"I'm too busy to read but here's my stupid uneducated opinion."
Now that is plain arrogant! Economics is rational and common scene. What you are saying is that unless people have worked out the right 'words' they stupid. I like laissez-faire capitalism, not because I have read up extensively on the subject. But because it is EASY to understand. Economics isn't hard, it is just applying rational logic to real life. It is the people who make economics into a super complex science who have got us into all this mess. On a rational view, inflation is theft, leading to mal-investment. However once it has been covered up with 100 layers of complexity the logical fallacy (inflation is good) can more easily be hidden. |
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'It's brief' my ass Maybe this is more your speed.  Look, If I asked my friends to read Economics in One Lesson, they would go 'what do you think I am? somebody with spare time?' A short essay around 10 pages long is the most that anyone has time for. It needs to have graphs and diagrams to explain some of the more complex features, not just large blocks of text. |
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Economics in One Lesson: http://www.hacer.org/pdf/Hazlitt00.pdfIt's a great read. It's brief. It doesn't go into a lot of technical detail but it does illustrate a central fallacy that many people, even some economists, make when thinking about economics. If you haven't read this book, I'm going to assume you're ignorant about economics until proven otherwise. 'It's brief' my ass |
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___brainstorm___
why can't this work just like bitcoin, with the following additions:
transactions can include an extra parameter of a domain name as well as any namecoins.
you transfer/update a domain by "spending" it do an address with an appropriate fee for the miner. To update/renew a domain you spend it to your own address. To transfer you spend it to someone else's.
claim new domains by transferring a domain that isn't taken to one of you own addresses. Problem: how to stop spam-claimers.
domains expire after not being transfered for a year and are then claimable by anyone.
miners sell their generated namecoins (probably for bitcoins :-) ) and people can use them to get their domain encoded in the blockchain.
people can trade namecoins just like bitcoins.
The problem with this system is that the miners get as many domains as they want for free. We need to use transaction scripts with a 3rd party escrow that releases the funds slowly. This will create a 'reputation' based system, where escrows that are respected can charge greater fees/have a more respected 'domain chain'. |
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Also, as you said, the system will need scarcity to some degree to prevent spammers. But, not too much to prevent the cost of registering from skyrocketing, which I believe will happen with the current fixed rate of generation.
People should be paying for the upkeep of the network, not the domains themselves. I think that a 'hosting fee' or taking money through registration and updating records would be the best manner. Just like we have transaction fees on the Bitcoin network for the long-term 'upkeep.' If a spammer makes 1000000 domains, the spammer must pay for the upkeep of 1000000 domains, this will be very expensive. The domains themselves are unlimited (there are an unlimited number of possible strings), so in-themselves they shouldn't have a price. Think: are you charged for creating a Bitcoin address? No! You are charged for USING your bitcoin address. |
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As I said in the BitDNS discussion, hard-limiting the network-wide number of registrations will fail. If 50 domains are produced per block, then what happens when more than 50 domains are needed per 10 minutes? Prices will become uncompetitive and the system will lose popularity.
True, the BitDNS must have some sort of load balancing, so that domains remain cheap, but are not spammed. I would like domains to be like Bitcoin address, You can make as many as you like, but only ones that have coins on them are worth anything. |
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Britcoin is good until you try using it. It is SO much easer to use mtgox than Britcoin.
Maybe that is just the lack of features, but the general interface (being stuck in the corner of the screen) is annoying to use.
I say take a hint from mtgox:P
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How would it work offline? I mean, it would work, but it has to have some data to start with. And every transaction since you last updated the software won't be available.
You can download the block chain and keep it as up-to-date as you need to by using the default client. The supplemental WinXPBlockExplorer(TM) program would then just need to be told where to find the bitcoin data directory in it's setup options somewhere. For those that need an example in order to 'get it': I'd like to be able to do searches in blockexplorer.com without the risk of someone sniffing what I've been searching for, without using fancy proxies or anything like that. I just want to be able to do that completely offline, completely privately, and for whatever reason my OS of choice at the moment is WinXP. I like that program  I put 5BTC towards it. |
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However, mining can be done anonymously. If the freeze order system were to be abused a group of miners would emerge that were not motivated by profit but rather by ideals. Whilst they would likely not be able to mine as fast as the big ASIC using companies, even reaching 5% of the total network hash power would be enough to allow the coins to be spent, albiet quite slowly. Somebody whose assets were frozen in this way would certainly try and get them out of BitCoin as quickly as possible, though finding a counterparty who would anonymously accept these "slow coins" might be difficult. Most likely, that counterparty would demand a risk premium based on the chance of the political or legal issues being resolved and the coins being unfrozen (eg because the wallet file was seized and the coins can be sent to their rightful owners).
So-called 'frozen coins' will attract a higher transaction free. Those higher fees will create additional demand for blind miners... Coins will never be frozen unless the majority of the hashing power forces decide to reject block that contain them. We will see a chain split at that point. Probably moving to a different algorithm that is hard for asic's to compute. This 'alt' chain will contain all the transactions indistinctly if they are from good coins or not. |
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On Feenode, join #bitcoin-aus talk about all the cool things happening locally Cam. |
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So did Gavin's video win this bounty so this one can be closed now?
-MarkM-
No, you cannot have a competition with only one video! |
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edit: ah, I think I got it. You wouldn't have to keep your private key on the same computer to create new backups, is that it? That does make sense. Why ecc specifically? I assume speed/key length are not of great concern here? Not that it's a problem, I'm just interested why Yep, Key length is useful to be short, because many people might want to keep a printout of their private key in their fire safe. So they can backup from anywhere know the only copy of the key is in a secure location. |
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@OP: why not use symmetric encryption instead? Public-private key cryptography doesn't make any sense in this situation.
Public-private key cryptography allows Bitcoin to generate new address without requesting the passphase. It is also useful in for 'backups' when the backup op doesn't have access to the private keys. This is useful if there is multiple wallets. |
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Someone just please close this thread or delete it.
Why? It is the readers' job to vett the accuracy of the posts. Because people are lazy and might be confused, remember thinking for oneself is a bad thing. |
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A steadily rising price over time is not an issue, but 40% swings in the price of bitcoins in a matter days will certainly make pricing goods and services difficult and give people a bit of pause when considering using bitcoins. If you dump buy orders on the market all at once and push the price to $2 in a matter of days, it will be inevitable that once your buying is complete, the price will collapse to close to what it was (and may even overshoot on an irrational fear created by the collapse).
While the market is moving wildly like that, there will be lots of profit to be made by speculators, the more profit taken by the speculators, the more liquid the markets, the better for the Bitcoin economy. The wild swings in the bitcoin market is the natural way to attract speculators. |
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How many of you REAL MEN would put 95% of your entire life, solemnly and nearly absolutely swear on Bitcoin and its success? How many of you?
You don't swear on a tool, you swear on an ideology. |
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Yesterday was our biggest trading day of all time. In total almost $50K was traded. Leading the price only $0.02 lower. Exciting times
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don't you understand? A Dog, Human and a Tree are all worth the same!
Everyone is a slave to everyone else. Whatever we decided happens to you, you will do.
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Atlas Shrugged was a real 'eye opener' for me; however it took about 2years to digest and 'move on/sort through' the concepts of objectivism.
I now believe Voluntaryism is the most moral philosophy.
I'm looking forward to the moive, I hope it is good. While I don't agree with much of the ideology, if it at-least encourages people to think for themselves it is better than nothing.
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