Something that I think a lot of people don't realise is that if bitcoin were very easy to come by and acquire they would probably be worth a lot more than they are now.
There are only 6 mill. in circulation at present, if a larger proportion of the population could easily swap in and out of bitcoins, by the simple fact of the numbers involved, it would have to be for much lower denominations of bitcoins than are currently traded. A consequence of that is the average user who is now able to get his hands on BTC 250 for U$500 would probably only be able to get a tenth as much if 10 times more people are able to buy and sell them easily, for example.
There just aren't that many to go around and the more people that drop a few bucks into BTC the higher their value must go, as long as that nominal amount of $ going into BTC per person remains approximately constant.
At least a few people realize  |
|
|
|
Saying you want someone dead publicly is against the law? Isn't it covered by freedom of speech?
Where are you that you think you have freedom of speech? I guess you have a point; just the other day over here a senator (or perhaps it was a congressman or somthing like that) ripped the recorder out of a reporter's hand, took it home and erased everything in the memory before returning it to the reporter just 'cause he didn't like the question... Lol, still safer to interview senators than police I guess. |
|
|
|
Saying you want someone dead publicly is against the law? Isn't it covered by freedom of speech?
Where are you that you think you have freedom of speech? |
|
|
|
A potentially scary power on one hand, especially if future ASICs raise the barrier of entry to mining so high that only well-connected people can get in...kind of like banking now...
ASIC's wouldn't raise the barriers to entry in the long term. Only increase the overall security of the system for roughly the same cost. ASICs continue to exist in the modern world because they are cheap in quantity. An ASIC by definition is a custom piece of silicon. It's not something you can go pick up at Radio Shack. If someone goes and creates an ASIC for mining, and decides to keep the design private, then the only people who can compete with him are those with the resources to go design ASICs as well. Wikipedia puts it nicely: "the non-recurring engineering cost of an ASIC can run into the millions of dollars". Compare to an ATI 5970, at a current retail cost of about $650. If the someone who doesn't share the design is the only one with a design then yes, but that doesn't seem likely. And just because they can cost millions doesn't mean one that does some hashing will. |
|
|
|
@Mashuri @tomcollins
You've opened my eyes. Speculators serve society in their way. [No sarcasm]
Very cool. This is what should be happening on the internet. (Not that I mind cleverly placed carrots and pancakes) |
|
|
|
You can't use coins from a generate tx for 120 blocks.
I know but thats not necessary, the coins used to play aren't those which are generated by the found block, they're just some coins. The block is only used to undo the transaction used to send coins to the game owner. This works because the bet will be already played before somebody else can calculate the transaction into the blockchain (at least most of the times). edit: typos removed Oh, sorry. That's right I remember now. |
|
|
|
...we need a clear, widely accepted statement on the issue.
I like this statement: Either it won't be a problem, or if it does become a problem, it will be solvable. |
|
|
|
Sites up and fully working for me...
Weird, I still get nothing. |
|
|
|
i have shut old server completely to make sure nothing is messed up. so there is no web server to do redirect...
anyway, it's already runs on new server. I am keeping an eye on it and finish moving other stuff, but it should be playable now. (i hope so =)). So let me know how it works for you.
doesn't work at all for me. +1 for me... Used to work on my android phone, and now when I click table, it makes a pop up window and doesn't load... -EP So you are getting the site? I'm not even getting that. |
|
|
|
I think spreading out flyers redeemable for a small amount of BTC is the way to go. For the best impact, they should be spread in a tight-knit group of tech-savvy people -- a college, say. A flyer might look like this: Redeem this for 1 BitCoin, a new kind of money at: http://yourdomain.com/HXV13 <--- different path for each flyer printed Learn more about bitcoin at: http://www.bitcoin.org/If you and many or most of your real-life contacts have BitCoins, then using it as a medium of exchange seems like the natural next step... Simpler to point them to the faucet. And I think you get a steeply decreasing marginal promotional benefit from an extra .95BTC. |
|
|
|
Totally, but I think that data would be really useful to an A.I.
