prevents conversations to be taken out of context(by making it necessary to read an entire thread to understand the flow of the conversation.
how exactly does removing nested quotes add more context? if anything, it reduces context and forces users to guess what each other is talking about. it forces them to read the thread, instead of just the quoted block of text But many times there are multiple sub-threads going on at once. It is nice to have all the relevant quotes right in one place so everybody can keep track of who said what. Also, it is easy enough to quote and delete out the layers of quotes you don't want. Takes like 3 seconds when you make your posts. |
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Bitcoin is backed by:
Distributed trust
Ease of transactions
Hardcoded rarity
Trust is fickle, and as the Pirate fiasco (and all the people who had lent money to him) showed, trust can fail and ripple through the whole economy. Bitcoins are easy if the sender and receiver already have set up bitcoin accounts and you have a way to copy-paste the address. Trying to get one of the parties set up is difficult and giving an address over the phone is almost impossible. The base money supply of bitcoins is hardcoded to a certain level, but credit monies can be built on top of it, like by using ripple to exchange BTC.
My whole point of this thread is that as time goes on the probability that any two people will both already have a bitcoin account, and know of a way to fund it if it is empty, that probability rises over time, until having somebody suggest paying with bitcoins will be as inauspiscious as using cash is today.
You can use systems like Ripple to extend the bitcoin monetary base, but it will never be completely disconnected from the hard limit built into the bitcoin code. |
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Is it bad that I've been laughing at this whole thread?  Seriously though, no artist worth the money is going to go out of there way to make you an extremely nice and detailed drawing for only the 'chance' to win some money what was ever wrong with asking for a portfolio and then picking someone based on that work like you do with any other art based job? If you have not figured it out yet, he is asking for a portfolio of 1 sample. People who have talent will be hired for more projects down the line. |
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Of course there is talent!  I checked this out earlier. My problem is that I'm guilty of breaking my own personal rule of not participating in art/design contests in this forum already. I rationalized it because I'm just really excited about BTC and want to involve myself in the community as much as possible. But I'm closing in on not working spec anymore and even plan on writing a post in the service discussion forum about a better way to crowdsource. This is a spec competition that isn't even hosted on the forum, has very vague directions, and isn't clear about end dates. Way too risky to spend time on it even if I was totally ok with doing spec work. It could be a really awesome project to work on! I just don't have enough info about it to even consider it. I think this community would benefit greatly by ditching the competition model and moving to a portfolio review/ split prize model. On IRC, MP said that S.MG will have a bottomless need for more artwork to create their games. If you approach this as a job interview rather than a competition to make a quick buck then you might see the utility of entering an example of your work. "isn't even hosted on the forum" - I think that should count as a positive "has very vague directions" - They seem pretty clear to me, you just have alot of leeway within the specifications. to mean one of two and only two things. Thing number A: ... Thing number 2: ...
Lol. |
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How was the amount of lost BTCs estimated?
You could do a forum search, there is a thread where people list all the known lost bitcoins. Things like people formatting their hard drive without making a backup of their keys, or people sending bitcoins to the wrong address which nobody owns. I would estimate that whatever's on the list, there's at least 10-20x as many that aren't reported. There is this old thread: https://bitcointalk.org/index.php?topic=63690.0Or from another thread: On a side note, is there an estimate of how many coins have been "lost" by all users? Over the years, there has to be a significant amount. Just curious.
Impossible to estimate. The only thing you can know is how long it has been since a coin has been used. there was a list somewhere on this forum... i remember it being around 20,000 btc of known lost coins but that was quite a few months ago. Aha, I think I found it now: https://bitcointalk.org/index.php?topic=7253.0 Total know lost bitcoins is over 70 000 bitcoins. |
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How was the amount of lost BTCs estimated?
