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I'm pretty sure he's trolling guys, he just wants attention.
Life is more fun if you're never 100% serious. I do think, however, that ever increasing Bitcoin prices and price volatility are disincentives to the wider adoption of Bitcoin for Network commerce. There are a number of community-based alternative currencies in circulation right now, and their success revolves largely around the type of incentives I mentioned in my original post. If the Bitcoin community doesn't address these challenges, then it is likely that some commercial fork of Bitcoin which eliminates things like mining will be the successful version of the digital currency ideas that Bitcoin embodies. Kind of like Altavista and Google. Or the Apple Lisa and Windows 7. So can anyone or any group easily modify the client to establish a custum made blockchain at any time, market it better and establish a crypto currency for their own purpose? I have asked this question here many times but never seem to get a suitable response. I am not trolling or trying to agitate. I just want to gage the value of these bitcoins as an investment, short term or long term. Why can't I ask this question here without getting iced  |
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it makes sense.
i attempted to create a healthy discussion about the value of bitcoin on the main threads but when i hit a raw nerve I continually got iced. I genuinely wanted to get my head around whether bitcoin technology can be emulated, new block chains etc, before I spent my money on any bitcoins. As an investor I wanted to do some research but I guess nobody wants suckers like me raining on their parade. Especially when the forums are used to spruik up the price. Read, rally rally rally rally. Buy buy buy buy.
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Wait for Facebook or Apple to jump on the bandwagon first, or some other tech giant. Possibly Google, in response to banks rejecting NFC payments. "Representatives of three of the country’s largest banks, Bank of America, Citigroup and U.S. Bank, attended a meeting last month organized by the Merchant Advisory Group… to talk about the new opportunities that mobile technologies, such as NFC, will create for the payments industry.
“You know what they (banks) told us? There’s just not a business case right now,” Dodd Roberts, head of the merchant group, said last week http://www.chyp.com/media/blog-entry/different-dreams-about-the-future-of-posI just wonder if and how the network could hold up against mass adoption. Wouldn't Facebook, Google or Apple simply set up there own block chain? I can think of no reason why any corporation would want to launch a peer-to-peer open source commodity like Bitcoin, what would be the point of such a thing? They would see the point of using bitcoins, but founding them in the first place, let alone a competitor... if I were CEO I would fire the guy that suggested the idea on the spot. Bitcoin is an example of why the market cannot produce everything that is needed. It took dreams and cryptohead-love to create bitcoin, and ideology to sweep it forward. Founding a Bitcoin wouldn't make sense for a company to do, at best they'd probably get sued or Liberty-Reservified. It may have taken dreams and cryptohead-love to create bitcoin but never underestimate corporate greed. Whether they go down the path of p2p and open source or not is a question of how they seek to profit from it. I don't see it as an expensive foray, an app running on every bodies computer via their portal isn't a mean task, and getting sued? by whom? If I were some CEO i'd be at least tempted to evaluated a possibility to exploit such technology. |
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Wouldn't Facebook, Google or Apple simply set up there own block chain? Even if they did, is the tech mature enough to handle the load? Also, a fork's improvements could be re-introduced back into the core, right? My guess is if corporations did want to buy into this type of tech, they'd want their own closed networks to give their customers/users vouchers, flybys or points to trade on their product. |
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Wait for Facebook or Apple to jump on the bandwagon first, or some other tech giant. Possibly Google, in response to banks rejecting NFC payments. "Representatives of three of the country’s largest banks, Bank of America, Citigroup and U.S. Bank, attended a meeting last month organized by the Merchant Advisory Group… to talk about the new opportunities that mobile technologies, such as NFC, will create for the payments industry.
“You know what they (banks) told us? There’s just not a business case right now,” Dodd Roberts, head of the merchant group, said last week http://www.chyp.com/media/blog-entry/different-dreams-about-the-future-of-posI just wonder if and how the network could hold up against mass adoption. Wouldn't Facebook, Google or Apple simply set up there own block chain? |
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My builds at 190000 but good to know.
