|
Since banks don't operate on the weekend, it's tough to get additional capital into the exchanges. I wouldn't expect much until Monday.
|
|
|
|
While you may be safe from remote and brute-force attacks, your strategy is no match for the rusty pipe gambit. If you had enough bitcoins for anyone to care about, they'd probably do that first.
Sorry, I don't follow, could you elloborate? I think he is talking about theft in meat space involving forcing you to tell someone where and how to access your Bitcoins. The solution is to have a bigger rusty pipe. Yes. XKCD illustrates a variation of the rusty pipe gambit, in the form of a wrench:  |
|
|
|
|
While you may be safe from remote and brute-force attacks, your strategy is no match for the rusty pipe gambit. If you had enough bitcoins for anyone to care about, they'd probably do that first.
|
|
|
|
|
Allinvain being a setup is plausible, but come on, what requires it to be some conspiracy? A simple market manipulator looking to cash in on some panic could have set the whole thing up. Let's be honest, no one expects a single instance of theft to cripple a whole currency, just to cause a few ripples. Occam's Razor people.
|
|
|
|
If we could make a stable market in Bitcoins at a price of 90 cents each, Bitcoins would take off as an alternative currency.
First, regular merchants could advertise that they accept payment for purchases from their store in either Bitcoins or dollars. This would give customers paying in Bitcoins an automatic 10% discount on their purchases. This discount for customers paying in Bitcoins, and the fact that the store accepts Bitcoins, would attract additional business to the merchant, and more than cover the cost of giving the discount.
Second, as long as merchants used their Bitcoins to purchase stuff they needed from other merchants also accepting Bitcoins, accepting Bitcoins wouldn't cost them anything at all. The 10% cost of converting Bitcoins back into dollars would only affect the last guy in the chain. This would suck dollars into the Bitcoin economy and keep the Bitcoins circulating.
Third, at a price of 90 cents each, early adopters who created and stashed hundreds of thousands of Bitcoins away back when mining was easy, have no chance of becoming Bitcoin Multibillionaires. They would have to settle for a modest reward for their contributions.
Bitcoins are presently trading at $15.80. What sorts of things could we do to incentivize them to trend towards their ideal value of 90 cents?
You seem to have no concept of the way a free market functions. A conversion of 1 BTC to .9 USD is advantageous for purely psychological purposes. Even a tiny bitcoin economy could not function at a .9 USD conversion rate as there simply aren't enough bitcoins available to function at such a value. Merchants looking to facilitate the adoption of bitcoin should offer discounted prices for those using bitcoin. |
|
|
|
|
Lots of people just want a low barrier entry into getting into bitcoin. It's not really a currency or an investment asset to some people, just a cool thing to have. Ebay is a platform most people are comfortable with and people are ok with paying a premium just to get into the game. It's the difference between the forex trader and the tourist paying +15% at an airport currency exchange kiosk.
|
|
|
|
Fair enough, though it applied to gold more as an asset than a currency. |
|
|
|
Has anyone even considered the possibility of highly organized social engineering and manipulation of bitcoin for various hidden agendas?
Sometimes market prices fall, dude. Nope, pretty sure it's an Illuminati/CIA/FBI co-conspiracy, the same one that faked the moon landings, shot Kennedy, set up 9/11 and faked the Osama bin Laden assassinations. I also forgot to take my meds today. |
|
|
|
With cash stolen I guess you get can the police or FBI involoved. If you have your bitcoins stolen, can you get any help from the state or federal government?
That would require them to officially endorse bitcoin as a store of value. Because you can't pursue a claim unless you can attach some kind of USD value to it. Or you could post a thread for sympathy, I guess. It would require an extra leap, but I'm pretty sure you could convince a judge that 25k bitcoins combined are worth more than $20. Though you have to consider what you'd really gain by getting law enforcement involved. Unless you knew who had taken them, I don't think law enforcement could do much. |
|
|
|
Here's an idea. Why don't we just create a centralized institution that controls the speed at which the BTC are generated. If the BTC economy is slowing down they can generate more. If it is speeding up, they can generate less. Then they can set some sort of a rate for what the exchange should be and maybe even set some sort of rate that you could borrow BTC and everyone would use that rate for transactions.
We could call it the Free Economy Derps (and probably come up with some acronym or something). They would be able to ensure a stable economy for BitCoin!
Who's with me?!?!?
GREAT IDEA  |
|
|
|
Okay, then we start a petition to Mt gox, Tradehill and other exchanges asking them to create a small tax on transactions that will go the fund? ... Just brainstorming.
Do you have any idea as to how a free market operates? |
|
|
|
I don't know about the second half, but the easiest way to make a new wallet is to shut down Bitcoin, go to the AppData folder for Bitcoin (where the current wallet.dat file is), rename it to something different, and start up Bitcoin again. The client will create a fresh wallet for you.
Rename it or move it. It's not the most intuitive thing. I hope the client gets updated to allow the creation and loading of wallets. |
|
|
|
YO! Can you wait till for 1 hours and 5min more? I want to win a bet before you tilt dump all you have, ty!! Ha. Not me dumping, I only have about 10 BTC to my name... Sure, 10 BTC to your name and 10000 BTC in your blind trust. |
|
|
|
|
There's really no precedent for any currency being "made illegal" nor is there any real push by any government to do so. Even the two senators (who are, TWO senators) who didn't like Silkroad didn't make any statements that they intended to create any sort of anti-bitcoin laws. The ability to criminalize possession, use or acceptance of a currency would be a massive expansion of government powers, which admittedly hasn't stopped the federal government in the past, would nonetheless be extremely unpopular with the current anti-big-government Teaparty lean of the populace. I don't think anything's happening to the legality of bitcoins themselves for many years.
|
|
|
|
|
Dunno how you test it, but the solution is to have a third party merchant who allows a small line of credit to the customer and runs their own (fast) verification network not based on bitcoins. Each transaction will be approved in serial until the wallet hits its limit.
|
|
|
|
Facts are meaningless. You could use facts to prove anything that's even remotely true.
Glad to see someone has a sense of humor. |
|
|
|
It's a pretty reasonable article. Almost anything short of a peer-reviewed journal article is going to be laden with a few inaccuracies or minor misrepresentations. |
|
|
|
Having read about multiple early adopters losing large amount of Bitcoins (messing up backups, malware, etc.), I wonder if humans in general can actually deal with this.
Is 100% vigilance possible at all times?
Having read about multiple early adopters losing large amount of paper currency (fires, bandits, etc.), I wonder if humans in general can actually deal with this. Is 100% vigilance possible at all times? |
|
|
|
1. A trusted third-party is chosen. This third-party does not have to be trusted by the person paying the snack machine, just by the person who owns the snack machine.
Well, if the payer wants the third party to give him the change and to refund if necessary, I think the payer needs to trust the third party too. A third party handles the transaction like a debit card/credit card company and assumes the risk that a person double spends in a ten minute window, just as a credit card company assumes the risk that a person spends up to their credit limit and defaults. The intermediary can verify in seconds that the funds exist in the customer's account and informs the merchant of this. |
|
|
|
|
Show Posts
