Better Quality Copy: http://www.youtube.com/watch?v=qC0S8wgoFJ0&feature=youtube_gdata_player
( Starts at about 21 minutes in. )
Topic: The Bitcoin Show on OnlyOneTV.com - page 21. (Read 53430 times)
Latest ep is up
http://onlyonetv.com/?p=477
The Bitcoin Show – Episode 020
BitcoinWorldMarket.com
Guest: Dan McDonley & Jonathan Stack founders of BitcoinWorldMarket.com
Official launch.
Bitcoin World Marketplace is the world’s first and leading marketplace for sellers and buyers to come together through the exchange of bitcoin.
Thousands of goods and services that accept bitcoin electronic currency.
http://www.youtube.com/watch?v=9wSqBrValLI
http://onlyonetv.com/?p=477
The Bitcoin Show – Episode 020
BitcoinWorldMarket.com
Guest: Dan McDonley & Jonathan Stack founders of BitcoinWorldMarket.com
Official launch.
Bitcoin World Marketplace is the world’s first and leading marketplace for sellers and buyers to come together through the exchange of bitcoin.
Thousands of goods and services that accept bitcoin electronic currency.
http://www.youtube.com/watch?v=9wSqBrValLI
hero member
Activity: 836
Merit: 1007
"How do you eat an elephant? One bit at a time..."
Re: Aljazeera episode: Nice story...sex, drugs, rock and roll...wait a minute - we're missing the sex and rock and roll! Somebody get Mick Jagger on the line...!
IT'S CRAZY. IT'S WACKY!!
I have to agree, I can't agree with that Wired guy unless he were to elaborate on those thoughts just a little bit.
John Abell of Wired magazine says:
"I can't think of a really good, legitimate reason that anybody would be doing to bitcoin to buy milk and eggs and things like that. It's a crazy, wacky currency."
It's disappointing that Wired magazine employees, of all people, would misunderstand what they are looking at. He may be right that bitcoin won't be used to buy milk and eggs (from grocery stores), but it is already a way to protect wealth from inflation and hostile borders. I think it's greatest growth factor will be for the world's "small people"* to send some money home and that's fine with me.
* http://www.cbsnews.com/stories/2010/06/16/national/main6589819.shtml
"I can't think of a really good, legitimate reason that anybody would be doing to bitcoin to buy milk and eggs and things like that. It's a crazy, wacky currency."
It's disappointing that Wired magazine employees, of all people, would misunderstand what they are looking at. He may be right that bitcoin won't be used to buy milk and eggs (from grocery stores), but it is already a way to protect wealth from inflation and hostile borders. I think it's greatest growth factor will be for the world's "small people"* to send some money home and that's fine with me.
* http://www.cbsnews.com/stories/2010/06/16/national/main6589819.shtml
Yeah. We're still looking for a better copy... Let me know if anyone finds one.
Found it.... http://goo.gl/plEwV
That's a nice video...too bad the quality isn't a bit better.
Found it.... http://goo.gl/plEwV
Can someone record: The Bitcoin Story on Al Jazeera English will air TODAY! "For certain in the 6pm and 8pm hours, but probably a few times.
Did anyone capture that? I think someone posted about it http://forum.bitcoin.org/index.php?topic=26284.0 but I did not hear further from that.
I heard it was a good one. And I am in it.
If anyone recorded it, please email me.Thanks!
Can someone record: The Bitcoin Story on Al Jazeera English will air TODAY! "For certain in the 6pm and 8pm hours, but probably a few times.
Did anyone capture that? I think someone posted about it http://forum.bitcoin.org/index.php?topic=26284.0 but I did not hear further from that.
Those tutorial videos are first thing on my priority list for this morning.
The idea is to teach people how to safely and securely backup their own bitcoins.... in two different ways:
One way appropriate for long term storage (savings)
And...
One way appropriate for daily transactions.
The idea is to teach people how to safely and securely backup their own bitcoins.... in two different ways:
One way appropriate for long term storage (savings)
And...
One way appropriate for daily transactions.
..
I'm looking for insights to the problem posed. Any time you propose going full tilt gold standard, backing gold by BTC, BTC by gold, USD by BTC etc. etc. it's just putting up an abstraction that doesn't actually solve the problem. These all fall in the "you have proposed a solution to spam, here is why it won't work" category. We need to think about this ahead of time, it'll all work out in the end is not a good answer. A few decades of chaos is not a good answer either.
BTW, I think the meaning of inflation/deflation is clear from the given context, at least I'm ok with both the 'proper' use of inflation meaning increase in supply of the currency as well as with the 'common' use of increase of prices of goods priced in said currency (which equals devaluation of the currency, which describes the result of said increase in supply).
i'm not proposing anything. i'm just suggesting what i think may happen.
..
I'm looking for insights to the problem posed. Any time you propose going full tilt gold standard, backing gold by BTC, BTC by gold, USD by BTC etc. etc. it's just putting up an abstraction that doesn't actually solve the problem. These all fall in the "you have proposed a solution to spam, here is why it won't work" category. We need to think about this ahead of time, it'll all work out in the end is not a good answer. A few decades of chaos is not a good answer either.
