|
3641
|
Bitcoin / Bitcoin Discussion / Re: Inflationary Bitcoin
|
on: July 06, 2011, 04:46:35 AM
|
The economy itself was already collapsing. Increasing the denomination of the currency is a symptom of a failing economy, not a cause.
I absolutely agree. With a 'normal' rate of increase in stuff produced the money printing class can siphon off a lot of wealth. If the rate falters and the printers don't slow down then it is revealed in the death of the currency. I think what is happening now is not that our productivity or rate of production is slowing down, but that we are producing a higher ratio of things they can't get. I am vastly richer than people in my relative position were in the recent past generations, but you can't squeeze nearly as much out of me because more of my wealth is leisure time and free information and access to you guys 24/7. |
|
|
|
|
3642
|
Bitcoin / Bitcoin Discussion / Re: Inflationary Bitcoin
|
on: July 06, 2011, 04:39:34 AM
|
So if inflation encourages spending since your saved dollars are worth less over time, isn't that a good thing? And the people that spend it stupidly actually deserve to lose their money anyway? Because there's nothing keeping anyone from spending their dollars on something that will appreciate in value or otherwise bring them more dollars. That sounds like a positive economic stressor to me.
Deflationary currencies do not encourage spending, and they in every shape and form DISCOURAGE lending with ANY appreciable degree of risk association. This seems like a wholly negative economic stressor to me.
In a lot of situations spending now instead of latter is stupid and inflation incentives that stupidity. People ought be taking resources for themselves at the latest convenient time, not asap and inefficiently holding. If there is a fixed monetary base and deflation that is a signal that there will be more stuff in the future. If there will be more stuff in the future and you can wait you ought be rewarded for not preventing others from using what is available now. |
|
|
|
|
3643
|
Bitcoin / Bitcoin Discussion / Re: Inflationary Bitcoin
|
on: July 06, 2011, 04:34:47 AM
|
Central bank printing would do exactly zero if every time they doubled the monetary base they also doubled everyone's savings. Think about it.
What about the mattress stuffers? I'm not sure individuals or businesses would be happy that the cash they were holding "on hand" was arbitrarily worth half as much or just a few percentage points in such a visible way. In the current system it takes months/years/decades to feel the effects of your buying power decreasing. Mattress stuffers are savers; you have to double them too. That's why "decimal moving" or renaming is totally fine. It magically covers everyone no matter where their coins are. |
|
|
|
|
3648
|
Economy / Marketplace / Re: Value of bitcoin dropping
|
on: July 05, 2011, 07:13:03 PM
|
Damn, I hope that doesn't become standard. Thanking people with a (broken) link to your blog and a request for donations?  Thank you for pointing that out Freemoney.The request for donations was written in error and am sorry for any offence that this may have caused.The offending text will be removed asap and the broken link corrected. UPDATE:The offending text has now been removed and the link is now functional (I hope) I don't care (not that it matters what I think) if you want to promote your blog, but to pretend it's a thank-you gift is weird. No problem, no offense taken. |
|
|
|
|
3650
|
Economy / Marketplace / Re: Show your firstbits - get 2 bitcents
|
on: July 05, 2011, 06:25:45 PM
|
|
I should have realized right away to take the site down. There are at least two addresses 1samr7 and it's change that will "reappear" before current blocks at some point in the future. This means that any new similar address could be told it's wrong firstbits address by firstbits.com until this is fixed.
|
|
|
|
|
3651
|
Economy / Marketplace / Re: Show your firstbits - get 2 bitcents
|
on: July 05, 2011, 05:20:54 PM
|
In block explorer, both his address, and the change address have their public key listed as "Unknown (not seen yet)", like they haven't sent anything yet. If that's what is causing the bug, simply having samr7 open his Bitcoin client should send those coins to an internal address, and (Hopefully) fix the issue.
You should not need to send from an address for it to get in. This is an error on our side, probably having to do with that missing public key since it's never happened before. But the public key should not be necessary. |
|
|
|
|
3652
|
Bitcoin / Development & Technical Discussion / Re: IDEA: Anonymous, revocable transactions
|
on: July 05, 2011, 05:34:58 AM
|
Unless I am missing something, what is accomplished by doing this in the blockchain vs doing it offline?
I.e., what does this do that I can't do with the following scheme:
1) Gen a new bitcoin address. Send coins to it.
2) Send the privkey for that address to the person I want to send money to (presumably, I would send it securely, by encrypting this privkey with their known publickey). But this would be done offline, e.g., by PGP encrypted email.
3) They spend the coins to another address of theirs.
There are three problems with this approach. First, there is no good way to send someone an encrypted email anonymously. Second, it requires a fixed contact point. If that's an email address, their ability to receive funds could be shut off by disabling that email address at its provider, registrar, or whatever. Third, there is no good way to automate the receipt and processing of funds. The transaction will be anonymous in the blockchain. But it will have several offline components that are vulnerable. It's encrypted, you can put in anywhere and you can trust any intermediary or any number of them, you don't need to log on to your email to do this. |
|
|
|
|
3653
|
Bitcoin / Bitcoin Discussion / Re: Transaction fees and speeding up transactions
|
on: July 05, 2011, 05:27:13 AM
|
|
Most of the places I go let me pay after I eat. In the real world almost no one will look you in the eyes, eat your food and pretend to pay you.
It might not be fundamentally hard to double spend with 0 confirms, but it's pretty hard to do it without the merchant hearing about your second spend right away.
|
|
|
|
|
3654
|
Economy / Economics / Re: What if money expired?
|
on: July 05, 2011, 04:52:13 AM
|
|
Since this money sucks I guess you'll have a lot of armed guards making sure no one ever refuses it and merchants will get constantly screwed taking money in the evening on the day of expiry. Sounds like the perfect tool for making society more violent and hateful, look for the US to roll it out in 6-12 months.
|
|
|
|
|
3655
|
Economy / Economics / Re: What can we expect the price to decline/raise to?
|
on: July 05, 2011, 04:42:48 AM
|
|
I just had a conversation in which the most brilliant economist to ever walk the earth explained why the value of bitcoin was going up 100x this year. Unfortunately, I can't remember any of his reasons or even his name.
Should I start a thread about it?
|
|
|
|
|
3656
|
Economy / Marketplace / Re: Show your firstbits - get 2 bitcents
|
on: July 05, 2011, 04:04:23 AM
|
I found a new vanity address and somebody sent me a cent on it (thanks). The transaction went through in 134798, and 25 blocks have been generated since. Yet, it hasn't shown up in firstbits yet! What's the deal?
Something strange is going on. I'll investigate. edit: The only addresses in the chain I've found that firstbits.com can't find are 1samr7 and the change address from that same transaction, other addresses from the same block work, including the generate address. I can't see anything unusual that could have triggered a bug. |
|
|
|
|
3659
|
Bitcoin / Bitcoin Discussion / Re: What will make BitCoin rise in value?
|
on: July 04, 2011, 07:57:54 PM
|
Moving the decimal place and keeping it moved. We need for people to be able to get 60+ bitcoins for $10. Ideally bitcoins should be worth about 5-15 cents.
"moving the decimal" in that way is fraud. What people can get cheaply is bitcents or bitmills. |
|
|
|
|
Show Posts
