A bank offers valuable lending and borrowing services. They lend out 90% of what they borrow and keep 10% in reserve. No money (euro/dollars) is created out of thin air. But a lot of credit can be created, not out of thin air, but based on how much deposits they get. This credit is then also used to make payments (using bank accounts, you don't pay with money, you pay with credit that you have at the bank). So credit is used as currency in our society. But currency is not money.
you're quoting what they are legally allowed to lend out but it was found that banks have been lending way more for eg. Goldman Sachs lent over 300 times their deposits. oh and it is created out of thin air - there are no funds 'moved' into a borrowers account. OK. We all watched Zeitgeist, alright? Stop quoting the same shit over and over again. I'm sick of it. Hath there been any other way, people would have invented it. Plus - it's proven to be working for 100 years now. And it is not all fake. A lie is only a lie until the moment it starts providing results. When you buy a porsch and a house and a wife with a money you made on forex, not moving a finger, is it really a lie? When a businessman develops a factory, buys equipment, hires personnel and produces a product is it a lie? NO! Why? Because you can see it's physical dimensions. "Lie" is a fictional term. |
|
|
|
First of all, Bitcoin is going to make it to the mainstream because of the HUMAN FACTOR - Incentive. People are always talking about the pitfalls of the current system - the laggy centralized exchanges, the instability, no decentralized exchange, the fiat payment problems etc. All these problems are going to be solved over time. How? Incentive. Consider who these early adopters are. These speculators include some of the brightest technical and creative minds in the world today, all working and helping each other to solve the same problems. They all own Bitcoins, all their potential fortunes are tied to communally solving these dilemmas, they gain nothing from secrecy and competition, and they are not going to fail. See, this is very new.
Before, a startup company may have hired or included the best coders and strategists they could find, perhaps offered them future stock options to provide incentive to work harder. But these projects were not made public because they needed privacy, otherwise ideas and information might be stolen and used by possible competitors. But in doing so they missed out on the input of the world talent pool.
On the other end of the spectrum are open source Internet projects. Everybody come and work as you please. But because these projects were open to the public, there was no central company to fund any of these coders. Sure, they no doubt worked hard, as it was a hobby or a personal cause - but that nowhere near matches the Bitcoin project momentum. An open source project to replace the currency system for the financial benefit of everyone involved, with the brightest minds in the world able to hop on as they please.
So yes, you are going to have the best, brightest, and richest working towards a common goal. All the while little people - like me - cheer them on, doing whatever little things we can to help(advertising), praying that they succeed.
Microsoft, Google, IBM have never been able to match such a workforce.
We already have more "working employees", all incentivized with "stock options", than they EVER will. You must understand, this is the first project of it's kind in human history. All these petty beginning-stage problems will be overcome - why? Simply because because for the first time we all WANT them to be overcome. You must account for the solutions to problems that we don't understand yet - because they are being attacked by a motivated workforce quality we have never seen before. The problems will eventually be solved, and this is why Bitcoin will make it to the mainstream.
Now once Bitcoin does get there(or perhaps just before) we will run into a problem that many people have pointed out. Market instability. Hoarding by the rich investors, the people who have 10's of thousands of Bitcoins. Detractors rightly say that these overly rich early speculators will simply have too much damn money for there to be room for a stable economy. The graphs bounce with every move they make. However, you are still thinking in terms of the archaic currencies we use today. New systems require new ways of thinking. If this problem is obvious to you, do you not think it is obvious to them and their financial advisers as well?
In the present archaic system these activities continue because the government can just print more currency in order to balance or stimulate the economy, and keep these barons in power. Since this is not possible with Bitcoin, the ultra rich will be forced to do it out of their own pocket. No choice. It is now in their best interest - if they want to have a market to spend those billions in. They will have to spend of some of their money to stimulate the economy in order make their wealth usable, and the distribution of wealth will equal out slightly. The market will stabilize. And because there will be no bureaucracy to support these billionaires' financial staying power, finally the little people will have a chance to make their own fortunes out of hard work and ingenuity in a truly free market. The rich will have to maintain their wealth in the same way.
