To the extent general price stability cannot be achieved when there are no severe shocks to a system then there is a currency problem. If the relative price of goods to one another is consistent, but the price in terms of the currency is not, then there is a currency problem.
Price stability is not a valid goal. Prices should go down as an economy grows and goods/services become more abundant. If they didn't, and prices were artificially kept constant, then population would instead grow to match supply until some supply falters and there is no longer enough room on the petri dish for everyone. And I think you know what happens then. |
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As I see it, his claims are basically true, except for his assumptions that Bitcoin is somehow inefficient. He claims that current systems are without fees, and provide high levels of "security", "privacy" and "liquidity". And from a typical consumerist perspective, this may seem to be the case. Really the fees are just hidden. I think that if he looked into it further he would find huge costs, quite a bit of insecurity, forced-liquidity, and very little actual privacy. Let's put it this way: I might concede that Bitcoin is an inefficient way of solving the technical problem of facilitating trade; but it is an extremely efficient way of solving the political problems of facilitating trade.
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 FTFY |
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Just to post my experience, I have switched from poclbm-mod to phoenix (poclbm), and my reported hashrate is 10% higher with the GPU running 5 degrees C cooler. I'll have to see whether that translates into a higher payout or not.
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Terrorism has historically been limited by lack of means, but from now on it will only be limited by lack of motive. The only way to prevent it is to remove the motive, not the means. Inept, over-reaching governments only increase the motive for terrorism.
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Paul Krugman -- Deflation is bad because that makes it hard for central planners to fiddle with the economy and trick people into working more than they need to and dumb irresponsible people who do pointless jobs and borrow money they can't pay back end up being worse off. Here's a picture of forced monetary inflation:  |
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Bitcoin is not a security. No one is under the impression that Bitcoin is backed by anything.
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Either way, both parties seem to be acknowledging that bitcoins is, indeed, real. At least there is a positive in all of this. :-P
Oh, it's even better than that. The party that acknowledged the reality of Bitcoins seems to have made out like a bandit. While the party that had every opportunity to do so, and didn't, ends up looking like fools. And that's exactly the way capitalism is supposed to work. Risk brings reward. All trades are not equal trades. Information is not universal. Stupidity is punished. No one bails out the losers. |
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http://www.zerohedge.com/article/treasury-confirms-debt-ceiling-be-breached-today-will-tap-pension-fundsIt's official: the US credit card has officially been maxed out, just as we predicted on Wednesday, and throughout Q1 and Q2. The United States is expected to reach the legal limit on its debt later on Monday and will start dipping into federal retirement funds to give the country more room to borrow, a Treasury official said. http://www.zerohedge.com/article/two-chinese-bond-auctions-failAnd while the US is no longer allowed to auction off debt, in China the PBoC appears to be no longer able to auction off debt. So, it appears the US has finally, after a decade of profligate spending and three years of de-facto recession, reached it's limit and begun to raid the retirement funds of government workers in order to prolong the three-ring circus they call an economy. Plans are in place to expand this to individual 401k's. All this as China appears to be showing the first overt signs of economic vulnerability.
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Since you're here, want to tell us the full story?
I'll just point out that Beacon has said nothing so far that isn't publicly available info. |
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Hoarding reduces supply. If anything it helps the price soar.
Only when there are no substitutes. China hoarding rare earth metals only prompted the US to develop it's own mines. Hoarding gold meant that copper was used as a substitute. Hoarding copper meant that plastics and aluminum were developed as substitutes. |
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And it would be interesting if someone could quantify the total rig cost, distribution, sales of hardware, and generating power. This would tell everyone whether it is a bubble.
The problem with this, which you know already, is that distribution, hardware and power are all priced in currencies other than Bitcoins. And there's no realistic way to determine the value of Bitcoins in relation to those currencies except via trial and error, known as "price discovery". You can try, of course. But you will get ridiculous results like Vladimir offering to grow carrots at 1000x the market price. I could give you a price in Bitcoins for building a factory that makes silicon wafers to create Bitcoin miners and photovoltaics. But that price would be pretty high. Because the Bitcoin economy isn't good at creating things like computers and electricity. It's good at creating digital currency. So it trades for everything else. And this is the best way to proceed because we don't know the direct equation for determining the value of digital currency in relation to things like computers and electricity. Regardless, I mostly agree with you. I like the analogy of "culture" to an economy. In English, culture has two definitions. One means "people's habits". The other means "bacteria". That's not a coincidence. Successful human cultures are built upon untold numbers of tiny invisible pieces, like bacteria, fostering symbiotic relationships, and circular resource flows. Unsuccessful ones, ones that look more like bubbles, are built upon total dependence on external inputs and one-way processes. Many modern societies are completely devoid of culture. They have fake lawns, fake houses, fake businesses, fake people, and fake currencies. The entire society is built upon nothing. There are no bacteria at the base of the society to recycle materials and close the loop, only the dead remains of bacteria that lived long ago, and which now fuel their fake automobiles to take them to the fake shopping mall to stimulate the fake economy. Some even go so far as to invent non-existent bacteria, living deep below their feet, supporting their entire fake society. It won't end, they tell themselves, because there have to be bacteria there, somewhere. They can't come to terms with the fact that everything around them is one big bubble. They have no habits. Nothing is constant. It's just one bubble after another, leading to an inevitable final *pop*. Whether Bitcoin is a bubble or whether it develops a culture and closes the loop remains to be seen. I think it has at least as good a chance as most. |
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It was working well for about 12 hours but having problems again:  |
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And... explain to me how turning away free workers makes "every block count"?
Perhaps their network connection is limited. |
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I just looked at mine and the site was reporting 2/3 of my total speed. I looked at my client output and there were 4 long polling updates within 30 seconds of each other. So the miner dumps it's queue each time and grabs new data, processes 1 or 2 getworks then gets told to dump them again. So it processed less getworks during that time than average and showed a slower speed on the website.
Wouldn't you say that's kind of a huge efficiency hit (1/3)? I consistently see values that are 1/4 less than what my local client shows. Isn't the value on the website an average (over 5 min)? |
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There can be more valid responses for one getwork request. Okay I see that now. That makes sense. Any insight on the hashrate issue? I ran a log for several minutes and it shows an average of 320 Mh/s. The website shows something around 250 Mh/s. I can't be the only one to notice this. |
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