While we are clearly rushing towards a fiat currency crisis. I have my doubts that it would be crypto that would replace it, rather than precious metals.
People arent going to go to the store with gold and silver. Metals are a terrible medium of exchange which is why throughout history they are typically not used as the primary currency. Currencies should be a claim on asset and not the asset itself. Thus I can see a digital version of the gold and silver being the primary mediums of exchange. If I have a crypto currency that maintains the purchasing power of gold and entitles me to interests on my initial capital then I would certainly use that over the physical asset. We went over this already clout, you keep on using this same strawman despite it being pointed out as a strawman before. Fiat = "because I said so" money Fiat =! only form of paper cash (you can have paper cash that isn't fiat) Fiat =! paper cash only (also coin and digital) Crypto =! only form of digital money possible (can also be fiat, gold backed, etc) Also, if there is a currency collapse where people are no longer using government issued legal tender, then the "convenience" of digital currency is not going to be a deciding factor also Metals are a terrible medium of exchange which is why throughout history they are typically not used as the primary currency. Hilariously wrong |
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While we are clearly rushing towards a fiat currency crisis. I have my doubts that it would be crypto that would replace it, rather than precious metals.
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*inefficient
Ah yes, small typo completely changes the argument. In that case IU agree with you |
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You are discussing the hypothetical plan with which bitcoin was created. ASICs have proven this to be an abysmal failure. Bitcoin is not and never will be free from such centralization, as ASICs make it far too easy to centralize.
Even if you could make an asic resistant algorithm for an alt coin, giant government funded computational center can easily overcome it, especially with the use of violence to coerce any private competition into cowtowing to their demands
Mining is dead. POW is an efficient consensus mechanism. How is this in any way a response to ANYTHING I have said? Also, POW = mining. Did you perhaps mean POS? http://majesti.co/cryptonerd/crypto-terminology-101-pospow-part-4/mining is the process of using POW to secure the network, for a preset amount of time (as dictated by the coin protocol on creation) it will also generate new coins for those securing the coins. Decades from now the POW protocol of bitcoin will stop issuing new coins and a new term other than mining would need to be made. But that doesn't change the fact that bitcoin is POW and it is extremely susceptible to centralization |
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1. IT'S A DECENTRALIZED CURRENCY
Does this even require any explaining? Do you honestly think that the current financial system that controls Trillions of dollars in the current global economy, is going to give up their power to some guy Guatemala because he ran he's 1990's computer the first year of Bitcoin.
Yes, because for the first time in history wealth cannot be seized at gunpoint. Being that governments and their cronies legitimate their rule through force and coercion, they will be rendered impotent by the incorruptible nature of block chain technology. The 1%, whether free market entrepreneurs or political entrepreneurs, will always look for the best safe havens from government seizure. Block chain tech provides the most efficient solution for everyone. You are discussing the hypothetical plan with which bitcoin was created. ASICs have proven this to be an abysmal failure. Bitcoin is not and never will be free from such centralization, as ASICs make it far too easy to centralize. Even if you could make an asic resistant algorithm for an alt coin, giant government funded computational center can easily overcome it, especially with the use of violence to coerce any private competition into cowtowing to their demands |
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This is a good explanation.
I would honestly rather have silver coins as opposed to the same amount (in dollars) in fiat currency. Silver can't be printed, so that's another thing that makes it more favorable than fiat coins would be. You can't just inflate the silver supply, it is pretty well set out and there's not a lot you can do to change the amount of silver that exists in the world, contrary to paper money.
Paper money is literally paper, and where does it come from? Trees. Are trees always growing and new trees being planted? Yes. As such, the supply is inflating because more "Trees" are growing, and there's not a lot you can do to stop it, unless you wipe out all the trees. Silver cannot be grown (To my knowledge) like trees. Thus, silver remains favorable in my eyes.
Yea, now that the discussion has come to that, I would personally much prefer metal coins for all those reason. Although I would say that in modern times its not even trees anymore, governments now creates money electronically instead of even bothering to print it. Of course, governments know that and come down hard on people who try to do it. Shutting them down violently and seizing all their assets. there have been a couple of cases in the past 15 years where the US shut down such companies. they argued that people could mistake the silver and gold coins for dollars and as such they are guilty of making counterfeit money. Based on that they shut them down and confiscated everything |
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One thing I have always struggled to understand is how a government like the US does away with fiat. Notes can be 100% backed by a hard currency instead of by government fiat. Fiat literally means "because I said so" Furthermore, you could just have coins worth actual money (aka, silver coins). And the ubiquity of credit cards in modern society means that it is actually possible to completely replace a cash business with a credit card business. you even have a credit card based vending machines You missed my point, how can the US or most countries do away with fiat..BECAUSE and this is fact, they MUST have a cash business society/blackmarket etc in order to have an economy at all. If tomorrow a law was passed and only digital money tracked and supplied by the gov was issued it would destroy the economy. We must still have literal CASH or the world she no turn round. I didn't miss your point, I EXPLICITLY answered it 1. Fiat has nothing to do with cash (most fiat is electronic money, and cash coins and paper can be fiat or precious metal based.) 2. Your assertion that the economy MUST have Paper cash or it will collapse is false |
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according to your words ... because the 1 % always wins against the 99% .... i will buy more bitcoins to be from the 1 %  who are you talking to? also, does anyone remember 10 years ago when it was the 10% vs the 90%? Also, 1% is a staggering amount of people. Take a look a the USA. 300 million people 1% is 3 million people. There is no 1% vs 99% conflict. The issue is the 0.001% aka a few thousand people in government and their cronies misappropriating funds, stealing from the taxpayer, or buying the law |
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Well, do even silver coins have an actual value? They have the value people give them. They're more backed by the issuing government, it's economy and also their military(!!! - which is remarkable and dangerous) Silver itself has a value, like Gold, but it doesn't come anywhere near the value we give it.
