My question is, why do exchanges have to be centralized? If money doesn't have to be, can't exchanges be networked too?
Also, there has to be some way where exchanges can accept more common forms of fiat funding while limiting fraud so they can eat the cost and better serve the customers. Mind you, I think if they would accept paypal (decentralizing things removes Paypal's ability to track the fact that the payments are for Bitcoin) and properly vet the account holders that the massive increase to Bitcoin trading would not only boost Bitcoin significantly overall, but also more than compensate for the level of fraud that would come with it.
After all: I'm someone who, by very principle, believe that human beings are literally, radically evil things. Yet even I have to recognize that most people aren't going to pull chargebacks. Most people are honest clients, and there are ways to weed out most of the ones that are trying to jack yo' crap up.
They don't have to be, The exchanges could be run by a algorithm running on an extra layer of Bitcoin, the bitcoin network is the most secure network ever built, only the data getting encrypted is vulnerable, so if The bitcoin client got turned into an exchange system with all other currencies, all users can participate at any given moment. but the hard part would be tying the system into the real world, the centralized exchanges are our front end to interact with the national currencies, they are taking care of the legal aspect for us. of course it would be interesting to create another Semantic Web machine that coupled with Bitcoin, the Banking component of bitcoin is currently being developed... and that is the exchanges. now what ideology do we follow for the trade algorithms? after all we would have to convert our thoughts and ideas on it into pure math that can be programmed. anyone got any ideas? Bitcoin was built to be absolutely secure... and in so doing seems to be following the Austrian School of economics ideology, that I am sure was not intentional, a consequence of making it ultra secure, do we follow the same ideology for the p2p exchange? |
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You mean... Like this?  Because that's how I feel about it. lol! exactly, I"m fascinated by how it moves!!  |
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Very true, the encryption is based on random probability. so a 1mh/s miner could do it, but I feel I need to test this, I"m going to activate my cpu and begin testing this, I'll run it for 1 week 24/7 and come back with the results, I'll make sure to optimise my server for maximum efficiency... though hopefully no one starts downloading massive files while i'm doing this.
Er.... The phrase "within reason" may apply here. A 1MH/s client? Seriously? Let me know what that settles down to on the "Expected time to share" statistics. I've got a feeling you might get something like 50 days? Bear in mind that means you could easily see a gap between shares of 100 days if you had a bad luck run... Say 6 or 7 shares per year? Over a year I guess you might actually get something back. Not much. But slightly more than zero. You'd be gutted if you hit an orphan block though  lol! just testing I know, doesn't hurt. my sense of curiosity is tingling, |
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Is Bitinstant and their CEO, Charlie Shrem, connected to the Boston Marathon Bombing? Is this why their support staff has been nonexistent and uncommunicative lately--because they have been holding secret meetings with Al Qaeda? Lets look at the facts:
1. Charlie Shrem is known leader of a secret society revolved around the implementation and promotion of a hacker anti-government currency.
2. He is a confirmed speaker of Arabic, an axis of evil terrorist language.
3. He travels around the world for "business opportunities" making secret deals.
4. He lives in NY, a common terrorist hub.
5. He is part of the "inner banking circle" in Israel.
Make your own conclusions.
 are you serious dude? |
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I have studied, researched Bitcoin for a long, long time. I'm in love with the idea and get excited just seeing the effects that it is creating within the economics community, many are watching Bitcoin, seeing theories dashed or exalted by the mere fact that people are using it.
The ideas and concepts that are being discussed used to be talked about only by professional economists, programmers, politicians, business leaders, activists; Bitcoin is causing the general public that comes in contact with it, to question value, economics, currencies, technology, science, politics, law, and a myriad other subjects, in effect it could very well be drawing in a massive reservoir of knowledge comparable to the push for science & engineering in the 1950s.
This is very exciting for me.
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No wait up.
It's appears for me at least trivially easy to be at the network average.
