I'd like to ask you guys if you can help me get 100 or more followers on Twitter. Opening day doing that would be helpful.
Fan it on facebook if you wish if you don't user Twitter.
Just followed. 13 so far, 87 to go. |
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My politics are closest to voluntarism. So I don't like any mandatory taxes.
Yet I would prefer the proposed regime better than the redistributionism that we already have, for a few reasons:
- if it was done in conjunction with a flat tax (flat percentage taken in taxes, flat dollar amount returned), it would be much simpler and therefore require much less administration
- it would be more honest and transparent (about the fact that we're stealing from some and giving to others) than what we currently do, in the sense that it "admits" to being income redistribution
- everyone is a welfare recipient, thereby eliminating a government-reinforced class distinction
- people are free to spend their welfare as they please (versus e.g. food stamps)
- under the proposed regime, at least your income increases monotonically with respect to the amount of value you add (versus the current one, where for an increasing percentage of the population, it pays to quit working)
Isn't this the wrong board for this topic?
The problem is that the "low class" (welfare recipients) don't even get 10K/year in redistribution. Where's the rest going? To the Fed (owned by rich people), oil companies (owned by rich people), and to corruption (benefiting rich people). The system described would be almost fair. But so long as the rich and powerful remain in power, we'll never have it—they want taxes to continue lining their pockets. |
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hi everybody!
i've been reading here for a while and by now i think i understand most of the aspects of bitcoin. but i really don't get, why the total amount of BTC is limited to 21M? as far as i know, there is no limited fiat currency out there!
if bitcoin refuses to fail and gets more and more accepted a limited amount means ever increasing deflation which rewards hoarding over spending?! sounds more like a bug than a feature to me. at least in the long run!
xx
viajero
Bitcoin's only method of money supply contraction is through destroyed coins, which are proportional to holdings. Holding coins effectively carries a risk and storage fee, so people will not have incentive to hoard. |
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I have no idea how to implement this, but I thought it would be cool if the forum provided an API that allowed websites to add a "Sign in with BitcoinTalk account" feature. BitcoinTalk is the premiere Bitcoin community website, and it would be much more convenient for a Bitcoin-related website to simply bootstrap on a BitcoinTalk account.
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This is a gigantic waste of money. An Avalon mining rig would use less power and cost 10% of your rig, for the same amount of hashpower. Your setup is depreciating so fast it is more efficient to avoid the sunk cost fallacy and sell the entire thing now. All it will accomplish if it runs is contributing to global warming.
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3. Bitcoin supporters hate fiat currency and the Federal Reserve.Status: MythWhilst it is true that Bitcoiners tend to reject the Keynesian school of economics, the world's dominant school has no reason to fear Bitcoin. Bitcoin does not eliminate the Federal Reserve; rather, it contemplates it. Many Bitcoin supporters see Bitcoin not a challenge to central banks, but rather a novel way of sending currency the central banks issue. Companies like Bitpay advocate for holding zero Bitcoin, and instead using it as a system to instantly send money from one hemisphere to another. The beauty of Bitcoin is that it can be used how one wishes. Many Bitcoin supporters identify with pro-Fed political factions, such as the Republicans. In fact, Bitcoiners represent a wide political spectrum; there are socialists, liberals, greens, libertarians, conservatives, and just about any other party represented. See this study to better reflect upon the diverse political beliefs of Bitcoiners. In conclusion, Bitcoin is apolitical. It is fantastical to assume that all Bitcoin users identify with Ron Paul or other anti-fiat factions. Can you provide any evidence or is this just intuitive conjecture? Because every single interaction I have with Bitcoiners so far is they are goldbugs and believe in a gold backed money whose money supply can't be controlled by any central authority. And the foundation white paper for Bitcoin specifically says its debasement curve is modeled on gold (which is absurdly false and surprised no one has noticed, because it occurs over a decade or two and gold's was over millennia). You claim they don't want to replace the Fed and are content to be symbiotic. As what I see, the Bitcoiners SUBCONSCIOUSLY want Bitcoin to become the dominant currency, because it can't become a stable currency until it is: http://bitcoin.stackexchange.com/questions/8639/how-can-bitcoins-be-used-for-daily-currency-if-their-value-changes-erratically/8647#8647Also I don't think many people have yet realized that the recent FinCEN action essentially killed Bitcoin, because now it is impossible to remain anonymous unless you only hold and spend and never exchange for other currency, yet this requires a stable value. A massive chicken-and-egg dilemma now for Bitcoin that FinCEN created. Any way, I would like to hear your thoughts? I am personally not a goldbug. I also do not believe anonymity is important for Bitcoin; however, this is my personal opinion. Different people will use Bitcoin for different reasons. |
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Also, stating it is a bug fix is a) objective
No. It is a bug. For the most part the devs recognize it as a bug as well as most of the community. It is software not behaving to the specification and failing, and there is a fix. 0.7.2 clients do not recognize valid blocks that while large are within the size limits. Telltale signs of a bug: - The client will actually create blocks it rejects.
