Please Read!! Help Stop This Madness. - page 4.

An amorous cow-herder

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Quote from: niothor on December 03, 2013, 06:08:54 PM

Quote from: An amorous cow-herder on December 03, 2013, 03:45:54 PM

P2P? Decentralized?
Well, unless it really gets used. Then you are gonna need centralized servers for the full block chain and prune the blockchain on normal clients and nodes.

Nope , the blockchain can be compressed or it can be implemented a new change , erasing older transaction that are no longer needed.
No need to panic.

Ah right, luckily the normal person using this stuff aint gonna need the whole block chain, luckily.
Btw, du you know what the word "prune" means?

An amorous cow-herder

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Quote from: glub0x on December 03, 2013, 06:18:52 PM

Your "professor" just missed what has already been the most profitable investment in mankind history.
Maybe you should be his teacher.

Geez guys, i just rolled 2 "6"s with my dice, math cant be true.

GigaCoin

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Giga

glub0x

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Your "professor" just missed what has already been the most profitable investment in mankind history.
Maybe you should be his teacher.

niothor

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in defi we trust

Quote from: An amorous cow-herder on December 03, 2013, 03:45:54 PM

Quote from: btceic on December 03, 2013, 01:09:26 PM

Stop looking at bitcoin as just a currency or even a payment system, even though that is what we are seeing it being used as today, that is not nearly what can be done with it.

Bitcoin is a P2P, Decentralized, Global, Open Source, Proof of Ownership system.

P2P? Decentralized?
Well, unless it really gets used. Then you are gonna need centralized servers for the full block chain and prune the blockchain on normal clients and nodes.

Quote from: btceic on December 03, 2013, 01:09:26 PM

The value that a transaction on the block-chain via colored coins or other mechanism can literally be anything, from stocks, bonds, smart property, a voting system, wills, deeds, proof of invention, a pdf, an mp3, as well as a system to allow for off-chain micro transactions, etc. etc. etc.

Yeah, sure. You could layer on top of it. Question remains if that really makes sense or rather develop a custom solution directly on top of tcp.
And there are dozens of bitcoin clones around. Why choose bitcoin when you can use an identical cheap altcoin instead?

Nope , the blockchain can be compressed or it can be implemented a new change , erasing older transaction that are no longer needed.
No need to panic.

johnyj

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Beyond Imagination

OP, in order to enlighten your professors, just ask them: Who get the ownership of the newly created fiat base money? And what have they done in order to get that ownership?

If they can figure out the answer to these 2 questions, they will understand why bitcoin is much better

johnyj

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Beyond Imagination

In modern economy theory, value comes from demand, as long as there is a demand for bitcoin, it will have value

Those who question the value of bitcoin typically do not have a demand for bitcoin (they have not realized its potential), and those who are purchasing lots of bitcoins have a demand, it is very simple

One of the demand is very clear: Store of value. Fiat money can not fulfill this demand due to endless QE and 0 to negative interest rate policy

Someday if central banks stopped their money printing, fiat money will be as good as bitcoin in this regards, but it seems the QE and the national debt is running out of control right now Cheesy

An amorous cow-herder

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Quote from: btceic on December 03, 2013, 01:09:26 PM

Stop looking at bitcoin as just a currency or even a payment system, even though that is what we are seeing it being used as today, that is not nearly what can be done with it.

Bitcoin is a P2P, Decentralized, Global, Open Source, Proof of Ownership system.

P2P? Decentralized?
Well, unless it really gets used. Then you are gonna need centralized servers for the full block chain and prune the blockchain on normal clients and nodes.

Quote from: btceic on December 03, 2013, 01:09:26 PM

The value that a transaction on the block-chain via colored coins or other mechanism can literally be anything, from stocks, bonds, smart property, a voting system, wills, deeds, proof of invention, a pdf, an mp3, as well as a system to allow for off-chain micro transactions, etc. etc. etc.

