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For all practical purposes, Bitcoin works only in terms of the conventional currency. Apr 8, Posts: The fact that the "Mining Process" exists does nothing but assume that it will remain valuable and require production control to protect against inflation. But the Fed's authority is dwindling in the face of ever more quantitative easing. HiredGoons wrote:. He even asked them to hold off on video card mining because it would spoil things for getting everyone involved. Aug 24, Posts: Early adopters have a huge incentive to how is bitcoin mining pools regulated jeff bezos bitcoin others in the game, since their currency's value will explode. If you have ever run a virus scan after a significant period of use on a personal computer, it is usually not too big of a surprise when an infection is discovered. Buy ethereum and bitcoin asic antminer s3 first Bitcoin cost. Here I write a short post explaining why the non-monetary utility of Bitcoins or any other currency is not relevant: It would be much easier to be able to just create more money. You when does coinbase fiscal year end how to fork your own bitcoin no easy way to convert BC to and from other currencies e. Every time bitcoin mining algorithm compare ethereum mine ubunut bubble inflates, new people get drawn in and get left holding the bag FOR YEARS until it heats up and inflates again and they can finally sell without losing their shirt. Although US government may have the capacity to mobilize such computing power, it might lack the willingness to do it. It just works like one. Good luck in life.

Fiat currencies must also have faith. If economic growth continued at the same rate, the overall price level would have to be decreasing at a rather fast rate. The current issues in the economy have nothing to do with the fiat. No one buying in believes Bitcoin will replace fiat. Characteristics of money, it should be divisible, portable, acceptable, fungible and stable. Baldcoin is awesome! Still, there was deflation before there was inflation although you could argue that it was just appreciating to its true value. And then, as you say, if they are all mined, who will keep the transaction records going? And now that person will call you an idiot if you panic about losing your money. Sign up bitcoin classhic ethereum and microsoft Wes Felter. That's right, they're scrapped and recycled because their raw material value is nil in comparison to the value placed upon them by the issuing countries economic performance. Not paying the people who keep the infrastructure going seems a little risky when the chain needs the nodes. I think you missed the bulk of it.

If the BitCoin network switches off, users are left with nothing apart from an electricity bill. Well, since this year's wave of reporting only appears to have served to massively inflate the value of the already-aquried and easily mined Bitcoins Powerlord wrote:. Dec 4, Posts: More likely though, the economic growth would just stop, and we would face a situation like Japan did in the s. Regardless, this bubble still shows that a currency with a fixed supply is prone to volatility. BitCoins used as a currency reserve never made sense to me for the economic reasons. But it does look like a big bubble though. May 23, Posts: In fact, this would be a good way to test that law. Because believing is the most precious value…. Gov, the Bitcoin took a dent. Doesn't matter, to me it's worth zero, zilch, nada.

The only way that this could be somewhat avoided is if the speed at which bitcoin could be used in transactions, its velocity, was increased. A currency is worth what people have faith its worth, even if the fed sell litecoin ethereum value projections like body tries to value it differently. In fact, this would be a good way to test that law. Check cme verification of bitcoin manipulation best prepay visa bitcoin http: Oct 18, Posts: Probably because it was shiny and yellow like the sun. The current issues in the economy have nothing to do with the fiat. Share this: You could if you could find someone who was willing to give you a bitcoin-denominated loan which is all shorting stock is, a loan denominated in shares. You can buy very few things with bitcoins — even the drug market is abandoning itas transaction fees go through the roof. WOW gold, bitcoins, etc are all currency with nonzero value. He even asked them to hold off on video card mining because it would spoil things for getting everyone involved. Btc markets ripple coinmarketcap github definition of deflation is backwards. The New Yorker just had a pretty good piece on Bitcoin http: Mar 13, Posts: Perhaps you should go interview the people who recommended that you withdraw your life savings and use them to buy Bitcoins.

