I got my posting for building Bitcoin miners taken down off of Kijiji a daughter company to Ebay.

all I was saying was I build computers for bitcoin mining. sorry not allowed to advertise that and I even followed all their rules, no ongoing payments can only advertise in my local area etc etc. I tried reposting it but this time it took hours, to confirm all my other kijiji postings have gone immediately into effect.

This is a concerted effort friends, time to build the decentralized ebay killer app. we already got the paypal killer app

I got a question to counter this.

What is the intrinsic value of fiat money? It is made of paper, some coins of different metals, but most of it is digital.

I don't know how to program C++, but I can tell from what I do know that the Bitcoin system feels intentionally limited.

the block chain limit of 1mb... creates fee scarcity fluctuations; The limit will be hit sooner and economic effects from the fees will be visible once we get close to it.

the size of the coin limit of 21 million, if it had been 210 million with 500 coin initial block release, the price would more easily be able to handle large fluctuations a far smoother accent to it's final value.Having the limit that small to me feels like it was done intentionally for experimental observations, more scarcity econonomics.

also the number of zeros past the period also feels like a mistake with large disparities in value between two currencies it becomes very difficult to transfer financial information when large chunks of an economy are absorbed, Think along the lines of 100 trillion yen cap value to bitcoin with someone trying to exchange a small amount to a country like zimbabwe with a 1million/1USD value... there are not enough digits to transfer the value accurately in that situation, you'd be limited to doing 100 thousand zimbabwe dollar transaction... what if you can buy a cup of coffee in zimbabwe with 100 Z dollars? you wouldn't be able to do the micro-transaction.

10 minute confirms? when transactions can go around the globe in under a second. with a 1mb limit every 1 minute it could more effectively use the network overall power and increase security on a timed basis.

It would not surprise me that the code was written intentionally for big problems to occur much sooner, for expermentation... Bitcoin really is an experiment, the limits it has are made to cause instability intentionally or to observe data fluctuations more easily. The code itself could be flawed and vague on purpose.

So what is everyone doing to improve these possibly intentional limitations?

That decimal point does something funny to the way the currency works.

There are 8.2 trillion U.S dollars in circulation
500 trillion Japanese yen
50 trillion Chinese Yuan

         $8,200,000,000,000 USD
         ¥500,000,000,000,000 YEN
         ¥50,000,000,000,000 Yuan
         BTC11,500,000.000,000,00


As money gets moved through the system that value moves back and forth over that decimal point.

right now it is sitting at  130 USD per bitcoin.

That's 1.5 billion USD to move, it just goes two places back.


In japan its 13,200 yen,  that's 151.8 trillion yen, three places behind the decimal point.

That limit of 21 million is creating a starting point for scarcity, it is the psychological starting point and to change that consensus now would be very difficult to create; It would make those holding it now super rich, increase liquidity of the coin and hence immediately devalueing it,  people buying in would have problems depending on where they are from.

without that decimal point it becomes difficult to exchange between different currencies or use it meaningfully in economies with a different exchange rate, Consider that at an exchange different exchange rates will make it necessary to have more zeros past the decimal point, to transfer value accurately.

but it does create value due to the way people normally have encountered these currencies, they have never seen one that has so many decimal points, so will use it as normal without seeing the mechanism by which it works. In trying to get into the market, they speak in coins as the established marker of exchange limited because the majority of people are considering to use it that way. You'll have to convince someone to accept 120 dollars for a mBTC, a tough psychological barrier to break when you are in the minority to think that way.

having a total in circulation of 2.1 quadrilion at once, would make the value seem limitless, possibly making it always a 1 to 1 value exchange between it's benchmark the USD, but if that became the exchange medium it makes it hard to transfer directly to yen, you'll have to add one more step to complete the exchange.

The biggest currency, the yen, when entered into that amount can still be subdivided one more space back when all of it's currency is fully absorbed into bitcoin.

I believe the system is designed to effectively manage the differences between the amount of specific currencies in circulation and the value that they have independently of each other without adding or subtracting value due to rounding out a transaction from BTC to fiat.