- Nobody knows about the behaviour.
- We still don't have a simple formula that can determine a block's validity perfectly.
The block size limit is not raised by this May 15 fix. Blocks of the maximum size (1 MB) are already possible. The bug fix simply allows the client to parse some specially constructed blocks with a large number of txins or txouts, which it should always have been able to. |
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What people don't realize is that Bitcoin only deflates if the economy is growing. "Lost coins" produce a demurrage effect, which is cancelled out by deflation. If the economy is shrinking, Bitcoin will actually inflate—maybe not in price, but effectively so.
The 2% lost coins every year is equivalent to a 98% expected value of Bitcoins after one year. This is effectively demurrage; people will not hoard the coins unless the economy is growing and profits are decreasing.
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Is GDP really counted as the total amount of currency traded over a year?
GDP = consumption + investment + export − import The first two terms are approximated by amount traded over a year, so: GDP ≈ amount traded over year + export − import Exports and imports are hard to define, really, so we set them to zero and get: GDP ≈ amount traded over year How do you get trade over a year? Doesn't the automatic "change" make the amounts uncertain? Why not add up the estimated throughput of the 100 largest businesses? The result will probably be somewhat less impressive, but likely more real. Blockchain.info gets rid of the change for me; I'm not sure how they do it but I expect it to be more accurate than "add the throughput of the 100 largest businesses". |
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"Total" implies adding all the values which is clearly not what's being done.
That is exactly what is being done. If a bitcoin trades at $65 then the total dollar valuation (TDV) is the sum total of each bitcoin that exists at the trade value of $65. Or am I misinterpreting your comment? It isn't because not all bitcoins market at the same value. Bitcoins that have been destroyed, for example, have no value because they are not of any use. The term "market capitalization" is therefore better than "total dollar valuation", because market cap includes those assets which have low or reduced value (e.g., the market cap of a company includes unreleased and dead shares). |
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Is GDP really counted as the total amount of currency traded over a year?
GDP = consumption + investment + export − import The first two terms are approximated by amount traded over a year, so: GDP ≈ amount traded over year + export − import Exports and imports are hard to define, really, so we set them to zero and get: GDP ≈ amount traded over year |
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Some interesting statistics.
Population: ~2000000 (estimate) (#148, after Botswana)
Estimate based on growth thanks to Max Keiser's 1000000 campaign.
GDP (last 365 days): $1.269 billion USD (#172, after Dijbouti)
Blockchain.info.
GDP per capita: $634.50 USD (N/A)
The average Bitcoin user grosses $600 USD annually in Bitcoin. Bitcoin seems to not yet be a significant portion of most people's lives.
Monetary base: $730 million USD (#120, after Fiji)
Based on total mined rounded down to approximate currency destruction.
Any others?
I'd be interested to see the rate of crime for this "country", the rate of "incarceration" (scammer tags, outcasting, etc) and the health of investments, stocks, bonds, etc in the businesses of this "country". Are there any other countries where ponzi schemes are so prevalent?  While data for financial crime are hard to collect, this country incidentally has some of the lowest rates of violent crime  . |
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Some interesting statistics. GeneralStatistic
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| Ranking
| Source(s) & Note(s)
| | Date of independence | 2009-01-03 | —[1] | Date of the genesis block, de facto beginning the Bitcoin experiment. | | Population | 155200[2] | #178 Saint Lucia
#179 | 2328 stores on CoinMap at estimated 0.015 stores per capita. | | Government | Decentralized governance.[3] | — | | | Demonym | Bitcoiner | — | |
EconomyStatistic
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| Ranking
| Source(s) & Note(s)
| | GDP | $15.943 billion USD | #111 Brunei
#112 | Blockchain.info; estimated transaction volume over last 365 days. | | GDP Growth | 2549% | #1 | As above measuring 1-year change. | | GDP per capita | $102770.62 USD | #2 Qatar
#3 | Average Bitcoiner has very high standard of living. | | Inflation Rate (CPI) | −98.2% | —[4] | One-year. Based on XBTUSD and USD CPI. | | Military expenditure | $342 million USD per annum | #86 Botswana
#87 | Miners' revenue (last 365 days), blockchain.info.[5] |
Currency (Millibitcoin [mXBT, mBTC])Statistic
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| Ranking
| Source(s) & Note(s)
| | Value | $0.92 USD | #11 Canadian dollar
#12 | Bitstamp. | | Lowest denomination in common use | 0.00001 mBTC | —[6] | Lowest allowed over network. | | Value of Lowest denomination | $0.0000092 USD | —[7] | Third-lowest value of any lowest denomination in common use; only Uzbekistani tiyin and Burmese pya have lower valuations. | | Monetary base | $11.62 billion USD | #75 Zimbabwe
#76 | Based on total mined rounded down to approximate currency destruction, in addition to an estimated 1 million in deposits, subtracting an estimated 1 million coins suspected to be lost permanently. |
Footnotes- [1]: What constitutes a “country” is subject to much political dispute. It is generally accepted that the given date is after the independence of Montenegro but before the independence of South Sudan.
