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Author Topic: Breakup will threaten us?  (Read 4197 times)
Frodo
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April 14, 2011, 08:11:44 AM
 #1

I am beginner,
Bitcoin is good product for speculation but is risk:
http://en.wikipedia.org/wiki/Tulip_mania
What is guarantee of coins? If will be invited new system, all coins lose in value to zero ?
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Gluskab
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April 14, 2011, 08:20:48 AM
 #2

Tulips aren't scarce, they aren't easily divided, they don't travel well, and they go bad quickly.

Those are all bad things with regards to currency; Bitcoin has none of those problems.  If Bitcoin fails, it won't be for the same reason that tulipmania went overboard.

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Jaime Frontero
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April 14, 2011, 08:36:18 AM
 #3

Tulips aren't scarce, they aren't easily divided, they don't travel well, and they go bad quickly.

Those are all bad things with regards to currency; Bitcoin has none of those problems.  If Bitcoin fails, it won't be for the same reason that tulipmania went overboard.

I agree - and note that the difficulty level in 'mining' (read: growing) them never changes.

On that note... I've been reading a lot on this forum about people who want to change the difficulty level, or introduce inflation, or in some other way deflate the value of Bitcoin held by early adopters in order to - theoretically - make the system 'more fair' for late adopters (of which, incidentally, I am one).  Bunk.

It's working just as it should.

The early adopters clearly have a position to defend - and so they actually act as agents for Satoshi, in maintaining the system as originally conceived.  It seems unlikely the early birds will hoard (as is commonly believed), as their perception of the value of Bitcoin was forged when Bitcoin had none, and they have much more to spend.

A devilishly and admirably clever human, that Satoshi...

Gluskab
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April 14, 2011, 08:44:26 AM
 #4

Yeah, that would be stealing from early adopters.

If you find use in bitcoins, buy them or mine them.  If not, don't.  No big deal in the long run either way.

If you have early adopter envy, start your own Bitcurrency, and good luck I suppose.

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mimarob
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April 14, 2011, 08:47:15 AM
 #5

Inflation might exist if we get copy-cats, my guess is that there where more than one tulip-system. The fun thing is that it is not likely that a small-scale initiative will launch a worthy competitor as long as bitcoin is efficient enough. The big fish would and are probably be to busy defending their own systems to be able to launch something competetive.

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Frodo
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April 14, 2011, 08:48:33 AM
 #6

This are advantages.
But if I paint 10 abstract images, I can claim several million per image? (for simplify, images never was expensive; in real world abstract images have sometimes big price and investor think he not risks) This images are rare but someone can buy another images.
On the other hand, domain names are really rare and good name helps to Google positioning. Therefore good names never go to zero. Bitcoin can not fail if it will be one possible system; if will invited newer, savings will damn ?
System of far future can use quantum cryptography for example.
How to protect against this ? How save savings and move it to another system?
------------------------------------------------------
Never split or make more money than 21 million, no inflation!
They should be works to never in the future be possible inflation.
This is good moment for investing, it will be well if future (if mining ends) price will (high) stable and coins be used to exchange not collection and not fails to zero.
BitLex
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April 14, 2011, 09:04:14 AM
 #7

why do you think that all coins would lose value to zero, as soon as a new currency arrives?
it wouldn't actually have a big impact on Bitcoin,
Bitcoin would still be as functional and useful as it is today.
people would just trade bitcoins for that new currency and vice versa and maybe (!) over time bitcoins will lose value, but people also might choose NOT to use the new currency for whatever reason, noone can tell.

steelhouse
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April 14, 2011, 04:31:05 PM
 #8

If bitcoin does not crash or hacked there will be no reason to start another currency.  No shop will switch.  The reason as any object be it alpaca socks or paypal is sold or bought as time goes on bitcoin will get more and more fair.  You going to screw a shop out of their savings gl. 

Imho they goofed when they started it they should have just given everyone 1000 coins on such and such date, then after that date no more bitcoin.  Someone maybe in a window of within 2 years will do that and end bitcoin.  Mining is one of the most unfair ways to distribute bitcoin, such a brain dead idea.  However, it is better than giving it all to the founders.
Gavin Andresen
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April 14, 2011, 04:36:54 PM
 #9

Imho they goofed when they started it they should have just given everyone 1000 coins on such and such date, then after that date no more bitcoin.

If you figure out a cheat-proof, distributed, fair way of doing that please let me know.  I need that magical solution for the Bitcoin Faucet.

How often do you get the chance to work on a potentially world-changing project?
benjamindees
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April 14, 2011, 04:46:56 PM
 #10

In-person DNA testing.  I wonder whether the energy costs of doing that would be more than the energy costs of mining 21 million Bitcoins.

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April 14, 2011, 04:53:50 PM
 #11

In-person DNA testing.  I wonder whether the energy costs of doing that would be more than the energy costs of mining 21 million Bitcoins.
That would require a central database.

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Gavin Andresen
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April 14, 2011, 05:04:27 PM
 #12

In-person DNA testing.

That fails the fairness test, too-- identical twins won't get their fair share.

How often do you get the chance to work on a potentially world-changing project?
BitterTea
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April 14, 2011, 05:12:18 PM
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In-person DNA testing.

That fails the fairness test, too-- identical twins won't get their fair share.

DNA test + fingerprint? Smiley
Jaime Frontero
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April 14, 2011, 05:32:02 PM
 #14

Maybe if there was a serial number attached to every 0.000001 BTC?  Huh
tomcollins
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April 14, 2011, 06:14:23 PM
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In-person DNA testing.  I wonder whether the energy costs of doing that would be more than the energy costs of mining 21 million Bitcoins.

Put ink on everyones finger.
steelhouse
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April 14, 2011, 08:32:29 PM
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If you figure out a cheat-proof, distributed, fair way of doing that please let me know.  I need that magical solution for the Bitcoin Faucet.


How is it fair giving all the coins to people with the best equipment.  Yes I can buy the equipment but I live in California and have to pay the high electricity prices since it is run by unions, government, and monopolies.   
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April 14, 2011, 08:50:36 PM
 #17

Imho they goofed when they started it they should have just given everyone 1000 coins on such and such date, then after that date no more bitcoin.

If you figure out a cheat-proof, distributed, fair way of doing that please let me know.  I need that magical solution for the Bitcoin Faucet.


Did you miss Toecoin? This is solved  Smiley

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ScriptGadget
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Clever saying.


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April 14, 2011, 08:58:32 PM
 #18

Quote
How is it fair giving all the coins to people with the best equipment.

Mining isn't there to provide a fair and equitable distribution of wealth. That's what poverty is for.

Mining is there to pay back independent mints willing to spend their CPU cycles minting coins for the economy. It's a sideline and not something to focus on for income unless you want to specialize in being a mint. Instead you could club a seal or sell crack or something and use that money to buy bitcoins.


I suggest you invest them with me. I'm paying 0.02 bitcoins for every bitcoin received. Smiley
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MoonShadow
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April 14, 2011, 09:02:33 PM
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In-person DNA testing.  I wonder whether the energy costs of doing that would be more than the energy costs of mining 21 million Bitcoins.

Put ink on everyones finger.

What about the cost of production of that much ink?

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

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April 14, 2011, 09:19:44 PM
 #20

Imho they goofed when they started it they should have just given everyone 1000 coins on such and such date, then after that date no more bitcoin.

If you figure out a cheat-proof, distributed, fair way of doing that please let me know.  I need that magical solution for the Bitcoin Faucet.


There is no way to prove your physical identity electronically.   The human body contains no identification nor signature algorithm.
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