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when BTC was $10 then the LTC/USD tracked at a 10x value against LTC/BTC.. but now BTC is $12 theres a 12x difference.

(rought current prices) 0.005LTC x 12 = $0.06 per ltc

you will see that the price is never a 10x value constantly.. ull find that if LTC/USD changed.. the BTC/LTC changes to even out the the balance. the only reason its believed there is a 10-12 multiple is because the BTC/USD has hung around those prices for so long. but if BTC dropped to $6 or rose to $20 the 10-12 multiplier will not remain constant

so if BTC goes under $10 but LTC stays at $0.06 then the BTC/LTC will go above 0.006

its why the LTC/BTC is more volatile with prices. as small changes on the dollar side can vastly alter the profitability of BTC/LTC direct trades. its why the LTC/USD is slow and more stable with less trades happening per hour / day..

so use the dollar sides of crypto to plan the direction the LTC/BTC direct prices will change to. but be quick as someone else will calculate it to and beat you to a arbitrage profit

im not talking about government ethics. im asking what are the national minimum wage LAWS concerning the ability to accept bitcoin as wage. ill reword the topic to clarify this

just been reading the american minimum wage stuff
http://thomas.loc.gov/cgi-bin/query/z?c110:H.R.2:

alot of waffle to read but i found the term "certified professional employer organisation" which basically means a proper employer who uses employment contracts. is legally suppose to pay national minimum wage and tax revenues.

so USA is similar to UK. if you have employment contract your suppose to be paid in FIAT.

goodbye any hope of walmart, bestbuy and 7-11 paying their staff in bitcoins as their salary instead of FIAT.

cunning government..

there is a bartering system that is accepted in britain too for non formal employment. but when an employment contract is used. then the minimum wage is critical.

although you would at first think that the national minimum wage LAWS prevents employers from paying their employee's pennies per hour.

have you ever thought that the use of national minimum wage LAW was to prevent people being paid in non government fiat.

what i mean to say is governments are requiring a business to pay atleast £6.19 $7.25 etc BY LAW instead of allowing businesses to pay in groceries, gold bars, or other forms such as bitcoin.

can someone clear up the matter of the ability for businesses to ever pay workers in other forms LEGALLY. as this page on the UK government site clearly states that only accommodation provided by the employer can be use to subtract a very small part of the FIAT wage and no other benefits such as cars, vouchers or other forms of payment can be subtracted.
https://www.gov.uk/national-minimum-wage-accommodation

so look into amercan and other countries laws on minimum wage. as from what i can tell on the UK point of view. paying someone in bitcoin is not paying national minimum wage, even if the value of the bitcoin exceeds NMW value.

So businesses in england can be sent to court for breaching employment laws if they only paid their employee's with cars or bitcoins

just for laughs i though hmm what other songs can we change into bitcoin songs.

then i though of this. a song about us talking a merchant into accepting bitcoin.

the lyrics are not complete but they start from the first words in the song so have the song playing in the background and read the words as the song plays..

by the way he refers to the merchant.

song http://www.youtube.com/watch?v=HCm6gRHINqA

Lyrics:

He's taking the time, thinking up the reasons.
to justify all the debt he holds
cos he knows,
from the smiles, and the look in our eyes,
everyone got a theory about the FIAT con!
We're saying,
we never loved it much, even though it a thing that we touch,
its why we're shying away from government protection.
somewhere in a private place, we trade our cash in cyberspace.
and we're now waiting for the right kind of merchant to come.
and we say to him
we're saying
now we are trading to the moon and back, government free, government freee , baby
we can trade it round the world for free.. on our own, so will you bill by bitpay

mmmmmmm oooooooo
end of lyrics

it was wrote in under 5 minutes, and im not a professional song writer so don't judge. its just for laughs. lets see other lyrics and song combinations to get bitcoin its own music album.

i only watched half of the first video and started to think.

hmm if we were heading towards another 1920's event then could we soon see this in shop windows


featured at 27:56 in the first video.

where people would also trade bitcoins, vodka, guitars, and favours to each other instead of paper money.

i think original post meant
1. create a better blockchain protocol, blah blah
2. allow people to send their bitcoins to this new blockchain but once sent have no ability to send back.
3. once people use the new block and see its advantages they would no longer bother using old bitcoin.
4. bitcoin dies.

the answer to the question on first post is this (mainly aimed at the noobs to grasp how prices change)

although you do not see litecoins used in grocery stores or domino's pizza in your town. they do have a value and this value is the cost of production. EG electricity and hardware.

miners want to ensure if they are going to mine something they can sell it to atleast break even or to profit. so the current cost of production puts LTC at 6cents due to current difficulty and hardware costs and a few other considerations.

