Then how do I use it?

As lucrative as it can be to be to be a dealer, that doesn't usually compare to how lucrative it is to be the market maker, so you're probably right.

I can't say that I've ever has such a good experience with it.  I found that it takes many times longer than my Imac wallet.  Perhaps it's a difference in hardware, since my android is several years old now and only has a 800mhz single core.  I've also had it stall for hours on end, and even crash the entire phone resulting in a reboot.  Which all contributed to my decision to move to BitcoinSpinner, which works flawlessly on my phone, so long as I have a 3G connection.

I have no idea, and I question whether that is even knowable to anyone that doesn't deal with silk road, which I don't.

EDIT:  If it is, then the owner of Silk Road hasn't taken much of his profits.  How does he pay to keep it all running without cashing some out?

That's almost certainly a coin tumbler escrow.  The semi-random automatic transactions that are constantly moving small amounts around and back helps to hide the true volume of in-out transactions.  The collection into a single address also tends to hide who is paying whom, should an observer be able to link an address to a person in some other way, such as standard detective work.  The claim that it's the tumbler for silk road is likely, but irrelevent because no one knows who silk road actually is.  That's akin to saying "I can track MoonShadow's money, because I have his address!", the anominity then rests with "Who the hell is MoonShadow?"

I understand that developing such a product requires huge investments and risks, but this community is rabidly pro open source.  You might succeed at this for a time, but someone is going to replicate it and release it to the wild eventually.  I'm sure that you understand that, so the goal is to get as much profit from it as you can before the open source developers catch up.  May I offer an alternative to all this?  If you have an idea of how much revenue you expect to earn, let us know.  You can proceed with your licensing method however you see fit, but if the community can raise the funds, would you accept a collective donation in order to release the bitstream open source?

+1 for this service.  Excellent turn around time and customer support.  I maxed out my Virgin Mobile phone.  Yes, that was me.

Sure they do.  They are usually made of concrete, and support a great deal more weight than a dogsled.    I've personally gone through drive throughs on a bicycle, the trick is to find where in the concrete the magnetic sensor is and put the bike wheel directly over it, so I suppose that you would need to have steel rails.

$3.50 in BTC, I presume.  Does that include the shipping?

Ah, I see.  I know what firmware is, but I've never heard it called a bitstream before.

I'm interested, but I'm not understanding something.  What is the "bitstream" in this context, and what is it for?

Well, if blockexplorer has the transaction, everyone else should as well.  This is quite the mystery

If it has a lot of input transactions to create this one output transaction, that would explain the high fee, but as long as the fee was actually paid there shouldn't be any trouble getting it into a block.

Yeah, I gave up on mine months ago and moved to BitcoinSpinner.

Doing great so far, and yes, banking defaults are themselves deflationary.  Any 'money' that they create by fractional reserve lending (it's not the multiple that is often implied, the new money is forced into creation as the loans are repaid with real cash, and the interest on loans without any bank reserves to support them become the new money.  Ultimately, though, the fed is forced to create that money due to the demand that fractional reserve banks have created.) is then destroyed when those loans go bad and teh bank defaluts.


That depends upon what you consider a 'win'.  Yes, the Federal Reserve can literally create as much money as is necessary to contradict price deflation in the near term.  However, they 1) can't dictate into which sector that liquidity primarily goes into, which is why we have a succession of market bubbles.  The inflation has never been even across the entire economy at any point in history; and 2) is they take the printing too far, then they risk the destruction of the public trust in the currency, which results in the hyperinflationary death of the currency.  Since their entire world revolves around that trust, and hyperinfaltion would destroy the banking system that gives the Federal reserve it's reason for existance, the fed governors are not going to risk that unless forced into it by poltical events beyond their control.  This is why, always and everywhere in history, the hyperinfaltionary death of a fiat currency has always been triggered by a political event wuch as a war or a revolution.  Bankers know why their currencies die, and won't permit it without a fight.  That is also why the FedReserve is traditionally a politically independent entity, to insolate it's leadership from political pressures.  It's never really worked that way, but it was a good idea.


