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Economy / Economics / Re: Using Bitcoin in Space - Bitcoin and the Interplanetary Frontier
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on: October 08, 2018, 01:59:23 PM
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I mean if there is no money or currency outside of the earth than why not use bitcoin when you go to mars and colonize it, that way you will make sure you are not using the currency that countries use and find something in between. Bitcoin does not belong to any country and it can be used by "martian" people who will go there and live, that way it can further the economy of those colonies in other planets.
However we need to make sure it is not this much volatile when that happens, we wouldn't want the first people who live outside of earth to face with insane volatility and inflation constantly when they also have other living troubles.
If they're using Bitcoin natively, then by definition the only volatility will be in traded goods. The value of Bitcoin will be stable when local prices are denominated in Bitcoin. |
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3
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Economy / Economics / Re: Bitcoin and the Interplanetary Frontier
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on: October 04, 2018, 10:30:39 PM
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I really thought the article was a pretty interesting read. Okay, it might not be something for the near future, but I can definitely appreciate the thinking behind this.
It would actually make a lot of sense to use some form of cryptocurrency on interplanetary settlements. I think your idea of using lightning network for quick transactions, while relaying the transactions to the mainnet afterwards (slow), really makes a lot of sense.
I do really wonder how long it would take us to build a fully functional settlement on the moon for example. I would think that's where we'll start, seems a bit more reachable than immediately going to Mars.
Thanks! Getting to any level of self-sufficiency away from the Earth could take a long time, and standards of living may be much worse than settlers are used to. The quickest way I can think of the Moon becoming permanently habitable is by digging out and pressurizing large underground caverns and piping in sunlight to grow food. We will need to send lots of organic material to mix with the exiting lunar soil. |
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4
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Economy / Economics / Re: Bitcoin and the Interplanetary Frontier
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on: October 04, 2018, 02:39:14 PM
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The main reason that occurs is due to a lack of public awareness coupled with lack of safeguards and accountability. I'll contend: with a smaller and better informed population it becomes less feasible & less likely.
Maybe. But if history is any guide, the power to print money will always be abused to the benefit of those who print. I don't see human nature changing any time soon, so taking the power to print money out of the hands of people is the only logical course of action. That's what this "Bitcoin" thing is all about: verify that your money is legitimate without trusting a third party. Have you read The Bitcoin Standard yet? It lays out the economic foundation for this whole endeavor, and I highly recommend it. The Humanity will never leave this palnet,so such articles are just fantasies and science fiction dreams.
It would be safer and cheaper,if we send robots to populate other planets,but the robots won't create markets and trade,so it's pointless to talk about any form of currency.
What's with all the negative trolls in this thread? |
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5
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Economy / Economics / Re: Bitcoin and the Interplanetary Frontier
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on: October 04, 2018, 02:38:29 AM
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I agree to a point. It depends upon public consciousness/awareness/education/information. In a society where people are educated enough to know when and why rates should be raised/lowered or the money supply should be increased/tightened there can be advantages to currencies which are flexible. The trouble with the current era is virtually no one knows enough to comprehend the implications of current monetary policy which makes it easy for scales to be tipped in favor of certain demographics. Under these circumstances algorithmic based supply can be far superior. The reason for their better performance is a substitute for the general public having a good working education and knowledge of topics like economics/business/finance.
The only advantage to a money you can print on demand is that the printer can enrich politically connected parties with the new money. There is absolutely no problem keeping a money supply fixed, and increases lead to inflation. In the era of mercantilism, as gold flowed from the New World back to Western Europe, they experience long periods of inflation where before there was none. During the classical gold standard in the early-mid 19th Century, the United States experienced a prolonged deflation, with consumer goods prices falling modestly for decades. This is hugely beneficial to standards of living. A central bank would have printed its way out of the deflation, negating the benefits to the middle class. Interest rates are determined on the market when demand for debt meets the supply of savings to lend. The acts of market participants set those rates. As more people save, interest rates go down. As more people demand to borrow, interest rates go up. Artificial interference in this process distorts the market and in fiat currency systems leads to the boom-and-bust business cycle. I would love to see a more economically-literate general public  But you don't need a PhD to know that when everything in life gets a little more expensive every year, you're losing money if you save, so you should spend. This leads to more consumerism and less savings and investment, which are the only sure way to raise standards of living in the long term. |
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Economy / Economics / Re: Bitcoin and the Interplanetary Frontier
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on: October 03, 2018, 03:14:42 PM
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I tend to think an offworld colony would prefer their own altcoin or native barter system. In the event of a solar flare from the sun or communications blackout all financial transactions and economic activity for a colony would grind to a halt. In designing an offworld economic system various redundancies could be built in to address the event of catastrophic communications failure, which could negate the possibility of an earth dependent system being utilized.
