|
|
|
|
Thread Tools | Display Modes |
05-17-2011, 10:55 AM | #76 | |
Scooby Guru
Member#: 7977
Join Date: Jul 2001
Chapter/Region:
MAIC
Location: Sterling, VA
Vehicle:100% Abuse |
Quote:
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."
* Registered users of the site do not see these ads.
|
|
05-17-2011, 10:57 AM | #77 |
Scooby Specialist
Member#: 33287
Join Date: Feb 2003
Chapter/Region:
MWSOC
Location: 2013 Focus ST, Yella
Vehicle:RIP Nik I will always miss you |
Only real winners are the electricity companies.
|
05-17-2011, 10:58 AM | #78 |
Scooby Newbie
Member#: 13772
Join Date: Dec 2001
Chapter/Region:
RMIC
Location: -=OT SQUIRREL HERDER=-
Vehicle:16 Frontier Red |
Also - can you buy gold with a bitcoin? Until then it won't have much legitimacy.
|
05-17-2011, 11:05 AM | #79 |
Scooby Specialist
Member#: 33287
Join Date: Feb 2003
Chapter/Region:
MWSOC
Location: 2013 Focus ST, Yella
Vehicle:RIP Nik I will always miss you |
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?
|
05-17-2011, 11:06 AM | #80 |
Scooby Newbie
Member#: 197024
Join Date: Dec 2008
|
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.
|
05-17-2011, 11:08 AM | #81 |
Scooby Guru
Member#: 7977
Join Date: Jul 2001
Chapter/Region:
MAIC
Location: Sterling, VA
Vehicle:100% Abuse |
|
05-17-2011, 11:09 AM | #82 | |
Scooby Guru
Member#: 7977
Join Date: Jul 2001
Chapter/Region:
MAIC
Location: Sterling, VA
Vehicle:100% Abuse |
Quote:
Gold is also limited in supply and naturally occurring. And pretty. It lends itself to use as a currency. |
|
05-17-2011, 11:09 AM | #83 |
Scooby Newbie
Member#: 17948
Join Date: Apr 2002
Chapter/Region:
SCIC
|
Anyone have thoughts about how this currency would affect unemployment?
|
05-17-2011, 11:11 AM | #84 | |
Scooby Newbie
Member#: 149020
Join Date: May 2007
Chapter/Region:
South East
Location: Jacksonville
Vehicle:2011 GMC Terrain Black |
Quote:
As far as the dual key, as near as I can tell it boils down to the nodes all verifying that information, right? |
|
05-17-2011, 11:13 AM | #85 |
Scooby Specialist
Member#: 33287
Join Date: Feb 2003
Chapter/Region:
MWSOC
Location: 2013 Focus ST, Yella
Vehicle:RIP Nik I will always miss you |
|
05-17-2011, 11:14 AM | #86 | |
Scooby Guru
Member#: 7977
Join Date: Jul 2001
Chapter/Region:
MAIC
Location: Sterling, VA
Vehicle:100% Abuse |
Quote:
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." |
|
05-17-2011, 11:15 AM | #87 |
Scooby Newbie
Member#: 17948
Join Date: Apr 2002
Chapter/Region:
SCIC
|
|
05-17-2011, 11:16 AM | #88 |
Scooby Specialist
Member#: 33287
Join Date: Feb 2003
Chapter/Region:
MWSOC
Location: 2013 Focus ST, Yella
Vehicle:RIP Nik I will always miss you |
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.
|
05-17-2011, 11:23 AM | #89 |
Scooby Newbie
Member#: 148117
Join Date: May 2007
Chapter/Region:
South East
Vehicle:05 |
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.
|
05-17-2011, 11:29 AM | #90 |
Scooby Newbie
Member#: 152718
Join Date: Jun 2007
Chapter/Region:
South East
Location: Huntsville, AL
Vehicle:2019 GTI White |
I guess I need to reinstall my second video card and get cranking!
|
05-17-2011, 11:30 AM | #91 |
Scooby Newbie
Member#: 17948
Join Date: Apr 2002
Chapter/Region:
SCIC
|
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? |
05-17-2011, 11:39 AM | #92 |
Scooby Newbie
Member#: 17948
Join Date: Apr 2002
Chapter/Region:
SCIC
|
If you mine bitcoins using solar power could you actually make money?
|
05-17-2011, 11:41 AM | #93 |
Scooby Newbie
Member#: 248911
Join Date: Jun 2010
Location: Maplewood
Vehicle:'04 WRX Waggie RIP '06 OB 5MT |
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. |
05-17-2011, 11:42 AM | #94 |
Scooby Newbie
Member#: 197024
Join Date: Dec 2008
|
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.'
|
05-17-2011, 12:01 PM | #95 | |
Scooby Newbie
Member#: 148117
Join Date: May 2007
Chapter/Region:
South East
Vehicle:05 |
Quote:
|
|
05-17-2011, 12:03 PM | #96 | |
Scooby Specialist
Member#: 17079
Join Date: Apr 2002
Chapter/Region:
MAIC
Location: Alexandria, VA
|
Quote:
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. |
|
05-17-2011, 12:09 PM | #97 | |
Scooby Newbie
Member#: 149020
Join Date: May 2007
Chapter/Region:
South East
Location: Jacksonville
Vehicle:2011 GMC Terrain Black |
Quote:
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. |
|
05-17-2011, 12:18 PM | #98 |
Scooby Specialist
Member#: 20325
Join Date: Jun 2002
Chapter/Region:
NESIC
Vehicle:08 Yamaha WR250R 07 Suzuki DL650 |
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.... |
05-17-2011, 12:27 PM | #99 | |
Scooby Specialist
Member#: 20325
Join Date: Jun 2002
Chapter/Region:
NESIC
Vehicle:08 Yamaha WR250R 07 Suzuki DL650 |
Quote:
|
|
05-17-2011, 12:28 PM | #100 | |
Scooby Specialist
Member#: 5659
Join Date: Apr 2001
Chapter/Region:
NWIC
Location: 127.0.0.1
|
Quote:
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. -* |
|
Thread Tools | |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
FS/FT : k&n red typhoon with heat shields intake system | hersheywrx | SCIC Private Classifieds | 2 | 05-16-2011 11:12 PM |
Gee, I guess no one saw this comming: UN wants new global currency to replace dollar | Qcanfixit | Political Playground - Chaotic Neutral Edition | 83 | 09-11-2009 06:21 PM |
GM opens doors to Global Battery Systems Lab in Michigan | AVANTI R5 | Non-Subaru News & Rumors | 1 | 06-08-2009 06:09 PM |
MSDE SQL Server on Peer-to-Peer Network (?) | GotWRX03 | Off-Topic | 0 | 10-24-2006 04:51 PM |
peer-to-peer program | DJ_STI | Off-Topic | 2 | 09-20-2006 10:17 PM |