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Author Topic: OK I bought 1,000,000 Bitcoins... now what?  (Read 6035 times)
misterbigg
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September 22, 2012, 11:01:24 PM
 #21

Economies crash when the currency stops moving.

WHAT?! No...that's not right. Economies crash due to malinvestment, which almost always is the result of government meddling.
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byronbb
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September 23, 2012, 11:37:28 PM
 #22

Put it all on Mtgox and write a bot that creates massive bid walls when price moves up and sell walls when moving down. Selling and buying accordingly if market takes the bait.

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September 24, 2012, 01:29:57 PM
 #23

The current moving Bitcoin economy could probably survive using a single Bitcoin.

First seastead company actually selling seasteads: Ocean Builders https://ocean.builders  Of course we accept bitcoin.
Seastead talk at http://seasteadtalk.org
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September 24, 2012, 07:47:00 PM
 #24

The current moving Bitcoin economy could probably survive using a single Bitcoin.

That depends if you count the investments and savings floating around. I'd say the actual 'hot' coins that are being actively sent around could probably scrape by on one coin.

If you love me, you'd give me a Satoshi!
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LTC - LYeJrmYQQvt6gRQxrDz66XTwtkdodx9udz
adamstgBit
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September 25, 2012, 12:05:12 AM
 #25

The current moving Bitcoin economy could probably survive using a single Bitcoin.

That depends if you count the investments and savings floating around. I'd say the actual 'hot' coins that are being actively sent around could probably scrape by on one coin.

i'm making a bitcoin fork

infinite divisibility
supply will start with 1 coin which i will sell of at the exchange
mining will only get reward with fees

 Cheesy

legolouman
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September 25, 2012, 01:15:15 AM
 #26

The current moving Bitcoin economy could probably survive using a single Bitcoin.

That depends if you count the investments and savings floating around. I'd say the actual 'hot' coins that are being actively sent around could probably scrape by on one coin.

i'm making a bitcoin fork

infinite divisibility
supply will start with 1 coin which i will sell of at the exchange
mining will only get reward with fees

 Cheesy

Actually, I'm pretty curious how you would go about making it infinitely divisible. Obviously, you could get pretty far, but infinite is a lot.

No, I wasn't kidding, I'm curious as a programmer.

If you love me, you'd give me a Satoshi!
BTC - 1MSzGKh5znbrcEF2qTrtrWBm4ydH5eT49f
LTC - LYeJrmYQQvt6gRQxrDz66XTwtkdodx9udz
adamstgBit
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September 25, 2012, 01:29:13 AM
 #27

The current moving Bitcoin economy could probably survive using a single Bitcoin.

That depends if you count the investments and savings floating around. I'd say the actual 'hot' coins that are being actively sent around could probably scrape by on one coin.

i'm making a bitcoin fork

infinite divisibility
supply will start with 1 coin which i will sell of at the exchange
mining will only get reward with fees

 Cheesy

Actually, I'm pretty curious how you would go about making it infinitely divisible. Obviously, you could get pretty far, but infinite is a lot.

No, I wasn't kidding, I'm curious as a programmer.

ok divisible up to 64 decimals... a long unsigned int should do it.
0.000000000000000000000000000000000000000000000000000000000000001BTC

their must be a way to get it pretty much infinite... might get complicated Tongue 

mb300sd
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September 25, 2012, 01:32:54 AM
 #28

The current moving Bitcoin economy could probably survive using a single Bitcoin.

That depends if you count the investments and savings floating around. I'd say the actual 'hot' coins that are being actively sent around could probably scrape by on one coin.

i'm making a bitcoin fork

infinite divisibility
supply will start with 1 coin which i will sell of at the exchange
mining will only get reward with fees

 Cheesy

Actually, I'm pretty curious how you would go about making it infinitely divisible. Obviously, you could get pretty far, but infinite is a lot.

No, I wasn't kidding, I'm curious as a programmer.

look up varint

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nimda
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September 25, 2012, 01:42:06 AM
 #29

The current moving Bitcoin economy could probably survive using a single Bitcoin.

That depends if you count the investments and savings floating around. I'd say the actual 'hot' coins that are being actively sent around could probably scrape by on one coin.

i'm making a bitcoin fork

infinite divisibility
supply will start with 1 coin which i will sell of at the exchange
mining will only get reward with fees

 Cheesy

Actually, I'm pretty curious how you would go about making it infinitely divisible. Obviously, you could get pretty far, but infinite is a lot.

No, I wasn't kidding, I'm curious as a programmer.

look up varint
But if RAM + HDD isn't enough bytes, you still won't be able to do it. Infinity is a lot to store on a finite working set. Wink

(I would try to create a transaction worth 0.000000031415926535897932384626... and just calculate pi as the tx is generated Tongue)

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
Dabs
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September 25, 2012, 04:56:41 AM
 #30

Instead of having 21,000,000.00000001 you could move the decimal place 3 digits so we have a limit of 21,000,000,000.00001. (21 billion instead of 21 million.) More people could relate to that, and it would be a healthy economy. Another 3 decimal places and we're on par with a normal USD.

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September 25, 2012, 05:31:57 AM
 #31

Instead of having 21,000,000.00000001 you could move the decimal place 3 digits so we have a limit of 21,000,000,000.00001. (21 billion instead of 21 million.) More people could relate to that, and it would be a healthy economy. Another 3 decimal places and we're on par with a normal USD.

That is immensely unlikely to happen.  It also wouldn't make for a "healthy economy".

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Dabs
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September 25, 2012, 07:27:42 AM
 #32

It's unlikely to happen with the main blockchain and clients. But the idea is essentially the same, it's just a matter of interpreting the 64 bit number that is used for bitcoin values. The "Satoshi" or 1 unit would be redefined, but we still have the same limit of 21 quadrillion units. Of course, miners would be generating 50,000,000 per block then. But people would assign value the same way they assign value now.

Stephen Gornick
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September 25, 2012, 07:33:20 AM
Last edit: September 26, 2012, 08:40:56 AM by Stephen Gornick
 #33

Another 3 decimal places and we're on par with a normal USD.

But now isn't when Bitcoin needs a familiar monetary unit.  That was needed more back when a bitcoin was worth less than a penny, or maybe five cents, or fifty cents even.

If the BTC/USD back then was 1 BTC equals 0.005 USD, then maybe it might not have been acceptable just as Bitcoin started to get publicity in tech circles.

At least when it did, it was simple numbers for people to understand.  1 BTC = $1-ish. (Feb 2011)    The months that followed saw bitcoin awareness grow very fast.

But in your client change units from BTC to mBTC, and you are right back to wbere one unit (of mBTC) reflects about a U.S. penny.

So, we start getting used to the term milibits.



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Dabs
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September 26, 2012, 02:36:08 AM
 #34

I guess it makes better sense to differentiate bitcoins from any other currency. I mean, no other currency world-wide uses more than 2 or 3 decimal places. (3 may be used internally by certain institutions, but eventually it gets out as 2 decimal places.)

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September 26, 2012, 02:42:40 AM
 #35

Protect yourself from home invasion.
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