There are two points of variance in p2pool. How many valid shares probability allows your miner to submit in a time period, and how long the block is in a time period.
It doesn't seem to matter too much how far down the MH/s scale you are. If you leave it running 24/7, the probabilities for both work out.
In basic terms. When the mean luck of all the blocks you have processed on p2pool is at 50%, then hopefully! (Because that might take ages!), your mean luck at returning valid shares per time period will be near 50% as well. It's only at that point that you can actually say how much you get on average per day with a degree of certainty.
You can get lucky on shares in a long block even on a slow machine. You can equally miss shares in small blocks. I know. It's a head twister. You need to put faith in the raw probability curves at work and not what your brain tells you might or might not work.
If you have good efficiency and low DOA rates, then you don't seem to get screwed. The stats might be all over the shop, but when you sum up the income over 10 days, you should have a pretty good idea of what you actually get back. Bear in mind, you may pick a period with 4 two day blocks, or 14 short blocks. That's the nature of probability.
The p2pool stats you get from the local webserver are a best attempt at expressing those probabilities. Therefore they are always different to what you actually get for better or for worse. I'm sticking with it now. The end results are so far looking good on the curve to 50% luck.
Very true, the encryption is based on random probability. so a 1mh/s miner could do it, but I feel I need to test this, I"m going to activate my cpu and begin testing this, I'll run it for 1 week 24/7 and come back with the results, I'll make sure to optimise my server for maximum efficiency... though hopefully no one starts downloading massive files while i'm doing this. |
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I actually feel a lot better at todays price than 200+ days , more solid , down to the earth feelings .
Yeah I know what you mean, it was so frantic in those days. It definitely feels like the hysteria is gone, and what do you know? the volume is back up, no one wanted to sell at 200, who knows how high it could have gone, but of course we know that answer now. Who the hell was jacking up the price? there was barely any volume during that time. |
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We must not forget about Bitcoins staying power, The true value of bitcoin is in the Encryption, it is unbreakable by modern computers; The SHA256-512 encryption would require a computer with the mass of the solar system to crack by brute force... now that is security. Not only is it protected by the latest encryption it is done twice, then it is distributed so you will have to crack everyone else's as-well and after that you have to keep up with the network. Only quantum computers will be able to crack it and those are a few decades away. Bitcoin was created for one amazing thing, to be able to transfer information from point A to point B securely and unstoppably... once the transaction is made it cannot be reversed, it merely uses the word currency throughout the paper. The original white paper was called, Bitcoin: A Peer-to-Peer Electronic Cash System, If you read the paper you will notice that the Bitcoin part... was an afterthought; What is described in the paper is a system to transfer any and I mean ANY currency securely without compromising the banking system within the digital domain. the price of Bitcoin does not matter when all I want to do is send some money to my mom, or buy that new Nvidia Tesla processor for doing some simulations, many people have forgotten this, people have built a trading system around it because it has been decoupled from the banking system it was intended for, with no support they have created and built upon Bitcoins Cryptographic engine; how else are they to convert their real money into something that can be securely transferred over the digital frontier? no one else is giving them that opportunity so the Bitcoin community is building their own infrastructure and learning as best they can along the way... this will come back and bite the regular financial system in the ass.