Paul Krugman Vanished up his own ass.

[dsp]

1. Its a little early to be passing judgment at this point.

Lets see where was Microsoft in 1981 my friend.
How about Linux in 1996. I wonder if any one call the game for Linus, well look here Linus we have unix and windows your wasting your time.
Wikipeida was also a bust, I mean could you imagine a free encyclopedia where ANYONE can write an article.

2. Not all of the coins have been issued yet, The inflation choked out the bubble. That's called brilliant design.

3. The control for the experiment is a system that you are hopelessly dependent on, so your opinion is not objective.

4. Yea we have lots of ways to send money that are riddled with counterfeit, fraud and theft. Cause what you want to do when designing a payment system is take all the keys put em in a central safe place and then have one master key. Moving the keys to the end points of the network is moronic idea. Whats so revolutionary about that.

[zby]

That's all great - if only the system was not burning half a million of dollars in electricity costs a month.  With the bubble some people earned on it, some lost, but overall it was zero-sum - but the money spent on mining are burned now.  The commerce will come with time if the system stays operating and has some internet visibility.  But the expenses, the expenses - the cost of the system running is just crazy when compared to the commerce it supports now and probably years ahead.  How much time it will take for the system to break even?  Nobody even makes such estimates.  I think I'll wait for a more cost minded system.

[julz]

2. Not all of the coins have been issued yet, The inflation choked out the bubble. That's called brilliant design.

That's a perspective I hadn't really considered. Nice!

[dsp]

That's all great - if only the system was not burning half a million of dollars in electricity costs a month.  With the bubble some people earned on it, some lost, but overall it was zero-sum - but the money spent on mining are burned now.  The commerce will come with time if the system stays operating and has some internet visibility.  But the expenses, the expenses - the cost of the system running is just crazy when compared to the commerce it supports now and probably years ahead.  How much time it will take for the system to break even?  Nobody even makes such estimates.  I think I'll wait for a more cost minded system.

Its burning what the market tells it to. The market is bringing that expense into line as we speak. Price goes down miners fall off. Difficulty goes down. Same number of coins less electricity.

How much money is spent by credit card terminals, POS and ATM's. Just sitting idle, And all the servers and terminals the banks run. The electricity you use when you fire up your computer to login to your online account. Charge Backs that cost us all a ton of money. Then all the money spent on printing money, Making it counterfeit proof, Building vaults, armored vehicles. Then all the gate keepers in the system, Tellers, Managers, Managers of Managers. Loss Prevention and on and on. And on top of all that when they run out they print more so your money is worthless.

If you dont like the cost of bit coin. Our current system should make you head pop like a lemming. oooooo-noooooooooooo.

[herzmeister]

2. Not all of the coins have been issued yet, The inflation choked out the bubble. That's called brilliant design.

That's a perspective I hadn't really considered. Nice!

+1

[zby]

That's all great - if only the system was not burning half a million of dollars in electricity costs a month.  With the bubble some people earned on it, some lost, but overall it was zero-sum - but the money spent on mining are burned now.  The commerce will come with time if the system stays operating and has some internet visibility.  But the expenses, the expenses - the cost of the system running is just crazy when compared to the commerce it supports now and probably years ahead.  How much time it will take for the system to break even?  Nobody even makes such estimates.  I think I'll wait for a more cost minded system.

Its burning what the market tells it to. The market is bringing that expense into line as we speak. Price goes down miners fall off. Difficulty goes down. Same number of coins less electricity.

How much money is spent by credit card terminals, POS and ATM's. Just sitting idle, And all the servers and terminals the banks run. The electricity you use when you fire up your computer to login to your online account. Charge Backs that cost us all a ton of money. Then all the money spent on printing money, Making it counterfeit proof, Building vaults, armored vehicles. Then all the gate keepers in the system, Tellers, Managers, Managers of Managers. Loss Prevention and on and on. And on top of all that when they run out they print more so your money is worthless.

If you dont like the cost of bit coin. Our current system should make you head pop like a lemming. oooooo-noooooooooooo.

Not quite - these are not absolute numbers - you need to compare the costs to the benefits, i.e. the commerce supported.  The bitcoin based economy is probably not much more than Silk Road plus some lunches bought at one New York restaurant (this is of course just a speculation - but even the fact that no one tries to estimate it shows that cost/benefit analysis is not yet treated seriously in the bitcoin world).  I don't include all the transactions related to bitcoin speculation - because they are zero-sum.  How big is Silk Road?  I don't know.  But it probably does have pretty good margin and all of it we can discount on bitcoin - because it could not operate without it.

And finally that price is also relative to what other can sustain themselves with.  I am waiting for a system that would not require useless hashing, maybe one with voting by the amount of coins possessed or something else.

[The LT]

That's a nice-sounding topic subject... I mean, really nice...

[The LT]

That's all great - if only the system was not burning half a million of dollars in electricity costs a month.  With the bubble some people earned on it, some lost, but overall it was zero-sum - but the money spent on mining are burned now.  The commerce will come with time if the system stays operating and has some internet visibility.  But the expenses, the expenses - the cost of the system running is just crazy when compared to the commerce it supports now and probably years ahead.  How much time it will take for the system to break even?  Nobody even makes such estimates.  I think I'll wait for a more cost minded system.

Its burning what the market tells it to. The market is bringing that expense into line as we speak. Price goes down miners fall off. Difficulty goes down. Same number of coins less electricity.

How much money is spent by credit card terminals, POS and ATM's. Just sitting idle, And all the servers and terminals the banks run. The electricity you use when you fire up your computer to login to your online account. Charge Backs that cost us all a ton of money. Then all the money spent on printing money, Making it counterfeit proof, Building vaults, armored vehicles. Then all the gate keepers in the system, Tellers, Managers, Managers of Managers. Loss Prevention and on and on. And on top of all that when they run out they print more so your money is worthless.

If you dont like the cost of bit coin. Our current system should make you head pop like a lemming. oooooo-noooooooooooo.

Well, your average credit card terminal runs from a 10-watt wall-wart adapter. Your typical mining rig does over 1kwatt. Go figure.