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6081  Other / Off-topic / Re: Satoshi Nakamoto is a female! on: August 30, 2012, 11:57:30 AM
Sigh. I wish Ayn Rand was around to see Bitcoin.


“Every government interference in the economy consists of giving an unearned benefit, extorted by force, to some men at the expense of others. ”
You'd probably be dissapointed. She wasn't nearly as rational or philosophically consistent in her personal life as the characters she wrote about.
6082  Bitcoin / Bitcoin Technical Support / Re: Help with pgp encryption please guys on: August 30, 2012, 12:34:23 AM
GPG4Win has an application called GPA.
If I remember correctly the default settings of the GPG4Win installer leave the GPA box unchecked and instead install Kleopatra, an X509 certificate manager which is useless for most people.
6083  Bitcoin / Bitcoin Discussion / Re: Iranian players are blocked from playing WoW: an opportunity for Bitcoin? on: August 29, 2012, 11:58:16 PM
We need services in Farsi and other exotic languages. We need our infrastructure hosted on free servers that are not ignoring requests from suppressed people.
Tor is the best bet for the infrastructure. The next version of bitcoind will be able to run as a hidden service, which would allow people from any country where Tor works to participate. Then all that needs to happen is for Bitcoin businesses to be Tor-friendly by at least not blocking connections from exit nodes and ideally operating a hidden service version of their website.
6084  Bitcoin / Bitcoin Discussion / Re: Iranian players are blocked from playing WoW: an opportunity for Bitcoin? on: August 29, 2012, 11:16:59 PM
Then, how does an Iranian buy bitcoins? Impossible right now. Fix these problems and then bother gamer kids.

For Iranians, Bitcoin should be the tool of choice to receive remittance as through banks they loose up to 50% in fees and the next 50% they loose via inflation. If you operate any service, put yourself in the place of an Iranian who does only speak Farsi and maybe some Arab or Aseri. Bitcoin does not exist.
I think you answered your own question. Iranians who want to buy bitcoins can get them from other Iranians receiving them as remittances. All that it would take is education of the requsite communities to let them know what options are available.
6085  Economy / Service Discussion / Re: Its Official Pirate Has Defaulted!! on: August 29, 2012, 10:30:00 PM
It is not that simple. Pirate's default affects all of us, even those who didn't fall for his scam. Should he finally shut down his operation with literally zero hope of a refund, the market will crash rapidly. So after all, we all get to pay for what happened.
Speculators are not the only people using Bitcoin, nor are they the most important. As long as there's sufficient liquidity in the market for BitPay, etc. to operate businesses can use bitcoin as a payment network without being affected at all by the exchange rate. Those who are using Bitcoin for commerce don't need to worry about the market.
6086  Economy / Service Discussion / Re: Its Official Pirate Has Defaulted!! on: August 29, 2012, 08:11:12 PM
I SHOULD have said it 'out loud' to help myself realize how retarded it actually sounded.
You've discovered a technique for reducing decision-making errors so advanced that a lot of people with postgraduate degrees don't use it yet.

Apparently getting scammed online is like paying for college, except that it's cheaper and more educational.
6087  Economy / Service Discussion / Re: Its Official Pirate Has Defaulted!! on: August 29, 2012, 06:06:43 PM
Ahh, the joys of the libertatian utopia.

A world, where cash is untraceable, and police and laws and lawyers do not exist.

A dream come true Smiley
It is wonderful. All the idiots who gambled on this scheme get to eat their own losses intead of claiming "exigent circumstances" and "systemic risk" and forcing their losses on to me at gunpoint. I get to fully enjoy the benefit of choosing to not participate in a Ponzi scheme.
6088  Bitcoin / Bitcoin Discussion / Re: Iranian players are blocked from playing WoW: an opportunity for Bitcoin? on: August 29, 2012, 05:04:27 PM
Can't see how this helps, really.
It helps Lockheed Martin sell cruise missiles, it helps generals justify their employment, it helps the Navy request funding for more ships.

It's an extremely helpful strategy, as long as you understand who its designed to help. (Protip: it's not the "citizens")
6089  Bitcoin / Press / Re: 2012-08-28 huffingtonpost.com - Chomping At The Bitcoin - The Ups And Downs Of C on: August 29, 2012, 01:24:55 PM
Economics is not an exact science. You can't isolate humans with some soil and resources into a laboratory.  Angry

It's a social science.
The standard disclaimer of social engineers everywhere to preemptively explain why their policies always seems to make everybody (except them and their friends) worse off.

* because otherwise in such a small economy, some will hoard too much, distribution would become too uneven and the money supply would become unstable.
This statement does not parse into something comprehensible unless "hoarding" is understood to mean, "retaining purchasing power earned by deferred consumption" and "unstable" is understood to mean, "impossible for the issuer to counterfeit in large quantities without attracting pitchforks and torches".
6090  Bitcoin / Bitcoin Discussion / Re: A "Bitcoin Dollarization" Exchange? on: August 28, 2012, 11:49:01 PM
Actually I am not yet convinced you absolutely have to have some tail risk. Consider that baskets can be nested, and even if they are not nested the ballast asset could be an arbitrarily complicated instrument.
Alternately the dollar assets could be held in something simple, like TreasuryDirect account.

