1761
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Economy / Economics / Re: When to "move the decimal points" ?
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on: February 02, 2011, 04:25:27 PM
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Why not just have a maximum fee of 0.001 BTC for every transaction? Why should "dust" be charged any differently to "bullion"?
Not a bad idea, but this value cannot be static. It should be adjusted automatically somehow, because otherwise fees will be too high as soon as bitcoin gains more value. So i guess that if you can propose a very good algorithm for determining what the minimum fee should be, then this idea could have sense.
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1763
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Economy / Economics / Re: When to "move the decimal points" ?
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on: February 02, 2011, 04:05:55 PM
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Going back to the topic - it seems that we will be reaching parity soon, so perhaps default maximum decimal places should be changed to 0.001 BTC.
Also, I propose that the number of decimal places could be set somewhere in the GUI application for convenience.
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1764
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Economy / Economics / Re: When to "move the decimal points" ?
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on: February 02, 2011, 04:03:35 PM
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I propose this notation, with something like a dropdown menu "UNIT OF BTC TO SEND". It would be easier than counting zeros if someday 1 BTC = 1000 USD and I want to send 1 cent , 0.00001 BTC
1 BTC = 10 dBTC (deci bitcoin) = 100 cBTC (centiBTC) = 1000 mBTC (miliBTC) = 10E-6 µBTC
I already proposed something like this before, but easier to read, as "normal" people don't know the mathematics/physics prefixes. 1 BTC0 = 1 BTC 1 BTC1 = 0.1 BTC 1 BTC2 = 0.01 BTC 1 BTC3 = 0.001 BTC 1 BTC4 = 0.0001 BTC Or with some adjustments: 1 BTX0 = 1 BTC 1 BTX1 = 0.1 BTC 1 BTX2 = 0.01 BTC Or: 1 BTC-0 = 1 BTC 1 BTC-1 = 0.1 BTC 1 BTC-2 = 0.01 BTC Or: 1 BT0 = 1 BTC 1 BT1 = 0.1 BTC 1 BT2 = 0.01 BTC Or something like that.
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1765
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Economy / Economics / Re: US and UK produces tons of fake gold... Will gold be backed by Bitcoin ?
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on: February 02, 2011, 03:54:51 PM
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Who cares if the gold bars are real or fake?
What do you mean ? This is the basic lesson about inflation. The more gold is there in the circulation (fake or not), the less every piece of gold is worth. Making fake gold is the same way of stealing money from people owning gold as printing dollar is a way to steal value from people owning dollar. Inflation == Tax. Making fake gold = inflation = tax.
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1766
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Economy / Economics / Re: US and UK produces tons of fake gold... Will gold be backed by Bitcoin ?
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on: February 02, 2011, 01:00:51 AM
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I had often heard the conspiracy theories, but I had never realised there were so many aspects of the gold market that don't make sense.
It "doesn't make sense", because simply, there is a strong fetor of fraud in gold matters from a long time... Of course, US and UK will never allow this news to be published in mainstream media, because that would destroy their reputation. Well, i hope that Wikileaks gets them.
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1767
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Economy / Economics / US and UK produces tons of fake gold... Will gold be backed by Bitcoin ?
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on: February 01, 2011, 05:47:09 PM
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So i guess gold will be backed by Bitcoin some day after all... http://www.daily.pk/fake-gold-bars-in-bank-of-england-and-fort-knox-14477/It’s one thing to counterfeit a twenty or hundred dollar bill. The amount of financial damage is usually limited to a specific region and only affects dozens of people and thousands of dollars. Secret Service agents quickly notify the banks on how to recognize these phony bills and retail outlets usually have procedures in place (such as special pens to test the paper) to stop their proliferation.
But what about gold? This is the most sacred of all commodities because it is thought to be the most trusted, reliable and valuable means of saving wealth.
A recent discovery — in October of 2009 — has been suppressed by the main stream media but has been circulating among the “big money” brokers and financial kingpins and is just now being revealed to the public. It involves the gold in Fort Knox — the US Treasury gold — that is the equity of our national wealth. In short, millions (with an “m”) of gold bars are fake!
This also would explain too highlow prices of gold. They are not doing that since yesterday, it was probably going on for decades...
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1768
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Economy / Economics / Re: Bitcoin parity.
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on: January 31, 2011, 11:12:49 PM
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On MTGOX, we almost hit 1 USD = 1 BTC today on MTGOX, but that was probably overspeculation.
But i'm thinking we're going to hit parity soon.