My next article will attempt to address the pros and cons of each world having its own currency. I hadn't thought of the solar flare disruption angle yet, though my immediate thought is that established Lightning channels would continue to work locally until the comms cleared up. Sabotage or total failure of the comm system is also a possibility, but hopefully the demand for communication will have created multiple redundant channels ahead of this event. An offworld currency system may need to be flexible to adapt to unforeseen or shifting economic & financial conditions which could rule out bitcoin with its rigid algorithmically determined supply.
I would argue the opposite: meddling with the money supply often causes more problems than the original crisis. As long as it's divisible, any quantity of money is enough for an economy. Long article here if you're curious. |
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10
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Economy / Service Discussion / Re: Blockchain.info down?
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on: March 18, 2014, 02:56:07 AM
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Hey everybody, I'm fairly new to BTC though I've been following it for a while. Earlier I was going to check the balance of my main wallet, and noticed blockchain.info was down for maintenance. That was a couple hours ago and it still is, but I was just wondering if that is a common occurrence, and if so how long on average it is. I guess this would be a good time to get the fractions of a coin I have backed up on a paper wallet?
To answer another of your questions: No, blockchain.info is rarely down for maintenance. Today's outage is definitely a fluke. Full disclosure: I am working for Blockchain  But I have been using the service for the past few years, before I was part of the team. The site was almost never down. |
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12
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Economy / Service Discussion / Re: RTBTC - Bitcoin Exchange Trading Interface
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on: March 04, 2014, 03:59:59 PM
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=== Version 0.3.0 ===RTBTC has been acquired by Blockchain and is being rolled into the ZeroBlock trading platform! ZeroBlock now brings you the best mobile and web news, market data, and trading experience. - Rebranded as ZeroBlock
- Added News Module incorporating the ZeroBlock news feed directly in the platform
- Reduced module spacing to reclaim a few more screen pixels
- Implemented Bitstamp's new Order Book streaming websocket. This should keep the inner order book well-synced
- Removed Mt. Gox from the site
Edit: I will continue to work on the trading platform as part of the Blockchain team ;-)
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14
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Economy / Service Discussion / Re: RTBTC - Bitcoin Exchange Trading Interface
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on: January 31, 2014, 08:07:56 PM
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=== Version 0.2.15 ===- Returned Mt. Gox streaming data to the low-latency WebSocket, with PubNub as backup
- Added our PGP Key to the Contact page
- Persist Order Entry values between Layout switches
- Reopen last Layout on page reload in the same browser
- Fixed bugs with the Visual Depth on switching instruments
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16
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Economy / Service Discussion / Re: RTBTC - Bitcoin Exchange Trading Interface
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on: December 20, 2013, 07:50:36 PM
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Hi Clark,
since last week I had problems to connet to my mtgox account with RTBTC. Bitstamp worked well.
Today I get with mtgox connection "Exchange not supported" Regardless of whether USD or EUR.
Historic trade functionality has not been implemented for Mt. Gox yet. This is due to differences in exchange API and infrastructure required on the RTBTC side. |
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17
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Economy / Service Discussion / Re: RTBTC - Bitcoin Exchange Trading Interface
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on: December 14, 2013, 06:04:15 PM
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BTC-e support would be the best thing ever. I purchased RTBTC to get familiar with it in anticipation of BTC-e support and really like it!!! One feature that would be nice would be an 'all in' option. You know how on BTC-e if you click on your balance it automatically inputs the total cash/coin amount? That would be nice. Just one small feature. Really great work!
I second the buy/sell all option. If you click your BTC balance and you have an Order Entry box set to Sell, then that balance will fill in the Amount box. If you click your fiat balance and have an Order Entry set to Buy then: - If it's Buy Limit, then it will fill in the Amount field so that you spend all of your fiat at your specified Limit price
- If Buy Market, then the Amount field will be filled in so that you spend your entire fiat balance on coins at the current market price
 Is this the functionality you're looking for? |
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20
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Economy / Service Discussion / Re: RTBTC - Bitcoin Exchange Trading Interface
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on: December 11, 2013, 04:45:09 PM
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First of all thank you for your product.
Are there any plans for btcchina support and a dom as half as good as jigsaw?
Thank you, and yes. The issue here is the lack of streaming real time data. Some solution will have to be created on the server. a dom as half as good as jigsaw?
What? |
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