Peeps with serious cash and banking contacts just heard about bitcoin.

[Bigpiggy01]

http://www.haaretz.com/weekend/magazine/money-shiny-new-coins-1.404597

I'm kind of curious to see what, if any, effect this will have on BTC prices.

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[mc_lovin]

up, up, and away!

hey man if they're buying and not mining, they're my new best friends.

[caston]

Nakamura? They must mean satoshi

[ineededausername]

Centralized inspection ensures that the coins are mined at a pace determined in advance. The principle of mining ensures that the currency will never suffer from inflation. The quantity of coins is limited and supervised by a central agency.

They certainly did their homework!

derp derp derp
edit: At least rich folks heard about it, so if it's not very correct, they'll figure it out sooner or later anyways.

[DeathAndTaxes]

Centralized inspection ensures that the coins are mined at a pace determined in advance. The principle of mining ensures that the currency will never suffer from inflation. The quantity of coins is limited and supervised by a central agency.

They certainly did their homework!

How the hell did they get that wrong.  I mean it is a cornerstone of crypto-currency. 

[Bigpiggy01]

I know this isn't the most fantastic explanation of bitcoin.   Unless you look at the positive vs negative adjectives in the article.

However, the question is what this ,if anything, will do to prices? Particularly with the almost hype spin (in investment for conservatives terms) on some of this stuff.

Centralized inspection ensures that the coins are mined at a pace determined in advance. The principle of mining ensures that the currency will never suffer from inflation. The quantity of coins is limited and supervised by a central agency.

Is a fair simile for what the code does if it were to be put in fairly old school fiat terms.

[caston]

An inflexible limit of about 21 million coins has been set, which will be reached around the year 2140.

Wow I thought it was sooner than that?

[DeathAndTaxes]

An inflexible limit of about 21 million coins has been set, which will be reached around the year 2140.

Wow I thought it was sooner than that?

No that is right however due to halving of block rewards we will have 99% of coins minted by 2030 and 94% by 2020.

https://en.bitcoin.it/wiki/Controlled_Currency_Supply

[cypherdoc]

Centralized inspection ensures that the coins are mined at a pace determined in advance. The principle of mining ensures that the currency will never suffer from inflation. The quantity of coins is limited and supervised by a central agency.

They certainly did their homework!

LOL.  perhaps deception is the best way to advance our cause?

edit:  Bitcoin is a centralized, closed source, inflationary fiat currency, designed to promote maximum leverage, manipulated by our glorious Fed for the purposes of enriching the 1%.  did i get that right?

[proudhon]

Sweet, where can I buy Nakamuru's centralized currency?  I'd like to diversify in case bitcoin doesn't work out.

[caston]

Yeah I'm getting a bit tired of how 5 million coins were given out for one tenth of a cent and then the rest of us are expected to pay at least $4 for them.

[bb113]

Where is this coming from?

During those difficult moments, the Bitcoin community turned to its founder and creator, Nakamura, from whom they had last heard in April 2011, before the hack. When he refused to reveal himself, the conspiracy theories were not long in coming. Nakamura was suspected of belonging to some government organization, and of being the Bernie Madoff of the new Ponzi scheme: the Bitcoin. He was accused of mining coins when they had no value, in order to redeem them with complete anonymity later on.

[smickles]

Where is this coming from?

During those difficult moments, the Bitcoin community turned to its founder and creator, Nakamura, from whom they had last heard in April 2011, before the hack. When he refused to reveal himself, the conspiracy theories were not long in coming. Nakamura was suspected of belonging to some government organization, and of being the Bernie Madoff of the new Ponzi scheme: the Bitcoin. He was accused of mining coins when they had no value, in order to redeem them with complete anonymity later on.

The mind of the writer.

[cypherdoc]

Yeah I'm getting a bit tired of how 5 million coins were given out for one tenth of a cent and then the rest of us are expected to pay at least $4 for them.

Seriously. Satoshi should have emailed everyone in the world before mining the genesis block. I'm sure everyone would have jumped on the opportunity! I know all the early adopter haters would have. After all, it's obvious that the coins would one day be worth more than 1/10th of a cent.

Of course, the people without email would have to be informed in other ways.

Oh and people without computers would have to be given time to buy computers.

And well, we would have to pool our resources and buy computers for the people who couldn't afford them. After all, it's not fair to not be able to mine Bitcoins for whatever reason.

So, once everyone on the planet had a computer and knew about mining, we could start the genesis block!

yes, but i think we would have had to actually buy the bitcoins for the skeptics b/c we just couldn't have allowed them to fall behind despite the fact that they would have refused to spend the time and money to upkeep those same computers and pay the electricity bills. they would've then paid us back i'm sure when the price hit $32.  come on, be fair.

[cypherdoc]

yes, but i think we would have had to actually buy the bitcoins for the skeptics b/c we just couldn't have allowed them to fall behind despite the fact that they would have refused to spend the time and money to upkeep those same computers and pay the electricity bills. they would've then paid us back i'm sure when the price hit $32.  come on, be fair.

Plus, anyone who sold Bitcoins for less than the current market value should be compensated for their loss. We should probably just lock in the price as well, so no one can be taken advantage of in the future. And uhh, all the fiat currency prices will have to be locked in too. We should probably have a police state, someone is going to have to enforce all of this. It's only fair. Now the only question is who is going to be the benevolent dictator, you or me?

 This is where my sense of fairness ends; ME.

[Crypt_Current]

yes, but i think we would have had to actually buy the bitcoins for the skeptics b/c we just couldn't have allowed them to fall behind despite the fact that they would have refused to spend the time and money to upkeep those same computers and pay the electricity bills. they would've then paid us back i'm sure when the price hit $32.  come on, be fair.

