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127. When you keep your garage door open overnight.
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The guy has a correct systemic approach. If a large amount of real-world resources are spent to maintain the system operation, it's a really good question on who pays for it all, at least if you believe in thermodynamics, no free lunch and the like.
If I buy one bitcoin I trigger this economic chain:
1. people buy hardware made using scarce resources such as copper and oil
2. said people to run said hardware 24/7 and consume electricity
3. these resources are irreversibly spent for bringing one bitcoin in existence
Therefore a minute quantity of wealth as expressed in natural resources has been irreversibly destroyed in order to give me one shiny bitcoin to play with. Who pays for it ? In the short run, every member of society by higher real commodity prices. In the long run, the investors left holding the currency when the show's over.
This is in contrast with a purely fiat system where maintaining the system costs next to nothing. The economic soundness of such a system is an entirely different topic, and it's quite similar to the old debate of gold vs. fiat. Gold too commands resource expenditures for it to be extracted out of the ground, only to be stored after purification in another hole in the ground.
Arent you a bit biased? What is the cost for the government to impose and mantain a monpolly on money? You can not count the cost of printing a piece of paper and saying that is all the cost involved in fiat money. What is the cost of all the wars they waged in last 100 years or to distract the population from all the money they have stolen using their fiat money invention? Or is it they invented the process of stealing money from population using fiat money and inflation to fund all those wars? Damn! I got completely lost here. |
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I hope not too many people are taking this "fork" seriously.
I think it is you who is taking IXcoin too seriously! LOL, Ribuck is as usual hitting a bulls eye having said no more than a handful of words. I personally, just love IXcoin and it's ilk. Look at the difficulty decrease. We need more of these "mee too" currencies so taht the short term speculators have a new playground while me and my clients and other BTC miners have more bitcoins. I'd say it is a win-win. |
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Nice one. I am a big fun of bitcoin forks now. Well done. We need more of those forks now.  |
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Or maybe it's just me. Can someone please explain the lack of relationship I mentioned above, without resorting to "Satoshi designed the system so he/she deserves those coins," or, "whiners be hatin'," or, "RALLY!!!, etc."? In fact let's make it really clean by leaving miners/investors out completely-- I just want to know why Bitcoin is designed this way.
This is actually a very simple question to answer. This design allowed to solve bootstrap problem, also known as catch 22 or chicken and egg problem. i.e. it is not a bug it is a feature as are many other properties of bitcoin. |
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BTC at 6$ was a chance to buy them at a low price even in august 2011, if you whined about early adopters AND you missed that then you are just a whiner  This also applies to those who sold below 10$ (or 1000$). Wanna be seen as an early adopter, than hold on to most of your bitcoin until 2015 or something. Nobody remembers those who bought some BRK/A shares at 10$ and sold at 11$. Those who bought than and still owns a few percent of those are entirely different matter. |
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Yep, Lady Luck and Mr. Variance were rather very nice to us lately. Those who pushed decent hashes like myself are very very well rewarded for that. I also would add that we've won a few block races i.e. we solved blocks even when at times other valid solutions were submitted a few seconds before we got a solution of our own. We did not have a single invalid block. Downtime was minimal and pool efficiency is outstanding. I am a very happy chappy here, you could be too.  |
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Yep, I would reduce it to a single forum so all the posts could be aggregated there. Then expand with more subforums as needed. Also would be nice to see bitcoin.org.uk as a UK portal instead of a forum: - UK news - Links to UK bitcoin groups (Britcoin and Bitcoin Consultancy for instance  - Map of users UK wide .etc Everybody speaks English so there isn't too much demand for a UK forum like there is with the Polish one. More important is to link up and find out what's happening wrt Bitcoin in my homeland  Thank you, jentix. "Less now, more later" is a valid point, and it seems you are commenting on already reduced set of topics/forums. However, I do not focus on developing a UK centered portal here. bitoin.org.uk domain is just something I had lying around, so I put it to good use. I more focus here on providing support for Bitcoin developers and businesses. As such, for example, Bitcoin Consultancy and it's projects can arrange to have it's own Forums section (with subforums, if needed) here and even have full moderatorial control over it. As opposed to a "single heavily trolled thread" approach which seems to be used so far. There is also functionality for more private forums for software developers for example, with finely grained access control to enable "low noise" environment. As for portal'ish features, I do agree with you and it is something on todo list. There is already fairly advanced blog platform, enabling any member to have a blog (or two) here, the forum by itself is fairly full featured with lots of functionality which is not available on less advanced platforms, there is also a chat and there are more features coming. After all, the forum is still in pre launch mode now. |
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I think it's an incredible story and I hope someone takes the time to document all this properly, it will make an amazing movie.
