How do you reconcile this within the Bitcoin economy? Do people with Bitcoin savings owe a 'debt' to some other party?

Or can such savings be viewed as loan with zero interest and no maturity? Which is the definition of money.


Taxes are a tool that help regulate inflation and reallocate financial capital. Hypothetically, yes the government could simply print more money to fund public services, but the amount of money needed would probably cause some sort of dangerous inflation.

Given that States with a sovereign currency don't actually need to tax to fund themselves, then taxation performs some 'other' purpose. Taxation is a much more effective method of handling inflation, than interest rates, because taxes can be tailored to target the inflation causing areas of the economy, this is currently impossible with interest rates. Also since America, and most of the world is experiencing economic difficulties, taxation combined with spending, can reallocate money that is not being spent to areas of the economy that will cause spending. That is, taxing people with large sums of money, and giving it to people who will spend. For each financial exchange between people there is a corresponding 'real' exchange between people, and this exchange is the source of economic growth.

http://en.wikipedia.org/wiki/Barter

At the end of this article:

Difficulty in storing wealth: If a society relies exclusively on perishable goods, storing wealth for the future may be impractical. However, some barter economies rely on durable goods like pigs or cattle for this purpose

This is funny, seems using money to store wealth created an illusion: The goods were perishable, money is not, so money holds wealth longer. But what happens when goods are all perished and only money left?

Not sure I understand what you mean. In which way Bitcoin would integrate with the semantic web? The only way I know is, perhaps, that a Bitcoin oracle/referee could use the semantic web to settle Bitcoin bets, when a statement about the state of the world is needed.

Would you add me to the maintainers of the project on launchpad? My username is cdecker and I have ready built deb packages from my efforts on openSuse Build Service http://bit.ly/bUqiRY

^^^

Is foaf added to the metadata of your site?

I like the web of trust idea because it provides a swarm backup for a review/rating site.Say you had a site like yelp where companies game the system by paying for positive reviews.If the reviews on the site were different to the reviews in the cloud it would raise red flags.It would be almost impossible to game both the swarm and the site if there was a big enough swarm.The company would have to hire more reviewers than the swarm contained to affect anything.Much like bitcoins....

If you had access to the data from the web of trust you could display it on your site as well which would make it open for anyone to compare the two immediately.

I'm a college student, so I'd prefer to play during the week... don't want to cut into my bar time at all hahah.
Also, 1800(6PM) EST is like 1500(3PM) PST, which kind of screws over out brethren on the west coast/in the rockies.  Might I suggest 1900(7PM) EST?  That would give them some more time to get home.  I'm in Minnesota though, so it doesn't bother me at all.

Maybe we should start with some 'freerolls' to get the game going ... I'd donate 1BTC to a freeroll jackpot ...

Holy crap count me in.

Anyone done one in perl?
Thanks!

I'm writing a modular Django app that implements this and is relatively easy to integrate with your own systems. It would be cool if someone did a similar php application.

What interest me most are the "Friends" and "Blacklist" specifications, since they can be used for building a web-of-trust, and I don't think we should limit this to the Bitcoin economy only. Should we use a URL or some other unique identifier instead of a domain name, so you could rate services or individuals who don't have a domain of their own? That would integrate better with social networking systems like Diaspora. Some services also accept https connections only.

<rdf:Description rdf:about="#bitcoin1">
    <foaf:accountServiceHomepage rdf:resource="http://www.bitcoin.org/"/>
    <foaf:accountName>
        1J4F6Beb2zFSuoyj15mdhw3HA7KkEVa8DS
    </foaf:accountName>
</rdf:Description>

I'll send BTC 0.02 to anyone who visits the following articles site:
http://quezi.com/
and scrolls down to the bottom of the page (6 articles). If you're interested in the articles you can read them, but it's not compulsory. Then post your Bitcoin receiving address here, or send it to me in a private message.

The end of the week saw a sharp decline in exchange prices from earlier in the week.  Both markets, Mt. Gox 24/7 Bitcoin Exchange (GOX), and the original Bitcoin Market (BCM) showed steep price drops (~-40%) with high Exchange rates from 0.087 - 0.093 USD/BTC down to 0.054 - 0.059 USD/BTC.

Based on historical prices from early July, the BC exchange rates have shown roughly a 10-fold increase in BTC market valuation (0.005 to 0.05).

Recent Bitcoin generation woes with the Pitock hubbub, and the recent Slashdotting of Bitcoin have led to high proof of work difficulties, and are the likely causes of the recent price bubble.

Ask to Bid volume ratios on GOX are currently running nearly 3 to 1 (Ask Volume: 9026.99  Bid Volume: 2893), down from a speculative high of about 4 to 1 on Saturday, and show the markets' need for BTC spending outlets.

The Bitcoin crypto-currency system has recently surpassed the 70,000 block milestone, leaving 3,500,000 potential BTC in existence with a current valuation of about $200,000 (USD).

I am running bitcoind under linux. I see it chewing up a lit of CPU time but the system is still responsive so I am assuming it is just keeping the box busy. However, I would like to check in on it occasionally to see how it is doing. When I run the bitcoin app it tells me that port 8333 is in use. Is there any way to check on what the daemon is up to?

thanks, downloading now.

I played one game, no problems, board looks nicer too. I need to work now though, catch you later on hopefully.

I enjoy playing online poker ( Texas Holdem ) and so I've decided to run a tournament with Bitcoins ! No 'real' money will change hands. We are playing for electric bottle tops only. I don't encourage gambling and this will probably be a 'one-off' event for fun. Poker is a skill game anyway, like chess



I will be playing and hosting the game and providing the 1000 Bitcoin added prize pool. You are trying to win my Bitcoins !

So, we need another 9 forum members to participate. Entries will be on a first come, first served basis.

Please PM me with your Bitcoin address and a random 'username'. I will then PM you my Bitcoin address to send the 55 Bitcoin entry fee, you will then receive the password for the game lobby.

If a player is a 'no show' or their are less than 5 players, actual players and / or opponents will be 'made up' of computer opponents. Any Bitcoin prize that a 'computer' player should win will be equally divided by the number of actual registered players and equally returned to each participant.

Please download the free pokerTH software to get used to the client. You can also practice against the computer. We will use the 'default' IRC / server and Lobby. You can work out how to connect it through Tor if you want to remain anonymous.

Bitcoin.org or the Bitcube will be advertised in the game lobby whilst we are playing ! 

If their is not enough interest or participants I will consider canceling or changing the date / time.

Thank you.

BitcoinFX.

I've published a draft set of specifications according to my original post here: http://bitcointalk.org/index.php?topic=324.0

You can access Bitcoin Networked Economy Specification v0.01-DRAFT at the following URL:

http://bcspec.org

I would love to hear input and feedback from anyone. The goal here is not to make a perfect spec (that would be impossible), but to get something that works well enough and is as simple as possible.

In my original post, I mentioned XML. I decided to specify everything as JSON and JSON-RPC (for the planned protocol bits), because it's much cleaner, simpler, and easier to implement.

If you have any products or services you'd like to offer, you can start right now by uploading a couple of JSON files to your web host.

I plan to implement a v0.01-DRAFT-compliant spider soon, which will begin to aggregate any products and services people are offering.

-Andy