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The main difference between Bitcoin as a religion and normal religions is that Bitcoin is real, and it works.
While one might say that I worship the blockchain, I can show you instantly that it does what it's supposed to do. I can prove the validity of the system. Normal religions have no such evidence, and rely on "faith" which is a euphemism for "belief despite a lack of evidence."
Bitcoin may be the first "utility-based" religion as opposed to being faith-based.
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Wow two ZeroHedge articles in three days... this is excellent! @ZeroHedge also tweets these out, and they have over 100,000 followers just on Twitter. This is very big exposure. I've been waiting for ZH to wake up to this forever, and now they see BTC is an enemy of central banks, and because they are enemies of central banks as well, perhaps they'll realize that Bitcoin is an ally.
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October Statement
Bad news - October was a bad month for the house. Site lost 2,071 BTC. There is thus no October dividend for S.DICE (technically a dividend of 0.00000001 btc was paid today to mark the date)
Now I REALLY wish I had sold my shares on GLBSE... To clarify, shareholders are not liable for any house losses, they just didn't earn any money last month. |
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Nice  |
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I see you lost last month some coin but what is the total profit so far?
It's tracked in the P&L sheet linked above, but the number at the end of Oct. was +9,896.60 BTC |
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When power and internet cut out, Bitcoin is basically "frozen" for those people. The system simply doesn't work for transacting money in any convenient way if there is no power or internet. With that said, the same is true for normal money. The vast majority of transactions are online/digital and this is all halted when the internet goes down. Let's face it, our society is hooked into the web, and when it's down, we suffer. This is not unique to Bitcoin and ought not be considered a flaw of Bitcoin anymore than we consider it a flaw of the internet that it may go down from time to time. The internet is not invalid merely because usage of it can be disrupted, and so it is the same with Bitcoin. What WOULD be a serious flaw with Bitcoin is if your money was wiped out when the power went out, but that's not how it works. Your money could be etched onto a rock and kept for 10 years without internet or power if need be A while ago, there was discussion about printing out the entire blockchain onto paper and putting it somewhere, updating occasionally, so that even if all digital data in the world was wiped out, the ownership of coins would persist. |
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October Statement Bad news - October was a bad month for the house. Site lost 2,071 BTC. There is thus no October dividend for S.DICE (technically a dividend of 0.00000001 btc was paid today to mark the date) Good news - Volume of bets is very strong, averaging 5,944 BTC per day in Oct. Summary:Earnings -2,071 Hosting/Tech Expenses 70 Net Profit -2141.07115151 10% MPEX Dividend 0.00000001 (one satoshi sent to mark the date) Volume over past 30 Days 181,362.82 Actual Profit over past 30 Days -2,023.94 Expected Profit over past 30 Days 3,445.89 Updated P&L: https://docs.google.com/spreadsheet/ccc?key=0Aiec3-Eo_yO5dG5SQklHZG4wRm1GMW9DRWpMMW5UQkE#gid=7Players seem to be enjoying the new website, check it out if you haven't yet - SatoshiDICE.com Also, incidence of stuck transactions has been greatly diminished after many little tweaks. Not perfect yet but far fewer transactions are getting stuck. As mentioned, all stuck transactions do pay out eventually. Nothing gets lost in the void. Also, a fun new thing will be announced in about one week. Stay tuned! Also, SatoshiDice will be shown in Macau at the end of November at an Asian gambling convention where myself and the BitInstant guys were invited to come speak. This should be pretty exciting both for SD as well as Bitcoin in general  |
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Performance update: Bad news - October was a bad month for the house. Site lost 2,071 BTC. There is thus no October dividend for S.DICE (technically a dividend of 0.00000001 btc was paid today to mark the date) Good news - This means players profited 2,071 BTC from playing SatoshiDICE in October. You're welcome!  Players seem to be enjoying the new website, check it out if you haven't yet - SatoshiDICE.com Also, incidence of stuck transactions has been greatly diminished after many little tweaks. Not perfect yet but far fewer transactions are getting stuck. As mentioned, all stuck transactions do pay out eventually. Nothing gets lost in the void. Also, a fun new thing will be announced in about one week. Stay tuned! |
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So this isn't a securities exchange, it's a currency or commodity exchange (like Gox, et al). A securities exchanges is something like GLBSE or MPEx Nice looking site, though |
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Very cool Great new feature. |
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I keep seeing this sentiment all over the forums. the cost of ongoing production is less than $1.00 per BTC right now.
