Do I understand the General Proof of Fermat's Last Theorem?? Hell no. Do I believe this proof is correct? Yes. Why? Because mathematicians are competitive, and there is a huge motivation for trying exposing a hole in this proof. Same with the Bitcoin source code. The more famous Bitcoin becomes, the more confident I am that it doesn't have any security holes. |
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Don't kid yourself. Don't assume these places hire dummies.
There is a difference between simply being intelligent and knowing how to use your intelligence. I know lots of highly intelligent people who fall for the most stupid theories because of group pressure, ideology, or emotional baggage. I know one guy with IQ 150 who believes in astrology. *eye roll*. Human beings are all kind of crap, really. People who are both intelligent and wise are very rare indeed, and they don't tend to work for government. Also, people working for such agencies tend to be sequential thinkers and may struggle to grasp the bigger picture with Bitcoin. |
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Man, I didn't expect things to get this political this early.
When I read stuff like this I fear that Bitcoin is going to turn me into a raging libertarian.
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2) Lotterie ist die Steuer auf Dummheit.
Das stimmt nicht immer. Der Nutzen vom Geld hängt nicht immer linear von der Gelbmenge ab. Im hypothetischen "Lola Rennt"-Szenario ist es durchaus Sinnvoll, in der Lotterie zu spielen. Für 100 Euro hast du kurzfristig kaum einen Nutzen, für 100,000 Euro aber einen sehr großen, wie zB. dein Leben. Der Erwartungswert des Zuwachses deines Nutzens ist also positiv, obwohl der Erwartungswert des Zuwachses deiner Geldmenge negativ ist. Zugegebenermaßen sind solche Fälle im realen Leben selten. |
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The benefit of .bit is simple:
You own your .bit domain names.
That cannot be said of any other TLD, not even of the other alternative DNSs such as OpenNIC.
The closest thing to ownership you can achieve with those is a long term lease but you will always be at the whim of the true owners.
You have full control over your .bit domain names, the same way you have full control over your Bitcoins. What gives someone control over a .bit domain is a private key and nothing else.
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What Bitcoin should be is academic.
The market decides what Bitcoin is. 2-5 years from now Bitcoin will probably have a lot of weird uses for which it wasn't intended. I foresee that paying for goods and services on merchant websites will only constitute a niche part of the Bitcoin economy by then. Anyhow, why do you care what other people use their BTC for?
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Ich finde den Artikel auch gut. Er ist ordentlich recherchiert, sachlich zum Großteil korrekt, und kaum voreingenommen, was bei Massenmedien heutzutage nicht selbstverständlich ist. Respekt, lieber Spiegel.
Die Leserkommentare finde ich allerdings deprimierend. Da bekommt man den Eindruck dass mindestens die Hälfte der Deutschen eine technikfeindliche und veränderungsscheue Grundeinstellung haben. Bei Spiegel-Lesern handelt es sich auch noch um den „intellektuellen“ Teil der Bevölkerung. Ich möchte nicht wissen wie Bild-Leser auf Bitcoin reagieren werden. Na ja, vielleicht braucht es nur ein bisschen Zeit, wie bei jeder Disruptive Technology. Ich kann mich noch erinnern, als Handys in den 1990ern zum ersten Mal richtig populär wurden, war die Reaktion von vielen in meinen Bekanntenkreis zuerst mal negativ, so auf die Art, „wozu brauche ich den Mist?“. Nach 2-3 Jahren haben sie ihre Meinung natürlich geändert.
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You do realise that your Bitcoin2 will also have a "speculator's reward"? Except that this reward won't go to the early adopters but to City boys at Morgan Stanley and Goldman Sachs. Any major commodity that is freely floating and experiences price fluctuations, will attract speculators.
Every time you fill up your car at the petrol station you are paying a "speculator's reward" to oil traders, because they were smart enough to bet on rising oil prices and you weren't.
Worrying about the supposed injustice of the Bitcoin "speculator's award" is silly. Specualtion is inevitable in a free market. You may as well worry about the weather.
