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501  Bitcoin / Bitcoin Discussion / Re: Bitcoins as Currency: A Serious Logical Analysis. on: June 15, 2011, 11:48:54 AM
The first "mundane consumers" to use bitcoin will be poker players, porn consumers, MMOG players, "mechanical-turk" style workers, and people who send money to relatives in developing countries,.  Bitcoin's pros for those markets are obvious. 

Then, once the bitcoin economy becomes more established, better security tools and exchanges for the average user will emerge, and bitcoin will slowly expand into other markets.
502  Economy / Economics / Re: Easy to cause a price rise on: June 15, 2011, 08:00:30 AM
It's also easy to trigger an avalanche.
503  Bitcoin / Bitcoin Discussion / Re: How testaments will work for Bitcoins? on: June 15, 2011, 07:28:49 AM
dead man's switch transactions
504  Bitcoin / Bitcoin Discussion / Re: Wikileaks now takes Bitcoin. on: June 15, 2011, 06:16:07 AM
A bit late to the table, aren't they?

I remember someone posting about half a year ago (can't find the post now) that wikileaks decided to wait deliberately because accepting bitcoin too early would have endagered the still vulnerable currency.
505  Bitcoin / Bitcoin Discussion / Re: Is Namecoin better than Bitcoin? on: June 15, 2011, 06:07:02 AM
The problem with Namecoin is that if it does become money its value will skyrockedt and it wont be used for domains, therefore rendering its porpouse useless. It could also cause a panic when people realize its original poropouse is lost.

The market would adjust to that.  If Namecoins become more expensive, registration costs (denominated in Namecoin) decrease, and vice versa. Yes, at the moment there are network fees but they are just for bootstrapping and will disappear eventually.

Thus, there is no reason Namecoin can't be used for both purposes at the same time.
506  Bitcoin / Bitcoin Discussion / Re: There will be blood. on: June 14, 2011, 07:23:43 PM
The internet already caused a huge turnover of power in the period 1997-2007. The elites lost control over the flow of information. What did they do while they were losing their power?  They were asleep, mostly, until eventually they crudely awoke to a world they didn't comprehend.

Hardly any blood was spilt during this first wave. Now comes the second wave. Bitcoin marked the day the internet stopped being a toy for 95% of its users.
507  Other / Beginners & Help / Re: I would like to start my own bitcoin trading/exchange site on: June 14, 2011, 01:54:32 PM
Please go ahead! We need more exchanges, especially outside the US and Europe. The advantage of joining an emerging technology at an early stage is that you don't need a huge investment to make it work.  There aren't a lot of competitors and even the main ones are very amateurish so far.

maybe give me a hint or two ?

Do not accept payments by paypal, credit card, or any other revocable payment method. This pretty much guarantees that you will get robbed by a scammer.
508  Bitcoin / Bitcoin Discussion / Re: What would a Bitcoin world look like? on: June 14, 2011, 11:09:36 AM
I don't think Bitcoin is ever going to replace USD or EUR.  If anything, it's going to end up as an auxiliary currency like silver or gold.  Rather than threatening governments, Bitcoin might actually help governments with their monetary policy once they start holding it as a "foreign reserve".

Don't be naive in thinking that bitcoin can be used to evade taxes. This might work with smaller amounts below 10,000 USD, but as soon as you start spending serious amounts of money (no matter whether 500 Euro notes or BTC) you inevitably leave a trail in meatspace.  
509  Other / Meta / Re: Let the Newbies back in? on: June 14, 2011, 10:39:22 AM
On the other hand, this forum was starting to become unreadable amongst all the OMGBUYBUYBUYSELLSELLSELL white noise.

5 posts and 4 hours is a good balance, I think.
510  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: June 14, 2011, 10:12:39 AM
The Economist - "Virtual curreny:Bits and bob"

http://www.economist.com/blogs/babbage/2011/06/virtual-currency

Holy shit. This happened so much sooner than I expected (a recurring theme to my bitcoin experience, it seems).

An article in The Economist was my rule for when I would stop buying and start selling. I guess the time has come. Time to get serious.
511  Bitcoin / Bitcoin Discussion / Re: I just got hacked - any help is welcome! on: June 14, 2011, 08:47:16 AM
@allinvain

I'm sorry for your loss. You came to the Wild West 2.0, found great riches almost overnight, and lost them again overnight.  But you still have an interesting story to tell, and you are no worse off than before.

