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Author Topic: Bitcoin Project will be making a major announcement in September  (Read 53284 times)
herzmeister
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September 06, 2012, 09:32:12 AM
 #281

Yup, the announcement will probably be that they'll set up a legal organization that will act as an official contact and information center for everything Bitcoin related. Hence all these legal questions. It was already proposed a while ago actually.

"Bitcoin" has no phone number, that confuses the hell out of old world people.

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September 06, 2012, 09:54:33 AM
 #282

"Bitcoin" has no phone number, that confuses the hell out of old world people.

What's the phone number of "e-mail"?
My parents manage to use it, though.

I'm not sure I'd like to see some "legal organization" claiming to represent Bitcoin... well, let's see.
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September 06, 2012, 12:34:34 PM
 #283

My tip is public organisation funded to protect and support Bitcoin, its developers and users. (NOT like FinCEN, something like EFF.org. But, wait... BitCEN Tongue)

You mean they'll accept bitcoin for a while and then decide it's too risky because of vague conflict of interest issues and dump them?


Yup, the announcement will probably be that they'll set up a legal organization that will act as an official contact and information center for everything Bitcoin related. Hence all these legal questions. It was already proposed a while ago actually.

"Bitcoin" has no phone number, that confuses the hell out of old world people.


www.theclag.org
marcus_of_augustus
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September 06, 2012, 12:35:09 PM
 #284

Quote
Yup, the announcement will probably be that they'll set up a legal organization that will act as an official contact and information center for everything Bitcoin related. Hence all these legal questions. It was already proposed a while ago actually.

"Bitcoin" has no phone number, that confuses the hell out of old world people.

Lol ... "the Interweb tubes bit-money people don't have a phone number, they need to get one so we can call them and complain" ....

Quite frankly, it shouldn't .... I don't know which part of "decentralised" people cannot understand. It is a democratic concept that goes back to the ancient Greeks.

Putting one guy on a phone to answer bitcoin questions from old world people will just give a whole lot of people a biased view as to what it is .... get on-line a read about, that is where it lives, how hard is that?

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September 06, 2012, 04:46:28 PM
 #285

Figured it out:
"Hey, I've got this fantastic idea!"

"Really!  Tell me all about it!"

"We're going to buy one of the islands of Greece and turn it into a libertarian country and use Bitcoin as the currency!"

"Uhh... did you talk to a lawyer about that? That might be illegal."

"Uhh... really? no."

"And where will you get the money to do it?"

"Uhhh... haven't figured that out yet."

"And if I want to participate, what should I do?"

"Uhh... I dunno, we don't really have a process for that yet..."

Idk, maybe my opinion will change after the announcement and it will be obvious why it had to be kept secret.

"Hey, I've got this fantastic idea!"

"Really!  Tell me all about it!"

"We're going to blah blah blah."

"Uhh... did you talk to a lawyer about that? That might be illegal."

"Uhh... really? no."

"And where will you get the money to do it?"

"Uhhh... haven't figured that out yet."

"And if I want to participate, what should I do?"

"Uhh... I dunno, we don't really have a process for that yet..."

I made the mistake of asking a reporter when her deadline was, because if it was far enough away I could tell her about the neat idea. I should have kept my mouth shut or sworn her to secrecy.

Announcing a half-baked idea is counterproductive; you'll just get a gazillion questions that you can't answer, or, even worse, people will assume they know the answers and then be disappointed when it turns out the idea they thought they heard you describe isn't the same idea they thought they heard.

Announcing a fully-baked idea and then modifying it based on what everybody thinks and how it works out in practice is the right way to do things, in my humble opinion.


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camem
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September 06, 2012, 08:22:27 PM
Last edit: September 06, 2012, 09:56:01 PM by camem
 #286

linking an account to an apple id would scale*


*i have no idea whether gavin et al, almost certainly including the CIA, have done a deal with apple to include a bitcoin friendly keypair in every embedded secure element in the iphone 5 out next week, using the well established apple id credentials to access the keypair to transfer funds or make purchases on the app store.**

** no really i haven't, but wouldn't it be a good idea if they had. would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.
notme
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September 06, 2012, 08:53:42 PM
 #287

linking an account to an apple id would scale*


*i have no idea whether gavin et al, almost certainly including the CIA, have done a deal with apple to include a bitcoin friendly keypair in every embedded secure element in the iphone 5 out next week, using the well established apple id as a credential to access the keypair to transfer funds or make purchases on the app store.**

