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This is true.
Ultimately the value of anything is whether people perceive value in it, that is all. I only worry of "crashes" that may happen in the future. Where everyone will buy BitCoins hoping they will increase in value, I don't think thats a good thing to base its value on. To buy something comparing it to what you think the future value is. But if you believe one BitCoin can buy you 50 cents worth of goods and services, this is "good" in my opinion.
Otherwise when the price gets too high, the speculators who bought the BitCoins will sell it and then we find it tumbling down, and unless there are enough Goods and Services to go around to protect the value it will crumble.
For example. I can set up a market for each of the hairs of my head. And if somehow there is madness and people buy it, not because they wanna own my hair but believe it will increase in value. Then when the bubble bursts it will go back to its original value, which is 0, (unless there is a cult that believes that owning my hair will allow them to perform Magic)
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That was a mini-Doom, but maybe there will be the major-Doom to come...
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Something like MTGox is a good indicator of the price of BitCoin at that time considering there are many buy orders from many people (demand) and many sell orders from many people (supply).
It all reaches a natural equilibrium to relate its true price. But the worries are if the price is based on speculation or actual value at that time. Speculators will be the doom of BitCoin.
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Is there no way to smuggle the RMB out of the country?
For example hide it in a "hollow" birthday card or something?
Do they check every single package that goes out?
As far as anonymity networks are concerned, is i2p blocked? That seems to be the best one at the moment considering that the relay nodes are 'elected' by the network itself.
If there's absolutely no way to get them out of the country, the only real way is to trade amongst fellow Chinese, or if one of us decides to go on holiday in China, they would need to make a pit-stop to you to convert their moneys, I bet your exchange rate would be highly competitive anyway.
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So many guys from UK! It's good to know I'm not the only BitCoiner in the country!
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Would this kind of setup (on current difficulty) find a block or two every single day?
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I don't understand where the hostility is from. I listened to the appearance on the One Radio or whatever it's called, and I liked it. It made me download the client.
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The story is interesting, but I think there's too much exposition.
See, hear, smell...not tell.
For page 10:
I would do something like this. Cock cock. BRRR BRR BRR BRR BRR. The bullets ripped shred through the car. Some of the bullets were ricocheting in the engine, tearing through belts, liquid holders, and other components. Soon, the engine inside, brust into flame. The car suddenly felt a strong vibration and smoke were rising from the hoods.
However, I am not a novel writer. So take my advice with a grain of salt.
Thanks alot for your feedback, it's very much appreciated. By exposition do you mean too much explaining? As you said, telling, and nor enough showing? |
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Actually this is a good idea!
I will do this right now and upload the PDFs!
Won't be a moment!
Don't use ubitous. Use bitcoinservice.co.uk. It have better commision fee as it is 10%. Ubitious takes 50%. Cool, already done! By the way, I may do that donation thing for the next novel I release on here, it depends on how popular the idea is. In the meantime, the original post has now been updated with the links! Please feel free to e-mail me any criticism or even your opinions! Thank you all for the suggestions! |
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Unfortunately I don't have a button as I don't feel this needs its own website. I'd just like to experiment with the concept first. If it gains more popularity I'll see if I can set up a website!
If you'd like to buy the other chapters, send me a BitCoin, allow up to 12 hours when I PM you the link (in case you PM me when I am sleeping).
Can't you set your own price at one of those bitcoin file download sites? I'll try to find a link. I enjoyed the first chapter. Pastecoin.com seems to be down. AndI think Ubitious has a fixed fee still. Maybe no good solution yet. Actually this is a good idea! I will do this right now and upload the PDFs! Won't be a moment! |
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Unfortunately I don't have a button as I don't feel this needs its own website. I'd just like to experiment with the concept first. If it gains more popularity I'll see if I can set up a website!
If you'd like to buy the other chapters, send me a BitCoin, allow up to 12 hours when I PM you the link (in case you PM me when I am sleeping).
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Hi there, I'm a bit of a budding author, but whether my efforts are good or not, only time will tell: http://tinyurl.com/67ev4cmIn the hyperlink above is the first chapter for my MicroNovel, it only consists of 6 chapters. The first chapter is included above. It's in a PDF format and is suited to e-readers as well. It is a science-fiction novel about time-travel. Chapter 2, 3, 4, 5, and 6 each cost 0.2 BTC to download each, meaning that the entire thing will cost 1 BTC, should you wish to download it. You can pay for one chapter at a time, in case you feel that half-way through the story it isn't great. This is only an experiment, and depending on its results I will release more of my work. Please feel free to rate it or if you would be interested in acquiring the next chapter! Also, for your consideration, the chapters are roughly the same size. Many thanks! SultanFarooq P.S I forgot the most important thing about BitCoin Payments! Please send your payments to the following address: 1E4uh6r69HSjHE2mL3CYugTxBzPrYRLNWd Send me a PM to confirm how many chapters you are requesting. Upon receipt I'll send you the chapters you have ordered. I apologise that the interface is not the best (ie. going through a forum!) Please allow up to 12 hours for the delivery of the download through the PM. P.P.S With the suggestion of BitCoinService, I have decided to paste all the links to all chapters of the MicroNovel! Just download the ones that you want to purchase! Chapter 2 - 0.20 BTC Chapter 3 - 0.20 BTC Chapter 4 - 0.20 BTC Chapter 5 - 0.20 BTC Chapter 6 - 0.20 BTC Enjoy! |
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This is the beginning of the end. Fractional Reserve Banking...
