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1  Economy / Marketplace / ADVERTISE ON THE WWW USING BITCOIN on: July 30, 2011, 11:53:29 AM
How would that work for merchants ?
2  Economy / Economics / BTC VALUE WITHOUT ANY EXCHANGE !?! on: July 28, 2011, 12:37:00 PM
PROVOCATION:

what would be the value of BTC without any exchange market ?

Thanks.
3  Economy / Economics / VIRTUAL CURRENCY TAKING OFF ? on: July 06, 2011, 09:45:59 AM
There are a lot of talk going on around the world about virtual currency such as Bitcoins and others.

Many are arguing that virtual currency is a reality and that it's here to stay. I personally agree with this proposition but virtual currency shouldn't be used as an alternative store of value asset only.

Bitcoin is probably the most known and talked virtual currency in these days.  From what we can see in the exchange markets, that have been created to trade Bitcoin, there is a lot of daily activity in the trading environment.

What we cannot see is a similar activity in the retail environment either for on-line or real world transactions. Aside from a few examples, this virtual currency does not seem to be taking off.

What are the reasons for this ? Well there are many.

First of all, aside from the early adapters , "mining" Bitcoin for the individual has become a difficult task.
This means that if you want to have some of this Bitcoin , you can exchange them for your fiat currency on the exchange markets. So you have to take some of your stored "real money" and use them to store them again into Bitcoin. Unless, of course,  you have a real intention to use this Bitcoin to buy something that you like and you need/want to buy.

Second, why do you have to convert your "real money" into Bitcoin if you need/want to buy something ? Because Bitcoin allows you and the seller to have a cost free transaction in the same way you would have if you would hand over your cash money to the vendor.  In addition handling cash money is also a cost both for you and the vendor.

Third, is the vendor giving you any additional advantage if you pay in Bitcoin like, for example, a small discount ?  Not that I am aware of. But might be possible that same are doing it. What I know for sure is that if you pay with real cash money instead of your credit card, you have a very high possibility to get a small discount if you dare asking for it.

Fourth, there are the exchange markets that makes the conversion rate change and it is difficult for you and the vendor to forecast its future value. You may exchange your "real money"  into Bitcoin today or you can accept a payment in Bitcoin as a vendor today at a fixed current rate and find out a few days later that the value of Bitcoin has dropped. Or it has increased. This uncertainty, surely complicates the matter even more. Unless you see into Bitcoin a form of investment in the hope that its value will go sky high someday.

Many might argue that even your "real money" are subject to the same process described above.
All fiat money of course are subjected to inflation and deflation. And the conversion rate between them vary daily. Some might also argue that fiat money might collapse and that you would end up having a bank account filled up with numbers that have no purchase value at all.

So, it seems that what we need for a virtual currency to become a usable currency is a sort of stability of its value. In order to accomplish this, we have to reduce the trading and increase the actual use of our beloved virtual currency.

4  Economy / Marketplace / WHERE TO SPEND BTC on: July 03, 2011, 06:49:46 PM
Is there any place on the web where all merchants accepting BTC as a form of payment can actually be found and maybe advertise their offers there ?

Aside from  https://en.bitcoin.it/wiki/Trade , of course.

Thanks.
5  Economy / Economics / CAN BTC SURVIVE WITHOUT FIAT CURRENCY ? on: July 03, 2011, 06:45:14 PM
My provocation is as follows:

Mining does not bring any sort of benefit for the individual. Therefore you need to buy using fiat money BTCs and at the end of the game someone needs to sell BTcs for fiat money. This is far from being an ecosystem that can survive outside today’s economy which is based on fiat money.
6  Local / Italiano (Italian) / NUOVO PROGETTO - CERCASI AIUTO PER LANCIO IN ITALIA on: July 02, 2011, 03:07:24 PM
Salve a tutti,

Insiame ad un gruppo restrittissimo di persone fidate, stò portando aventi un progetto che appare essere ancora inesplorato.

Il primo obiettivo del progetto è obiettivo è quello di ri-configurare il modo in cui il denaro circola tramite internet e la sua utenza.

