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Author Topic: Bitcoin is backwards and that makes if beautiful  (Read 1126 times)
ronwan
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21 Million is enough.


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July 10, 2011, 11:24:40 PM
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People often ask me after I explain bitcoin, “It sounds great... , but who takes it?”  This is an interesting question.  Take the first credit card.  I quote wikipedia.

“The first credit card charge was made on February 8, 1950, by Frank McNamara, Ralph Schneider and Matty Simmons at Major's Cabin Grill, a restaurant adjacent to their offices in the Empire State Building. McNamara was bought out two years later by department store heir Alfred Bloomingdale,”

After this credit cards filtered down slowly to the people and to smaller and smaller merchants.
Unlike this Bitcoins are taken by everyone who downloads the client or simply opens a myBitcoin account.  The next step is to get more and more businesses to take it.  Smaller merchants is where it seems to be starting.  It is a grassroots phenomenon from the bottom up, instead of top down like credit cards.

Also I guess when the miners started the difficulty level was low what they got out of it was 50 coins of something that started out as play money.  Now a few years later this “play money” is actually worth around $100 million USD.  This could be compared to currencies that started out as serious money such as the Zimbabwe Dollar and the Weimar Republican Mark, that ended their lives as play money. 

I often ask myself “is Bitcoin ready for primetime?”.  When I want to impress someone on how it works I have to, I repeat, HAVE TO use myBitcoin.  I get them to open an account and then I send them some money.  It arrives quickly and these people were on the phone and all over 1000 miles away.  They liked that. I did not tell them that you could download a client that was almost unusable for over two hours as the block-chain history came down to their computer.  I did not send money to them from my client to their myBitcoin account as this takes what seems like a very long time to someone used to using debit cards.  I suppose the POS systems will have to go through an online wallet in order for the customer not to hang around for 15 mins. 

I’m still very hopeful that we are witnessing the beginning of a revolution.

Not as good as gold, BETTER.
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Raoul Duke
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July 11, 2011, 12:00:42 AM
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I’m still very hopeful that we are witnessing the beginning of a revolution.


That's my feeling too!

I convinced a portuguese record label to accept bitcoin on it's online shop.

So, next week we will have the first record label on the world accepting Bitcoin(well, i hope it's really the first as i haven't researched it as thoroughly as i should, probably).
I'm glad that i didn't even needed to explain it much to the owner of the label. all it took me was 5 minutes. They got sold in the minute i said "no banks involved, very low fees" Cheesy

silverchair
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July 11, 2011, 04:51:42 AM
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I’m still very hopeful that we are witnessing the beginning of a revolution.


Count me in Smiley

Hey Guys! WWW.FREEBITCOINS.ORG introduces "Epic December Contest" where you can Win Sweet Casascius Coins !!!
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July 11, 2011, 09:25:35 AM
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Although I'm not entirely educated in the workings of Bitcoin yet, I'd like to throw out there the possibility of each new version of the official Bitcoin client containing most of the block history, up to the point of release. Or would that be rather large?

Either way, I think we can all agree that something should happen to remove the inconvenience that comes with a currency like this.
Noam
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July 11, 2011, 09:40:21 AM
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I’m still very hopeful that we are witnessing the beginning of a revolution.


http://michaelpascaziscammer.com/



psy: That's a great website you have there (-: is that built on WordPress? Which theme?
also - great news about the record label! Please keep me updated if that becomes final, I will start a press release, this can be a great PT boost...



Confucius
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Confucius says... Our Bitcoin movement is historic


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July 11, 2011, 10:56:01 AM
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Although I'm not entirely educated in the workings of Bitcoin yet, I'd like to throw out there the possibility of each new version of the official Bitcoin client containing most of the block history, up to the point of release. Or would that be rather large?

Either way, I think we can all agree that something should happen to remove the inconvenience that comes with a currency like this.

From Satoshi -
Quote
We have the hashes for genesis block through block 74000 hardcoded (compiled) into bitcoin, so there's no reason why we shouldn't be able to automatically download a compressed zipfile of the block database from anywhere, unpack it, verify it, and start running.
The 74000 checkpoint is not enough to protect you, and does nothing if the download is already past 74000.  -checkblocks does more, but is still easily defeated.  You still must trust the supplier of the zipfile.

If there was a "verify it" step, that would take as long as the current normal initial download, in which it is the indexing, not the data download, that is the bottleneck.

Presumably at some point there will be a lightweight client that only downloads block headers, but there will still be hundreds of thousands of those...
80 bytes per header and no indexing work.  Might take 1 minute.

Quote
uncompressed data using a protocol (bitcoin P2P) that wasn't designed for bulk data transfer.
The data is mostly hashes and keys and signatures that are uncompressible.

The speed of initial download is not a reflection of the bulk data transfer rate of the protocol.  The gating factor is the indexing while it downloads.

As you can see, that idea has been considered, but discarded for above reasons.

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