I personally don't give a damn if new miners join the game. If they wish to run at a loss that's their personal choice and their right. I do think that the majority of them will leave the mining game once they see that the $80 extra on their power bill has earned them only a meager 5 BTC.
That is a complete joke. You put 2 5970 cards in a computer. That is a 1.3 Gh/s system. The electricity to run that at $0.10 per kw-hr (600W x 24 x 30 x .1) = $43.20 per month electricity. You will be generating presently 11 BTC every day. You will pay the electricity off in 2 days! It is a great time to upgrade to a new computer system, if your computer is less than 2 gz, why not upgrade to a new computer and have an income of $15 a day that is far more than the payments. |
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I did a rough estimate of about $0.50 a BTC. The problem arises is that in 10 days it is going to be $0.60 due to increased difficulty. You don't where the price of bitcoin is going to be.
Also I think I found a attack on the system. If you buy say 500,000 BTC and then flood the market with btc, you could crash btc to about $.10 then put out rumors the currency collapsed. It might come down by itself.
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I agree, this can be annoying. There are two types of clients that exist in theory but not practice. The first is the light weight client, which only downloads block headers. This would be a big improvement over the standard clients, which has to store full blocks. There is also the ultra-lightweight client which would need to store even less information, but would require some method of receiving data outside the normal Bitcoin channels.
Aren't full blocks required to assure the system of bitcoin stays up. How much disk space does a block take up now? |
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Seems things are rallying too fast. Here are some reason why bitcoin could crash.
1. If you trade in bitcoins you still have to find a buyer of them if you want a pizza. Thus you will have to use a service to exchange your money to dollars on their terms. If you drive to a bitcoin meet-up you are still wasting gas to do the exchange. You will have a middleman more often.
2. There is a risk of lost, stolen, or disk failure wallets. Yes you can lose your wallet in real life, but you usually find it under the bed.
3. Shops are slow in adjusting prices, if the price rises and their store might have prices that are 2 months old and they seem expensive. What if prices crash 90% will the shop honor the price? I doubt it they buy all their materials in USD, CAD, RUB, or EUD.
4. There is no record of exchange. What if you buy a car and you go to pick it up and there is no car or address? You are out 10,000 BTC. If you buy something over the internet even for 1 BTC, if they don't send it you are out of luck.
5. The churning of your hard-drive is already annoying to run the bitcoin client. If the economy gets 10x bigger that churning is going to be 10x bigger. Are there any stats to Mb per day you waste on hard disk space? What about bandwidth?
6. In the end you might have to end up using a bitcoin bank anyways where you store your bitcoins to take the risk out of lost wallets. Then you run the risk that the goldsmiths, take your money and spend it loans and blow.
7. There is always the risk of someone destroying the network or finding a flaw and taking the system down. Since BTC could be used for money laundering, it might be a big goal of the governments of the world to take it down.
8. What if people stopped mining BTC, or the euphoria of a deflationary currency would people lose interest in it?
I suppose you say all these are already factored into the price of BTC.
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From what I understand suppose you have $100 and you invest in BTC and they are priced at $1 so you pay $100. Now suppose BTC goes to $100. Now you have $10,000. You will still have to pay short-term capital gains 28% tax on that, then all the state and local taxes. In the mean time the dollar lost 10% a year in value due to government overspending. Seems you are screwed either way. Unless you decide not to report or buy stuff. suppose all this takes 2 years.
$10000-$100
$9900
$7800 - 28% tax.
$5800 - state and local union taxes.
$4600 - after inflation taxes.
$4176 - after California sales taxes.
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don't they know that you will just burn the $3,000?
While nibbling on a carrot no doubt. The Gavinator by shazow I missed the comedy in this the first time. Thanks for posting |
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Ex-presidents charge like $150,000-$350,000 in which they have nothing important to say in the best case and in the worst case talk about ruining the United States. The only good government expenditure is a cut budget. I don't see why on their turf you could bump up your speaking fee to $20,000-$100,000. It is government and the way they waste money why not try.
To spruce up your talk you might want to call someone on the phone during the beginning of it an have them beam a bitcoin to you to show how it works.
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Volume and more buyers than sellers.
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He will soon realize a currency that is not commodity backed or fiat backed is possible. how will he know, bitcoin will still have an exchange value in 6 months. I can even predict the end of bitcoin. What will happen is someone will try to corner the bitcoin market. The users and store owners will say no and use another fork currency. It is the store owners that decide what the currency is. I had to eat crow too.
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This guy is a regular at twoplustwo.com economics and political forums he is a really sharp anarchist guy. But, bitcoin has had an exchange value for 6 months. It is not a pyramid scam. A>B B>C C>D D>E E>F F>G G>A it is the web of connections that keep bitcoin up. Every time someone buys alpaca socks those bitcoins will end up at someone that created goods.
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You might offer same day shipping. Meaning the winner pays the same day, the shipper ships the same day. Also you might require only free shipping in usa (fees included in price). That way you don't do all the tricks as on ebay.