BTW, I think the meaning of inflation/deflation is clear from the given context, at least I'm ok with both the 'proper' use of inflation meaning increase in supply of the currency as well as with the 'common' use of increase of prices of goods priced in said currency (which equals devaluation of the currency, which describes the result of said increase in supply).
Can someone record: The Bitcoin Story on Al Jazeera English will air TODAY! "For certain in the 6pm and 8pm hours, but probably a few times.
A Bitcoin Standard.
This doesn't answer the deflation question. Neither does fractional reserve banking (in fact deflation complicates that).
Economically speaking there is little difference between a Bitcoin or gold standard, apart from Bitcoin supply being more deterministic.
Practically speaking, if you back a currency with Bitcoin, then why not use Bitcoin instead of said currency?
Quote from: cypherdoc
we could allow a reasonable amount of fractional reserving, say 10:1, that could prevent an entire collapse of the existing system.
FR is besides the point. It increases the amount of circulation (which may or may not cause inflation), but BTC in circulation (or not) will still deflate at the same rate.
And as said, why would a bank not buy BTC with USD when they see the deflation coming? A similar thing is happening with countries like China and Russia buying gold (and some SDR) and getting rid of USD. USD is going down the toilet, so gold (and SDR to some extent) is deflating in relation. OK, USD may not go down the toilet, but whatever they come up with for that, someone will have to pay the price. Most probably US citizens the most, the rest of the world to a lesser extent (USD is part of the SDR basket).
personally, i don't like the term "deflating or inflating currency". i prefer thinking about this in terms of "inflation or deflation" which in my definition is the increase or decrease in the supply of money plus credit.
one of the major arguments by gold bugs is the unbacked USD. their solution is to revalue the price of gold by taking the total amt of USD in the world and dividing by the number of gold ounces in the world coming up with a figure IIRC of about $65K per oz. this would be accompanied by a cessation of money printing and leverage thus reinforcing a complete gold std.
you could do the same thing with btc and i would argue it would be more efficient. but you could easily enforce a 10:1 leverage ratio upon the USD with btc backing.
i think a compromise of this sort will have to happen (instead of going to an all btc system) to appease the fiat boys by allowing them some form loan making.
The Bitcoin Story on Al Jazeera English will air TODAY! "For certain in the 6pm and 8pm hours, but probably a few times before then too."
A Bitcoin Standard.
This doesn't answer the deflation question. Neither does fractional reserve banking (in fact deflation complicates that).
Economically speaking there is little difference between a Bitcoin or gold standard, apart from Bitcoin supply being more deterministic.
Practically speaking, if you back a currency with Bitcoin, then why not use Bitcoin instead of said currency?
Quote from: cypherdoc
we could allow a reasonable amount of fractional reserving, say 10:1, that could prevent an entire collapse of the existing system.
FR is besides the point. It increases the amount of circulation (which may or may not cause inflation), but BTC in circulation (or not) will still deflate at the same rate.
And as said, why would a bank not buy BTC with USD when they see the deflation coming? A similar thing is happening with countries like China and Russia buying gold (and some SDR) and getting rid of USD. USD is going down the toilet, so gold (and SDR to some extent) is deflating in relation. OK, USD may not go down the toilet, but whatever they come up with for that, someone will have to pay the price. Most probably US citizens the most, the rest of the world to a lesser extent (USD is part of the SDR basket).
Nescio,
wow, that was a really long response and i'm not sure i fully understand what you're talking about but here's what i envision:
A Bitcoin Standard. basically a perpetuation of the USD reserve currency system built on top of Bitcoin instead of gold. precious metals are obsolete IMO due to immobility. Nations used to ship hoards back and forth to rebalance global trade imbalances which was slow and ineffective.
A Bitcoin Standard would allow instantaneous rebalancing btwn nations to bring overleveraging back into line worldwide on an instantaneous basis. we could allow a reasonable amount of fractional reserving, say 10:1, that could prevent an entire collapse of the existing system. it could be a win/win situation for all parties involved: bankers could still make loans, citizens would be safe from currency debasement, and the overall system would be less prone to boom bust cycles.
wow, that was a really long response and i'm not sure i fully understand what you're talking about but here's what i envision:
A Bitcoin Standard. basically a perpetuation of the USD reserve currency system built on top of Bitcoin instead of gold. precious metals are obsolete IMO due to immobility. Nations used to ship hoards back and forth to rebalance global trade imbalances which was slow and ineffective.
A Bitcoin Standard would allow instantaneous rebalancing btwn nations to bring overleveraging back into line worldwide on an instantaneous basis. we could allow a reasonable amount of fractional reserving, say 10:1, that could prevent an entire collapse of the existing system. it could be a win/win situation for all parties involved: bankers could still make loans, citizens would be safe from currency debasement, and the overall system would be less prone to boom bust cycles.
Thanks for these shows. Its nice to have a medium for bitcoin
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