Il blog che ho cominciato poco fa, in inglese , offre una serie di posts scanditi nel tempo, che porteranno gli utenti ad assimilare step by step il progetto che sarà operativo dal prossimo anno.

Le risposte ricevute ai posts pubblicati ( privatamente ) sono molto incoraggianti. Non mi sono ancora affacciato sull'utenza italiana ed intendo farlo a partire da questo forum.

Al momento stiamo facendo solo outing, pertanto non aspettatevi che vi venga illustrato il progetto in modo lineare....sicuramente capite il perchè di tale precauzione.

In 10 giorni di attività di outing , ho sviluppato diversi contatti negli USA particolarmente interessanti per la futura veicolazione del progetto stesso.

Il titolo del blog , New World Economy , è volutamente generalizzato. Anche questo per ovvi motivi.

Inoltre, sul blog, tratto tematiche che apparentemente differiscono dalla spiegazione e divulgazione del progetto ( i post relativi al progetto sono indicati come BASIC STAFF ), ma comunque correlati ad esso. Non tutti i posts sono facilmente comprensibili e neppure facilmente correlabili, ma esiste uno schema di fondo che risulterà evidente in seguito.

Vi invito pertanto, a visitare il blog @ pointapp.blogspot.com e a contattarmi personalmente per ogni chiarimento e/o domanda @ michele.intertex2000.gmail.it

Vi ringrazio per l'attenzione prestata.
7  Economy / Economics / WHAT ARE THE LIMITS OF BTC ? - PART TWO on: June 25, 2011, 07:43:53 AM
An answer given to bitcoingdude.blogspot.com

You are absolutely right when you say

"We must increase the 'efficiency' of the key systems enabling "civilization"".

And surely the system would gain efficiency from replacing conventional banking.

But can Bitcoin actually achieve this goal ?

I have nothing against BTC but I see it has serious limitations to perform its function(i.e. a p2p version of electronic cash able to allow online transactions without going through a
financial institution)on a GLOBAL TRADE scale.

The philosophy that lays be
hind Bitcoin, it is addressed to find an alternative way of payment for COMMERCE ON THE INTERNET that would cut off double-spending on transactions. Therefore BTC is just a mechanism "to make payments over a communications channel without a trusted party".

This sound very nice but to me looks applicable only to certain kind of trades. I cannot possibly see this mechanism being applied and a global trade scale.

One limitation of course is a good escrow for buyers. Once the BTC transaction is made, it is irreversible. The higher is the amount of the transaction, the more you as a buyer need a good escrow in case the goods or service you receive is not up to what it was supposed.


For example, in my business we use mostly Letter of Credits (LC) to buy goods from Far East suppliers.


An LC is basically a contract that is made between to buyer and the seller with the banks acting as a third party providing an excellent escrow for both buyer and seller.

The LC amounts are usually in the order of USD 50,000 to USD 250,000 with bank fees being around USD 300 for the LC opening.

So you understand that USD 300 on amounts worth several thousands of USD, is something you might be willing to spend in order to have your escrow.
It is just like paying an Insurance Company : if you have a Life Insurance, you have it to protect your family IN CASE something would happen to you. You do not get it because you know that you will have to pass away sooner or later ( sorry for the macabre example ).


Increasing efficiency in the economic system, in my opinion, goes far behind limiting double spending on transactions. Transactions are just one element of the economic system.

It is my opinion that to make it all more efficient, as an example, we need to work on how goods or services could be sold at cheaper prices seeing how goods are being sold and cutting off the Advertisement cost that are than marked up on the products' retail prices.

Involving the final buyers in the whole process is part of the solution. The www and its users are part of this solution.

If I can a a product at 50% off, why should I care about spending money on the transaction ??
8  Economy / Economics / WHAT ARE THE LIMITS OF BTC ? - PART ONE on: June 25, 2011, 06:58:43 AM
I apologise if my English sometimes cannot be up to the level it should be to discuss things of this kind but I am sure I will manage to get to the point (somehow).

First of all , I would like to address you guys to my previous posts NEW WORLD ECONOMY - PART ONE & Bitcoin Paradigm.

