683
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Bitcoin / Development & Technical Discussion / Re: More divisibility required - move the decimal point
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on: February 19, 2011, 02:31:58 AM
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We have previously discussed notation without an apparent conclusion. I would like to suggest an alternative notation that has not yet been proposed.
I suggest the following:
One bitcoin equals 100 bitcents One bitcent equals one thousand millicents One bitcent equals one million microcents
By subdividing the bitcent rather than the bitcoin, we neatly end up with a name for the tiniest piece of bitdust, i.e. 1/100000000 of a bitcoin.
+1 For this generation of Bitcoin users, who are accustomed to 1/100 being the smallest unit, this does seem like the most practical approach. Future generations can always use something else, IF Bitcoin is still around then...
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685
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Bitcoin / Bitcoin Discussion / Re: Please Read: A personal appeal from Wikipedia founder Jimmy Wales
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on: February 16, 2011, 07:58:48 PM
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Here is the skoop, straight from one of the Wooki project managers: "Wooki was a first attempt and is now discontinued. We are continuing with DSMW ( http://dsmw.org) which is integrated with semantic mediawiki. DSMW is much more mature, it runs on windows/linux/macosX. Concerning Wikipedia, DSMW is an pure extension of mediawiki/Semantic mediawiki, so you can import Wikipedia data within SMW/DSMW. But, IMHO there is two open issues : Scalability and collaborative editing model. You can check http://www.technologyreview.com/web/25728/page2/, for more details on this topic." Definitely sounds like something to explore, especially for the day when the Bitcoin wiki will be attacked...
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687
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Economy / Trading Discussion / Re: How many bitcoins is "enough"?
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on: February 12, 2011, 07:16:23 PM
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To me, enough Bitcoins is an amount sufficient for a rainy day fund, and enough to pay my daily expenses when i will be too old for anyone to hire me...
Besides that, if i can earn as many bitcoins as i spend, it will be enough for me...
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690
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Bitcoin / Bitcoin Discussion / Re: Bitcoin - how to protect its value
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on: February 11, 2011, 01:35:28 AM
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Ruthenium is a metal similar to gold, just as rare and would be just as good as money. Still, only gold is used as a medium of exchange. There is no particular reason for that other than tradition and expectations because gold was first.
If you actually look at the numbers and do the math, it looks to me that Ruthenium is actually 20-40 times more rare than gold, and its production is 100's of times lower than gold. Gold was naturally chosen historically as "money", because it was just rare enough among the "precious metals." Given current population and trade volume, gold has become impractical as a medium of exchange also. It's a hassle to handle even as 1 gram bullion. Calculate how many grams of gold you could give to each member of just the adult population of China, if you used all the estimated worldwide gold reserves. Looks to me like less than 200 grams. That's not to mention all the gold used in jewelry, industry, etc. There would be nothing left for B2B trade, etc. So, gold didn't become the traditional medium of exchange because it was first; there were certain market forces that made it so. Those same forces removed it as a primary medium of exchange, imho, when population and trade increased. Now, it's just a great value store, and impractical as money. Seems to me that if superior cryptocurrencies appear, being first will not preserve Bitcoin's value indefinitely.
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692
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Other / Off-topic / Re: Using Liberty Reserve? READ THIS NOW!
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on: February 07, 2011, 01:36:18 PM
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IMHO, it's actually beneficial for Bitcoin that fiat exchange mechanism problems continue. It gives a strong incentive for "the average citizen" to enter the B economy via trading good and services, AND stay in it to avoid the exchange hassles... It will delay widespread adoption, but seems a much more elegant and clean solution, which is more consistent with the p2p design and intent of the project... I've closed my LR account, and plan to use exchangers only when it's unavoidable. Thank you, Madhatter! You are a very valuable member of the Bitcoin community!
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693
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Bitcoin / Bitcoin Discussion / Re: The Illusion of the Infallibility of Gold as Money
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on: February 03, 2011, 01:01:23 AM
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How's silver? Silver can be synthesized I'm assuming?
Both gold and silver are elements of matter, which means that there is a unique number of nuclear particles - protons and neutrons - in their atoms that make them those elements. The protons and the neutrons are held together with nuclear forces. Matter cannot be created out of nothing. So, to "synthesize" gold or silver out of some other element, one would need to change that number of particles in each atomic nucleus, and add the right number of electrons to each atom also, which would not be trivial...
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694
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Bitcoin / Bitcoin Discussion / Using fiat to advertise Bitcoin
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on: February 02, 2011, 01:59:45 PM
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Apologize if this has already been discussed here. ...couldn't find it. Do you think it would help promote Bitcoin if we started writing www.bitcoin.org or something on fiat bills we have in our wallets and circulate in our respective countries? I mean just take a pencil and write that on the bills in our pockets... Is writing on fiat bills illegal, or makes them worthless in Your country?
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698
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Bitcoin / Development & Technical Discussion / Bitcoin Whitehats
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on: January 13, 2011, 12:35:08 PM
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Just wanted to see how many Whitehats we have in this community.
We have plenty of visionaries, business people, and pundits, but how many security specialists do we have actually focusing on ways that Bitcoin opponents could try to damage the Bitcoin p2p, the application, etcetera...
Please sound off if you consider yourself a Whitehat, and Bitcoin is under your microscope!
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700
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Bitcoin / Bitcoin Technical Support / Re: Database error: DB_RUNRECOVERY: Fatal error, run database recovery
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on: December 31, 2010, 10:04:59 PM
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Is it known what causes this error? Is it possible that it would happen when mine and another machine finish calculating the same block at the same time and deadlock the db somehow? (I guess, it's just coincidence, but so far, the only time i got this error, which corrupted my db, was exactly on the day that bitcoin calculator predicted that i would calculate another block. I mean almost to the hour...) After deleting the suggested files, B started working again...
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