DOGE block reward is halving? What from 1 trillion per minute to 500 million per minute?

Get rid of those things as fast as you can. If you have less then a quintillion of those things you have the equivalent of a penny.

So...American Patriots Militia Groups are really bad hunters?

Where can I find my closest FEMA camp so I can get the best cot before everyone else is rounded up?

There is a number on blockchain.info (I can't access it right now). I believe their assumed cost of electricity is a bit on the high side.

You could "download" the entire blockchain via carrier pigeon.

Something similar was done by putting a USB drive on a pigeon's foot and sending him over a few hundred miles.

They calculated the data rate and it was a pretty competitive speed.

If BTC was the main economic currency, it would not be volatile. A whale with $10 million might be able to move the price by a penny.

BitPay has taken the easy part...receiving a currency that does not have chargebacks and paying out in a currency that allows chargebacks.


Doing the opposite exposes the provider to chargebacks.

Bitcoin is much like the electric car, if all cars were electric there would not be as much reliance upon foreign oil, wars over oil would dry up, oil companies would not be as powerful as they are, people who produce their own electricity would not be reliant upon an outside entity for their transportation, etc...

In theory it is nice but then the reality of it comes in. There is no national infrastructure in place to charge electric cars, people are used to gas vehicles and are not willing to switch over mainly because everything is set up for gas cars.

I was involved in the electric car community in the late 90s and it was much like the early days of Bitcoin. People converting their cars to electric, complaining about the big companies ignoring the benefits, trying to figure out the chicken and egg problem of getting charging stations up all over the place to charge non-existent electric cars that weren't being created because there aren't charging stations all over the place.

Then the hybrids started using some of the electric car technology. They tried to make it as close to a gas car as they could, hiding as much of the electric aspect from the user as they could since that is what they were familiar with. Prius used it to get better gas mileage using recharging brakes and the efficiency of the electric motor at low speeds and quick acceleration. The first ones took some time for people to get used to, there was a distrust of electric cars and a knowledge gap. Some hard core enthusiasts added more batteries and converted the Prius into a plug in hybrid showing Toyota how it could be done, begging for them to implement the plug in aspect so you could drive short distances without the need for gas. The first plug in vehicles were confusing to most consumers, die hard electric people were enthusiastic, commercials had to be made to show that it was simple and not all electric (only optional).

Tesla used the concept of focusing on a community that would be willing to adopt a fully electric car while making it cool, they went after the sports car industry where people are willing to put up with some mechanical issues or comfort for something that's fast, looks good and is new. They used the initially high priced vehicles to fund their more consumer oriented vehicles and have been working to put the infrastructure in place for electric vehicles across the country. This should make it easier for future electric car adoption and allow for more companies to start putting out fully electric cars.

Bitcoin is in the early stages of the hybrid phase. Companies are willing to use the good parts of it to help their fiat business, trying not to scare their consumers with the technological aspects of Bitcoin that they may be afraid of. The hybridization is not the most efficient and does not use the full utility of Bitcoin but is what the consumer is currently willing to accept.

We need a Tesla equivalent that can focus on a small focused part of the economy that is most willing to use it and make it look cool and then turn around and use that to grow and set up the infrastructure for the pure Bitcoin economy.

Let us assume that a country wants to make Bitcoin it's legal currency. Or it wants to pass a law specifically about Bitcoin.

How could it legally be defined?

Could they just say "Our country recognizes the following currencies to be legal forms of exchange <current currency>, bitcoin, ..."

With its decentralized nature and evolving blockchain, would there not be a requirement to have some sort of central authority which would continue to update the definition of Bitcoin? What if there is a branch off due to a code change, something is added and some miners accept it and some do not. What source of the code would be considered the "official" source? etc..


So far countries have been able to just group "cryptocurrencies or digital currencies" into one group which covers many things. But at some point it will probably be necessary to legally define Bitcoin. Not just as a country's currency but via contract disputes, payment agreements, property laws, etc...

They were a contributing factor. I was not around for the jump to $32 but the explanation for that one was that all of the Bitcoiners believed the Bitcoin would be huge and when the price started going up they thought "this is it" and drove the price up with wild enthusiasm.

We have had a few of those moments.

Since the prize is 2 mbtc I will predict the price is $1,000,000.

If it hits that price, this post is worth it and everyone will be kicking themselves for not replying.

This was me...my first purchase was $10,000 worth of bitcoins at $17 each.

I sold at the 17 month point.

I had not thought of that. The linear rate will increase at each halving. But I think most people see an exponential increase of demand while I think over time it will be linear with small bursts as major developments take place.

Over time the affect of inflation will level out when block reward is replaced more by transaction fees as the reward for finding a block.

Yes, if inflation was not cut in half in 2012.

There is usually a lot of speculation that the bitcoin price is exponential. While there are some instances of exponential price rise when there is a self fulfilling feedback loop of excitement over a price rise which brought us the $32, $266 and $1240 prices. If we step back and look over the long term you can see a linear price rise.


http://i61.tinypic.com/b3u4wx.png

I split it in two to show before and after the price halving (and to go from MtGox to BitStamp).


Old Pic http://i59.tinypic.com/2dtk4x.png
Older Pic: http://i60.tinypic.com/vertj.png

This would indicate that the true price should be around $500 (Dec. 2015) or so right now which would explain the recent uptrend from a long low price.


There are a few positives from a linear price rise. It is less volatile, it makes sense for a currency and it continues to trend up.

There is also a slight upward rise in the rate of price increase at the halving, which would indicate that in 2016 the rate will tick up a little more at the next halving.

While an exponential rise is exciting and great if you get out at the top, a linear price rise is good in the long term.

The formula would be close to this:
P = 13.5t + 12
where t = months since November 2012

Before the halving the rate was closer to:
P = .3t + 1
t being months from February 2010

With the formula after the next halving:
P = 20.25t + 660
t being months from July 2016

Edit:
This actually does make the price exponential over time, the charts are showing the linear trend between halvings.

With a 6 month cool down period?

There are 3 clear spikes in price over the last few years.

We have never hit a previous high after a new spike in the price so we are close to the bottom.

What price do you believe will be the low.

Note: The trolls who have posted anything indicating that they have absolutely no confidence in Bitcoin are on my ignore list because I come here to discuss Bitcoin. I go to bankrate.com to find out how the dollar is doing.

Bitcoin was down to almost $70 after its high of $266 (down almost 75% from the high).

The price would have to be down to $310 for us to be at the same point of despair as April 2013.

(And then there is 2011 when the price dropped 95% from its high of $32)

Can you hang?

Or he will wait until the price does not matter and spend it.

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