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Shem wasn't a banker or any other kind of criminal.
Apparently even Charlie disagrees with you, since he is pleading guilty.
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TIL a huge number of cold storage coins held by bitcoiners will be lost forever on their death.
My whole family knows vaguely how to get them. I'm sure upon my death they'll do the necessary googling.
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There is no possibility of bitcoin totally replacing all fiat currency. We must keep in mind that there is limit on maximum number of bitcoin that can exist. Most part of product vendors and services providers may shift to bitcoin as it will save them lot of transaction fee.
Limited supply is not a problem when you have near unlimited divisibility. 21 million doesn't sound like much, until you realize that the deflationary aspect of it will practically assure that it can fulfill the needs of the populace. If bitcoin theoretically continues to deflate, it will one day reach parity with the entire market cap of the dollar supply. That will be more than enough money for the planet. The divisibilty aspect further assures that usage of bitcoins (as well as its deflationary aspect) will not become cumbersome. Fiat currencies continued existence relies on it being a suitable usecase to hold your assets in. Right now, faith in bitcoin is not yet strong enough to warrant this kind of reliance. But if it continues to survive, soon people will start paying more attention to the deflationary aspect than to the inherent risk of the system collapsing. Once people believe that the risk of bitcoin collapsing has the same risks as the internet collapsing, the usecase for fiat currencies to hold your assets in ceases to exist entirely. The reason people cannot see fiat currency dissappearing, is because they see it in terms of how the general populace sees it. This is the wrong way to reason. The general populace is the last to see change coming and they will be the last to make the switch. You must look at it from the perspective of a whale and how whales affect change and markets.
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Could a mining farm of this size be enough to create a 51% attack or is there really that much hashpower that this is nothing? Mind you I haven't really checked bitcoins current overall hashrate
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"Coinbase is insured against theft and hacking in an amount that exceeds the average value of bitcoin we hold in online storage at any given time."
Yet elsewhere you claim that only 3% of deposits are online, so 97% of deposited bitcoin are uninsured. Are we supposed to pretend that the 97% offline have zero risk of theft? If that was true why aren't those 97% insured also? Wow. Sneaky.
I think the idea is that the hot wallets are the ones that are most at risk. By insuring them, you decrease the risk of a financial loss if something happened to them. Of course, there's always a risk that the insurer will be insolvent when it comes time to pay the claim. You can attempt to re-insure your way out of that, but at the end of the day, there will always be some risk. Great, so insuring the offline wallets should be inexpensive and easy to do, right?
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The beauty about Bitcoin is that people could choose something retarded like this, but they don't have to.
Agreed. I cannot believe so many "free market" people are against this idea. If this is what consumers want, someone should provide it, for a fee. More to the point, lending is important, especially when buying a house. Fractional reserves allows others to earn interest on their savings. Such a Bitcoin bank could still have proof of reserves, indicating how much money is being lent out vs. in reserve. With Bitcoin, it is purely optional whether you work with such an institution. This is less easy in our current financial system. Terminology may be bogging down a valid discussion. Central bank == insurance (as /u/PostOpticon pointed out) seems to be the crux of Mr. Mu's argument. I do agree the usage of "Central Bank" is inaccurate, but should not preclude a valid discussion.
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I think it is too early for Bitcoin ATM in Africa because the level of development of the economy will not be able to promote rise of the ecosystem
I think you're wrong because Bitcoin can helps Africa's integration to the worldwide economy and international monetary relations
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I guess I need to continue
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Why do you need such site? If you want help to promote new currency, you should donate BTC for it. IMO, it is best way
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I wonder what happens if the island looses power cos Bitcoin is kinda dependent on electricity?
Credit cards and online banking are also dependent on electricity. What do you think about it? Electricity becomes money. And on most Islands you need a generator.
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“TigerDirect has taken an interest in bitcoin not only as a payment option but also a new product line through the sale of bitcoin mining equipment,” IMO, it is one of the most attractive reasons of BTC using.
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Great video!
Although I'm not a beginner, but I like to watch such good videos
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Will materials from the meeting posted on the forum?
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Is Bitcoin the Future of Money? That's a great question IMO, it is future of course
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IMO, Mt Gox needs to stay dead cos nobody will be confident to use an exchange with that name.
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I find it strange and interesting at the same time. I like that event was organized in the run up to the Tallinn Bitcoin conference. It is good PR-decision.
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Does anybody thought that BitCoin, and other digital currencies, may have been developed to siphon off dollars that would otherwise be bidding up the prices of gold and silver?
Your idea makes sense However, in this case, Bitcoin was to be developed by U.S. government agencies
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