If the creators had decided to use the yen and just think maybe they will print 4 times more bills in the future.  2.1 quadrillion and add .00 at the end, but what if the american dollar had prevailed? then certain amounts would be nontransferable with accuracy if the exchange rate between yen and dollars became too great.

You create a great upper limit for future money creation but the lower limit would be too shallow to account for extreme money fluctuations think of the zimbabwe dollar, anyone want a trillion dollar bill?

for something to exchange value properly it has to take these examples into account.  and the current limit of 21 million is useful to create fluctuations in the currencies value through perceived scarcity, a sort of pressure valve measuring over all system pressure. if it had been 210 million the pressure to move in value wildly would be lessened.

I can already tell that bitcoin is not suitable for extreme economic movement. if Bitcoin absorbed the whole Japanese currency and you had to exchange 1 yen for Zimbabwe dollars there would be a lower limit as to how much of those dollars you could actually have. right now Bitcoin would handle well a trillion dollar economy with a exchange to a larger currency denomination like the yen and still have extra zeros for accounting purposes, percentages, taxes, exchange...

you got to remember the exchange rates go back to 5 places past the decimal point, adding my suspicion Satoshi only measured the largest currency amounts(yen) vs the USD( 5 decimal places plus 3 extra to compensate for future money printing.) Bitcoin can't handle exchange disparities of larger than 3 decimals.

LOL! hilarious, I'm just saying if that level of society accepts Bitcoin as payment, that will be  an amazing  thing to see. What if the begger on the street acceped Bitcoin? 

Totally off man, check the Genesis block website

http://www.thegenesisblock.com/category/mining-2/   USB ASIC miners! Holy!

We finally know who satoshi is... He will do us proud, now to find the person who will invent the time machine, then it will be epic.

I have heard of tiny modular satellites that are able to hook up with each other to make different configurations in space... this is a possibility, MIT and other universities have already done the work for us, now we just have to build them with off the shelf components and launch them.

I got my hands full, so I'm just going to be working on a open source optical communication device, later someone can figure out how to launch it in space with the required power output.

http://video.mit.edu/watch/cubesats-tiny-satellites-work-at-mit-u-mich-11569/

He definitely had foreseen the need for something like Bitcoin, after all we live in a world where the zero sum game is counter effective, we need to uplift humanity, allow people to stop worrying.

you know what I seen yesterday, I was down in the Foothills Industrial area where I live and saw signs advertising 6 days a week overtime... 6 days man. who has time for a life when you can make money eh? What the hell? are these people working away calculating their overtime into infinity, as if we live forever.

I met one man who worked 12 hours a day 7 days a week; Drove his Hummer from his mansion, had the best things you can imagine, sadly he died from over exhaustion as one of the machines he was working on exploded in his face.

This is not working, we got to allow people to be able to create the change they wish to see in the world, not park it in the garage and be rewarded with a mass freedom rally on long weekends.

I just enjoy it, I realized it a long time ago. lol

contrary to popular belief, most people are doing alright in africa, technology wise, but very true those people in the country side not so much. But even the majority of africans consider the people in the country side quite backwards, you got to see the cities of each african nation to understand.

hmmm... I don't know, that could be a good idea, if we can get hookers to accept BTC, I think we have succeded in our mission, then we can advertise those fine ladies to other BTC users using their BTC and Bitmessage addresses for easy locatability. ...  maybe even the ladies can help out,... err, uh by convincing bars to accept BTC?

Not all shit holes are created equal, some societies are extremely family-centric, they'll send family members ASICs GPU's to operate within that third world country, you can't forget that even most people in Africa close to the cities have access to electricity and internet can be provided with a adhoc network, possibly creating local BTC hubs, There would only have to be one hub with direct access to the internet to distribute the whole communities transaction... enter the android phone, they are selling them for cheap in the third world countries.

There is this Mexican Billionare who has been pretty much giving phones away for free in latin america, I'm not sure he may unerstand what he has done. yay Bitcoin!

If a p2p exchange was necessary we already have the technology for a distributed website on the Darknet.

For getting Cash into the ecosystem it would be useful to have a three way transaction.
two transactions with the two cash for BTC parties acting as the escrows and a third that temporarily holds the BTC and is released when the original parties allow it...