If that's the cost of making a bitcoin then people are insane to buy them for $10+ right now. So what price should they buy them for? It is not the cost of producing something that matters. It's the price at which a seller will sell it. By your logic, if the cost of producing a coin was $100, are you saying the price would need to be $110? I think if the cost was $100 per coin, people would stop mining, but the market price of coins on the market would be well below $100. Or, put it another way, what's the cost of dredging up 1 kilogram of deep sea mud and bringing it to market? $10? $100? $1000? I'm not sure how expensive that is, but it's expensive. And yet, I wouldn't pay a dollar for it, and neither would you. When figuring out the proper price of something, you'd do well to almost entirely ignore the production cost. Production cost will tend to follow the market price, not the other way around. |
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We don't need to convince people what's good for them. We just need to build useful systems, sprinkle with a bit of marketing, and people will come to us.
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That's why it's possible that people actually think we might be telling them lies: our facts are complicated. And, well, to be honest: "It's very very very astronomically unlikely that someone accidentally finds the same key" is a shitty fact to tell someone in a conversation [..]
Actually, somebody on this board explained it as a chance that is even billions less than that (i) you life for 80 years, (ii) from the moment of your birth, lightning strikes your head 200 billion times per second (iii) for the rest of your entire life. He got the numbers behind it and it makes completely clear how small that chance is. I cannot find that thread just now I found it... Comparatively speaking, your odds of being struck by lightning in a given calendar year are about 1 in 280,000. The odds of winning my local lottery are about 1 in 176,000,000. So finding a collision on your first try is roughly equivalent to being hit by lightning 16,540,000,000,000,000,000,000,000 times per second for an entire year or winning the lottery 830,000,000,000,000,000,000,000,000,000 times.
...but I think it's wrong. Off by many orders of magnitude in fact. Hopping over to that thread. When odds are that unlikely, just say it's impossible. Seriously. |
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Heh, your obvious bias towards litecoin is spilling out of your nose  Let's analyze: read the other threads, as there are too many drug dealers loving the anonymity of bitcoin to ever let bitcoin become regulated
Do you have stats for that claim? EG the 50+ pages of trolls objecting to the BTC foundation
It's 50 pages of people discussing the foundation, only a dozen of the same people are against it. They are not trolls, they are real people who have real issues with the foundation. Some of those issues have already been addressed in foundation meetings. the pages on the economy subsection hating the identification AML/KYC regulations that MTGOX and bitinstant NEED to follow. its soo much easier to start with a clean slate such as litecoin. instead of unsuccessfully pushing drug dealers away from bitcoin.
Dude, for any Litecoin business or Litecoin itself to survive it needs legal businesses to exist within its economy. You are pushing for a double standard. If Bitcoin becomes more friendly to the legal world the druggies will stop using it. If what you want to do to Litecoin happens, the druggies WILL use it. The only reason Bitcoin is attractive to the underground markets is because its unregulated. let druggies continue to use bitcoin after all its their money, no one should tell them what to do with it. let them live in their blissful existence. and allow the rest of us more reputable people concentrate on getting A cryptocurrency to mass market to counteract the FIAT ties that bind our hands.
by overcoming merchants main objections to handling propoganda'd media press of bitcoins (ponzi, silkroad reputation). It would get a lot more merchants accepting crypto sooner. which would then ripple onto merchants taking the risk and adopting bitcoin too.
That makes absolutely no sense. Litecoin will never reach mass market or adoption without either the druggies using it or it becoming better regulated and consumer protection. You are advocating both sides in your post, it makes no sense. -Charlie +1 Charlie lays the smack down. |
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Grinder
Can you be specific?
If you mean the positive sides about Bitcoin it says this on page 21: "Users have several incentives to use Bitcoins. Firstly, transactions are anonymous, as accounts are not registered and Bitcoins are sent directly from one computer to another. Also, users have the possibility transactions are carried out faster and more cheaply than with traditional means of payment. Transaction fees, if any, are very low and no bank account fee is charged." They also forgot another positive side... users use Bitcoins because they can't be debased through inflation |
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A very good response, that also identifies the one flaw, in an otherwise well written report, namely failing to make the distinction between Bitcoin and Linden Dollars with respect to an issuer in the case of Linden Dollars and the corresponding counter party risk associated with that issuer. Well, they do make the distinction between the two if you read the whole report. But, I don't think they emphasized how important this distinction is. Indeed, most people don't realize the importance.... that's why they fail to see why Bitcoin is different from Beenz and Flooz |
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Damn you beat me, was just about to post this one |
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Here's how money should be categorized: Physical Money-Gold/Silver/PMs Digital Money-Fiat currencies -Gaming currencies (WoW gold, Linden$, etc) -Crypto-currencies (Bitcoin) If you don't think fiat currencies belong in Digital Money category, see thisOne might ask where "cash" falls in this organization. Cash is a physical bearer bond for digital fiat currency stored at your bank. It is no different than Casascius Coins which are bearer bonds for digital BTC. |
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