Bitcoins algorithms

We do not need another currency. We already have too many. Bitcoin is a great idea if you want to be illegal/untraceable/generally invisible. Otherwise, it's unneeded.

OK, you're simply illiterate. ...or stupid.

Idiot. *ANYTHING* has precisely the value someone else will place on it. No more. No less.

Keep showing us how stupid you are.

Completely irrelevant.

Also irrelevant. However, it's nice to see you admit that you're wrong.

Yep. Idiot describes you very well.

Also irrelevant.

Not at all. You *are* that transparent.

Idiot.

Idiot.

You really *are* illiterate.

And I think you just hate people. Goodbye...

I think it's in fact the opposite: Once you have bought a bitcoin in an identifiable way, your transactions with it are forever stored in the blockchain and visible to anyone.

Unless you mined them yourself over a sufficiently anonymous channel like tor. I doubt i2p would be sufficient...

I think the concept of traceability would be very useful for banks and governments.

joe

And you, my mal-educated and rude friend, are now in my killfile.

Have a nice day annoying other people but please keep annoyed by my posts for as much as you like.

Goodbye

America pegged the dollar to gold ($20/oz) and silver, limited resources that couldn't be easily multiplied or manipulated beyond reason.

Then we had FDR, who changed it to $35/oz, then Social Security and Medicare we couldn't pay, so we threw it out the window.

It's magic. Now we can give someone however much paper we need to, and with computers it's virtual--we don't even have to print it!

Cheers, James Arthur

Nope, but you're welcome.

It's clear that you have a very high opinion of yourself, much like Slowman.

Not sure what you mean, but...a few issues.

If you try to sell short a stock, your broker will look around for presently existing shares. i.e., you are not allowed to sell short naked. In commodity contracts, you can sell short naked, BUT the exchange will demand a cash reserve on account, AND sell your positions if you can't cover. Then they will take your house,car, even your oscilloscopes - to pay for the loss. :)

But just don't allow short selling, is the point. Or any derivatives, or accumulation of hoards.

Pegging the currency to market basket of stuff is easy, or use gold. No solution will be perfect, just much better than the Weimar Republic that comes after promissory money printing. No invention is perfect, just a lot better than nothing.

I'm not sure why the BC went up in value. A real flaw, imo. j

'Tain't that simple, I'm afraid. If you're going to have banking, the money supply will go up by a factor of 1/(reserve ratio), and the banks will always be able to make more by reducing that ratio, in just the same way as with ordinary currencies.

If I can borrow bitcoins, I can sell them short. Really and truly, if you want a stable peg, somebody with very deep pockets has to be ready to defend it. The whole history of the Bretton Woods arrangement is one long string of attacks on weak currencies (especially Sterling).

Cheers

Phil Hobbs

Clearly you're as stupid as I've proposed. Slowman stupid, in fact.

Run away. Little girls do.

You forgot that FDR stole our gold also.

There is already a distributed bank stabilising the supply: the algorithm. Upto 2 million BTC will only be issued ever.

Oh, and lost BTCs will never come back.

joe

Oh, I thought it was the war in Vietnam that he couldn't pay...

joe

FDR?

Isn't the limit on number of bitcoins the exact nature of the problem? jb

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There once was a currency called "Constants" backed by a wide variety of commodities: grains, other foods, metals, and more. It may still exist.

?-)

resources

Land of Goshen, 25 years and total change of scope between the two eras doesn't bother you?

?-)

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Amway