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So does Mike have the option to just quit producing casascius coins without further legal trouble from FinCEN, or is he going to need lawyers looking over his shoulder for the rest of his life?
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Bring it
I wonder if the SEC or CFTC has anything to say about a private company issuing a currency...
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Has a 3rd party transaction fee business been discussed?
A business keeps a public database of transactions. If one of the tx are included in a block, a bounty is paid to the newly generated coin address. Miners can choose to look at this database or ignore it, but they will get the bounty regardless.
* The 3rd party now has an incentive to include as many tx as possible, and could pay less for small blocks, more for larger ones - enough to offset the cost of not including them (not sure if the economics of that work out).
* could negotiate with MtGox / BitPay for bulk rates on transactions, customers wouldn't have to worry about fees sending or receiving.
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WOW great, please say more! I am persuaded that the Bitcoin economy will really take off when everyone, everywhere, will be able to use BTC directly for small transactions like buying a coffee or food, without having to change to traditional currency first (which can be controlled and killed by the state).
Its what you described, but instead of the merchant requiring an active database of bills, all he does is post a public key, and anyone can send money to a bill under his public key. Bob's Bar and Grill doesn't need to have a database of dollar bills, or worry about disputes. Either the bill is in the blockchain, or it isn't. + Bob's Bar and Grill (Public Key) - A12345678B ($1 USD bill) - C47891235F ($1 USD bill) + Alice's Coffee shoppe (Public Key) - F78426288B ($1 USD bill) - E29887103A ($1 USD bill) A bit technical, and looking for a way to make it easy to understand. Thanks for the interest, will post here on launch! |
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This idea is launching in the next few days. We hope to set a standard so anyone can act as a 3rd party, such as coffee shops, bars, and trusted individuals. So you might not trust a guy living in Iowa to redeem btc, but if the local coffee shop was 3rd party, you can always use it to get a coffee.
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I wonder why is there no real competition to ebay. $65 billion company. Wouldn't you think that someone could come up with a superior product, maybe chisel away 2% of that and create a billion dollar company? I continue to own bitcoins and lean on the 'ebay' effect -- less than perfect product, but everyone uses it by default.
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I am a fan of Gary North. Most of his articles are subscription based, so there is an incentive for him to write articles that get a rise out of readers.
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If I sell pizzas for $20 USD or $18 worth of bitcoins, who is the fool?
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every trade makes someone happy
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It just so happens I'm selling a bitcoin for $1200. Good for the next 8 hours only though  |
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Ranking game: Please rank from most likely to least likely.
1) Barry Bonds type player hitting 250 home-runs in 664 Plate Appearances (He hit 73 in 664 PA in 2001)
2) Your 70 year old grandma bowling 5 straight perfect 300 games (she has a 90 pin average, about 1 strike per game)
3) All 16 games in an NFL week end in a tie. (about 1 in 256 are ties)
4) Finding a collision while generating 1 Trillion keys per second in the next 100 years.
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its good for multiplying as well
12e3 x 5e-4 = 60e-1 = 6
Oh so obviously better for the masses such as myself  |
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Are there any graphics of a small 'b' to indicate mBTC?
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Peter Schiff incorrectly believes that the product known as "bitcoin" is over. With colored coins / Mastercoin, a company can buy a single bitcoin and essentially destroy it, removing its fungibility with "standard" bitcoins. This off-shore company can now back its own currency with any number of items, including gold. The new coins would trade freely world-wide backed by gold, anonymously. For Peter Schiff's gold backed currency idea to work, he has to have a centralized database of clients, complying with different government regulations. Only clients of Mr. Schiff can participate, whereas no account is necessary for the bitcoin backed gold currency.
Once Peter Schiff sees this technology, he'll change his mind on a decentralized currency.
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Hahaha. Yeah, the 100 BTC (about $6 total at the time) has been given away. If anyone wants to buy me a car, PM me.
(Locking the thread)
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I wish to use US currency ($1 bills specifically) because I want to lean on the counterfeiting security and laws. I wouldn't know how to verify paper rubles, pesos or rupees, or how unique each bill is. It would take huge balls for someone to knowingly counterfeit a FRN and send it through the US mail system. I'm not disagreeing with your decision and reasoning but should point out that counterfeit FRNs were for sale on that tor market that was shut down and shipped via US mail. But yes, a neat way to piggyback off the anti-counterfeit features that an ordinary person accepting the note can use to help verify its authenticity. The USD$1 has anti-counterfeiting features? Such as? Its main/only meaningful anti-counterfeiting feature is the one which you are voiding, its low value. It has no security features beyond starch-free paper and even its micro-printing is not beyond the reach of cheap printers today. Most anything else would be a better choice if you are looking for counterfeiting security, and the counterfeiting security laws will apply to any nation's currency. If you are smitten with the USA bills, and want the advantage of the honest mistake of your customers accidentally spending it and losing the ability to redeem it, you might consider moving up to the new US$5 which have UV sensitive thread and watermarking. Yes, the paper is going to be what I check before releasing coins, and should be checked by those who accept it as payment. Maybe I'm underestimating criminals, but the risk involved to counterfeit a $1 bill to get 0.05 BTC for free seems a bit steep. I would contact authorities if I came across a counterfeit bill. Hoping to launch in the next few days - website is being built! We are taking steps so others can re-produce the idea. With luck, many local pubs and stores around the world will be able to release coins with their own keys. |
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What if the merchant gives a 50% discount for using BTC?
Customer: gets $10 sandwich for $5. Spends $5 and gets more BTC
Merchant: gets $5 worth of bitcoins today, but will be worth $10+ with patience.
WIN-WIN. The advantages of a strong currency in action - encouraging work and production.
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Of course it is a false flag. Nobody is going to get $75,000 worth of benefit from his death when there is a laundry list of bernanke wannabees lined up behind him. It's so preposterous that it should help bitcoin.
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If you pay me 6% per year in interest on $100, I wind up with $106 at year's end. But if you allow me to compound that twice a year - 3% every six months, I make $106.09. But if you let me compound it monthly, my final balance is $106.1678. Daily $106.183. Each time is more and more.
(wrong) Conclusion: If you allow me to infinitely compound at 6%, I can make infinite amount of money in a year?
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So frustrating that only half the story continues to be told.
So if I believe in the US dollar, I should never work for it? I do $1000 worth of work today and it is only worth $900 in a year. Take this to the logical conclusion and there should be few working and a whole bunch of debt as people fight to borrow to consume today and pay tomorrow.
It is true that you should not *SPEND* a deflationary currency as much as an inflating currency (btc and USD here), but you should want to *WORK/PRODUCE* for it. Wherever that market meets between employee and employer is up to them.
A $25 pizza went for 10,000 bitcoins a few years back. Today, that pizza is about 0.08 btc. This is hyper-deflation never seen before on the planet. And yet, is the bitcoin economy larger today or 3 years ago? A keynesian clown would have you believe the former. These boards are crawling with people wishing to work and sell goods for BTC. As a bonus, there is very little lending, very little debt denominated in BTC. This is the benefit of a strong currency.
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