the next thing to take into account is the direct BTC -> LTC price which after people have arbitraged the price swings due to costs changing, the direct crypto to crypto prices level out to a middle ground of the dollar values of each crypto's.

ill make it easier to understand with the image below.


take table 1
if i had 1000LTC and sold them for $0.0612, id get $61.20. if i then bought BTC id be given 4.955BTC and if i sold the BTC back to LTC direct id get roughly 1000 again (yep i ignored commission and volatility to make things simple)

now take table 2
lets say BTCUSD went to $14.35 due to halving causing abit of a price bump*. LTC miners would sell their LTC for dollar buy in BTC using dollar for only 4.268BTC and be left with only 861 LTC when buying back LTC.. so they wont do that.. instead they would sell LTC direct to BTC causing the BTCLTC price to drop whilst they sell at the top buy prices or add more lower prices to the sell wall to try grabbing their quick bargains.

and now you see the result in table 3. LTC still worth $.0.612 due to cost of production but not worth as much BTC due to the evening out of the arbitrary cycle until it becomes unprofitable again.

*don't reply like sheep with the scripted quote "BTC price has already factored in the halving"

he does have sensible moments but his sheepish absurd moments outweigh the actual facts which makes his 'news' not credible to become viral in actual news media.

thus his messages get stuck in RT footage and youtube videos. other national news media would not use him as a credible expert to feature on their shows much.

such a shame though, as the absurd moments make teenagers appreciate him and remember him enough to consider bitcoin. but the adults and professionals lose faith in any 'big news' and thus, they end up not listening to what he has to say. treating it as "tinfoil hat" doomsday stuff.

he speaks alot about bitcoin. and was featured at the london bitcoin conference 2012.

but sometimes he does go crazy with silly sheep noises. so although entertaining. it does taint his professionalism at times

to help others get the inspiration to expand in their towns. can you give a brief outline of your sales pitch. so that others can learn from success stories to aid in the real world access to bitcoin spending

mega internet lag to update the blockchain. plus why would they need money on mars.

they would just use ration cards and stamped the day they eat a meal..

the episode could have been worse talking about silkroad and the defendant being a drub dealer. the episode was all about the technology and anonymity side which is a better and more fair view of bitcoin law issues.

'mr bitcoin' being cunning is not such a badguy as the other possibilities the show could have featured. child pornographers,, arms dealers, fake ID sellers and drug dealers.

so in my opinion i think the TV show had showed bitcoin in a better light then what the world press shows it. especially gaining the main characters trust for her to buy her first bitcoin.

heres the choice of possible TV shows.
1. bitcoin on a law drama about being arrested for creating a currency
2. bitcoin on a law drama about drugs, child porn and other illegal trading.

id choose number 1. and and im grateful that the shows story writers chose the same

i was bored while trading so had the TV on and TV Drama called the goodwife was on. yep a drama, not a documentary or news event.

but its promenent story line for that episode is bitcoin.

i know its last years episode but i did not see any big notes on here mentioning it.

if you want to watch it online. there are sites such as watchseries.eu which will link you to places that stream it.
search for 'the good wife' select series 3 episode 13. and i recommend gorillavid, putlocker or sockshare for the least annoying advert popping up streamers with good bandwidth speeds.

quote from their website
Our plan is to have between 8 and 32 megabytes of storage capacity on these devices.

maybe electrum will go on it. but definitely not a full bitcoin-qt with a recent blockchain

that is something that came to my mind too. but more concerning who pays once the service is fully released.

 as the community is stil small.. telling a merchant he would have to talk to his staff about bitcoin so they know what to do.
or change his EPOS-cashiers till system slightly if using the non bitinstant service. i find it then unfair to mention if they sell $10 of product. that they would only receive $9.50 or less. due to card issuer fee's bitinstant conversion fee's and commission

i think its best that merchants get exact retail prices given to them. and bitcoins being higher then mtgox prices to cover the costs.

ofcourse later on when bitcoin is more widespread then the, who pays the fee's can be re-evaluated once bitcoin becomes more popular.

secondly it would add value to bitcoin and as we are burdened with the fee's it would help to increase bitcoin prices to compensate.

unless kim is going to offer selling bitcoins i see no benefit in why kim would need to purchase large amounts of bitcoins.

i thought kims idea was to receive/accept bitcoins from users. to then cash out as fiat to pay real world costs of living a luxury lifestyle.

so unless kim becomes an exchange selling bitcoin to the community, i do not see this as being part of the business plan. but maybe a personal investment plan (if it were true) to grab a chunk of coins and as bitcoins recognition expands making that initial investment worth more.