It could model it to use processing power to earn (through means other than mining) or steal Bitcoins, and use those Bitcoins to buy bandwidth, storage, processing power.
It makes the whole thing a lot easier for it.
If AI is able to steal coins people are probably not going to be storing much value in them. But yeah there will be a lot of data. |
|
|
|
|
Having a good money will help us advance tech possible to extreme levels, but it isn't going to BE intelligent any more than the phone system is.
|
|
|
|
Well sure, with bitcoins an audit is cheap and easy. With assorted physical commodities, you need a detailed appraisal. If you want to go through that every day, be my guest.
If you buy stuff with deposits that doesn't count as a reserve. Obviously a frac reserve bank will have assets, but if we're just talking about showing the reserve that should be in the same form as deposits. |
|
|
|
i have shut old server completely to make sure nothing is messed up. so there is no web server to do redirect...
anyway, it's already runs on new server. I am keeping an eye on it and finish moving other stuff, but it should be playable now. (i hope so =)). So let me know how it works for you.
doesn't work at all for me. |
|
|
|
i find it hard to see how economists have their livelihoods threatened by an increase in the popularity of bitcoin.
Their tenure contracts are denominated in fiat. edit: easy enough to hedge I suppose. |
|
|
|
And how would you know if they are telling the truth about their reserve? goverment audits  If I were running a private bank, I would probably agree to undergo up to one audit per year, conducted by any well-known audit agency at the expense of the party requesting the audit. Pfft, my bank will have free audits daily. |
|
|
|
I'm fine with fractional reserve banking, as long as there is no central bank. If people understand the drawbacks of fractional reserves, I think most will naturally gravitate toward banks with high reserve ratios, and only those that understand the risks will keep their money with a lower reserve bank. The threat of runs will serve as a market regulator of the reserve ratio.
I agree... the ratio should be chosen by the bank and it should be well publicized. Let the market decide. And how would you know if they are telling the truth about their reserve? goverment audits If they can't convince you that they have the reserve they claim then don't use them. Just like you don't go to mechanics or restaurants that suck. One really easy way to show the reserve would be to publish the reserve bitcoin address and demonstrate control of it periodically. |
|
|
|
Sounds like a problem of semantics to me. Makes no sense to have anarchist tendencies and ask for a mere banking tool to be outlawed. It sort of rubs me the wrong way that people who consider themselves free-market advocates are opposed to fractional reserve banking even when it's a publicly stated policy of a free, privately operated bank. Being opposed as in trying to take down the bank by force? When I read this sentence I just understand that free-market advocates refuse to use banks with fractional reserve policies. No anarchist is suggesting that frac banking be outlawed. It's just a matter of weather you think it's good, would do it, condone it, associate with those doing it. I don't think it's fraud if it's clearly stated. If you say "You can get your money anytime, we keep a 10% reserve." That's not actually clear and honest. "You can get your money if we have some, we keep 10% around." is pretty good. I mean a charity is fine. And names don't change reality so a 'bank' that says "We keep no money available for withdrawal, we'll pay you if we have money available." is stupid to use, but not fraud. |
|
|
|
|
Don't send to that address ffs.
|
|
|
|
I don't find the source (I read about it somewhere here in the forum) but I think it works like this:
The attacker has to mine for a valid block for this. When he found one, he must not yet submit it to the network. He sends you the coins and plays on your site. When he won, he's fine, no need to perform the attack (wouldn't be possible as you delay the payouts). When he lost, he's using the block he already found and adds a transaction to it to send the coins you currently 'have' with 0 confirmations to another address (one controlled by the attacker). He then submits the block to the net. Your coins are gone.
This of course requires that nobody else finds a block while the attack is performed, but there's a very good propability for this to not happen (I assume playing a bet on your site doesn't require much time, maybe not even a minute).
You can't use coins from a generate tx for 120 blocks. |
|
|
|
|
Show Posts