Now, what is the main purpose of BTC ? Satoshi Nakamoto,  presenting the project, writes as follows:


Abstract. A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution. Digital signatures provide part of the solution, but the main
benefits are lost if a trusted third party is still required to prevent double-spending.
We propose a solution to the double-spending problem using a peer-to-peer network.


So BTC is a solution to a specific problem i.e. " .....a solution to the double-spending problem ....."

If you read my posts with ONLY this goal in mind, surely we will never understand each others. Ok, my wrong choice to post into this blog, probably. I might agree on that, or at least on what it appears to be.

In my post Bitcoin Paradigm, I stated that BTC is merely a tool that might be useful to implement the " Paradigm shift".

Obviously the Paradigm Shift to which I refer to in that post is much wider that a solution to double-spending problems that occurs in transactions. What I am suggesting is that the economy as it is today (taken in its widest meaning ) is obsolete and that we are all understanding this by noticing those that I have described as "anomalies " in the current system.
This is probably the main reason why so many people are investing so much intellectual's capital into BTC, I guess. Again, double-spending problem on transactions is just a specific anomaly of the whole system that is now being analyzed by many, thanks to BTC' s inventor. But this is only one of the many anomalies that are inherent in the present economic system.

Needless to say that it is the technology progress that allows all of us to see this specific anomaly and many others. With technology, we have reached a point where people can actually become Prime Actors in the economic system rather than being just passive. See Mr Google interview : 

http://www.mckinseyquarterly.com/Googles_view_on_the_future_of_business_An_interview_with_CEO_Eric_Schmidt_2229


I am not suggesting that Mr Schmidt has in mind what I have in mind, but clearly he is drawing a pattern where the main focus is on people using the internet ( which is nothing new to Google ). Only this time there is a difference. They want you to let them know what you want. And I am not talking about what kind of app would be most useful or staff like this. They want to know from us what we would like to buy and possibly when we would by what we want. Google, in my opinion, has simply found another anomaly in the economic system. And this one has nothing to do with transactions at all.
9  Bitcoin / Bitcoin Discussion / WHAT ARE THE LIMITS OF BTC ? on: June 25, 2011, 06:53:31 AM
An answer given to bitcoingdude.blogspot.com

You are absolutely right when you say

"We must increase the 'efficiency' of the key systems enabling "civilization"".

And surely the system would gain efficiency from replacing conventional banking.

But can Bitcoin actually achieve this goal ?
d.


For example, in my business we use mostly Letter of Credits (LC) to buy goods from Far East suppliers.
An LC is basically a contract that is made between to buyer and the seller with the banks acting as a third party providing an excellent escrow for both buyer and seller.

The LC amounts are usually in the order of USD 50,000 to USD 250,000 with bank fees being around USD 300 for the LC opening.

So you understand that USD 300 on amounts worth several thousands of USD, is something you might be willing to spend in order to have your escrow.
It is just like paying an Insurance Company : if you have a Life Insurance, you have it to protect your family IN CASE something would happen to you. You do not get it because you know that you will have to pass away sooner or later ( sorry for the macabre example ).


Increasing efficiency in the economic system, in my opinion, goes far behind limiting double spending on transactions. Transactions are just one element of the economic system.

It is my opinion that to make it all more efficient, as an example, we need to work on how goods or services could be sold at cheaper prices seeing how goods are being sold and cutting off the Advertisement cost that are than marked up on the products' retail prices.

Involving the final buyers in the whole process is part of the solution. The www and its users are part of this solution.

If I can a a product at 50% off, why should I care about spending money on the transaction ??
I have nothing against BTC but I see it has serious limitations to perform its function(i.e. a p2p version of electronic cash able to allow online transactions without going through a
financial institution)on a GLOBAL TRADE scale.

The philosophy that lays be
hind Bitcoin, it is addressed to find an alternative way of payment for COMMERCE ON THE INTERNET that would cut off double-spending on transactions. Therefore BTC is just a mechanism "to make payments over a communications channel without a trusted party".

This sound very nice but to me looks applicable only to certain kind of trades. I cannot possibly see this mechanism being applied and a global trade scale.