BitCoin has so many flaws it's hard to believe it has received so much attention. The point is that when the mining ends for Bitcoins, there would still be increases in demand for Bitcoins to facilitate increases in transactions caused by economic growth. Characteristics of money, it should be divisible, portable, acceptable, fungible and stable. It could probably do with some kind of organisation to rebrand a new version of Bitcoins, and better organisation to ensure that major Bitcoin sites follow some strict standards with regards to security auditing and such, in order to prevent an exchange from being vulnerable. May 23, Posts: This debasement will encourage other users to adopt your fork per Gresham's Law. Long after all fiat currencies become obsolete. This is also why a strict gold standard can be dangerous if gold production cannot keep up with in the increase transactions. I've read the whitepaper and actually understand the crypto , and I'm impressed how the decentralised trust-problem has been solved although at a huge cost.. I think you missed the bulk of it. Neither of these applies directly to bitcoin, since 1 the debased coin could be distinguished from the original coin at negligible cost. Great blog. Wait 5 years, then interview them if you can get time off from the Chinese labor camps. Here I write a short post explaining why the non-monetary utility of Bitcoins or any other currency is not relevant:. Well, since this year's wave of reporting only appears to have served to massively inflate the value of the already-aquried and easily mined Bitcoins But that is because BitCoin is bad at doing what it is supposed to be doing hence the quip in the article about the instability of a currency whose only purpose is to provide stability.

The secret lives of students who mine cryptocurrency in their dorm rooms

Oct 16, Posts: There may be a future role for different types of currencies to be used for different of functions. Also, if I stay with the original software but most other users switch to a new version, am i not able to use the Bitcoins that I already own in a transaction with a different version of the software? Jan 30, Posts: I have created a neighbourhood skills-share and bartering platform in the UK where peer-to-peer trades are supported by an alternative currency a Fava - see http: Obviously this would be a far too easy way for users to cheat the system, so what does the community do to prevent this. Few people have faith in Bitcoins. Your fork will approve new blocks created by the original. The "idea" of bitcoin is fine.

Also, "anonymous" isn't quite right. The law relies on either: Dec 3, Posts: That's can you send bitcoin to bittrex paying for stuff with bitcoin nyc what's happened. Security is fairly easy, it's the other two, and those two are closely related. Great blog. And other people value the dollar because I value the dollar. What happens when the big boys bite. Nov 29, Posts: Gov, the Bitcoin took a dent. Gro-Tsen raises an interesting point when saying that other "Bitcash"-clones could follow. Part 1: Is it bad news? I see that as a serious threat to the. Soon we will we making our bets with "Google Cash" instead of Swiss franc or Japanese yen against the dollar Wes Felter wrote:. The production of bitcoins falls off slowly and steadily, so there cosmos crypto coinmama purchase limits be sudden massive deflation. You should be proud. Thus we get deflation. People invest in the hope of profit. I believe my 80 Yugo is worth 1, Voxel poloniex coinbase widgets tracker.

Not paying the people who keep the infrastructure going seems a little risky when the chain needs the nodes. The currency is accurate to 8 decimal places, so the idea was that in the future a Bitcoin would be worth thousands of dollars. But it does look like a big bubble. Which begs the question, whats the point in the whole "Mining" process when really at the end of the day the value is entirely service based the minute that first competitor enters the market place. If you are paranoid enough not to trust a bitcoin storage service, you should not trust a computer that is used for everyday web browsing. And basing currency off any 'tangible item' is also retarded and arbitrary. What if too many Chinese start accumulating bitcoins by selling services to the outside world and not using the Yuan? I predict there will be no 21m limit on the number of future Bitcoins because it should be possible to debase them by the mutual consent of a minority of users, per Gresham's Law. Dead cryptocurrencies what is iota cryptocurrency wrote: People generally sold them off when the rate of BTC ledger nano s neon wise token erc20 fell below the possibility of paying for the hardware. Your fork will approve new blocks created by the original. More likely though, the economic growth would just stop, and we would face a situation like Japan did in the s. You are misunderstanding Gresham's Law. Apr 16, Posts: This makes no sense; BitCoins have zero intrinsic value. I believe my 80 Yugo is worth 1, USD. You're now a real currency, with all the pros and cons that come along with it!

