Bitcoin !! i dont get it !!

After enjoying the fruits of your labors, we all need a place to chill. This is that place. Totally senseless irrelevant banter encouraged.
Roots

Bitcoin !! i dont get it !!

Post by Roots »

If labor ran out (lol) what would the Mona Lisa be worth...?

Roots

Bitcoin !! i dont get it !!

Post by Roots »

How do robots and automation fit into the equation?....if I had a robot that could role blunts, give head and wipe my ass I would never get out of this chair.

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Bitcoin !! i dont get it !!

Post by bentech »

robots and automation cant feed themselves... yet

get back then.
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Roots

Bitcoin !! i dont get it !!

Post by Roots »

The singularity is fast approaching.

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Bitcoin !! i dont get it !!

Post by bentech »

Bitcoin was born the day in 2008 some anonymous computer geek using the unlikely Japanese pseudonym Nakamoto posted an algorithm (on some obscure listserve website) that made something remarkable possible: It could generate a string of zeros and ones that was unique, ensuring that, before it could be transferred from one computer or device to another, a minimum number of other users had to trace its transfer and verify that it left the device of the seller (of some good or service) before moving to the device of the buyer. Moreover, the algorithm was written in such a way as to guarantee a steady ‘production’ of these strings—or bitcoins—over time, which, along with the computing power devoted by users in order to help track transfers, could collectively to maintain The Ledger. Lastly, to cap the supply of bitcoins, and thus safeguard their value, the algorithm guaranteed that the maximum number of these strings could only grow (given the algorithm’s structure) to 21 million units by the year 2040. Once it reached that quantity, its ‘production’ would cease and the users of bitcoins would have to do with these 21 million units. Meanwhile, before that date, and before the maximum bitcoin supply is reached, the ease with which users could ‘mint’ or ‘dig up’ fresh bitcoins (by making computer power available to the bitcoin community) would be inversely related to the total quantity of bitcoins already ‘created’ or ‘extracted’ from the algorithm.

In a sense, the designer of the Bitcoin algorithm (who has, by the way, dropped off the radar some time ago) seems to have designed the new currency on the basis of faith in the crudest version of the ‘monetarist’ Quantity Theory of Money—the idea that the value of money depended solely on the quantity of money supplied to the public. Thus, they aimed at creating the digital equivalent to… gold. Come to think of it, Bitcoin was, indeed, modeled on gold.



http://www.truthdig.com/report/item/bit ... 20131226//" onclick="window.open(this.href);return false;
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Bitcoin !! i dont get it !!

Post by Intrinsic »

bentech wrote:you cannot make a currency finite when labor and production are infinate


thats why currences linked to resources like the gold standard are a scam.
theres no more frontier,
we live on a globe,

the understanding of that is what forced fiats into dominance and thus what propelled humanity into civilization
So now are you saying with the truthdig article
there is value in having a limited fiat system such as the gold standard would supply. A plus for bitcoins
Or the fact it models after the Gold standard indicates a non workable system, if one believe using the gold standard is bad. A negative for bitcoins
Last edited by Intrinsic on Fri Dec 27, 2013 7:27 pm, edited 1 time in total.

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Tangent alert:

Post by Intrinsic »

It all eventually boils down to an optimization problem with population limit as a constraint; Population control. No system will stabilize if the ratio of people per resources is continually get larger. One can not change that with just using a different (limited or unlimited) fiat system to model an economy.

A sin or a good idea?
As of 2013 no country used a gold standard as the basis of its monetary system, although some hold substantial gold reserves.
http://en.wikipedia.org/wiki/Gold_standard" onclick="window.open(this.href);return false;

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Bitcoin !! i dont get it !!

Post by bentech »

nope!

not saying that...
merely passing along all im reading on the subject... all sides


after reading THAT article my feelings about bitcoin has turned decidedly for the worse PRECISELY because of the further questions that caveat their illuminating brings up...


found this,
lots of nuts and bolts most of this other editorials completely miss


http://bitcoin.org/en/faq" onclick="window.open(this.href);return false;
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Bitcoin !! i dont get it !!

Post by bentech »

heres of interest,

an explaination of how terrible libetarian ideals forced into policy are
using bitcoin

i dont follow the tie-in
you?

http://www.alternet.org/tea-party-and-r ... s-and-anti" onclick="window.open(this.href);return false;
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Bitcoin !! i dont get it !!

Post by MadMoonMan »

bitcoins being "captured" i.e. taken world wide by government agencies chasing down world wide criminal empires.

search it.

bit coins are currency


but wut if de inner net goes down?
Just because I can't spell misanthrope doesn't mean I'm completely stupid.

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