Yeah, it's shocking, because these guys have proven themselves trustworthy 99% of the time otherwise. Makes me wonder if someone just won huge on there or something and made them broke.

If you're looking for specific mathematical models, you could start with the classical book read by many economist, called "An Inquiry into the Nature and Causes of the Wealth of Nations" (Published 1776). Personally I think the book is outdated, but nonetheless, it's mathematics are strong and many ideas still hold strong to this day.

If you're looking for a more modern text on the subject you can check out "Theory of Games and Economic Behaviors" (Published 1944). This included, among others, the idea of the Prisoner's Dilemma, which if you have seen that Russell Crowe movie "A Beautiful Mind" they compare the Prisoner's Dilemma to three guys trying to meet 'three ladies' to make their evening more 'fun'. Basically the 'wingman' joke came from this. In the prisoner's dilemma, the party that sacrifices for the good of others is the 'wingman'. In economics that I was taught, it was more visualized as two criminals being interviewed in separate rooms, being told that the other one was going to spill out information regarding the other. The idea is that we assume those working with us are rational human beings who want to better themselves and their partners (other nations of citizens), and the concept of irrationality in this context comes from not knowing if an accomplice in a crime (just for example) will sell their partner out to get a better deal that only suits them, and not their partner. Ultimately, both parties lose the financial gain had they not screwed up, but if they both take a stance in not spilling out information against their partner, both parties will suffer but also retain some of their wealth, and their friendship, which is arguably as important. It all seems based on the idea of rationality. I will admit, using criminals as examples is kind of humorous, but it does give an idea of a scenario in which the process is similar.

Now I hope I never explain that the same way again, hahaha.

I personally think that economic science is still in its youth and is one that is tied and dependent on other studies such as culture, politics, education/knowledge, technology, nutrition, and infrastructure. I am no economist, this is just what I know having taken a very rudimentary class in College that I did not enjoy but apparently paid attention in. Anyways, I hope this helps you.

As for your question, I don't think any one person can define a good economy, I think that unless we have a system capable of monitoring every transaction that occurs at any point on the planet as they occur, and an ability to track resources from beginning to end in a systematic way, then we don't have a full-proof all knowing structure of economic development. Of course, this is extremely more difficult to do in countries lacking computer technology and databases connected to the web, which I believe is still something like 2/3'rd of the planet. I hope this was helpful in your inquiry. I do think Bitcoin could benefit from Google's 'loon' project to give internet by means of balloons travelling wind tunnels in the sky. However, my thoughts are speculation alone.

- MP

One of the nights I was playing there the roulette was getting wonky, not just for me but a lot of players. It kept hitting red non-stop. Staff was disinterested in investigating and then a month later the server shut down. They have a lot of explaining to do if they want my respect. I had been a member of BitVegas long before the change to the fancier map. It's sad to see a community built up and then destroyed by just a few people.

Spot on, right here. My fear is Chinese politicians and policy makers taking any sort of action behind closed doors that ends up with them benefiting alone from bitcoin while the masses are told to 'disengage from such activities'. Of course, everything right now is pure speculation. Oddly enough, I'm getting more coins a day and as a result, higher potential profit than I have been in the past few weeks. That can be answered simply through difficulty readjustment. But better yet, why are so many people getting off board that would make that happen, and is it a good thing? My reaction is a blunt sharp "no".

Through my observation - and I make it clear that I have no peer reviewed evidence to back this up - China has been one of the keys in making Bitcoin what it is. We can't let the people who dedicated their time and effort to a cause we all share slip through their fingers due to the thoughts of the few. However, I think the best course of action is to keep our bearing, stay strong, and not allow Bitcoin to be phased by this. This set back is one that will ultimately benefit the need for crypto-currency. But if the Chinese are being coerced by their government for something that will ultimately ruin the progress of those who supported bitcoin to this point, it will be noticed. I wouldn't want it happening to me, that's for damn sure.

Don't believe the hype & have faith. We can ride this out.

KPK00, welcome to the community.


From your post you explain a 'get a job' attitude from other posts. I have seen that now and then but honestly as far as employment goes I guess I could be considered unemployed, but I don't feel that way. Keeping track of everything in the crypto world becomes a chore now and then, and it really helps to have friends around you that all keep track of the same type of topic of information. That way you can get some rest without having to worry, and a friend could always notify you should something catastrophic or advantageous begin happening in the market.

I will be completely honest with you KPK, the last few months have not been the best for me in my mining/trading, but really I think that my issue was impatience... I had loans to pay back, which I did (thank goodness). Everything I use to mine right now now, excluding one Radeon 7870, I earned from mining. I've been mining for just about a year now and while it's allowed me financial freedom I've never had before in my life, it's also brought on some extremely stressful situations that made me question the purpose of what I was doing and if I needed reconsider my actions. So far, I've held tight.

I don't want to promise silver linings, and I definitely won't preach like a Siren. You sound intelligent. Trust your experience, thoughts, and a little bit of gut power. I won't lie though, some of my 'gut decisions' have cost me dearly and other times I found myself in a position of simple luck. So... really, look at it for what it truly is at this moment: a gamble. Start slow, build your way up, and even though none of us can predict the future, just take care to notice when/if the bandwagon ever starts shifting.

