Hans-Christian Andersen
hans.andersen at phulse.com
Wed Apr 10 20:52:47 CDT 2013
Hi Jim, Actually, I'm fairly sure this was actually part of the design and was an intended consequence. You see, BitCoins were designed to be a finite resource. The whole mathematics behind BitCoins imposes a limit of how many BitCoins can _ever_ be mined and the cost of mining them gets more and more expensive as you need more powerful computers to come up with a specific hash that translate to BitCoins. We are already seeing the cost of mining BitCoins shoot up astronomically. Eventually, there will be a date in the near future where by every possible BitCoin has been mined. It this point, the price of a BitCoin can only be determined by the buying and selling of BitCoins at an exchange. And that's where this experiment gets interesting, because the whole idea behind BitCoin was to make it an unregulated currency. Only buyers and sellers determine the value of a BitCoin. It is not possible for the Federal Reserve or Bank of England or whomever to print more BitCoins in order the deflate the value of the BitCoin or have any sort of influence over the economy via monetary policy by doing so (hence no inflation!). To be honest, the whole concept of BitCoins is an attempt to bring us back to an electronic version of the gold standard. From that point of view, it will be a failure. - Hans On 2013-04-10, at 6:05 PM, "Jim Lawrence" <accessd at shaw.ca> wrote: > The over all concept of Bitcoins is really good but the product is not being > used for what it was designed. > > Bitcoins are designed to allow buying and selling not as a system to > speculate on. IMO, it has become just like a situation of old where, in > Holland, people started speculating on tulip bulbs and their price went up > spectacularly, then it all crashed and the economy was in ruins for thirty > years (http://en.wikipedia.org/wiki/Tulip_mania). It is not identical in its > outcome of depth but like Bitcoins, Tulips bulbs were created for another > purpose...just meant to plant. > > Jim > > -----Original Message----- > From: dba-tech-bounces at databaseadvisors.com > [mailto:dba-tech-bounces at databaseadvisors.com] On Behalf Of Rocky Smolin > Sent: Wednesday, April 10, 2013 5:32 PM > To: 'Discussion of Hardware and Software issues' > Subject: Re: [dba-Tech] Bitcoins > > What would cause anything - stock, bond, currency, commodity, collectible - > anything, to go from 15 to 250 in three months. IME, only two things - > feverish speculation and manipulation. IME, nothing fundamental would ever > cause that. Given the nature of bitcoin - unregulated, no real assets > behind it really - I suspect a combination of the two with the emphasis on > manipulation. It smells of a 'pump and dump' scheme. > > > R > > > -----Original Message----- > From: dba-tech-bounces at databaseadvisors.com > [mailto:dba-tech-bounces at databaseadvisors.com] On Behalf Of Hans-Christian > Andersen > Sent: Wednesday, April 10, 2013 3:53 PM > To: Discussion of Hardware and Software issues > Subject: Re: [dba-Tech] Bitcoins > > http://www.businessinsider.com/bitcoin-plunges-2013-4 > > Lol > > - Hans > > > On 2013-04-10, at 1:45 PM, "Rocky Smolin" <rockysmolin at bchacc.com> wrote: > >> <= 30 days. I'd short it if I had the cojones for that sort of thing. >> >> R >> >> >> -----Original Message----- >> From: dba-tech-bounces at databaseadvisors.com >> [mailto:dba-tech-bounces at databaseadvisors.com] On Behalf Of Jim >> Lawrence >> Sent: Wednesday, April 10, 2013 11:05 AM >> To: 'Discussion of Hardware and Software issues' >> Subject: Re: [dba-Tech] Bitcoins >> >> My guess is "Bitcoin"... but this is hardly unusual. >> >> Any bets on the timing? >> >> Jim >> >> -----Original Message----- >> From: dba-tech-bounces at databaseadvisors.com >> [mailto:dba-tech-bounces at databaseadvisors.com] On