By the way, anyone who buys 1 BTC for 8 USD and sells it again for 8 USD (or buys products worth 8 USD), has given nothing to speculators. The only time you pay a "tax" to speculators, early or otherwise, is when the exchange rate happens to drop between the time you buy BTC and spend BTC. Bitcoin can, in theory, experience price deflation forever without collapsing like a Ponzi scheme. This price deflation would eventually reflect general economic growth. Younger people would pay a "speculator's reward" to older people. But once they get old, they would be receiving an even higher "speculator's reward" from the next generation, and so on. This can go on indefinitely as long as the world economy keeps growing.
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It is hard to bring this up without being shouted down as "jealous" and ungrateful for the courage of the "early adopters". So let us make a distinction between the early adopters who developed code and infrastructure and promoted Bitcoin in the hope of alleviating the world's ills, and early speculators who simply accumulated BTC in the hope that the block chain started by Satoshi Nakamoto in 2009 would eventually be worth a fortune. Granted, some individuals may fall into both categories. Just like early adopters, early speculators were key to Bitcoin's success so far. Without them, the exchange rate and difficulty would have remained low for a much longer time, making Bitcoin more vulnerable. They also seeded confidence in the value and convertibility of Bitcoin. Start your own block chain if you like, but stop pretending that this has anything to do with "fairness". |
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Namecoins are destroyed in the process of domain registration. So, i` am have doubts, that they can serve as money.
And thanks for "its about control" pointing.
Why would that be a problem? They are redeemed for something valuable in the process of domain registration. But before registration, they can be stored and traded indefinitely. Nobody is forced to redeem them, and some people might end up just trading them without ever purchasing a domain name. Think of them as vouchers or certificates, which certainly can serve as money. |
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Go to OTC and ask around. Someone is always selling BTC for Paypal. |
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We could just call them bitcoins. The tiny font indicates that you're talking about a little bitcoin, which is one millionth of a big bitcoin. In real life, you'd communicate this by sensuously whispering the word "bitcoin" or saying it in a higher-pitched voice like it's a tiny cartoon version of a bitcoin.
That would actually work in China. |
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<pedantry>
The greek μ character is an m, not a u. Writing it as a u looks childish and illiterate IMO.
</pedantry>
MBC for millibitcoins.
MUC for microbitcoins.
By the time things are priced in microbitcoins, Bitcoin will be so widespread and generic that everyone will just call them 'Coins.
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I wonder if and when the difficulty is going to stabilize for a bit?
As soon as the exchange rate stabilizes. That might take years. |
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I like Bitcoin because of its practical applications, not for ideological/political reasons.
Perhaps Bitcoin, or similar technologies, will shake up the welfare state as we know it. Perhaps it won't. Who cares? IMO it's a waste of time worrying too much about the future of society. There are too many unknowns. We will find a way of dealing with those problems when (if) they happen.
By the way, there are examples of low tax and no tax countries that still have a welfare system, and quite a generous one at that. Switzerland and Singapore come to mind. Running a welfare system actually isn't that expensive if it is done well. The problem with the US government is that it's horribly inefficient at running its public welfare and healthcare systems. It will soon run out of money, Bitcoin or no Bitcoin.
PS. I'm not strictly speaking a "liberal".
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"It is now equipped with 14,336 Xeon X5670 processors and 7,168 Nvidia Tesla M2050 general purpose GPUs" You can look up the performance of those processors here: https://en.bitcoin.it/wiki/Mining_hardware_comparisonM2050: 100 Mhash/s X5630: 8 Mhash/s (let's just guesstimate that the X5670 can do 10 Mhash/s) So, Tianhe-1A can do approx. 0.72 Thash/s with GPUs alone, and approx. 0.86 Thash/s with GPU+CPU. Not enough to do a double spending attack! |
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If you have any loved ones (or charities) whom you want to have your bitwealth after you die or become incapacitated, you may want some way for them to get your private keys eventually. If the knowledge of how to get to your coins is only in your head, it's likely that a bunch of bitcoins will leave circulation.
"dead man switch transactions" have been suggested to solve this problem. |
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