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Very interesting thought experiment.
I think the thing with gold is its commodty value where people perceive it to be pretty in jewelry etc. (it also has industrial uses, but I don't believe that is what drives people to hoard it) Of course, currently the reason people hoard it is to store their wealthy, so you could say that its value is artificially floated.
As for BitCoins, its only function is purely as a medium of exchange. Nevertheless, I believe, just like gold, if the majority want a particular 'thing' to be money, then let it be done. A BitCoin will only have value if one can trade it in for goods and services. If nobody is willing to accept your Gold, ie. because its illegal to use as money, you can still 'sell' it to a rich woman, namely the ex-president of Tunisia's wife.
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Cool! That's a few people, but few enough!
Maybe we should set up an exchange for GBP orders of BitCoin.
What goods and services to the British folk offer?
Also, with inspiration from Nefario's idea, if we organise ourselves into networks we world-wide, we can provide currency exchanges throughout the globe! No need to go through rip-off foreign exchangers when you go on holiday!
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Hi,
The thread speaks for itself.
Apologies if others feel I am ostracising them.
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This is what I'd like BitcoinBank to do: Services: People deposit their bitcoins into accounts (login by username and maybe software token, if possible - even hardware). Tax should be something 1% per year but i have no idea how to prevent people to add just 100 BTC when they open the account (tax 1BTC) and then add the next day another 10.000 BTC. One option could be to tax 1% per added bulk. The wallet.dat holds all clients' bitcoins and the database hold sthe amount each is entitled to. 24-7 online banking for adding and withdrawing funds and payment intermediary. Selling gold, silver, USD, EUR, GBP and other currencies on demand. Selling virtual credit cards from multiple banks, in multiple currencies. Escrow services. Wallet-lock options. Allows transfer of less than the amount set up by the user per day/week etc. Also one idea i have is a amount-protected lock, you can't move funds from your account to another bitcoin address unless you remember the passsum, ie: 255.78 BTC (might be useful for paranoids that need more layers of security) Credits, based on trust. Dunno how to implement this yet. Investment fund. Dunno if to implement this and how. Also I dream of having the bank physically, with safe deposit boxes, maybe even microcip cards and all  At least two servers on different, secure, locations. Encryption in case of theft. IDS and IPS with good sysadmins Tor and I2P anonimity. Gold, silver, bitcoin, USD, EUR and GBP reserve (might add chinese Yuan too) at least these bitcoinbank domains: .eu, .com. org, .net, .biz to avoid scams SSL certificate and GnuPGP keys This sounds like an interesting idea. I still don't believe a charge should be incurred on the depositor as I believe the cost of securing BitCoins is almost negligible, or at least something that can be recompensed with AdSense or something. |
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I don't understand how that would be useful. Once a coin is spent, it cannot be re-spent, right?
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Can I and how can I reserve the name BitcoinBank in this community?
And how do I buy the .org or .com domain?
I own bitcoinbank.com It's for sale. Accepting bids. I accept bitcoins ;-) Yes, I have received offers for .eu and .org also. I'd buy both .com and .org, but so far I don't have project. I'm not sure what a BitCoinBank could offer that MtGox and MyBitCoin already offer, which is instant transfer between each other, and spread security, ie. not keeping all your BitCoins in one basket (wallet.dat) The only other service I can think of is loaning BitCoins, or savings account, like an Investment Banker, both which introduce the evils of Fractional Reserve Banking. |
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I suppose the real answer to the OP, and I apologise if I'm just simply recycling previous posts, is you need to ask the question: "How much am I willing to buy/sell BitCoins for?"
That is your personal exchange rate, if somebody else agrees with you, then you have a sale.
As said before, it doesn't matter if all the offers there are artificially inserted by the exchange themselves. The only problem comes is if they are selling BitCoins they don't have, in which case the problem is something else entirely, and not manipulation of the market.
I would phrase it the opposite way. If someone disagrees with you then you have a sale. If I value a coin more than 40 cents and so does someone else we have no trade. But if they value the coin less than 40 cents we can both benefit from the trade. I stand corrected. This is closer to the truth. |
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