Bitcoin Forum
April 21, 2019, 11:35:26 AM *
News: Latest Bitcoin Core release: 0.17.1 [Torrent]
 
  Home Help Search Login Register More  
  Show Posts
Pages: « 1 ... 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 [90] 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 »
1781  Bitcoin / Bitcoin Discussion / A proposal regarding improved bitcoin money supply predictability on: October 29, 2011, 02:50:46 PM
Firstly, this is not a suggestion to change the 21Million limit, the generation reward rate/fees or to 'invalidate' old coins that haven't moved in years!

Perhaps this idea sort of belongs in 'Development and Technical Discussion' - but It's light on tech stuff and is also somewhat economics/political/general discussion related.   
Mods - file it where ye will.

In various discussions people express concern at large losses of BTC from the system, as well as the difficulty of determining whether in fact the BTC are truly lost and might actually reappear suddenly - thus providing a sudden money-supply shock.
e.g http://bitcoin.stackexchange.com/questions/1638/what-could-be-the-consequences-of-many-bitcoins-being-lost-out-of-circulation-if

It seems there's a certain asymmetry in concern, in that people aren't quite so worried if their bitcoins suddenly become more valuable due to reduced supply, but are quite fearful of the idea that old huge wallets could suddenly come online, devaluing holdings and discouraging further investment flow into bitcoin.

I'm dead set against 'invalidating' coins that haven't moved in years - as in future
a) we don't know what the average lifespan of a human may be
b) People sometimes get locked up for decades for political reasons - this shouldn't result in automatic loss of their bitcoin assets.

My proposal is that the system simply place a rate limit on how quickly old unmoved coins can be spent.  This would be proportional to whatever is the recent value of transactions occurring per block.  (or proportional to the total reward/fees per block)

The idea is not to cause any particular slow down for spending some small stash that comes online after 50+yrs because some grandson finally worked out a byzantine puzzle in a will..  but if the stash is both old  and *large relative to the current size of the bitcoin economy*, then it will only be valid for the miners to include spends from this stash at some sensible rate relative to recent transaction history.

I'm assuming here that it's not technically too difficult to track the larger chunk of change while allowing only small chunks to be spent off it.
This wouldn't perhaps be easy to do if the old 'lost' wallet was made up of a vast number of tiny amounts rather than one consolidated amount - but hopefully even then it may be possible to automatically apply some rate limiting.


Combined with tools that watch for activity on long-inactive coins - this would mean that even if some previously-assumed-lost multi-million BTC address suddenly showed as an input to a transaction - there need be no fear that the whole amount would be entering the economy in one hit.
For the purposes of estimating the total money supply at any particular time - a lot of old unmoved amounts could be in many cases chopped out of consideration because they would be known to only be capable of coming into the economy at a certain maximum rate.


I'd be interested in people's thoughts on the feasibility and desirability of this.
(and I'm hoping that this will also help kill the oft resurfacing idea of 'invalidating' old unmoved coins)
Apologies if this particular idea has been suggested - please point me to discussion if you know of it.










1782  Bitcoin / Bitcoin Discussion / Re: Bitcoin loss on: October 29, 2011, 01:44:13 PM
The system could survive on one bitcoin...or a half a bitcoin...or a tenth of a bitcoin.  At some point it might be desirable to shift the decimal point, but the system would be just fine.

Although, if the world is running on one or two coins and pricing things somewhere in the region of nano-satoshis - a suddenly discovered stash of an old coin or two would certainly be a disruptive shake-up to the economy!

At some point the fear/risk of surprise injections of coins may be enough to warrant a push to migrate to a new chain.
I cringe at the idea of invalidating old coins that haven't moved in years (think political prisoners locked up for 30yrs etc), but perhaps some mechanism could be built in to limit the rate at which old coins could be spent, based on the overall transaction volume; so that if the proportions are large there is at least some delay/warning when previously assumed destroyed coins are coming back into the economy.
1783  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: October 29, 2011, 07:14:07 AM
Quote
WILL BITCOINS JOIN THE RANKS OF US DOLLARS, EUROS AND OTHER CURRENCIES?

2011-10-26
Heidi Duran

http://www.patexia.com/feed/1155

"As people grow frustrated with the current systems in place and look to other alternatives, Bitcoins definitely have a place in the future and may just help create a real change in the world."
1784  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: October 29, 2011, 07:01:38 AM
This one stretches the bounds of 'notable' - but I think it's an interesting read as a perspective from an 'investor/speculator' who has been blogging on the subject of economics/trading for years, appears to be new to bitcoin and despite the recent slew of media reports sees enough potential to dip in.