(more innovation in the Bitcoin community, better products, better selection) Fact: The Bitcoin community has evolved Bitcoin to be functional, something that it really was not in the beginning, it needed the banking component to transfer financial Value. Fact: People are treating this as if it was meant to be a commodity, of course they have, the media has propagated this myth creating uncertainty in what could possibly be the most secure system ever created. Now that we have reached this point in Bitcoins development, now we must study why the price is fluctuating. who are the producers of the bitcoins? The Bitcoin miners who maintain the integrity and security of the Bitcoin network. Do they have a right to set their prices for bitcoin?... you must remember that they have expended resources to earn their bitcoins, they do have that right. The market does have it's effects, but i'm pretty sure that an old Gold miner would not accept less value than they put in to find that Gold, they will trade at fair market value and not one satoshi below what it cost them to produce it. The Bitcoin miners creating the liquidity within the market set the bottom price, They control a certain percentage of the exchange rateNow who has the rest of the control over Bitcoins price? The holders of regular national currencies; who because of the media hype do not understand the practicality and purpose behind this technology. they just buy,sell,low,high like idiots with absolutely no understanding of the market... these are newb traders! and they're coming in by the boatload! There is more of them coming in than educated Bitcoin community members, this is a problem. the other? The people holding on to their bitcoins ready to dump them onto the market; This is a good thing, it creates liquidity... but it also crashes the price of bitcoins when people don't want to sit on their bitcoins waiting for a dangerously insecure exchange to have the buyers become available to buy those bitcoins. I believe this is a good thing because... those hoarders are dumping their stashes into the general market dwindling the amount of instability, allowing the system to reach an equilibrium between the early adopters and new adopters. Another aspect of the price is due to Bitcoins customers(the people buying into bitcoin to have their transactions carried out... or the idiots who are planning a pump-n-dump). now these customers are new they know very little of what they have to do, they don't know they can trade in smaller denominations, hence limiting the number of buyers on the market. They need to be educated on how to buy only the amount of bitcoins that they need to carry out a secure transaction from point A to point B, they need to be educated. The exchanges are Bitcoins weak spot, They can be attacked to bring the system down... The banking component that Bitcoin was supposed to be mated to had to be built and the best practices of the financial sector are right now being learned by the exchange operators. this again causes instability, how this gets resolved it will be up to the ingenuity of the Bitcoin community to resolve. Once an equilibrium is reached, the system will be fine, it will begin to operate as it was intended, but a good chunk of the ecosystem that Bitcoin was supposed to be working with is non-existent and only being built now. |
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This may have come up. But as I have understood it, Satoshi left a lot of wallets with 50BTC in each. He/they probably don't even have the wallet.dat to go with them.
My take on this is that they might lie there as "bait", either to show vulnerability if there suddently is activity in that area of the blockchain, or to work as a faucet/mining blocks when BTC's have become more scarse and computer-power a lot better than today.
It would not suprise me too much if there is some message beeing sent out from some old university-computer some time in the future.
so the original 50BTC in the genesis block are untouched then? This would be an excellent strategy, Old bitcoins could be brought back into the market when the block chain gets cut and stored, it will be easier to crack those codes secretly... creating a secret sepage of coins into the general market. but Your right I also think that if those coins got touched, the entire network would become aware of it within nanoseconds, it would tell the network that the SHA256 encryption has been broken. Those blocks will be easier to crack than modern ones. lol! Necrothread. |
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probally owns a supercomputer that puts out a few PetaFLOPs
I'm pretty sure he doesn't. When you own >5% of any given currency, you don't need more. Also: Satoshi seems to be a sensible guy and one that knows when to retreat and let others take over. He's done his share well and got rewarded. Let's hope he changed the world with this. This step Satoshi took, i believe he did it for us. If you read the paper, it is clear satoshi looked for an answer that would share the wealth with everyone, Satoshi He or she wanted to change the world, and I bet my ass Satoshi would never have taken a single Bitcoin, Satoshi wanted it to go to the real Satoshi, You see Satoshi is everyone of us that believes in a better world, and is willing to prove it by learning, sharing, collaborating, creating, mining for the good of the collective. Satoshi the founder stepped away when their brilliance was spent and only the combined insights/intelligence/knowledge/integrity and wisdom of the people could make Satoshis creation truly brilliant, Satoshi could not hold back the potential of what they had created... that is how dictatorships are made; Satoshi believed in p2p/distribution networks, why would he have become it's central authority? |
