Bitcoin will be the de facto decentralized currency. Bitcoin's value will rise over time, but I don't think BTC will be an national currency. Why?
Half of the 22 mil coins have being distributed, to something like 0.001% of the population? That's just not going to work. People who do not own BTC will not want to get on board for it to be an official currency as it means their wealth will decrease.
What did distribution look like 1, 2, and 3 years ago? Where is it clearly heading? |
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If I were an entity such as the Federal Reserve or US Fedgov I would be extremely threatened by Bitcoin.
This is the point where your reasoning goes wrong. The government isn't threatened by bitcoin. Why would it be? Right now it is just a nerdy internet cryptocurrency accepted by almost nobody (with the exception of sellers of black/grey market goods and services and hardcore proponents). It's main userbase scams each other on an alarming scale, and the network (mining) consists of a neverending arms race that ensures that eventually only the top x% can run it. Lets be honest, this whole thing will collapse itself eventually....it doesnt need the governments help. I agree that this is how government as a whole probably perceives it. There may be a few individuals in law enforcement or even politicians who see the potential of grass-roots programmable money - but I doubt it will truly be on governments radars as a genuine threat which is worth assigning serious resources, until large scale usage in particular areas of governmental concern actually occurs. They'll react once the volume of trade related to things like silk-road drugs, money laundering or bypassing of gambling laws is approaching billions of USD worth. Aside from large scale operations grabbing their attention - the other thing that could prompt action would be a highly public successful extortion or kidnap ransom type of event. (The Romney tax thing came close - but it'd have to actually be something that followed through and had serious consequences financially, politically or lethally) That sort of event aside - it would really surprise me to see them react pre-emptively against bitcoin whilst the entire Bitcoin economy is only on the order of a few hundred million USD. I could be wrong - but I see politicians and government bodies as far more reactionary than visionary, and no public servant or politician is going to gain much advantage tackling something that their peers don't understand and that the public doesn't particularly care about. Once the horse has bolted - then they'll stir into action. I agree with this and think that the individual opinion of gov worker vs what gov will 'think' and do is huge. Virtually no government worker who thinks bitcoin is going to deal major damage to government is going to go spouting their ideas and lose their job or be ridiculed, they are going to collect bitcoins. |
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Damn, all this time I've been using it to improve my life and just now I find out it's 'unpractical', that really sucks.
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That might actually solve everything, platinum out of thin air would be a neat trick.
But seriously this is nothing new whatsoever. They've been saying that a pile of paper/db entries is worth trillions of dollars for a very long time.
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When countries start using it out of necessity of foresight it still won't be a national currency, just like it isn't a drug or gambling or sock currency.
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It'll have about as much impact as an actual butterfly crash.
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Next we'll be bartering.... No thanks.
Lol, yes, the monetary cycle: Barter Gold Paper representing gold Paper Bitcoin Barter |
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Yes, this isn't simple improper display or reporting afaict, they've been matching incorrectly for years.
Mixing the books is fine if you do it correctly. Mixing them doesn't make 13.72 in USD lower than 13.71 in USD.
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It's definitely hard to talk well about Bitcoin, very good job imo. I'd never heard these guys, they sound a lot like FTL.
The network does not adjust to reduced mining power in 10 minutes, in fact it can take much longer than 2 weeks.
There is no reason to wait for more than 6 confirmations even for an enormous transaction. Your partner is absolutely not going to have ~45% mining power and count on luck to go faster than the network for 6 blocks. He can either rollback 30 as easily as 6 or he can't roll back 6. It's a much smaller 'lie' to say that 6 is solid than it is to say there are no fees.
The no fee claim bothers me but I know from previous conversations that you are fairly set on it.
If you had gotten into discussing mining like they wanted to you might have been in a sticky spot when they asked about mining incentive after the reward drops to zero, which it does btw, you seemed to imply that you thought it would get ever smaller without going to zero though I think you only said that it would not reach 21M, which is true (caused by reward going to zero, not getting infinitely smaller).
You pretty much hit all my complaints, although even if he was right about it getting infinitely smaller (which would be possible if we kept extending the number of decimals) it still not reach 21M. The sum of 1/2^n with n from 1 to infinity converges to 1. The bitcoin creation can be thought of as 21,000,000/2^n coins each four year period, so it will still never exceed 21M if we extend the divisibility infinitely. Right, if it halved forever it would fail to reach it because of asymptotes blah blah. But in reality it fails to reach it because of adding. |
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It's definitely hard to talk well about Bitcoin, very good job imo. I'd never heard these guys, they sound a lot like FTL.