One limitation of course is a good escrow for buyers. Once the BTC transaction is made, it is irreversible. The higher is the amount of the transaction, the more you as a buyer need a good escrow in case the goods or service you receive is not up to what it was supposeAn answer given to bitcoingdude.blogspot.com

You are absolutely right when you say

"We must increase the 'efficiency' of the key systems enabling "civilization"".

And surely the system would gain efficiency from replacing conventional banking.

But can Bitcoin actually achieve this goal ?

I have nothing against BTC but I see it has serious limitations to perform its function(i.e. a p2p version of electronic cash able to allow online transactions without going through a
financial institution)on a GLOBAL TRADE scale.

The philosophy
I have nothing against BTC but I see it has serious limitations to perform its function(i.e. a p2p version of electronic cash able to allow online transactions without going through a
financial institution)on a GLOBAL TRADE scale.

The philosophy that lays be
hind Bitcoin, it is addressed to find an alternative way of payment for COMMERCE ON THE INTERNET that would cut off double-spending on transactions. Therefore BTC is just a mechanism "to make payments over a communications channel without a trusted party".

This sound very nice but to me looks applicable only to certain kind of trades. I cannot possibly see this mechanism being applied and a global trade scale.

One limitation of course is a good escrow for buyers. Once the BTC transaction is made, it is irreversible. The higher is the amount of the transaction, the more you as a buyer need a good escrow in case the goods or service you receive is not up to what it was supposeAn answer given to bitcoingdude.blogspot.com

You are absolutely right when you say

"We must increase the 'efficiency' of the key systems enabling "civilization"".

And surely the system would gain efficiency from replacing conventional banking.

But can Bitcoin actually achieve this goal ?

I have nothing against BTC but I see it has serious limitations to perform its function(i.e. a p2p version of electronic cash able to allow online transactions without going through a
financial institution)on a GLOBAL TRADE scale.

The philosophy that lays be
hind Bitcoin, it is addressed to find an alternative way of payment for COMMERCE ON THE INTERNET that would cut off double-spending on transactions. Therefore BTC is just a mechanism "to make payments over a communications channel without a trusted party".

This sound very nice but to me looks applicable only to certain kind of trades. I cannot possibly see this mechanism being applied and a global trade scale.

One limitation of course is a good escrow for buyers. Once the BTC transaction is made, it is irreversible. The higher is the amount of the transaction, the more you as a buyer need a good escrow in case the goods or service you receive is not up to what it was supposed.


For example, in my business we use mostly Letter of Credits (LC) to buy goods from Far East suppliers.
An LC is basically a contract that is made between to buyer and the seller with the banks acting as a third party providing an excellent escrow for both buyer and seller.

The LC amounts are usually in the order of USD 50,000 to USD 250,000 with bank fees being around USD 300 for the LC opening.

So you understand that USD 300 on amounts worth several thousands of USD, is something you might be willing to spend in order to have your escrow.
It is just like paying an Insurance Company : if you have a Life Insurance, you have it to protect your family IN CASE something would happen to you. You do not get it because you know that you will have to pass away sooner or later ( sorry for the macabre example ).


Increasing efficiency in the economic system, in my opinion, goes far behind limiting double spending on transactions. Transactions are just one element of the economic system.

It is my opinion that to make it all more efficient, as an example, we need to work on how goods or services could be sold at cheaper prices seeing how goods are being sold and cutting off the Advertisement cost that are than marked up on the products' retail prices.

Involving the final buyers in the whole process is part of the solution. The www and its users are part of this solution.

If I can a a product at 50% off, why should I care about spending money on the transaction ??d.


For example, in my business we use mostly Letter of Credits (LC) to buy goods from Far East suppliers.
An LC is basically a contract that is made between to buyer and the seller with the banks acting as a third party providing an excellent escrow for both buyer and seller.

The LC amounts are usually in the order of USD 50,000 to USD 250,000 with bank fees being around USD 300 for the LC opening.

So you understand that USD 300 on amounts worth several thousands of USD, is something you might be willing to spend in order to have your escrow.
It is just like paying an Insurance Company : if you have a Life Insurance, you have it to protect your family IN CASE something would happen to you. You do not get it because you know that you will have to pass away sooner or later ( sorry for the macabre example ).


