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Author Topic: greetings  (Read 406 times)
stevendobbs
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August 13, 2011, 12:12:51 PM
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I heard about bitcoin recently. I believe the founder was talking about it on radio4 world service at 5am.

I find the idea interesting. I have some concerns about it. But it does seem to fit what is needed.

Steven Dobbs, co founder of thunderworks ltd
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AssemblY
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August 13, 2011, 01:03:50 PM
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I heard about bitcoin recently. I believe the founder was talking about it on radio4 world service at 5am.

I find the idea interesting. I have some concerns about it. But it does seem to fit what is needed.

If you have any questions or concerns regarding the matter, is the right place.

Enjoy and get all your questions.

 Cheesy
stevendobbs
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August 13, 2011, 08:42:55 PM
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cheers, a question i do have:

I see that the puzzle algorithm gets more complex as time goes by.

by what mechanism is this decided?

And how would it react to a billionaire buying all the bitcoins on the market?

Steven Dobbs, co founder of thunderworks ltd
JohnRetardKeynes
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August 13, 2011, 08:58:45 PM
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cheers, a question i do have:

I see that the puzzle algorithm gets more complex as time goes by.

by what mechanism is this decided?

And how would it react to a billionaire buying all the bitcoins on the market?

The algorithm to create bitcoins gets increasingly more difficult over a specified time period.

A billionaire buying all the bitcoins would not affect the creation of new bitcoins at all.

Of course what would happen is that the price of bitcoins would rocket as the billionaire started buying up bitcoins - so it would cost much more than the apparently total cost of all bitcoins currently in circulation.

"In truth, the gold standard is already a barbarous relic." - Monetary Reform (1924), p. 172

I spent all my bitcoins on women and beer. The rest I wasted.

Help out a lecherous old drinker: 12nWUam1EdFbf2g4xvocnUHbwuWM1QSzDJ
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August 19, 2011, 12:58:34 PM
 #5

cheers, a question i do have:

I see that the puzzle algorithm gets more complex as time goes by.

by what mechanism is this decided?

And how would it react to a billionaire buying all the bitcoins on the market?

The algorithm to create bitcoins gets increasingly more difficult over a specified time period.

A billionaire buying all the bitcoins would not affect the creation of new bitcoins at all.

Of course what would happen is that the price of bitcoins would rocket as the billionaire started buying up bitcoins - so it would cost much more than the apparently total cost of all bitcoins currently in circulation.

Exactly. So we all know that the network can suffer high consequences if someone has more than 50% of the same.
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