A Needs BTC contacts B to find someone with BTC locally, C has it. C makes a transaction to B, with A as escrow, B sends a transaction to A, with C as escrow. A won't get C's BTC without authorizing the transaction to  B, and B won't release the BTC unless C gets their cash and authorizes the last transaction.

The website problem is the problem, how do you get these three parties to meet each other? The Dark Web, Each person would setup a Darkweb website using I2P, locally advertise it with the correct tags(BTC for sale or stuff categorized) and a website that is publicly available to everyone(you download it, it's actually local) aggregates dynamically all the items on sale on the darkweb that are advertised.

everyone would have the same encrypted address for the exchange website(the site belongs to everyone), but the content would be dynamically advertised to this website, to be removed at your discretion

It would act like a big categorized forum with lists of websites with similar content.

it's good news,

We are in the clear, they are regulating us for security, They caught and arrested the guy that made LR.
They have not done the same thing to the guys running MtGox... That is my assesment.
They want compliance, besides they can't stop bitcoin, one person with a copy of the BlockChain can rebuild the whole thing again, the laws are territorial so if it is blacked out in one place it can only be done in one sector of a global community.

A previous poster had some really good ideas on how to spread into the space that LR was inhabiting quickly. providing produce, shipping centers, etc.

Paypal does not cater to 60 countries!? Bonus! Bitcoin can go there.

But it is going to be bad news for us for a little while, most people will just say, hah! Bitcoins next, not realizing how resilient the system is, you'd have to knock out the power grid to take it down.
  We are unfortunately limited, we can only propagate our knowledge to people who bring up the argument about LR and only to our close circle, limited for large sectors of society.

To spread we have to find a sector of society to work on that current businesses that accept Bitcoin can help.. I don't think offering them food with foodler or electronics from the Bitcoin store are useful, we need manufacturers on board, shipping services, farmers, something and only the people with a lot of Bitcoins can help with that... or if the community began funding startups to begin constructing these alternate businesses then we can accelerate this.

WE need to bypass the gatekeepers to our success.

F#$ing psychics

Yeah those are good ones, are there anymore useful or interesting ones available?

the specs for a wireless network are tricky, we can get more range using better wireless message protocols, but man, that is some serious work for it to be difficult to detect, I was thinking maybe 4fsk modulation, very effective in obstacle heavy areas. If it's wireless I'll try to do some research.

We all believe in freedom, we simply are experimenting for the rest of the population, can we be more free when we have true control of our money? I can't imagine someone in merchant era europe being denied the use of their gold cause  they don't like the way they think... they'd accept the gold no matter what, things changed recently... money controls, import duties... something that Adam Smith proved was a really bad thing 300 years ago... the industrial revolution happened because of his revolutionary book; The wealth of nations.  How the hell did this happen?

And we can't forget that we are carrying this freedom to everyone that is extremely repressed like in Burma, China, North Korea, Syria, we may very well be giving anyone with a cell phone the right to bypass any government controls imposed on them, Are terrorist, drug dealers using this, or is there the possibility that Freedom Fighters, Doctors and activists are using it to bypass opresive state controls? Observing the adoption of Bitcoin in those countries will be the proof of the effect of true monetary freedom.

no no no... p2pool pays out more than a centralized pool even with the .5% development donation.
The work of one transaction gets split into thousands of little pieces for you to work on, you send it to the p2pool network and it gets credited as if you were mining solo by Bitcoin.

The shares are calculated differently, so you have to mine for at least 24 hours straight or until the block is found to generate a good reward, you got to remember that it's like solo mining... if you get an orphaned block, your out of luck. the big pools pay by each share regardless if they make it into the blockchain or not... there are weeks when the luck on p2pool is going to be really really bad.. and other when each block is being found every few hours.

wouldn't it be funny if Bitcoin became so succesful, created an amazing ecosystem so frightening to governments they enacted draconian laws that would further subjugate the worlds citizens... oh yeah 9/11

here in Canada, we can be monitored for up to two years without warrant or anyone having access to that data...yay... counterterrorism?

So... why not just buy your BTC from Virtex, the canadian exchange, they are in good standing with the banks, quick exchange in and out, no need to connect to mtgox, just got to exchange your USD to CAD.