Quote
Bayesian Investor Blog
Ramblings of a somewhat libertarian stock market speculator

Bitcoin

2011-10-28

http://www.bayesianinvestor.com/blog/index.php/2011/10/28/bitcoin/

"I do think there’s a nontrivial chance that Bitcoin will become widely used as a store of value, and that might replace a significant amount of demand for gold a decade or two from now. "

...

"I will probably invest a small fraction of my net worth in Bitcoin, but I don’t feel any urgency about it."
1785  Bitcoin / Bitcoin Discussion / Re: someone fucked up and lost ALOT of money on: October 29, 2011, 03:13:25 AM
Wasn't the idea of destroying bitcoins by spending to a provably non-redeemable address floated somewhere around here before? It was part of one proposed mechanism of migrating value to a new blockchain I think.
It seems to me that scripts such as this (sharp and pointy as they may be) should be allowed.
1786  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: October 28, 2011, 12:51:24 PM
Quote
17 Dot Com failures and their modern counterparts

2011-10-27
HARRISON WEBER

http://thenextweb.com/entrepreneur/2011/10/27/17-dot-com-failures-and-their-modern-counterparts/


Digital Currency

By now, everyone’s heard of Bitcoin, a peer to peer digital currency. From praise to criticism and security problems, there’s tons of buzz around the idea. What you may not know is that Bitcoin is a decentralized take on what Flooz (watch this commercial), Beenz and SpeedyBucks tried to accomplish 12 years earlier.

In 1999, digital currency was like a gift card without a store to back it’s value. In the end, the overall consumer reaction was “why?”
1787  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: October 28, 2011, 01:09:14 AM
Quote
With the Bubble Burst Has BitCoin Become the Currency it Strived to be?

2011-10-28

http://www.therefinedgeek.com.au/index.php/2011/10/28/with-the-bubble-burst-has-bitcoin-become-the-currency-it-strived-to-be/

"Thus the burst BitCoin bubble is something of a mixed bag. Whilst the increased liquidity and speculator free market is definitely a great help to BitCoin becoming a serious currency the continued price instability and loss of supporters negates those benefits completely."
1788  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: October 27, 2011, 11:59:53 PM
2011-10-26 Defcon 19 video is now live.
(DEF CON 19 was at the Rio Hotel and Casino August 4-7, 2011)

https://www.defcon.org/html/links/dc-archives/dc-19-archive.html


The 1st part of this youtube clip is the bitcoin part.

DEFCON19: Black Ops of TCP/IP 2011
http://www.youtube.com/watch?v=E3YRuRehlSU
Speaker Dan Kaminsky
...
BitCoin: Network Manipulation for Fun And (Literal) Profit
...
1789  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: October 27, 2011, 10:39:06 PM
Quote
Bitcoin Can't Be Free from the Powers That Be, Because It Rides on Rails That They Control

Wagner James Au
2011-10-27

http://nwn.blogs.com/nwn/2011/10/bitcoin-cant-be-free.html

Bitcoin, the innovative virtual currency, may be a good idea for many reasons, but as it's currently conceived, it cannot really be free from corporate and state control. That's my strong belief after recently talking to Bill Maurer, Professor of Anthropology and Law at UC Irvine, whose specialty is money.
...

"t's not that they could easily pull the plug on the whole thing," he tells me, "just that they could easily stop the cash-in, cash-out side of Bitcoin, and effectively stop the flow of value into the system."

1790  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: October 27, 2011, 10:34:54 PM
Quote
Can Casascius (Physical) Bitcoins Actually Spurn Legality?

Kit Dotson
2011-10-27

http://siliconangle.com/blog/2011/10/27/can-casascius-physical-bitcoins-actually-spurn-legality/

"The Casascius Bitcoin is just an interesting token of love connected to the Bitcoin market and has as little chance of running afoul of US law as much as any coin-like token redeemable for specific product or service might be."
1791  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: October 26, 2011, 10:45:04 PM

Quote
The Leonard Lopate Show

All About Bitcoin
2011-10-26

http://www.wnyc.org/shows/lopate/2011/oct/26/all-about-bitcoin/

Gavin Andersen, lead developer of Bitcoin, an experimental digital currency launched in 2009, and Dennis England, who owns Sugar Wedding Cakes and accepts Bitcoin, discuss how it works, the history of digital currencies, and how it compares to traditional currencies.
1792  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: October 26, 2011, 08:35:23 AM
This chinese article  looks like a spinoff from the cnet article on whether casascius coins are legal or not.
This strikes me as sheer journalistic speculation. No legal sources are cited.