Impossible as there are currently only about 128000 blocks in the block chain. 119000. typo. meaning i'd already downloaded most of the block chain.  |
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Sure, but if 6 million BTC's or 21 million BTC's are to lent out where are the new BTC's going to come from to pay for the interest. Gold became unsutable for modern finance because of this scarsity, so fiat currency was created. how can an economy grow?
You do not need to have an inflationary currency to have interest-paying loans. This is not the reason gold stopped being the basis of currency. I hear this objection every once in a while, but it doesn't make sense. Let's imagine an island with three people in it, Aaron, Bob, and Charlie, and only 10 credits of money, which will never increase. Aaron lends Bob 5 credits at 5% interest. Bob buys a widget from Charlie. Bob now owes Aaron 5.25 credits. Where does this come from? Bob exchanges his services for it, from either Aaron or Charlie. Perhaps Bob has a job working in Charlie's widget store where he earns the 5.25 credits to repay his loan. Or perhaps he mows Aaron's lawn in exchange for the 5.25 credits he must repay. Or perhaps he sells some of his old DVDs to get the 5.25 credits. The fact that Bob borrowed 5 credits and must repay 5.25 credits does not in any way require that the money supply on the island grow to more than its set 10 credits. Let me get this straight, Aaron has all the credits, he lends Bob and Charlie 5 credits each at 5% interest each. Bob and charlie use the money to have fun and buy stuff from each other but they eventually have to pay these 10 credits back to Aaron, plus interest. Where is .5 of a credit going to come from? |
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Sure, but if 6 million BTC's or 21 million BTC's are to lent out where are the new BTC's going to come from to pay for the interest. Gold became unsutable for modern finance because of this scarsity, so fiat currency was created. how can an economy grow?
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Sounds like sour grapes. Should we confiscate the money people who invested early in Apple have made in the time since then? People that were mining back when bitcoin started could have ended up with a bunch of worthless coins or a bunch of highly valuable coins depending on if bitcoin took off. Their early support of the project has been rewarded but even if someone has 100,000 coins there is no way they could sell them all without the price plummeting. Plus this whole thing could collapse in 5 years. Who knows? I can't see the future and neither can you. Bitcoins are a high risk right now so the reward should be equally as high. Also why would you want to sell them all when you can just buy stuff using bitcoins directly? Coins from mining are a reward for supporting the network. The point of the network is an easy way of sending value to someone else without a central point of failure or control. Stop thinking oh I could have made $1,000,000 already. You have a certain amount of bitcoins which means you have a certain amount of value. If you want more bitcoins buy some or do something worth people paying you in bitcoins and quit trying to figure out how to start the game over again. You were late. Deal with it.
I have no sour grapes about anything. I am just wondering how far bitcoin needs to be entrenched in world adoption before similar competing systems start changing the game. As for early adopters with a horde of bitcoins now and then sharp (scary) slumps in value will filter down from the top. What i'm talking about is bitcoin needs to be overwhelmingly adopted as a medium of exchange, not only as a store of value if it is to work. Otherwise some CEO with a distaste for open source could easily adopt the concept. |
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 0.02 bitcoins. it worked. now to back it up and hide it under my bed mattress.
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How hard would it be to market a new blockchain? Would it be as hard as competing with ICAAN and starting up a new separate internet using a different protocol?
no, it would be more like setting up a blog that competes with an existing blog that has a readership of about 10,000. it's a little harder than that because some bitcoin services, like exchanges, are hard to set up. thus, in practical terms, you'd eventually need buy-in from mt gox or the ability to start a new exchange. that said, the lack of transparency for, and competition with, mt gox is a significant problem for the current block chain anyway. if a company like dwolla wanted to set up an alternative block chain, they could do it very easily and have a good chance of gaining more adoption than the current block chain has done. the current block chain needn't stand up particularly well to anyone with even a modest marketing budget. (i just hope that person or company wants to use the bitcoin technology rather than something else.) So if Google (who once toyed with the idea of building their own internet) wanted to set up gcoin or PayPal for obvious reasons wanted to give birth to paycoin, (gee trademarking these wouldn't be a bad idea.) they could possibly outstrip bitcoin adoption rates. I once heard an ICANN rep say nobody would bother competing with them because of its adoption by world commerce. Bitcoin needs a fast adoption rate (like really fast) to survive as the standard. Even then corporations can start generating their own currency for gift vouchers, reward point etc. |
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Some people want to sell BTC short (this means betting on a price decline). These short sellers will pay to borrow your BTC, in order to sell them with the hope of buying those coins back later at a lower price. So someone could setup a bank that offers interest to depositors, paid by the people who borrow BTC to sell short. Those "borrowing" the BTC might not need to physically hold the coins if they are to be immediately sold short into the market. This would prevent people from running off with depositors' coins. However there will need to be a lot of collateral on hand from the short seller, otherwise if the price of BTC goes up quickly, there could be problems for the bank and the person who loaned the BTC.