You could do a forum search, there is a thread where people list all the known lost bitcoins. Things like people formatting their hard drive without making a backup of their keys, or people sending bitcoins to the wrong address which nobody owns. |
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bitcoins are inflating at over 10% per year, USD is only doing a couple percent inflation, so naturally the price of bitcoins measured in USD will go down over time.
1) According to official inflation figures, USD is only a couple percent inflation YoY. However, we all know the controversy surrounding how those figures are calculated. For the vast majority of people, food and energy prices (despite short-term volatility) have been increasing long-term at a rate far greater than the inflation rate suggested by the official index. I shouldn't have to explain this, this is pretty basic stuff. Look into how these indexes are calculated and what they actually mean for real people before you go citing them as if they are monetary gospel. 2) While actual price inflation isn't significant, the money supply is inflating at an unprecedented rate. If you don't think this will EVER affect price inflation, you are living in a dream world. Right now it's being safely tucked away in places like reserve banks, capital accounts, the S&P, and the derivatives market (many quadrillions of electronic dollars that we affectionally refer to as FRNcoin (federal reserve note coin.) Therefore, it is unlikely that the price of bitcoins will go down in the long-term in the manner you describe, provided that either of two conditions are met: Adoption continues to increase, and/or the USD price inflation index (as flawed as it is) catches up to the astounding increase in money supply. The degrees required of each are dependent on the other, of course. Just thought I'd clear that up in case anyone was under the impression you know what you were talking about  It's just not quite as cut-and-dry as you make it out to be, unless you are a Keynesian weenie who swallows all the official statistics along with a cup of Krugman's semen. I guess my slight sarcasm was not showing through. Long-term, I am bullish on the price of bitcoins. But short term bitcoins are still an unproven, volaitle, inflating currency which is generally hard to use, so the price increase might still be a ways off and we can continue sliding downward or sideways for a while. |
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The poorly thought out MPEX contract is already revealing its problems.
100 % of profits are paid to shareholders. Absolutely zero room for reinvestment. Basic probability theory says it's guaranteed SD will exhaust its pool eventually. What then? Who bails it out? On what terms?
The likelihood of this happening rises enormously with raised limits or lower house edge. A competitor can come along with deep pockets and improve either of those.
Worst it would seem this contract straitjacket cannot be changed. How then can SD compete and survive?
Quite unfortunate. There should have been made room for the "representatives" to decide monthly on potentially reinvesting up to say 10% of earnings. I suspect hubris is what prevented such a common sense clause from being written, along with the other issues like lack of transparent balance sheet.
I need to reread it but too busy. Can they even take out funds to pay for costs? I think the contract allows costs for "development" and "marketing" |
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I was referring to people asking for loans using IDs but trying to use some random things (a car, apartment in a foreign country, stocks, etc) that cannot possibly be claimed, as collateral. I have no advice on what can be used for collateral though. Loans are not an easy business.
You could use stocks if they are BitFunder or BTCT stocks. Transfer the shares between the accounts, when the loan is repayed transfer them back. Although, this sort of thing is more like pawning than usual lending collateral. |
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Splitting the stock would not change the yield, so I do not think it would have a great impact on the asset. People who think it is too expensive will still think it is too expensive.
There's two different meanings for 'expensive' in this context - and I think you're talking about a different one to him. You mean too expensive in the sense of "It's being sold for $10 but I don't think it's worth more than $9". He means too expensive in the sense of "It's being sold for $10 and it's worth it but I only have $2". His goal is to reduce the price per unit so more people can afford it - not to change people's perception of what it's worth. A split also allows those holding a small number of units to sell off a small percentage of them. Someone holding 2 units can't sell 10% of thier holding at the moment - they can only sell 0%, 50% or 100%. Ok, I see what you mean now. It would make it more flexible for small investors, and increase the liquidity somewhat. I am assuming that if this happens, the orderbook would be cleared out, otherwise people would suddenly find their 0.3 btc offers filled with shares only worth 0.03 btc. |
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Splitting the stock would not change the yield, so I do not think it would have a great impact on the asset. People who think it is too expensive will still think it is too expensive.
