Bitcoin Forum
July 17, 2024, 08:23:14 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
  Home Help Search Login Register More  
  Show Posts
Pages: [1]
1  Bitcoin / Hardware / Re: [IN-STOCK] Bitfury TwinChip 4 - 5 Gh/s ASIC USB MINER **NOWSHIPPING** Worldwide on: June 22, 2014, 09:54:24 AM
I ordered 2 of them on the 26. May and got them last week (delay was because of Romanian postal services as far as i can tell). The boards were carefully packaged and a page with setup instructions was attached. Communication with klintay was quick and flawless.

my 2 cents regarding profitability: i don't expect to get my money back trough mining with them, i bought them as a educational project about ASIC mining.
2  Economy / Economics / Re: Why wont Bitcoin have the same problems as the Gold/US Dollar crisis? on: May 26, 2014, 01:44:34 PM
I think that it is indeed a problem of Bitcoin that it has a fixed supply, but i don't think its as bad as Golds because of:
1) ease of funds transfer
2) speed of information flow

Now to be more specific:
A clear point: the alternative (government / centrally controller money supply) we are currently using is in my book somehow worse just because we don't yet have a "all-knowing" manager who can predict exactly the right amount of money (and will possibly newer have) to be in circulation. I am not really dogmatic about Bitcoin, Gold or $, in my view its just "the oil" in the system and all of them can be better or worse at helping us (the people) work together.

My understanding of the "gold" / fixed-amount of money crisis is that we as a group of people tend to over/under speculate and at some point we could stretch our speculations so far out from reality that the prices (including wages) have to be re-adjusted in a major way. This re-adjustment can be done trough quickly printing the needed amount of currency if you have a fiat currency and spread the effect (trough inflation or debt repayment) over a couple of years (our solution now for the 2008 crisis). With a fixed amount money, this is not possible, so you really have to talk / be in contact with each of the "resource" (/money) holders, request that they give up a share of their money "for the better of society" / "because we are not that smart as we thought ". Some of them will, some of them wont, but you sure can not force them to do so.

The positive thing about Bitcoin (that Gold does not have) is that you can have a quick campaign and gather all the funds from the willing people in a matter of hours / days and distribute them to the people who need them so that we as a society get over the "bump" as healthy as possible. Heck ... with Bitcoin you can even make sure that the transfer is done only if a significant enough percentage of the population wants to, so that we don't have a prisoners dilemma. I strongly believe that we as people are generally sociable and if i get a choice to renounce to 20% of my wealth to transfer to some poor guy who lost his home because of "whatever very complicated financial crisis" i most likely will. But that is a decision that i would like to take and not some other guy (because indeed, maybe its not really that big of a crisis or maybe the guy getting the handout was reckless to begin with). Bitcoin gives me this possibility in a decentralized way. Gold would offer you similar features, but sadly you have to rely on some third-party to manage your "resources" (i am sincerely not able to split Gold to 0.0001% of a ounce and get it to someone on another continent and also consider storing Gold a lot more complicated than Bitcoin).
Pages: [1]
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!