"Why would anyone trust an electronic form of money that could get hacked and then diluted into oblivion?" said Michael Pento, president of Pento Portfolio Strategies. "We already have a form of money that is indestructible and whose supply cannot be increased by any government or individual decree. It's called gold."
Love it. Once they understand that the value of bitcoin is based on its utility and scarcity, they will be start buying at $500+ |
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I'm tying to better understand PPCoin's proof of stake reward system. Do I get coins for the existing coins I have? Can someone be kind enough to explain it to me?
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Freicoin wins here, hands down.
Kindly expand on this. The stuff I read centers around demurrage. Thanks. |
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Which coin has the lowest transaction fees as it scales? Is there a coin that will eventually be able to do true micro-transactions.... like for $.0001?
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100 coin max exploit? It's obvious who the company is then.
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Who keeps 12000 coins at gox just sitting there waiting? that is just crazy.....I would be so paranoid.
Might be a new coinlab player, trying to get more coins. It seems to have worked. |
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If the ultimate conveyance of control for an address with BTC is the private key, why not devise a transaction solution that simply transfers the private key. It would have truer anonymity, have no fees, and transactions would be instantaneous. It would also reserve the blockchain for transactions that require public record.
I guess the trick would be in getting the exact transfer amount in an address that you wish to convey, and ensuring the sender doesn't steel your coins later.
Any ideas on how to do this?
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Bitcoin is backed by the cost of electricity (and equipment) required to compute its proof of work.
Not correct, though people say this very often. "Backing" when talking about a currency has a very specific, important meaning. It means that some party has promised to redeem that currency for some other good of value. Backing requires a backer, in other words. It requires someone's promise to back Item A with Item B. This is how paper money can have real value, because if it's backed by a government or bank or corp that will give you gold/silver for it, then it has that same value by proxy. That's backing. Bitcoin is not backed by anything, nor anyone. It is a resource, a commodity, a good in and of itself. The cost of electricity/equipment does not back Bitcoin whatsoever, just as the cost of dredging deep-sea mud from the ocean floor doesn't back the price of this mud on the open market. I agree. Governments back currency to create confidence. Bitcoin derives confidence from being useful as a currency. The ultimate currency should be easy to use (make micro-transactions simple and close to free), be secure (from fraud, government seizure, and provide anonymity), and be a good store of value (scarce). To the extent that bitcoin scales to these tasks, is the extent that bitcoin will prevail in the long-run. |
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Some sent me the following email. Is it an attack on LTC? --------------------------------- Hello, I'm sending to you, because I hope you'd be interested. I want to create a litecoin mining pool that would stress test the litecoin network. For now, it would attempt to permanently store data on their blockchain. Litecoin is vulnerable to this, because they do 1 MB blocks each 2.5 minutes with somewhat low difficulty. Blockchain based networks suffer from having to permanently store data. Services that offer backup space on the blockchain will appear eventually. They can work, because they externalize the costs to the whole network, while taking the profits to themselves. By having the problem demonstrated now, the community can find solutions faster. I don't have the pool frontend done yet, but I would welcome everyone who can donate some litecoin hashing speed to get the concept tested and help get me started. If you'd like to donate some CPU power, please: Download cpuminer from https://github.com/pooler/cpuminerMiner thread: https://bitcointalk.org/index.php?topic=55038.0Binaries for Windows: https://github.com/downloads/pooler/cpuminer/pooler-cpuminer-2.2.3-win32.zip (32-bit) https://github.com/downloads/pooler/cpuminer/pooler-cpuminer-2.2.2-win64.zip (64-bit) Binaries for Linux: https://github.com/downloads/pooler/cpuminer/pooler-cpuminer-2.2.3-linux-x86.tar.gz (x86) https://github.com/downloads/pooler/cpuminer/pooler-cpuminer-2.2.3-linux-x86_64.tar.gz (x86-64) Binaries for Mac OS X: (courtesy of shawnp0wers and phraust) https://github.com/downloads/pooler/cpuminer/pooler-cpuminer-2.1.2-osx32.zip (32-bit, outdated) https://github.com/downloads/pooler/cpuminer/pooler-cpuminer-2.2.2-osx64.zip (64-bit) Create config file cfg.json with contents: { "url" : " http://78.63.237.16:8341/", "user" : "xxxxxx", "pass" : "xxxxxx", "quiet" : true, "threads" : "2" } Edit the number of threads. Run miner with: ./minerd --config=cfg.json or minerd --config=cfg.json Your thoughts on this are very welcome! |
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Ahh. Thank you. I had bitstamp's address as I thought they were making the market.
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I have granted trust of 1 DYM to your address and received confirmation. In very specific steps, what do I do next to see the market to buy DYM with XPR? thanks in advance.
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This is a from a subscriber investment newsletter. Nothing new, but I like the last line. I also didn't remember the quote from the ECB report.
In Europe's crisis-ridden PIIGS countries, Bitcoin is no longer a fringe idea. And who can blame people after the cash grab in Cyprus this week?
Folks in Spain have been busy downloading three Bitcoin-related iPhone apps. One of them, "Bitcoin Ticker" jumped up in the ranks of the Spanish app marketplace from No. 526 to No. 52 in just 24 hours. Two similar apps "Bitcoin Gold " and "Bitcoin App" are also leaping up the charts.
Right now, holding Bitcoin seems less risky in light of Europe's political environment... not to mention a 1,360% appreciation over the past year and 55% just in the past five days alone.
Still, it isn't just the refuge of scared Europeans who don't want their deposits taken -- it's on the central bankers' radar too. The ECB published a report back in October 2012 on what it called "Virtual Currency Schemes."
The report says growing demand for something like Bitcoin "could have a negative impact on the reputation of central banks" because the public will interpret that demand as the central bank not doing its job properly.
Bring it on!
Meanwhile, a Canadian homeowner is selling his property for Bitcoin.
Taylor More self-listed his Alberta bungalow online on Monday as "Bitcoin Home!" After detailing the home's spacious 2.9 acres, beautiful scenery, the amenities, and 2,800-square-foot workshop came the Bitcoin part: "If you had $405k I wouldn't turn you down," he posted.
Sweet property for the winter-minded... Frontage on the Crowsnest River, the listing says
As we write this, Bitcoin is trading for a little less than $75... so it would take you roughly 5,400 Bitcoins to buy the home. Though he qualified it: "if a partial or whole transaction is done using Bitcoins the price can be reduced depending on how many Bitcoins you have to trade."
That's a far cry from what Bitcoin bought just three years ago when it took 10,000 to buy a pizza.
Brings to mind the time-honored definition of money --a medium of exchange, unit of account and store of value. Bitcoin is rapidly taking on all three.
Take that, central bankers!
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Thank about all the silly wealth in the world....  |
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"Coins in limbo, sends home bimbo"
Boy's BTC keeps girl off her knee. |
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Hmmm.... So where are we now?
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