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Old 05-17-2011, 10:55 AM   #76
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What's the difference between:

A government saying 'we won't print any more money' then printing more money.

And the Bitcoin system saying, 'there are limits on how much currency is in circulation' then changing that limit? Or even worse, a person finding a way to duplicate bitcoins and insert them into the closed economy?
I'll stipulate that the bitcoin system can't have more than 21 million. The algorithm only allows for that much.

And you can't duplicate it based on the dual key P2P system they created. It'd be like me trying to say "I'm Kebo!" but even the most basic scrutiny would let anyone conclude "no you're not."
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Old 05-17-2011, 10:57 AM   #77
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Only real winners are the electricity companies.
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Old 05-17-2011, 10:58 AM   #78
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Also - can you buy gold with a bitcoin? Until then it won't have much legitimacy.
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Old 05-17-2011, 11:05 AM   #79
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If I paid you to use your processing power, and you got a bunch of people involved, all trying to get the most chunks of a goal before time ran out, because the more chunks you got, the more I'd pay you, what would I be using your peta flops for?
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Old 05-17-2011, 11:06 AM   #80
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If that interest were to dry up (which would take nothing more than people changing their minds or becoming bored) then they'd lose value.
This can be said of anything though. If everyone lost interest in gold it would just be another shiny metal. I understand what you're saying completely but also this is in its infancy, it requires more adopters willing to sell/trade physical goods for bitcoins in order to gain value beyond the speculative. Its should be obvious you won't have worldwide acceptance from day 1 though.
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Old 05-17-2011, 11:08 AM   #81
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If I paid you to use your processing power, and you got a bunch of people involved, all trying to get the most chunks of a goal before time ran out, because the more chunks you got, the more I'd pay you, what would I be using your peta flops for?
I'd be a whore!
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Old 05-17-2011, 11:09 AM   #82
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This can be said of anything though. If everyone lost interest in gold it would just be another shiny metal. I understand what you're saying completely but also this is in its infancy, it requires more adopters willing to sell/trade physical goods for bitcoins in order to gain value beyond the speculative. Its should be obvious you won't have worldwide acceptance from day 1 though.
Gold has real value in electronics. Admittedly, that wasn't true a hundred years ago...

Gold is also limited in supply and naturally occurring. And pretty. It lends itself to use as a currency.
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Old 05-17-2011, 11:09 AM   #83
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Anyone have thoughts about how this currency would affect unemployment?
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Old 05-17-2011, 11:11 AM   #84
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Quote:
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I'll stipulate that the bitcoin system can't have more than 21 million. The algorithm only allows for that much.

And you can't duplicate it based on the dual key P2P system they created. It'd be like me trying to say "I'm Kebo!" but even the most basic scrutiny would let anyone conclude "no you're not."
And that alogorithm is found in the client...updated and distributed by someone...correct?

As far as the dual key, as near as I can tell it boils down to the nodes all verifying that information, right?
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Old 05-17-2011, 11:13 AM   #85
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Anyone have thoughts about how this currency would affect unemployment?
Something else to do during the day other than your honey-do list. A interlude between games of Chess Titans and Freecell.
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Old 05-17-2011, 11:14 AM   #86
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And that alogorithm is found in the client...updated and distributed by someone...correct?

As far as the dual key, as near as I can tell it boils down to the nodes all verifying that information, right?
The algorithm is public.

To break it down simple: I've invented new currency. The valid numbers are between 1 and 100. You come out and say "I have number 150!" Everyone looks at you and says "no, that number doesn't fit within the algorithm, it's BS."
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Old 05-17-2011, 11:15 AM   #87
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Something else to do during the day other than your honey-do list. A interlude between games of Chess Titans and Freecell.
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Old 05-17-2011, 11:16 AM   #88
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And while you are at it, you invented a new number system, but didnt tell anyone, so 150 now falls perfectly between 1 and 100.
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Old 05-17-2011, 11:23 AM   #89
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So you can either: A. horde your bitcoins and hope they continue going up in value and resell them before it collapses or B. use them to buy hookers and blow online delivered to your door through the not-so-secret hidden web.
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Old 05-17-2011, 11:29 AM   #90
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I guess I need to reinstall my second video card and get cranking!
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Old 05-17-2011, 11:30 AM   #91
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Here's my thinking about the inflation/unemployment issue: This currency is designed to have a fixed money supply (eventually . . . ). If it became popular, the value of each coin would increase. There is an inverse relationship between inflation and unemployment (the Phillips Curve). If the value of the coins increase (the opposite of inflation), then unemployment would rise.

