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Has anyone checked the genesis block of Tenebrix?
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What does it mean when it says boo or yay sometimes? When I get a yay, it shows up as a transaction, but not necessarily as 25 TBX? I really appreciate the quietness of mining.
I have a question so the difficulty changes every week, is that time based or block based?
how many coin will there be in existence? I guess you can stop the block and change it at will?
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bitcoin will be deflationary due to lost coins. namecoin actually destroys coins on certain transactions, see their block explorer you will see 70,000 destroyed. Presently all alternativecurrencies and bitcoin are undergoing massive inflation.
However, the post you mention is really not needed or do I completely understand it. Around January 3rd, 2013 you will only get 25 bitcoin for every block. Speed of computing should have nothing to do with coin generation rate imho.
What I would like to see is 1% of every transaction destroyed. Just ask Norway and Singapore how deflation is working.
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Maybe a cpu miner is not the best thing. It may save electricity, but the future is fpga and asic. In most parts of California, gpu mining is over for now. I would prefer no mining. Sort of like weeds? All are premined, then bounties are given out. Maybe have a team leader, with 10 CEOs, those 10 keep a running tab on coin they give out as bounties. Then just have a 1 reward at about 0.1% inflation rate to combat lost coins. That would be nice to keep the network strong. Inflation is evil and bitcoin the present rate is 30% or so.
I think you should take the current solidcoin owners and multiply it by 10 and end the mining. It does nothing to protect the network, the owners of coin should protect the network.
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I believe the 4 things to end unemployment are balanced budgets, full reserve banking, ending minimum wage, and ending unions.
You need a free flow of labor. Norway, although it has high taxes has been running 10% surpluses and does not have a national debt. They have a national surplus and have the highest gdp on earth. You cannot have a climax community in division of labor without balanced budgets or surpluses.
All depressions/recessions result from credit expansion. Full reserve banking will end that.
Minimum wage prevents the free flow of labor.
Unions prevent the free flow of labor. The union worker might do a job for $40 per hour that someone might want to do for $20 per hour. Unions prevent people from the right to work.
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Global markets are taking. Dow is down 700 points in two days, EU is crumbling and Greece is months away from default. US has already hit the debt ceiling AGAIN which it just fought over passing less than 2 months ago. So when does everyone think we will have a global economic collapse? Do you think the bankers and politicians can hold this crumbling system together for much longer? Want to hear people's time estimates on how this event will unfold into the next year.....
Debt ceiling has not been hit! It won't probably be hit again til after next election. |
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would a ton of botnets protect the network?
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This is such a good idea. Hope this saves electricity. It is a shame we mine bitcoin to enrich coal companies and public sector unions. Anything to lower the cost of electricity use is a mandatory switch.
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I hope he takes my advice, and end the mining. Start the current chain with the new fee system minus the 32.
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I totally agree with you!! I think we should pay a bounty to each member of the bitcoin development team. |
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I read most all comments on both forums. IMHO the value of mining is way overstated. There will be little business development until the mining stops. In fact you could use bounties for people who put up quality nodes of the network to protect the network. Even though namecoin and ixcoin had virtually no blocks found, it still had enough interest to always have 8 nodes. It is not until the inflation mining stops before businesses can be developed. mining is similar to liberal government, just robbing savers and businesses. Once mining became unprofitable, only then did I consider trading and business.
I would restart the solidcoin 2.0 or even solidcoin 3.0.
1) 3% tax on all transactions, 0.5% to deflation destroyed, 2.5% for bounties. minimum 0.01 fee
2) 1 coins added to each block, not for inflation but to compensate for deflation and lost coins. This could go to bounties.
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ixcoin on fire. Someone put a lot of miners there 15 blocks to 20160.
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Someone put some miners here, 20145 please put some too at coinotron. I don't know when difficulty changes 20160?
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2. Where do you think money will be optimally invested by a banker giving loans to business or by a stockholder buying equity in a firm?
They're supposed to be equally profitable. Since 1802, the stock market has returned $600,000 after inflation for every dollar invested.
209 years to multiply your investment for 600,000 ? Let's find the approximate interest.. 1.0658 ^ 209 = 608449.62 So it's approximately a 6.58% interest rate. Are dividends that high? The stock market is probably a bubble. Cash is not suppose to lose value either. The stock market is not undervalued since bond rates are so low. The stock market most likely will not provide same level of returns as last 200 years. However, at the present time bonds,bills, cash will all lose money to inflation and stocks might break even. That is the sad state when you hire orators to run the country as a front to the people that want to rob it. |
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The US should have stayed with the gold standard. What happens is you got a group that benefits from government spending so they hire a great speaker to get them their money. In 1933, they already violated the gold standard then Roosevelt ripped off the public with a low price. Before that we had bimetallism which caused problems.
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This is a very good series overall. The 2nd watch is even better.
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Deflation has no effect on an economy and if anything it is generally good because it helps the savers retain value of their savings.
