Unless I misunderstand this aspect of quantum mechanics, there is a "spooky action-at-a-distance" called entanglement that may one day allow for FTL data something like "sub-space" communications. Perhaps an intergalactic blockchain already exists for those miners equipped with the latest quantum computers with Photon-Net modems.
My understanding of quantum entanglement is there is no known method of using it to transmit information faster than light. |
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No way GoGo is a troll. No way!
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What if you have freicoins (because your business accepts them, your pay is in them, or whatever)? Then it makes sense to buy in freicoins instead of converting to bitcoins first. If you have fiat, the choice between the two is negligibly different.
Let's walk through this... In the beginning, the only people who have Freicoin (or historically, Bitcoin) are the miners. With Bitcoin, people had incentive to purchase them from the miners because Bitcoin has unique utility. Freicoin does not offer any increased utility compared to Bitcoin, so what is the incentive for someone to purchase coins from miners? If there is no incentive, then the only way for freicoins to begin circulation is for miners to spend them. I don't see this is as being a strong enough driver for adoption, but it is something. In order for this to be successful, there would have to be a significant number of merchants selling goods or services that miners wanted and accepting Bitcoin through a third party that could also allow them to transparently accept Freicoin. I just don't see it happening. |
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In fact the two are completely complementary, and gain value from the existence of each other.
I still don't see why anyone would, say, exchange their bitcoins to freicoin in order to spend freicoin, when they could just spend their bitcoin instead. In what way does bitcoin gain value from freicoin's existence? |
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I'll buy them as a speculator, because I expect their price to rise
Er... you'll speculate that their price will rise faster than they'll incur demurrage fees? Isn't the idea of Freicoin to discourage hoarding? Now you're saying that the only way it can take off is if early adopters hoard it? |
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Actually I think a larger quote from Eistenstein may be of value here in explaining the “why”:
It seems like all of the benefits the author perceives from the use of demurrage only come about when there is no interest bearing or neutral alternative, otherwise instead of losing wealth to demurrage, the holder of money will just exchange it to a more suitable store of value. Additionally, it seems like the author forgets that one of the purposes of money as a store of value is that it does not spoil as do most consumable goods. Especially given the ease with which one block chain tokens can be exchanged for another, if Freicoin becomes popular I don't forsee anyone with significant wealth holding on to them for any significant amount of time. |
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Which proves nothing. I have a bunch of coins sitting dormant as savings, which does not prove that I don't own them... Also, I've been wanting to say this for a while... if you don't care about the scammer tag, as you have been saying, then why did you start a thread titled "Unjust scammer tag"? Is there a way to unsubscribe from a thread once you've posted in it? I'm tired of seeing this pop up in "new replies". |
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Greece has amazingly few Internet users. Only 45% of people there use the Internet at all, and probably a much smaller percentage are skilled enough to use Bitcoin. I don't think Bitcoin can make significant inroads there.
Couldn't a company provide this as a service for a relatively tiny fee? Customer sends company fiat Company purchases bitcoin, takes a cut, and puts in cold storage Customer requests fiat Company takes bitcoins out of cold storage, sells however many are needed, takes a cut, puts the rest back Granted, they're still exposed to bitcoin currency risk, but compared to their options... |
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P.S. I put "founders" in quotes. What do the quotes around it signify?
Why don't you just explain what you really meant when you said When the "founders" of a currency have to hide behind aliases, it is the sign of a scam. |
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When the "founders" of a currency have to hide behind aliases, it is the sign of a scam.
Fixed that for you. Gavin Andresen and the other active developers are not pseudonyms.
You originally said "founders", which Gavin is not, and not "active developers". You made a leap of logic. If S Nakamoto is a pseudonym and we don't know who he is, we cannot be certain that he/she was not one of the current active developers. You also assume that S Nakamoto was a single entity instead of a group of people publishing under a pseudonym. But this is just rehashing an old conversation. Bitcoin's genesis is a bit bizarre and leaves something to be desired grant you. If Bitcoin was proprietary source, with no white paper, with developers hiding behind aliases and phony registrar details I would not be a proponent of it. You seem to be jumping through some awfully tiny hoops in order to defend something you said which is inaccurate... |
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When the "founders" of a currency have to hide behind aliases, it is the sign of a scam.
Gavin Andresen and the other active developers are not pseudonyms.
You originally said "founders", which Gavin is not, and not "active developers". |
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Language can be made preciser.
Yes, but it could it be made more precise?  |
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When the "founders" of a currency have to hide behind aliases, it is the sign of a scam.
You mean like "Satoshi Nakamoto"? |
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Welp, mine isn't in my mailbox today. Wtf.
+1 the postman is already getting annoyed with me and even told it will not make any delivery if i keep asking him for the bitcoin magazine Aren't you in Spain? The announcement said by May 16th for delivery to the United States, sometime after that for the rest of the world... |
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Got my mail today... no magazine.
Y U NO DELIVER???
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The dev team is polishing things up before release. As the MicroCash.org site states, the release was scheduled around the "tenth". Tell me this, what is up with that recent theft of over 18,000 BTCs??? Just another reason why it is time to move on with improved technology....
I'm curious, which "improved technology" would have prevented the theft of SolidCoinsMicroCash, if it were in use instead of Bitcoin in this case? |
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In your own words: I offered him all I could but I will not refund because it defeats the point of BTC. So it's not that you didn't like his attitude when you didn't immediately refund him, it's that you have to create an ex post facto justification for keeping the money to cover up the fact that you're a scumbag from your ego. |
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Yes, Albeit, him and I have been discussing this on skype before/after/during. Full disclosure, Erik is part of the Bitinstant team as well. Yep, we argue Econimics in work all day- don't you wanna work for us  Ah, ok. It seemed like you took one minor part of his post and ran with it, where he addressed the myths that falling prices leads to delaying purchases indefinitely, and that purchasing is what drives an economy rather than production. If those two assumptions are not proven true, I see no further argument against having a fixed money supply and letting improved capital drive down prices. |
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Yes, this is the "Big Question"... does an economy work without perpetual debasement of the money supply? In the way I have phrased it, it almost answers itself, doesn't it? Stated differently to further point out the absurdity of the notion, will human beings stop trading with each other if the means of exchange they use isn't made increasingly worthless over time?  "Perpetual debasement" is the insurance premium we pay against deflation risk. Suppose we have already reached the point where the Bitcoin supply is constant. How does the Bitcoin financial system respond to velocity and exchange rate shocks? What happens when a capital-inflow bonanza goes into reverse? What natural force pushes Bitcoin real interest rates back down to levels at which borrowing and lending occurs? If no such natural force exists, then ONLY a central bank can provide the liquidity needed to avert a financial meltdown. Did you bother to read the rest of evoorhees' reply? |
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If you use/buy/sell drugs, it's usually just a matter of time before the hammer drops.
I agree. That's why I stopped smoking cigarettes as well as drinking alcoholic or caffeinated beverages. Drugs are bad mmmkay. |
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