- [2]: It is important to clarify what is meant by “Population”. Evidently, there are many possibilities for defining this term. If every person to know about Bitcoin were to be included, that would be akin to including all people who know about a country in that country's “population” figure. If every person to have ever touched a Bitcoin (or part of one) were to be included, that would be akin to including every tourist who once stepped foot in a country as part of the country's “population”. It is the opinion of the author that counting Bitcoin merchants is the most effective way of generating a realistic number for population.
- [3]: The author opts not to mention the Bitcoin Foundation, as its equivalent in most countries is not the government but rather a non-profit.
- [4]: Hyperdeflation is extremely rare. Bitcoin's inflation rate would be far lower than that of any other country. It would be misleading to present a ranking and a nearby country as that would imply similarity between the numbers.
- [5]: The Bitcoin network “pays” miners to defend the network from 51% attacks. Thus, defence spending can be equated to the amount paid to miners. Defence spending for the Bitcoin network is extremely efficient thanks to the built-in market dynamics; only the best miners are selected and paid and there is little to no corruption or waste. In a way, Bitcoin is the first 100%-efficient military.
- [6]: Due to the differing units, this cannot be ranked. However, it is interesting to note that more decimal places are supported than other currencies.
- [7]: Because this ranks among the lowest few, it is difficult to give an exact ranking. This difficulty is compounded due to the ambiguity apropos the word “currency”.
Any others? |
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It's the "within the next 25 years" part that makes the quote funny. Representing time with a signed int doesn't become a problem for a long time, so Satoshi was being sarcastic.
Am I the only one who finds this quote funny? Maybe it needs more context.
Necro! It turns out that this post contains an error; representing time with a signed int will in fact become a problem in only 25 years—exactly what Satoshi said. Thread necromancy is better than starting a new thread, because things are less fragmented. Plus, this is the newbie section, and more topics on the same subject are exactly what it needs less of. |
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I'm starting a bitcoin (and other cryptocurrency) related site, and I'm hoping to sell some ad space on it. If you're interested, PM me and I can give you some info, screenshots, etc about the site before it launches, and you tell me what kind of ads you'd like on it, and what you'd like to pay, and see if we can agree on something.
Site first, ads later. Get some history and some traffic and you'll have no problem getting advertisers. If nobody gets in touch with you, I'd suggest first starting out with something like anonymous ads or coin url.com. (Stay away from bitcoin advertisers .com) Yeah, I was checking btc advertisers out, and they seemed pretty horrible. Been using coinurl's adfly-type service for a while, and I lie them a bit. I'd prefer individualized ads like I as talking about, but I could use coinurl in the mean time. Btc advertisers site isn't particularly bad but it's run by a suspected scammer. Many reports of non-payment and other issues. A confirmed scammer, actually. |
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BTW, "Username of email" should probably be "Username or email".
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I guess in theory we could do this, but I see no practical application...
Proof of work
Get a hash of the block header.
Hash that hash.
Repeat [difficulty] times.
Store the result in the disk, as well as the final hash.
Verifying the proof
The verification relies on all miners doing their part. A node selects various random start points and end points. It queries the miner about those two hashes, and verifies correctness. As these would overlap, the miner cannot cheat or he will be discovered by many miners.
As long as the difficulty is high enough, it is not practical for the miner to compute the hashes at will; instead, they have to be stored.
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I sometimes feel that the course of events in the near future will be very erratic. As soon as Avalon announces the imminent opening of Batch 3, it feels as if hundreds would rush to move assets into XBT. And once Batch 3 opens, I bet it won't be half an hour before it sells out.
The question is, why? Participating in an ASIC lottery is little better than participating in a regular lottery. Why is there such a rush to queue? Is it for the thrill, is it the gambler's fallacy, is it something else entirely? It almost feels as if Avalon will be the next SatoshiDICE—when measured by how much money people lose, and lose gladly.
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