Yes silver coins have an actual value, and yes this value is what people give them. The value of anything is what people give it. Food has value because people want it. The value people give silver is based on how much people all over the world are willing to pay for it. Also, fiat is NOT backed by the issuing government and their military. Under ideal conditions it would be, but in reality they just print more and more and more money. Silver isn't perfect, the value will fluctuate as demand and supply changes. But because a government cannot just print as much silver as they want (or create it electronically out of thin air as they do via central banking) it ends up being stabler (it shouldn't, it takes extreme idiocy to make fiat behave as poorly as it actually does) Also, please note that I wasn't even advocating silver (although I do view it as a more solid form of currency then fiat), I was answering the hypothetical question of what people would use for cash if fiat paper money didn't exist. My answer was paper money that isn't fiat, or metal money |
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One thing I have always struggled to understand is how a government like the US does away with fiat. Notes can be 100% backed by a hard currency instead of by government fiat. Fiat literally means "because I said so" Furthermore, you could just have coins worth actual money (aka, silver coins). And the ubiquity of credit cards in modern society means that it is actually possible to completely replace a cash business with a credit card business. you even have a credit card based vending machines |
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Bitcoin is an alpha product, it is unfinished. At its current incarnation it is limited to about 3.5 transactions per second and requires a hard fork to change that. There is no way it can be suitably used as a nation's currency in its current state |
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I have been getting an odd error with the latest version 2014-02-18  It doesn't happen right away, but after a few hours of running. I have reverted to cudaminer-2013-12-18 which doesn't exhibit this issue. For both versions I am using x64 version. My full system detail https://drive.google.com/file/d/0B5cEvOA-L4zcd3dXN1R1Z1Biak0/edit?usp=sharingI run via a bat file that just says: cudaminer.exe -o stratum+tcp://middlecoin.com:3333 -u USERNAME -p x Anyone has seen anything like this? |
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What's with all the positive hits from virus detection?  Did you actually read what they are saying? Because they categorize it as a bitcoin miner not as a virus. Some people wrote botnet viruses to mine bitcoins for them |
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I have been getting an odd error with the latest version 2014-02-18 It doesn't happen right away, but after a few hours of running. I have reverted to cudaminer-2013-12-18 which doesn't exhibit this issue. For both versions I am using x64 version. My full system detail https://drive.google.com/file/d/0B5cEvOA-L4zcd3dXN1R1Z1Biak0/edit?usp=sharingI run via a bat file that just says: cudaminer.exe -o stratum+tcp://middlecoin.com:3333 -u USERNAME -p x |
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 ...and you believe in every word which is spoon fed to you? LoL Just let me remind you that in the whole Bitcoin history there is not one single entity which provided evidence to prove they lost users funds to incompetence. The "it was hacked" excuse became the standard excuse to cover up misappropriation of customers funds. 1. It wasn't hacked. It lost the money without being hacked. 2. The explanation is sound 3. If you have a better one I would like to hear it 4. Ridiculing the "opponent" and no actual counter argument is politics not debate 5. People lose money due to their incompetence all the time. They certainly don't lose money due to being hyper competent. |
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LMAO bitcoin to the moon. Hey new users one of the largest exchange just stole everyones money and is bankrupt wouldn't love to accept Bitcoin.
They didn't steal it, they lost it due to incompetence. http://cryptolife.net/today-mt-gox-died-and-it-tried-to-take-bitcoin-with-it/excerpt It’s been long known that Gox is incapable of fulfilling all their USD debts ever since their main bank account was seized. On this front, they have been operating as a psuedo ponzi scheme, where new money would pay off old money. There’s been a lot of debate lately whether or not Gox had the BTC on hand to pay off all their debts, and if you read between the lines, this press release confirms that they do not. Make no mistake about it: Mt Gox is likely insolvent in BTC as well.
How, you ask? The fact that they’re complaining about this one (non)issue in particular is very telling. Since their system ran off transaction IDs, they’ve been vulnerable to attacks involving transaction malleability for god knows how long. The attack is simple: Intercept their original transaction, alter the hash of it, and rebroadcast the new transaction. If the altered transaction gets accepted into a block, you have your BTC, but it’s still marked as unreceived within the Gox system. You can then complain to support that you never got your BTC. Support would search by TXID, see that their original transaction is not included in the blockchain, and then credit your account. Congratulations, you just doubled your BTC! This is similar to how a double spend is done, but magnitudes easier to pull off. |
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Suspension of other exchanges now for the same problem discredits Gavin's initial statement that the fault was all with Gox.
Only if EVERY other exchange is suspended. If some do and some don't, then those that do share mt gox issue. |
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Quite promising. Is there a version of this card which fits just one slot? If I could fit four of these cards to the MB with 4 PCIe slots (preferably without risers) it could be quite interesting... Oh great, and I just dropped 1900$ on the parts to build a 2x 780 Ti rig from newegg. |
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If Bitcoin is not at fault, why are the Bitcoin developers working hard to fix the issue now... Yeah... Because the value of their assets dropped 50% and will continue to drop unless the problem is fixed. And they worry that mtgox is too incompetent to fix it themselves The price has already stabilized, so far as I can tell. Enough people have heard and believe that a fix is imminent to help stabilize the price. If too long passes without said fix materializing then more and more people will believe it to be a scam and bail out |
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Hi, I have a PC Laptop with Intel HD Graphics 3000 and Windows 7.
Can I mine LTC on this? No, its too weak and inefficient |
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