This is an unprecedented turn of history. It is an evolutionary stage of society that cannot be stopped. To you soon-to-be-rich: remember your responsibilities.
We are finally all in this together.
My fellow humans, Welcome to Bitcoin.
First of all - what you wrote borders with communism. Second - they said that the Roman Empire, the British Empire, the Titanic, the Internet Bubble and Facebook would not fail. Well guess what - they were wrong. Simple law of nature - everything could fail. Nothing is certain. The common currencies are not 100% although there are 3 levels of backup for them. The whole deal with human societies right now is a house of cards. It's all in our heads and does not really exist. |
|
|
|
So I've been thinking a lot about gold price. Here is a monthly chart:  I think there are 3 possible outcomes: 1. Price explodes to 2000$ in the matter of 4 - 5 weeks, after which pulls back to mid 1600s for a long period of time with short time fluctuations. 2. Price drops to 1350 - a massive support area and stops there. 3. The outcome I hope for - gold falls way back to 780 then sky rockets to god knows how much. Perhaps evern more than 2000$, after which a pullback to 2000$ expected. 2000$ would definitely be the new massive support area. If that happens - buy 1 year AU options. |
|
|
|
|
Bitcoin is great the way it is.
What needs to be solved is the backing up problem.
It's not backed up by anything really.
|
|
|
|
I believe Germany is poised to become the superpower of the world once again. In my understanding they are second only to the U.S. in bitcoin ownership currently, and their usage is growing faster. Unlike the Americans of today, the Germans are thrifty people. The bitcoin street price is higher in Germany than in the U.S., which is an indication that bitcoins are flowing to the country. Ich denke daß ich bald mal beachten müssen werde, deutsch zu lernen. Correct me if I am wrong!
I believe you're a brainwashed idiot. Let me reveal a secret. If it is not for the USA and the Marshall plan (which works to this day) both England and Germany will collapse. Why, you ask? Simple. Germany is without an arguement the better of both counries in manufacture. However both countries main buyers are the US and China. Third is the EU. Not to mention that the living standards in the UK are vastly inflated. Germany is no better. And Germany has another very serious problem - Turks. They are already 4 millions there. And they have 4 - 10 children. Soon they will be a majority and will adopt islam as an official religion. Of course they are not as bad as the radical islamists, but they are crude people and I dislike them. So stop talking bullcrap. Where do you suck it from? You fingers? |
|
|
|
|
Let me tell you something.
Although I do not like religions as a whole. The only really hateful religion is Islam.
And Europe is infested with soon to be terrorists. Because of liberal douches who instead of creating something new, want to integrate inferior culture into our 1300 year old traditions.
Holland, France, England, Belgium, and Germany are on the verge of becoming muslim countries. Just because of the idiots who run them, and liberalism.
The words "racism" and "tolerance" are so amalgamated into the minds of young people in those countries that they do not realize how brainwashed they are.
So here is what I think will happen: France will be renamed to The Sene-french Islam Republic, Holland - to the Emirate of Nethestan, England - New Pakindiastan, Belgium will become the Republic of Arabia, Germany will be the Anatolian Empire, and Spain is on the verge of becomming a Moroccan province.
Just an eye opener for people outside Europe.
|
|
|
|
|
Italians are known worldwide as the pussiest of the pussies when it comes to "fascists".
In the WW2 their troops were defeated in Africa by a local tribe with bows and arrows. And they had guns and tanks. Bunch of pathetic losers.
They bankrupted Europe, now they look back. Idiots.
|
|
|
|
|
Change the design of that website. That green was melting my eyeballs.
|
|
|
|
New revised price of 8BTC + I give a Logitech Cooler worth 100$ for free with the notebook. And I have a huge c**k!  |
|
|
|
|
Banks are backed up by insurance companies. Most of them are a product of people's fear. Which proves to be a better motivator than money.
|
|
|
|
|
I agree. Although you have to admit that they're overdoing it and inflation is really high.
The whole fractional system is really risky.
On the other hand the world wouldn't be the same without it. So thats the way it goes.
