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181  Economy / Auctions / Re: 2 DAYS ONLY: 250 direct ASICMINER shares from 1.18 each on: May 06, 2013, 03:54:46 AM
25 @ 1.19
182  Economy / Auctions / Re: [48HOURS] Auction for 20 ASICMINER SHARES NON-PT on: May 04, 2013, 02:21:01 AM
10 @ 1.28
183  Economy / Speculation / Re: Fundamental Analysis Speculation on: May 03, 2013, 05:46:41 AM
100 is neglijable. Also 1000. Not all the people in the world would use BTC, as not all would use gold.

Also, the lost BTC will be felt, as in not being traded, not having any value

That isn't what this is about, it is the uncertainly of supposedly lost coins which is the issue. Remember the 78% of all coins ever never moved paper?
Now we could say that some fraction of these coins are most likely lost, but how large is it?

We have no way of knowing. Infinitely deflating currency can only work for either:
a limited time period and/or a limited economy
or if there is a mechanism of ensuring that some previously assumed "lost" substantial value doesn't suddenly resurface.

There may be some mechanism which could be implemented like a maximum transaction amount but I doubt this would be very well received by most.

Yes!

I was saying this yesterday. Eventually too many coins will be "lost" but we will never know exactly how many. The risk will become greater and greater as there is a chance that those coins could become "unlost" and crash the bitcoin economy.

Perhaps a solution is to require that coins move wallets every set amount of time, to prove that someone still has the private key to the wallet that holds them. If they aren't moved in some amount of time (like five years or something) they get deactivated by the system. Anyone wishing to save bitcoins could simply pass them back and forth between two wallets they own every once in a while. Or maybe sign a document with the wallet keys that hold the coins. It's too late to add this feature to bitcoin but maybe some future crypto currency will have it.

This would be unpopular - especially for those who hold physical coins such as Casascius or Bitbills.
It would be much less drastic to adjust the fee mechanism to take into account coin age - and  restrict the rate at which old lost coins come back into circulation by making it most cost effective to trickle them in.
It wouldn't stop someone who had a vast fortune spread across many separate private keys, flooding them back in - but it may stop sudden liquidity shocks, whilst not actually 'taking' money from people who have old coins but are patient.
This would probably be tricky to implement - and if not easily understood - may also be unpopular. You're right that this sort of thing would probably first appear on some other blockchain, and I suspect only if it's demonstrated to be a problem for the Bitcoin economy.







184  Economy / Auctions / Re: [3 days]: [ASICMINER shares] for full ownership starting at market price on: May 03, 2013, 01:05:06 AM
10 @ 1.28
185  Economy / Auctions / Re: ASICMINER SHARES AUCTION (2 Shares) on: May 03, 2013, 01:02:41 AM
2 @ 1.25


186  Other / Off-topic / Re: I bought a stunning engagement ring - directly with Bitcoins! on: April 29, 2013, 06:12:01 AM
Congratulations. Hope it will be well received, and not least, that the size will be right!

The size wasn't right, and you're correct - this is important.

I warned my darling that I'd goofed on the size and to be careful - but of course she wanted to wear it anyway.
Seeing as we were all in a celebratory mood - there was much alcohol consumed.

Sadly - this beautiful ring is now hiding somewhere in the sands of a beach on the island of Rarotonga Sad

187  Bitcoin / Hardware / Re: [ANN] Avalon ASIC chip distribution on: April 18, 2013, 02:43:33 PM
My order was for 700 - so by my estimation we're already about 20% of the way to filling batch 2.
188  Economy / Auctions / Re: ASICMINER Auction: 10 Block Erupter Blades on: April 18, 2013, 05:37:43 AM
2 @ 31

Yeah, it's a lowball offer - but I'm just helping provide a datapoint for 'price discovery'. 
Even at that price I feel it's an extravagant (for me) risk. 


What's the point of this bid when the lowest you can bid to win these is 61 BTC?

The point is what I stated above:
 'a datapoint for price discovery'
 - in other words - to help those in the business of selling these things, to note that not everyone who is in the market for mining gear (which I still potentially am, depending on offerings) will pay those prices.
I consider the risk of large amounts of hashing power coming online to make the prices of 60BTC way too risky. I may well be wrong of course.

