blurden (OP)
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February 01, 2011, 06:38:38 PM |
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and if so, is this good or bad?
also Why is there a limit to the total number of bitcoins? What happens when bitcoins are destroyed say in a fire? does the system compensate for destroyed currency?
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kiba
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February 01, 2011, 06:46:26 PM |
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and if so, is this good or bad?
There's already bot. No, it's not bad. also Why is there a limit to the total number of bitcoins? What happens when bitcoins are destroyed say in a fire? does the system compensate for destroyed currency?
The bitcoin economy could run quite happily on 1 BTC. Plus, you can back up your wallet. |
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blurden (OP)
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February 01, 2011, 06:51:27 PM |
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HFT: what is the bot? what does it do?
Backup: Anyone use dropbox to backup their wallet? has anyone automated this process?
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grondilu
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February 01, 2011, 07:00:34 PM |
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High frequency trading would not be directly possible with bitcoins.
But one can use an accounting-based trading system, as you would do with any currency.
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Cdecker
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February 01, 2011, 07:15:42 PM |
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High frequency trading would not be directly possible with bitcoins. It is possible as long as you stay on a managed platform with a shared wallet (so far not really different from stock trading), but should the transactions go out to the Bitcoin network the Bitcoins used in a trade will have to cool down for a few minutes before being able to reuse them for a new trade. All this assuming that you don't trust the other side, and wait for confirmation, should you have a closed set of traders trusting each other you can in fact create new transactions with unconfirmed coins. |
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kiba
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February 01, 2011, 08:37:45 PM |
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HFT: what is the bot? what does it do?
Trading bots. Backup: Anyone use dropbox to backup their wallet? has anyone automated this process?
https://en.bitcoin.it/wiki/Securing_your_wallet |
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blurden (OP)
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February 01, 2011, 10:01:06 PM |
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Will there ever be a threat to the system if a user or organization begins to collect bit coins and destroy them intentionally?
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grondilu
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February 01, 2011, 10:05:22 PM |
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Will there ever be a threat to the system if a user or organization begins to collect bit coins and destroy them intentionally?
Well, no, unless they have a really large amount of money to waste buying those bitcoins. Right now the current market value of all bitcoin stock is about five millions USD, but if someone wanted to buy a significative part of that, he would raise the price dramatically. Therefore I doubt one could do it with less than say 50 millions USD. |
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kiba
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February 01, 2011, 10:08:48 PM |
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Will there ever be a threat to the system if a user or organization begins to collect bit coins and destroy them intentionally?
Bitcoin are never destroyed; they are lost. |
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markm
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February 02, 2011, 04:43:31 AM |
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Lost? Nay, they are merely inadvertently offered as bounty for quantum computer development!   -MarkM- |
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dust
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February 02, 2011, 08:16:36 AM |
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Lost? Nay, they are merely inadvertently offered as bounty for quantum computer development! -MarkM- If lost coins are able to be recovered, legitimate users' wallets could also be stolen using the same method. Bitcoins would be worthless if computers were powerful enough to do this. |
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markm
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February 02, 2011, 08:23:27 AM |
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Is it too much to hope that "ethical hackers" will come up with the gear to "mine" wallets before bitcoin loses all its value due to "black hat"s?
And what will the ratio of lost+empty wallets to unlost wallets be by then?
-MarkM-
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blurden (OP)
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February 02, 2011, 05:21:56 PM |
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why wouldn't the financial oligarchy see it fit to destroy a threatening currency? they certainly show themselves capable with their silver manipulation via JPM and QE 1,2 and soon to be 3?
Would unrecoverable be a better word than lost or destroyed?
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FreeMoney
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Strength in numbers
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February 03, 2011, 12:33:36 AM |
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why wouldn't the financial oligarchy see it fit to destroy a threatening currency? they certainly show themselves capable with their silver manipulation via JPM and QE 1,2 and soon to be 3?
Would unrecoverable be a better word than lost or destroyed?
People holding their savings in bitcoin is indistinguishable from people throwing them away. Both increase the value of other bitcoins. I hope this is how governments try to destroy Bitcoin. QE is bad for a currency because it makes more units not fewer. |
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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