3181
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Bitcoin / Project Development / Re: Bitcoin Credit Union
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on: May 18, 2011, 05:25:41 AM
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I think a number of these credit unions will be created over the next year, primarily enabling venture capital to go to new bitcoin startups. If trust can be earned by members then these resource pools will be wildly successful.
And that's why I bought BitcoinCreditUnion.com... happy to sell it for the right amount of Btc =)
And what exactly is "the right amount of btc" to you ? Probably like 50 Bitcoins. I'd like to hold it a while but I'm cash-poor and needing-groceries-rich!
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3182
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Economy / Economics / Re: What happens if the US bans the use of bitcoins?
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on: May 17, 2011, 04:03:21 AM
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The single biggest protection of the Bitcoin economy against a US legal shutdown is that millions of other people around the world would be using Bitcoins, as others have stated. If the market is robust outside the US, then a crackdown inside would be limited in effect.
If, on the other hand, Bitcoin becomes primarily a US phenomenon, then a crackdown by the Gov would have severe consequences. Fortunately, I see people all over the world wanting to use Bitcoin once it matures and is understood - just as the internet is not a "US thing" neither will be Bitcoin.
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3183
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Bitcoin / Mining / Re: How much would it cost right now to attain 50% of the network?
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on: May 17, 2011, 03:38:17 AM
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Maybe someone could take it over for that amount, if done today. However, there exists a fortunate dynamic in that such an attack only becomes more likely to the extent that the bitcoin economy grows. And, to the extent the bitcoin economy grows, it becomes increasingly harder to take it over.
This is a wonderful natural defense mechanism of the system... the more attention it draws, the more dangerous people may want to attack it, but then the harder it is to attack. By the time the "bored Saudi prince" discovers this whole thing, perhaps it'll be too expensive for him to intervene. Here's hoping, anyway =)
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3184
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Bitcoin / Bitcoin Discussion / Re: US hits credit limit: Good news for the USD/BTC exchange?
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on: May 17, 2011, 03:31:30 AM
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It's not "news" really as this was a known event which markets were expecting. What WON'T be expected is if the August 2 date comes and goes and no deal is reached in Washington to raise the debt limit.
Of course, they WILL raise the debt limit, as everyone expects.
What it means for Bitcoin is simply that the road to USD collapse is ever-nearer and announcements like the US hitting the ceiling once again highlight this perilous future. In the midst of a collapse of US currency, every alternative currency from other fiats like the Euro to metals to maybe even stocks themselves will be in demand to fill the monetary void left by the dollar. Bitcoin may be perfectly timed, in that sense.
Let's hope the USD collapse happens AFTER Bitcoin is really ready for prime time... however that may be defined.
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3185
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Bitcoin / Bitcoin Discussion / [SPLIT]Re: Bitcoin press hits, notable sources
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on: May 17, 2011, 03:18:44 AM
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There is every reason to kill them. They are all useless and unnecessarily consuming resources of this planet
And people wonder why readers of this forum often dismiss BitCoin entirely. Do you mean we should torture them first? I agree. My proposal is way too humane You want to kill people because they're not economically productive? Let the market take care of that and please refrain from shooting people, for that is indeed a worse behavior than that in which the average "evil banker" engages.
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3186
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Bitcoin / Mining / Re: How much would it cost right now to attain 50% of the network?
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on: May 17, 2011, 02:52:09 AM
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I don't think he was referring to someone getting 50% of the mining power purely with the intention of mining legitimate coins. I think he was referring to the possibility of gaining > 50% of the network in order to change the code in a way that would destroy bitcoin. Having the >50% allows the intruder's "version" of the software to appear to be the "legitimate" software.
My point is that the bitcoin enthusiasts would see the switch and alert the community, so that the 50% control would amount to no more than a giant waste of resources.
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3187
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Economy / Economics / Re: Difficulty skyrocketing!
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on: May 17, 2011, 02:25:21 AM
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Congress has been asked many dozens of times to raise the debt ceiling. It has never refused - not once.
The idea that there is a ceiling at all is a greater fantasy than the fiat currency they're using to breach it.
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3188
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Bitcoin / Mining / Re: How much would it cost right now to attain 50% of the network?
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on: May 17, 2011, 02:23:40 AM
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I'm still a noob... but my understanding is that having 50% of the network processing power is a necessary but not sufficient condition to "take over" bitcoin.
If such a large player were to come in and do that, wouldn't all the devotees who peer at the code incessantly see quickly that it'd been tampered with and the community at large would learn of this in short order. Then people would abandon the "new" taken over network and revert to the old "correct" version and the millions or billions spent in pursuit of takeover would become a complete waste.
Do I have it correct or is noob tattooed on my face?
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3189
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Bitcoin / Project Development / Bitcoin oDesk
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on: May 17, 2011, 02:10:54 AM
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Hi all,
Many of you probably know of oDesk.com and similar sites like Freelancer, which allow people to hire and work with others for various projects, paid and tracked through the site. Such sites are the way business will be done in the 21st century... it is the power of the global labor pool.
A site like oDesk, built around a Bitcoin payment system, would be immensely cool. This isn't something I could take on, but wanted to put the idea out there. In fact, hiring some oDesk programmers from Pakistan or the Philippines to build this site might be the best avenue.
I use oDesk professionally both as a worker and employer. If anyone wants more details please don't hesitate to PM me.
This has likely already been proposed by one of your smart people
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3191
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Bitcoin / Project Development / Re: Bitcoin Credit Union
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on: May 17, 2011, 02:02:34 AM
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Just speculating as any capitalist ought Wasn't trying to be "helpful" per se, but if someone does start a credit union I'll be happy to invest in the project.
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3192
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Bitcoin / Project Development / Re: Bitcoin Credit Union
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on: May 17, 2011, 01:49:08 AM
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I think a number of these credit unions will be created over the next year, primarily enabling venture capital to go to new bitcoin startups. If trust can be earned by members then these resource pools will be wildly successful.
And that's why I bought BitcoinCreditUnion.com... happy to sell it for the right amount of Btc =)
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3194
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Bitcoin / Bitcoin Discussion / Re: The $1000 Bitcoin, yes it's worth at least that.
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on: May 17, 2011, 12:36:03 AM
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Please don't tell me there are actually some individuals complaining about an "unfair distribution" of Bitcoins... surely such posts are jokes?
Personally, I hope the early adopters of what could be an immensely revolutionary new monetary system make astronomical profits. I can't think of anything more "fair" than for those who took the earliest risks with Bitcoins to enjoy lavish gains from its success, should it occur.
Cheers to pioneers!
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