[SOLD]

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Ships to Canada and USA with XpressPost priority (1-2 days in Canada and 2-3 days in USA).

SOLD

No, not on this forum.

I was on the forum of an online game (TIB) and posting about the "Bitcoin concept" in the General Discussion section, a post with a short description and a few links to learn more, like weusecoins.com, etc. I was also planning to offer trades BDs (the in-game currency) to BTCs, basically offering a new use for BTCs.

I got twice deleted! 

They said it looks like I'm advertising something that I'm selling and a few that heard about it quickly labeled as a scam (of course with no arguments for it). Lol, how can you advertise a currency? Hey buddiiies, heard about Canadian Dollars? You should really buy a few to have at home, good currency to have.

LMAO! Felt like Galileo and the Spanish inquisition, the Earth is round ... Burn him!

[credit is bad for ... consumption]

Hey guys, I'm almost sold on BTC, but here's something that I can't get over it: the fact that BTC does not allow some sort of controlled credit creation.

I believe you heard this argument before and if you can explain it to me or point me in the right direction I would appreciate it.

The issue that I see with Bitcoin is that it doesn't allow credit creation. (and no, loans are not the same thing, they are just a redirect of the capital from other purposes)

Before telling me how credit is bad and this has doomed our current system, I would like to tell you that I do share that idea on credit is bad for ... consumption! You shouldn't consume more that you produce and if you want to consume more, well, go produce more money (aka get another job or a raise). Or start saving for that new car model and buy it when you have enough money. Just like the balanced budget that our governments are trying to achieve.

However, credit as capital investment into production is something good. If there is no credit, basically a company that produces goods and services which wants to expand, it would have to start saving those money and in one, two whatever how many years would have enough money to buy that new warehouse, land or equipment. Well, that sucks; I don't think we'll progress too fast with this approach.

There is also a blur line between credit for consumption and credit for production especially when the consumer and the company both default on the loan. Those money would be "lost" no matter their initial purpose.

Bitcoin tries to solve this problem with a simple answer: no credit whatsoever. This becomes obvious especially after the 21 mil Bitcoins are mined.

So how can Bitcoin have a future if it is a deflationary currency with a set in stone number of coins? After 21 mil BTCs are mined even loans are not the answer because there is no money created to cover the interest. If everybody start making loans with interest, there will soon be not enough BTCs in circulation to cover the interest, not to mention the principal. Maybe loans at 0% since the currency appreciates itself and the appreciation is like an interest? Well, why take the risk to loan the money at 0% and not just keep it in your wallet with no risk of losing them. They'll appreciate there with no problem.

That's the big fail I see in Bitcoin. Please convince me that I'm wrong.

Did I miss a thread or a page with pictures in the 100 pages long and counting thread on btcfpga ASICs thread.

Aren't you guys supposed to start shipping in 1 month? Pretty sure you should have some prototypes you're playing with right now. At least a AutoCAD rendered image?

P.S. I'm not defending BFL, they might still be a scam until proven otherwise, but at least let's use the same scamometer stick to measure everyone.

I know you might be familiar with the money videos on YouTube, but I found these two ones really interesting.

Money as Debt II - Promises Unleashed
http://www.youtube.com/watch?v=lsmbWBpnCNk

Money as Debt III - Evolution Beyond Money
http://www.youtube.com/watch?v=3P7izAUe3ZM

We need a money reform now before it's too late. Bitcoin seems the right way to do it.

Also, the digital coins should come in 2 types: perpetual and credit (as per the following video)
http://www.moneyasdebt.net/

[the powers of 10 system]

The human mind is accustomed with the powers of 10 system for quick daily calculations:
 - money 1 cent, $1, $1k
 - distance 1mm, 1cm, 1m, 1 km
 - weight 1g, 1kg, 1t
 - math (1%, 100%, easy to divide, multiply, add by 10 or 100, etc.)
 - human behaviour (on a scale of 1 to 10, how would rate ...)

... sorry for imperial folks :p

The common ground of all the examples above is that we can easily "visualize" and calculate values between 10^-3 and 10³ for things.

How is this related to Bitcoin?

The same way as Zimbabwe dollars (they had a 100 trillion dollar note) distorted the concept we have about $1k or $1mil as money, the deflationary BTC will make it harder for people to comprehend the meaning of a 0.000152 BTC transaction fee for example. When you start counting the zeros no matter in which direction, something is not right.

Assuming that BTC eventually gains in value because is a limited quantity, why use the BTC 10⁰-10^-8 range and not the 10⁴-10^-4 BTC range for what is expected to be the bulk of the transactions made.

Solution: implement a 1:100 split.

For mathematical purposes consider for example the 50-60 mil option as 50 - 59,999,999 ...

Are there any contingency plans in case of a 51% attack?

I mean what do we do? Find out who's owning the IPs and hire al-Qaeda to suicide bomb them? lol

Now seriously, what do we do? Do we stop all transactions until the attack is over? Just lay down and let the Bitcoin idea die?

[1. Get the first units as soon as possible - short term]

TRUTH: Because of ASICs, difficulty with sky rocket.

SPECULATION: I speculate that the race is on to:

1. Get the first units as soon as possible - short term
The more mining you can do while the difficulty is still low(ish) the more money you can get. This race is on for both consumers and companies. If you're a company planning to sell ASICs in Q2-Q3 2013, good luck! (unless you win the Gh/s/W race)

2. Get the most Gh/s out of an Watt of energy - long term
The higher the difficulty will jump, the more electricity costs will play an important role in deciding to buy new units or keep the existing ones running

Do you guys see any truth in this "speculation"?

I was reading the HOWTO: create a 100% secure wallet topic and it looks like you need to have a little bit of James Bond and Linux skills to do it.

While I'm sure all the early adopters and most of the ones that followed have those skills (at least the Linux ones), in order for Bitcoin to really take off and be used as a currency en-masse, we would need to use a easier way to store and transact money. And by easier I mean more "user-friendly" for people that are not tech-savvy.

And no, I don't have a solution in mind, maybe others here can come up with a few. What I do know is that the rule of "no matter how good a product is, if people are not using it then it will fail" works.