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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 594728 times)
Arriemoller
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December 16, 2014, 09:49:11 PM
 #2301

Thanks for the correction, but you should have been correcting me on failing to mention that I used the troy ounce, which is standard for gold weight, which is about 10% bigger than a standard imperial ounce.
Why can't we just use the metric system all along?
I mean seriously? When someone says "ounce", you can't even be sure, about which ounce he is talking about?

Once a system is in use, its difficult to break out from it. Its a type of network effect.

As I understand it the federal government of the USA have already adopted the metric system, doesn't all government agencies use it? I know for sure that the military does.

Besides, if all the other countries on earth could change you would think that the USA would be able to as well. The network effect now works in favor of the metric system.



Do you have a link on the Federal G of the USA adopting the metric system?

The metric system makes more sense and will likely be the winning system within....100years.

Interestingly, it turns out that the USA adopted the metric system already back in 1866, they just never implemented it fully in the states and territories.
Quote from wikipedia below.

"Although the constitution gave the authority to dictate standards of measure to Congress, it was not until 1832 that the customary system of units was formalized.[4] In the early 19th century, the U.S. Coast and Geodetic Survey (the government's surveying and map-making agency) used meter and kilogram standards brought from France. In 1866, Congress authorized the use of the metric system[5] and supplied each state with a set of standard metric weights and measures. In 1875, the United States solidified its commitment to the development of the internationally recognized metric system by becoming one of the original seventeen signatory nations to the Metre Convention or the Treaty of the Metre. The signing of this international agreement concluded five years of meetings in which the metric system was reformulated, refining the accuracy of its standards. The Metre Convention established the International Bureau of Weights and Measures (Bureau international des poids et mesures, BIPM) in Sèvres, France, to provide standards of measurement for worldwide use.

Under the Mendenhall Order in 1893, metric standards, developed through international cooperation under the auspices of BIPM, were adopted as the fundamental standards for length and mass in the United States. The U.S. customary units such as the foot and pound have been defined in relation to metric units ever since.

The 1895 Constitution of Utah, in Article X, Section 11, originally mandated that: "The Metric System shall be taught in the public schools of the State." This section was, however, later repealed.[6]"

As to links about government agencies, here you go:
http://www.nist.gov/pml/wmd/metric/metric-policy.cfm
http://www.nist.gov/pml/wmd/metric/metric-program.cfm
http://en.wikipedia.org/wiki/Metrication_in_the_United_States

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picolo
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December 16, 2014, 11:04:57 PM
 #2302

I am not very 'wealthy' or 'elite' these days, but the future could still be bright. Set exciting goals and never give up.   Smiley

Having 20-50BTC will be enough to feel like you made a good investment when the price will jump. It obviously all depends on your standard of livings but tens of BTC will be enough to feel good if you are middle class in a first world country Wink

Not with the current price, and most definitely while it isn't accepted at "your local grocery store".

I was saying 20-50BTC is enough to feel a bit wealthier WHEN the price will go up to 2000$ +

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notbatman
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December 17, 2014, 02:02:05 AM
 #2303

I am not very 'wealthy' or 'elite' these days, but the future could still be bright. Set exciting goals and never give up.   Smiley

Having 20-50BTC will be enough to feel like you made a good investment when the price will jump. It obviously all depends on your standard of livings but tens of BTC will be enough to feel good if you are middle class in a first world country Wink

Not with the current price, and most definitely while it isn't accepted at "your local grocery store".

An alt-coin will be accepted at the local grocery store first as Bitcoin's 10 min confirmation time makes it inappropriate for brick & mortar applications other than large purchases. People need to keep in mind that Bitcoin was designed for transactions that are online or between geographically separated parties.
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December 17, 2014, 02:38:11 AM
 #2304

I am not very 'wealthy' or 'elite' these days, but the future could still be bright. Set exciting goals and never give up.   Smiley

Having 20-50BTC will be enough to feel like you made a good investment when the price will jump. It obviously all depends on your standard of livings but tens of BTC will be enough to feel good if you are middle class in a first world country Wink

Not with the current price, and most definitely while it isn't accepted at "your local grocery store".