Fact of the matter is that the older the currency - the more reliable it is - gold and silver were first, then paper, then ni/cu, then bank cards, then online payment methods, and now - cryptocurrency.
|
|
|
|
|
OK. If you can think of another way - go ahead and do it.
Banks are printing legal tender money for so long that people simply cannot throw it all away.
They're addicted to those money.
|
|
|
|
Sondey10mg, blobberTK, tolsetty, gambit, kslavik, teodor87, GaliXigeNSent, sorry for delay  CTransaction(hash=c3a0157464, nTime=1365781185, ver=1, vin.size=1, vout.size=8, nLockTime=0)
CTxIn(COutPoint(f1b7cfaefd, 3), scriptSig=3045022100ce2c3e02f5000b)
CTxOut(nValue=2.00, scriptPubKey=OP_DUP OP_HASH160 4496f06b531e86c1d1100d13586848b6dbd357f6 OP_EQUALVERIFY OP_CHECKSIG)
CTxOut(nValue=2.00, scriptPubKey=OP_DUP OP_HASH160 25fef6a7e7cd018b6b182a22988547e41f9a6b63 OP_EQUALVERIFY OP_CHECKSIG)
CTxOut(nValue=947.28798, scriptPubKey=OP_DUP OP_HASH160 0e9b9149dc02983c8ffddbe5c46a499ab904d25a OP_EQUALVERIFY OP_CHECKSIG)
CTxOut(nValue=2.00, scriptPubKey=OP_DUP OP_HASH160 4224b8738b0ecbc2d8ec81e2c89b0de9132d827e OP_EQUALVERIFY OP_CHECKSIG)
CTxOut(nValue=2.00, scriptPubKey=OP_DUP OP_HASH160 8ca26fd4ff9cd3ae61efde243e31e195bd4055ff OP_EQUALVERIFY OP_CHECKSIG)
CTxOut(nValue=2.00, scriptPubKey=OP_DUP OP_HASH160 f98b13fb372349f6c42f2d79c28ade82291ebe52 OP_EQUALVERIFY OP_CHECKSIG)
CTxOut(nValue=2.00, scriptPubKey=OP_DUP OP_HASH160 edf50ade9d331fcf217787bd13205276b6c85c42 OP_EQUALVERIFY OP_CHECKSIG)
CTxOut(nValue=2.00, scriptPubKey=OP_DUP OP_HASH160 a558fc60788a710b469303803f0fe54955a8afc9 OP_EQUALVERIFY OP_CHECKSIG)
There are a little busy days for now, I'll perform next sending tomorrow.  Thanks dude! Awesome! |
|
|
|
I'm so happy to have some LTC, TRC and even FRC... But I don't have any Novacoins in my collection yet. I'm pretty sure that the very distribution is important promotional action and it is the actual bounty for those newbies who are going to spread the word about new cryptocurrencies. So, is there anyone to grant me several coins for my future promotional efforts?
4EQkiW69A2WSrfeCgA4Pfzi37CRkar2skP
(Balthazar is here and he is generous!)
P.S: Only users with 30+ posts are eligible to receive NVC in this giveaway.
Thanks Man! Good luck mining and god bless! |
|
|
|
|
Your prediction is based on a feeling or a hunch. The Best FX brokers in the world's single advice is not to trade on a feeling.
And I think that even now there is no guarantee that bitcoin would not collapse as a currency. There is no real backup.
So 0 is the new floor as unlikely as it is now. It all depends on users and markets. Because it could reach 500$ but I wonder if MtGox for instance has that much money. Especially if it happens as fast as it did in March and April.
They don't have an infinite amount of $. If BTC reaches 500$ it needs to happen slowly or the currency would collapse on itself.
From security point of view it would be better if it goes to 4$ again and increases to 500 in a couple of years. Otherwise only the first to exchange their coins will actually have anything to show for it.
When exchangers start losing they will stop their exchange service. For sure.
|
|
|
|
To design an ASIC you need a software which is expensive and you have to be really good specialist. It might not work otherwise.