** no really i haven't, but wouldn't it be a good idea if they had. would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

There is absolutely nothing that could possibly add stability to the bitcoin price in the short term because stability won't happen until we get well past $100/BTC.  Anything less is too small a market to be stable in an era of fiat money printing.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
dissipate
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September 06, 2012, 08:55:00 PM
 #288

linking an account to an apple id would scale*


*i have no idea whether gavin et al, almost certainly including the CIA, have done a deal with apple to include a bitcoin friendly keypair in every embedded secure element in the iphone 5 out next week, using the well established apple id as a credential to access the keypair to transfer funds or make purchases on the app store.**

** no really i haven't, but wouldn't it be a good idea if they had. would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

There is absolutely nothing that could possibly add stability to the bitcoin price in the short term because stability won't happen until we get well past $100/BTC.  Anything less is too small a market to be stable in an era of fiat money printing.

How did you come up with the $100 mark for stability?
notme
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September 06, 2012, 09:02:53 PM
 #289

linking an account to an apple id would scale*


*i have no idea whether gavin et al, almost certainly including the CIA, have done a deal with apple to include a bitcoin friendly keypair in every embedded secure element in the iphone 5 out next week, using the well established apple id as a credential to access the keypair to transfer funds or make purchases on the app store.**

** no really i haven't, but wouldn't it be a good idea if they had. would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

There is absolutely nothing that could possibly add stability to the bitcoin price in the short term because stability won't happen until we get well past $100/BTC.  Anything less is too small a market to be stable in an era of fiat money printing.

How did you come up with the $100 mark for stability?

Emphasis added ^

There is no magical point at $100, but with roughly 10 million BTC out there, $100/BTC would mean $1 billion total (making some wildly inaccurate assumptions about being able to actually sell all the bitcoins for spot price).  That's starting to be significant enough to be a little more stable.  Definitely more stable than the measly $100 million we've been bouncing around near.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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dissipate
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September 06, 2012, 09:19:03 PM
 #290

linking an account to an apple id would scale*


*i have no idea whether gavin et al, almost certainly including the CIA, have done a deal with apple to include a bitcoin friendly keypair in every embedded secure element in the iphone 5 out next week, using the well established apple id as a credential to access the keypair to transfer funds or make purchases on the app store.**

** no really i haven't, but wouldn't it be a good idea if they had. would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

There is absolutely nothing that could possibly add stability to the bitcoin price in the short term because stability won't happen until we get well past $100/BTC.  Anything less is too small a market to be stable in an era of fiat money printing.

How did you come up with the $100 mark for stability?

Emphasis added ^

There is no magical point at $100, but with roughly 10 million BTC out there, $100/BTC would mean $1 billion total (making some wildly inaccurate assumptions about being able to actually sell all the bitcoins for spot price).  That's starting to be significant enough to be a little more stable.  Definitely more stable than the measly $100 million we've been bouncing around near.

I disagree. Even at $100/BTC, speculators would still be trying to figure out the 'true value' of BTC. Their idea of where that true value is could range from less than $100 to thousands of dollars per BTC. That is still a huge range for radical sentiment fluctuations. Plenty of room left for 'panic' buying and selling.
Morblias
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September 06, 2012, 11:27:05 PM
 #291

linking an account to an apple id would scale*


*i have no idea whether gavin et al, almost certainly including the CIA, have done a deal with apple to include a bitcoin friendly keypair in every embedded secure element in the iphone 5 out next week, using the well established apple id as a credential to access the keypair to transfer funds or make purchases on the app store.**

** no really i haven't, but wouldn't it be a good idea if they had. would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

There is absolutely nothing that could possibly add stability to the bitcoin price in the short term because stability won't happen until we get well past $100/BTC.  Anything less is too small a market to be stable in an era of fiat money printing.

How did you come up with the $100 mark for stability?

Emphasis added ^

There is no magical point at $100, but with roughly 10 million BTC out there, $100/BTC would mean $1 billion total (making some wildly inaccurate assumptions about being able to actually sell all the bitcoins for spot price).  That's starting to be significant enough to be a little more stable.  Definitely more stable than the measly $100 million we've been bouncing around near.

I disagree. Even at $100/BTC, speculators would still be trying to figure out the 'true value' of BTC. Their idea of where that true value is could range from less than $100 to thousands of dollars per BTC. That is still a huge range for radical sentiment fluctuations. Plenty of room left for 'panic' buying and selling.