Plus, anyone who sold Bitcoins for less than the current market value should be compensated for their loss. We should probably just lock in the price as well, so no one can be taken advantage of in the future. And uhh, all the fiat currency prices will have to be locked in too. We should probably have a police state, someone is going to have to enforce all of this. It's only fair. Now the only question is who is going to be the benevolent dictator, you or me?

We already see the advantage of replacing human authority with technology evidenced with Bitcoin.  It is only a matter of time until technology further permeates our lives, so that our global "benevolent dictator" will not be cursed by the limitations of humanity.  The dictator may even be decentralized.

[caston]

Yeah I'm getting a bit tired of how 5 million coins were given out for one tenth of a cent and then the rest of us are expected to pay at least $4 for them.

Seriously. Satoshi should have emailed everyone in the world before mining the genesis block. I'm sure everyone would have jumped on the opportunity! I know all the early adopter haters would have. After all, it's obvious that the coins would one day be worth more than 1/10th of a cent.

Of course, the people without email would have to be informed in other ways.

Oh and people without computers would have to be given time to buy computers.

And well, we would have to pool our resources and buy computers for the people who couldn't afford them. After all, it's not fair to not be able to mine Bitcoins for whatever reason.

So, once everyone on the planet had a computer and knew about mining, we could start the genesis block!

Yes, about July 2009 I have messages in my sent items on gmail e-mailiing the developer of cclite (LETS like alternate currency system) trying to get it working but didn't find bitcoin on sourceforge because it didn't use the word "currency" once it its project description instead using "money" and "digital cash".  I had downloaded cclite from sourceforge while looking for alternate currency projects.

I was pretty much obsessed with alternate currencies (joined bartercard in Jan 2009) then looked for free and open source options after that and ending up starting a LETS trading system for my city called Perth-Exchange which was part of the CES LETS like systems. I was active on openmoney.ning.com and the community exchange ning website and I scoured the web for alternate currency systems looking at pages like the meta-currency project and money 2.0 and but somehow bitcoin slipped under my radar. I can even remember at one point in 2010 trying to wash pink house paint off my van that some girls had painted it with (took a VERY long time) and I was thinking that there was some sort of alternate currency I should be trying to get but I wasn't sure what that currency was called.

But the strangest thing is when I saw the message on slashdot that bitcoin had reached parity I remembered seeing it somewhere before I just can't remember exactly where and at what date. I have recently been searching for mentions of bitcoin on google between Jan 2009 and Jan 2010 and only a few obscure pages seem to come up. Mainly the original announcements on the cryptography mailing list and on the p2p foundations ning site. There was also possibly a usenet group comp.encryption.general that the originally PDF was posted to in 2008. I have since subscribed to the crypotraphy mailing list and setup google search to notify me when new pages with keywords about digital money and so on come up.

So now i'm fucked... missed the only chance i'll ever likely have of getting my own house as the cheapest ones cost about 350k here and I have no funding for the Rejuvepedia project and its spin-off project in-utero. These projects I have started to help foster open source radical life extension technology.

I have developed an unhealthy fascination with somehow going back in time and gently nudging myself on the shoulder and saying "psst search for digital cash on sourceforge" or  various other means that would have led to me getting into bitcoin early even stuff as ridiculous as google alerts for Wei dai's "bmoney" as this is something I *do* vaguely remember reading about. This includes going back to my old facebook discussions and photos from early 2009 and sending messages to myself telling me to get into bitcoin.

[mjcmurfy]

yes, but i think we would have had to actually buy the bitcoins for the skeptics b/c we just couldn't have allowed them to fall behind despite the fact that they would have refused to spend the time and money to upkeep those same computers and pay the electricity bills. they would've then paid us back i'm sure when the price hit $32.  come on, be fair.

Plus, anyone who sold Bitcoins for less than the current market value should be compensated for their loss. We should probably just lock in the price as well, so no one can be taken advantage of in the future. And uhh, all the fiat currency prices will have to be locked in too. We should probably have a police state, someone is going to have to enforce all of this. It's only fair. Now the only question is who is going to be the benevolent dictator, you or me?

We already see the advantage of replacing human authority with technology evidenced with Bitcoin.  It is only a matter of time until technology further permeates our lives, so that our global "benevolent dictator" will not be cursed by the limitations of humanity.  The dictator may even be decentralized.

+1
The singularity is near!
Have you ever read anything by Ray Kurzweil? If not, I highly recommend that you do.

[Crypt_Current]

yes, but i think we would have had to actually buy the bitcoins for the skeptics b/c we just couldn't have allowed them to fall behind despite the fact that they would have refused to spend the time and money to upkeep those same computers and pay the electricity bills. they would've then paid us back i'm sure when the price hit $32.  come on, be fair.

Plus, anyone who sold Bitcoins for less than the current market value should be compensated for their loss. We should probably just lock in the price as well, so no one can be taken advantage of in the future. And uhh, all the fiat currency prices will have to be locked in too. We should probably have a police state, someone is going to have to enforce all of this. It's only fair. Now the only question is who is going to be the benevolent dictator, you or me?

We already see the advantage of replacing human authority with technology evidenced with Bitcoin.  It is only a matter of time until technology further permeates our lives, so that our global "benevolent dictator" will not be cursed by the limitations of humanity.  The dictator may even be decentralized.

+1
The singularity is near!
Have you ever read anything by Ray Kurzweil? If not, I highly recommend that you do.

Yes; I just watched the Transcendant Man a few... months ago.  I need to watch it again.  Can't put it on around my gf -- she thought it was "boring" 

[antoineph]

Can't put it on around my gf -- she thought it was "boring" 

get new gf 

srsly