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It's likely you would use the nTimeLock feature to hold funds until they are signed. Mars would probably have their own cryptocurrency backed by Earth-based Bitcoin securities.
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There could be a private anti-drone business. This could be great fun until someone loses an eye.
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Can you imagine a brokerage in the US being able to say that the underlying is 'designed to increase in value' or that it's value 'decreases occasionally'? They couldn't because it would be illegal.
Bitcoin does not represent the assets of any enterprise. Currencies have their value pegged (at some point) by a soverign which Bitcoin doesn't have. Bitcoin is designed to float (which means rise to the top) amongst other currencies. That is axiomatic of the design of cryptocurrency, not merely a prediction. "float" doesn't necessarily mean "float to the top" and limited supply is not a feature of cryptocurrency. It's a feature of most cryptocurrencies currently in existance. Also, it was not a "design goal" of bitcoin to keep increasing in value. I'm sure satoshi had that hope, but it's not built into the system because "value" isn't built into the system. Scarcity is built-in, "value" is given by the users, not by technology. It doesn't suit mtGox well to try to calm the panic by speculating on the price going up. It's just not their job and to do so is equally unprofessional as not getting help with fixing the engine or fixing it in time which might even have prevented the panic in the first place. I absolutely understand your positions. I simply don't agree with them. That's my opinion. I am not a currency professional and neither are the folks at Mt Gox. |
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It might be too easy for a large country to 51% attack a crypto with a low hash rate. Instead, I've always advocated registering Bitcoin addresses with a government. By paying a fee to register them, they could be declared (by fiat) a higher value within that country and even FDIC insured. Taking them outside the registered system would of course lower the value back to Bitcoin's nominally traded price.
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Can you imagine a brokerage in the US being able to say that the underlying is 'designed to increase in value' or that it's value 'decreases occasionally'? They couldn't because it would be illegal.
Bitcoin does not represent the assets of any enterprise. Currencies have their value pegged (at some point) by a soverign which Bitcoin doesn't have. Bitcoin is designed to float (which means rise to the top) amongst other currencies. That is axiomatic of the design of cryptocurrency, not merely a prediction. |
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We'll know if Bitcoin is a Ponzi when the last miner is powered down and the last slice of pizza is eaten.
That would seem to indicate a basic lack of understanding of the bitcoin protocol. If the miners shut down completely, there's nothing to confirm transactions. That doesn't make it a ponzi anymore than having computers store your bank account balance makes earning money at your job a ponzi. I said nothing about the bitcoin protocol. Having the miners cease their function is the only analog in Bitcoin to a Mr. Ponzi ceasing operations. I also don't have any reason to believe there is any probability that the Bitcoin network will cease for many years. |
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We'll know if Bitcoin is a Ponzi when the last miner is powered down and the last slice of pizza is eaten.
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That didn't last long before they quit updating.
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it will take Bitcoin over ten thousand years to become a useful currency. It's grown an average of one dollar a month over the past 4 years. Remarkable. I need to get away from this awhile.
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Maybe they think it will take the profit motive out of day trading so Bitcoin can find its natural price. When day traders aren't competing for smaller margins, anyone can compete for prices. That may be nice in theory, but it doesn't address the lag issue.
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Maybe they think because they run Windows 95 they don't have DDOS anymore.  |
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I agree with caveden 100%. Also, this: Gox did not cause the crash last time either. The initial crash even happened before any problems back then.
Not a cool story? Right! That's why people tend to change the order of history when they tell it. They also don't tell that after the hack, prices remained stable for weeks and the bust started for no apparent reason.
What we learn from that: bad speculators make losses; really bad speculators make losses and nonsensical explanations for them.
I 100% disagree with this. The charts show that every day for nearly a week there was a small price correction at about the same time period. This occurred with the lag. The correction was exacerbated by the lag more and more every day until it broke. This correction is a vote of no confidence in mtgox. Since there are no other useful exchanges that can handle any volume, we must wait until someone steps up and can handle the demand. Meanwhile, Bitcoin's public image takes a serious setback. Would you please point out exactly the corrections you are referring to? Here is the chart:  Thanks. I don't have a chart drawing tool, but look at between 9-11 AM ET. You see peaks for the entire day. On the 6th it is small but still there. By the 10th, the growth was too much and it crashed just shortly before because experienced traders knew the lag was coming. |
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It sounds like he wants to set up an MLM.
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BREAKING NEWS on CNBC: The Winklevii bought some bitcoins. lol
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I hope he tells mtgox to slow down trading. Fat chance.
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I agree with caveden 100%. Also, this: Gox did not cause the crash last time either. The initial crash even happened before any problems back then.
Not a cool story? Right! That's why people tend to change the order of history when they tell it. They also don't tell that after the hack, prices remained stable for weeks and the bust started for no apparent reason.
What we learn from that: bad speculators make losses; really bad speculators make losses and nonsensical explanations for them.
I 100% disagree with this. The charts show that every day for nearly a week there was a small price correction at about the same time period. This occurred with the lag. The correction was exacerbated by the lag more and more every day until it broke. This correction is a vote of no confidence in mtgox. Since there are no other useful exchanges that can handle any volume, we must wait until someone steps up and can handle the demand. Meanwhile, Bitcoin's public image takes a serious setback. |
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This would be a good poll to re-open.
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If your local currency suddenly lost 75% of its value and you could not afford to buy food, would you believe that it was your fault for owning currency? Would you go to the gold store daily to acquire your needed currency? The volatility problem (yes problem) is caused by the fact that even Wall Street knows you don't let just anyone have full access to unrestricted trading. Placing brokers between the users and exchanges is the smart thing to do. If a broker starts lagging, then switch brokers. You can have many brokers to choose from for each exchange.
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They won't need to, we do a pretty good job ourselves.
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