I was saying 20-50BTC is enough to feel a bit wealthier WHEN the price will go up to 2000$ +


I hope so, mr piccolo


Oscilson
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December 17, 2014, 08:38:12 AM
 #2305

An alt-coin will be accepted at the local grocery store first as Bitcoin's 10 min confirmation time makes it inappropriate for brick & mortar applications other than large purchases. People need to keep in mind that Bitcoin was designed for transactions that are online or between geographically separated parties.

Even a 30 seconds block time coin is not suitable for local grocery purchase. You need a centralized payment processor to do the real time transaction. In that sense, there is no difference between BTC and altcoin.
picolo
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December 17, 2014, 09:56:42 AM
 #2306

An alt-coin will be accepted at the local grocery store first as Bitcoin's 10 min confirmation time makes it inappropriate for brick & mortar applications other than large purchases. People need to keep in mind that Bitcoin was designed for transactions that are online or between geographically separated parties.

Even a 30 seconds block time coin is not suitable for local grocery purchase. You need a centralized payment processor to do the real time transaction. In that sense, there is no difference between BTC and altcoin.

If you have Bitcoin on your phone, it's very safe for the store to accept a Bitcoin payment from you.

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Oscilson
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December 17, 2014, 10:49:58 AM
 #2307

An alt-coin will be accepted at the local grocery store first as Bitcoin's 10 min confirmation time makes it inappropriate for brick & mortar applications other than large purchases. People need to keep in mind that Bitcoin was designed for transactions that are online or between geographically separated parties.

Even a 30 seconds block time coin is not suitable for local grocery purchase. You need a centralized payment processor to do the real time transaction. In that sense, there is no difference between BTC and altcoin.

If you have Bitcoin on your phone, it's very safe for the store to accept a Bitcoin payment from you.

But they have to trust you before the confirmation.
turvarya
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December 17, 2014, 12:02:52 PM
 #2308

An alt-coin will be accepted at the local grocery store first as Bitcoin's 10 min confirmation time makes it inappropriate for brick & mortar applications other than large purchases. People need to keep in mind that Bitcoin was designed for transactions that are online or between geographically separated parties.

Even a 30 seconds block time coin is not suitable for local grocery purchase. You need a centralized payment processor to do the real time transaction. In that sense, there is no difference between BTC and altcoin.

If you have Bitcoin on your phone, it's very safe for the store to accept a Bitcoin payment from you.

But they have to trust you before the confirmation.
They have to trust, that you are not the secret owner of 51% of the bitcoin hash rate and are not using that power to steal the $1 back, that you just paid for a small item. That doesn't sound like that much trust to me.

https://forum.bitcoin.com/
New censorship-free forum by Roger Ver. Try it out.
Oscilson
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December 17, 2014, 12:06:52 PM
 #2309

So there is no difference between a fast and a slower block time coin.
CoinCidental
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December 17, 2014, 01:27:03 PM
 #2310

An alt-coin will be accepted at the local grocery store first as Bitcoin's 10 min confirmation time makes it inappropriate for brick & mortar applications other than large purchases. People need to keep in mind that Bitcoin was designed for transactions that are online or between geographically separated parties.

Even a 30 seconds block time coin is not suitable for local grocery purchase. You need a centralized payment processor to do the real time transaction. In that sense, there is no difference between BTC and altcoin.

If you have Bitcoin on your phone, it's very safe for the store to accept a Bitcoin payment from you.

But they have to trust you before the confirmation.

Cash will still  exist alongside btc for a long time in my estimation
People will still use cash for instant purchases and some people will never use btc but enough will to make each coin valuable esp for long distance or high value transactions that cross borders

DEEPONION IS JUST  A SPAMMERS CAMPAIGN **not a real AIRDROP**
LewiesMan
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December 17, 2014, 01:40:16 PM
 #2311

So there is no difference between a fast and a slower block time coin.

Just the pain of the waiting time for the TX to go through Sad
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December 17, 2014, 01:44:01 PM
 #2312

An alt-coin will be accepted at the local grocery store first as Bitcoin's 10 min confirmation time makes it inappropriate for brick & mortar applications other than large purchases. People need to keep in mind that Bitcoin was designed for transactions that are online or between geographically separated parties.

