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05-17-2011, 12:35 PM | #101 | |
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Yes, thanks, we know it's digital and not physical. Obviously you can make fractions digitally. Look! .05! I just made one. But as you said, we don't understand how you'd transfer those fractions.
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05-17-2011, 12:48 PM | #102 |
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05-17-2011, 12:49 PM | #103 |
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05-17-2011, 12:51 PM | #104 | |
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Its just a ploy to accelerate the development of SKYNET!!!!! |
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05-17-2011, 12:56 PM | #105 |
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All fiat currency is invented. Read the story of how Brazil transitioned to the Real sometime. It was pretty much exactly like that, except theirs was called a 'Unit of Real Value' instead of bitcoin or Euro.
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05-17-2011, 01:02 PM | #106 |
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You guys are using the term fiat currency in a very weak way, something like "arbitrarily valued". A more stringent definition is money established by sovereign law. One of the reasons that the dollar has value is that the US government says it does. I think that part of things is overlooked. The dollar is backed by power of the government, which reinforces its value. Good for all debts public and private and all that. You **** around with the dollar and the guys with guns come and get you. That is a big part of what makes people trust it.
Another thing: I am not so sure this is really in the interest of the common man. I, for one, want there to be a record of my transactions. When I buy something, I want proof that it was purchased so that I can establish ownership of what I bought. It's like using a credit card for major purchases. I don't want to buy a car with a suitcase full of money. I am about as libertarian as you can get, but I don't think transfer of ownership is a private matter. If you want the society at large to acknowledge your private property, you better damn well be able to prove that you bought it. |
05-17-2011, 01:03 PM | #107 |
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We rely on public / private key pairs on just about any exchange of data desired to be kept secure including electronic fund transfers. Billions exchange hands electronically everyday. The incentive and potential vulnerability would be there bitcoin or not.
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05-17-2011, 01:05 PM | #108 |
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This is backed by mathematics, rather than a govenment.
Given some of the wikileaks revelations lately, I'm more inclined to trust the math... |
05-17-2011, 01:10 PM | #109 | |
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If the bitcoin keys are compromised, the entire currency becomes untrusted... That's a problem. I like the idea in general, I just have a surplus of darts... |
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05-17-2011, 01:18 PM | #110 | |
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...and the bitcoin. |
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05-17-2011, 01:23 PM | #111 |
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05-17-2011, 01:32 PM | #112 |
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Except when those billions exchange hands, they don't do so in a system designed specifically for anonymity.
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05-17-2011, 01:39 PM | #113 | |
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So yeah. Don't drink too much of the koolaid. |
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05-17-2011, 01:48 PM | #114 |
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maybe this has been said..... but im going to state it anyhow....
what if someone has 100,000 bitcoins, obviously this is a lot... especially given that there are only 21mil... what if somehow, some hacker (or hell, a fire) breaks in, and destroys the computer(s) holding these coins? now since there is no tracking system, the coins are gone forever? thus there can only be a total number of 21,900,000 coins ever? |
05-17-2011, 01:51 PM | #115 | |
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Either the transactions are trackable, or they aren't. If the 'benefit' of this system is that it is totally anonymous, then you can't turn around and say 'but you're safe because everything is public'. If 'anonymous' really just means that the end user is defined by a number or nickname, then that's not 'anonymous'. |
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05-17-2011, 01:52 PM | #116 | |
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I think the economies that will initially drive this are the online gambling/poker sites. Big brother just seized a lot of money from the poker folks and they are pissed. I could see this becoming a standard token for that economy, and as long as people are playing poker and cashing out, it could be viable. It doesn't have to become a global currency that is accepted by everyone in order to succeed - or for that matter, pay out to speculators.
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05-17-2011, 02:37 PM | #117 | |
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Even if transactions are public you don't really know anything about them, you can't even deduce if the same wallet owns 2 separate addresses. Only thing people would be able to do is send bitcoins to your address. It's sort of like a numbered bank account would be, if the bank never asked for your name when creating it and you just had a complex pass phrase to identify you as the owner. |
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05-17-2011, 02:50 PM | #118 | |
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And yes. Deflation due to loss is built in. But it will take 140 years for all the bitcoins to be generated, so there's inflation to combat that deflation. |
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05-17-2011, 02:53 PM | #119 |
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My question. How can we break it like the stockmarket in Trukz?
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05-17-2011, 03:05 PM | #120 |
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i could see this put to use in 3rd world countries where people can't easily get to banks, or maybe don't trust them. rural china, parts of africa.
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05-17-2011, 03:43 PM | #121 |
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05-17-2011, 03:44 PM | #122 | |
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This thing's going to take off just due to the sheer number of stupid people who won't understand it and thus will buy in to it to try and seem smart. |
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05-17-2011, 03:45 PM | #123 |
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05-17-2011, 03:46 PM | #124 |
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sorry, long day haha.... it just doesn't seem feasible that something like this would work..... would there be bitcoin insurance?
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05-17-2011, 03:48 PM | #125 | |||
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