The question is ambiguous. 

If I am using a table knife to tighten a screw on a wall outlet, you could hand me a real screwdriver and say we have replaced the table knife with a screwdriver. 

In the case of the dollar, it is a tool for extracting wealth from workers for the benefit of the counterfeiters.  Bitcoin can never take this role because it is not counterfeitable.  Thus, it cannot ever replace the dollar. 

However if you mean what currency you use to buy beer, then sure.. it can and has replaced dollar in many places. 

Attack of the newbies!  We will win at Waterloo. 

Is there some logic hidden here?  I don't see it.  Some guys in Japan hats borrow something (bitcoin, rice, dollars, yen, whatever you had in mind) and pay for construction or something.  How does this relate to the totally wrong statement that "The yen depends on the dollar"?  Maybe I need one or the other, they function entirely independently.  Burn one, you'll see: the other...  still exists! 

Well in the extreme, if they stop mining no TXs can go through and so the currency is worthless.

One also has to bear in mind that the security of a transaction against double spending is defined by the difficulty to control hashpower, which is to first order the real cost of the total block reward.  If the total block reward, fees and all, is just a few millies..   then you know you shouldn't trust much more than a few millies in a single confirmed TX with untrusted parties.   

This is all an elaborate way of saying that both these statements are true:  A) I'm not going to mine the coin if it's worthless  B) If miners aren't trying hard to mine it I'm not going to value it highly. 

The impact will be entirely positive.  NO currencies depend on the dollar.  How could a currency depend on the dollar??  That makes no sense at all.

You have a good point.  But let me ask you this: what is your evidence for the claim that the USD money supply increased by 500% since 2008? 

This guy is using IP over USD. 

You can, because they are the same thing. 

Hmm well the USD lost 99% of its value over the last century..  funny thing it looks like rice, beer, cigarettes, and silver are still around. 

You assume there is a guy called "the US government".  There isn't such a guy. 

Bitcoin currently inflates at 25 new coins every 10 minutes, roughly at 10% annual inflation.  Dude there's a reason the chart is stickied at the top of the economics section. 

The ideal inflation rate is one which increases the supply LOGarithmically.  In other words, the reward follows a harmonic series. 

A fixed rate of annual inflation, regardless of who gets the new coin, will debase the currency too quickly as people will eventually flee to other more stable coins. 

On the other side, with no inflation or a time period with too little, the miners will eventually flee and security will be reduced forcing large transactions to other chains. 

A logarithmic supply curve is the middle ground between these two concerns.  Every block is worth more than the one after it, so that a "early adopter" incentive always exists.  Meanwhile, there will always be a block reward -- despite the existence of a hard cap in total supply. 

It would be better than celebration if the US dollar collapsed.  It would be much better than the Enlightenment, and because of the size of our economy it would be even better than the great victories and transitions to prosperity and progress of the past.  It would cause a ripple that would have a devastating effect on the world-wide forces of destruction and the entire world will be buoyed to new heights. 

Thank you Tsaroz!

Lets stop describing obviously unenlightened behavior, real or imagined, as illuminated. 

Beautiful Sycamore thanks; a giant brontosaurus leg.  With baby tyrannosaurus there perched.      
Some maples here for ya.

OK Salim, well thanks for stopping by.  Sometimes people wearing headphones, chopping LOGs, you know how it goes.  I will send you prospectus; I thought you'd be interested!

 

LOG Trust - Request for Participation


I have been working for some years now in perfecting the art of building cryptographic trusts.  In continued experimentation I would like to build and manage a LOG trust to be held by some of the early LOG holders. 

Participation is free of charge, as I will be the sole benefactor of the trust.  However it will require some time in understanding how the trust works, and managing keys, in order to manage a stack of LOG.  I am seeking trustees who are interested to do this. You will be regularly compensated (a small sum of LOG) for participation.

I won't bore you with the details here, but if you are interested please contact me and I will send you more details personally.  You can use the forum message, find me on freenode #woodcoin, or email.  Thanks! 

funkenstein_the_dwarf

Lol, you know that captchas are inherently broken right?  I can always build a decaptcha service if the product is worthwhile.  Granted captchas have their use as script kiddie deterrents but they don't work for things like Ticketmaster and they certainly wouldn't work for securing a currency. 

The Sybil problem is not solvable.  There is no way to distinguish and individual person -  dna, fingerprints, etc. can all be forged in tests or manipulated by testers. 

Not enough.  To be misquoted or libeled in any advertisers fishwrap is surely grounds for execution. 

LOL!  This is classic, well done.