Even a 30 seconds block time coin is not suitable for local grocery purchase. You need a centralized payment processor to do the real time transaction. In that sense, there is no difference between BTC and altcoin.

If you have Bitcoin on your phone, it's very safe for the store to accept a Bitcoin payment from you.

But they have to trust you before the confirmation.
They have to trust, that you are not the secret owner of 51% of the bitcoin hash rate and are not using that power to steal the $1 back, that you just paid for a small item. That doesn't sound like that much trust to me.

Successful double spending is very unlikely from a grocery store customer.

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turvarya
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December 17, 2014, 01:47:37 PM
 #2313

So there is no difference between a fast and a slower block time coin.

Just the pain of the waiting time for the TX to go through Sad
I recently tried out watchmybit.com: It was less than a second for the site to register my payment.

https://forum.bitcoin.com/
New censorship-free forum by Roger Ver. Try it out.
CoinCidental
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December 17, 2014, 02:40:15 PM
 #2314

An alt-coin will be accepted at the local grocery store first as Bitcoin's 10 min confirmation time makes it inappropriate for brick & mortar applications other than large purchases. People need to keep in mind that Bitcoin was designed for transactions that are online or between geographically separated parties.

Even a 30 seconds block time coin is not suitable for local grocery purchase. You need a centralized payment processor to do the real time transaction. In that sense, there is no difference between BTC and altcoin.

If you have Bitcoin on your phone, it's very safe for the store to accept a Bitcoin payment from you.

But they have to trust you before the confirmation.
They have to trust, that you are not the secret owner of 51% of the bitcoin hash rate and are not using that power to steal the $1 back, that you just paid for a small item. That doesn't sound like that much trust to me.

Successful double spending is very unlikely from a grocery store customer.

Eventually it will be the same as credit card fraud to steal goods via btc fraud even if people were fast enough to double spend but I don't see it happening a lot

Expensive items will be a delayed purchase.... Until transactions go through but for a cup of coffee I think vendors would risk it 

DEEPONION IS JUST  A SPAMMERS CAMPAIGN **not a real AIRDROP**
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December 17, 2014, 02:49:27 PM
 #2315

So there is no difference between a fast and a slower block time coin.

Just the pain of the waiting time for the TX to go through Sad
I recently tried out watchmybit.com: It was less than a second for the site to register my payment.

The transaction goes through in an instant, it is safe to accept the transaction from a trusted party without waiting for confirmations.

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Dafar
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December 17, 2014, 03:16:22 PM
 #2316

I have 30 bitcoinz..... will I ever be "wealthy"?


Cuz at current price it's worth shit
superresistant
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December 17, 2014, 03:27:28 PM
 #2317

I have 30 bitcoinz..... will I ever be "wealthy"?
Cuz at current price it's worth shit

The people that got millionaire last year where hodling for about 4 years. How long have you been hodling ?

Here's my bag so you don't ask : Bitcoin, tenX, iexec, byteball and pepecash
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December 17, 2014, 03:35:40 PM
 #2318

I have 30 bitcoinz..... will I ever be "wealthy"?
Cuz at current price it's worth shit

The people that go millionaire last year where hodling for about 4 years. How long have you been hodling ?



1 year.... as of current status, I joined at the worst time
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December 17, 2014, 03:43:37 PM
 #2319

Eventually it will be the same as credit card fraud to steal goods via btc fraud even if people were fast enough to double spend but I don't see it happening a lot

Double spending fraud will happen a LOT less than credit card fraud. I doubt anybody would bother to try it for a $5 Starbucks coffee or a $100 grocery bill.
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December 17, 2014, 04:07:59 PM
 #2320

I have 30 bitcoinz..... will I ever be "wealthy"?
Cuz at current price it's worth shit

The people that go millionaire last year where hodling for about 4 years. How long have you been hodling ?


Most BTC multi-millionaires bought (or mined) pre-April 2011 and had huge gains on the rally above $1. I saw BTC for ~5 cents each in 2010 and didn't feel an urgent need to buy any. If only I'd know about this forum then, things might have been much different.

No regrets though, life goes on...

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