Yet fiat was adopted to facilitate margin leading. In the future if bitcoins are to be used for trade what facility unlike fiat is to be used to create new capital? People won't simply lend bitmoney for free. No one needs to lend for free in the scenario I described. Nor does 'new capital' need to be created. In a bitcoin universe if I needed to open up a mine, build a factory, develop a new tech (new capital) where will I get the bitfunds to pay for labor? |
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That's what im saying: It doesn't work.  I even had tried new adresses, but with same results. There is no indication, what's going wrong or what's the problem. I am no expert but try this from what i've learnt so far. Try Back up your wallet and reload bitcoin. run it again and update block chain with in a few block i will find out if mine worked. |
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Some people want to sell BTC short (this means betting on a price decline). These short sellers will pay to borrow your BTC, in order to sell them with the hope of buying those coins back later at a lower price. So someone could setup a bank that offers interest to depositors, paid by the people who borrow BTC to sell short. Those "borrowing" the BTC might not need to physically hold the coins if they are to be immediately sold short into the market. This would prevent people from running off with depositors' coins. However there will need to be a lot of collateral on hand from the short seller, otherwise if the price of BTC goes up quickly, there could be problems for the bank and the person who loaned the BTC.
Yet fiat was adopted to facilitate margin leading. In the future if bitcoins are to be used for trade what facility unlike fiat is to be used to create new capital? People won't simply lend bitmoney for free. |
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I'm continually amused by the bitterness concern shown by people new to bitcoin that it is somehow unfair that others found out before them, and gosh darn it have more bitcoins than they do!
Surely this should be remedied as in similar situations. Clearly all the shares of facebook are ready to be distributed by some sort of lottery to anyone interested? Perhaps real estate will have a similar redistribution, this will be my chance to own disneyland! How dare someone else have such a claim.
I guess we should be happy that they're content to whine post those concerns here on forum looking for a solution rather than actually putting all that effort into the real solution: create your own blockchain with whatever random distribution rules you want. Clearly it will be popular and become larger than the original bitcoin, as so much thought has been put into it. If you are not happy with Bitcoin, create your own LotteryCoin ! But I guess that is harder than begging on the forums to change the original Bitcoin to suit their wants, which will not happen.
How hard would it be to market a new blockchain? Would it be as hard as competing with ICAAN and starting up a new separate internet using a different protocol? |
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Yes a few people have.
Its not a wise thing to do in bitcoin though.
I understand the wisdom of it. Fiat money relies on usury. CB's need to print more money to satisfy repaying the original loans. My question is if bitcoins start earning interest, where will this extra money come from to pay of the principle? |
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Thanks, by the way, do you what will happen if the guy have delete his wallet and I still transfered btcs to his address? I have no idea. I guess from what i learnt so far the BC's get lost forever. |
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Has anyone started lending out bitcoins yet?
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My builds at 190000 but good to know. thanks |
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Only the first time, it will take several hours.
After that, it will much faster, In my case, it usually took 20 minutes, maximum 1 hour to show on my local client.
Thanks so after bitcoin builds the initial blkindex each time i run it it simply adds to build. Do i back up only the wallet file or the entire folder? Seriously I want to hid my back up usb under my mattress. You only need to backup the wallet.dat file. However, if you backup the entire folder, it can save your time to download all the blockindex. If you want to hid your usb, you can consider run the bitcoin with a parameter -datadir=Bitcoin You can copy the folder \AppData\Roaming\Bitcoin to the same directory of Bitcoin.exe, And then save the folder contains both the program and the AppData. thanks will do. |
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