The drawcard for this particular sale, and my guess why it's gone so high is that there is presumably quick shipment, but even then you have to weigh up the risks of problems in shipment, including taxation/holding by customs, breakages etc.


Quote
Please do not clog up the thread with such bids - I've deleted a couple of '1@0' and '1@0.1' when the bids were around 50-60...
Sorry John, I'll keep out - although there is much 'noise' in this thread that didn't seem to attract rebuke - and my post had a point (albeit misunderstood it seems).

But for the sake of curiosity - do you mean you don't want anyone to bid even a little under what the current offers are? Surely there are potentially a few cancellations?

189  Economy / Auctions / Re: ASICMINER Auction: 10 Block Erupter Blades on: April 18, 2013, 04:52:57 AM
2 @ 31

Yeah, it's a lowball offer - but I'm just helping provide a datapoint for 'price discovery'. 
Even at that price I feel it's an extravagant (for me) risk. 
190  Bitcoin / Hardware / Re: [ANN] Avalon ASIC chip distribution on: April 18, 2013, 02:47:38 AM
PM sent
191  Other / Off-topic / Re: I bought a stunning engagement ring - directly with Bitcoins! on: April 15, 2013, 11:40:46 PM
Thanks to all for the congrats Smiley
It's not a total surprise to her, I did consult somewhat to make sure I was getting something she'd probably like.

She's more than cool with the whole Bitcoin thing really...  so it's not that I really needed to buy it with Bitcoins to prove anything - but we think it's nice that it was done a little differently and means something to us.  I've always loved sapphires as I was inspired by my geologist grandmother to collect stones as a kid.

192  Bitcoin / Bitcoin Discussion / Re: Diamonds for Bitcoins on: April 15, 2013, 08:37:08 AM

The smaller merchant I bought the ring from now accepts Bitcoins.
Perhaps I should circle back with Blue Nile and gently persuade them to add them as a method on their site.

Congratulations on your engagement Julz!

Thanks roger! Congrats to you too Smiley

When I took my ring in for valuation here in Sydney, I mentioned that I would probably have bought from a local jeweller if they accepted Bitcoins.
The jeweller had heard of Bitcoin and was quite intrigued - asking me a few questions about it.
I don't think he's ready to accept BTC just yet - but you know, it helps to plant the seed Smiley
193  Bitcoin / Bitcoin Discussion / Re: Diamonds for Bitcoins on: April 15, 2013, 08:25:53 AM
So what ended up happening with this?
I see that bluenile still doesn't list BTC amongst their currencies... but did Roger end up buying his engagement ring with Bitcoins?

I just bought my engagement ring with Bitcoins Smiley
see here: https://bitcointalk.org/index.php?topic=176977.0

194  Other / Off-topic / I bought a stunning engagement ring - directly with Bitcoins! on: April 15, 2013, 08:25:13 AM
I am proposing to my darling in about a week - and I just bought a beautiful gold & sapphire engagement ring using Bitcoins.
Yes - I paid for it entirely and directly in Bitcoins!

It was bought from David Fortier of Tip Top Gem in Thailand. (He sells loose stones on bitmit but also does custom jewelry)

I highly recommend David's work. He was extremely helpful and knowledgeable and sourced some stunning stones for me before having them set into an 18K white gold ring.

I suspect there have been other engagement rings bought with Bitcoins by now -  I remember this thread from Roger Ver, where he was attempting to buy a diamond engagement ring with Bitcoins - but I don't know what the outcome was:
https://bitcointalk.org/index.php?topic=74266.0;all

I only paid a bit less than 20 BTC - I'm not a Bitcoin mogul like Roger Ver!
At the time(s) of payment those Bitcoins were at a few different rates above $100USD/BTC - as I paid David as he sourced the stones and then again later for the final ring work.

The whole process really brought home to me how convenient Bitcoin is as a payment mechanism for projects.
The merchant can get fast payment so they're not out of pocket whilst sourcing materials.

I had the ring independently valued here in the Sydney CBD by a registered member of the National Council of Jewellery Valuers (Anania Jewellers) and they confirmed that the sapphires were genuine and as described and the gold tested as 18K.   They gave me a replacement value a fair bit higher than what I paid - so I believe David gives very good value for gems and jewellery.

My darling hasn't yet seen the ring - but once I've given it to her, I may post a photo here.

