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RE: Silk Road (pg. 6)
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| pkcRAISTLIN |
| quote: | Originally posted by Sushipunk
Lol, off. |
did my ~5am text wake you up at all the other week? i really hope so. |
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| Sushipunk |
| quote: | Originally posted by pkcRAISTLIN
did my ~5am text wake you up at all the other week? i really hope so. |
Phone stays in the office room charging overnight, didn't hear :p
Azzhole. |
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| Meat187 |
| quote: | Originally posted by pkcRAISTLIN
how will there be "many" customers when the currency has an absolute limit in terms of units? it literally can't grow beyond a certain size. what then? either you're stuck at the limit or you change the code to allow for more bitcoins.
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See, this is the problem. I'm inclined to agree with you and there would be nothing to talk about, but then you say something like that, which is really simplistic. I'm not even sure you are aware that Bitcoins can be divided, currently with 8 digit accuracy. And that can be increased, if needed. So there's no inherent limit to the number of customers. The real issue is that in such a case a huge deflation would have taken place. Today currencies have a built-in inflation, Bitcoin has a built-in deflation. Is that a bad thing? I frankly don't know. But I like the fact that such an alternative exists. |
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| pkcRAISTLIN |
| quote: | Originally posted by Meat187
See, this is the problem. I'm inclined to agree with you and there would be nothing to talk about, but then you say something like that, which is really simplistic. I'm not even sure you are aware that Bitcoins can be divided, currently with 8 digit accuracy. And that can be increased, if needed. So there's no inherent limit to the number of customers. |
what do you mean by divided? that 1 bitcoin can become 1/2s or that 1 can become 2? if the latter than i do admit that's not how i thought bitcoin worked. if the former then i don't really see the practical applications (do we bother dividing cents at the store?) unless each bitcoin is worth a small fortune. is there a limit of ~20M whole bitcoins?
but sure, if you can divide bitcoins into tiny pieces, and those tiny pieces could buy stuff, then i guess it wouldn't be as bad as all that. im not a math star but i think the required worth of each single unit would be unrealistically high.
| quote: | Originally posted by Meat187
The real issue is that in such a case a huge deflation would have taken place. Today currencies have a built-in inflation, Bitcoin has a built-in deflation. Is that a bad thing? I frankly don't know. But I like the fact that such an alternative exists. |
periods of deflation have tended to be pretty ordinary (great depression, GFC...19th C depression?). not sure what that means for bitcoin though; i would suspect it would create hoarders but that could just be me. thanks for putting a view across :) |
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| Meat187 |
| quote: | Originally posted by pkcRAISTLIN
what do you mean by divided? that 1 bitcoin can become 1/2s or that 1 can become 2? if the latter than i do admit that's not how i thought bitcoin worked. if the former then i don't really see the practical applications (do we bother dividing cents at the store?) unless each bitcoin is worth a small fortune. is there a limit of ~20M whole bitcoins?
but sure, if you can divide bitcoins into tiny pieces, and those tiny pieces could buy stuff, then i guess it wouldn't be as bad as all that. im not a math star but i think the required worth of each single unit would be unrealistically high.
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Yeah, there is a limit to the amount of whole bitcoin units. Currently the smallest subunit is 0.00000001 bitcoins, which is of course pointless now since only two digits make sense. The concept is that one whole bitcoin will indeed be worth a small fortune and thus the smaller subunits will become relevant. Again, it's a different approach but I don't think the limited amount itself is a problem.
The only thing I'm opposing here is when you say the whole thing is worthless and has no merit. I'm not saying the opposite is true, I'm saying I don't know and don't think one can know for sure at this point.
Still, I like the sheer existence of such a different model. Because you, central banks and governments. And I like that it enables things like Silk Road. Because you, law. |
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| Taipan |
| quote: | Originally posted by pkcRAISTLIN
..
it's "not worth anything" as a currency because it can't buy anything.
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You can buy dollars. If that's not enough, then tell me, what can you buy with gold these days? Does that mean Gold is worthless? |
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| pkcRAISTLIN |
| quote: | Originally posted by Meat187
The only thing I'm opposing here is when you say the whole thing is worthless and has no merit. I'm not saying the opposite is true, I'm saying I don't know and don't think one can know for sure at this point.
Still, I like the sheer existence of such a different model. Because you, central banks and governments. And I like that it enables things like Silk Road. Because you, law. |
haha yeah that's all fair enough. im probably a bit sour from all the rabid libertarians that have big gay hard-ons for bitcoin. |
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| pkcRAISTLIN |
| quote: | Originally posted by Taipan
You can buy dollars. |
if you can't buy anything else with it then it isn't a currency, by definition. if you wanna tie your PC up constantly you can mine it for mediocre profit, but why would i, John Consumer, be interested (junkies and kiddy eers notwithstanding) in using it instead of whatever real currencies i currently have available?
| quote: | Originally posted by Taipan
If that's not enough, then tell me, what can you buy with gold these days? Does that mean Gold is worthless? |
gold is indeed worthless as a currency. we could argue it's a hedge against inflation or whatever but you can't buy with it and bitcoin is attempting to be a currency free from The Man.
we'll ignore the fact that gold at least has some industrial uses, which means it would always be worth something. bitcoin lost 90% of its value in a matter of weeks. why are we talking about how "valuable" it is? people are willing to pay for it because of drugs and other illicit activities. that's where its worth is derived. it will never compete with a national/regional standard. well, in zimbabwe maybe.
so all you libertard crybabies can jerk off to it all you want and it will never be more than a passing fad for addicts and pederasts. |
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| Meat187 |
| quote: | Originally posted by pkcRAISTLIN
so all you libertard crybabies can jerk off to it all you want and it will never be more than a passing fad for addicts and pederasts. |
| quote: | Originally posted by pkcRAISTLIN
im probably a bit sour from all the rabid libertarians that have big gay hard-ons for bitcoin. |
Probably. :stongue: |
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| pkcRAISTLIN |
| quote: |
Price of Bitcoin Continues to Plummet, Falls Below Price of Mining for Them
Bitcoin is a weird thing. While many would argue that currency itself is arbitrary, Bitcoin is a virtual currency backed by tangible currency. One benefit of Bitcoin is that it is pretty much untraceable, allowing people to buy nefarious items across the Internet — generally drugs. Another benefit of Bitcoin, one that some will speculate doomed the currency to fail from its inception, is that it is able to be generated for what many people would claim is free, as the only real costs involved are the electricity spent on the computing power being used to mine for said coins.
Well, those doomsayers will be happy to know that the price of Bitcoin has been falling for some time, and has now fallen further than the actual price to mine for some. The worth drops around one dollar every week or so. At least one Reddit user is speculating that one Bitcoin will be worth one USD sometime soon, effectively making Bitcoin worthless — not in that one USD is worthless, but in that one can simply use USD to pay for things instead of go through the process of obtaining Bitcoins. |
http://www.geekosystem.com/price-bi...s-below-mining/
not worthless though man! I can trade $2 of electricity for $1 in bitcoin. Bargain! |
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| LAdazeNYnights |
"at least one reddit user is speculating that..."
wow. great reporting.
LOL |
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