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Join us, comrades!  Joseph Stalin would roll in his grave if he saw Bitcoin, It is the free market, That asserts the right of the individual to control their own destiny and that of their community(The Economy); to be entitled to the fruits of their labours, to defend their right to live by casting their ballot every time they purchase the goods and services that they want, the way they want it, when they want it. Bitcoin is a assertion of these principals in a way that has not been seen, but it does this with this realization. That it is of greater benefit for the individual to be open and share their knowledge and efforts to the greater community accelerating the pace of innovation, increasing over all efficiency, pooling mental, physical, technical resources together for the good of one and all. The fact that this movement is happening is proof that people understand this... they are getting access to resources they would otherwise not get... it is logical and yet somehow the general market has fought this idea for decades...why? Bitcoin Asserts the right of individuals to collaborate collectively to incorporate for the collective benefit, there by asserting an individuals right to make a living. Bitcoin is the Free Market 2.0, the system itself is designed so you cannot use money you do not have, your money cannot be taken from you, the right to spend your money where you want to with no direct restrictions, money is created to offset the money lost only, At it's appex Bitcoin will not have inflation, 300 years of market principles built right into the design so you cannot tamper with what works. Bitcoin does away with the inflation tax, I'm sure a lot of governments are not happy with this right now, It's affecting their operations. but there is a lot of missinformation circulating, I just read this article... see if you can spot the missinformation http://theweek.com/article/index/242753/want-to-make-money-off-bitcoin-mining-hint-dont-mineThe miners are the foundation of the network, this seems to me to be a circumvention to reduce the integrity of the networks over all hashing power there for bringing the system within attackers reach or merely causing large pools to inadvertently reach the 50% threshold. I believe the miners are what is causing the market to grow, if they set the price for their labours it means the market can even out properly regardless of hardware costs or efficiency, they set the bottom price, without the miners Bitcoin cannot scale, it cannot stabilize. |
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I agree, I really like this post, seems the people are fighting back against the missinformation. http://arstechnica.com/business/2013/04/mining-bitcoins-takes-power-but-is-it-an-environmental-disaster/there has been a story going around that Bitcoin mining is the same as gold mining, that it uses resources that are destroyed in its creation, (of course not, the miners secure the system, a necessary expense) People began dismissing it an bringing up the calculations on how much energy was being used, but this article left out the fact that it is in the miners interest to have the most efficient machines possible. hmmm, your right, someone should do an article about Bitcoin, a nice thick article that is thorough and split-able into different sections so that media outlets with different known positions can take their spin at it and base it all on fact, pure unadulterated fact straight from us. Isn't google servers crunching our real time search results a disaster for Mother Nature? Isn't by just looking for stats to prove the bitcoin network bad for the polar bears and write an article about it contributing to the death of 1 and half baby seals? It could very well be, no one has done a study on the ratio between search results and death by seal, but I am sure that only a small fraction of the seal pup dies per search result |
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I was referring to an Open Source project in which all contributors had direct financial incentive to see the project succeed. This is the first of its kind. As you also said later in your post. Very cool seeing Bitcoins going to charity work! And just the kind of good press Bitcoin needs to balance out the bad publicity lately.