Insofar as any dollar asset is safe that would be the safest place to keep the funds, and would be a good choice for utilitarian political reasons.
6091  Bitcoin / Bitcoin Discussion / Re: A Strategy to take Bitcoin to the next Level -- and also $1000+ on: August 28, 2012, 06:34:13 PM
M * V = P * Q

Q is what's ultimately important.
6092  Economy / Economics / Re: I found pirate with his coins... on: August 28, 2012, 06:29:27 PM
All of them are pirate@40.  Shocked
http://www.youtube.com/watch?v=u93bhAimFFU
6093  Economy / Economics / Re: Lending BTC is very risky on: August 27, 2012, 09:20:49 PM
Pensioners are often forced to retire against their will, have most of their pensions stolen from them, and rarely if ever get pension hikes. Inflation hurts pensioners more than working people (who get pay rises).
At least in the US, many public sector workers get pensions that are indexed to inflation so they are insulated from all that. Not to mention that their health benefits are usually far more expensive than the monthly stipend they receive.
6094  Economy / Economics / Re: Lending BTC is very risky on: August 27, 2012, 08:49:05 PM
The over-production/consumption that exists today is most likely due to the fact that our governments are in serious debt and the citizens are forced to repay this ridiculous, fictitious debt in the form of taxes or cut social services or what have you. So even though we are so productive, we have to continue to work ourselves literally to death so that the wealthy can eek out more profits.
The wealthy are certainly taking a signifigant cut but the vast majority of the stolen productivity is going to pensioners.

Those people, especially retired public sector workers, stand to lose the most if the government looses the ability to extract production from the working via the inflation tax.
6095  Economy / Economics / Re: Lending BTC is very risky on: August 27, 2012, 05:52:57 PM
But isn't that good?

Prices would drastically lower and people wouldn't be slaves to debt anymore.

It would become easier to sell your home, move and buy a new one.
It is good for everbody except for those that benefit from the current system, and those people who basically lost their life savings because they put it all into their house, based on the delusion that it was an investment instead of a durable good.
6096  Economy / Economics / Re: Lending BTC is very risky on: August 27, 2012, 03:41:53 PM
In a mature Bitcoin economy the rate of deflation will be very low.  While inflation/deflation is a component of interest rates it isn't the only component.
Deflation in a bitcoin economy will come from economic output growth and the  reduction in the supply of bitcoin (lost coins). This means probably at least 5% per year, or possibly more in times of strong economic growth.

In the current economy politically favored groups get to borrow at negative real interest rates. In an environment where this is not possible (due to inability to mint new bitcoins at will) and everybody had to borrow at positive real rates you'd see commercial loans going for rates that looked like consumer credit cards. Durable goods loans (homes, cars, etc) would be expensive and require significant down payments, if they were even available.

In that kind of environment nobody would be borrowing. Individuals and businesses would need to accumulate savings prior to making purchases/expansions, like they did prior to the last hundred years of debt financing.
6097  Economy / Economics / Re: Lending BTC is very risky on: August 27, 2012, 03:12:44 PM
The debtor can repay in part, which will still be at a profit for the creditor.

If I receive less than I've loaned out, I'm at a loss, regardless of the exchange rate. Perhaps I've misunderstood you.

you could break even on a lessor amount if the value increases :

loan out 100 coins

agreement of 120 coins  returned in 1 month

coin price incredibly doubles overnight

borrower can only  afford to return 60 coins you have still  profited since each coin  is worth double
No, if fiat profit is what you are after, I would have been better off with my 100 coins. Loaning them has provided me with a loss.
This is why I don't expect loans to be a very large part of a mature bitcoin economy. No lender would ever lend at a negative nominal rate so loans will be very expensive in a deflationary environment.

Consumption and investment will be funded via savings (capital formation) instead of debt.
6098  Economy / Service Discussion / Re: How could Pirate fuck your brains so well that even now many believe in him? on: August 26, 2012, 11:21:21 PM
It's actually common for ponzi scheme victims to believe that the money will be payed back years after the collapse.
I think some people are going to go to their deathbeds expecting to see their eleventy trillion bitcoins of accrued interest to show up "any day now".
6099  Bitcoin / Wallet software / Re: [ANNOUNCE]The BiRD on: August 25, 2012, 11:16:57 PM
  • Stores data into a relational database (MySQL): abstraction of the blockchain into easy SQL queries to retrieve balances and transaction details;
Can it be configured to use PostgreSQL instead of MySQL?
6100  Economy / Economics / Re: How to stabilize the Bitcoin price. on: August 25, 2012, 11:12:59 PM
If you want the price to be less volatile do your part to increase the fraction of bitcoin transactions that are used for commerce instead of speculation.
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