Topic: 7,000,000 bitcoins ... (Read 2222 times)

Thats exactly what i thought of then they said in news a few weeks ago 2,500,000,000 Dollars had been 'destroyed' due to the stock crash.

According to every dollar is backed up by some real material things, i wondered where all those container ships sunk within a few days. Anyone checked Bermuda triangle, maybe they find them and the stocks will raise up to old value within days


According to acceptance of bitcoins in future. I think a lot of it will depend on smartphone 'Apps'. Just think of how many people today use a smartphone on daily purpose and how many people pay things with their mobile phones.

If there will be apps allowing the people to easy access their wallet and pay from it wherever they are, i think this whole idea can become a success.

Just think of all the memo books that dissapeared from peoples pockets and became one with their mobile phone. So next step could be making the classic purse dissapear from ones pocket.

And for those now fearing "if my mobile phone gets stolen, then all my money is gone": what happens when your purse gets stolen? You carry all your money in it? So where is the problem to have the majority of your bitcoins in a somewhere secured wallet, and those you expect to use within next maybe days in another wallet, stored on your smartphone.

bevor i get to long now, my point was meant to be:

Success or failure of bitcoin will be strongly connected with well written and distributed APPs which use bitcoins.

lol you have a very good point.. this bitcoin rig i built cost me no more than $377  2 5830s and a good 1250 ocz etc. but for 377 im willing to risk it

http://www.weusecoins.com/

How are BTC created?

Somebody above said that out of 7,000,000 BTC only 10% keeps rolling, the rest 90% which is 6,300,000 BTC are saved by people. Isn't that a lot of faith to put in a newly developed e-currency? What if it crashes?

Why are you hanging out in the Bitcoin forum?  It's really not like anything that's been done before, so you can't compare the bitcoin econoy to anything.  It's not perfect, but there's enough interest to give them value and most people I talk to about it seem to like the idea.  Maybe it'll catch on.

Ha!  Drunk old men are used to it.

Fixed, thank you.

Did they have difficulty with the smell?

Bitcoin just doesn't work.  A digital wallet? Explain that to your mother.  How do you obtain them?  How do you pay with them?  It's way to complicated for anyone without "nerd alert" written al over him.
that's not true, the thing you described did not happen as the e-bank comes out, did you think bitcoin trade would be more complicated than e-bay business?

I've explained bitcoins to my mother.  She thinks it sounds pretty neat.

I also wear bitcoin shirts pretty often, so I've explained it to many people, none of whom had any real difficulty with the concept, not even drunk old men in bars.

In a world with credit cards, ATMs, online banking, PayPal, Facebook credits, WOW gold, ISK, etc, etc, etc you have to be pretty dense to think that people "won't get" digital money.  Usually the hardest part of the conversation is dispelling myths about "real" money.  You'd be amazed how many people think that dollars are backed by something.

Edit 201108112254CDT - typo grande

The block generation times are not fixed at 10 minutes.  Basically, the system looks at the average time over the previous 2016 blocks, and adjusts the difficulty to what it should have been to get the average time to 10 minutes.  This process is always behind, so predictions always have an error.  The farther you try to guess, the less likely you are to be right.

So, yes, you are right that the reward will be halved probably towards the end of 2012, but the odds of December 6th coming up aren't very good.

Are you sure? Keep in mind there's only 0.003 BTC for every person in the world.

I think you misunderstood Raeldi. He didn't mean to say: "People hoard bitcoin in order for the price to rise", but "People hoard bitcoin because they think/hope the price will rise (for other reasons than their hoarding)".

I can affirm, though, that "not hoarding, but selling bitcoin for USD will make the price drop", which is not quite the reverse, because there's also other forms of spending, which you were wishing for later in your post. Loop closed.

Cool story, bro. I'd buy the script off you in a heartbeat.

Bitcoins are a bubble and once everyone finds out, it will burst.  It hasn't got an economy to support it, there is no thing like a "Bitcoin economy".
There are some obscure shops that accept Bitcoins but nobody knows if they ever sold anything.
I said before, on other forums, that the price will drop and so it did.  And it will keep on dropping until it reaches zero, everyone stops and difficulty gets stuck forever.
Bitcoin just doesn't work.  A digital wallet? Explain that to your mother.  How do you obtain them?  How do you pay with them?  It's way to complicated for anyone without "nerd alert" written al over him.  Wallets will get lost, people will loose money and in the end there will be no Bitcoin left.  Deflation makes people hoard them but without anyone who wants them, they might as well hoard seashells. 

Read this carefully, you'll think of me when it all happens.

^Only if you start trading. Mining alone won't get you much of nowhere.


Technically, one could take $5 worth of Bitcoin to pass on an Amazon Gift Card to a friendly friend. Would do it myself, but my horde is about .01 BTC tied up in the mines.

Really? 1/3 gone? And I have less than 10 btc? sigh ... i'm not getting rich with this thing, am i?

Hoarding them will NOT make the price rise. What needs to happen is that vendors see a legitimate, popular use for them. You want to see the price rise? Get Amazon to accept BTC. That's never going to happen until they see solid, consistent trade happening with BTC - hoarding doesn't create that.

People are stocking them up simply because they hope / expect the price to rise (which, if bitcoin doesn't crash, has a good chance to happen)