OP, I agree that the open source model is a strong characteristic of bitcoin which gives it value. However, It's definitely not the first time that a cooperative model has won over a competitive one - any successful open source project is an example of this (Linux, Firefox, Wordpress, etc.). In all of these cases, companies sprang forth to support these software projects as soon as it was determined that there was money to be made, and many contributors ended up having a financial incentive to succeed. Only the closed-source giants were opposed to these projects, because they cut into their business model. By analogy, only banks and payment processors are currently opposed to bitcoin. As discussed in other threads, we should probably be "expecting the Spanish Inquisition" from them... Regarding these Winkeltossers, I don't think these guys are smart enough to do anything besides "buy low, sell high", and "sue somebody". What if Bitcoin goes far beyond that? What if Bitcoin is an architectural foundation for an evolutionary step in the internet? What if we have just made a fountain of value in the middle of the digital dessert? Ready to nurture any project that uses it as it's foundation? No one has ever been paid for doing something like this directly; No one has thought of the bigger picture The many can become one. |
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I agree, I really like this post, seems the people are fighting back against the missinformation. http://arstechnica.com/business/2013/04/mining-bitcoins-takes-power-but-is-it-an-environmental-disaster/there has been a story going around that Bitcoin mining is the same as gold mining, that it uses resources that are destroyed in its creation, (of course not, the miners secure the system, a necessary expense) People began dismissing it an bringing up the calculations on how much energy was being used, but this article left out the fact that it is in the miners interest to have the most efficient machines possible. hmmm, your right, someone should do an article about Bitcoin, a nice thick article that is thorough and split-able into different sections so that media outlets with different known positions can take their spin at it and base it all on fact, pure unadulterated fact straight from us. We are trying to get the funding for a massive Press Release distribution, spreading the facts about Bitcoin. Can be seen here: https://bitcoinstarter.com/projects/31Also we will include that mining is necessary energy expense to maintain the integrity of the Bitcoin network and to make it function at all! +1 I think this going to be necessary, I've been exploring the legal cases worldwide and Bitcoin has a legal problem... in some countries. how do we address this? we need to spread the truth ASAP! somehow we must integrate the system to our Banking customers to minimize legal scrutiny. |
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Also we will include that mining is necessary energy expense to maintain the integrity of the Bitcoin network and to make it function at all!
Will it also answer the question of who is paying for this expense? I don't know sufficient amount of macro economics to give real answer. But likely at somepoint the cost of mining is near equivalent to gains of minings as coins. So as many coins are spend for mining as are gained from it. Who exactly ends up losing in this case. In any case it's rather lot of waste... Computers are getting more efficient (using less power), and in the future who knows next gen solar panels installed in the home may supply most power for next to nothing so what you have argued above is very short sighted imho, as it doesn't take into account advances in technology. So the limit will be still return of cost for hardware. Supply and demand in case like this is an excellent fundamental... Supply will rise to demand. If there is money to be made by investing some will invest untill it's not profitable anymore. Hash rates and efficiency has nothing to do with this. But what if the miners know their costs? They don't have to settle for the market price, they can set it to gain a return on their investment; right now the price is steady at 100, obviously the network has reached concensus and the speculators have been chased away. Now lets hope it stays that way. the miners need to set the market price when they sell their Bitcoins. they need to start acting like independent business owners calculating their expenses vs production; there are just not enough people with an understanding of supply and demand/business practices... you sure as hell ain't going to see a business owner sell what he has created for less then it costs for them to live. and that is an awesome idea!!! Solar panels, an increase in hashing power efficiency to factor other than the hardware itself... genius! |
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I agree, I really like this post, seems the people are fighting back against the missinformation. http://arstechnica.com/business/2013/04/mining-bitcoins-takes-power-but-is-it-an-environmental-disaster/there has been a story going around that Bitcoin mining is the same as gold mining, that it uses resources that are destroyed in its creation, (of course not, the miners secure the system, a necessary expense) People began dismissing it an bringing up the calculations on how much energy was being used, but this article left out the fact that it is in the miners interest to have the most efficient machines possible. hmmm, your right, someone should do an article about Bitcoin, a nice thick article that is thorough and split-able into different sections so that media outlets with different known positions can take their spin at it and base it all on fact, pure unadulterated fact straight from us. |
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While I am inspired by your enthusiasm, I think that you are assuming people like the Winklevii twins actually believe in BTC. Even if they claimed to, i still wouldn't know it for a fact. Their economic profile points towards them merely attempting to hoard and turn a huge profit. Even if they did(and others), what does this mean?
