What is a fucking singularity anyway?
There seems to be multiple definitions.
This is also the normality.
I used the term singularity to compare the future of Bitcoin with a technological singularity, where increased (artificial) intelligence leads to an acceleration in technology. For Bitcoin, the singularity is point at which Bitcoin becomes mainstream, which could end in a price explosion much greater and much faster than is currently expected. I don't know for certain when or even if this is going to happen, but I do believe it is a plausible scenario due to the fact that most people simply follow the herd and don't want to be left behind. And because we haven't reached that point yet we are either the lucky few who got a first class ticket on the greatest ride ever in financial history or we will simply lose a lot of money. Great OP by the way, but I think your analogy breaks down due to use of the term singularity. To my mind the singularity would be a point in the far distant future. The black hole where there is nothing else. ie Fiat is dead Long live the Bitcoin King. Whereas, if I may, the term Event Horizon would seem to be the point you are describing. The point of no return for our rocket ship, where the space, light and Fiat around us can no longer escape bitcoins inexorable pull and we are sucked in. We still have a very long way to go to get to a singularity, but you may well be right, we do seem to be fast approaching the main Event. If that's the case then there's a whole lot of fiat around us to be pulled in too, and become compressed at one point in the future to a single point only 21 mil coins across. Just keep an eye out for larger black holes appearing with a greater gravity. |
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ALL TIME HIGH USD / BTC 54.000 USD / BTC  |
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nope 52 here too  |
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Would love to see the browser extension that was compatible with safari. Any plans for one?
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https://mtgox.zendesk.com/entries/21477395-Bitcoin-blockchain-issue-bitcoin-deposits-temporarily-suspended"Due to an issue with the Bitcoin blockchain, all bitcoin deposits to MtGox are temporarily suspended. This will be the case until the Bitcoin issue with the blockchain is resolved. More details: http://sourceforge.net/mailarchive/message.php?msg_id=30587843 Bitcoin deposited with MtGox or in transit are safe. We disabled deposits because this condition makes it easier for an attacker to perform some kind of attacks Bitcoin is designed to prevent. Once the situation is back to normal, we will resume accepting deposits, and all deposits done in the meantime will be confirmed too. UPDATE: Miners are encouraged to downgrade to Bitcoin 0.7.2 - at least temporarily - to push the correct blockchain forward. Once the correct blockchain is longer than the 0.8-only blockchain, we will be able to resume bitcoin transactions."
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111111.11257544 top address currently worth $5,265,555.62 thats some serious confidence in the bitcoin network. Long may it last.  |
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Mmmm Hubble Bubble Boil and Trouble.  |
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The National and mainstream liberal newpaper from the uk http://www.guardian.co.uk/business/2013/mar/04/bitcoin-currency-of-vice"The future of money may or may not include a Federal Reserve Bank of Amazon, but it probably does involve the gradual decentralisation and democratisation of currency. Virtual currencies aren't just a new-fangled sort of Monopoly money. Rather, they may just be the thing that ends the monopoly on money." |
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Think we might finally, be coming of age. |
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It ain't over yet more shopping?  |
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BOOM !  |
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Agreed. you should have a 4th option. 'dynamically change the block size'
depending on some fixed and pre agreed algorithm
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Sage answers thanks. I'm guessing it comes down to the same level as many other potential threats like increasing the block size limit. https://bitcointalk.org/index.php?topic=144895.0. Identify them and steer slowly away from any form of centralisation, whilst remaining true to the core philosophy. |
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Pan forward many years to a time when the Blockchain is Terabytes large, most solo miners and in fact nearly all regular users have all but given up on downloading the full version
Once upon a time, in a not so distant past, 1 gigabyte was an unheard of hard disk drive capacity and network speeds were measured in bits per second. I think one fundamental flaw in your vision of the blockchain future is that you do not envision storage and network capacity scaling as well. Another oversight is the idea that the blockchain can be pruned. The true question is, does the growth of the blockchain outpace the natural progression of storage and network capacities? I had considered this, but not really built it into the question. Perhaps there will come a time when the blockchain size increase outpaces Moores law or more importantly the ability of most; except an elites fews ability to keep up with it? |
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Thanks to piramida and xcsler dowstairs on the speculation floor. They piqued my interest in a topic that i'm sure has been discussed before, but recently seems to be perhaps more important? Pan forward many years to a time when the Blockchain is Terabytes large, most solo miners and in fact nearly all regular users have all but given up on downloading the full version so now only an handful of exchanges and mining pools keep a full working copy. Whats to prevent this consortium of elite, the last holders of a full working copy of the Blockcahin from conspiring together and "editing" the transactions to their advantage.... A little zero here a little 1000 there? probably from old and inactive addresses now suddenly emptied? I'm thinking Libor scandal of the 22 century I'm no cryptographer, nor do I claim more than a rough working knowledge of the Bitcoin ecosystem, but I've been following the story for over 2 years now and have yet to get bored of this forum so go easy on any stupidity. |
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A very good introduction for anyone. E-mail it to your friends with small businesses or a heathly dislike for the current financial system |
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