No one inherited bitcoin.

It's  not going to work too well considering there is no mention as to what city the fridge is located.

Notice, if you will, that WU still does business this way, and people still accept WU.

Mostly because it would introduce an exploit path and reduce security.  Think about this; whether you use time, or confirmations, or whatever to age an account, how would you go about writing such rules into the vanilla client so that all honest nodes could collectively agree when an account is lost or abandoned as well as stop malicious clients from being able to take advantage of that?  Currently it's impossible for any lost coins to be recovered, honestly or not, so it's equally impossible for that to be an attack vector.  Add to that, what would be the gain to the network to be able to recover lost coins?  As already mentioned, lost coins are not a problem for the network's function, and everyone else's base value increases slightly when you lose your wallet down the memory hole.  So the only loser in the event is the owner of those coins.  The rest of the network has no incentive to risk such an attack vector.

And deflation does not discourage investment, although it can alter the risk/reward calculations of an investor.  Any deflation that Bitcoin would experience after all 21 million bitcoins had been dispersed would be very gradual.  Actually, we are experiencing a great deal more deflation right now, due to the size of the bitcoin economy increasing at a vastly greater rate than the currency is currently inflating.  Considering that Bitcoin is currently inflating at about 50% APR, it says a lot that the value has been increasing at the pace that it has.

Actually, it's been happening all around us gradually over the past two years.  The budget crises in the many states are a side-effect of this.  Hell, the very recession itself is a side effect.  This is one reason why the value of the USD has been fairly stable despite the near doubling of the M1 monetary base, because as the M2 is collapsing (Monetary base plus credit outstanding) due to defaults and the attitude of austerity the FedReserve has been printing new money at almost the precise pace that credit has been destroyed.  This, of course, cannot continue; as the balancing effects are relatively short term.  As soon as we hit bottom in the recession (which I still doubt we are very near) the velocity of money will increase towards the mean and the long term effects of all that debasement is going to be felt in earnest by the public, and the value of the USD then has only one direction that it can go.  I have no idea when to expect this, and I doubt that anyone else does either.

Deflation happens.  With Bitcoin's high divisibility, any permanent losses of the monetary base simply makes the remainder more valuable; literally the reverse of the debasement of a currency (i.e. inflation)


No.  Not anyone here who has an economics background, or has been here long enough to understand it, anyway.  It really isn't a problem, but I understand that me saying so doesn't really help.  Please search the archives on this topic, as it has been beaten long since dead.

A court system can exist independently from a government, in fact that is preferred.

No.  Transaction fees are independent from the block mining reward.  Transactions fees are currently quite rare, as there is plenty of space in an average block that there is no need to pay a transaction fee in order to prioritize your transactions.


There isn't a difference, but the 50 bitcoin reward that a miner gets for solving the hash and processing the transactions is how Bitcoin issues new currency into the network.  Any transaction fees that may be found would add to that reward.


You're pretty close, but if miners drop out, and the average duration between blocks increases, paying a transaction fee would only speed up a transaction confirmation if there are enough transactions coming in during that time period to force that issue.  Currently, we are way under the blocksize limit, and have plenty of space in the 'free' section.


Yes, it can.  It's a limted, but self adjusting algorithem, kinda like 'fuzzy logic', that tries to adapt the difficulty of the hash problem to the availability of hashing power so that the entire network averages 6 blocks per hour. 

Search for a description of a 'phyle', and let us know if this is close to what you are imagining.

A Common Economic Protocol?

ReleaseCandidate-Alpha-0.0.1

Why not a bond issue?

The trade, dark or not, is affected by the market rate.  Once the dark trade is complete, it likewise affects the market price and therefore other trades, dark or not.


And you know this how?  Are you inside MtGox's head to be able to know what his intentions are, beyond what he has already stated were his intentions?  You may not believe his logic, but you don't know his thoughts.


The truth is that anyone can set up a market and set whatever rules that they desire.


I do mock you though, on your inability to present an argument at all.  Can you define "red herring" without googling it?  Based on how you are using it, "I don't think it means what you think it means".


You may not see any reason to set an arbitrary participation limit on it, but you are not he-who-gets-to-decide.

And the Devil knows the Bible better than any preacher, and uses it to justify his position.  That neither makes the bible wrong, nor the Devil right.

Fort Know hasn't been audited since FDR.

That's correct, but it's also how the system limits the total bitcoin that will ever be, as the block reward halves every 210,000 blocks, the total number of bitcoins issued approach a  mathmatical limit, never quite reaching 21,000,000 bitcoins.  At the inflection points, the difficulty will almost certainly drop, but by that time the value of those 25 bitcoins will likely be much higher than 50 bitcoins is right now.

I've dealt with Madhatter on many occasions, and I will attest that he is as honest a man as one could expect to find.  However, the transit between the US and Canada is slow.  We all have real lives that must be attended to at times.

You might just live to see the day that 1 BTC is equal to 1KG of gold, but I'm doubtful that the US government actually has any left.

Deflation is no more disruptive to commerce than inflation, and both are only disruptive to the degree that they exist at the moment.  What is most desirable is general price stability, but only to an extent.  The deflationary design of Bitcoin, after about 120 years of course, is *very* gradual.  Between 2020 and 2130, Bitcoin will still be in an inflationary stage, but will be inflating at a rate less than every fiat currency on Earth has averaged over the past 50 years.  This means that Bitcoin's monetary base will be so stable, that price fluctuations will be much more affected by real market forces.  That is the ideal.  Very likely, none of us are going to be alive, and if Bitcoin survives in it's current state till 2130, it will have outlasted every fiat currency that has yet existed.  Even the US Dollar isn't even quite 100 years old as a fiat currency.

Procrastination can save you sometimes, too.  If I hadn't procrastinated in my plan to deposit into Icesave, I would have lost my ass.  A week later it collapsed.

Did you read this whole thread?  What do you think of the plan?  And what is the local power rate per KWH?

Perhaps, but whatever the case may be, your opinions are worth about as much as mine on this matter, which is to say, none.  The only opinion that is of concern is that of MtGox.  Even if you could convince a large number of people of your position (which you cannot) there would still be nothing that you could do to compel MtGox to change his policy.  Even if he came out and openly agreed that dark pools favor large investors in an unfair manner.

It is, ultimately, his property.  That is the definition of freedom.