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1769
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Economy / Trading Discussion / Re: A Heroin Store
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on: January 30, 2011, 08:48:33 PM
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I'm afraid it's a bit early though.
Exactly my thinking. But once the genie is out of the bottle, you cannot put it back. Now we just wait and see how will the future unfold.
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1770
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Economy / Trading Discussion / Re: A Heroin Store
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on: January 30, 2011, 08:09:37 PM
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(probably berried in the desert or in a forest)
Somehow, I'm seeing tremendous increase of popularity of forest sightseeing What an awesome thread! You guys have a ton of great ideas. Has anyone seen Silk Road yet? It's kind of like an anonymous amazon.com. I don't think they have heroin on there, but they are selling other stuff. They basically use bitcoin and tor to broker anonymous transactions. It's at http://tydgccykixpbu6uz.onion. Those not familiar with Tor can go to silkroad420.wordpress.com for instructions on how to access the .onion site. Let me know what you guys think So here we go, first Bitcoin drug store. We're going into deep water faster than i thought then. I wonder how long will it take for govs to start investigating Bitcoin.
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1771
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Economy / Marketplace / Re: Bitcoin has gone over $0.40 on mtgox
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on: January 26, 2011, 08:54:04 AM
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Who would want to spend a currency which is doomed to rise in the long term ?
Who would want to sell stuff for a currency which is likely to rise in the long term? Oh yeah, everyone. So the two sides to this equation work in opposite directions. Right, i didn't think this through.
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1777
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Bitcoin / Bitcoin Discussion / Re: Newbie Merchant Guide
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on: January 24, 2011, 04:52:58 PM
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The more difficult (computationally) it is to solve a block, the harder it is to come up with an alternate block chain in a closed network.
Thus more computers to the network are always welcome as each new addition brings more integrity to the block chain. What I think is scary, though, is that there are people who join BitCoin for the sole purpose of generating coins, the oppurtunity to generate free money is always captivating. Understandably, the cost for generating coins against the electricity consumed to do so is actually counter productive.
After a while this would mean that the average joe who joined for free money will no longer be driven by this incentive, and think: "Forget this, why generate coins? What's the point?" So they go offline, and gradually more and more people drop off the list of contributors to making the block chain maintain its difficulty, making the difficulty easier again with smaller communities.
I suppose people, upon hearing that the difficulty lowered, would be brought back to BitCoin to try to beat a "second BitCoin rush"
All in all, difficulty is good defence against the block chain attackers.
This is a very similiar situation to a Gold mining rush, and i think this is a good thing because it confirms that bitcoin is a bullion just like gold, not some completely virtual numbers. Bitcoin is the first bullion which is not physical, and i think that's ultimately cool.
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1778
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Economy / Marketplace / Re: Bitcoin has gone over $0.40 on mtgox
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on: January 23, 2011, 05:56:10 PM
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Because Bitcoin, contrary to other currencies is deflationary, people will choose it for saving money rather than buying stuff. So it is somewhat normal that there are mostly exchange services. Who would want to spend a currency which is doomed to rise in the long term ?
I think however that goods trade services are coming to spring up soon.
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1779
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Bitcoin / Bitcoin Discussion / Re: Bitcoin topic on Quora.com
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on: January 23, 2011, 11:09:38 AM
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It might be profitable if the $10,000/hour figure is correct. The attacker could clean out every Bitcoin-accepting site in existence, which is enough to make even several hours of attack time profitable.
We forget about one thing. It does not have to be profittable at all. It can be used by FEDs/Governments to attack bitcoin. Millions of dollars is not much when it comes to eleminate the threat to all known fiat currencies. Banksters will be mad about this. And they will surely try everything - It's only matter of time. --------- Also, i see on weakness in the proposed attack scenario. Bitcoin clients by default only connect to every 1 of 16 bitcoin nodes IPs (or was it 1/8 ?). So if I am correct, the attacker would also have to set up a lot of different bitcoin clients in different IP ranges to successfuly broadcast his fake double spent transactions. Otherwise, when using nodes in a small IP range, the double spent transactions will be rejected by most honest nodes (which will not connect to many nodes in the small IP range, and choose some other nodes instead), thus rejected by the whole network. I don't know if I am reasoning correctly here, somebody correct me if not.
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1780
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Bitcoin / Bitcoin Discussion / Re: Bitcoin topic on Quora.com
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on: January 22, 2011, 06:18:40 PM
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It is utter nonsense.
It looks that the guy doesn't understand how the network works when he says about "stealing" BTC, and getting 5Million BTC... It is not possible in a reasonable amount of time.
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