Quote
1793  Bitcoin / Bitcoin Discussion / Re: Bitcoin Foundation on: October 25, 2011, 11:30:17 PM
if an organization like this pays the developers what kind of trouble could we get into?

That was my first thought.

It seems to me that in order to avoid attack or attempts at control, the rules need to explicitly enforce that the foundation has no influence over developer decisions or which developers get paid for which features etc.
There would surely need to be some transparent external voting mechanism donators use, so that the foundation is more or less just a conduit/pool for the funds.
(simply managing the operational aspects of the voting and distribution)
1794  Bitcoin / Bitcoin Discussion / Re: Japan's first mining pool? on: October 25, 2011, 11:31:35 AM
No one really knows the identity of the Bitcoin founder, he may or may not be a Japanese.
Sure.. that's why I said Japanese 'name'.  'He' may also not be a he for all I know.
1795  Bitcoin / Bitcoin Discussion / Re: Japan's first mining pool? on: October 25, 2011, 11:13:42 AM
One possible reason for slow Japanese uptake that occurs to me, is that the 2011 tsunami/nuclear disaster has resulted in rolling power cuts and a general movement amongst people to do their bit to save power.  In that environment - it's hardly surprising 'mining' wouldn't be a popular idea.
Still - I'd have thought there would be some serious enthusiasm there for the digital currency concept.
1796  Bitcoin / Bitcoin Discussion / Japan's first mining pool? on: October 25, 2011, 11:06:30 AM
Despite the japanese name of the bitcoin founder.. uptake in Japan so far seems pretty weak.

This site appears to have only just sprung up and claims to be "Japan's first mining pool"
https://www.bitcoin.ne.jp/


They also have a japanese dub of the famous bitcoin video:
http://www.youtube.com/user/bitcoinnejp#p/a/u/1/cXZOe3X6iYQ

'About bloody time' was my first thought.  How can such a high tech nation, with such an apparent love for the quirky, as well as being producers of sci-fi/anime/games  - be so slow to pick up on a concept as cool and revolutionary as bitcoin?

 
That the site is in English suggests it's still a case of bitcoin being 'introduced' to japan as opposed to interest catching on naturally.
Can any Japanese speakers comment on the general interest regarding bitcoin in Japan?
1797  Economy / Speculation / Re: European bank accounts of exchanges are frozen on: October 25, 2011, 02:26:01 AM


4. Bitcoin will be regulated and legal - SilkRoad closes - price goes down

Oh man yeah  Huh Huh Huh

and what if they make the drugs illegal too  Huh Huh Huh

what will you smoke before you post?

Is it not clear that SR doesn't care about 'regulations'? Am I on drugs?

Well it's not entirely true they wouldn't care about regulations. The ban on drugs actually protects their niche.
If drugs are legalized in some of their markets, then legal competitors may provide the same service cheaper and more conveniently.

1798  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: October 25, 2011, 02:18:26 AM
Quote
Is Bitcoin the future of money … or are we smoking dope?


2011-20-24

http://thefinanser.co.uk/fsclub/2011/10/is-bitcoin-the-future-of-money-or-are-we-smoking-dope.html




Postnote 1:

We will be having a meeting focused upon virtual currencies including Bitcoin and Ven Currency at the Financial Services Club on 25th January 2012, as well as a seperate debate about the Future of Cash in Q1.
1799  Economy / Speculation / Re: BIDWALL MELTS!!! on: October 25, 2011, 01:59:20 AM
Wow, here comes a fake spike.  Time to short.

Yeah, I watched the whole thing. Sold all my holdings at 2.75 thinking that was already a ridiculous high. The bottom of the bounce will be a good time to buy in I think if it drops past 2.4 I can't imagine the ridiculous optimism of whoever was buying at over $3 on the top end of a huge spike.

Perhaps those over $3 were forced liquidations of short positions?
1800  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: October 25, 2011, 01:16:34 AM
Quote
Bitcoin is Not Dead (Again) Part II

Kit Dotson
2011-10-24

http://siliconangle.com/blog/2011/10/24/bitcoin-is-not-dead-again-part-ii/


"...in spite of people repeatedly calling out the currency as having failed in the past, nobody has ever successfully argued why it had died (and obviously it didn’t)"
Pages: « 1 ... 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 [90] 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 »
Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!