The Bitcoin Show on OnlyOneTV.com

[Bruce Wagner]

I guess I should have qualified that question....

 Please tell me TWO Things:

(1)  Did you watch the show?

Then....

(2)   Is an hour too long?

 Those 2 questions go hand in hand.  If you DID watch the show, I want to know if 1 hour seemed too long.

 If you didn't watch the show, Are you planning to?  Why or why not?

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[BitLex]

(1) yes, i did and i really liked it
and
(2) no, i don't think that hour was too long,
was fun to see the one and only PLATO and those bitcoinlabs-guys and i look forward to watch the next show.

[Bruce Wagner]

We just received a video update from Plato from his trip.  It'll be included in this week's The Bitcoin Show.   

Remember when a Bitcoin used to be worth $0.005 ....?

Forbes May 9 issue is out in print today. Gavin & I's interview starts on page 40.  It's titled, "Bitcoin". 

[Anonymous]

Awesome show Bruce. Its fascinating that they are building a bitcoin atm in someone's home made fusion lab. If they power the atm with the fusion reactor does that mean it could also mine for bitcoins at the same time ?

On a side note I purchased the domain thisweekinbitcoin.com and forwarded it to this thread 

One day I hope Leo Laporte picks your show up and you are broadcasting bitcoin goodness on the twit network. Leo can have the domain for free if he puts a bitcoin donate address on twit.com   

[MoonShadow]

Remember when a Bitcoin used to be worth $0.005 ....?

No, I wasn't around here then.  And neither were you.  Did you intend to say $0.05?

[Bruce Wagner]

After a recent radio interview, I received a phone call from a guy in brazil who said he had bought bitcoin for half a cent each.

Love Leo Laporte.... but OnlyOneTV plans to be much larger that TWiT.  

Someone proposed an idea to me today.  The idea was intended as a way to solve the problem of the volatile value of a bitcoin ...for merchants who just want a US dollar. The idea is a Bitdollar.  A new separate network, forked off of the Bitcoin code... but one where the value is locked in and tied to the USD.  

I see lots of problems with this idea.  What about you?   Thoughts about this idea?

[Bruce Wagner]

Something weird has happened.
Yesterday, someone came over to buy some Bitcoins.  We accepted his cash and sent him his Bitcoins.   Ed sent them by making a Withdrawal from his own MtGox account TO this person's Bitcoin address.  
Unfortunately, this young man sat here with his laptop and his Bitcoin client open... and they never showed up.
Hours Later, they still hadn't shown up.
I emailed MtGox.   MtGox promptly replied showing me that the transaction IS IN the block chain.  
However.... still no sign of it in the Bitcoin client.
We verified the Bitcoin address from his Bitcoin client app and it matches perfectly.
How could this happen?

[abstraction]

After a recent radio interview, I received a phone call from a guy in brazil who said he had bought bitcoin for half a cent each.

Love Leo Laporte.... but OnlyOneTV plans to be much larger that TWiT.  

Someone proposed an idea to me today.  The idea was intended as a way to solve the problem of the volatile value of a bitcoin ...for merchants who just want a US dollar. The idea is a Bitdollar.  A new separate network, forked off of the Bitcoin code... but one where the value is locked in and tied to the USD.  

I see lots of problems with this idea.  What about you?   Thoughts about this idea?

Anything resembling the name "dollar" will get shot down in the US. They don't want people to confuse it for FRN dollars.

Merchants don't want a "US dollar" in the literal sense. They just want a unit of measurement of value that's relatively reliable over time, like a measuring stick that doesn't change its length. If you peg your fork to the FRN dollar, it will experience the same fate as the FRN dollar, whatever that fate may be. You would be doing the merchants you talked to a disservice if you offer them anything that depreciates in value over time. Offering them the same thing as a FRN dollar and giving it a different literal name isn't much of a real solution since the only thing different is the name.

"A rose by any other name would smell as sweet"
and phonetically
"Arrows by any other name would pierce as sharp"

[abstraction]

Something weird has happened.
Yesterday, someone came over to buy some Bitcoins.  We accepted his cash and sent him his Bitcoins.   Ed sent them by making a Withdrawal from his own MtGox account TO this person's Bitcoin address.  
Unfortunately, this young man sat here with his laptop and his Bitcoin client open... and they never showed up.
Hours Later, they still hadn't shown up.
I emailed MtGox.   MtGox promptly replied showing me that the transaction IS IN the block chain.  
However.... still no sign of it in the Bitcoin client.
We verified the Bitcoin address from his Bitcoin client app and it matches perfectly.
How could this happen?

Did he have the whole block chain downloaded when you checked both times?