Increasing efficiency in the economic system, in my opinion, goes far behind limiting double spending on transactions. Transactions are just one element of the economic system.

It is my opinion that to make it all more efficient, as an example, we need to work on how goods or services could be sold at cheaper prices seeing how goods are being sold and cutting off the Advertisement cost that are than marked up on the products' retail prices.

Involving the final buyers in the whole process is part of the solution. The www and its users are part of this solution.

If I can a a product at 50% off, why should I care about spending money on the transaction ??
10  Other / Beginners & Help / What are the limits of BTC ? on: June 25, 2011, 06:22:46 AM
An answer given to bitcoingdude.blogspot.com

You are absolutely right when you say

"We must increase the 'efficiency' of the key systems enabling "civilization"".

And surely the system would gain efficiency from replacing conventional banking.

But can Bitcoin actually achieve this goal ?

I have nothing against BTC but I see it has serious limitations to perform its function(i.e. a p2p version of electronic cash able to allow online transactions without going through a
financial institution)on a GLOBAL TRADE scale.

The philosophy that lays be
hind Bitcoin, it is addressed to find an alternative way of payment for COMMERCE ON THE INTERNET that would cut off double-spending on transactions. Therefore BTC is just a mechanism "to make payments over a communications channel without a trusted party".

This sound very nice but to me looks applicable only to certain kind of trades. I cannot possibly see this mechanism being applied and a global trade scale.

One limitation of course is a good escrow for buyers. Once the BTC transaction is made, it is irreversible. The higher is the amount of the transaction, the more you as a buyer need a good escrow in case the goods or service you receive is not up to what it was supposed.


For example, in my business we use mostly Letter of Credits (LC) to buy goods from Far East suppliers.
An LC is basically a contract that is made between to buyer and the seller with the banks acting as a third party providing an excellent escrow for both buyer and seller.

The LC amounts are usually in the order of USD 50,000 to USD 250,000 with bank fees being around USD 300 for the LC opening.

So you understand that USD 300 on amounts worth several thousands of USD, is something you might be willing to spend in order to have your escrow.
It is just like paying an Insurance Company : if you have a Life Insurance, you have it to protect your family IN CASE something would happen to you. You do not get it because you know that you will have to pass away sooner or later ( sorry for the macabre example ).


Increasing efficiency in the economic system, in my opinion, goes far behind limiting double spending on transactions. Transactions are just one element of the economic system.

It is my opinion that to make it all more efficient, as an example, we need to work on how goods or services could be sold at cheaper prices seeing how goods are being sold and cutting off the Advertisement cost that are than marked up on the products' retail prices.

Involving the final buyers in the whole process is part of the solution. The www and its users are part of this solution.

If I can a a product at 50% off, why should I care about spending money on the transaction ??
11  Other / Beginners & Help / Google & Co. Mining ?!?? on: June 24, 2011, 11:18:44 AM
Hi,

what would happen if Giang corporations would start mining from tomorrow ?

12  Other / Beginners & Help / NEW WORLD ECONOMY - PART TWO on: June 23, 2011, 07:49:28 PM
Basic Staff - Part Two
In Part One, I have briefly described what is going on in the big box named www .

We have seen that there are three main actors playing different roles : the publishers, the users and the Advertisers. We have also established that the engine of the whole www are the users.

In this post, I would like to focus on the users and, specifically, on their potential to create a shift into the system.
First of all what do I mean by saying that users have the potential to create a shift in the system ? what kind of shift ?

Well, users of the www are mostly passive in the ecosystem (surely not all of them ). They find what they want and use it, of course, but in a passive way. Changing this into an active attitude would already created part of the shift since users would surf the web in a more efficient and focused way that will eventually persuade the publishers to create more and more focused content on their web pages.

But we need  a way to "persuade" users to move out of their routine without compromising too much their habits or else they would run away from the novelty addressing it as too demanding. After all we are all humans, aren't we ?

The best way to persuade people to do something is, in my opinion, by rewarding them. I have two sons and believe me it really works !!

