How does one convert those paper bitcoins back to electronic ones? EDIT: Just found this thread. Seems complicated. |
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The pioneering space colonists probably wouldn't have a need for currency at the start. Compensation for work done would come in the form of survival, at least for the first few generations.
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What would happen if a major disaster, natural or otherwise, severs the Terra Internet into two separate nets for a few days?
Firstly, most people think a total severance is practically impossible. How long did Egyptians loose interweb access for? |
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Could bitcoin be a new source of wealth that could stimulate economic recovery and development? A kind of 'grass-roots' injection, like what the governments should have done but didn't (ground up bail-out, not top-down)
Bitcoin won't be institutionalized by the mainstream for a while, so in the meantime (if succesasful) it could be a grass-roots fountain of new funds to housholds, to small firms..
Maybe there could be bitcoin credit unions or something, they get together and buy a bunch of bitcoins, let them appreciate (a speculation of course) and then sell them and lend the profits out at interest in fiat money, and then reinvest the profits from that back into buying more bitcoin. By something like this or other methods, could a bitcoin boom bounce economies out of the slump?
Maybe, but I think some of the success of the bitcoin will come at the expense of the fiat currency. So, eventually, I think the buying power of bitcoins will increase while that of fiat currencies decrease, negating some of the "bounce" associated with the bitcoin. |
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I live in Thailand and it would confuse the hell out of me if websites started offering services using the Thai baht symbol, you'd have no idea if they're talking about BitCoin or Baht.
Why not make your own symbol instead of taking someone else's? Do you really have no imagination yourself that you can't come up with your own symbol? Why do some of you care so much that bitcoin has to use this symbol?
By the way, trading 1 ฿ for 30 ฿ if you're interested.
QFT |
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Well, under the plan I outlined, the bank's shareholders are it's depositors are it's investors. This would need to be clearly outlined in the deposit agreement, and spelled out in no uncertain terms, preferably verbally, before anything is signed. This could be spun positively:
NewBank: The bank where YOU own the bank!
But would definitely need to be said, Lest the depositor wonder where their interest is. The upside of this is, While few would actually make use of it, each account holder would have a say in the decisions of the bank (Again, votes based on shares, and thus, risk).
Give each depositor a vote and you have a mutual bank, no? |
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CPU mining is pretty useless. Only as useless as playing the lottery. That said, it would be a nice feature to have for the GPU miner programs. |
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I very they would be willing to do it.
I very so too. Although, we can't say that they'd do a good job. I vote for Ars Technica too. |
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I couldn't take the test because it has stupid questions like, "If economic globalisation is inevitable, it should primarily serve humanity rather than the interests of trans-national corporations." The answer is, of course, that the interests of corporations align with humanity in a free market environment.
I said right libertarian based on the site's description of the left-right axis as right=free market.
You have four choices. If the two extreme ones don't appeal to you, pick one from the middle. Those two are scored the same. Another statement on the test says that the interests of corporations align with that of individuals. You can strongly agree to that one. |
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We've been over this in another thread, but essentially I don't oppose authority unless it is monopolistic.
And thus we have the difference between anarcho-capitalism and anarchism. Anarchy means no authority, with no monopolistic qualifier. |
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What does "rightist" and leftist" libertarian mean?
For left libertarianism, think Noam Chomsky. |
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In your opinion, anarchists do. In many other's opinions, you're incorrect. We agree that anarchists oppose authority. Why then, should they support capitalism, an institution which allows for the likes of slavery, that allows employer masters to treat human beings like expenses instead of partners? Capitalism thrives on authority. Therefore, anarchists oppose capitalism. |
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Again, chart. Anarchist is the extreme of the Conservative Libertarian side. Minarchist is almost there. The US Republican Party is in that direction, but closer to center.
No. Anarchists oppose hierarchy. Therefore, they oppose both the state and capitalism. I would guess that conservative libertarians support capitalism. Not a fan of the chart at all. |
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Is the network vulnerable to an botnet attack? What if a whole botnet network start to accept a false transaction?
From the point of view of the network, a transaction is false only if it already happened once before. The computing power of the botnet would have to be comparable to the honest portion of the network to have a chance at getting a multi-spend into the block chain, but to what end? Couldn't a botnet do more profitable things, like generating bitcoins even? |
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Problem: bitcoin cannot be divided infinitely. Neither can gold. You can divide it down to the atomic level. To go past that you need fission, but you'll end up with whole isotopes of yttrium and zirconium (or something) instead of half atoms of gold. Perhaps we'll need a bitcoin fission reactor. Feed it a bitcoin, get at least two betacoins. |
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The way I see it, this is absolutely what would need to happen.
And further, if my merchant account were at MYBITCOIN and your bitcoins were at YOURBITCOIN, chances are good that there'd be an API call between them to "make" the funds transfer, which wouldn't actually transfer on the block chain, but would rather just be added to an IOU tally between the two bitcoin "banks" that was offset by funds travelling the opposite direction (MYBITCOIN to YOURBITCOIN), which got auto-settled in a single bulk transaction via the block chain at the end of the day.
Actually, if a service like MyBitcoin conducted a bitcoin transfer with every user's purchase, they'd eventually have empty wallets waiting for confirmations to replenish them. They could get by that if they maintained a queue, but they'd still have to deal with transaction fees. MyBitcoin already probably does it the best way, by keeping minimal wallets and maintaining a ledger. Anyway, yeah, bitcoin banks would just have to work together and issue cards or mobile apps. |
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The only way grocery stores could get on the network would be to have some sort of "MYBITCOIN"-like intermediary that does all the transaction processing, most of which would have to happen off the block chain. What's to stop a service like mybitcoin from transferring between the wallets it maintains with every supermarket purchase? |
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1. Would you trust such institution with your money (of which not all will be spent) ? I would not. I already trust their products. 2. This is not convenient at all What about keeping an account at a local mutual bank then? Associations of them would allow for instant transactions outside of your locality. You could skip the banks if you had associations of businesses. |
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What about just having an account with the supermarket or bar? Just load it up before you go shopping or drinking.
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I think a more interesting question would be: how many BTC have you spent so far and how? I've spent 136 BTC on tangible goods and a donation to some hipster physicists. Still waiting on the tangible goods... |
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