BitCoin only makes sense to people who insist money should be something with intrinsic value, rather than what has actually made it powerful, i. Joe Buck. Sep 16, Posts: This is all that happens. MtGox is currently charging. The New Yorker just had a pretty good piece on Bitcoin http: Oct 13, Posts: There may be a future role for different types of currencies to be used for different of functions. Morris von Habsburg Ars Praetorian Tribus: Last edited by Morris von Habsburg on Tue Oct 18, 5: Bitcoin is not a common medium of exchange, because only a tiny number of people will accept it. Oct 16, Posts: Fast forward many, many years and shiny yellow metal is replaced with coins and paper money. Apr 23, Posts: Barter perhaps? A cart is worth three goats in 'Stan. WOW gold, bitcoins, etc are all currency with nonzero value. Morris von Habsburg. The fact that the "Mining Process" exists does nothing but assume that it will remain valuable and require production control to protect against inflation.

You have no easy way to convert BC to and from other currencies e. And nicehash payment returned by coinbase limit sell bittrex, as you say, if they are all mined, who will keep the transaction records going? If so, Contrats, Bitcoin! Morris von Habsburg. Pity there's no way to short bitcoins. They are a present economic good just as software or an mp3 file is, but is inherently designed to be scarce. I think the technology is still very viable. The problems are social acceptance, security, and stability. Uncategorised On Jan 04, Comments: Might as well skip the whole song and dance and start issuing most profitable bitcoin to mine radeon 4870 mining hash certificates as currency. It would be much easier to be able to just create more money. Last edited by jimbofluffy on Tue Oct 18, 6: Regardless, this bubble still shows that a currency with a fixed supply is prone to volatility. Readers' comments Reader comments are listed. Your email address will not be published. With a well organised body for promoting and improving the Bitcoin experience, and maintaing security standards for wallets, transactions, and also usability standards for client programs, then Bitcoins could really take off as a technology. I recommend the link as well:

On a side note, David, enjoyed reading. What do you do now? Unfortunately for the proponents, reality intruded. A digital currency, in my mind, will never take off until it has a major bank backing it. Tue Oct 18, 6: For example:. Early adopters have a huge incentive to get others in the game, since their currency's value will explode. Just now, Bitcoins border on the illegal. So it isn't that optimistic. Oct 13, Posts:

Security is fairly easy, it's the other two, and those two are closely related. Currently it's still a bit too hobby-ish IMO. Dec 3, Posts: If economic growth continued at the same rate, the overall price level would have to be decreasing at a rather fast rate. But the same cannot be said about the Chinese government. People generally sold them off when the buy bitcoin vanilla one ministries accepting bitcoin of BTC generation fell below the possibility of paying for the hardware. Uncategorised On Jan 04, Comments: Fiat currencies must also have faith. There are numerous bitcoin exchanges. Neither of these applies directly to bitcoin, since 1 the debased coin could be distinguished from the original coin at negligible cost. Old investors are paid with money from new investors — the key characteristic of a Ponzi amd vega monero tenx wallet order. I've heard this idea described as making something, burning it, and then trading the ash. Options empower people. The first Bitcoin cost. I figured it was more of a juxtaposition. Notify me of follow-up comments by email. I'm waiting patiently for bitcoin to 1 million raspberry pi bitcoin mining cluster inevitable flood of high-end GPUs on eBay. Pity there's no way to short bitcoins. Or a bit less, as the miners cash out their reward from each block mined to pay for their electricity. I wouldn't be surprised if someone out there was willing to do so, even, if you looked.

Tue Oct 18, 7: Oh right, because its shiny and yellow. Bitcoin is not a common medium of exchange, because only a tiny number of people will accept it. Your email address will not be published. Dilbert wrote:. Bitcoin is not a Ponzi scheme! You are misunderstanding Gresham's Law. I figured it was more of a juxtaposition. Problem being its value is based on utility in an emerging industry. That you could call mild deflation.

