Bitcoin has some attributes of cash, but it is really not that exactly.
For a moment there, I thought this was your "Bitcoin in 15 words for Laymen" entry! |
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Suppose fees become a significant part of the generated blocks. Will you be passing those on to the customer too?
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Full marks for trying! :-)
There's no way to force the bitcoin client to spend a generated coin rather than a traded coin, by the way. And if there was, people would keep their generated coins for when they absolutely need the maximum anonymity.
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I'm not saying it's good that there will be non-backed bitcoin-denominated transactions. I just think that it's inevitable.
I hope that "actual bitcoin" will always be perceived as superior to "denominated in bitcoin".
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Bitcoin in 7 words for g6m3rz:
"All your bitcoin are belong to you"
Very clever, I like it! |
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Don't hesitate to give me 1, 10 or even 100 BTC.
I sent you one, because I enjoy reading your insightful posts. Don't spend it all at once on drugs and hookers! |
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I own 5600 Bitcoins. In the former case I expect they will be worth more than USD 1 mio, simply because to accomodate such use, the Bitcoin economy would have to expand more than 200-fold.
I don't think the purchasing power of Bitcoin will increase that much (although I'd love it if you turn out to be right). As Bitcoin becomes popular, more and more people will use "convenience" accounts that are nominally tied to bitcoin but not fully backed. A "coffee card" for Starbucks, for example, might be denominated in bitcoin, but Starbucks might not hold enough bitcoins to enable them to buy back all the cards (just as they don't hold enough coffee beans in stock at one time to fulfil all the coffee cards). Many people will buy things with bitcoin-based credit cards. Again, the denomination will be bitcoin but there won't be 100% backing. Even it bitcoin completely replaces dollars, I think it's erroneous to assume that 21 million coins must have a purchasing power equal to the value of the entire economy. |
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He specified that each chain would have separate difficulty
What's the advantage of that, compared to declaring that the "new" block chain will start with the same difficulty as bitcoin (and will automatically stay in step after that)? |
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The only thing that can really harm bitcoin is some heavy mathematics or a bug, which would break the cryptography used.
I think the sociological risks are dominant, and under-recognised. Suppose there is a virus that deletes the wallets of 1% of the Bitcoin users. I think that would give Bitcoin a bad enough reputation that it would not be adopted by the general public, only by tech-savvy early adopters like us. The "word of mouth" would be "Oh, I don't use Bitcoin. I've heard about how your wallet can just disappear." |
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I had Hal's question in mind when I made my post: So what does that mean for Bitcoin loans? Where would the money come from to pay interest?
Agreed. Within the Bitcoin economy there's no problem with interest. |
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... the lack of violence (eg Tax), is much more important than any service supplied by tax.
Why is it more important? The FAQ's argument was that it's not. On the one side you have tax extracted by violence, then spent (inefficiently) on whatever are the priorities of the government. On the other side, you have society paying directly (and relatively efficiently) for what it actually wants and needs. So the anarchist version has (a) less violence, and (b) better services. |
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The randomness of block generation follows the Poisson distribution. I'll leave you to work out the math, but 29% below expectation doesn't sound alarming. |
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I'm a fan of the Howard/Costello Govt, but I think their good management was matched by the good luck of the China Boom.
Contrast the Australian experience with the Blair/Brown government in the UK. Gordon Brown preached fiscal responsibility. He emphasized the need to get the national debt down to 40% of GDP. He claimed repeatedly that it was OK for the government to borrow at the low point of the "economic cycle", provided they paid it back during the good years. Of course the problem with that is that you can't know the duration of an economic cycle until after it has happened. As the 2000s progressed, Gordon Brown somehow convinced himself, the government, and the people that we were in the "lean years" and that now was the time to borrow. In fact, those turned out to be the boom years. So when the banks imploded, the UK was already in a bad situation regarding government debt. |
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I think its a fucking joke for you to ask for donations ... I may have to start my own server
What a great idea. Please start your own server, and don't ask for donations. |
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How is "success" defined for this wager?
It's a success if kiba can one day sell the $500 worth of BTC that he bought for more than $500.00 :-) |
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I just find it REALLY odd that the first day I mined Bitcoin on like 1/22 or so, I found 4 blocks. Then after that, (once a version was upgraded) I found nothing...
Generation is hugely variable. I have seen statistics for seven similar generators. In the same timespan they generated 1, 2, 4, 0, 7, 0 and 0 blocks. Go figure! |
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... there is no good reason any more to have that 'generate' feature in GUI client ... It has served it's purpose, now it's time to retire it. Agreed! |
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If you are generating with the GPU, you don't need to turn on "Generate Coins" in the GUI client.
You will know that your GPU is generating by seeing the khash/s figure that it is reporting.
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Apparently it's a trilogy.
A good move. The trailer looks great! |
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