It is the year 2030. The good news, 1BTC is worth $100. The bad news, a gallon of milk is $20.
How is that bad news? (Disclaimer: invested in dairy farms and btc.) |
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Can't wait for the article that goes,
"The Bitcoin company is oppressing its under-paid miners, forcing them to work long hours ...." cue picture of dirty gold-miner guy
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That's an interesting perspective. So you are against civilization in general, I take it? No. I have no idea how what I said to lead you to make such a huge, tangential jump ... "some people's minds work in unfathomable ways" is all I can say to that. On another tangent, measuring the temperature (or other primitive variables) of a complicated thermodynamic system is never the same thing as measuring the energy and you would need to observe much more than just the energy to successfully control such a system (look up control theory, specifically observability, controllability, non-linear and/or multi-variable systems) .... .... why would measuring economic growth be worth diddly squat? ... let alone pursuing a central-planned, society-wide mad goose chase to "control" it? |
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First you might start by asking,
"Why measure economic growth?"
as sure as day follows night when "economic growth" began to be measured then an army of centralising bureaucrats, politicians and sundry do-gooders were advocating their "solutions" to fix, improve, etc "economic growth", gathering power, influence and favours upon themselves in the process ...... a thing that up until that point, no had even known was broken.
Any social metric, once conjured up, will forever after be used as a pretext for laws to empower the State to interfere in individuals' lives, for their own good of course.
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There is a much greater issue here that also points heavily towards a possible long term success for bitcoin ... "too big to prosecute" The banks are so vulnerable and weak (due to the unmasking of their confidence scams of fiat money and fractional reserve banking) that the State dare not pursue them for ANY crimes since the whole edifice may collapse around them ... who cares about money laundering when the whole system may lock up in an instant? They will able to run amok without fear as long as this situation persists. The prosecutors themselves are now openly saying this is the case (others wiser have known since 1998 LTCM affair it was so, moral hazard). http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9743839/Banks-are-too-big-to-prosecute-says-FSAs-Andrew-Bailey.htmlThe largest banks have become too big to prosecute because of the impact criminal charges would have on confidence in them, Britain’s most senior bank regulator has admitted. |
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http://www.bbc.co.uk/news/science-environment-20629671While the frequency of the electricity supplied by the national grid is about 50Hz, if you look at it over time, you can see minute fluctuations in the order of a few thousandths of a hertz.
"It's because the supply and demand is unpredictable," says Dr Cooper.
A decade ago, a Romanian audio specialist Dr Catalan Grigoras, now director of the National Center for Media Forensics at the University of Colorado, Denver, made a discovery: that the pattern of these random changes in frequency is unique over time.
And then could use an agglomeration of sources from different grids in different locales to verify time against each other also .... obviously mining would no longer be needed to prevent double spending.
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Would it be fair to try to account for "lost coins" when determining the monetary base? There were estimates based on history of coin age of ~2M coins lost back in the sub-cent days.
Yeah, I'm skeptical of this ~2M figure that gets bandied around .... you could watch the blockchain to see when/if those old coins ever move. Maybe after a generation (70 years?) you could say they are "lost" ... unitl then I'm going to be conservative from a prudent savers perspective and assume they could be mobilised. |
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Pizza ... it would be great if someone could get 2 pizzas delivered to my place if i sent them some bitcoins (say like 10,000)  |
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What would I like to buy with my bitcoins? Obligatory troll: Cars, racehorses, boats, mansions, islands, girls ... not necessarily in that order  or more seriously; computer stuff, food, mortgage payments, kids crap, petrol, clothes, house stuff ....  |
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I think that calling it "Market Cap" is missing the point and also misleading.
It is actually the value of MB (monetary base) money supply for the bitcoin-based economy.
And would like to see it posted in gold oz as well as usd, eur, etc.
10,549,725 BTC
Base Money Supply based on latest prices :
143,476,260 USD
or 110,824,861 EUR
or 92,094,774 GBP
or 83,904 ozAU
(note: total value of bitcoin stock is equivalent to merely 2.88 tons of gold)
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I'm so glad someone put this up ... $45 billion of MBS AND $40 billion of UST-bond purchasing (i.e. money printing) is now being carried out by US Fed. Res. .... indefinitely or until "economy improves". I was going to post same topic yet titled "US Fed. Res. now Printing US$32,973 per second" ... to make it seem more comprehensible, yes I know it is fantastical but it is really happening. http://www.zerohedge.com/news/2012-12-12/fomc-does-exactly-what-market-told-it-do here's what the skeptics are muttering. In the not too distant future bitcoin inflation rate may drop below US$ inflation rate |
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Sounds to me like you should be using a more secure system for transacting with Rabobank .... like bitcoin network for example.  Just get them to hold a bitcoin account with you and vice versa and settle up like that. |
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Watts/user could only be a useless metric dreamed up by an economist ....
watts/unit-value is the only thing that would make sense for an apples/apples comparison.
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I thought the reference to CP was the most glaring (and damaging) error in the article. SR does not allow trade in CP. In fact, this is the first reference I've ever seen that btc are being used for CP ... is there any evidence whatsoever to back this statement up?
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After considering the criticism of my Armory Pi setup, I spent the day learning serial ports, (more) python, and Armory. I'll release the codes tomorrow, but my solution is pretty sweet. I disabled the serial terminal and replaced it with a program that listens for unsigned transactions. When it sees one, it unlocks the wallet with the passphrase entered on the Pi's own keyboard, signs the transaction, and sends it back over the serial port. The other modification is to Armory, specifically the first offline transaction screen. Along with "Save as file" and "Copy to clipboard" options, there is now a "Transmit over serial" button, which does just what it seems. When it receives the signed transaction back, it automatically advances to and fills the text box on the transaction broadcast screen. Okay, this raises the bar significantly. Basically, you have built yourself a RasbPi minimally-connected 'hardware' wallet for Armory ... good stuff. |
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There are plenty of recorded instances of people using paypal and credit cards to pay each other for child porn.
I find it truly bizarre that in some sort of self-flagellating attempt at pre-emption - any Bitcoin evangelist would mention child porn in a pitch.
+1 Who invited that fool, Powell, to the conference? Who thought it would be a good idea for him to pitch bitcoin? *facepalm* To my left stands the least likely Money2020 attendee I can imagine. He has scrapped the jacket-and-pants look for a gray hoodie, white t-shirt, and black Puma track pants with a neon green stripe down the leg. His chin-length blonde hair frames a prominent forehead that would better fit an ancient human ancestor, and eyes that glitter darkly in deep sockets, punctuated by massively dilated pupils that make him look like he’s tripping on acid. And who knows? I think. Maybe he is.
I introduce myself. The guy’s name is Jesse Powell You mean this Powell? Sounds like a stand up guy .... . |
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Where can I buy tinfoil goldfoil hats with bitcoin? Good question, maybe you got yourself a start-up right there. |
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Hey sirius ... good to see that ginger kitten back around.
Just gonna keep a watch for now .... except to say, isn't namecoin able to do a lot of this already?
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It should provide some good entertainment though ... he seems to have relented and admitted bitcoin can be used as a "currency", just for value transfer .... but then goes on to say "oh my gosh, who would use it to store value??" .... ergo it can't possibly be money. Bitcoin hoarders eat these kind of guys for breakfast .... |
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