When at higher numbers, such as $100/BTC, going up/down a dollar or 2 isn't a big deal. But when you are at $11 and it drops to $9, that's big. Having it at higher amounts/BTC will cause it to be less volatile. I think that's how it works anyways. I'm no economist, just my opinion.

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benjamindees
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September 06, 2012, 11:55:14 PM
Last edit: September 07, 2012, 01:59:24 AM by benjamindees
 #292

Okay, I'm ready to make my official guess:

Bitcoin bonds

Civil Liberty Through Complex Mathematics
bullioner
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September 06, 2012, 11:56:34 PM
 #293


Given that the exchange rate is free-floating (as it should be), changing the block reward from halving every 210,000 blocks to a constant 50 would probably not cause much difference at all.


This is lacking context a bit.  jgarzik: please could you clarify what you believe this wouldn't cause much difference to?  Because if you're talking about the expected value of each coin, then you're worryingly and obviously wrong.
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September 07, 2012, 02:24:21 AM
 #294


would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

Its unlikely that Apple will let anything into their environment that they can not have control over.
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September 07, 2012, 12:48:37 PM
Last edit: September 07, 2012, 02:36:21 PM by barbarousrelic
 #295

linking an account to an apple id would scale*


*i have no idea whether gavin et al, almost certainly including the CIA, have done a deal with apple to include a bitcoin friendly keypair in every embedded secure element in the iphone 5 out next week, using the well established apple id as a credential to access the keypair to transfer funds or make purchases on the app store.**

** no really i haven't, but wouldn't it be a good idea if they had. would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

There is absolutely nothing that could possibly add stability to the bitcoin price in the short term because stability won't happen until we get well past $100/BTC.  Anything less is too small a market to be stable in an era of fiat money printing.

How did you come up with the $100 mark for stability?

Emphasis added ^

There is no magical point at $100, but with roughly 10 million BTC out there, $100/BTC would mean $1 billion total (making some wildly inaccurate assumptions about being able to actually sell all the bitcoins for spot price).  That's starting to be significant enough to be a little more stable.  Definitely more stable than the measly $100 million we've been bouncing around near.

I disagree. Even at $100/BTC, speculators would still be trying to figure out the 'true value' of BTC. Their idea of where that true value is could range from less than $100 to thousands of dollars per BTC. That is still a huge range for radical sentiment fluctuations. Plenty of room left for 'panic' buying and selling.

When at higher numbers, such as $100/BTC, going up/down a dollar or 2 isn't a big deal. But when you are at $11 and it drops to $9, that's big. Having it at higher amounts/BTC will cause it to be less volatile. I think that's how it works anyways. I'm no economist, just my opinion.

I know of no reason to suspect that Bitcoin at $100/BTC would have greater or smaller percentage swings than it does at $11/BTC. If the price currently swings on average 8% per day ($.88) it will probably continue to swing at 8% per day ($8) at the higher price.

What will reduce volatility is when a greater fraction of people use Bitcoin for buying and selling goods and services and a smaller fraction use Bitcoin for speculation.


edit: Look at the price of gold. Is it particularly more stable at ~$1650 than it was at $400?

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
Bitcoin Oz
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September 07, 2012, 12:50:21 PM
 #296

I know!

Mitt Romney is going to accept bitcoin for his campaign finance  Cheesy

camem
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September 07, 2012, 09:58:01 PM
 #297


would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

Its unlikely that Apple will let anything into their environment that they can not have control over.

you mean like 3rd party market forces where they take a cut ?
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September 08, 2012, 02:25:15 AM
 #298

My tip is public organisation funded to protect and support Bitcoin, its developers and users. (NOT like FinCEN, something like EFF.org. But, wait... BitCEN Tongue)

You mean they'll accept bitcoin for a while and then decide it's too risky because of vague conflict of interest issues and dump them?


Yup, the announcement will probably be that they'll set up a legal organization that will act as an official contact and information center for everything Bitcoin related. Hence all these legal questions. It was already proposed a while ago actually.

"Bitcoin" has no phone number, that confuses the hell out of old world people.


www.theclag.org

For some reason I trust Matthew: https://bitcointalk.org/index.php?topic=76216.0
Phinnaeus Gage
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September 08, 2012, 02:31:42 AM
 #299

Okay, I'm ready to make my official guess:

Bitcoin bonds


That did come to mind when talk of bonds started escalating after the Bitfloor hack. Perfect timing, if I may say so myself.

~Bruno~
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September 08, 2012, 09:44:39 AM
 #300

My guess is that its something about Bitcoin Foundation.
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