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561  Bitcoin / Bitcoin Discussion / Re: What If We Took After The Belizean Dollar? For A Short While At Least... on: March 21, 2011, 02:23:43 PM
An individual or group with a lot of money could do it but why would they? I suppose they could find a way to profit out of it but I hate the idea of manipulating the market at all.

I don't think it's possible to profit from such action. As I said in my last post, it would be an extremely money-losing venture because you are by definition buying above market value or selling below market value.
562  Economy / Marketplace / Re: SELLERS: Let's Raise Our Prices to $2/BTC! on: March 20, 2011, 09:37:17 PM
I don't like this idea but this is very easy.

Just make a cartel with 100 members each one holding at least 10k coins.

Almost everything is easy if you've got a ton of money to blow on it.  Tongue
563  Bitcoin / Bitcoin Discussion / Re: Bitcoin == terrorism? on: March 20, 2011, 09:32:43 PM
Perhaps my faith in humanity is too great, but I think most people will read US Attorney Tompkins' quote there and think he's way out of line comparing the minting of silver dollars to terrorism.
564  Bitcoin / Bitcoin Discussion / Re: What If We Took After The Belizean Dollar? For A Short While At Least... on: March 20, 2011, 03:55:14 PM
The only way Bitcoin can be "pegged" is if there's an extremely wealthy individual that publicly asserts that he will buy and sell Bitcoins at $.50 USD. This person's attempt to peg Bitcoin will last as long as he or she doesn't run out of Bitcoins (at which point the value of Bitcoin will rise)  or US$ (at which point the value of Bitcoin will fall).

This person will have to do this with the understanding that he or she will lose money in this process. The "Pegger" will always be buying Bitcoin above what others will pay and selling Bitcoin below what others will pay. For this reason it's extremely unlikely it will happen.
565  Bitcoin / Bitcoin Discussion / Re: How much hashing power the CIA can organize ? on: March 20, 2011, 03:54:07 PM
Does a purpose-built chip for SHA256 hashing exist? Or anything better than GPUs?

I'm wondering if someone like the NSA couldn't make purpose-built circuit boards of such chips that could blow away the GPUs commonly used now.
566  Bitcoin / Bitcoin Discussion / Re: How much hashing power the CIA can organize ? on: March 20, 2011, 12:28:19 PM
I would think the NSA would be the agency with the most potential hashing power, since they specialize in codebreaking.
567  Economy / Marketplace / Re: Sure is Kingdom of Loathing in here on: March 19, 2011, 04:11:39 AM
Well, that was short-lived. Someone hacked my machine, and stole all the BTC that I had available for trade, as well as all the Meat that was on my mall multi. I guess I'll see you later, folks. The server is going down for good.
I sent you a PM about what happened. I did not hack your machine, I sent it enough meat for 1 BTC and it bugged and kept repeatedly sending me 1 BTC over and over until it ran out. Let me know your address and I"ll send them back.


This is, coincidentally or for a reason, the same glitch that the other guy had on his BTC-for-Meat site.

Oh Jesus, that's a huge relief. Thanks for being so honest about that. I'll send instructions on where to send the BTC back to.

In any case, it looks like I still have some problems to fix. Strange that none of these showed up in the testing I did. Maybe I had to make bigger trades? In any case, I'll have to work on this more, and it's not looking like I have time at the moment to do it properly.

Also, I have no idea what happened to all the meat that was in there and the almost 700,000 that you sent, and there are a bunch of strange access attempts in the SSH logs which I didn't make. That's why I originally assumed that someone had hacked in.

The meat got sent back to my KOL account. I'm guessing your software gave out its last bitcoin, and then figured it couldn't fulfill my order and then sent me my meat back.
568  Economy / Marketplace / Re: Sure is Kingdom of Loathing in here on: March 18, 2011, 10:25:25 PM
Well, that was short-lived. Someone hacked my machine, and stole all the BTC that I had available for trade, as well as all the Meat that was on my mall multi. I guess I'll see you later, folks. The server is going down for good.
I sent you a PM about what happened. I did not hack your machine, I sent it enough meat for 1 BTC and it bugged and kept repeatedly sending me 1 BTC over and over until it ran out. Let me know your address and I"ll send them back.


