What I primarily have a problem with is their valuation; there`s no reason they should be this expensive, to the point where people should be considering buying partial coins because a full coin is too much. What I primarily have a problem with is the valuation of a kilogram of platinum. There's no reason why a kilogram of platinum should be this expensive, to the point where people should be considering buying partial kilogram coins because a full kilogram of platinum is too much. |
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Very interesting dilemma - how merchants will lure customers to buy their goods or services for Bitcoin when most people will realize about deflationary properties of the Bitcoin and will spend their BTC very hardly? The Bitcoin FAQ contains a link to an article that explains the deflationary economic model: https://en.bitcoin.it/wiki/FAQ#But_if_no_more_coins_are_generated.2C_what_happens_when_Bitcoins_are_lost.3F_Won.27t_that_be_a_problem.3FKeep in mind that the reason the Bitcoin price (in fiat currency) is skyrocketing right now is not because Bitcoin is deflationary (finite supply). It is because the world is getting to know Bitcoin and the market is deciding what the proper price is. In this environment, it seems to make a lot of sense to buy and hold Bitcoin. But that has nothing to do with Bitcoin's finite supply. Just wait till the next real crash. Everybody will be talking differently. At least for a while.  |
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Has anybody gotten a payout today? Mine is unconfirmed as well. Maybe something to do with the craziness, more people moving around btc? I notice there's no fee on the transaction - that def slows it down.
No fee? I checked my most recent payout, and it definitely had a fee. Are you sure? Would you care to share the transaction ID? |
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What you see is not the deflation! That is a very good point - the reason Bitcoin's value is going up so fast and is so unstable is not because it is "deflationary" (finite supply). I think a lot of people miss this. (In fact frequently I fall into thinking this and have to correct myself.) However, I disagree that it is going up so fast purely because of inflation of fiat, either. Fiat is inflating, but it is not inflating that fast! No, what is happening here is a process of price discovery. Bitcoin is radically new - as the market expands, this price discovery is going to continue for quite some time. |
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Has anybody gotten a payout today? Mine is unconfirmed as well. Maybe something to do with the craziness, more people moving around btc? I notice there's no fee on the transaction - that def slows it down.
I got one this morning. (However, I had a notifier that should've sent me an email when I received Bitcoin at my payout address, and didn't get the notification. But that is not supplied by Bitminter.) |
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But my question is - did the Senate throw their might behind telling the banks and state agencies and other regulatory authorities to lay off the people who have been servicing the Bitcoin community? I want to see fastcash4bitcoins.com and BitInstant back in operation like yesterday.
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I thank the U.S. Senate for the attention they have brought to Bitcoin today, and the resultant price rise.
Now - any word on getting all the various shuttered Bitcoin businesses back in business? Did the Senate lift a finger to help Tangible Cryptography? To bring back BitInstant? To get MtGox's bank accounts working again?
Or was the whole plan here to first crush the original Bitcoin startups with stringent financial regulation, then declare Bitcoin "legitimate" so that established players could take over?
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Maybe we should rename 1.0 Bitcoin - call it "one ounce of Bitcoin."
Or kilograms if you prefer. (I'll concede the superiority of the metric system.)
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It's insane, the mental block behind buying partial bitcoin.
Here I am telling people at 14$ a BTC to get in on it, and then it jumps in price and they say it's too expensive. I agreed with them.
What stopped me from buying partial bitcoin?? I knew I could, but the constant idea running rampant in my mind was that I had to get a whole bitcoin or more for it to mean anything.
What a silly thought.
I crossed that when the price hit $30 the first time this year. I was all for buying a Bitcoin at $20, but that week I couldn't quite do $30. Then I realized - and if you read my posts from back then you see I quit talking about "Bitcoins" and started posting things like "0.8 Bitcoin". Anyway, no need to do anything - the market will reward those who take advantage of this fact, which will help the information propagate. |
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How did this thread make it out of the newbie section when the OP has only 3 posts? I ignore the newbie section so that I don't have to read FAQs like this (as often).
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 Can we get a bot that automatically detects these posts and sends people to the Wiki or something to explain why deflation isn't the end of the world? Usually I respond to the deflation problem with a link to the FAQ in the wiki. In this case since he mentioned "problems" with gold, I figured it was a good opportunity to share with him (and any lurkers) that not everyone agrees with these "problems" with gold. |
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Ultimately we come back to the gold standard that had the same exact problems and blew up. If this is what you think, then Bitcoin is not for you. Bitcoin is for people who disagree with what you said in that sentence. If you'd like to explore further, a couple great reading suggestions: Whatever Happened to Penny Candy? by Richard Maybury What Has Government Done to our Money? by Murray Rothbard But basically, if you believe the gold standard suffered from these problems you have described and failed as a result, don't use Bitcoin! You might consider starting an alternate coin that doesn't have a reward drop, or sticking with a more traditional currency system. |
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Society can't even get along with Laws, it would be worse without them.
Anarchists don't advocate living without laws. |
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Anarchy would never ever ever work. Human nature is not anarchical but hierarchical.
That's fine if they pick their hierarchies. |
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i originally got into bitcoin when i was an agorist. it sort of went hand in hand with it. i have always considered myself a libertarian, although i now consider myself an anarchist and thus much further left now than when an agorist. so.... i suppose bitcoin has not changed my positions.....
I really wish people would stop thinking about politics in terms of the "left-right paradigm". It's so counterproductive. Using the left-right axis is actually the most meaningful way of looking at political opinions. So-called "descriptive" positions, like liberal, capitalist, anarchist or communist just confuse things, they only provide a blank canvas onto which any useful politics can be projected by a conniving political manipulator. From my point of view as an anarchist, left and right (in America at least) seem to be particular sets or "baskets" of opinions. Looking at it from the principles I follow, some of the right positions and some of the left positions seem internally inconsistent. For example, the American right claims the principle of "small government," but then supports the largest government program of all (the warfare state.) Walter, you're a good guy, but I'm being massively, massively sarcastic in that post (and all other posts in this thread). It should be pretty obvious that the exact opposite of what I said up there is the logical truth, but no-one seems to be catching on. Although you've got a much better idea than most, in fairness. D'oh! My sarcasm meter must have been completely off! Thank you for clarifying. I love your avatar and username, btw. Always gets me singing "It's Not Unusual..." |
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I was looking for a thread here on Bitcointalk where people gab about it.
Check the Mining Speculation subforum, WR. Thank you - found what I needed right there. |
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Auto cash out is free - Bitminter pays the fee for you. There will soon be a manual cash out too, but that will require a fee.
Thanks, now i just need to wait to reach the threshold. There's nothing like collecting that first bitcent from your mining efforts! Except possibly your first solo-mined block in 2009, saved until 2013 or later - but I wouldn't know how that feels, so I can't compare... |
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Is there a thread here on Bitcointalk where the difficulty jumps are followed? I figured I'd ask here so as to avoid starting a thread and because I know I can count on Bitminter miners to be helpful. Oh, I know plenty of sites to track the difficulty. I was looking for a thread here on Bitcointalk where people gab about it. |
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Is there a thread here on Bitcointalk where the difficulty jumps are followed? I figured I'd ask here so as to avoid starting a thread and because I know I can count on Bitminter miners to be helpful. |
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Lucky fast blocks pouring in. Bitcoin price record high. Good times.
Woohoo! And last night I finally got my miners set up to run 24/7 (I think). |
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