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One of the last things I need to cut off my bank account is the ability to pay my mortgage in bitcoins. I currently pay via an automated bank check sent out each month.
I like Brawker how they do a multi-sig setup for paying for things online based on a web link to the item.
I would like something like that where you give the bank info and customer number with the amount you want to go out and someone sends out the check for your bills. Then when it is verified that it is paid the funds are released.
Bonus points for allowing for the ability to set it up to repeat monthly.
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With the illegal drug trade being 1% of global trade, if Bitcoin was used for just 1% of all illegal drug trade the question should be...
Is 3600 coins per day enough?
$20 trillion in global trade -> $200 billion in illegal drug trade -> $2 billion in Bitcoin drug trade per year.
3600 * 365 = 1,314,000 per year
$2 billion / 1314000 = $1522
Do people use bitcoins for drugs?
Good effort Elwar, but you can't talk sense to stupid. It doesn't work. Same argument was being made at $5 per bitcoin when it was 7200 per day. |
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It is real  |
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With the illegal drug trade being 1% of global trade, if Bitcoin was used for just 1% of all illegal drug trade the question should be...
Is 3600 coins per day enough?
$20 trillion in global trade -> $200 billion in illegal drug trade -> $2 billion in Bitcoin drug trade per year.
3600 * 365 = 1,314,000 per year
$2 billion / 1314000 = $1522
Do people use bitcoins for drugs?
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Spooky rumor is that the blockchain is haunted.
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OP has not responded since his initial question. Something tells me the first 2 or 3 pages may have contained the answer to his question.
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The Bitcoin supply has only been inflating at consistently lower rates (e.g., ⅟ₙ₊₁ after 𝑛 blocks when the Bitcoin block reward was fifty bitcoins), so a progressive reduction in spending would seem to be expected under the economic theory.
But it is currently inflating more than the dollar and yet spending has not increased. Can Keynesians ever be right or has there been any instance throughout history where they have been right? Other than 600 years ago when tulips happened. Once. It's you who don't understand the concept. It applies to macro level not some little private speculators plaything. Spending hasn't increased because it's used to speculate. The holder are treating it as a commodity not a currency. Also it's a private outside money. I see, so it is a concept that is useful for talking among college professors and politicians but not useful in the real world. Understood. |
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It is useful. I use it as a currency. Most things I buy online I can use Bitcoin. And I just read up on Brawker and it appears to cover everything else online. At a big discount. So there's that...
Does anyone spend money online?
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Or maybe change the wording of it and talk about Proof of Work. Nobody has addressed that at all anywhere.
And be sure to let us know which alt would provide the best solution. That is always helpful to know.
POS alts have an advantage over POW coins by being energy efficient yet still maintaining the network (no $10,000/mo electricity bills). Some notable ones that may lead the way or otherwise might make a sneaky investment are SuperNET, Vericoin (New SuperNET launch features coming soon), NXT, maybe Stellar, ARCHcoin. Ding ding ding!!! And there is the whole point of the PoW threads. Hawk your alts. No thanks, I would prefer the most secure network in the world. Next! |
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The Bitcoin supply has only been inflating at consistently lower rates (e.g., ⅟ₙ₊₁ after 𝑛 blocks when the Bitcoin block reward was fifty bitcoins), so a progressive reduction in spending would seem to be expected under the economic theory.
But it is currently inflating more than the dollar and yet spending has not increased. Can Keynesians ever be right or has there been any instance throughout history where they have been right? Other than 600 years ago when tulips happened. Once. |
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If you don't have any type of god or ultimate being morality is very subjective
Morality is just the question of what is right and what is wrong. Just because your religion spells it out for you, does not mean that those that do not have such structure cannot tell what is right and what is wrong. but thing is that its their opinion its not a set of rules its just someone's opinion. http://rightwingnews.com/john-hawkins/without-god-all-morality-is-subjective/sorry its some right wing news outlet but I think its still a good read. We have laws also. Some people might think that those laws determine what is right and wrong (moral). Actually I have spoken to many people who believe that laws are the definition of morals. |
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Or maybe change the wording of it and talk about Proof of Work. Nobody has addressed that at all anywhere.
And be sure to let us know which alt would provide the best solution. That is always helpful to know.
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You're right. That was Gavin-bait. Well David Rabahy it's been six months and still no field report. Maybe next year. lol
Huh what? Field report from my talk at the CFR? I barely remember it, there were probably 50 people in suits in the audience, nobody I recognized. The whole thing is on video, there were no secret meetings, I got there 10 minutes before my talk and left 10 minutes after (I had a bunch of interviews with DC-based journalists scheduled... and I think that was the trip I had lunch with Jim Harper and got a tour of Cato, although I might be mis-remembering). Gavin Andresen on Bitcoin: "Expect Chaos & Drama". That sounds so CFRish's own "Order out of Chaos". Btw I wonder how you got named as the Chief Scientist for the Bitcoin Foundation when you don't have a background in cryptography and only came to know Bitcoin later. How did you climbed the ladder so fast Mr. Bell a.k.a Andresen? Gavin was working on Bitcoin long before the Bitcoin Foundation was created and I do recall he was the one that made the announcement that they were working on creating the Bitcoin Foundation. The Bitcoin Foundation is nothing official, just a club with members. I can create the Bitcoin Club tomorrow and name myself Chief of Knowledge. |
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I have never thought of that!
Why has nobody brought this up before?!?
It has but when anyone has brought it up, they were decried by the community for the most part. We are at a point were mining is almost unprofitable on whole to maintain this level of security and difficulty. But why? It should be brought up at least twice a week so that people will finally listen! Maybe once a day for emphasis. When people realize that the cost of mining is the exact same as the price per 3600 per day, no matter what the price and no matter what the real hardware and electricity costs are, it will blow their minds! When the price was $1,000 per bitcoin, the hardware and electricity costs to run Bitcoin were $3.6 million! And now, at a lower price, the cost of hardware and electricity is over $600k. That is like buying a computer for $1000, but if the price of corn goes up, your computer suddenly costs $2000 more. Even after you paid for it. And your electricity price jumps too. |
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EMP? That sounds scary!  Has someone demonstrated that they can do a worldwide EMP that will destroy every instance of the blockchain? Should I be packing my things tonight to go to a cave? Let me know soon, I'm going to start packing and come back to check. |
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WTB 1000 MAGIC: THE GATHERING CARDS
What's the going price for magic the gathering cards? It's not easy to figure out without a Magic The Gathering Online eXchange. |
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That moment you realize that $18k can get you 100 bitcoins...  |
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At the current price, 3600 bitcoins per day times $180...that's over $630,000 per day!
So mining costs $630k per day right now!
If the price drops to $100 that's $360k per day!
And at $300 mining costs over a million dollars per day!
That is so crazy how mining cost changes so quickly.
I wouldn't want to mine. I pay for the machine, plug it in, then the price to keep it running goes up and down depending on the price.
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I have never thought of that!
Why has nobody brought this up before?!?
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Monumental hubris.
That's what ultimately doomed Bitcoin. Too much circlejerking about how Bitcoin is worth $xxxx and not enough effort to add utility to Bitcoin as a currency to make those numbers realistic.
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