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Despite being modeled as digital gold, bitcoin isn't: gold has intrinsic value (it would have value if it were not a medium of exchange), though the intrinsic value of gold is a lot less than the exchange value.
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Namecoin has intrinsic value. Does that mean namecoin comes closer to digital gold than bitcoin? What because you do something in the Namecoin system with a namecoin that is intrinsic value? You can do something in the Bitcoin system with a bitcoin too. |
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What would happen to the price if it turned out we all misread the code and the halving won't be happening?
Point being that we've all always known. The halving is a part of bitcoin and has been influencing the value since the beginning. In my opinion, without halvings no one ever adopts bitcoin and the value is 0. So the halving does way more than double the price, but it doesn't do it when the halving happens.
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Hmm... if everyone gets paid back then there will be a lot of BTC in peoples accounts. But will there be interest in converting it back to fiat?
Possibly he can't use the volume and so is taking it private again... We all said no legit business would pay these rates as opposed to getting a fiat loan. Maybe he did just that!
If he did that he's a liar because he said he's closing and that's why it'll take a week to wrap up. |
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Just 0.1BTC to get in the 5BTC guarantee. Saturday 6pm ET, register early, don't miss it, no late registration is possible.
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...you're not trading with a company or robot (for the most part) like in the actual stock exchanges. You're trading with a person...
You sure about that? |
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it would also be reassuring to know satoshi had the biggest bag full of fairy dust. if he really had a million coins, at least then we'd know who's daddy.
For you maybe. For others it would just confirm their views that it was a scam all along. It's more of a scam if it turns out everything will be the same as ever before: good old government holding the biggest assets regulating global markets. *yawn* If Satoshi had STARTED with ALL the coins it still wouldn't be as bad as government. They get endless multiples of all of it at will. It's not just a rigged start with them, the rules are rigged by them too. But anyway, anything Satoshi has he got by playing by the same rules as all of us. |
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There would need an economic majority before a fork would be likely
Thanks all for your replies. For me this one spelt out the bit I hadn't grasped. If 99% of the users representing only 2% of the supply/demand/wealth go and do something else, the effect on bitcoin is low. Maybe one day we can find a way to artificially decrease the supply of inflation threads... Artificially decreasing the supply would be the only way to make them valuable, and I'm not sure that would work.  |
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Dollar: backed by nothing, made of paper which has poor attributes
Gold: backed by nothing, made of gold which has awesome properties like being denser than almost everything, never rusting or corroding, being malleable, etc
Bitcoin: backed by nothing, has incredible properties like near instant transport to anywhere on Earth, can be combined and split easily, can be hidden easily, can be backed up.
Backing is garbage. It's a promise to deliver something that usually last until someone wants a lot of delivery. The dollar used to be backed by gold, we saw how that turned out.
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no one mentions it cause... well, it's garbage. seriously - i checked it out for a couple hours. it's tragic.
What is the problem in your opinion? |
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there's no way we've lost 1.5 million Bitcoins.
I don't think that many are totally lost, but it isn't impossible. It was a toy for over a year, 0 value, no market for buying or selling them whatsoever. Hell, it was over a year before someone bought 2 pizzas for 10000BTC. People downloaded, mined for a few hours or longer, had 50 or 1000 or more coins totally forgot about it, sold the computer, formatted the drive whatever. i still doubt it. i remember SgtSpikes thread closely and even added my few lost coins to it. that thread was active during the first parabolic rise when all the early adopters were still hanging around and i would think that anyone who lost a huge chunk of coins would've revealed it there. 38000 or so is a long, long way from 1.5 M. That's just people who remember that they lost coins and are still here and are willing to share that fact. it sucks knowing you formatted $100000 but it doesn't suck as much as your wife knowing about it. The early adopters were still here (some at least) but the early try it and forget it aren't necessarily. But really I'm not arguing for 1.5M. I don't know. |
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OH ya, BTW! I am looking to buy the public/private key pair that was assigned the first bits of 1gig.
Inquire Within
Just in case you don't realize, you'll have to trust this person forever to not spend coins sent to that address. Very true. But I think we are getting to the point where agreements like this are going to have to happen. Not sure how. We are all writing the book as we go along. Yeah, people are and will continue to trust each other for large amounts, but you're talking about trusting a completely random miner forever for some unknown amount of money and paying for the privilege. If you always move funds out only one transaction at a time will be at risk, so that's something. |
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OH ya, BTW! I am looking to buy the public/private key pair that was assigned the first bits of 1gig.
Inquire Within
Just in case you don't realize, you'll have to trust this person forever to not spend coins sent to that address. |
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I dunno what Satoshi was thinking but his coin bit me.
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One thing we can safely assume is that the dollar won't be worth $5000 in 20 years.
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there's no way we've lost 1.5 million Bitcoins.
I don't think that many are totally lost, but it isn't impossible. It was a toy for over a year, 0 value, no market for buying or selling them whatsoever. Hell, it was over a year before someone bought 2 pizzas for 10000BTC. People downloaded, mined for a few hours or longer, had 50 or 1000 or more coins totally forgot about it, sold the computer, formatted the drive whatever. |
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I think some general education about forking the block chain is in order -- for myself included, as I am not an expert or terribly well-informed. However, I believe that if such changes were to occur, they would have no impact on those already holding Bitcoins. These new rules would define a new crypto currency and people would likely give it a new name; however, if they didn't, it would be really confusing.
Right. Even if 50, 90 or 99.99% of people start allowing 100 or 1000 new coins per block or new coins for some other reason your client will reject them because they are not bitcoins. You have to decide to allow fake coins by changing your software. In practice this will never happen because it can't get started. It's really as silly as writing down that you have more bitcoins on a piece of paper, no one else accepts that so what value is it to you? A merchant (any person) won't want them because no one else takes them. I'm not saying this logic is completely foolproof, it's the same reason I don't think alt coins will gain traction. Of all things like bitcoin, bitcoin is the best because it is the most widely accepted so more people accept it and the gap grows. As soon as you make one change you lose this huge network effect. |
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If anyone is certain pirate is running a ponzi and wants to bet BTC100,000+ against him, PM me. I have an idea. You must be willing to risk large amounts of BTC.
I hope the idea is "Pay 6% until Pirate collapses" to lure away enough Pirate capital to break him. |
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Satoshi might actually have less than many others. Remember how he urged the community to a gentlemen agreement of people not going into an arms race with GPU mining too fast? His focus was mostly on making the code work.
He most definitely had his CPU mining for quite a while though.
I think that was just because he wanted as many normal people to be able to mine as long as possible. Also seems a selfish thing for a CPU miner to ask, i kid, i kid, I'm in the satoshi cult. |
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10BTC guaranteed prize pool tonight at 10pm ET, just 0.3BTC to enter. Not sure if this will be every week yet or not. The 5BTC guarantee, 0.1BTC on Saturday at 6pm ET continues for sure. And of course the big 60BTC on Sunday.
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For some reason I thought it was more like 2,000,000. Don't know where that idea came from but was in the back of my mind for some reason.
That's almost a whole year of coins. If he never mined hardcore, which I really doubt he did, and if even a few people mined as much as him in the first year it's got to be at most 1/5th of that. |
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