the BitCoin economy rolling, the use of bitcoins for speculation is making it less useful for other things.
It's making me sad. I use Bitcoin mostly as a toy (I happen to have a good GPU for gaming, so it's free fake Internet money for me). However, the recent rise in difficulty has made it hard for me to generate coins to play with, because some people (seriously, who pays $5/btc?) have suddenly decided they're actually worth a fair amount. I'll pay $5/BTC. I bet you tip generously since it's free fake money! |
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Standard psychology. When the price goes down, people feel depressed and because they feel like their Bitcoins are worth less, they don't mind giving some away. When the price rises, they get starry-eyed with dollar signs (or BTC signs) and envision them being worth even more, and are thus less likely to want to give any away.
Yes, but shouldn't there be a wealth effect kicking in? "I'm rich bitch!" and share the booty? If thats the case, I will make sure to ring up buffet and gates and ask them for some money right now. Maybe you should. They bleed it by the billion. |
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oh come on guys it's probably something like this.. bitcoin... bitc... bitch <-- one letter difference There's no need to start conspiracy stories over this. I'll buy it if they block Shiva. Shiva... Shi.... shit. |
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Hi, i'm completely new to BitCoin and am completely baffled by the concept, I'm also not 100% sure I'm asking these questions in the right place, but i will ask, and hopefully be pointed in the right direction.
1. is the 21 million bitcoins equal in value to the sum of global resources (including both physical, and intellectual)?
2. according to what i've read, everything is transparent. Coupled with the fact that almost every country in the world considers it illegal not to pay tax on transactions, do i have any security from prosecution? or alternatively, why have governments not clamped down on bitcoins already?
3. Am i correct in saying that BitCoin is essentially a global unified on-line autonomous resource tracking system?
4. assuming that the answers to the previous questions are all positive, can BitCoins be extended to function globally as a complete replacement for the current credit based economic system?
I hope that someone can either assist me or point me to someone who can
thanks
1. Not yet, maybe people will value them that much someday 2. All transactions are recorded in the block chain which every node has. The transactions contain no information about you, so unless you give away the connection between 1fhdjHFS98DKJjdksDS9euDH44 and yourself then no one knows it was you who sent 3.3BTC to 1HE9hd9ejwQ3QnvJKSL4LKccn. I don't know of any countries where small gifts to friends are taxed. It's pretty wrong to say that all governments tax all transactions. Governments are slow as hell. 3. Sounds roughly correct. 4. I think so. The extensions required are mostly ease of use in a broad sense. |
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The best the Bitcoin community should strive for in the short-to-mid term is greater adoption by the average person, not by a governmental entity. That would bring unwanted pressure and and potential legal barriers to the use of the Bitcoin in the US at least, considering the fact that the only reason the dollar has any value anymore is that it is tied to oil.
The dollar is backed by the full metal jacket of the United States Government. or by nothing "in short". Unfortunately, the petrodollar is something. Basically, a synonym for violence. Just about everybody who suggests that the dollar is toast becomes toasts. See Saddam Hussein and Dominique Strauss Kahn as examples that immediately come to mind. And like half of the Internet. Oh, wait... Want the know the simple reason that everyone uses the dollar as a reserve currency? It is because all the others options were even worse. |
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Standard psychology. When the price goes down, people feel depressed and because they feel like their Bitcoins are worth less, they don't mind giving some away. When the price rises, they get starry-eyed with dollar signs (or BTC signs) and envision them being worth even more, and are thus less likely to want to give any away.
Yes, but shouldn't there be a wealth effect kicking in? "I'm rich bitch!" and share the booty? |
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You all are aware that you do not *need* to give any transaction fees?
Sure, this might mean that your transaction takes some time to get through, but it still works within ~10 blocks usually. I think the height of the transaction also plays into this: the lower the value, the easier it gets through even if no fee is paid.
Maybe I'm mistaken, but that's how I understood it so far.
Some versions are insisting on a fee for small or new coins. I just need to get a different version. I think you have it backwards on the size though. Bigger is faster because it is less likely to be spam. |
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Maybe the word bit is too much like bitch  Edit: Lol same idea at the same time jarly. I doubt it. Why the prohibition on bitXXXXcoin in that case? Easy enough to check. Try "bitc". |
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Well, it's hard for me to justify spending real dollars to acquire bitcoins, when anything I get is just a drop in the bucket. And it seems like 99% of the BTC are being hoarded right now...
Lol, do you have more than a drop in the bucket of anything ever? |
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Maybe people are getting tired of you?
I kid. I kid.
I know a couple times recently I went to throw a little to someone, did a little calculation, decided on ~.10BTC and then remembered that my damn version wants a .1 fee and gave nothing.
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Hoarder: Someone who has done some work for the Bitcoin community and not asked anything in return.
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