81–90 of 129 posts
Accepting Bitcoin is much easier than it was a year ago. At NameTerrific[1] we use Blockchain Wallet[2] to temporarily hold transactional funds. Whenever a customer places an order and chooses to pay by Bitcoin, we will use Blockchain API to generate a Bitcoin address for the invoice. After the customer pays, they can press a "Check Payment" button and then the system will simply check the balance of the Bitcoin addr…
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> So where are the reliable exchanges right now? MtGox is a really good exhange. Bitfloor is also really good and seems to be run by great people (plus it's located in NYC instead of Japan, which I think is nice), but you have to be willing to forgive them for a security breach in the recent past. (Never leave large amount of BTC in an exchange.) CampBX is another good option, they are located in Atlanta, GA. Sorry i…
>> So where are the reliable exchanges right now? > MtGox ... > Bitfloor ... If this is the first two you come up with I'm guessing none of them are reliable.
Also, it's easy to get rid of #0 as a fear. Does your bank (or more analogously if you have stocks, your account for some company's online trading interface) support YubiKeys or similar? http://www.yubico.com/ Mt. Gox has given quite a few of them away for free. (Mine was free.)
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"Monetary policy" and "ideology" are two distinct and separate concepts. I'm not even sure I would be in favor of labelling bitcoin as having a "monetary policy." Monetary policy describes governmental policy-making. The rules of the bitcon protocol are also unlike "policy" in that they can never change. I know I'm nit picking, but I think that it's really important to keep concepts clear and crisp. (There's a bit of…
I disagree, bitcoin does have a hardcoded monetary policy of nominal money supply targeting. The policy is primitive and will not provide any of the benefits of contemporary monetary policy, but it should provide an interesting case study. Wikipedia has a good list of the common policy options: https://en.wikipedia.org/wiki/Monetary_policy#Types_of_monet... Notice how many are focused on inflation (CPI and price leve…
The Milton Friedman/John Taylor position is that markets will adapt to pretty much any monetary rule as long as it is stable and predictable. Bitcoin's monetary rule is about as predictable as you can get.
The one part of the Keynesian story that I find compelling is the part about inflation being needed to address the problem of sticky wages. But wages in web sectors tend to be much less sticky. Free money's time has come.
Accepting Bitcoin is much easier than it was a year ago. At NameTerrific[1] we use Blockchain Wallet[2] to temporarily hold transactional funds. Whenever a customer places an order and chooses to pay by Bitcoin, we will use Blockchain API to generate a Bitcoin address for the invoice. After the customer pays, they can press a "Check Payment" button and then the system will simply check the balance of the Bitcoin addr…
ZhoutTong IS A THIEF AND NAME TERRIFIC WILL STEAL YOUR MONEY
Another recent news is stunning for Bitcoin, but somehow got unnoticed: A company pouring $1M+ to develop a 65nm Bitcoin mining chip: http://blog.zorinaq.com/?e=69
What I don't understand is how this is stunning ? It just shows the fundamental lack of equality or fairness in the 'currency'.
If we were still on a gold standard, would investing in new mining techniques signal similar about our currency?
- How banks would react? They would loose they power of creating money (which is good, since they create mostly sick kind of money - http://www.moneyasdebt.net)
- How goverments would react? Would they try to tax Bitcoin incomes, if yes, how to do this?
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Bitcoin does have a particular monetary policy coded into it, which can be seen as an ideology.
"Monetary policy" and "ideology" are two distinct and separate concepts. I'm not even sure I would be in favor of labelling bitcoin as having a "monetary policy." Monetary policy describes governmental policy-making. The rules of the bitcon protocol are also unlike "policy" in that they can never change. I know I'm nit picking, but I think that it's really important to keep concepts clear and crisp. (There's a bit of…
I think a good deal of today's economic problems are connected to the fact that most people either do not understand or do not agree with this.
Another recent news is stunning for Bitcoin, but somehow got unnoticed: A company pouring $1M+ to develop a 65nm Bitcoin mining chip: http://blog.zorinaq.com/?e=69
It seems to me that the move from "everyone knows everything" to a truly distributed model entails a lot of risk, and it's possible that the protocol just may not work at this scale. Is this a reasonable concern?