Tick Tock Tick Tock | Bitcointalksearch.org

molecular

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Quote from: cbeast on December 05, 2012, 11:49:29 AM

Quote from: molecular on December 05, 2012, 03:30:21 AM

Quote from: RodeoX on December 03, 2012, 11:35:38 AM

But, but... it's not backed by the government. Lips sealed

Oh but it is: the governments of the west are printing money.

Bless their hearts! They are increasing Bitcoin's value with each inflation of government currency. So you could say that Bitcoin is partially backed by government currency inflation.

Well, they're not really increasing the value of bitcoin. Only the dollar-value of bitcoin.

However: they are indirectly increasing the "real" value of bitcoin by ultimately forcing people to go look for a better medium of exchange and store of wealth by completely anihilating (trust in) the USD (and EUR/JPY/GBP/...)

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: molecular on December 05, 2012, 03:30:21 AM

Quote from: RodeoX on December 03, 2012, 11:35:38 AM

But, but... it's not backed by the government. Lips sealed

Oh but it is: the governments of the west are printing money.

Bless their hearts! They are increasing Bitcoin's value with each inflation of government currency. So you could say that Bitcoin is partially backed by government currency inflation.

molecular

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Activity: 2772

Merit: 1019

Quote from: RodeoX on December 03, 2012, 11:35:38 AM

But, but... it's not backed by the government. Lips sealed

Oh but it is: the governments of the west are printing money.

befuddled

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Activity: 73

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Quote

All systems are go five squared

You can't eat Bitcoin.

Checkmate!

byronbb

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HODL OR DIE

Quote from: RodeoX on December 03, 2012, 11:35:38 AM

But, but... it's not backed by the government. Lips sealed

The amazing thing about this quote is out of the mouths of most people it's a dead-serious statement.

SkRRJyTC

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Quote from: cbeast on December 03, 2012, 11:57:40 PM

Quote from: SkRRJyTC on December 03, 2012, 08:12:34 PM

Quote from: cbeast on December 03, 2012, 05:11:48 PM

As usual, the naysayers don't respond to the OP. Their tired old arguments don't stand up to 4 years of practice. Their fear is based upon imagined threats that have not come to pass.

Ill respond in 4-6 weeks.

Maybe by then there will be a time-locked escrow tool with which to make a 2-party wager. Wink

Ill hold my breath until it gets here...

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: SkRRJyTC on December 03, 2012, 08:12:34 PM

Quote from: cbeast on December 03, 2012, 05:11:48 PM

As usual, the naysayers don't respond to the OP. Their tired old arguments don't stand up to 4 years of practice. Their fear is based upon imagined threats that have not come to pass.

Ill respond in 4-6 weeks.

Maybe by then there will be a time-locked escrow tool with which to make a 2-party wager. Wink

Yuhfhrh

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Activity: 238

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Quote from: Crypt_Current on December 03, 2012, 11:33:14 PM

It IS only a matter of time and it is awesome to have seen the beginnings of one of the most important paradigm-shifting technologies unfold before my eyes.

Excellent synopsis, OP. So now:

Is Bitcoin "too big to fail" yet??

Grin

Its awful close.

Crypt_Current

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Activity: 686

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Shame on everything; regret nothing.

It IS only a matter of time and it is awesome to have seen the beginnings of one of the most important paradigm-shifting technologies unfold before my eyes.

Excellent synopsis, OP. So now:

Is Bitcoin "too big to fail" yet??

Grin

420

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Quote from: notme on December 03, 2012, 09:55:50 PM

Quote from: 420 on December 03, 2012, 09:41:58 PM

as the reward goes down and difficulty up, miners turning into fewer, what's stopping there to be a transaction fee war were people's transactions aren't accepted into the block without paying high fees?

