I agree, hoard Bitcoin and price will go up ..
But only until you sell it. Then the price will go down. |
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To me it appears to be pretty simple for both BurtW and Charlie Shrem cases since they are so similar:
If a user/buyer of Bitcoin tells you they plan to do something illegal with the bitcoins you sell them, then just do not sell to them.
You do not know what Burt's circumstances were. You do not know that they were the same. |
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Be it as it may, bitcoin price can only rise if there is demand for the coin. And demand means hoarding.
There is a difference between holding and hoarding. Demand comes from holding for any period of time, not just hoarding. |
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I already said as a global mining or payment option checking for dirty coins is fraught with issues. However, for me it would be a nice service I would want, especially when buying on localbitcoins. Before i meet with the guy I will ask for an address for proof of funds. I will check his address to see what the dirty factor is, I can choose to skip meeting him if i want.
I think it would also be a cool app to see how dirty your own coins are.
Your localbitcoins scenario won't work because the bitcoins are sent from a wallet owned by localbitcoins and the seller does not know where they will come from. Blockchain.info has a "taint" feature that will give the sources of the bitcoins at an address. You can check to see what percentage are from specific addresses. |
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Escrow won't help you when the FBI knocks on your door and you are charged with credit card fraud. My guess is that amazon4u is using stolen credit card numbers, and your name and address is the attached to the transaction, not his.
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Is there something (especially API) that can instantly send Bitcoin if I just provide the private-key? I know API from Blockchain.info, but I wanna looking else that. You can use email to send the private key. |
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If everyone is hoarding then whats the point of the damn thing. The point, my dear smallfolk friend, is patience. Unfortunately, hoarding is a game of chicken. If everyone hoards, then the price will crash when they finally sell and the patient people will lose everything. |
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why spend Bitcoin now when it will be worth $10,000 per coin in a few years? Because by spending Bitcoin now (and buying back the same amount of coins right away), you actually help Bitcoin growing, thus actively helping the price level going to $10K. for that u need to have a lot of money No you don't. When you buy something, use Bitcoin instead of cash, credit card, or debit card. Then use the money you didn't spend to buy more bitcoins. You will always have the same amount of bitcoins, so you are still holding/hoarding/hodling, and you using bitcoins and pushing up the value. |
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If my coins go into my wallet with address A
Can I send these to my address B within the same wallet for free as its the same wallet or is this a "transaction" and therefore, will incur the fee
Also, if I receive my coins using address A from someone and transfer to address B will this show up as another transaction in the bitcoin chain
Finally, when I exchange on a market place do they record my wallet or address when I use them to sell or buy and do I need to make an additional wallet on these exchanges or can I use my existing wallet or address?
Sending bitcoins from one address to another must always go through the blockchain regardless of the location of the address. It is a standard transaction even though you own both addresses. Generally, it is unnecessary to keep track of where bitcoins are stored in your wallet because the wallet handles that. Addresses on an exchange belong to the exchange and not to you. You have an account on an exchange and not a wallet. When you deposit bitcoins, the exchange provides you with an address and they credit your account when they receive the bitcoins. When you withdraw bitcoins, you provide them with an address in your wallet, and they send you the bitcoins and debit your account. |
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I still assert that as efficiency increases it will provide downward pressure on price.
How then do you explain the fact that while miner efficiency increased by a factor of 10,000 from 0.1 MH/J to 1000 MH/J, the price also increased by a factor of 10,000 going from $0.10 to $1000? Shouldn't the price have decreased by a factor of 10,000? You have provided nothing to support your assertion, but even if what you say is true, the effect must be so small that it can be completely ignored. |
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This is just fear and noise because you are afraid of the ramifications. Any service could be as customizeable as you want. You want to only check relationship to famous addresses: Bitstamp address for example, then you could do it.
I see cash transactions all the time that do not happen because the person with the cash is a drug dealer. It happens.
Why only famous services? For this to work, you would need everyone to agree with this. Also, how do you know that person is a drug dealer? Did you check the banknote serial numbers in a database? I am talking about a service for one person not everyone. I ask for someone's originating address, i type it into my dirty coin checker. I can choose to do business or not based on the results. It's not that easy. The person can't be forced to send from a particular address. They could show you a clean address and send from a tainted address instead, and now all your coins are tainted (if you aren't careful). There might be ways to mitigate or prevent this, but not with a simple blacklist service. |
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I trust bhCoins somewhat, but with DIY coins I also need to trust all the previous owners.
