They would probably rather destroy bitcoin through FUD.
Bingo. |
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Dumping their earned coins on the markets cause the price to fall and make mining unprofitable.
Man... almost every day has far more than 7,200 coins sold on the market. Many of these coins are from the mining already. Even if a nefarious entity mined every single coin and sold it, that wouldn't have a lasting or seriously detrimental effect on the market price. And come on... if a news story like that broke?! You instantly have a million people around the world suddenly interested in this stuff. Price would not collapse I assure you. More dangerous than dumping the mined coins is simply manipulating the network with the majority hashing power issue. That's still a legitimate, if unlikely, concern. |
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Many people argue that the problem with bitcoins is that there is nothing really backing it up in terms of production.
You are using too narrow a definition of "production." Just as a wider road enables more efficient travel, or fiber optic lines enable more efficient communication, so too does Bitcoin - by providing a frictionless money transmission system - enable more efficient trade and exchange. The productive value of Bitcoin is not that it "produces" anything, but rather that it enables goods and services to be exchanged at lower cost, and thus it's value is justified. Its aggregate effect is to prevent wealth from being lost via transmittance inefficiencies, and thus the world enjoys having more wealth. |
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Because of electric bills, and a lack of bounce back in the BTCUSD price, many will have no choice but to sell and cover mining costs.
I see this statement often, but I question the validity of it. Many people who mine have jobs, and money is fungible. Just because they have an electric bill, and that bill is higher with mining, it doesn't mean they will necessarily sell mined coins to pay that bill. Personally, mining almost doubled my electric bill, but I've never once sold a mined coin. I simply pay the bill with USD and keep the valuable stuff. |
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Def needed! Very good idea.
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Does that site just scream SCAM to anyone else? And already his math is wrong on the proceeds breakdown... he forgot the 2-3% taken by Paypal  |
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"Hi I'm Jimmy Wales, I run a world-changing website based on distributed knowledge. We're in desperate need of money. However, I won't accept Bitcoins because they're weird."
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I'm pretty jaded about anyone who thinks that bitcoin is worth using. You might actually have altruistic intentions, but it's unlikely since the whole system is based around making money, not changing the world.
The "whole system" is not "based around making money." That doesn't make any sense. The system IS money. If it's "based around" anything, it would be cryptography and peer-to-peer networking. |
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I read the paper and came to the conclusion that the disincentive for miners to forward fee bearing transactions is actually a good thing. The reason is that it creates a condition where real markets for transaction processing can develop (where fees get negotiated with miners). All non-mining nodes have a very strong incentive to relay transactions and blocks (it helps ensure they stay in sync with the rest of the network…which is essential if you need to gauge whether a transaction is valid or not). I don't think there is any reason to believe transactions will ever cease to propagate very rapidly through the network even if every single miner refused to relay transactions.
+1 |
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Meanwhile, some of us don't get distracted by the spectacle of days, weeks, or month-long moves.
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How about bitgold?
Use the blockchain mechanism to distribute IOU signings over a WOT mechanism and use 256bit values to represent a number of gold atoms. Remove mining at use the web of thrust mechanism to validate gold holdings.
Instead of mining use the mechanism of Guarding: Guards provide hashing power which is distributed to the network as certain number of gold atoms per plank time unit.
Using units which have the maximum possible amount of precision would seem overkill, but only so in guaranteed that the system is compatible with future implementations.
One of the beauties of Bitcoin is that it is not an obligation of any party. With an IOU, or "backing" of gold, there must be a person, group, or company that fulfills the obligation. Bitcoin eliminates counter-party risk, and tying such a system to an IOU structure removes that benefit. |
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Have you ever wondered why gold have been and ceased to be money so many times in history? Many talk about returning to gold, but if gold was that much better than fiat money, then why has fiat money recurrently replaced it? The supporters of Bitcoin would say centralization is to blame, since it allows the manipulation of the monetary system in favor of the wealthy. However, since most gold monetary systems were also centralized, how could centralization explain fiat monetary systems, especially debt-based ones? Clearly, centralization is not enough to explain our current monetary system.
Gold wasn't lost as money because of "centralization." It was lost as money because governments desire the ability to debase the national currency for deficit spending. Upon a gold standard, the ability of governments to spend beyond their taxable means is limited. Upon a fiat standard, the ability of governments to spend beyond their taxable means is far less limited, for they can merely print some portion of the deficit (and the public, taught in government schools their whole lives, never learns about the insidious inflation tax they endure). Put simply - the gold standard tends to be abandoned by governments because it restricts their ability to spend. It limits their power, so they find ways and excuses to get rid of it. |
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I delete my Bitcoin wallet file I lose all of my money. There is no recourse.
Yes and if you delete your important work documents you lose them also. Average people will not keep bitcoins on their computer, anyway. They'll use ewallets and online banks, just like they do now with dollars. And again, you're pointing to a lack of current convenience which is quite easy for a moderately talented entrepreneur to solve. |
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Digital wallets - consumers hate them.
Normal money is all digital now, but ironically USD is more virtual than Bitcoin, because it can be created at whim. An online Bank of America checking account is little different than an online MtGox account, accept that the former will give you a debit card and a credit card. How long do you think it'll be before Gox is offering the same? Almost all critcisms of Bitcoin boil down to condemnations of current inconvenience. Anti-Bitcoin people see the inconveniences and condemn the system to failure. Pro-Bitcoin people see the inconveniences and build systems to solve them. |
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Crypto X Change just launched... it may get pretty popular. Money transfers in and out can take as little as 24 hrs once you've set up your account, and their banking system works from any country. It'd be nice to see a few major exchanges instead of one dominant one, as much as I love gox =) Link in sig.
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to buy bitcoins ? Does it go up / down how does the market react to something like this ?  It would probably fuel the next bubble. Another bubble would be really good news for Bitcoin. Right now I think there are a lot of people who think it was a pump'n'dump. That it reached a high in a mania and is now slowly trending towards 0. The next bubble will confirm its status as something that it goes through bubble and crash cycles like many other investments, although probably much, much faster. The next bubble is going to be a lot bigger. +1 There will be many bitcoin bubbles. |
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It's back up - my money is still there also.
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Is this why the price just dropped by 0.5 ?
No, someone dumped like 40k coins... way beyond the 2k Casascius mentioned. |
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