The network does not adjust to reduced mining power in 10 minutes, in fact it can take much longer than 2 weeks.
There is no reason to wait for more than 6 confirmations even for an enormous transaction. Your partner is absolutely not going to have ~45% mining power and count on luck to go faster than the network for 6 blocks. He can either rollback 30 as easily as 6 or he can't roll back 6. It's a much smaller 'lie' to say that 6 is solid than it is to say there are no fees.
The no fee claim bothers me but I know from previous conversations that you are fairly set on it.
If you had gotten into discussing mining like they wanted to you might have been in a sticky spot when they asked about mining incentive after the reward drops to zero, which it does btw, you seemed to imply that you thought it would get ever smaller without going to zero though I think you only said that it would not reach 21M, which is true (caused by reward going to zero, not getting infinitely smaller).
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So i am to believe every bit of bitcoin profit.. None was sold to get a countries currency? Really? Pfft. I have a bridge to sell. Brb.
I specifically didn't say that. What I said was that I created the site in order to get bitcoins. gl w/ the bridge. |
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510, hmm, wonder why that number ;-)
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I bought in 2010 because of all of the halvings, so there.
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Hey guys, just came across this article on Ars Technica.. Bitcoin Based Gambling to Expand in 2013I'm impartial to the expansion of gambling and the use of Bitcoin with it, but I do think this will ultimately lead to an increased USD/BTC price overall (obviously not immediately). Thoughts? There won't be any price ups for as long as the one or ones dumping thousands of bitcoins on market once per week stop doing so. So in other words the gambling websites sucking usd from the chumps.... You dont think they created bitcoin gambling sites to just keep the bitcoins? Lol at the thought. That is why I created a bitcoin gambling site. So lol away at reality too I guess. |
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Seriously, if they wanted cash quickly a confiscated plane works pretty damn terribly.
You can't really currently say $80M worth of bitcoin please, since that is not well defined at all. You'd have to figure out how many coins you actually valued at around the same amount. I think right now $80M would be a super awkward mess and impossible if people were actually trying to get dollars quickly in a set amount, but $10M or so you could kind of work out, I'd prefer 400k BTC to $10M right now. I wouldn't be surprised though if in a year $1M value tx were not so bad and the outer limits was around $100M value.
Two and a half years ago it seemed similarly impossible to buy a car. Now a car's value dumped instantly on that one big exchange moves the price a few cents. You'll pay orders of magnitude more for registration in many states than you'll lose in the currency exchange.
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"Just use Bitcoin, which is the currency on the Internet."
This could honestly be like the slogan for the foundation or bit-pay or something.
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Hey, I know it's kinda part of your branding and whatnot, but is there any way you could throw some javascript in to the game page so we can "X-out" (iow get rid of by mouse-click) that little bar at the top of the game-screen? Multi-tabling is hard enough without 6% of my screen real-estate gobbled up by a not-at-all-useful-to-me div. I know (cause I do it every time  ) that one can get rid of it by using DOM inspector thingys but it's a PITA. FYI hiding the top div and setting the top property of the flash container (also a div, iirc) to "0" is all it takes to get rid of it. Thanks, -fa sn:whatev This has been accomplished thanks to FA! |
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Whoa. Mindblowing. Huge.
That is the last person I ever expected to be aware of Bitcoin's existence. Not sure whether to interpret his reference as supportive or disparaging. Given the context, I'm leaning slightly more towards the latter, but he was also smart enough to phrase it noncommittally.
Either way, like him or not (and I don't), there's no such thing as bad publicity. Yet another sign that Bitcoin is going mainstream. It's the widest reaching radio show in the USA, 15 million listeners.
Yeah, I agree it's huge. I see how the first sentence could be seen negatively, like if we're going to super dumb thing, lets just do kind of dumb thing. But I don't think that is even very negative. But then he just flatly claims that bitcoin is the currency of the internet. It's big. Not in the sense that it alone will do anything, it just reveals/confirms where things are at. |
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Is anyone on ATT DSL unable to access the site? My father is unable to bring up the site, or even ping the server.
Interesting. Looking briefly I see reports of ATT blocking 4chan so it seems quite possible that's what they are doing. If there isn't a good competitor in the area maybe you can get him one of the bitcoin accepting proxy services. |
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