I just say, I even proove, with current algorithm, bitcoin system will fail down somewhere in 2012, probably at switch 50 BTC to 25 BTC per block. More exactly - when mining will reach unprofitable against electrical power, with typical hardware for newbie - 5850x2 or 5970.
It happens because number of people who confirm value of bitcoin is comparable with number of miners. And this situation does NOT take place with Gold. ALL people on Earth trust in gold value. 20 000 people trust in bitcoin value.
And you leave no way to join to trust in bitcoin. The only method - allow mining to be profitable to MILLIONS of people at time intervals YEARS, not DAYS (see difficalty rate & prognosis).
People trust Bitcoin because it is secure, not because they are mining it themselves. |
|
|
|
|
people will stop mining when it gets unprofitable. This will reduce the ratio of miners / non-miners. Making the economy stable again.
Edit: you are also forgetting about technology advances that improve mining. They increase the difficulty _while_ reducing the total number of people mining. (That was seen when many people dropped out when CPU mining became unprofitable).
|
|
|
|
|
hey, noagendamarket and I are working on a project...
Should contact us at #bitcoin-aus on freenode. We have an unique business plan.
|
|
|
|
|
It is always interesting to read the 'left' regularly use comments like: "You are yet to be inspired".
I'm personalty a mix of voluntarism (external moral structure, e.g. on what basis I judge others) and objectivism (internal moral structure, e.g. how I judge myself).
|
|
|
|
Deflation is very destabilising on a system that can only function, by design, with inflation. That system is debt based money. If you generalize that to every money you have made a big mistake... Just because something is bad for one thing, doesn't make it bad for everything. Deflation is bad when 'every' bit of money needs to be repaid. Therefore you have a fixed monetary cost (the repayment of the debt), and a increasing real cost.  Any money that isn't debt based is immune to the so-called 'problems' of deflation, because as the buying power of the monetary unit increase, everyone who owns the money becomes richer and gains purchasing power, (even if the money is on loan, the person who has claim to the loan has more value). This means that people who have money are 'encouraged' to spend it, rather than save it for the debt repayments. Take it from another prospective. In a society that uses debt based money, (aka fiat money), the entire society is in debt to the reserve bank. If the buying power of the money increased from shortage, the society still needs to pay back it's debt. Thus reducing the available money supply again. It is a viscous circle. It is like holding all the food of the town on ransom, and issuing 100 credits for all of it. If only one credit gets lost, somebody is going to have to starve, and the 99th credit is going have virtually unlimited value. But It is worse than that, if somebody somehow trade to get two credits (eg. a saver), they are holding the food for the last person at ransom and can set any price. Debit based money is inherently evil, once you understand what it dose... It is a way for setting people against each other economically. Deflation is good if you have good money. Inflation is the lesser of two evils if you have evil money to start with. |
|
|
|
here is a diagram of what I was thinking of:  |
|
|
|
Ok just take advantage of _my_ hosting... that happens not to be free... (for me at least)  Anyway, we are in the process of designing the next version of the bitcoinservice.co.uk This new version will not be backwards compilable with any pre-existing uploads, as we are changing the url format. Just a head's up... maybe I'll put an advert in The Bitcoin Sun to announce the changes. |
|
|
|
The BtcFn (The Bitcoin Freenet Project) project is in the process of working on the API connecting to the bitcoin client to other transport layers / data back-ends. These backed layers will be used to transmit various bitcoin data over different protocols, such possible uses could be: - Program that saves and reads a copy of the block-chain from a file. Say used to save the block-chain on a USB key-drive.
- A radio station could transmit the block-chain over short-wave radio so that everyone in the world has access to it. The same API could be used for a program to automatically import the block-chain updates in the Bitcoin software.
- BtcTorrent, a simple application that takes advantage of the API and lib-torrent that allows new clients to quickly download the block chain.
- The above mentioned bitcoin on freenet project, this project will allow clients to use bitcoin with freenet as a transport layer, for both transmission of the block chain, and transactions.
- Traditional bitcoin transport layer application. This application will implement the standard bitcoin p2p protocol, and will be used by default.
The API should be designed so that multiple applications can connect to the same bitcoin instance at the same time. The API should be non-blocking and atomic in design... (either something works completely, or it fails completely). Finally the API should have no access to any function that interacts with the wallet. The goal is that every bitcoin implementation will implement this API, so any bitcoin implementation can use any transport implementation. e.g. Bitcoinj could make use of the same Bitcoin p2p application as the mainline client. Questions/Comments? We will be working on the design on the bitcoin wiki: https://en.bitcoin.it/wiki/Bitcoin_Transport_Layer_API |
|
|
|
http://agoristradio.com/?p=347We talk about the possible 'licensed generator' attack on the bitcoin infrastructure. Restricting the block chain to generators who have gained a government sponsored licence... This way the government could dictate rules about what transactions can be included in the chain, and what should be rejected. We then go on to talk about how such an attack is very hard to pull of and would take a huge amount of resources. The second part of the show we talk about other attacks on bitcoin and brig up the BtcFn project: https://www.bitcoin.org/smf/index.php?topic=7181.0We talk about Freenet and a possible sneakernet based upon it. Overall I had a great time, and was very please to promote Bitcoin and Freenet!
|
|
|
|
Even if there is an atack on bitcoins I think it's core users will stil use it and try to regain it's glory. Also, as long as we decide how much 1 BTC is worth between us it doesn't matter the conversion rate.
The core members of the Bitcoin community will buy low and sell high... so they will build up a disproportionally large amount of the total ownership. |
|
|
|
|
We should really donate more to S3052, even a couple of Bitcoin helps heaps...
I know I have.
|
|
|
|
Ummm... Didn't God send us Satoshi? or Haven't you been reading you BitBible before bed again? |
|
|
|
|
I am interested in purchasing these cards... Can I Buy a few of them, 'unloaded,' once I have confirmed that they have arrived safely and are untamed with. You send the coins to the addresses contained?
(Shipping to Aus)
|
|
|
|
What is the purpose of the class B shares?
Are they intended to act like preferred stock?
If so, given that your venture doesn't really have any assets to liquidate in the event of failure, and that this class of shares has no dividend component, what is the use of being higher up in the order of payouts?
If not, then why have them?
Not trying to be an ass here, just curious.
Best of luck with your project.
I believe they are voting shares, you buy them if you want a say in how the company will operate. I assume they will be worth something if a large 3rd party company wants to buyout a majority of the control. I guess there are people who buy the A Class shares will also want to buy some B Class shares so they can get more say in how the company operates? |
|
|
|
I'm trying to get only negative rep points!  Positive reputation is over-rated  Cool, I just gave you a -1 |
|
|
|
|
Show Posts