If we find a system that rewards people according to the use they do of the web, could be possible that some of the users would start doing things in a different way. If the reward is attractive they would persuade friends to do the same and so on and so forth. In addition if the reward is something they can actually "built up" by themselves, they would feel it as it it is their own and would spread the whole thing more efficiently.

We will discuss on possible way to reward people in the near future, not now.

One thing important to notice : This blog is named New World Economy. What does all this has to do with economy ? Above I 've mentioned that only part of the shift can be obtained by rewarding people. The complete shift occurs only if the reward is somehow linked with Economy............Stay tuned.

Signed: Twitter @Michele1940 blog: pointapp.blogspot.com
13  Other / Beginners & Help / NEW WORLD ECONOMY - PART ONE on: June 23, 2011, 06:55:39 PM
Nearly one year ago, I have began to think on how all the web user's should have any sort of benefit from the use of the internet. I mean, any  "tangible benefit ", something into which users' could actually put their teeth on.

There are many huge corporations making billions of $ by selling Advertising on their platforms, which is nothing to complain about, but the real engine of the whole business are, of course, Users,  ALL OF US using the web every day.

In return we all get nice platforms or apps which we choose to use because they allow us to express our self or because they are of interest to us. So far so good !

Well, we all know that the web is a free place where anybody can present or perform whatsoever and even making a profit out of it. Basically the more users you get the most is the profit you make and your company is worth.

The whole ecosystem is sustainable until there are people ( users) willing to buy on line, register to a service, clikking on an ads banner etc....This means, as I have mentioned before, that the whole thing is powered by USERS alone. No USERS No Party !!

So, I thought, is there any possibility to let users gain something from all this ? Any way to clear off all the rubbish and get only those things we ( as individuals ) are really interested in ?
And, on the other hand, what are we really interested in when we are on line ?

The answers I have formulated for the above questions, eventually, drove me into a very interesting field, almost unexplored ( and there are many reasons for this ).

Challenging the actual system is not as difficult as it might sound since WE are the living souls of the whole system. We just need to wake up and realize that WE can control the whole system and make it work the way WE want it to work.

I will end this first post here and I will wait for any comment for a few days before posting again.

Signed : Twitter @Michele1940  blog : pointapp.blogspot.com

p.s. Comes to mind Nikola Tesla that was banned from the energy industry once he had found what he was looking for : a way to supply energy to everybody in the world for FREE !!
14  Other / Beginners & Help / Bitcoin Paradigm on: June 23, 2011, 04:26:56 PM
This is a comment I have made on a Blog


" A Paradigm Shift ". This is the most suitable definition for what is actually going on in the "global village".

But I have something to say about the fact that Bitcoin is a paradigm itself.

For those who are not familiar with the word Paradigm:

A Paradigm is a pattern or model, and if it is later discarded and a different pattern or
model replaces it, we call this process a “paradigm shift.” An example of this is
the Ptolemaic system of the universe in which the earth is at the center of the solar
system, which was replaced by the heliocentric system of Copernicus.

Let's make it more simple.

There is something established that we take for granted. We keep on using it every day. By time we realize that there are some anomalies. If we stop thinking and we analyze these anomalies, we would eventually come to the conclusion that what was taken for granted is wrong and that there is a different way of doing.

The actual "shift" happens when the majority of the people agrees on the new way of doing which of course needs to be demonstrated to be true and workable.

It is worth noticing that The Ptolemaic paradigm of the universe was not replaced so much
by the fact that it was wrong but by the fact that anomalies observed eventually caused the entire paradigm to shift to a new one. A new pattern or model.

Therefore, the way financial transactions are carried out today is our Pattern and observations shows that there are anomalies. But this does not means that the old pattern is wrong at all!! It simply means that nowadays (and only nowadays ), transactions can be done in a different and more efficient way. Thus, we have the paradigm shift.

Bitcoin being merely a tool that might implement the shift.

It is my opinion that the shift might occur but not in the near future and that Bitcoin "economy" needs several adjustments before it could become a catalyst in this contest.

Signed: Twitter @Michele1940
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