In principle you can do the design for FPGA first and then reuse it unchanged for an ASIC. I think you can do that with just open source software. You do probably need an EE graduate with a specialisation in microelectronics. And you need MILLIONS of dollars worth of equipment, not billions.
Depends on the size of the plant I guess, which would likely be small since you don't need to produce hundreds of millions of units. But fabs costs more than a billion dollars. Companies, would not produce these miners because they could be adjusted for cellphone interception. The cellphone code is just 56bit. If you have a rainbow table it goes down to 36. You can imagine how easy would it be to get 10 of these devices and then decrypt conversations in real time.
By that logic Avalon, ASICMiner and BFL could not have found suppliers. And there is another issue - banks are not going to be happy that big companies are promoting a decentralized currency. It's just the way they work.
That hasn't stopped the three ASIC mining companies. By "companies" I mean established enterprises with good specialists and production base. Not some from-home "industrialists" who never had a job before, but have decided to create something big with other people's money such as BFL and the others. For now, only Avalon has shipped ANY product. No one else. Big companies are companies who know what they're doing. Sapphieretech for instance. Companies such as theirs would be able to manufacture a good priced product in great quantities. Not BFL. BFL are fraudsters by definition. Even if they ship they will probably delay all their "batches". That's not a serious way to do it. No real business has 100% assurance of purchase. That's called communism. And I hate communism. And an open source software could not be used in microchip design. Pirated software - yes. Open source - no. At least not for VLSI chips. |
|
|
|
To design an ASIC you need a software which is expensive and you have to be really good specialist. It might not work otherwise.
In principle you can do the design for FPGA first and then reuse it unchanged for an ASIC. I think you can do that with just open source software. You do probably need an EE graduate with a specialisation in microelectronics. And you need MILLIONS of dollars worth of equipment, not billions.
Depends on the size of the plant I guess, which would likely be small since you don't need to produce hundreds of millions of units. But fabs costs more than a billion dollars. Companies, would not produce these miners because they could be adjusted for cellphone interception. The cellphone code is just 56bit. If you have a rainbow table it goes down to 36. You can imagine how easy would it be to get 10 of these devices and then decrypt conversations in real time.
By that logic Avalon, ASICMiner and BFL could not have found suppliers. And there is another issue - banks are not going to be happy that big companies are promoting a decentralized currency. It's just the way they work.
That hasn't stopped the three ASIC mining companies. By "companies" I mean established enterprises with good specialists and production base. Not some from-home "industrialists" who never had a job before, but have decided to create something big with other people's money such as BFL and the others. For now, only Avalon has shipped ANY product. No one else. Big companies are companies who know what they're doing. Sapphieretech for instance. Companies such as theirs would be able to manufacture a good priced product in great quantities. Not BFL. BFL are fraudsters by definition. Even if they ship they will probably delay all their "batches". That's not a serious way to do it. No real business has 100% assurance of purchase. That's called communism. And I hate communism. |
|
|
|
By the time most private people get their ASIC rigs the increase in 'difficulty level' from mining will be so high as to make most close to break-even.
People, higher difficulty level = higher price. If the difficulty level is 1000 times bigger, but 1 coin is worth 100000$ what does it matter? It's not impossible to reach 100000$. Question is - if the exchange facilities will be able to handle it. |
|
|
|
Doing a home made ASIC is not a trivial.
Not just not trivial, totally impossible. You can design an ASIC at home, but to produce it you need a multi billion dollar factory. If you bring enough dollars, and buy enough units, the companies owning those factories will happily produce them for you. That's what's happening with Avalon and BFL. It's cool how most of the users have a trillion posts, but so few actually know and have been in a semiconductor manufacturing facility. To design an ASIC you need a software which is expensive and you have to be really good specialist. It might not work otherwise. And you need MILLIONS of dollars worth of equipment, not billions. Companies, would not produce these miners because they could be adjusted for cellphone interception. The cellphone code is just 56bit. If you have a rainbow table it goes down to 36. You can imagine how easy would it be to get 10 of these devices and then decrypt conversations in real time. And there is another issue - banks are not going to be happy that big companies are promoting a decentralized currency. It's just the way they work. |
|
|
|
|
Show Posts