It's not very intuitive to tell if I have them all at the moment. A visual progress bar that showed me how many I had out of how many the community agrees to being the current total would certainly help me out intuitively. When I launch the client on my Mac, the icon bounces up and down for a while without displaying the GUI. Then, the number of blocks shown in the status bar at the bottom keeps going up for a while and I have no idea when it is supposed to stop. It's a bit frustrating as an end user to not have some sort of estimation indicating the total number in existence. I know that my received transactions only show up when I have the appropriate block downloaded. So I have to wait. Without know when. Which sucks.

I think there is a tool to verify their claim that the transaction actually is in the block chain, but I forgot the name of it. I'm sure someone else remembers, though.

"Never say never."

[Ian Maxwell]

Someone proposed an idea to me today.  The idea was intended as a way to solve the problem of the volatile value of a bitcoin ...for merchants who just want a US dollar. The idea is a Bitdollar.  A new separate network, forked off of the Bitcoin code... but one where the value is locked in and tied to the USD.

This sounds like it would combine all the speculative uncertainty of bitcoins with all the inflationary uncertainty of dollars. Why would anyone use it?

Hmmm... if we're trying to lower the entry barrier, one interesting publicity stunt would be to offer a nominally USD-denominated transaction/investment account that quoted some obscenely high interest rate, like 40% APY, while actually holding most of the value in bitcoins and trading on some exchange as needed. This would of course be transparent: information about bitcoins and what they were would be readily available to people wondering how this was possible. Once it was clear that 30% was actually a ripoff, people would start looking to buy bitcoins directly.

It would have to be made VERY VERY CLEAR to every account holder that this is a speculative venture, 30% is an estimate, and funds on deposit are potentially subject to 100% loss with no hope of recovery.

[Bruce Wagner]

Yes.  I told this person (the one who suggested this idea) the same thing about the Name of it.  Should NOT call it a "dollar".   But, anyway, if it were called something else...  let's say, a BitPeg, for example....

His idea is that the "BitPeg" would be a p2p network almost exactly like the Bitcoin network. It would operate alongside the Bitcoin network.  The primary difference being:  1 BitPeg would always =  1 USD in value.

The idea is:   Merchants would prefer to transact in this currency --- being more comfortable with the lack of hour by hour, day by day, volatility in the value.  1000 BitPeg can be guaranteed to be worth 1000 USD.... one hour later... one day later... one year later.

Consumers who are not used to the concept of Bitcoin -- with its fluctuations in value -- would be more comfortable transacting business and commerce with a known fixed value ruler....  the value of the USD.  From the consumer's perspective, it would be a free PayPal replacement.... with no fluctuating value weirdness.

Of course, once consumers are hooked on this new better USD -valued p2p currency...  switching to Bitcoin would be as simple as a click.   If fact, the exchange could literally be built-in to a DUAL BitPeg / Bitcoin client app which interfaces with a standard exchange site's API (for MtGox, Bitcoin Central, et al.)

In fact, switching back and forth, to and from BitPeg and BitCoin would be as simple as clicking a button...  because all the exchange sites (like MGox, etc.) would accept BitPeg as "MtGox-USD".

I see a few major problems with his idea.

One:    In order to keep BitPeg forced at the value of a USD,  a central issuing company would have to control all mining of it, and all issuing new BitPeg.    This entity would have to be trusted.   It would also certainly become a target of governments wanting to stop it.

To this point,  he says that establishing the central issuing company in a far away country solves that problem.

Two:  What incentive would anyone have to run the p2p network?   Maybe this could be solved by requiring merchants to run a p2p app...?   I don't know.

Also...  Redeeming your BitPeg's for actual USD --- as merchants would most certainly want to do --- would require transacting directly with the central issuing entity.

He realizes the drawbacks of this system (centralized control & devaluing US dollar)....

However, he sees it as a coexisting BRIDGE system...   More attractive for many consumers and merchants TO TRANSACT BUSINESS in a stable familiar valued unit.

Then.....  They would automatically migrate their money from BitPeg into Bitcoin for long term saving, investment, etc.

BitPeg = value tied to USD = centrally issued = for transacting business online and otherwise in a very familiar stable valued currency

Bitcoin = for savings and investing, or long term storage of wealth

Think of one as your checking / debit card for day to day shopping and expenses ...  and the other one as your safety deposit box full of rare gold and silver coins.

( Remember, this wasn't my idea.  But it's intriguing enough to give us all something to think about. )    Thoughts?

Maybe instead of BitPeg it should be called BitPal .... ha ha ... as a stab at PayPal. 

....or BitPay....?

[ribuck]

Maybe instead of BitPeg it should be called BitPal ....