Why? You can remove the existing hologram, generate a new address and use that for your coin. Just slap a new hologram on it and you are done. In that case, a DIY physical bitcoin is just a holder for a paper wallet. You don't really need the hologram -- any tape will do. I know that is sufficient for many people, but I was hoping for more. That's all. |
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Right now if the average efficiency suggests a price around $200 but you get extremely cheap electricity from your own hydro-plant out in the backyard, then you will earn excess returns. If everybody gets extremely cheap electricity because they also have a hydro-plant out back then each will compete with each other to drive the price down. If it costs all of us $1 and the price is $200 I will offer $199, and then my neighbor will offer $198 and so on until it approaches $1.
Miners will compete with each other to mine the limited number of bitcoins available to them. As long as the cost of mining is below the price of the mined bitcoins, they will devote more resources to mining more bitcoins. The result is that the cost of production as a whole will rise to the value of the mined bitcoins. In other words, it will never cost only $1 to mine $200 worth of bitcoins because somebody will be willing to pay $2 to mine those bitcoins. Furthermore, newly mined bitcoins are only a small part of the market. The market behavior of miners will have only a small effect on the price of bitcoins. Even if miners gave away there 3600 BTC/day for free, it will have little effect on the the price of the remaining 200,000 BTC/day. |
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These look great, well done! I will buy some as soon as I can.
Do we assemble our own coins? That would affect the resale value. How do we know that any particular coin actually has a private key, or that the original owner no longer has a copy of the private key?
If you want to resell them, either include a hologram so that the buyer can generate a new private key or just don't assemble the coin. Trust is always an issue with physical Bitcoins. How do I know that Max (creator of the Kialara) doesn't have a copy of the private key in my Kialara? I don't. I just trust Max to not fuck me. With DIY coins you can always generate your own keys if you don't trust the manufacturer. I trust bhCoins somewhat, but with DIY coins I also need to trust all the previous owners. |
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The point again is I just want an app to give me an measurement, as long as I understand the basis of the measurement then it is UP TO ME to accept the coins or not.
Just curious, how do you think the social protocol would work before you do a transaction? "Excuse me, before I give you a bitcoin address to send your payment to, I would like to examine all the addresses in your wallet that the payment may be sent from?" That is a good point. That is basically how it must work. |
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Do we assemble our own coins? That would affect the resale value. How do we know that any particular coin actually has a private key, or that the original owner no longer has a copy of the private key?
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On the Agora Marketplace in the Darknet.
Does the TXID help me in any way?
Agora Marketplace holds your bitcoins. The only way to recover them is by regaining access to your account. |
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If you accept only coins that are not tainted in any way, then you will find that you can no longer accept any coins because all coins become tainted eventually.
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Supply and demand controls price. Cost of production controls value (or call it break-even level)
Your paper states that value (as defined by you) affects price, but you still have not described how. What is the mechanism? Generally, a change in the cost of production affects the price because it shifts the supply curve. Is this your line of reasoning? Bitcoin production is different because the cost of production has no effect on the supply curve. |
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[I don't want to make this a microeconomics lesson -- but very briefly:
Sorry. I wasn't clear, or perhaps my point is subtle. You claim that the value depends on the cost of production. I disagree -- the cost of production depends on the value. You claim that as the efficiency rises, the price will fall. I claim that as the efficiency rises, the difficulty rises and the cost of production is unaffected (assuming the price is constant). No no. The causation is certainly cost of production confers value. Competition amongst producers will create innovation and lower the cost of production. This is classic economics and it occurs in every competitive commodity market. The difficulty rising does not affect the rate of production- the rate of production will always be one block every 10 minutes on average. In the Bitcoin industry, increased efficiency does not lower the cost of production because competition causes the difficulty (and thus the cost of production) to rise. Miners with higher efficiency will increase their hash power, which results in a higher difficulty and a higher cost of production. Miners effectively bid for a fixed quantity of bitcoins. The factor that limits their bids is the price of the bitcoins they produce. Producing bitcoins is not like producing any other commodity. Name another commodity in which the total production quantity is fixed regardless of production cost. |
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