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So, just put the supply increase at a steady 4% each year and get rid of the FED, that will bring inherent stability
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It's just a game, enjoy it  |
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Even aware of this, it's a difficult decision, since if you could not mine more coin this week, you will have to pay more electricity to mine the same amount of coin next week, as difficulty rises
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consolidating and going down again  |
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I also read that wiki page and agreed with the last paragraph: "An alternative is technically possible through revised software. The supply of Bitcoins could grow in proportion to the total value of transactions undertaken using the system." But what happens then? Bitcoin will become more like the currency that we are using today (the money supply is decided by FED through carefully monitoring CPI and other indicators). FED members are already very wise if not the wisest person on the earth, if they can not decide what is the proper amount of money supply required, how come a P2P voting can generate a better result? We need a more sounding solution to decide the amount of money supply. Maybe a fixed percentage increase every year. Actually the more I think about this problem, the more I realized how inteligent the FED is. |
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Mine have got wheels!  This one is sweet! I will put the rig in the balcony most of the time to get cold enough air, but the dirt and rain is a big concern By the way, I think the best setup will be card exhaust in up direction, this will suck the cold air from under |
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Monetary policy control only works with a currency which is decreasing in value (People will not hoard the currency but spend/invest), thus central bank can have a good idea about how much liquidity is in the market, and using appropriatery open market operations to increase/decrease money supply But if people are hoarding the currency, then most of the added money supply will become their saving, and the monetary policy could have very little effect. A good example is recently, those biggest companies are just hoarding cash and cutting employees, without any significant spending/investing, that explains why QE2 did not bring any tangible benefit for the society http://blogs.marketwatch.com/thetell/2011/07/27/apple-microsoft-cisco-lead-corporate-cash-list/ |
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The biggest obstacle that I can think of, is that all the BTC transaction is not traceable, thus government have no way to collect tax in whatever transaction, then it's purely depend on individual merchants's honesty in paying the tax
Or maybe bitcoin just suit a society without any tax at all, so we have to buy insurance for everything basically covered by government today: health care, education, retirement, jobless compensation, road and infrastructure, etc...
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Did you have a point? Or even an on topic train of thought?
Sure, the point is that these 2 rules do not solve the ownership problem, in any new world the ownership is the first concern |
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Why not decrease gradually but suddenly cut by half? Is there anyone can change this? As I understand, this is not part of the hash calculation and block generation but rather a system design
Actually I still have no idea how those 50 BTCs are generated and send to the one who found the block, is it generated out of thin air when the block is found? Who generated it, what if the finder does not even have a bitcoin address? Must any bitcoin server have a bitcoin address? etc... Hope someone with deeper knowledge can explain it
I suggest you read the wiki, Those are all basic question you clearly don't understand. I have read wiki several times, still have no idea where those 50 coins generated and who generated them, if you understand, please point me to the right text or explaination For example, this block, the first transaction is from " Generation: 50 + 0.44305552 total fees" and paied to the account who found the block 1GcNkWzZ5GnMzm5XU1ZBdzWPzigUB2iqJM http://blockexplorer.com/block/000000000000019ad38e9ad0c5e27f072cc903c6efa0b6e81c1bcbf93e7951a6This from "Generation: 50 + 0.44305552 total fees" is very vague, it must be generated by something and executed by something, this execution seems can be modified |
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You guys think that a 1000 M/hs will still be good for a while?
It has nothing to do with your hash speed, no matter you are hashing at 5Gh/s or 5Mh/s, you consume equal scale of electricity, if the bitcoin generation speed dropped (due to rising difficulty) to a level that your electricity costs are higher than the coin value generated each day, then this becomes a sure lose game |
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The rising difficulty means more and more gpus are currently joining this game, each gpu get smaller and smaller amount of coin in average, only those who started quite early can get some return, the game will be over in a couple of months
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More like buy bunch of ATI graphic cards and play a Farm Ville style game, a little bit connection to the real world, but not yet very convincing, since I do not even have a U.S. bank account!
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Given anything valueable, people want more and more, and they want the price to be stable at meantime
People seldom want less and less, when the price is rising. If the price rise, they want more
I think this is just pure human nature, you can twist this and think in another way, but majority of human is thinking in this way, because they can not do more than primary school mathematics. That's why keynesian economics is popular
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The Two Laws of All Civilization
1) Do all that you have agreed to do.
2) Do not encroach upon another's person or property.
This shall be the whole of the law. 1st is good, but 2nd, how to define the ownership? First come first get? If every piece of land have already been occupied, then there will unavoidably be some criminal or war? I think the 2nd is defined by and supported by the 1st. If you have a contract that you will receive property for your work or money, then the other person has to do what they agreed to do, i.e. honor their contract to give you the property. Chicken and egg problem, who first get the ownership? In bitcoin world, the coin ownership belongs to who first find the block, and due to the rising difficulty, the earlier you find the block, the faster you collect coins. This is still a "first come first get" model |
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In a deflation economy like bitcoin world, people waste lots of energies to produce the currency (thinking about how much electricity/computation power are wasted in the meaningless hash calculation to generate those coins)
Someone correct me if I'm wrong, but the the hash calculation is not meaningless. Generating a block secures the transactions and continually hardens the network. Right now, there's a BTC bounty awarded for that, but that's not the ultimate model. Eventually, the hashing will just be create blocks to secure transactions, which is hardly wasteful. The bounty is just a reasonable means for initial currency distribution, and is, imo, pretty irrelevant overall. If you compare with how a bank secure the transactions, much less calculation power is required, they just need to make sure the balance of both account is correct based on the transaction history |
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Just browsed over this case, could be the best suitable case for a mining rig: Very good ventilation, super cool looking! If there is a built-in water cooling system then this is overkill
so this is pretty much the same thing as no case, but it costs 10x more. good job there I know those guys with 20+ machines each equipped with 3x6990s can not afford this luxury, but when you have already minned enough coins, you want to do some decoration  it's still a waste of money, you might as well re-invest the money back into mining hardware. Seems you have not minned enough coins  That's the problem of bitcoin economy: you want them, but do not want to spend them |
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Up until now, bitcoin price still relies on traditional exchange, and that exchange is a centralized organization, this is not a distributed method
It will be great that there is a p2p based exchange, using similar algorithm to verify the exchange of bitcoin and other currency thus decide the exchange rate
Seems this will unavoidably touch the traditional banking area, where some form of bank account transfer can not be avoid, then it will greatly defeat the necessity of bitcoin (If I have to do this through bank account transfer, why should I use bitcoin?)
But maybe there IS a way to communicate between the bitcoin world and the banking world
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Price will go down, difficulty will rise, many will quit, it's very clear
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I know those guys with 20+ machines each equipped with 3x6990s can not afford this luxury, but when you have already minned enough coins, you want to do some decoration I'm even thinking about building a small scaled natural air cooling tower, like this  |
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