People who will mine for cheaper.

so even if that's only 1/10th of the blocks? have to wait 10x the amount of time for confirmations?

notme

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Quote from: 420 on December 03, 2012, 09:41:58 PM

as the reward goes down and difficulty up, miners turning into fewer, what's stopping there to be a transaction fee war were people's transactions aren't accepted into the block without paying high fees?

People who will mine for cheaper.

420

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Activity: 756

Merit: 500

as the reward goes down and difficulty up, miners turning into fewer, what's stopping there to be a transaction fee war were people's transactions aren't accepted into the block without paying high fees?

SkRRJyTC

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Activity: 1008

Merit: 1000

Quote from: cbeast on December 03, 2012, 05:11:48 PM

As usual, the naysayers don't respond to the OP. Their tired old arguments don't stand up to 4 years of practice. Their fear is based upon imagined threats that have not come to pass.

Ill respond in 4-6 weeks.

cbeast

donator

Activity: 1736

Merit: 1006

Let's talk governance, lipstick, and pigs.

As usual, the naysayers don't respond to the OP. Their tired old arguments don't stand up to 4 years of practice. Their fear is based upon imagined threats that have not come to pass.

Technomage

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Affordable Physical Bitcoins - Denarium.com

Quote from: Yuhfhrh on December 03, 2012, 01:33:00 PM

If miners are unprofitable, lots will quit and the difficulty will go down and then eventually they may be profitable again, even at $1/BTC. But the bitcoin network itself would be at a higher risk from a 51% attack because of the lower difficulty, so it could be seen as more likely to fail?

The safety of Bitcoin should be seen as relative to the size of the economy. Currently all bitcoins are worth a little more than $100 million dollars. The network, as I see it, is very safe relative to that. If the price was $1 the economy would be radically smaller and a lot smaller hash rate would be adequate to ensure safety.

Remember that it's impossible to achieve total safety. There is always some risk. It's just important that the risk remains small.

byronbb

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HODL OR DIE

Quote from: Yuhfhrh on December 03, 2012, 01:33:00 PM

Quote from: smoothie on December 03, 2012, 01:28:11 PM

Bitcoin fail =/= price fall

Hence price can fall to $1 and bitcoin would still live...just miners would be very unprofitable.

If miners are unprofitable, lots will quit and the difficulty will go down and then eventually they may be profitable again, even at $1/BTC. But the bitcoin network itself would be at a higher risk from a 51% attack because of the lower difficulty, so it could be seen as more likely to fail?

GPU miners would return. Distribution of hashes is more important than total hash-rate imo. Hard to imagine a network at 25Thash operating at minimal block reward generating 3600 coins a day in transaction fees. (The current situation at 25BTC reward.) I think a bitcoin network that could be supported by lay-persons at their homes might be more secure than large entities controlling large segments of the hash-rate privately.

Yuhfhrh

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Activity: 238

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Quote from: smoothie on December 03, 2012, 01:28:11 PM

Bitcoin fail =/= price fall

Hence price can fall to $1 and bitcoin would still live...just miners would be very unprofitable.

If miners are unprofitable, lots will quit and the difficulty will go down and then eventually they may be profitable again, even at $1/BTC. But the bitcoin network itself would be at a higher risk from a 51% attack because of the lower difficulty, so it could be seen as more likely to fail?

smoothie

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LEALANA Bitcoin Grim Reaper

Bitcoin fail =/= price fall

Hence price can fall to $1 and bitcoin would still live...just miners would be very unprofitable.

SkRRJyTC

legendary

Activity: 1008

Merit: 1000

Quote from: cbeast on December 03, 2012, 11:33:49 AM

...Bitcoincard is imminent. ...

Its only 4-6 weeks away!

and dont forget about the Ellet!

Roll Eyes

Yuhfhrh

full member

Activity: 238

Merit: 100

Quote from: RodeoX on December 03, 2012, 11:35:38 AM

But, but... it's not backed by the government. Lips sealed

Topic: Tick Tock Tick Tock (Read 2844 times)