why not just use Bitcoin to back the USD?
Because it's no more trustworthy than a gold backed USD. That didn't prevent the FedRes from creating more USD's than the government had in gold. There was a reason that Nixon "closed" the "gold window" (which never really did exist, anyway) in 1971. The French alone had enough USD's to take half of Fort Knox's offical stores, and probably all of what it really has. huh? you don't consider Bitcoin trustworthy? It's the "backing" that he doesn't trust, not bitcoin. |
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All I can say is, great idea, try to get a fixed interest rate. The USD is going to tank some time in the next few years and your liability will evaporate.
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Basically, the argument is that if prices in BTC rise too fast, people will stop using them because they'll be worth more. They fail to consider that the fact that prices are rising is because more people are using them. The very idea of a deflationary spiral is self contradicting. An over regulated fractional reserve currency is a bit different, but that's another story.
... and yes, slashdot is full of liberal retards who think they understand things. The worst kind.
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I don't believe it uses deterministic addresses. When you created your account you were given a "Wallet Identifier". If you aren't going to create an alias, then you need to keep track of this identifier. The first two-and-a-half minutes of the following video will take you step-by-step through the process of creating a wallet for yourself. http://www.youtube.com/watch?v=zSmxbtFQlmgYeah, looks like I missed the identifier. Thanks. Has anyone considered using deterministic wallets for these types of services? Your identifier could literally be your base64 encoded seed. The service would just keep track of your addresses and relay transactions. |
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All I have to log in with is a password, which I specified at account creation time. I didn't create an alias as it was "optional". I can't log in with just this password.
I don't have any funds in there, I'm just testing out the service. Just letting you guys know because the service seems broken.
Also, does the software use deterministic wallets?
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Capitalism is just voluntary trade. This is not "unfair".
Capitalism is private ownership of means of production. It's unfair because initial distribution of wealth is unfair. Yeah, so you own your property and can trade if freely. That's voluntary trade. What is this "initial distribution" argument? Implying you're going to bootstrap some economy with everyone having the same wealth? What if someone is more productive that others and after the initial distribution he has accumulated more wealth? is this unfair? should force be used to expropriate his wealth and give it to the less productive? is that fair? Who cares about income inequality almost everyone. There is cap on income inequality in every democratic society. Workers are jealous of successful capitalists. It's human nature. Wow! quote me out of context, much? In fact, why work at all? Jobs are created artificially. At the point of a gun? I see... Much better than voluntary trade. Machines have be destroying jobs for centuries, yet we don't have %99 unemployment. Jobs are created artificially through monetary and fiscal policy. Typically inefficient and unproductive jobs are, yes. These policies divert economic activity into highly destructive bubbles. This is a consequence of the state, not capitalism. Automation create jobs too; more productive jobs, increasing the value of the worker, resulting in higher real income. Jobs are not more productive. Machines are more productive. Machines don't get paid. The people operating them do. And those people are vastly more productive. Think of a man using and excavator. He is much more productive that a man using a shovel. According to you philosophy, we should stop using excavators and go back to shovels because it will save jobs. Capitalism doesn't need regulators. In free market fascism there will be only safety regulation. You shouldn't have right to build nuclear bomb without proper supervision. I feel so safe now because the violent socialist state which enslaves me has a safety rule. |
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Capitalism is just voluntary trade. This is not "unfair". Theft and violence is unfair.
Who cares about income inequality when everyone, even the poorest, are getting richer over time. If you can find a system of social organisation with results in income equality AND sustainable economic growth, I'd like to hear about it. Consider that somehow mandating equal wealth, probably enforced with violence, removes incentives to produce. Collectivising societies wealth this way results in a Tragedy Of The Commons scenario: Why work harder and be more productive when you all get equal wealth anyway. In fact, why work at all?