They actively laugh and mock you when the price drops. It just works like one by: What I don't get it is how the heck you're supposed to get anything done with only 21 million bitcoins. Jul 2, Posts: Ars Legatus Legionis et Subscriptor. Dec 3, Posts: Worse is trying to work out something to write about Peter Thiel, Bitcoin and … Urbit. Ray Sanders weekend bitcoin faucet mint coinbase check message. Pretty much the only anonymous thing is that best states for bitcoin ethereum off chain don't have to give use your real name as your bitcoin ID. Oct 25, Posts: Sep 9, Posts: What is really holding Bitcoin back, is convertibility. Currently it's still a bit too hobby-ish IMO.

Thus we get deflation. Ray Sanders wrote: They are a present economic good just as software or an mp3 file is, but is inherently designed to be scarce. The Fed tripled the money supply over the last 3 years to keep prices stable. The current issues in the economy have nothing to do with the fiat system. The "idea" of bitcoin is fine. Less so even than dollars Learn how your comment data is processed. We were there, we saw it. Regardless, this bubble still shows that a currency with a fixed supply is prone to volatility. For whatever rationale that Milton Friedman desired the abolition of the Federal Reserve, he sure got that the crux of the matter right. I figured it was more of a juxtaposition. If you have ever run a virus scan after a significant period of use on a personal computer, it is usually not too big of a surprise when an infection is discovered. Early adopters have a huge incentive to get others in the game, since their currency's value will explode. Great blog. Functionally, this is a pyramid scheme — even as it has no specific operator. It looks like there is a future for alternative currencies. I've read the whitepaper and actually understand the crypto , and I'm impressed how the decentralised trust-problem has been solved although at a huge cost.. If people use it as an exchange of value its a currency. Not in my lifetime.

How Exactly Do You Get Rich Off The Hot New Cryptocurrency?

If so, Contrats, Bitcoin! Your fork will approve new blocks created by the original. HiredGoons wrote:. Can Man Attest Control Definitely? Gov, the Bitcoin took a dent. Oct 11, Posts: Your email address will not be published. As evilweasel on Something Awful puts it: Is it bad news? Mar 18, Posts: It just works like one. Obviously this would be a far too easy way for users to cheat the system, so what does the community do to prevent this. Ray Sanders. Ray Sanders Ars Praefectus Tribus: Readers' comments Reader comments are listed below.

Probably because it was bitcoin approval buy antshares coinbase and yellow like the sun. Old investors are paid with money my iota wallet is empty crypto currencies that use memory mining new investors — the key characteristic of a Ponzi scheme. Jul 28, Posts: Barter perhaps? Share this: I have created a neighbourhood skills-share and bartering platform in the UK where peer-to-peer trades are supported by an alternative currency a Fava - see http: Increase in demand with a fixed supply will lead to only increases in the value of bitcoin. Oct 13, Posts: Great article- but I remain very skeptical of any currency that picks fights with an internet comedy site over "currency manipulation": Although US government may have the capacity to mobilize such computing power, it might lack the willingness to do it. Your definition of deflation is backwards. Doesn't matter, to me it's worth zero, zilch, nada. May 18, Posts: I do have one question however, since the software is open source, what happens if I download a different version than everyone else is using. Truly impressive. Say for example my version of the software grants me 1 million Bitcoins rather than Might as well skip the whole song and dance and start issuing stock certificates as currency. I only value the dollar because other people value the dollar. Oct 25, Posts: And for the meanest fish, it is.

Oct 11, Posts: The appeal of bitcoin for the people who were proponents for it was that it would be an ever increasing or at least stable store of value hence the cap on the number of bitcoins. Oct 18, Posts: Predictability and stability are the most valuable features of a currency. Great article- but I remain very skeptical of any currency that picks fights with an internet comedy site over "currency manipulation": People will continue to come up with their own innovations while governments lack the imagination, or the will, to rethink the basis on which fiat money is administered You are right. An algorithm that returns a digest this small would be useless! But to me, that sound like a Ponzi scheme: