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Yup. Dollar is on cruise control right now. Just wait until the inertia really starts to falter.
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I have an AWESOME idea for how to improve a Proof-of-Work system:
Instead of getting a 25BTC block reward, have everyone who mines a block automatically receive a small mining ASIC instead. Also, make it so that no one can receive ASICs other than through block mining. Want to increase your hashing power and get more mining hardware? Mining a block is your only way. The best feature is that if you manage to get 51% control and process a majority of blocks, you can improve your hashing rate, and control more and more of the blockchain, just by continuing to mine, since you will keep getting more and more mining hardware just by mining blocks. And the great thing is that no one can take control from you, since the only way to get ASICs is by mining blocks, which is something you can do at a way higher rate than anyone else; a rate that only keeps increasing. If you wait long enough, you can even get to control 99% of the blockchain, pretty much by default, and if you want some money, just sell some of your ASICs.
What do you think? In a system like that, it would be fairly easy for someone to get control and then hold on to it and become rich.
Two points, first is that the point of mining is to reveal bitcoins. Where do you propose these mined bitcoins go? Secondly, Bitcoin is an open protocol, there would be nothing to prevent the govt supplying as many of their own ASICs as they wanted. |
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1) Financial Disruption Stemming from Bitcoin Collapse (essentially bitcoin is like mortgage backed securities. There is a bubble and if it grows to big it causes problems when it pops)
2) Loss of control over Monetary Policy
Do you think banning bitcoin sounds like a good solution if the Central Bank's main concern is number 1? No that is a ham-fisted approach. You don't intentionally cause the problem you are most concerned about.
You're falling for the ECB leading with a "Think of the children" ploy? |
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Bitcoin is simply a set of rules agreed to by consensus you can change anything. You could make the blockreward 500,000 BTC per block tomorrow. You could make the block reward 500,000 BTC per block retroactive back to the very first block. Both changes would require at most a couple dozen lines of code and maybe a weekend worth of coding (including testing).
I think he's talking about re-mining "lost" coins. The thing is, how do you know what's lost and how do you know what's been put away for a rainy day? You could be quite literally stealing* if you did that. (*Arguments that bitcoins cannot be stolen notwithstanding). |
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I got a friend into bitcoin mining with about 4GH/s of BFL Singles, but I didn't get around to explaining how the wallet worked. Shortly after he started mining, he decided to reload Windows on the laptop that contained his Bitcoin client. He assumed that his wallet was somehow web based and lost 3 BTC. When I explained how everything works, he didn't show too much concern over the $30-ish and just started over.
I, however, was more upset, mostly with myself. I spent several hours recovering his lost wallet and trying to get at the coins, but it was corrupt and I finally had to give up. It wasn't the loss of the current value that bothered me, but what 3 BTC might be worth someday and how annoyed I'll be at the situation if that happens.
tl;dr: Losing bitcoins sucks because they might be worth a LOT more someday, amplifying one's regret over having lost them.
Spend the 30 bucks and buy three bitcoins. How much time did you spend trying to get them back? How badly was the file corrupted in any case? You know you only have to get the private key out, right? |
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It's called backups.
Offsite backups And in the case of BTC, the private key or even the whole wallet is so small, there's really no excuse not to. Heck, there should be cloud integration in the client (not that I'm a huge fan of "the cloud") |
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On the other hand, you have a gambling-related ad in your sig.  So do you  |
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I didn't forget. I'm just telling you that this betting strategy will catch up with you eventually. You haven't discovered something new here. People have been trying to use this betting strategy since the 1700's. If it worked there wouldn't be any casinos, they'd all be bankrupt by now.
Martingaling works every time if you follow these simple rules: 1) Have an infinite amount of money. 2) Find a casino that has an infinite amount of money. 3) Make sure the casino lets you bet an infinite amount. Follow those simple rules and you're guaranteed to win every time. Of course, if you have an infinite amount of money, one wonders why you're gambling in the first place, but there you go. I do believe this is how they plan to solve the debt crisis. |
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3. I would never pay for home insurance. Instead I would have plenty of extra funds available before even considering buying a house.
Unless you planned on being homeless until then, you'd be paying rent to someone else, which would cut into your saving up money. Then, what you would be doing is called "self-insuring." Considering the value of money deflates over time, you'd be losing money by sitting on it. I will gladly pay rent for a place to live, and it doesn't cut into my savings because I consider it a need in order to live. The money i'm sitting on is being actively used, and is gaining value over the inflation level. I'll also throw in here that I will never borrow money either, which means no house until I can buy it flat out. It's not a bad strategy. And if you can self-insure, so much the better for you. It wouldn't require you to sit on the money, it could be invested and liquidated as needed (be careful if you take a loss though). Personally though, I just pay house insurance. It's pretty cheap. I try to self-insure all other property where reasonable though (including vehicles, but not liability). |
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Just build better alternatives to government provided services and eventually it will go away as it collapses under its own weight.
Unfortunately, not the case. I was just hearing the other day about a BBB initiative, funded by private money to give military people advice on handling their finances and avoiding being scammed. Ousted by a government program, the director poached for a much higher government salary. |
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Win. Did I guess right?
I wish I could tell you. I don't killfile on principal but that doesn't stop my eyes glazing over at rampant idiocy. |
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Depending on the nature of the apocalypse, gold may be readily available.
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but if the organization imposes certain rules (demurrage in this case), the 49% can just hard-fork by rejecting blocks identified as being mined be that organization.
That would set a pretty bad precedent. But the fact that it could be done would hopefully be enough to prevent some rogue entity from investing millions in the attempt. |
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No really what is agenda 21..?
It's a little bit more than agenda 20 but not quite as much as agenda 22. |
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 that guys is getting people to sort coins for him and buying them at a bargain genius! And making a political point. A hat trick. |
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Ok so think about this... gold and silver has been betting the USD would go continue to go down and recently have been scaring people into buying gold and silver , saying the USD would drop to 0  . what will happen to gold and silver if deflation sets in?  I do believe there is something of a bubble in gold right now. Possibly an opportunity will be around the corner. Expect to hear a lot of wailing. Though it's quite possible that any bubble will get caught up by the decreasing value of the dollar and never burst. |
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Housing is still way over-priced in my opinion. Perhaps not dangerously so any more but enough, potentially, to cause some problems down the road.
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This theory is testable in that indeed markets are adapting to change all the time. No one has ever seen a market NOT reacting to massive inflow/outflow of something important like money, resources or energy. Not once.
LOL. This is how you test your "theory"? Your exposition reads like astrology. A sound rebuttal there. |
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It's not worth it to make artificial diamonds (in any quantity). As soon as you do, the perceived value disappears.
Diamonds are basically cheap rocks that have had their value inflated using artificial scarcity and by clever marketing. Last I heard, there is more than a three year supply on hand. Industrially, only tiny diamonds are typically needed and there's more than enough of those to go around (and at that size, they're reasonably easy to make artificially in any case).
With that said, large artificial diamonds are very much around the corner and the dug-from-dirt suppliers are about crapping themselves. They are already starting talk of the natural ones being more attractive due to natural inclusions (something which has detracted from value in the past but artificial diamonds tend to be "perfect") and plans are afoot (if not in place already) to start tagging natural diamonds with serial numbers using lasers to preserve the "exclusiveness".
Diamonds are a terrible buy. Take one to a jeweler and they'll typically offer less than half what you paid. I've told my wife that she can never expect one from me. There are more attractive jewels anyway.
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I love how "cut" has been redefined to mean "reduced increase."
It's been that way for a long time. It's one of the more pernicious examples of statist doublespeak. |
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