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SDICE appears to be on sale
what going on? profits are down? is the company going down the drain? good investment opportunity?
Looks like we have tentatively settled on "good investment opportunity", but the jury is still out. |
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won't it be a dumb idea for a hero member to run off with just a mere 0.1 loan?
Maybe the account was recently sold? So we can assume that a hero account costs much less than 0.1 BTC? That would be... interesting. Yeah, after I posted it I realized that does not make sense, unless he is running a bunch of scams at once. I have it on good authority that an account with ~850 posts was offered 4 btc for their account. |
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bitcoins are inflating at over 10% per year, USD is only doing a couple percent inflation, so naturally the price of bitcoins measured in USD will go down over time.
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No not really I do think the LTC/BTC will drop as it is doing so now, I don't really see BTC falling below $50 maximum and $90 improbable, while LTC may fade away, this may cause ltc/btc to half 4 times(for my ltc price projection)... not really surprising for me as BTC demand is real while LTC not so much.
Alot of ppl switching over to FTC selling LTC at the same time. Not sure if this will hold but FTC looks like it wasn't a pump and dump so far on the charts.
I would still prefer LTC over FTC but in the end who knows maybe neither will provide enough innovation over the "leader" to really coexist with the winner out of all of these crypto's.
I'm too lazy to look, is there a Litecoin equivalent of the Silk Road? |
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what is proper form of collateral? and why is address id and other such personal info need including SSN?
anyone done loans or got loaned ever get idenity stolen from loans or know of anyone? im a noob here not quite
sure how site works with this process ive seen other loaning sites where you needed to verify id ?
Ask yourself what information you would want before giving money to somebody you met on the internet? How do you verify that the person you are talking to is giving you the correct information? With bitcoin there is nobody who can reverse the transaction if they do not repay, so you have to be really careful. Think of it just like if you are walking down the street and some guy you have never met before asks to borrow a couple hundred dollars cash. Would you hand over what is in your wallet? |
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won't it be a dumb idea for a hero member to run off with just a mere 0.1 loan?
Maybe the account was recently sold? |
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I've been away for a while too. When I left bitcoin was worth 10 bucks. But spending a couple of hours here makes it kind of irritating to see all the theories.
Did the exact same thing. Thought it was doomed and walked away. Guess I was wrong on that one. But ya, very interesting to see how this place has changed... and the incredible amount of scammers. I don't remember this being as much a problem before. Yikes. There have always been scammers. I think we are better now at labeling the scammers as such, so they seem more numerous, but it is really just that they are more obvious now. |
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Slightly off subject, but would it be possible to create a cryptocurrency where the hashing could serve a benefit? Like getting ???coin for running a program similar to folding@home ( http://folding.stanford.edu/) or world community grid ( http://www.worldcommunitygrid.org/) or even SETI@home ( http://setiathome.berkeley.edu/). I'm greedy and interested BTC because I believe there could be profit for me. But I think of all the money spent, electricity used and hash power of the network and it would be cool to see it going towards improving something. This has been asked many times, and the answer is NO. What the bitcoin mining is doing is creating a verifiable and secure record of all transactions, it is not just wasted processing power. And +1 to the posters above that the source is open and anybody can read it. You would think somebody would have noticed in the four years this has been running if there was secret data being transfered to a government agency or if the hashing was cracking passwords. Also remember that when this started people were getting 50 btc per block, which was worth about 0.025 USD, when they finally started being traded for stuff (I calculated that based on the 40000 btc for 2 pizza so ~20 USD). |
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After nearly two years since this thread was started XBT has now been added to Wikipedia by an official editor. The usage by xe.com was decisive. http://en.wikipedia.org/wiki/BitcoinSome companies thinking of representing bitcoin in their systems will check this source. This is awesome. |
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