7,000,000 bitcoins ...

[molecular]

Really? 1/3 gone? And I have less than 10 btc? sigh ... i'm not getting rich with this thing, am i?

Are you sure? Keep in mind there's only 0.003 BTC for every person in the world.

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[kjj]

A bit off-topic, but anyway about bitcoin future:

I have question, every 210000 block, rewards for found block are cut by half. So I tried to calculate when approximately it will happen. According to my calculation we will reach 210000 blocks in 2012, 6th of December and 420000 blocks in 2016 3rd of December. Am I right?

The block generation times are not fixed at 10 minutes.  Basically, the system looks at the average time over the previous 2016 blocks, and adjusts the difficulty to what it should have been to get the average time to 10 minutes.  This process is always behind, so predictions always have an error.  The farther you try to guess, the less likely you are to be right.

So, yes, you are right that the reward will be halved probably towards the end of 2012, but the odds of December 6th coming up aren't very good.

[kjj]

A digital wallet? Explain that to your mother.  How do you obtain them?  How do you pay with them?

I've explained bitcoins to my mother.  She thinks it sounds pretty neat.

I also wear bitcoin shirts pretty often, so I've explained it to many people, none of whom had any real difficulty with the concept, not even drunk old men in bars.

In a world with credit cards, ATMs, online banking, PayPal, Facebook credits, WOW gold, ISK, etc, etc, etc you have to be pretty dense to think that people "won't get" digital money.  Usually the hardest part of the conversation is dispelling myths about "real" money.  You'd be amazed how many people think that dollars are backed by something.

Edit 201108112254CDT - typo grande

[viboracecata]

Bitcoin just doesn't work.  A digital wallet? Explain that to your mother.  How do you obtain them?  How do you pay with them?  It's way to complicated for anyone without "nerd alert" written al over him.
that's not true, the thing you described did not happen as the e-bank comes out, did you think bitcoin trade would be more complicated than e-bay business?

[payb.tc]

I also wear bitcoin shits pretty often, so I've explained it to many people, none of whom had any real difficulty with the concept, not even drunk old men in bars.

Did they have difficulty with the smell?

[kjj]

I also wear bitcoin shits pretty often, so I've explained it to many people, none of whom had any real difficulty with the concept, not even drunk old men in bars.

Did they have difficulty with the smell?

Ha!  Drunk old men are used to it.

Fixed, thank you.

[MaGNeT]

are out  there in the world!   and a small fraction is seen moving around on exchanges ?  what does this mean ? the rest is being hoarded ?

Bitcoins are a bubble and once everyone finds out, it will burst.  It hasn't got an economy to support it, there is no thing like a "Bitcoin economy".
There are some obscure shops that accept Bitcoins but nobody knows if they ever sold anything.
I said before, on other forums, that the price will drop and so it did.  And it will keep on dropping until it reaches zero, everyone stops and difficulty gets stuck forever.
Bitcoin just doesn't work.  A digital wallet? Explain that to your mother.  How do you obtain them?  How do you pay with them?  It's way to complicated for anyone without "nerd alert" written al over him.  Wallets will get lost, people will loose money and in the end there will be no Bitcoin left.  Deflation makes people hoard them but without anyone who wants them, they might as well hoard seashells. 

Read this carefully, you'll think of me when it all happens.

[The Electric Monk]

are out  there in the world!   and a small fraction is seen moving around on exchanges ?  what does this mean ? the rest is being hoarded ?

Bitcoins are a bubble and once everyone finds out, it will burst.  It hasn't got an economy to support it, there is no thing like a "Bitcoin economy".
There are some obscure shops that accept Bitcoins but nobody knows if they ever sold anything.
I said before, on other forums, that the price will drop and so it did.  And it will keep on dropping until it reaches zero, everyone stops and difficulty gets stuck forever.
Bitcoin just doesn't work.  A digital wallet? Explain that to your mother.  How do you obtain them?  How do you pay with them?  It's way to complicated for anyone without "nerd alert" written al over him.  Wallets will get lost, people will loose money and in the end there will be no Bitcoin left.  Deflation makes people hoard them but without anyone who wants them, they might as well hoard seashells. 

Read this carefully, you'll think of me when it all happens.

Why are you hanging out in the Bitcoin forum?  It's really not like anything that's been done before, so you can't compare the bitcoin econoy to anything.  It's not perfect, but there's enough interest to give them value and most people I talk to about it seem to like the idea.  Maybe it'll catch on.

[Labyrinth]

Somebody above said that out of 7,000,000 BTC only 10% keeps rolling, the rest 90% which is 6,300,000 BTC are saved by people. Isn't that a lot of faith to put in a newly developed e-currency? What if it crashes?

[RTZ143]

How are BTC created?

[NothinG]

How are BTC created?

http://www.weusecoins.com/

[djelusion]

are out  there in the world!   and a small fraction is seen moving around on exchanges ?  what does this mean ? the rest is being hoarded ?

Bitcoins are a bubble and once everyone finds out, it will burst.  It hasn't got an economy to support it, there is no thing like a "Bitcoin economy".
There are some obscure shops that accept Bitcoins but nobody knows if they ever sold anything.
I said before, on other forums, that the price will drop and so it did.  And it will keep on dropping until it reaches zero, everyone stops and difficulty gets stuck forever.
Bitcoin just doesn't work.  A digital wallet? Explain that to your mother.  How do you obtain them?  How do you pay with them?  It's way to complicated for anyone without "nerd alert" written al over him.  Wallets will get lost, people will loose money and in the end there will be no Bitcoin left.  Deflation makes people hoard them but without anyone who wants them, they might as well hoard seashells. 

Read this carefully, you'll think of me when it all happens.

lol you have a very good point.. this bitcoin rig i built cost me no more than $377  2 5830s and a good 1250 ocz etc. but for 377 im willing to risk it

[Artamir]

[You'd be amazed how many people think that dollars are backed by something.

Thats exactly what i thought of then they said in news a few weeks ago 2,500,000,000 Dollars had been 'destroyed' due to the stock crash.

According to every dollar is backed up by some real material things, i wondered where all those container ships sunk within a few days. Anyone checked Bermuda triangle, maybe they find them and the stocks will raise up to old value within days


According to acceptance of bitcoins in future. I think a lot of it will depend on smartphone 'Apps'. Just think of how many people today use a smartphone on daily purpose and how many people pay things with their mobile phones.

If there will be apps allowing the people to easy access their wallet and pay from it wherever they are, i think this whole idea can become a success.

Just think of all the memo books that dissapeared from peoples pockets and became one with their mobile phone. So next step could be making the classic purse dissapear from ones pocket.

And for those now fearing "if my mobile phone gets stolen, then all my money is gone": what happens when your purse gets stolen? You carry all your money in it? So where is the problem to have the majority of your bitcoins in a somewhere secured wallet, and those you expect to use within next maybe days in another wallet, stored on your smartphone.

bevor i get to long now, my point was meant to be:

Success or failure of bitcoin will be strongly connected with well written and distributed APPs which use bitcoins.