Edit: ok, I think my girlfriend is pretty unlikely to come into these forums unaccompanied by me.. so I'll put up the photos.
I'm no photographer - but I think these capture some of its beauty.





The 2 side stones are white sapphires. I like the idea of it being an all-sapphire ring.

195  Bitcoin / Press / Re: 2013-04-12 Roger Ver Rocks on FoxBusiness!! on: April 15, 2013, 02:59:14 AM
It's nice to have examples of merchants accepting bitcoins and converting part or all of them to dollars (Evr Bar NY) using BitPay and the bitcoinstore's example, where the merchant keeps the bitcoins.

Personally, I was not surprised by Roger's revelation in choosing bitcoin over dollars, but it's nice such confidence be shown on TV.

Reporter:

Quote
"Roger, you only take bitcoins exclusively in your online site. How is that working exactly? Do you hold them? Do you convert them back to dollars?"

Roger (in just 46 seconds):

Quote
"I'm confident that Bitcoin is the most important invention of the entire history of the world, since the Internet. And because the supply of bitcoins is limited, the price is gonna go up."

"So every order that we get at bitcoinstore.com, I just hold the bitcoins. I don't convert them into dollars. I trust bitcoins more than I trust dollars, euros or yen."

"And you can see around the world all the crazy things that governments are doing to debase their currencies. With bitcoins that can't happen. And it is protected by the laws of mathematics, not the laws of man. We don't know what the US government is gonna do with the dollar tomorrow (reporter agrees), what the europeans are going to do with the euro, and the japanese are going crazy printing japanese yen as well."

"With Bitcoin I don't have to worry about any of that. I know exactly how the Bitcoin protocol is gonna behave. I don't have to trust any government (reporter agrees again), politicians or someone else with my money. I have complete control about what I do with my own bitcoins. That'a a wonderful thing."


I thought it was a little unfortunate that he's holding all the coins.
...And I find the claim surprising - surely he means the profit component, not the whole lot. Does he really earn enough from his other businesses to pay for all the merchandise he sells on bitcoinstore?

If he had been converting to USD it would have provided a good counterpoint to the other guest's claim that Bitcoin is 'a game' and not a 'real monetary or payment system'.

196  Bitcoin / Bitcoin Discussion / Re: What are the biggest mistakes you've done with Bitcoin? on: April 10, 2013, 01:26:17 AM
Stopping my bitcoin miners back in 2010 because of a port conflict with Vmware. 
197  Economy / Marketplace / Re: Buy and Sell Bitcoins in Australia and New Zealand - Bit Innovate on: April 05, 2013, 03:58:04 AM
I'd love to use them, but I just can't justify paying twice the commission compared to MtGox.

Yeah.. that's what one of my friends said.  By the time she managed to set up a mtgox account and get funds into it - she paid much more than she would have at bitinnovate.
MtGox is good for catching a dip though.
198  Economy / Marketplace / Re: Buy and Sell Bitcoins in Australia and New Zealand - Bit Innovate on: April 05, 2013, 02:02:32 AM
Some of my acquaintances have bought using Bitinnovate - and one mentioned that the bank teller was curious about it and said that they had seen a few deposits to 'bitinnovate' in the past day.
That's just one branch - so they must be doing a fair volume of trade!

I've now sold a few times using this service and had no problems.

I do hope that Bitinnovate has good relations with their bank manager(s) and is doing all the right things as far as AML laws...  It'd be a shame to see this service get unwanted attention from regulators due to the sheer demand for the service!

Bitinnovate - do you hold some capital in reserve in a separate bank account so that if your main trading account is frozen, you can still return whatever was in-flight during the freeze (or at least a good proportion of it)?
199  Bitcoin / Hardware / Re: is it safe to set core frequency to 300Mhz (Extreme) for avalon? on: April 04, 2013, 10:02:00 AM
the default is 282, and hashrate is  60G.

Does anyone tried to set it to 300?


I tried mine at 300 for about 20 minutes.  The hash rate and the shares submitted didn't change.  So I put it back to 282.  My unit was in a cold room, 0 C.

Did you restart the cgminer process?  I'm definitely getting more hashes at the pool end.
200  Bitcoin / Hardware / Re: is it safe to set core frequency to 300Mhz (Extreme) for avalon? on: April 04, 2013, 09:56:17 AM
I've been running at 300MHZ for a couple of days (in an air conditioned room). It seems to give around 71GH.
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