Most great inventors don't give a damn about money. They tend to be easily exploited by Capitalist hippies that sit around the pool collecting dividends. The real hard work of Capitalism is the lawyers that sue startups over patent infringement.
Sure, some innovation is done by greedy inventors, but original ideas tend to come from people not interested in money itself.
For the sake of argument I will say your right (although I disagree). Without capital most ideas go nowhere. How does one acquire capital ... by working harder (or having a ancestor who worked harder). Yes even people who acquire wealth through fraudulent or dubious means had to work at it. A system where acquisition of wealth is impossible because everyone's share of the pie is equal means no rich greedy investors to "exploit" inventors by bring products to market. Even when inventor is "exploited" by Capitalists the system is made stronger. Quality of life for the aggregate population improves due to access to new and improved products & services. Democracies aggregate capital through taxation and choose progressive commons based on the best information available to improve the (theoretical) quality of life for the many. I'll defer to Maslow's hierarchy of needs to point out the usefulness of a baseline of equality. Besides, the system is broken and there are few ethical occupations where one can aggregate any personal wealth anymore. It follows then that individuals that do manage to acquire capital are not ethical and should not be trusted to make decisions for the many. I very much disagree. If I only bought the absolute necessities, I could survive and save money, retiring on a modest income. Fact is, all you need is food, clothing and shelter. You don't need a car. You don't need a 800 sq ft house (when 200 will do just fine). You don't need children. You don't need a cell phone. You don't need cable, television, or internet. Live in Detroit, where housing is incredibly cheap. Sell trinkets on the internet, or get a minimum wage job. You could get by on $300/month for all your living expenses. The rest is money in your pocket, where you begin building wealth. Building wealth has nothing to do with how much you make, and everything to do with how you manage the money you have. If you believe you cannot build wealth with just about any ethical occupation, then you're not living your life in a way that facilitates building wealth. In other words, it is YOUR fault you can't build wealth with those ethical occupations. |
|
|
|
The plan is to be fair to all miners. If you are a good helping miner then you dont have to worry about anything. This is just an extra layer of protection for the business nothing more than that and as said in the future it could be removed allowing for a completely decentralized service.
Please explain mining further. What incentive to miners have to give this 'coin' a second thought ? COMPENSATION ......................  ? Transaction fees are the compensation. It won't bring in a huge number of miners (especially at first), but as the number of RLC transactions build, the number of RLC fees will build as well, slowly bringing in more miners. If 100 1 RLC transactions are made in a block, then that's $100 of fees that goes to miners. 100 RLC = $10,000 every 10 minutes. That's $1.4 million daily or ~ half a billion annually. Yeah sure when (more like IF) transaction volume is ever that high fees are fine. This is my Satoshi came up w/ the block subsidy and have it decline over time because a larger network can be self supporting. So the question isn't when RLC gets to the billion dollar range but more when RLC is in the $500 per block range = $5 in fees. How much $$$ worth of transactions does Paypal do daily? I do agree with you that unless RLC becomes BIG, miners will be a very small part of it. But, there is always that possibility. And if/when it did become big, it would be nice to know that there is built-in protection against DOS attacks (or accidental downtime, maintenance downtime, etc). The advantage of being able to transact without connecting to a central server could prove to be very important in some cases. Transaction signing with a central server is going to have some disadvantages, and I think mining could alleviate those disadvantages if it is ever used enough. |
|
|
|
The plan is to be fair to all miners. If you are a good helping miner then you dont have to worry about anything. This is just an extra layer of protection for the business nothing more than that and as said in the future it could be removed allowing for a completely decentralized service.
Please explain mining further. What incentive to miners have to give this 'coin' a second thought ? COMPENSATION ...................... ? Transaction fees are the compensation. It won't bring in a huge number of miners (especially at first), but as the number of RLC transactions build, the number of RLC fees will build as well, slowly bringing in more miners. If 100 1 RLC transactions are made in a block, then that's $100 of fees that goes to miners. That's the same as a block reward from Bitcoin when Bitcoin was worth $2.00/BTC, and there was around 8 TH/s of miners at that point. |
|
|
|
Would just like to say, that there NEEDS to be a wallet import option in the future for Satoshi wallets.
... I cannot switch fully over to armory until it has wallet.dat importing, so I hope you plan to have that option!
I absolutely plan to have that, but not until Armory can be used without the Satoshi client running with the same wallet. I found out yet another thing that can go wrong when you have multiple apps using the same wallet (I've got 8.2 BTC locked by the Satoshi client right now, possibly due to such issues)... Ok.  |
|
|
|
|
How are solidcoins still worth anything??
|
|
|
|
Also, we do NOT disapprove the creation of other exchanges around RLC. We want a competitive market because it is in the best interest of all.