Agreed, they may not have any real belief at all. However, them wanting to turn a huge profit still means that it is in their best interest for Bitcoin to make it to the mainstream, so their goals would still align with and help ours despite their intentions. They and their advisers will be looking to do whatever they can to turn such a risky huge investment into a "sure thing". Well, this isn't the first time that mass collaboration around an open protocol has changed the world. You might have heard of things like Wikipedia, or the world wide web itself -- both great examples of this. Look up Don Tapscott's work for more on this.
I was referring to an Open Source project in which all contributors had direct financial incentive to see the project succeed. This is the first of its kind. As you also said later in your post. Very cool seeing Bitcoins going to charity work! And just the kind of good press Bitcoin needs to balance out the bad publicity lately. On a sidenote, I wanted to thank the people who tipped me, you unknowingly made my dream come true. I can now scratch "Get paid for writing" off my Bucket List. Thank you so much! And try and tell me that would have happened without Bitcoin. Like anyone is really going to set up a whole dumbass credit card transaction just to tip someone a lil' somethin over the internet. Maybe now some of the musical artists that we have been downloading discographies of all these years can finally start getting some of the financial support they deserve... It will be the 21st century version of tossing a dollar into the guitar case, except with a LOT more people walking by. Lovin it. I love the way you think man! feasible micro transactions, I had never thought of that, hell I can send several denomination lower than a penny with this system! Jeez now that I think about it, this technology makes it really easy to transfer any amount between any currency... It may act like a buffer between currencies to prevent massive inequalities between buying power among third world countries vs Developed countries. What if it established a gold standard of value between all currencies? |
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I think Slush was getting a DOS attack for the past few days, A few people I know were trying to connect but could not, I attempted to try it and I was denied access, due to an IO error, first time that has ever happened.
I already had my GUIminer setup for Slush, so I know it worked before.
I'd rather take my chances on p2pool, no ones ever going to effectively attack our network... though Id wonder how well Tor can function covering p2pool.
has anyone tried doing a mass Tor test on the network to make sure it can operate during hostile conditions?
I hate these hackers with vested interest in trying to bring down a pool to bring the network within attacking distance... despicable, those networks need to adopt a decentralized system to mantain Bitcoins security,
everyone should do a Tor test as soon as possible, the future of the network may depend on it.
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This is a truly epic response that hits the nail firmly on the head, bashing it to splinters.
The amount of human ingenuity if we bothered to consider Ray Kurzweils estimates; 1 PetaFLOP of general computing power on average/person, there is at least 60 ExaFLOPs of human ingenuity potentially available at any moment to solve any problems the network might have.
We are running on a nearly ExaFLOP SuperComputer that is running the highest grade Cryptography Experiments every ten minutes, all while actually doing something very useful; Transfering your money to where it has to go and monitoring it's own network for efficiency.
This system seems to be self optimizing itself with the assistance of all it's members, from the developers to the common folk who just use the system to transfer money at a low cost; We are all testing the system, adapting to it, evolving it, This is forming the foundation for Web 4.0 a leap ahead... of what has been imagined for Web 3.0, the web automating and assimilating aspects of the real world and virtualizing them; it's a leap that may take us eventually to a self optimizing Internet; The internet will be aware of you.
The proof of concept has been established, Bitcoin is the foundation for this new technology, p2p distribution of resources and a motivated work force ready to take it to it's logical conclusion, the automation and distribution of virtualizable Institutions.
What a hell of a way to take back the 1% and spread it out to the rest of the 99%, truly ingenious.
By the way in it's current form Bitcoin is a Semantic web machine, a web 3.0 device.
Tim Berners-Lee originally expressed the vision of the Semantic Web as follows:
I have a dream for the Web [in which computers] become capable of analyzing all the data on the Web – the content, links, and transactions between people and computers. A "Semantic Web", which should make this possible, has yet to emerge, but when it does, the day-to-day mechanisms of trade, bureaucracy and our daily lives will be handled by machines talking to machines. The "intelligent agents" people have touted for ages will finally materialize.