Yeah, sure. You could layer on top of it. Question remains if that really makes sense or rather develop a custom solution directly on top of tcp.
And there are dozens of bitcoin clones around. Why choose bitcoin when you can use an identical cheap altcoin instead?

cAPSLOCK

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Quote from: rpietila on December 03, 2013, 06:01:15 AM

Quote from: medUSA on December 03, 2013, 05:09:13 AM

Quote

My biggest piece of evidence: I have established an online wallet and provided the address to whole economics department and information on how to check it.

Why don't you point the "biggest piece of evidence" to a charity address or well known bitcoin organisation donation address, instead of your own?

There are already about 1000 people with bitcoin holdings of over $1 million. We are the biggest piece of evidence. Month ago the number was barely 150.

Thinly veiled brag... :-)

btceic

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♫ A wave came crashing like a fist to the jaw ♫

You haven't done enough research,

Stop looking at bitcoin as just a currency or even a payment system, even though that is what we are seeing it being used as today, that is not nearly what can be done with it.

Bitcoin is a P2P, Decentralized, Global, Open Source, Proof of Ownership system.

The value that a transaction on the block-chain via colored coins or other mechanism can literally be anything, from stocks, bonds, smart property, a voting system, wills, deeds, proof of invention, a pdf, an mp3, as well as a system to allow for off-chain micro transactions, etc. etc. etc.

tl;dr; bitcoin is so much more then just money or a global payment system, for all of the above and the services that can be layered on top of the bitcoin protocol is why we are seeing the huge upswing in demand and thus price in the past ~30 days.

See the following videos for a tiny glimpse of what bitcoin can become.

https://www.youtube.com/watch?v=Jl-HZWfxUFw

https://en.bitcoin.it/wiki/Contracts

https://www.youtube.com/watch?v=mD4L7xDNCmA

niothor

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in defi we trust

Quote from: minorman on December 03, 2013, 12:36:47 PM

Economists...

I love this quote:

"You can pretty much draw a one to one parallel between economics and astrology: they use the same technique (fooling the gullible), serve the same purpose (ensuring the practitioner makes a living), and have similar predictive power (none)."

Well , I 'll have to defend economics on this one.
Astrology is making guesses based on stars even though some of the stars in their prediction are already dead.

)
Economist use half dead models.

minorman

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Economists...

I love this quote:

"You can pretty much draw a one to one parallel between economics and astrology: they use the same technique (fooling the gullible), serve the same purpose (ensuring the practitioner makes a living), and have similar predictive power (none)."

niothor

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in defi we trust

Quote from: deisik on December 03, 2013, 09:44:20 AM

Quote from: johnyj on December 03, 2013, 06:50:40 AM

Replace those "bitcoin" words with "gold" and turn it back to them

To be honest, all the professors I knew in my economy department are just not able to understand it.

The real problem behind the scene is: When they hear the word "money", they become panic and lost most of their ability to think, they start to seek some powerful forces that back it, without that force, they feel extremely insecure about its value

Unlike Bitcoin gold is used in jewelry and has industrial application as well

Besides that, nothing substantial would actually change much then, save maybe for gold being also used by some hard-wired goldbugs as a store of value (with varying degrees of success) and for speculation purposes indeed. The first two points would remain absolutely valid if we substituted gold for Bitcoin...

Also add food and beverage , also with gold you can more easily show off , it's not that easy to carry a 27 inch screen with your bitcoin wallet around.

deisik

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English ⬄ Russian Translation Services

Quote from: johnyj on December 03, 2013, 06:50:40 AM

Replace those "bitcoin" words with "gold" and turn it back to them

To be honest, all the professors I knew in my economy department are just not able to understand it.