Come on have you actually spent any time thinking this through. Central agency will sell unlimited coins ONLY $100 ea. Central agency will buy any sold coins for ONLY $100 ea. What "competitive market" could exist? Who would be stupid enough to pay > $100 when they could simply buy a coin from you for $100. Likewise who would be stupid enough to sell for <$100 when they could simply sell a coin back to you for $100. What purpose would external exchanges serve? The same purpose the redundant and useless miners serve? I'm not seeing much of a use for other exchanges either. Unless, perhaps, a black market exchange that loopholes around laws and sells/buys RLC without asking for identification. But beyond the illegal... why buy/sell from anyone but the central agency? Exactly. Since RLC is issued by central agency and backed by that agency it functions very similar to a prepaid giftcard. But wait people buy & sell prepaid giftcards on ebay. Well they do but only because prepaid issuers don't give refunds. Say you had $100 Best Buy gift card and you could go to Best Buy and get $100 the only reason to sell it on ebay would be if you could get $101+ for it. However Best Buy sells $100 gift cards for $100 so why would a buyer pay more? Only reason a buyer would be looking on ebay would be to pay $99 or less however why would a seller take $99 when the Central Agency will pay $100? Just thought of something though: What about RLC to BTC? Or BTC to RLC? Since RLC is tied to USD and not BTC, perhaps the central authority won't be trading for anything but USD, and that is what TheGobbler meant about other exchanges picking it up - other exchanges would pick up the RLC to BTC trades. |
|
|
|
|
Would just like to say, that there NEEDS to be a wallet import option in the future for Satoshi wallets. If I am going to use this wallet solely, I don't want to have to risk not getting payments made to my older addresses. I don't care if you make it hard to get to, it just needs to be there somewhere.
I have a variety of old addresses everywhere. I may or may not receive donations or payments to those addresses in the future.
Examples:
- Hard-locked deepbit mining payout address.
- Operation fabulous payout address.
- Firstbits address that I use for many transactions. Also have it posted on the forum.
- Addresses hardcoded into software for donations.
You get the idea. Anyway, I cannot switch fully over to armory until it has wallet.dat importing, so I hope you plan to have that option!
|
|
|
|
Also, we do NOT disapprove the creation of other exchanges around RLC. We want a competitive market because it is in the best interest of all.
Come on have you actually spent any time thinking this through. Central agency will sell unlimited coins ONLY $100 ea. Central agency will buy any sold coins for ONLY $100 ea. What "competitive market" could exist? Who would be stupid enough to pay > $100 when they could simply buy a coin from you for $100. Likewise who would be stupid enough to sell for <$100 when they could simply sell a coin back to you for $100. What purpose would external exchanges serve? The same purpose the redundant and useless miners serve? I'm not seeing much of a use for other exchanges either. Unless, perhaps, a black market exchange that loopholes around laws and sells/buys RLC without asking for identification. But beyond the illegal... why buy/sell from anyone but the central agency? I suppose if deficiencies in the central agency's exchange, then people might want to go elsewhere to buy them. Speed deficiencies, etc. Like buying BTC through bit-pay instead of MtGox. I can see that happening... |
|
|
|
I think if there was an easier way to set up it might grab more attention, you know, graphs, some sort of BTC/24hr, or more importantly a unified miner, it took me a couple of hours just to set up the miner/pool hasher following a guide, and i still don't even know how to open the bitcoin wallet as a RPC server without doing it with GUIMiner in Windows.
This. I haven't even bothered to try and set up p2pool just because I don't need yet another thing to mess with and steal a few hours of my life. Give me something that is as easy to use as double-clicking, and I'll use it. Otherwise, I'm just not going to bother. |
|
|
|
Also, the coin cannot appreciate until the 1 trillion dollar supply is exhausted, so there is no speculative reason to purchase it. If there is a ponzi here, the Realcoin operators haven't provided much incentive for anyone to participate in it. Of course, it is possible that Realcoin is a legitimate business.
There will be speculation before the reserve has been exhausted. We are already discussing potential investments with our bank (HSBC) in HK and the first milestone level to be hit for an investment to be made is around $200,000. This means that as soon as we reach this amount, we will make it available to our bank for investment thus slowly increasing the price of RLC. Part of the appeal of your system is that 1 real cent equals 1 US dollar. This keeps computation simple. Consequently, I recommend issuing dividends to realcoin holders as additional realcoin instead of changing the realcoin price. That is, just send out extra realcoin in proportion to people's existing realcoin balances. Also you want to establish a commitment that realcoin will never decrease in value unless the entire system collapses. Essentially you offer some risk-free nominal return to investors and then profit based on the margin between this return and the extremely low-risk return offered by your bank. I am afraid that potential profit from this is minimal given the current economic environment (low price inflation, low real interest rate). More inflation will help you. Of course you could gamble with the money. Maybe you win big or maybe you go bust. That kind of gamble makes a lot of sense on your end if you can keep it hidden. Taking the money and running is another option. In this case, your profit is large if you can convince a lot of people to participate in your ponzi and are able to escape punishment. Due to these concerns, complete transparency, proven investment in safe assets, and proven location of these assets in countries with strong legal enforcement will be necessary for your success. Vital things for people to keep in the forefront of their mind, for sure. I do like the idea of investments issuing dividends in the form of more RLC. This gives incentive for people to hold the coins. |
|
|
|
NOTICE: We're still on target for releasing this month, but in the spirit of the way magazine traditionally do it, I'll be changing the 'actual' release date and the cover to reflect "March 2012" instead of "February 2012". Not really important. Just thought I'd share.