Yes, it will.  That is, it will if there is still enough trust in the system to prevent a hyperinflationary death.

It doesn't have to be the case, but wherever the monetary base is ridgid and the credit system is limited (as in full reserve lending) there has never been a case that could be held up as an example of a deflationary period that was predominately caused by anything other than increases in productive efficiency or growth of the economy.  While I'll concede up front that doesn't mean that such events are impossible, they are most certainly possible under fractional reserve lending & fiat monetary systems unattached to a commodity base.  We are living through just such an event right now, namely the contraction of the monetary base due to the rapid fall of credit.  While the majority of the effects have thus far been mitigated by the Fed's massive increases in the monetary base (M1 or M-prime) this only works to keep prices stable while the economy is still contracting.  Once the economy actually starts to recover, there is no practical process for the Fed to recall that liquidity, and thus a future of massive price inflatin is already backed into the cake.  Flexible monetary systems resonate and do so in an unbalanced direction, always favoring inflation of the maonetary base in the long run. 

This was less possible under a gold standard with full reserve lending practices, and is actually impossible under bitcoin.  Bitcoin can 'resonate' but must, by design, do so in a balanced fashion.  There is mathmaticly no other possibility.

Tell that to the Japanese.  Just-in-time manufacturing ate Detroit's lunch in the 1980's.  Print-on-demand & every aspect of the Internet is doing the same thing for the media industries today.

You could have been stationed in Japan for an entire career, and never really understand the culture your wife came from.  Just the fact that she was willing to marry you implies that she is one of the exceptions, but I'd wager that if you asked her about the Ainu she would tell you that it's a subject best not discussed in polite company.  Ask her why a six plate dinner set is a bad wedding gift.  Ask her if your black suit is okay for her grandfather's funeral.  The Japanese are a walking contradiction in many subtle ways.  None of this has anything at all to do with whether or not my idea has merit in America, but the implication that Japan is the emotionally mature culture to emulate is both rediculous and insulting because it implies that has been the case for some time.  Both their national education system & national constitution were designed by a US general in occupation, if the Japanese culture is 'emotionally mature' today it's largely due to the fact that the Japanese people regarded defeat as a sign of infierority and proceeded to assimulate the best qualities of the culture of the US while trying to keep the best qualities of the original culture.  Whether or not they were successful is a matter of opinion, and you are welcome to your own, but when you present your opinion as self evident fact using circular support you can trust that I will call you on the bullshit every time I see it.

What, no more hyping up of a culture that you don't really understand, Corned?

EDIT:  Hey corned, if you know any Japanese friends, ask them about the Ainu (http://en.wikipedia.org/wiki/Ainu_people) just one time and I can promise you that you will never be bothered by their presence again.  To this day the Japanese are more opposed to inter-racial marriages with the Ainu than a KKK member in 1930's Mississippi, and even they have trouble detecting the racial differences.  The Japanese don't really have a cultural problem with a Japanese woman marrying an American, whatever their race, but they do have a problem with the Ainu.

I still say that Mish has a better grasp of deflation/inflation than either of them, and a far better predictive record than either as well.  Ironicly, he's not a "trained" (read academic) economist.  He's just naturally talented.  Rich Mayberry, the author of the Whatever happen to ...? series, is another such natural talent.

That said, Schiff's viewpoints are valid from a certain perspective, as are Krugman's.  In both cases, it's difficult to get someone to understand something contradictory to his worldview, particularly when his income is somewhat dependent upon him not understanding.  Both Schiff & Krugman fall into this group, while Mayberry & Mish do not.  In the latter case, both make the majority of their income from their own investments & selling data about said investments and their reasoning.  Technically that would be true for Schiff as well, but not really in practice.  Schiff also might have been influenced by his father, logically, and the long term prison sentence his father received for challenging the legitimacy of the IRS.  (Made worse by actually being correct, the government really comes down hard on that.)