Please, read my previous example and tell me where I'm wrong. Deflation discourages investment (real capital accumulation) and that is definitely bad for the economy. Of course, my example assumes an economy with just one currency, which will never be the case for bitcoin. I don't think deflation will destroy bitcoin, but I don't like the deflation is innocuous/good dogma shared by many people here. As someone pointed out in a thread called "about hoarding", deflation makes bitcoin less suitable for commerce. Having alternative mediums of exchange, it will make the currency drop in value, which will eliminate the deflation. Deflation will not destroy bitcoin, but it will prevent it from having a healthy financial market. Remember that lending you're also saving. There's no need for hoarding to save. And please don't answer me with the flaws of inflation because I don't advocate for it and I'm with Hayek in the fight of the century. Just in case, I'm not keynesian!!! "So if the lender knows the inflation rate, he should (and will if he can) ask the real interest rate plus the inflation rate. With deflation, he's not going to ask the the real interest rate less the deflation rate, he will get at least the lower of the two. If real capital yields go below the deflation rate, no lending at all would happen. Nothing. Lenders would just prefer to keep earning from deflation rather than investing in any real capital, even if it is profitable in real terms. In this case there's no real investment out there that outperforms hoarding, so rational investors should not lend. But when the deflation rate is lower than the capital yields, the problem is still there: Some business that are profitable in real terms will turn out to be insolvent in a deflationary scenario, because financial costs are in nominal terms and your income and collateral are being devalued nominally." 2. I still think deflation makes borrowing to invest less desirable. Say we have a potential secure investment that yields 5% of its value annually and interest rates are at 5%. Our baker starts his bakery (and discounting its own wage and other costs) profits a 5% of the investment that goes to pay interest. After twenty years, the baker sells his bakery at the same price and pays back the full loan. With stable prices, the investment covers its financial costs and therefore is economically viable. With deflation, you also have to cover the gains of money from deflation to get the loan. Say we have 5% annual deflation. That same investment won't get the loan. Producing exactly the same and selling the products at lower price each day, the baker can lower his wage to compensate deflation and will buy its supplies at a lower price, but he cannot lower the interest. Even if the loan is made in a way that the monthly payment of interest for the whole period takes deflation into account, the borrower will not be able to pay the loan after that period. We have assumed a constant revenue of 5% and assuming there's no changes in the competition, there's no reason to expect it to go down. But the nominal revenue has decreased. What has happened is that the capital (the bakery) has devalued. In our case to 0.95^20 = 0.358485922 % of its original price. The business should have grown at a 5% rate too to compensate deflation. The interest paid monthly could be nominally constant in this case. Only the very best investments will get funded with deflation. Where you are wrong: You don't consider hoarding and savings as an investment too. So say you have an economy with 3% deflation? Do you still want to buy things? As long as you want to buy things there is an economy! So someone has an idea they can either offer an interest rate above the 3% deflation or find shareholders. A 1% loan is really a 4% return, 1% for the loan and 3% for the deflation. The reality is there would be no debt anywhere in the economy, which is good for the economy. Many businesses hold debt, not because they need the money, but they want to hedge against inflation. They can deduct the interest from taxes. Thus rather than repay debt, they extend their debt so they don't have to maintain as much cash. 2. Where do you think money will be optimally invested by a banker giving loans to business or by a stockholder buying equity in a firm? Since 1802, the stock market has returned $600,000 after inflation for every dollar invested. Bonds have returned about $1000. However, cash in a bank account has return nothing and is presently earning negative. Yes, there would be far less loans, but the businesses don't deserve them and bankers don't deserve to receive the interest off them. They earn money by using other peoples money at low interest and making loans at higher rates to earn a spread. I don't have the numbers but if you do the math it will show as a disaster to people who put deposits in banks. It would be much better to have a deflationary currency it allows savers to earn yield on their savings without using banks. Thus, when the 85 year old senior citizen wakes up one day they won't see their money gone, stolen by the ravages of inflation. |
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"If you think deflation is just the devil, then fine, don't use bitcoin, just watch, you'll see soon enough whether it causes the bitcoin economy to stall, and you'll be in the position to gloat or eat your words. If deflation doesn't bother you then forget about it and continue living your life and spending your bitcoin."
I think it should be debated for alternative cryptocurrencies. Did the recent price drop because of deflation? Definitely not bitcoin is presently experiencing 30% inflation. But, I really don't like this thread because the mass media has stuffed down the public's throat a complete an utter lie. Deflation has no effect on an economy and if anything it is generally good because it helps the savers retain value of their savings.
The lie is told to protect lawyers, bankers, and educational elite to allow them to spend other peoples money.
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I put my miners on ixcoin tonight. I pay $.18 per kilowatt hour so I am taking a loss. Join me on coinotron, I will turn off in morning unless over 1 gh/s at coinotron. http://allchains.info/This site says change at 20160. Entire network hash 3.3 gh/s. |
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