Why do magazines do that, anyway? It fucking annoys me for some reason. Because no one wants to buy an old magazine. If you're browsing through the mags at a store, and see "February 2012" instead of "January 2012", then you'll think, "Oh hey, this one just came out this month! Great!" Or at least, the average person will. |
|
|
|
Because the public vanity address is the hash of the public key. If the public key is in a different format then the hash of the public key (the vanity address) would be different.
Got it. Regardless, the new client will still accept older uncompressed public keys, so why bother making the change to vanity gen? Unless you're trying to "do your part" in helping keep the blockchain as short as it can be... |
|
|
|
Vanitygen is a command-line vanity bitcoin address generator.
I haven't seen any mention of compressed pubkey support. The latest versions of Bitcoin (perhaps just git, so .6 post but I'm not going to bother checking) will default to creating addresses based on compressed public keys. These addresses look just like every other address but they take up less space in the blockchain when you spend from them (and thus lower txn fees in the long run). Every private key has two possible addresses. One based on the compressed public key, one based on the regular public key. It takes a bit more computation on top of the normal public key generation to get the compressed version. It would probably be a good idea for vanitygen to offer / default to generating compressed public keys. Have I missed discussion related to this? I'm confused... if the compressed portion is a "behind the scenes" address, why does it need to be generated? All you need from vanity gen is the Bitcoin address and the private key associated with it. |
|
|
|
|
Very quick and easy to deal with, thanks!
|
|
|
|
Since our previous exchange has been censored, I assume you are responding to me again.
What is this "specific job" that miners do?
Why not just maintain a few company controlled computers with central databases of txns as the "miners"?
Wouldn't this group of company-controlled miners do the job just fine?
What additional function do miners independent of the company bring to the table, if any?
I think the idea is that, once the centralized transaction authentication is removed (as TheGlobber stated it would be in the future), people could make person to person transactions without having to worry about the status of TheGlobber's servers. Which would help in the event of the government trying to block the service, or a DDOS attack, etc. A distributed network is much more difficult to attack. |
|
|
|
|
Sounds like you took most of my suggestions and made them a reality. I am glad to see it, and intrigued to see if this project works out.
To all the jokers - this isn't meant to be a Bitcoin competitor, it is meant to be a Paypal competitor. The biggest draw (if you want to compare it to Bitcoin) is that it is tied to the dollar, so merchants and users don't have to worry about value dropping minutes after doing a transaction. 1 RLC will always be worth $100 USD. And of course, allowing (eventual) decentralized user-to-user transactions could provide for the anonymity that some people desire.
Granted, I think TheGlobber will have a lot to prove as far as legitimizing himself and his business (we've seen too many scams to fall for another one), but I think once that legitimacy is established, it could prove to be a useful service.
|
|
|
|
I'll take a case  Aww, it won't scan the QR code  Too bad it takes 23 seconds per side of each mint to engrave and isn't practical as a product. I was pleasantly surprised that the laser beam turns the clear plastic a deep copper color - which is highly unusual. I was expecting a light melt or a white frost. These mints are Trader Joe's Green Tea mints. And I can't scan the QR code off the real mints either, it just doesn't work that well I guess. I thought that was a photoshop. You actually made these. lol Edible bitcoins... imagine if you really put a private key in those mints with 0.1 btc. That means by eating one, you are removing 0.1 btc from circulation for ever. People would troll with videos of them eating handfuls of them, and watching the Bitcoin poor weep in despair in the comments. Also, this thread is now wildly off-topic. We should bring it back on topic. |
|
|
|
|
I think it's a good idea, but I'm not interested myself. Never planning on taking out another loan again. Debt sucks.
FWIW, the only way I would ever lend Bitcoins to anyone is if a) it was a secured loan or b) I could see their credit report/history.
|
|
|
|
|
Do you buy games as well? Still looking to sell a few games I got for free in the big winter giveaway.
|
|
|
|
Sold hundreds of my wares with paypal. Have yet to score a BTC sale.
I'm not a miner or a speculator. I am a merchant.
Right now, offering bitcoin payment as an option seems to be a matter of belief in cryptocurrency. That needs to change into offering bitcoin payment because that is where the money is.
Definitely harder on folks selling specialized items. For things like dice, it's a small crowd to begin with. And the number of people in that small crowd using Bitcoin is well, probably quite minuscule. Thanks for offering your products for Bitcoins though. The more merchants that do it, the more people we can encourage to start using Bitcoin. |
|
|
|
|
Show Posts
