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Positive interest means continuously improved productivity in society as a whole, this has been the case for hundreds of years, and I think there is still room for more and more productivity increase, since people need to improve the quality of life all the time
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From this point of view, banks, market etc all benefit from an increase in productivity, they just like some kind of middle man, take a small bite in the whole trading process, but since people are dependant on the service they provide, their charge basically get accepted
While I dont agree 100% with your example, I do somehow agree with the quoted paragraphs. There should be some way for more money to get into the money supply but that would have to come via increases in good and services so that we maintain price stability. Here's a question for you ... if a country happens to have a decrease in GDP (aka production of goods and services) what should be the consequence? Take away money from people? So it's not that clear for me if this is a good example. Why should the banks benefit from the increase in productivity of us all? Why not us? The farmers, the workers, the producers? The banks should be like a non-profit organization or like an utility company. There is no interest in money loaned but there are fees for the banking services offered. In the end they just provide a service to the community: they organize, maintain and keep safe the money supply. Yes, somebody has to do it and I'm willing to pay for it just like I'm paying for my cellphone bill and water. |
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If the ASICs turn out to be a scam, the scam side here will be all over the forum with "I told you so"s.
I wonder what will they say if the ASICs don't turn out to be a scam? As I don't think anyone from the asic side were 100% sure, so can't say I told you so.
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Tom, any board pictures you can share? Btw, do your boards come into some sort of enclosure or it's just an "open" board?
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We have pictures of the assembly space he has rented and outfitted in the bASIC thread at the mo'.
Assembling what? |
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Although BFL_Josh trolls these forums from time to time  ... you would have a better chance to get an (faster) answer by contacting their support email address or ask the question in the company's support forums. |
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Did I miss a thread or a page with pictures in the 100 pages long and counting thread on btcfpga ASICs thread.
Aren't you guys supposed to start shipping in 1 month? Pretty sure you should have some prototypes you're playing with right now. At least a AutoCAD rendered image?
P.S. I'm not defending BFL, they might still be a scam until proven otherwise, but at least let's use the same scamometer stick to measure everyone.
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Can anyone tell me how/why litecoins are going to survive, while namecoins, solidcoins(+2.0), I0coins, IXcoins, devcoins, liquidcoins, etccoins are all going to go the way of the dodo?
Or if I may rephrase the question: Is our (yet) small crypto-currency world big enough to sustain two functioning currencies? |
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November 2012 no real ASICs working proof out there ..so it,s very hard to speculate who will ship first..IF ever shiped
I think they WILL be shipped. It's not like the ASICs are some unicorns that need to be hunted in the magical forest. In the end, those boards will be assembled and packed and shipped. Due to the fact that time is of the essence, BFL, BTCFPGA (hey, you should rename yourself BTCASIC or bASIC), Avalon and the rest, need to walk a fine line between providing dates with enough buffer to accommodate for unexpected delays and dates with no such buffer. I guess who has the smoothest/reliable suppliers chain will ship first ... |
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So, for those living in Quebec, Canada, mining is a hobby in the government eyes until something new comes out. Since I'm a freelancer, I'm looking into putting that revenue with my "Travailleur Autonome"(autonomous worker?) status.
Merci pour l'info. Now about BTC as cash in hand ... would you basically report the value of your BTC deposits in CAD when doing a Balance statement? I wouldn't agree with that because: - BTC is not actually cash in hand, you have to find an exchange to trade it in CAD in large amounts without crashing the price. - there are big price fluctuations, so your BTC reserve can be valued at 10k or 20k; that will impact your profit and loss and it shouldn't. |
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That seems to be the PDF describing how the flawed fractional reserve system works. Your point? |
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And I don't think interest is a problem, it is just a natural thing
No it's not. When you create the money for the principal you don't create money to cover the interest. Those money do not exist and the only way for them to come into existence is for someone to take another loan to pay for your interest. But then what about the principal on that loan ... and the interest on that loan? And so on. A system based on the need to continuously generate debt is mathematically, conceptually and morally flawed. RE: lending money Many say/expect Bitcoin to be a deflationary currency. In this environment and as long as we value BTCs from comparing them to fiat, the concept of lending money gets confusing. Let's say the BTC appreciates 5% per year compared to USD. If you are to take a loan at around 4%, how would you see that? Loan value + 4%? Loan value - 1% (4%-5%)? RE: money as a tool Is hard to delimit between money as good as goods and services and money as a tool. For money to fulfill its mandate as a transactions "tool" (regardless of its shape or form: digital, paper, metal), money has to first be trusted by the parties that when received, it can be traded back to receive a similar amount of goods and services. Isn't that the same thing? Ofc, as long as prices are stable ... |
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technically, there should also be: -10, -100, -1000,....
(I tend to sell the lows)
 The poll does state "buy" in the title though ... |
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The poll is statistically incorrect. It should cover all possible options, yet is missing the None option.
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Leaving the "let's hate the bankers" part aside, from a technical perspective the system is conceptually flawed because of the interest and how money are created as debt. There should be no interest and money should enter the system as more products/services enter the system, not created out of this air. Of course this will open another can of worms but at least we can start the discussion on/with a system that is not conceptually flawed.
Another interesting concept is the the self-credit option and the creation of a "credit coin" as gold based or other commodity based currencies do not permit easily money supply expansion needed for economic development. Basically, the "credit coins" are money self-issued by the producers and not the banks which are later redeemed by the same producers after the project they were used for is completed. And this is where Bitcoin fells short.
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buy fiat
I'm interested on an estimation of the volume required for such a trade. |
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A crash in price could benefit early ASIC adopters in the short term by slowing sales of ASIC devices. So there is incentive to make that happen.
Interesting. But how can one (or more) make that happen? |
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ASIC influence
I think it will all depend on how the miners calculated their return on investment. If a lot of the miners bought with real $ or have big $ running expenses, there will be an incentive to exchange some/most/all of the mined coins to fiat. That will bring downward pressure on the price
Reward 50%
However in the same time, the reward gets halved so that's upward pressure on the price.
In the end, the two might cancel each other so there is no movement on the price.
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Think about it before you invest money into Bitcoins. After all, electricity is not guaranteed. If systems fails, electricity fails as well.
That's the main argument of Gold vs. Bitcoin. But look at it from this perspective: where do you see humanity going to? A. Internet, telecommunications, self-driving cars, airplanes, robots, all connected, etc. B. Some zombie apocalypse scenario where there is no electricity, roads, communications, etc. Even if you consider B, then losing the Bitcoins savings is the least of your worries. Your only true value assets would be the guns, the ammunition and the canned food you have. |
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Wow, the "good stuff" Understand this: Bitcoin is a new thing – it is not compatible with the old financial system.
Bitcoin and state banking systems are born enemies: only one can survive. If you are imagining that they can peacefully coexist, you are fooling yourself.
Bitcoin exposes the fraud that is state banking. If you think that politicians and bankers will calmly allow it to take over a significant percentage of world financial flows, you’re in denial. States will come after Bitcoin, and hard. They have no choice. Their money can only exist if there are no competitors. |
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