> Date: Fri, 29 Apr 2011 19:20:55 -0400 > From: jim@... > To: gold-silver-crypto@... > Subject: Re: [gsc] Exchangers & EGC > > Shane Smith wrote: > > > in past the knees.) > > Shane, are you involved with Nanaimo Gold? Jawohl! Exchanging since 2005. Robbed by the owners of the US gov 3 times. Well, at least I'm not in jail and haven't had my spleen kicked out yet!
Correct me if I'm wrong. It is my understanding that there is a limit to the amount of Bitcoin "tokens" that can be created. And, once the limit has be hit, the "tokens" have to go to being controlled by a server (choke point) to make sure they're not being counterfeited. Yes? No? --------------------------------------------------------------------- To unsubscribe, e-mail: gold-silver-crypto-unsubscribe@... For additional commands, e-mail: gold-silver-crypto-help@... Contact: http://www.rayservers.com/
> Date: Sun, 1 May 2011 21:07:33 -0400 > From: pintle@... > To: gold-silver-crypto@... > Subject: [gsc] Bitcoin > > Correct me if I'm wrong. It is my understanding that there is a limit to > the amount of Bitcoin "tokens" that can be created. And, once the limit > has be hit, the "tokens" have to go to being controlled by a server > (choke point) to make sure they're not being counterfeited. > > Yes? No? hmm, no. The verification process does not change. It's a shared record, distributed P2P like bitorrent. Once all the coins are mined out, voluntary spend fees keep the operators interested in the verifications. You will get all the answers here in Satoshi's white paper http://www.bitcoin.org/sites/default/files/bitcoin.pdf Who are you quoting? We have been calling this stuff Bitcoin or coins, not tokens. cheers! Shane
From the mailbag: On Sun, May 01, 2011 at 07:52:22PM -0700, ****** wrote: > Thats pretty cool. I see that you have made it live. I have been > reading about Bitcoin and I don't fully understand the concept, how it > doesn't seem to be backed by anything. It's backed up by people's willingness to trade it for other valuable items, Liberty Reserve for example. Bitcoin's inherent worth is it's utility as a vector for communicating value - private money decentralised and impossible to stop is useful and therefore valued. Sort of like fiat currency, Bitcoin is valued by the decree of it's users, but not by the decree of government. I put up my Pecunix, Silverman his silver coins, L2V their telephone services, Capulin coffee etc. etc. That talk about the price of electricity somehow backing the issue was just confusion and misunderstanding. It came from the idea that if the price to buy a bitcoin remained more than the price of the electricity burned to mine a bitcoin, people would continue to mine. Of course, burned electricity has no more value than burned firewood. The mining process is really just a cool and novel way to issue the currency across the user base over time. I can't think of another way to do it, to put the currency in the hands of the users without becoming a central authority. The bticoin monetary constitution is inflexible. "in math we trust". You have to crack crypto puzzles to bring the coins to exist. Once the 21,000,000 have been created, no more can be. It's true that this mining exercise is like tail chasing, and that some electric energy is lost in the process. It seems counter produtive to see air conditioners sucking up the juice to cool computers(Continue reading)
Am Montag 02 Mai 2011, 07:51:27 schrieb Shane Smith: > > Thats pretty cool. I see that you have made it live. I have been > > reading about Bitcoin and I don't fully understand the concept, how it > > doesn't seem to be backed by anything. If you want to dive into the "logic" behind Bitcoin and it's decentralized structure you may make you familiar with the p2p concept in general. We still accepting Bitcoins within our company - even if we did not see any "limit" in creating further "bitcoin" like monetary networks at the time (may be i did not understand the Bitcoin strategy herein at the time...) we will use it especially for mini- to micropayments at least as long as it will be useful for that. This means i'm not shure how far bitcoin is trustworthy to be a "money storage" system i.e. for long time usage. May be someone here could clearify this this a little bit more?... best regards, Niels. -- -- --- Niels Dettenbach --- Syndicat IT&Internet http://www.syndicat.com T.-Muentzer.-Str. 2, 37308 Heilbad Heiligenstadt - DE(Continue reading)
Niels Dettenbach wrote, On 05/02/2011 07:24 AM: > This means i'm not shure how far bitcoin is trustworthy to be a "money > storage" system i.e. for long time usage. May be someone here could clearify > this this a little bit more?... All things fluctuate in value relative to other things. Therefore I must choose what percentage of my net worth I am willing to hold in each specific thing, including bitcoin, gold, silver, USD, EUR, etc. Either I choose, or my emotions do it for me. When you think in terms of percentage, the unit of account is irrelevant. It makes no difference whether you measure net worth in terms of USD, gold grams, EUR, silver ounces, or even in bitcoin itself. The percentages are unchanged. I cannot advise you on what percentages to use, nor will I disclose the percentages I use. I will say that I do not keep 100% of my assets in any one thing, but that's not saying much, since who among us would ever do that? -- Patrick --------------------------------------------------------------------- To unsubscribe, e-mail: gold-silver-crypto-unsubscribe@... For additional commands, e-mail: gold-silver-crypto-help@... Contact: http://www.rayservers.com/
Shane Smith wrote: > You will get all the answers here in Satoshi's white paper > http://www.bitcoin.org/sites/default/files/bitcoin.pdf Thanks. > Who are you quoting? Nobody. > We have been calling this stuff Bitcoin or coins, not tokens. Now that I think about it more it's unlike government fiat tokens in that there is no debt associated with it. It's unlike currency in that there is no redemption involved. It's more like money in that it is final settlement except that there are no atoms involved. I guess it's in a class by itself, coins of bits. Ok, I'll refer to it as Bitcoin being a bitcoin. --------------------------------------------------------------------- To unsubscribe, e-mail: gold-silver-crypto-unsubscribe@... For additional commands, e-mail: gold-silver-crypto-help@... Contact: http://www.rayservers.com/
On 05/02/2011 12:19 PM, pintle wrote: > I guess it's in a class by itself, coins of bits. Ok, I'll refer to it > as Bitcoin being a bitcoin. Hence the term "Cryptocurrency" as a subset of Digital Cash. --------------------------------------------------------------------- To unsubscribe, e-mail: gold-silver-crypto-unsubscribe@... For additional commands, e-mail: gold-silver-crypto-help@... Contact: http://www.rayservers.com/
Using wikis and digital fabrication tools, TED Fellow Marcin Jakubowski is open-sourcing the blueprints for 50 farm machines, allowing anyone to build their own tractor or harvester from scratch. And that’s only the first step in a project to write an instruction set for an entire self-sustaining village (starting cost: $10,000). http://justlive.us/physical/tools/civilization-starter-kit-video/ --------------------------------------------------------------------- To unsubscribe, e-mail: gold-silver-crypto-unsubscribe@... For additional commands, e-mail: gold-silver-crypto-help@... Contact: http://www.rayservers.com/
> first step in a project to write an instruction set for an entire > self-sustaining village I'm always curious why villages have to be self-sustaining. I mean, why can't they specialise and engage in trade and commerce? --------------------------------------------------------------------- To unsubscribe, e-mail: gold-silver-crypto-unsubscribe@... For additional commands, e-mail: gold-silver-crypto-help@... Contact: http://www.rayservers.com/
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