The real problem behind the scene is: When they hear the word "money", they become panic and lost most of their ability to think, they start to seek some powerful forces that back it, without that force, they feel extremely insecure about its value

Unlike Bitcoin gold is used in jewelry and has industrial application as well

Besides that, nothing substantial would actually change much then, save maybe for gold being also used by some hard-wired goldbugs as a store of value (with varying degrees of success) and for speculation purposes indeed. The first two points would remain absolutely valid if we substituted gold for Bitcoin...

deisik

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Quote from: medUSA on December 03, 2013, 05:09:13 AM

If that is what you believe, then argue your way out with economic theories, market observations or historical data. You don't seem to be doing that... However, I don't think you have a strong argument (in economic theories). Besides, professors will wiggle their way out with even more obscure theories.

I really liked that last piece of yours. Your strategy is to know and understand economics (or whatever science for that matter), your tactics would be to learn about the theories these professors like or dislike most (and their kinks overall), and get yourself prepared properly for the thrashing with that knowledge in your hand...

PenAndPaper

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Quote from: medialab101 on December 03, 2013, 08:59:04 AM

Economists fail... drop out, get rich. That's what i did...

Gamblers some times get rich. That doesn't mean that statistcs fail.

deisik

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Quote from: AdaptQuickly on December 02, 2013, 03:39:06 PM

The department keeps arguing against bitcoin with these points.

1) Bitcoin is deflationary and it will cause it to fail. (facepalm)

2) Bitcoin is doomed to fail because people hoard it instead of spending it. No Economy exist.(facepalm x2)

3) Nobody uses Bitcoin for anything (Not Mainstream=Not real???) (Facepalm x 1,000,000)

My Goal: Raise Awareness about Bitcoin. Starting with the economics department and then expanding to the whole campus then the whole town.

I see that I'm not alone in stating that your economics department is actually right, but this would be too obvious an answer and surely not what you would like to hear. Probably, it is also too late to mend matters and change anything, but if I were you and had been interested in Bitcoin and all that, I would probably make my thesis on investigating a Ponzy nature of Bitcoin from an economical standpoint (even if you don't believe it to be) or just stick to some particular feature of it that could be interesting for an economist. This would possibly cause much more excitement and agitation in your tutor and the department as whole and also would give you a better understanding of the true nature of Bitcoin

Raising awareness about Bitcoin seems to be a rather strange subject for an economics student...

medialab101

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Economists fail... drop out, get rich. That's what i did...

Ibian

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Quote from: An amorous cow-herder on December 03, 2013, 08:50:18 AM

Quote from: Ibian on December 03, 2013, 08:27:03 AM

Quote from: An amorous cow-herder on December 03, 2013, 07:48:29 AM

Quote from: Ibian on December 03, 2013, 07:26:58 AM

The currency part will come, in time, maybe around the 100k mark.

So, in other words, you are saying the bitcoin network is worth than Apple, MS, IBM and Oracle combined?
Or worth a lot more than E-Bay (which own Paypal), Visa and Mastercard combined?

Will be*. Yes.

Hmm, is that before or after BTC is declared the official currency of the United Federation of Planets in the Milky Way?

That's just if it becomes a popular way of storing wealth similar to gold. If in addition it becomes a proper mainstream currency it could go higher. Much higher.

Keep in mind that bitcoin is international. Literally the entire world is the target demographic.

An amorous cow-herder

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Quote from: Ibian on December 03, 2013, 08:27:03 AM

Quote from: An amorous cow-herder on December 03, 2013, 07:48:29 AM

Quote from: Ibian on December 03, 2013, 07:26:58 AM

The currency part will come, in time, maybe around the 100k mark.

So, in other words, you are saying the bitcoin network is worth than Apple, MS, IBM and Oracle combined?
Or worth a lot more than E-Bay (which own Paypal), Visa and Mastercard combined?

Will be*. Yes.

Hmm, is that before or after BTC is declared the official currency of the United Federation of Planets in the Milky Way?

Topic: Please Read!! Help Stop This Madness. - page 4. (Read 7629 times)