LOL, Yep, one day they will shoot a movie about it. I am ready to play myself. |
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I wonder if Vladimir put his billion trillion gazzilion hashes into the ixcoin network yet. If he got into it early like BitcoinExpress he would be a ixcoin billionaire so freaking easily - he'd then have to change his profile tag line  lol lol, nahh I am on vacation. The goal is to do as little as possible at least until September. Anyway let's keep an open mind. At bitcoin.org.uk we support all cryptocurrencies and "block chain; proof of work" related technologies. I even set up separate section for alternative crypto currencies and forums specifically for namecoin and ixcoin at https://bitcoin.org.uk/namecoin and https://bitcoin.org.uk/ixcoin correspondingly. I will support any such technology (even if I am not a big fun myself). If people behind namecoin and ixcoin desire moderatorial privileges there it can be arranged too. |
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I do not know what all the fuss is about. We have encouraged everyone to fork bitcoin, so finally someone done it. Great! Some miners have decided to waste some gigahashes on it. This is even better! More bitcoin left for me to mine.
People do need a demonstration of the network effect and bitcoin's first mover advantage. Let's see... pass the popcorn.
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Here's a tip: You have too many forums and not enough users. You'll die of stagnation if you don't let it build up slowly, I've seen it happen in the wild scores of times.
Fair point. Thank You. |
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The only AAA+ institution I know is my wallet.dat
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The Stack Exchange is quite an interesting idea. However I can now offer an alternative. https://bitcoin.org.uk is offering bitcoin merchants, pool, software developers to set up their own support forums (even with subforums) with full moderatorial privileges. The software is fairly fully featured already. At the moment 3 merchants already have established a 'shop' there, myself, MMC pool and flexicoin. |
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112. When you read every post in this thread to check which ones apply to you
+1 113. when you are checking your profile for mining pools while at work every hour 114. when you are checking your profile for mining pools with work blackberry 115. when you do not have your work blackberry anymore, because you quit your job to mine full time. |
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I am in process of setting up a portal for bitcoin community at https://bitcoin.org.uk . The plan is to do soft launch on 15th of August followed by Official Launch on 22nd. At the time of soft launch all basic forum functionality will be operational and at the time of Official Launch all the advanced functionality will be operational too. - https everywhere; - Blogging facility for members; - Community calendar facility; - Reputation system (positive only); - Advanced and very quick search (not SQL based); - A set of bitcoin related articles including those reprinted from Bitcoin weekly, thanks to liberal license they use; - Private, low noise "by invitation only" boards for developers, pool operators, miners, investors, biz operators etc... ; - Support forums for business operators, allowing biz operators to moderate their threads as they see fit. - chat facility, for now limited availability i.e. only for seniour members of community, such as bitcoin developers, pool operators etc.. - mobile friendly Please do not hesitate to hit me in this thread on on the site with your wishlist for such site. Your feedback is greatly appreciated. If any business operators, pool operators would like to have own support forums here, please pm me and I'll set it up ASAP. It is possible to register and start contributing right now, if someone has such desire. The site is more or less functional already. |
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108. When seeing post like gat3way's you check if forum has some reputation system to award some negative rep.
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