Any macroeconomists care to put in their .02 Bitcoins?
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Old 05-17-2011, 11:39 AM   #92
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If you mine bitcoins using solar power could you actually make money?
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Old 05-17-2011, 11:41 AM   #93
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Still waiting to hear ideas on what all these teraflops of processing power are really being used for.

Because at this point I think we all know that these bitcoins are worthless and this is all just an ingenious ploy to get unsuspecting droves of people processing something so massive that it requires thousands of high-end computers to run constantly.

Edit: I feel like I'm in the middle of the next James Bond flick.
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Old 05-17-2011, 11:42 AM   #94
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And while you are at it, you invented a new number system, but didnt tell anyone, so 150 now falls perfectly between 1 and 100.
bitcoin is open source, so technically the opposite is true. To keep the example going 'you made a new system and everyone else using it knows its between 1-100.'
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Old 05-17-2011, 12:01 PM   #95
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Still waiting to hear ideas on what all these teraflops of processing power are really being used for.

Because at this point I think we all know that these bitcoins are worthless and this is all just an ingenious ploy to get unsuspecting droves of people processing something so massive that it requires thousands of high-end computers to run constantly.

Edit: I feel like I'm in the middle of the next James Bond flick.
I thought it was some sort of revolving system, i.e. the processing power is used to validate transactions and create more bitcoins to be found? Interesting nonetheless.
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Old 05-17-2011, 12:03 PM   #96
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Originally Posted by ScoobNJ View Post
Still waiting to hear ideas on what all these teraflops of processing power are really being used for.

Because at this point I think we all know that these bitcoins are worthless and this is all just an ingenious ploy to get unsuspecting droves of people processing something so massive that it requires thousands of high-end computers to run constantly.

Edit: I feel like I'm in the middle of the next James Bond flick.
Yes, but people believe it has value and therefore are causing it to have value.

I believe I'm starting to understand this stuff, but it irritates me that this can happen. It's like children inventing an imaginary money.
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Old 05-17-2011, 12:09 PM   #97
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bitcoin is open source, so technically the opposite is true. To keep the example going 'you made a new system and everyone else using it knows its between 1-100.'
'open source', 'P2P' and 'currency'. I understand what you're saying about 'oh no, you can't duplicate currency' and all that...I don't buy it.

If it gets to the point where there is significant money to be made, someone will find a way to compromise it.

And then I imagine they'll post a youtube video on how to do it.
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Old 05-17-2011, 12:18 PM   #98
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To be fair, all money is imaginary. Or at least, 'value' is an intellectual expression.

So. Fractional ownership still bugs me. Keeping track of validating portions of a particular coins is going to be a nightmare as the economy becomes more involved. How many transactions per second can the validation algorithm support?

It's a great economics teaching tool, for sure though....
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Old 05-17-2011, 12:27 PM   #99
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'open source', 'P2P' and 'currency'. I understand what you're saying about 'oh no, you can't duplicate currency' and all that...I don't buy it.

If it gets to the point where there is significant money to be made, someone will find a way to compromise it.

And then I imagine they'll post a youtube video on how to do it.
Seed keys do have a history of leakage, for sure.
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Old 05-17-2011, 12:28 PM   #100
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Do you get punched in the face a lot? Because I want to punch you in the face. Right now.

Thanks, ****wit. We totally didn't realize these aren't physical coins.

Here's my bitcoin. 6489106915061.

Take half of it. Go on, show me how this is done. Beyond me telling you that you have half and remembering it. Now go spend your half. How's that work, you tell me to give your half to someone else?

There's no control in this scenario for fractional ownership that I can see. Admittedly, I've only know about this concept for a few hours.
So you're trying to figure it out too and start whipping out ****wit and insults? I don't get you sometimes. Sometimes so wise and sometimes so irritating.

If you open the client, there are two decimal places in your coin ownership. This implies fractional ownership. I don't understand how it works anymore than you do, but a currency that you can't break down into smaller increments is pretty useless. Considering the problems that appear to be solved in this currency, this seems to be a pretty tiny piece of the puzzle.

-*
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