The .org for this is actually available if anyone wants to register it, although the .com is taken.

[cypherdoc]

We just finished taping Episode 1 of
"The Bitcoin Show"
on OnlyOneTV.com

Check it out on http://onlyonetv.com soon!  (We'll have it uploaded within a couple hours from now.)

 Also, it's been very difficult for me to keep up with the Forum here because of the volume of activity....  And because I have been so busy with my new ventures like OnlyOneTV.... so if you want to reach me here in the forum, reply to this thread.  I'll bookmark this thread and attempt to keep up with it at least once a day. 

Bruce, it was actually very well done and interesting.

[Bruce Wagner]

Thanks!


Hello, Everyone.

I just wanted to announce that we will be launching a new Spanish-language internet TV talk show that is all about Bitcoin....  on the http://OnlyOneTV.com network.    It will launch within the next few weeks, and it will be called, "El Show de Bitcoin".

Please help us think of the most important and/or interesting people in the Bitcoin world --- who speak Spanish --- whom you would like to see us have as guests on the new Spanish-language show...

Please send an email to bruce@onlyonetv.com with a list of people we should interview, and topics you would like to see us talk about.

Thanks!   Go Bitcoin!   

~~~~~~~~~~~~~~~

Hola, a todos.

Quiero anunciar que lanzaremos un nuevo Show de charla en Español- que es todo sobre Bitcoin…. en la red de: http://OnlyOneTV.com .   Lanzará dentro de pocas semanas, y será llamado, " El Show de Bitcoin".

Ayúdenos por favor a pensar en la gente más importante y/o más interesante del mundo de Bitcoin --- quién hablan Español --- quién usted quisiera que nos viera tener como huéspedes en el nuevo show en Castellano.

Envíe por favor un email a bruce@onlyonetv.com con una lista de gente que debemos entrevistar, y los asuntos usted quisiera vernos hablar.

¡Gracias!

¡Va Bitcoin!

[FreeMoney]

The peg would be a promise by some entity to give a dollar for one of these coins, right? How is that dollar sent and why do we trust the entity?

[Stefan Thomas]

(1)  Did you watch the show?

Totally! The way I heard about it was because a fellow Bitcoiner skyped me: "Dude, they just mentioned you on the Bitcoin Show."

Thanks to Andrew for the shout out!

(2)   Is an hour too long?

I think an hour is fine, but what would be cool is if there was a list of the segments with times next to the video, so if you're only looking for a specific part you can skip right to it.

Anyways, awesome show, can't wait for the next one!

[c-rock]

One:    In order to keep BitPeg forced at the value of a USD,  a central issuing company would have to control all mining of it, and all issuing new BitPeg.    This entity would have to be trusted.   It would also certainly become a target of governments wanting to stop it.

To this point,  he says that establishing the central issuing company in a far away country solves that problem.

Saw the show and sent Plato a bitcoin for his travels in the US from it.


I liked the ATM part.   Maybe break the show into 3-4 segments.   Part Entertainment, part social(faces of bitcoin), and education, plus new concepts being born from it everyday. 



But on your first part, it doesn't matter how far it is, we can bomb it from bases here.   Couple of JDAMS and bunker busters, and its toast.   

[PLATO]

Hey, thanks for the coin dude!

[c-rock]

Your Welcome man.


Hope your trip is going well.   The weather is getting nicer.     

[Bruce Wagner]

Someone proposed an idea to me today.  The idea was intended as a way to solve the problem of the volatile value of a bitcoin ...for merchants who just want a US dollar. The idea is a Bitdollar.  A new separate network, forked off of the Bitcoin code... but one where the value is locked in and tied to the USD.

This sounds like it would combine all the speculative uncertainty of bitcoins with all the inflationary uncertainty of dollars. Why would anyone use it?

Hmmm... if we're trying to lower the entry barrier, one interesting publicity stunt would be to offer a nominally USD-denominated transaction/investment account that quoted some obscenely high interest rate, like 40% APY, while actually holding most of the value in bitcoins and trading on some exchange as needed. This would of course be transparent: information about bitcoins and what they were would be readily available to people wondering how this was possible. Once it was clear that 30% was actually a ripoff, people would start looking to buy bitcoins directly.

It would have to be made VERY VERY CLEAR to every account holder that this is a speculative venture, 30% is an estimate, and funds on deposit are potentially subject to 100% loss with no hope of recovery.

Yes.  I've had this idea too.

Problem is...  Do we want ourselves, or Bitcoin, to be associated with "a rip-off", as you said...?

Because, you know,  "being ripped off"...   is the ONLY part of that story that they're going to remember.