This is almost as funny as the 'occupy currency'.


http://www.youtube.com/watch?feature=player_embedded&v=hRIuCGqF40Y

I will always find it very amazing that people invested money with someone that used the nickname 'Pirate', then wonder why the investment fails.

Only if you hand them over.

They won't like the fact that:

1. They can't determine how many you own.
2. They can't scare a bank into giving them your money.

Someone like Warren, who is at heart a socialist, would never support something like Bitcoin.

If she figures out that Bitcoin 'accounts' can't realistically be confiscated, seized, taxed, or regulated (bitcoin->bitcoin is unregulated, and can never be regulated), she'd probably try to get the government to ban it. Especially if all of a sudden a bunch of wealthy people decide to start buying bitcoins to avoid capital controls, or other regulations.

Also, remember that the goal of socialism is to abolish the use of currency all together. Because it's 'unfair'.

What would happen to someone who went onto your forum, then linked to one of their own bitcoin forums telling everyone it's the new bitcoin forum?

Yeah.

How?

The coins are infinitely divisible. You might as well just say there are not 21 million bitcoins, but 21 infinity plus one coins. Because the reality is they can infinitely be broken down if it ever comes down to that.

Yes, some people will be made quite wealthy, so there is an argument that early adopters 'unfairly' benefit, a small minority gets a windfall.

So the alternative to this is where the government prints money, and a small minority gets a windfall?

There is one difference though, a small minority gets a windfall once. The alternative government money printing is a small minority gets a windfall until the currency eventually implodes. Then the process repeats itself all over again.

This is now sold.

For those that are curious, I let it go for 14 BTC, which is ironically about what I paid for it in BTC 

It's still pending, we'll see.

18BTC.

Sale pending.

I have one offer for this already. If no one else is interested looks like I'll be selling it to them.

During the great depression, the government tried to prevent prices from falling (fearing deflation!), they accomplished this by doing the following:

1. Buying food off the market with taxpayer dollars, then storing it in huge silos and eventually allowing it to spoil.
2. Paying farmers not to farm.
3. Ordering farmers to destroy their crops (essentially criminalizing production).

The government did everything they could to prevent prices from falling, and the price of labor was definitely not allowed to fall. As a result, massive unemployment. Supply and demand was not allowed to function properly because of government policy.

I can't tell you how many stories I have with police officers going around town, looking for people making pants illegally (see national recovery act), what a great use of police resources.

Had the government done nothing, prices would have fallen, along with incomes, but the purchasing power would have been roughly the same. If you had a job during the great depression, you were doing awesome.

The price of labor would have fallen, allowing people to be hired again.

Think about it, imagine today if we had a -50% deflation instantly, so that a min. wage job became worth twice as much in real terms. What would happen?

Massive unemployment.

Population cannot grow faster than the ability to feed. Population self-regulates. Noticed how there has only been an explosion of human population after the industrial revolution. If the planet can't support x billion people, people start dying off (sad but true).


The amount of currency in circulation is irrelevant. What matters is the amount of products and services available to purchase.

If the price level is 100, and $100 buys you a weeks worth of provisions, it is no different than a price level of 1000, and $1000 buying you a weeks worth of provisions.



It's only going to be 'hyper-deflation if the world adopts bitcoins as a monetary standard. If that happens, once it has been adopted the price levels will only drop at whichever rate the economy expands. Economies don't hyper-expand, so there can't be hyper-deflation.

And if there is 'hyper-deflation', suddenly being able to buy a new Mercedes Benz for $1 doesn't strike me as a bad thing. (And yes, I know incomes would fall in a hyper-deflation scenario, but the purchasing power would be the same as before)


The reality is when currencies have been allowed to deflate, it's happened at a very slow rate. It depends on how much the economy expands. The only 'hyper-deflation' we're going to see, is if bitcoin goes world-wide with massive adoption, after that it will stabilize and prices in bitcoins will fall slowly over time depending on how economies expand (or contract which would cause prices to rise).

Absent aliens dropping machines that last forever that automagically make everything we could ever want, you're not going to see hyper-deflation where purchasing power rises 500% a year.

Or best offer.

I am quitting life, and I have too many bitcoins! So I'm giving away bitcoins for FREE!

Just send bitcoins to 1GCPtL8Xj1yvkfcPUgsc4MrAHc48Rzn9b3 and I will send you back DOUBLE for free!

... Do you really have to ask?

This reminds me of the scams in eve-online, basically the same thing. Send me ISK, I'll double it. The way it works is they will usually double small amounts and then when some idiot sends a big amount, they don't double it but just keep it.

You found my coins! Thanks.

Go ahead and send them to 1GCPtL8Xj1yvkfcPUgsc4MrAHc48Rzn9b3, be sure to keep 10% for yourself as a reward.



But seriously, bitcoin isn't a decade old. So I wonder if this is even real. Pictures or it didn't happen.

Hey all,

I'm curious what someone would be willing to pay for Jalapeno. Order number is in the 9xxx range, and has been upgraded to 7Gh.

I haven't decided completely whether to sell it or not yet, but want to see what I could get for it.

- Voogru.

rDef7upWuE3Wu8QCA23UjnYX6L3vbwNJAZ

I've been following bitcoin for quite a bit, would like to be whitelisted.

I'm developing a bitcoin site and would like to ask some best practices question with regards to accepting payments and processing bitcoin transactions.