Just no. Please stop it with the Web X.0 and all the idological nonsense. The 1% can crush the bitcoin system in a second between taking a shower and brushing their teeth, they could destroy bitcoins with a smoke signal. What future do you people really see for the bitcoin? I don't doubt it's usefulness as a currency that surpasses the hoops of the established institutions (instead of making them convert to a simpler internet reality, bitcoin users are going the way of pirates in forcing change by adopting a new, better system that benefits all), but it's anonymous and decentralized, don't anyone see how nations and financial institutions will put a bullet through the proverbial skull of the bitcoin once it becomes a thorn in their sides? Well that would be true if Bitcoin was a currency instead of an incredibly complex cryptographic engine. the Core of Bitcoin is the secure transfer of data from one point to another... The core Technology is almost indestructible; What has been built on this foundation can be as shaky as it wants when you think that that data can be anything... financial information, computational data, virtualized work loads, the undisputed transfer of data with no errors from one point to another. the 1% cannot crush bitcoin... because 1)most of them don't want to, why would you when someone has just solved the problem of securely transferring funds from point A to B. Who are Bitcoins customers? Individuals and institutions with a vested interest in moving capital value, I.E banks can replace part of their system with this and can reliably send their transmissions by including a transaction fee to incentivise only the most powerful Bitcoin miners; they just saved themselves 1 billion dollars, and thats just in the banking sector! 2)Bitcoin is a program, it can function anywhere, someone just has to keep a copy of it and distribute it, even if things get ugly they can run it behind a p2p Tor network, tunnel through the system, the system remains secure from external attacks because of the distributed nature of the network and the secure distribution network 3)Bitcoin is nothing more than a new competitor in the financial markets, with thousands of employees with vested interest in seeing the possibly first open source corporation that has ever existed to cater to the financial sector. |
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This is a truly epic response that hits the nail firmly on the head, bashing it to splinters.
The amount of human ingenuity if we bothered to consider Ray Kurzweils estimates; 1 PetaFLOP of general computing power on average/person, there is at least 60 ExaFLOPs of human ingenuity potentially available at any moment to solve any problems the network might have.
We are running on a nearly ExaFLOP SuperComputer that is running the highest grade Cryptography Experiments every ten minutes, all while actually doing something very useful; Transfering your money to where it has to go and monitoring it's own network for efficiency.
Not to mention the effect that this technology is having on real industries; The FPGA sector is getting a boost, their new Vertex 7 2000T design is truly revolutionary... the advancement and refinement of this technology will open the road to more complex processes that can be paralleled. The video card industry too, it is beginning to be affected by this, more adaptable compute units will be needed with higher efficiency.
This system seems to be self optimizing itself with the assistance of all it's members, from the developers to the common folk who just use the system to transfer money at a low cost; We are all testing the system, adapting to it, evolving it, This is forming the foundation for Web 4.0 a leap ahead... of what has been imagined for Web 3.0, the web automating and assimilating aspects of the real world and virtualizing them; it's a leap that may take us eventually to a self optimizing Internet; The internet will be aware of you.
The proof of concept has been established, Bitcoin is the foundation for this new technology, p2p distribution of resources and a motivated work force ready to take it to it's logical conclusion, the automation and distribution of virtualizable Institutions.
What a hell of a way to take back the 1% and spread it out to the rest of the 99%, truly ingenious.
By the way in it's current form Bitcoin is a Semantic web machine, a web 3.0 device.
Tim Berners-Lee originally expressed the vision of the Semantic Web as follows:
I have a dream for the Web [in which computers] become capable of analyzing all the data on the Web – the content, links, and transactions between people and computers. A "Semantic Web", which should make this possible, has yet to emerge, but when it does, the day-to-day mechanisms of trade, bureaucracy and our daily lives will be handled by machines talking to machines. The "intelligent agents" people have touted for ages will finally materialize.
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