Fact #5 – Bitcoin is highly international
This only enhances the point that it’s not a standard. How could something so distributed (distanced from a fiat currency) be considered a Standard?
Being accepted and agreed upon by a large amount of people over a wide area sounds like a good definition of "standard." |
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At this point it's in every miner's interest to require the smallest possible transaction fee. They gain nothing by processing no-fee transactions, and they lose money by requiring a higher fee than anyone is paying (besides zero transaction fee payments.)
This will only change when there are more transactions than will fit on a block, which is a long way in the future.
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Has anyone explained to them the chargeback problems that paypal has, and asked them if they will be different?
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The current money system is in its core based on: Scarcity + Labor and bitcoins are no different. Yes it doesn't use the fiat system, but its price is still determined by scarcity. Instead it should be determined by the total amount of hashes per second divided by the total amount of bitcoins.
You are free to value your Bitcoins in the way you describe. |
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From Wikipedia's article on Ponzi Scheme: A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors, not from any actual profit earned by the organization, but from their own money or money paid by subsequent investors . . . The system is destined to collapse because the earnings, if any, are less than the payments to investors. Bitcoin does not, never has, and never will pay returns, therefore it cannot be a Ponzi scheme. It may be a bubble, but that is completely different. From the same article: A bubble is similar to a Ponzi scheme in that one participant gets paid by contributions from a subsequent participant (until inevitable collapse), but it is not the same as a Ponzi scheme. A bubble involves ever-rising prices in an open market (for example stock, housing, or tulip bulbs) where prices rise because buyers bid more because prices are rising. Bubbles are often said to be based on the "greater fool" theory. As with the Ponzi scheme, the price exceeds the intrinsic value of the item, but unlike the Ponzi scheme, there is no person misrepresenting the intrinsic value. With the greater fool theory in mind, some may invest even though they believe the securities are overpriced due to a bubble. |
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Is there any way to estimate the 'Bitcoin population' meaning the number of people using Bitcoin? Perhaps a char t of the number of people running the Bitcoin client or the number of addresses holding >5 BTC ? I understand this information would not be perfect but I wonder if spikes in the Bitcoin population would be a good leading indicator of rallies.
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Brilliant idea. One question, how durable is the hologram? Is there any possibility of it being accidentally rubbed off during the course of normal circulation?
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Look at the Liberty Dollar guy.
He got it in the pooper from the feds.
Norfed tried this defense. The Liberty Dollar warehouse receipts have this printed on theom: "Receipt is an exercise of the bearer's First Amendment right to petition the government for a silver based currency as mandated by the US Constitution." |
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I wish someone would start a new blockchain just to test this. We'll see if anyone uses it.
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Buy things on biddingpond.com. Oftentimes you'll see people selling cash on there.
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First I'd like to clarify: The "Generate coins" option in the client is a useless relic
And quite a barbarous one, at that.  |
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With everyone in the world producing huge amount of hashes, wouldn't all hashes of all sorts be produced at some time, breaking every encryption system?
If they all worked on the same piece of data forever, yes. But the piece of data (the block) being worked on changes every 10 minutes. |
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So why is it that this Linden Dollar for US dollar exchanger does not run into the chargeback problems that Bitcoin for USD exchangers have?
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Is this your site? Great idea, but it needs: 1) The ability to contact people by email (I would think this would be the primary method of contact) 2) The ability to list what you want to buy or sell. |
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We could do the same thing with Kingdom of Loathing Meat but both exchangers have been down for a while.
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No need. I'm satisfied I'm not a nutter and that jet fuel could not have collapsed those buildings, certainly not the way they did. The way I see it the only ones insane are the ones believing otherwise. A bomber crashed into the empire state building before and that building is still standing: http://www.youtube.com/watch?v=8r-KXXsN8vc&feature=related And no, I don't believe the official pancaking crap. Feel free to feel all l superior for siding with the bought and paid for government experts. I suppose you also believe in the global warming cult. A B-25 bomber weighs 21,120 lbs. A 767 weighs 395,000 lb. This is like getting hit by a marble and saying that a bowling bowl would do the same damage. More importantly, a B-25 has a fuel capacity of 670 gallons. A Boeing 767 has a fuel capacity of between 16,000 and 24,000 gallons. It's not even in the same ballpark. |
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Maybe I missed it, but we should be celebrating passing parity with the Euro and the pound!
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In the case of a bank run, bank executives should be held personally liable for funds owed to account holders who are unable to receive them. This debt should be non-dischargable in any bankruptcy.
Depending on how the contract is constructed, it is possible to avoid any liability. "This FRB note can be redeemed for 20 ounces of gold, pending availability*."*Our bank only holds %10 of all outdtanding notes as reserve in gold at any moment.There is nothing wrong with a person lending money to the bank and owning debt, or depositing money in a bank account and owning money that can be withdrawn on demand. But it needs to be clear which the bank customer owns: money or debt, as they are very different things. |
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In the case of a bank run, bank executives should be held personally liable for funds owed to account holders who are unable to receive them. This debt should be non-dischargable in any bankruptcy.
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