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2843
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Economy / Economics / Re: wages in btc
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on: January 28, 2012, 11:09:17 PM
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just convert your wage into bitcoin
This is the most practical. You are going to need some of it in dollars anyway right? If it was reasonable for the company to earn some revenue in bitcoins maybe mention that you'd be willing to take them as pay at market value. Perhaps eventually you can get them to commit to an amount denominated completely or partially in bitcoins instead of just paying the dollars owed via bitcoin. |
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2845
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Bitcoin / Bitcoin Discussion / Re: All The Fees
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on: January 28, 2012, 06:44:30 PM
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Indeed they are calculated into the cost of running the business, but I don't see them. I prefer my fees to be paid by the seller too.
This allows me to always see the actual prize I have to pay for a product, which is all I am interested in.
Mike Hearn has suggested that in the future people may accept 0 fee 0 confirm tx for reasonable amounts and only when they total something significant attach a fee which cannot be claimed until all the dependencies are also confirmed. This kind of lets the receiver pay. But really we're talking about occasional tiny fees right now, it doesn't seem like a problem. |
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2847
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Bitcoin / Bitcoin Discussion / Re: Convince me that the bitcoin elite cannot become the next Rothschild family
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on: January 28, 2012, 12:37:02 PM
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I want an explanation for why the creator of this brave new economy chooses to remain anonymous.
I find it strikingly odd that 3 US presidents who were vehemently opposed to central banking were assassinated. A 4th, Jackson, had an attempt on his life...
...Digging an inch below the surface reveals that he was bucking the central bank system, and the powers that be simply could not allow that...
Could be related. |
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2850
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Bitcoin / Bitcoin Discussion / Re: All The Fees
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on: January 27, 2012, 07:16:52 PM
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Fees for convenience?
Bank->Dwolla = free
Dwolla->MtGox = $.25
MtGox->BTC = typically .5% to .6% for majority of users, I imagine
$1,000.00 Transfer
Total exchange fees for Bank(USD)->BTC = .6% + $.25 = $6.25
Fee for transaction in the same currency using Paypal? 2.9% + $.30 = $29.30
$1M is kind of a bad example. With Bitcoin you'll move the market against you, with PP you have some solid chance of getting it frozen or taken. For $100-$10k Bitcoin kicks ass even if you have to come in from the outside. If you've already got coin it's great from a few cents up. Everyone should have a little bitcoin revenue stream imo. |
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2852
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Economy / Speculation / Re: Block Reward changing to 25 BTC in November-December 2012
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on: January 27, 2012, 05:46:50 PM
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Just to clear up a few things.
The 21 million coin limit isn't in the source code anywhere. What is in the code is a subsidy that is cut in half every 210,000 blocks. Actually, it is an integer right-shift instead of a division, so some of the shifts take slightly more than half of the subsidy away. The sum of the sequence as the subsidy shifts to zero is what gives the limit just under 21 million coins. So, changing the coin generation system would require more than just commenting out the subsidy calculation.
And a few miners can't just decide to keep cranking out 50 BTC blocks and expect the rest of the network to just accept them. Not at 51% of the hashing power, not at 70%, and not at 100%. They would need to create a whole new network of nodes that accept them as valid. The miners have a lot of power, but they can't force the network to accept invalid blocks as valid.
Also, we aren't approaching the end of the Mayan calendar any more than we were approaching the end of the Julian calendar in 999 AD. They just didn't bother adding another digit on to their system, and didn't survive long enough to need to.
This. Plus even if you manually add in a 21M cap, you'll get: 50, 50, 50, 50, 50, 50, 0 Seems like trouble. |
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2856
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Economy / Services / Re: New site - BitcoinHorn.com - Get your message out
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on: January 27, 2012, 04:27:18 PM
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why does the price look like it's much more than doubling?
are there some tweets being paid for that aren't being sent?
I was testing some things last night including price override and changing the decay speed. There was one tweet that didn't go out because it was over the 140 limit. We'll have a check on that soon and not let you proceed when the message is long. |
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2858
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Economy / Speculation / Re: Block Reward changing to 25 BTC in November-December 2012
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on: January 27, 2012, 08:50:52 AM
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So the result of a halving of the block reward will be a smaller downward pressure on the price from miners only selling half the amount of BTC that they were selling before. But the effects of this are impossible to determine without knowing how many BTC are bought per day (and kept), as this would have the opposite effect on the price. The magnitude of these two opposing forces seems to determine the effect a 25 BTC block reward will have on BTC prices.
Exactly. The supply is only half of the equation. If buyers of coins are very price sensitive then when less becomes available they'll just buy less, a slightly higher price will stop them in their tracks. If they don't care much about the price their demand could push prices very high assuming we're somewhat balanced when 7200 are coming in yanking out half of the new will have a big effect. |
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