This is, coincidentally or for a reason, the same glitch that the other guy had on his BTC-for-Meat site.
569  Other / Off-topic / Re: Government regulation always a bad thing? on: March 18, 2011, 08:09:26 PM
That which the worker produces or helps to produce has a fair market value. Why does he have to negotiate the ownership for his rightful share? It's his as soon as he makes it. Yet somehow, his capitalist employer has the power to take it. Government gives him that power.
"Fair market value" can only be determined by observing a large group of people negotiating deals, and the concept does not even exist without individuals making such negotiations.
570  Economy / Marketplace / Re: Sure is Kingdom of Loathing in here on: March 18, 2011, 06:34:07 PM
Awesome, thanks for setting this up.
571  Economy / Economics / Re: Deflationary currency? Really? on: March 16, 2011, 05:43:38 PM
I have a very hard time imagining that the amount of Bitcoins that people simply lose will by anything more than a negligible amount

And even if people do lose them, the amount lost per year will trend towards zero far faster than the total supply of Bitcoin will trends toward zero. No matter the length of time they will not reach zero.
572  Economy / Economics / Re: Deflationary currency? Really? on: March 16, 2011, 02:07:57 AM
"Disinflationary" would be a more fitting adjective to describe the Bitcoin model.
http://en.wikipedia.org/wiki/Disinflation
If there is disinflation there is still inflation, only less. Bitcoin leads to the opposite of inflation, which is deflation (provided there is economic growth and the population stays the same or increases).
I think we're hung up on the difference between monetary deflation and price deflation.
573  Economy / Economics / Re: Deflationary currency? Really? on: March 15, 2011, 07:29:34 PM
"Disinflationary" would be a more fitting adjective to describe the Bitcoin model.

http://en.wikipedia.org/wiki/Disinflation

Quote
Disinflation is a decrease in the rate of inflation
574  Economy / Marketplace / Re: My Site (Current Status: UP) - Games, KoL Meat on: March 15, 2011, 03:29:07 PM
Is this service still operating? It looks like no one has posted here in a very long time, but I think I'd be interested, since I play KoL...

In any case, I can't access the site from the first post, so I'm not going to get too hopeful.
It was going up and down for a while, and the last few times I used it I found a bug, which he said was due to KOL changing their interface. It hasn't been up since the last time I tried it and it bugged.

I used it a lot and I too wish it would go back online!
575  Bitcoin / Bitcoin Discussion / Re: Backing in-game currency with Bitcoin seems relatively easy... on: March 14, 2011, 07:21:31 PM
I don't think most online games (besides gambling sites) would want this. You play a game to escape from reality. You probably don't want a game set up so that if you're poor IRL, you're also poor in the game.
576  Bitcoin / Bitcoin Discussion / Re: Trying to understand something on: March 14, 2011, 04:53:45 PM
http://www.biddingpond.com is an Ebay-like auction site where you can sell your stuff for Bitcoins, free.

https://www.bitcoin4cash.com/buy.php  You can send this guy cash in the mail and he will send you Bitcoins.

http://www.mtgox.com is an exchange where you can trade dollars for Bitcoins. You can fund it by check in the mail, wire transfer, or Liberty Reserve.
577  Bitcoin / Bitcoin Discussion / Re: What if one Bitcoin was worth the same as one share Berkshire Hathaway? on: March 14, 2011, 02:37:15 PM
Let it never be said that the Bitcoin community lacks the ability to dream big.
578  Bitcoin / Bitcoin Discussion / Re: What does "legal tender" mean anyway? on: March 13, 2011, 12:19:31 PM
So if someone opens a candy store that charges in grams of seashells for the gram of candy they sell, if you go there and eat some candy they would be forced to accept USD from you eventhough they have signs all over the store saying they only accept payment in seashells? (in the US of course)

Technically you would be owed seashells, but I doubt any court in the country would rule in payment of seashells. They would rule a payment of dollars.
579  Bitcoin / Bitcoin Discussion / Re: Can I be taxed? on: March 13, 2011, 12:17:20 PM

I have a question about taxing and how easy it is to find me.
...

But seriously, how can Bitcoin become ubiquitous without dealing with the tax issue? If it ends up displacing USD or whatever currency is in the country of interest, then the government would essentially get no funding because it is nearly impossible for them to figure out who owns which bitcoins, how me depositing to my "savings" wallet is any different from a commercial exchange, and if specific bitcoins are still even "in" the country or not.

Like it or not, at least some taxation is necessary, so I'm trying to see how bitcoin can succeed when the global scope and decentralization makes it practically impossible to tax? (If this information is out there, please let me know. I've pretty much been reading about bitcoins all week and this doesn't seem addressed.)
It is no easier to avoid taxes using Bitcoin than using cash.
580  Bitcoin / Bitcoin Discussion / Re: re: market depth on: March 12, 2011, 09:53:02 PM
re: market depth
All of MtGox offer depth is less than 50K USD?  http://www.taters.net/cgi-bin/btc/matrix.pl?axisinc=0.1
What if someone will want to buy 100K ?



Assuming that buying up all the dark pool asks doesn't get you to 100k, you would not be able to buy 100k bitcoins at once.

(Dark pools are bids or asks in excess of 1000 that don't show up on the market depth chart. It's a bonus you get just for being a big trader.)
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