As for crypto-coins... I am not the kind to promote/disrespect a specific coin, but I would advise that unless you're in a position to put down thousands of dollars for expensive mining equipment, find an entry for you that is credible and still allows you to get some coin. I will personally say that while bitcoin is the only crypto I use for trading, it's not what I mine. As for what I mine... I'd say it to be helpful but I don't want to put myself in a position of such confidence (or look like some advertising prick) in a time like this.

By being careful, mindful, and especially patient.... you'll do just fine.

Welcome again, KPK00. I look forward to seeing what you decide to do.

I agree with the aim of the revolution. I hope and trust those capable of undergoing the task will use a humble approach that does not affect those who fell for such schemes. Those mining should be aware of what they're supporting, so hopefully this can be a problem solved by a shifting of the masses towards more faithful and committed development teams  developing crypto-currency again, and not the quick buck that any random person wants/believe they can get. I built what I have from nothing, and I owe it to not just bitcoin, but the early generation of scrypt coins and very importantly a lot of patience. I even would go as far as to say there was trust for quite awhile, and now the game has become knowing what coin to pick, and it's so crowded that I think it appeals less to the masses now than it did when I got into the idea. This post got me inspired to really be selective towards the coins I support. It should not be about being the first one to the game, or how early they notify people that they're going to launch so they can 'get ready'. If we want a web-of-trust, it needs a component such as crypto-currency to fill a crucial gap. Not thousands of confusing coins that make no sense.

This revolution can be one of collective integrity and self-awareness if we just stay informed about the decisions we make, oh and some empathy would be nice, but a lot of people here I'm sure are aware of what can go wrong. I've said it before, I'll say it again: We have a chance to be a part of history, lets be responsible.

Thank you both! I have to admit though, skepticism is a good tool of survival. I didn't always trust the idea, and in some ways I still question aspects. But again, that's good ethic in my view. As for any knowledge I have, an old beatnik once muttered “You were not there for the beginning. You will not be there for the end. Your knowledge of what is going on can only be superficial and relative” (William Burroughs). It's perspective mainly that drives my knowledge, leaning on only the crutch of my own experiences.  I see a lot of confidence come and go in many alt-coins that exist, and I myself have learned the steps to protection and maximum benefit through a couple of bad burns (being pools and several coins). Questions I had seemed to all lean towards patience and the endurance/strength for longevity.

I also tend to think a lot, if that wasn't apparent. But regardless, the warm greeting is a gracious present. I look forward to discussing the nature of crypto-currencies with all of you. But I also understand my limitations and accept that I am not yet capable of decisions based on precise technical knowledge, only the functions that they allow and serve. It's all a process, and I have the time.

I probably could have turned the testosterone off overdrive, I suppose you caught me. Or did you? Estrogen works in powerful ways.

Couldn't resist, but joking aside, thank you for the warm welcome. It sounds your discovery of BTC has been similar to mine, and that's a reassuring thing to hear. I would consider my knowledge more focused on the philosophical, economical, and political implications of crypto-coins. I am not a solid programmer by any means, but it is a field I am actively focusing in. Really, the way I look at these coins is, they have the potential to provide future generations opportunities that are accustomed to the growing needs of a technological society. But I also have a great respect for technology and understand that if we want a future that guarantees all life fair entry into this beautiful phenomenon known as existence, we're gonna have to make it happen ourselves.

Hello,

I am new to the community, despite having an account since July 2013, I had decided to retain anonymity until I found myself educated enough to speak about Bitcoin and crypto-currencies in alternative varieties. Having mined since Bitcoin was $100, I kept a close eye on all news and sites related to it, including this one. I got a lot of scrutiny from people around me for believing it could work, but, it ultimately withheld me from investing in the coin itself, and instead I remained a miner. Simply put I don't regret the choice. Sure, after the boom I know I missed the chance to make money big time, but to me that is something I don't think could have been predicted by anyone. I got into Bitcoin because the idea is a step towards the answer of preventing corruption, maximizing transparency, while maintaining anonymity at the users own will and security.

Nothing's perfect, but we as miners of the coin have collective choice, and I realized it was important that I become involved in a community that focuses on the subject so that I could provide input and learn myself just how we can make the idea work for everybody.

I think that one of the beauties of the internet is that its place in our world allows the ability of philanthropists, teachers, educators, and businesses to act with global reach, and provide a stepping stone for those in need and those who have the drive and and capacity to help others develop as much as themselves. I emphasize the word 'allow'. Everyone with bitcoin makes up the community, and we have a responsibility to be informed about the way we use it.

As far as my entrance into this community goes, I will act with patience while also maintaining my anonymity for protection. I would rather earn trust through my actions than any promises. I've also decided that in respect of anonymity and my focus, I will not be promoting any receiving wallet addresses. My long-term goal is to spread the idea, promote the freedom, and respect the chances we are given in history. That requires the idea of a crypto-currency to work. I have faith in the community. Because after all, it's worked this far for me. I have a future that I owe to my discovery of BTC.

- MP