Machines have be destroying jobs for centuries, yet we don't have %99 unemployment. So, what's your point here? Recognise that removing inefficient labor frees up capital for new industries and lowers prices for consumers. These consumers will then spend their extra funds on whatever new industry comes into existence. Automation create jobs too; more productive jobs, increasing the value of the worker, resulting in higher real income.
Don't equate democratic government (or any form of institutionalised violence for that matter) with capitalism. They are distinct concepts. Democracy is mob rule through violence, capitalism is voluntary exchange.
Capitalism doesn't need regulators. The market regulates itself thought the price system and competition to optimally allocate resources. Hence the rapid economic growth.
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The limit is completely pointless. It was put there to stop transaction spam, but this can easily be prevented by simply requiring a fee.
Why is "remove it entirely" not an option?
Ultimately, it's up to the miners, so the debate is moot. If they don't remove it, then Bitcoin was never going to work anyway. Vice versa.
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I don't want to rule over others and I don't want to be ruled by others. Anarchy.  He he I see  Anarchy would be a cool turn, but it seems once anarchy takes place, people start asking for more government. Unless everyone's fiercely anarchist in any area you could fit your thumb on a map, people will want to collude and figure out a way to run each other's lives just so they'll all be on the same page as to what's okay and what isn't okay. The only way it would work is if everyone wants the same thing for their community, and though I do believe everyone essentially wants the same things in life, you'll always have one guy who wants to one up everyone else and proclaim himself leader and garner a following. It assumes people have a tendency to think for themselves, but it seems we only tend to think without prompt when we're idle, which can't be so without technology. So maybe with the advent of fully automating all industry to the point nobody had to work to live, anarchy would work. And I do believe we have the technology to do that. But as it stands, if right now anarchy was accepted worldwide, it wouldn't last. Someone would come up with this grand new way for people to live and act. The only think holding back anarchy is the belief in the state. Try telling your average person that we should eliminate the state and they will probably recoil in horror. This is what has to change, it's a battle of ideas. |
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yeah, sounds like anarcho-capitalism.
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Hi guys
Just wanted to see why the price is justified with Bitcoin? Because its a very high price right now, $27.00
because bitcoin is awesome and everyone wants it. Bitcoin at the end of the day has no intrinsic value. Its not a tangible thing like gold. Its just some bits in a computer. If one day everyone decided that it was a total waste of time and had no value, the value of it would go to $0 and everyone who bought the coins would loose their money.
That's true. cool story bro! |
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It's not enough to say "tax evasion is high". A good government should:
1) Prove it with data.
2) Show that the area where evasion is high, is actually a significant contributor to overall tax revenues.
3) Provide a convincing calculation of the costs of implementing the proposal.
4) Show that the revenue gained is significantly higher than the costs.
In this case I am skeptical they're doing any such calculations.
dude. it's the government. |
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don't store the wallet.dat. just export the keys into some raw format. The satoshi client can to this.
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"the economy will crash because it's growing too much!"
Price of bitcoin goes up because of real economic growth -> no one spends bitcoins because they'll be worth more. -> economy contracts because there is no commerce so price goes down. -> people spend their bitcoins because they'll be worth less -> [back to start]
This illustrates a control system with a negative feedback loop. This is inherently stable (control systems theory).
Deflationary spiral argument is complete bullshit invented to justify printing money to serve political ends. Deal with it.
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I definitely see inflation picking up over the next few years in the USA especially. The Fed just keeps on printing to fund trillion+ a year deficits.
I agree but if you are talking about price inflation that takes many years to trickle down. It's been many years. |
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Stefan has done allot to promote the philosophy of the non-aggression principal and the move to a stateless society. He's also working on a documentary! Show him some bitcoin love: http://www.freedomainradio.com/Donate.aspx |
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It's a failed science experiment. "kill me... killll meeee!"
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So no one ever traded 1 cow for 30 chickens and then traded 1 of those chickens for a horse shoe? Chickens are money in this scenario.
If he's only talking about precious metals, then okay.
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