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Old 05-16-2011, 11:15 PM   #50
Scooby Specialist
Member#: 20325
Join Date: Jun 2002
Chapter/Region: NESIC
08 Yamaha WR250R
07 Suzuki DL650


A couple observations.

1. How are fractional coins handled? Given the anticipated inflation, a minimum transaction could end up being several hundred dollars fairly quickly.

2. 21 million coins is quite a small set compared to the size of the "real" economy of even a small town. See also, item #1.

3. Mining rate seems to be a function of the C/GPU power dedicated to mining. That power per CPU is doubling roughly every 18 months, and the installed base of gflops/sec is doubling even faster. Seems the economy will mine all available bitcoins at an increasing rate. Once the mine busts, inflation will rapidly take off. See also, items 1 and 2...

4. Exactly what problem is the mining solving?

5. What's the exchange rate between bitcoin 1.0's and bitcoin 2.0 with it's 500 quintillion possible coins (number pulled from ass).
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