Behalf Of Stuart >> McLachlan >> Sent: Tuesday, April 09, 2013 2:33 PM >> To: Discussion of Hardware and Software issues >> Subject: Re: [dba-Tech] Bitcoins >> >> Who can spell "bubble"? >> >> >> >> On 9 Apr 2013 at 9:48, Jim Lawrence wrote: >> >>> To All: >>> >>> It appears that as other currencies falter or as the market has been >>> fluctuating. The flight to another stable or at least currency >>> outside the existing banking cartelle has been increasing. Bitcoin >>> value has been bounding up. >>> >>> Last week the Bitcoin currency has hit a new height of around $180 a >>> coin, up from $72 last week which is up from $26 a little over a >>> month >> ago. >>> >>> The theory behind the coin is that it reflects the true value of >>> world currency but I feel it is now opening up to the asperations of >>> speculators...not a good a thing at the best of times...but some >>> aquaintances, at least on paper, have made a substantual profit. In >> reality, >>> its true value can only be accessed when purchasing products and that >>> has not been truly tested. >>> >>> Jim >>> >>> -----Original Message----- >>> From: dba-tech-bounces at databaseadvisors.com >>> [mailto:dba-tech-bounces at databaseadvisors.com] On Behalf Of Tina >>> Norris Fields >>> Sent: Tuesday, April 09, 2013 5:18 AM >>> To: Discussion of Hardware and Software issues >>> Subject: Re: [dba-Tech] Bitcoins >>> >>> Thanks, Jon. I wasn't talking about Bitcoins, but I was listening in. >>> I'm interested in the phenomenon and fascinated by watching it. >>> T >>> >>> Tina Norris Fields >>> tinanfields-at-torchlake-dot-com >>> 231-322-2787 >>> >>> On 4/8/2013 5:42 PM, Jon Tydda wrote: >>>> Hi all >>>> >>>> >>>> >>>> I can't remember who was talking about Bitcoins recently, but I >>>> thought you'd be interested in this: >>>> >>>> >>>> >>>> http://www.bbc.co.uk/news/technology-22064534# >>>> >>>> >>>> >>>> >>>> >>>> >>>> >>>> Jon >>>> >>>> _______________________________________________ >>>> dba-Tech mailing list >>>> dba-Tech at databaseadvisors.com >>>> http://databaseadvisors.com/mailman/listinfo/dba-tech >>>> Website: http://www.databaseadvisors.com >>>> >>> >>> _______________________________________________ >>> dba-Tech mailing list >>> dba-Tech at databaseadvisors.com >>> http://databaseadvisors.com/mailman/listinfo/dba-tech >>> Website: http://www.databaseadvisors.com >>> >>> _______________________________________________ >>> dba-Tech mailing list >>> dba-Tech at databaseadvisors.com >>> http://databaseadvisors.com/mailman/listinfo/dba-tech >>> Website: http://www.databaseadvisors.com >>> >> >> >> _______________________________________________ >> dba-Tech mailing list >> dba-Tech at databaseadvisors.com >> http://databaseadvisors.com/mailman/listinfo/dba-tech >> Website: http://www.databaseadvisors.com >> >> _______________________________________________ >> dba-Tech mailing list >> dba-Tech at databaseadvisors.com >> http://databaseadvisors.com/mailman/listinfo/dba-tech >> Website: http://www.databaseadvisors.com >> >> _______________________________________________ >> dba-Tech mailing list >> dba-Tech at databaseadvisors.com >> http://databaseadvisors.com/mailman/listinfo/dba-tech >> Website: http://www.databaseadvisors.com > _______________________________________________ > dba-Tech mailing list > dba-Tech at databaseadvisors.com > http://databaseadvisors.com/mailman/listinfo/dba-tech > Website: http://www.databaseadvisors.com > > _______________________________________________ > dba-Tech mailing list > dba-Tech at databaseadvisors.com > http://databaseadvisors.com/mailman/listinfo/dba-tech > Website: http://www.databaseadvisors.com > > _______________________________________________ > dba-Tech mailing list > dba-Tech at databaseadvisors.com > http://databaseadvisors.com/mailman/listinfo/dba-tech > Website: http://www.databaseadvisors.com