Beautiful. This things make my day.
|
|
|
I want to praise Madhatter for the initiative, but I am not convinced this is good for growing the bitcoin economy.
At the end of the day it encourages changing bitcoins for dollars to buy stuff, not creating a real bitcoin economy. If people start using your service a lot you will end up with a bunch of bitcoins and less dollars, and if you have nowhere to directly spend those bitcoins... If you are happy to accumulate bitcoins for the future and you see this as a way to as a complement to encourage people to use bitcoin then its ok. But its not something sustainable.
|
|
|
Its a great idea.
Now I just need to find someone that is willing to pay for the plane...
|
|
|
I'll beg to differ. Often, people who aren't aware of all the technical internals are able to explain things in simpler ways. There's a reason why engineering and sales are different jobs +1 (I am an engineer that has worked mainly as salesman. Not everyone is valid to work as a day to day engineer, and not everyone is valid as a salesman).
|
|
|
Bitcoin is the perfect agorist currency.
|
|
|
Well I'm almost starting to believe that the US government can print as much money as they want without any adverse impact on the dollar. The government issues bonds, the fed buys op bonds. It can go on forever, it's like that snake eating its own tail.
Physically spoken it'd never work. Then again, economy is not an exact science... it's more like a branch of psychology.
Monetary policy is slow. It can take years for the effects of money printing to show to the consumer. Just sit tight and see it happening. Nothing is free. Everything has consequences.
|
|
|
My guess is : deflation ends when even rich people have no choice but spending their money. But when this appends, I don't know what poor people would habe been passed through... Not really. But even if this was the case, the poor people would pass through... lower prices. Oh the horror!! Imagine having to pay less for the food. Unacceptable! The poor have to pay more for the food! Its (somehow) for their own good.
|
|
|
DNS lookup implies some kind of centralization, if I am not mistken. I think its easier to create some kind of plugin for the browser so it connects directly to the client and pays automatically.
|
|
|
Sorry matonis, let me bring this thread back on-topic by adding another entry to your list of ways that law enforcement will utilitze bitcoin data.
They will simply get a court order to seize someone's computer. Upon running the bitcoin client they will click "Address Book" where they will find a nicely-tabulated list of bitcoin addresses and names.
Thanks ribuck, but a fully-encrypted hard drive, like http://www.truecrypt.org/ will solve this issue. Now, I also know that a person in the UK went to jail for "not" revealing his PGP private key password, but i suppose you can always say that you have so many passwords that you forgot. Also, see similar case "UK teenager jailed for not disclosing password": http://www.zdnet.com/blog/igeneration/uk-teenager-jailed-for-not-disclosing-password/6372I remember reading that some of this system had a two password system. One password would open a phony part made on purpose in case the police or other criminals is forcing you to give them the key. And then the real key would take you to where you have the info.
|
|
|
Mish has been saying deflation is baked in since q2007, and he was right. If I had listened to anyone else, I would have lost a small fortune out of my 401k. As it stands, I did listen and lost very little during the crash. Mish has been less of a deflationist as of late, but still contends that hyperinflation not a realistic threat, because as bad as QE is for the dollar, 600 Billion isn't a drop in the bucket against the deflationary forces at play, and black swans don't fly in from the direction that the majority are watching. If so many in mainstream media are talking about hyperinflation, then hyperinflation would be avoided; even if some inflation is not. Im glad you saved money. But Mish was not the only one who saw the deflationary effects of the credit crunch. F.e. Marc Faber predicted it as well. But if you check the data prices did not go down almost despite the contraction on credit. And the reason is because they were compensated by the monetization. And as the Fed keeps monetizing debt without the presures of the credit crunch, prices will rise. EDIT: Mish webpage is down. It seems gone. Do you know something about it?
|
|
|
Wow, that was one incoherent article. Either Time is getting desperate for readership and will print any scandalous story to bring people in, or the lamestream media is in panic mode trying to derail the Tea Party express.
Anywhere in the history of the planet has hyperinflation ever been created by the lowering of taxes?
I do find it curious though that almost everybody is worried about hyperinflation. Why are all the economists, analysts and pundits (including Tea Partiers and Ron Paul, whom I otherwise respect) saying hyperinflation is just around the corner? The only guy I know of who thinks the real threat is deflation is Robert Prechter, and I tend to agree with him.
Credit and assets are being destroyed much, much faster than the Fed is 'printing' money. Therefore the money supply has contracted dramatically over the last couple years, and is likely to continue doing so.
I had this discussion endless times. It is true that a contraction of credit is deflationary, but the banking system is not the only way the new money can go into the economy. Monetizing government debt injects money into the market skipping the banking system. And there has been a big amount of monetization during this crisis, and Bernanke just announced more. So if you look only at the credit you are missing part of the equation. Also, I respect Pretcher but he has been dead wrong during this crisis. If you followed his advice and shorted gold and stocks and bought dollars you must be completely ruined right now.
|
|
|
Im speechless. All I can say is the propaganda was better before. http://curiouscapitalist.blogs.time.com/2010/11/10/will-sarah-palin-and-the-tea-party-cause-hyper-inflation/Nonetheless, inflation, so far. Not so much. Palin herself seems to have missed the fact that prices in the past year or so have barely budged. So for the past few months, Leeper and Davig and another of Leeper's colleagues Todd Walker have been looking into why. Turns outs that it is very unlikely the Fed would cause hyper-inflation. That's why near zero interest rates and the Fed's early efforts to drive down long-term interest rates have done little to boost inflation. The real threat of inflation comes from tax policy, namely lower taxes. Lower taxes and the government will have a harder time paying back its debt. Investors run from our bonds and currency. Inflation ensues.
|
|
|
- Automatically mixing coins to new addresses that you own. This is not foolproof, but it significantly increases anonymity. I was thinking this exactly right now and came here to ask if it was possible. Just for curiosity, is there any limit in the amount of addresses that can exists in the whole bitcoin network?
|
|
|
Is it possible to be 100% anonymous in the Internet? No matter what you do you are always showing your IP. Unless you go through Tor or similar, its not up to the protocol to hide the IP.
Maybe Bitcoin could implement a Tor system for the transactions in itself, so buyer and seller never interact directly. I will confess I have not master the bitcoin protocol (I am lazy) so can anyone tell me if it makes sense?
|
|
|
Suppose we can produce gold at very low cost, what awesome applications could it be used for? Surely not roads, like they do in heaven. Cups would be moderately less likely to tip over if their bases were made of gold. Maybe cups with gold hemispheres on the bottom would become popular. I'm pretty sure I would want to use gold silverware.
If we get to a point where the price is energy make it worth to synthetize gold then probably we dont need a monetary system or for that case even an economy anymore. It will be really a post scarcity world.
|
|
|
Gold has been already synthesized. The "only" problem is that the amount of energy needed to synthetize gold costs several orders of magnitud higher than the gold you get. So basically its an impossible way. And it will be for a long time.
Now, I have strongly supported and publicited bitcoin and I have no problem with gold. There is no need for bitcoin and gold to become "enemies". I think gold is one of the best candidates to be money. But I oppose a government mandated gold standard. Just let the currencies compete and let people freely choose which one they want to use. Gold and bitcoin can coexists.
|
|
|
|