I know I would never do a yearly or annual plan. I would prefer to pay 1 btc per auction. Over 15 btc per year. Maybe I will start my own auction site. your domain name is awesome.
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After thinking it over I think I'm going to go for a small yearly subscription fee instead of the big flat fee up front. Unfortunately I am going to have to postpone the launch of the site as my aunt died from cancer earlier today :-( and I have to go to St. Louis for her funeral and won't have regular access to a computer or the internet. I was going to launch on 4/20 but now I think I'll move it back to next Monday.
Just to give you an idea I once researched the model of ebay. This is how I see it. Some may see the fees of ebay are high, but they actually like the high fees because it eliminates all the junk you see on other sites. You don't see the $0.01 for a piece of trash auctions. Whenever a legitimate competitor comes around they buy them out. As long as the fees are not 1/3 higher than shipping fees there is no way anyone would use another site due the quality, insurance, feedback, and paypal they have to back up the auctions. 1/4, 1/2, or even 1 BTC to do an auction, is not a bad price if you act as insurance and arbitrator. If I was going to sart I would do a 1/2 BTC fee, 7 day auction, and if the item didn't sell I would take the fee. But offer insurance and arbitration. |
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Thanks for posting it is going to be a good watch. But the reality is government and unions are destroying america. The great depression as well as this current fiasco was caused by government. I have the choice to go to McDonalds. I don't have choice to support the school of this film. The government decided to give student loans to go to this school so they can bitch and cry for more money.
End the Department of Education.
As soon as I saw the title I knew it was going to be b.s. I would like to see "Government, Unions, and Lobbiests are ruining America - your choice not governments choice".
Too tired will edit later.
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I think you just found a inescapable vulnerability, what if someone sets up two accounts and they just send bitcoin back and forth. It would crash the system. I can see no fix.
This has been discussed. The fix is transaction fees. Knew there had to be a fix somewhere thanks. When do transaction fees kick in. |
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I think you just found a inescapable vulnerability, what if someone sets up two accounts and they just send bitcoin back and forth. It would crash the system. I can see no fix.
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What's the point of putting 40 BTC on it? Who will accept the coin and give you 40 BTC if 40 BTC is worth more? Who will use the coin if it is worth more than 40 BTC?
I say don't put 40 BTC on it, put 1 Troy Oz on it. Silver should be its own currency in itself, with troy oz being the unit of exchange. There never would have been the great depression if everyone used physical silver instead of using silver backed notes. So you have 2 currencies, not competing currencies, operating at the same time. |
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a physical coin is needed as a stepping stone or bridge to bring regular folks over to bitcoin. a silver coin is the best possible way of doing this that has no dollar amount marked on it and should look exactly like the bit coin logo . being 99.9 % fine silver of a certain weight could be exchanged at the market rate against any currency including bit coin and could not be counterfeit. They would be valuable in there own right and a useful tool in marketing & advertizing to friends. not necessarily designed to be spent in stores for coffee and the like, but definitely exchangeable and liquid enough to change into cash at any coin shop or pawn dealer.. i know that i for one would spend my electronic bit coin to buy them for investment purposes and as a second option of storing my accumulated digital value. silver minted coins always command a higher price than the spot or melt value and thats how the mint makes its profit. putting labor into raw silver and making a finished product. we already have enough paper to trade, so use that to turn attention to bitcoin it,s quite simple. instead of stamping www.bear-river-dollar.com right across it in red ink ,you stamp the bit coin website. every time you spend cash you tell people about it. when the bitcoin community has accumulated enough silver between them, we will be in a position to issue our own bitcoin plastic instead of mastercards and visas, as mastercard and visa will be wanting to rent your technology and not you renting theirs at point of sale. only discovered bitcoin this week and putting links down here www.bear-river-dollar.comI think you will discover the difference between commodities and currency. BTC could crash at any time. Silver will always be silver. I think the 1 oz round is the official currency of the silver currency. From that 1 oz you can convert to BTC at any time. So you could make a 1 oz round with the bitcoin symbol, but instead of calling it 1 BTC, or 40 BTC, you call it 1 troy ounce. Thus, there are no links and you could still trade the silver as silver. However, you could make your own symbol if you like. |
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I don't think this would work with physical. I mean you can do it and it might last for a century but in the end it will fail. It failed with the gold and the goldsmiths. Suppose there is a 100,000 bills backed by 100,000 there is no real way to verify the bitcoin and who owns them, thus you would be taking the banks word that the bitcoin backs the currency. Sooner or later someone is going to cheat and the bitcoins won't be there. Just ask FDR in 1933 or Nixon in 197X. There is the moral hazzard no one is responsible, so what happens is the paper currency crashes.
But this is no problem, why not just trade real bitcoins in the future you could push a button and beam someone a bitcoin and it would not get your hands dirty. bitcoin is far better than physical. Assuming the whole system does not come down.
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Once I read basket I knew it was a joke. Just look at all the problems the bimetal silver/gold exchange had.
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