If they choose to not destroy the network, they could conceivably own every Bitcoin produced between now and the end of production.At the beginning you would be given the number and one coin in that account.Palooka 06-09-2011, 11:08 PM Bitcoin is kind of like a mixture of Paypal and Bittorrent.Shalmanese 06-14-2011, 02:23 AM This Quora question ( ) contains some good info.
Or if you did any gallivanting around Europe before the euro, you would have seen merchants in border towns doing just fine with a couple currencies.Again it seems that fraud and illegal operations are the primary use case.
I read it gets harder and harder to generate coins the more coins there are and the more people are mining.Airbnb and Bitcoin:. despite having a bright and positive message,. as well as the peace of mind of its socially conscious board,.Discussion Board: India mulls bitcoin, may call it Lakshmi: Be the first to start a discussion here.So what would be the advantage of that with a computer currency.
They have value based on what people can reasonably expect to receive in the future in exchange for the currency.However if this is a key use, you have the problem that the value of the bitcoin is determined simply by the confidence that other criminals and dictators have in the system, and eventually you find that the value of the bitcoin is simply guaranteed by other criminals and dictators.Umm Mt Gox has been seeing some pretty serious DDOS attacks the last couple days.
Rick Astley - Never Gonna Give You Up - YouTubeIf every node is informed, then that strikes me as highly impractical.To avoid that risk and volatility, bitcoin should have a stable population of people who use the currency for normal exchange purposes, rather than just trying to get rich.Still have lots of mindnumbing reading to do actually get a handle on all this, but I managed to get everything downloaded and installed and have already earned a bit over one cent.
If this requires you to convert bitcoin into local currency, well so be it.
Ripple networks ( ) are to banking what Bitcoin is to currency.The vanilla client is configured to accept a transaction after 6 confirmations.Actually, of the 7 million odd BTC, there might be spillage and lost wallets of say 2 million so we can drop the total usable supply down to 5 million.You will also run afoul of the usual money movement laws if you move bitcoin around with large effective values without notifying the government.If people prefer bitcoin, they will preferentially spend government issued currency.
Now, the interesting part is that Bitcoin has enormous utility for people looking to launder, hide, secure or transfer money without friction.Maybe like allowing beaver pelts as well as conch shells to be traded.I thought it was some new Nintendo thing, but it sounds like the cutting edge of Internet commerce.A bitcoin itself is a number generated by a complex computer algorithm.If ever this trust is lost, the system fails almost instantly.
Whack-a-Mole 06-16-2011, 11:57 PM Curious how the following would play out (I have no idea so asking).Perhaps you should have used it to save your country from becoming an old faded empire.:D.