I hope this doesn't make you lose faith in bitcoin completely. Come back in a year or so when the Wild West is tamed, and there will be other riches to be made. 
512  Bitcoin / Bitcoin Discussion / Re: I just got hacked - any help is welcome! on: June 14, 2011, 08:38:51 AM
If anyone thinks this isn't a problem with the bitcoin system, they're deluding themselves.

This isn't a problem with the bitcoin protocol and original client. These just provide the bare-bones infrastructure on top of which the economy is built.  

It's not the job of the core bitcoin developers to be everyone's nanny.  They have enough work trying to create a secure protocol, and they should continue focusing on that, instead of user-side security.

Security disasters like this one will create a strong market for clients, backup tools, liveCD, etc aimed at the average non-technical user, and I am certain that there are people working hard at developing them right now.  Just give it some time.

The problem is that the bitcoin userbase and value is growing so fast that entrepreneurs and developers have trouble keeping up with demand.  It's growing too fast for its own good IMO.
513  Bitcoin / Bitcoin Discussion / Re: Are there graphs of Namecoin value over time? on: June 13, 2011, 06:39:36 AM
I really dislike the name "Namecoin" ... BitDNS was much better, I'm wondering why they chose one over the other, but well ... yeah, I do not plan to invest in Namecoin really but it may be because of the name only Grin so others who are more courageous to experiment, let us know how it goes if you do invest in it Wink

Nothing stops you from calling it BitDNS yourself.  Perpaps that name will catch on. That's the beauty of decentralisation.

BitDNS :  the overarching project.

Namecoin: the things you buy in order to buy domain names.

dot-bit :  the ecosystem around BitDNS
514  Economy / Economics / Re: Its going to $454, no Its going to zero, no on second thought its going to $ on: June 13, 2011, 06:22:02 AM
Well then. Have fun taking their coins.

IF I was a pure darwinist, as many seem to be here, then it would be alot easier.

I am not in favour of exploiting the weak and gullible, either.

But people who see bitcoin as nothing more than a chance of making a quick buck, without any long term commitment to the technology, are damaging us too.

That's why I think they are fair game and deserve to lose their money.
515  Economy / Economics / Re: Its going to $454, no Its going to zero, no on second thought its going to $50 on: June 12, 2011, 07:58:26 PM
Ive traded commodities for 16+ years, and its easy to see in the price action that the people in this market are emotionally unstable and immature.

Then use that to your advantage and profit from their ignorance.
516  Bitcoin / Project Development / Re: BitDNS Bounty (3500 BTC) on: June 11, 2011, 04:44:37 PM
pledged amount sent to vinced...
517  Bitcoin / Project Development / Re: BitDNS Bounty (3500 BTC) on: June 11, 2011, 10:53:24 AM
It's the opposite.
I was pledging one carrot. But to get you that one carrot today, I have to pay as much as for 10000 carrots back then.

Next time I will say I pledge whatever X USD will be in Bitcoins when it is finished ...

That's besides the point.

You promised a carrot, not $400 worth of carrots.  And the developers were committing their resources expecting to get the full carrot. How you get hold of that carrot is your problem.

But perhaps this could be seen as exceptional circumstances Ö I don't want to pick a fight here. Of course itís totally up to you how much you give; itís your reputation you are risking in the end.

This should be a lesson to all of us to ensure the credibility of future bounties.

Either reserve the pledged BTC in a place where you will never touch them (like I have done).

Or denominate your pledge in a different currency.
518  Bitcoin / Project Development / Re: BitDNS Bounty (160 BTC) on: June 10, 2011, 06:35:16 AM
If this will work as it should, without errors or serious security issues,
and if it is finished before .p2p,
I pledge 1000 BTC.
EDIT 10.06.2011: 1000 BTC is way to much now. I reduce my pledge to 20 BTC.

What is the point of pledging a fixed amount of BTC if you are just going to arbitrarily reduce it later?

You should have just said "I pledge whatever I feel like giving".
519  Economy / Economics / Re: I want you to have a look at this graph on: June 09, 2011, 05:19:19 PM
Conventional wisdom does not apply here. Bitcoin is a class of its own. It is a commodity the world has never seen before. Exponential growth so far reflects exponential growth of users. Nothing unsustainable about that - the userbase, and price, will stabilise eventually.  Once every tech savvy person on the planet has found out about bitcoin and it CONTINUES to grow exponentially, then it will definitely crash. We havent reached that point yet.
520  Bitcoin / Project Development / Re: The 21 million coin myth on: June 09, 2011, 10:53:38 AM
...until eventually, NO transactions happen on the bitcoin network, and the block chain is simply a historical archive proving how much money each of those banks owns.
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