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WordPress.com accepts Bitcoin

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Re: WordPress.com accepts Bitcoin

#71
post #25

Muhuhahaha ( evil laugh ), and my parents thought I was crazy when I told them there was a new digital currency you kept in files, that had no inflation, was (almost) completely anonymous, and - get this - that it was real and traded on actual markets. When I started talking about Bitcoin mining, that was when they seriously thought I was going off the deep end. And really, most non-tech-savvy people would think the…

ideology behind the currency is fascinating and remarkable I'm going to take the liberty to nit pick. There isn't any ideology behind bitcoin. It's just a protocol. Among existing serious bitcoin users, there's a pretty diverse range of political opinions (some of which I find pretty distasteful), plus disagreement on the actual merits and potential demerits of bitcoin.

> There isn't any ideology behind bitcoin. It's just a protocol.

I disagree. It was motivated by particular strains of cryptopunk thought, has features designed specifically for long-desired applications like multi-signing or a built-in programming language for stuff like Szabo's smart contracts, the original Satoshi whitepaper was explicit about goals, and multiple design choices were made for non-technical reasons (such as a hardwired limit to coin issuance). Finally, in the very first block in the official blockchain, Satoshi included a newspaper quote about bank bailouts! Not the most neutral non-ideologically-charged topic in the world, let us say.

Certainly serious Bitcoin users have a wide range of views, but to say 'there isn't any ideology behind Bitcoin' is to just plain ignore everything about its conception.

Re: WordPress.com accepts Bitcoin

#72
post #19

lots on news this week n accpeting bitocoin! reddit is looking into this too! the world is shifting to bitcoin!! if it is indeed less inflationary/deflationary than we can just transfer USD into bitcoin on www.coinbase.com (which is pretty much paypal for bitcoin) - S12 YC company

> the world is shifting to bitcoin!! I think that wins the prize for the most hyped remark on HN, ever. Really, the world has not shifted to bitcoin, it won't shift to bitcoin in the near future and possibly never. Bitcoins are interesting, a very nice implementation of the idea of a digital currency with some thought provoking possible consequences. (See: http://en.wikipedia.org/wiki/Assassination_market ), but it i…

give it 20 years. bitcoin will be the worlds reserve currency.

Re: WordPress.com accepts Bitcoin

#74
post #47
post #35

Earlier quoted context omitted.

"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…

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Re: WordPress.com accepts Bitcoin

#75
post #19

lots on news this week n accpeting bitocoin! reddit is looking into this too! the world is shifting to bitcoin!! if it is indeed less inflationary/deflationary than we can just transfer USD into bitcoin on www.coinbase.com (which is pretty much paypal for bitcoin) - S12 YC company

> the world is shifting to bitcoin!! I think that wins the prize for the most hyped remark on HN, ever. Really, the world has not shifted to bitcoin, it won't shift to bitcoin in the near future and possibly never. Bitcoins are interesting, a very nice implementation of the idea of a digital currency with some thought provoking possible consequences. (See: http://en.wikipedia.org/wiki/Assassination_market ), but it i…

I think you are in for a rude awakening. This is a whole different animal - alpaca perhaps! ?

Re: WordPress.com accepts Bitcoin

#76
post #32

Earlier quoted context omitted.

Yes. For example, both the FBI and the ECB have written on bitcoin in a way that acknowledges it as a useful medium of exchange. What are you looking for? https://en.bitcoin.it/wiki/Main_Page has a lot of good info on a lot of stuff. reddit.com/r/bitcoin is a pretty helpful place to ask casual questions.

I'd love to read on thoughts about how a digital currency will change economic policies, the market, and just things in general. If its decentralized (i.e. the currency is not distributed from a central bank), then presumably you can't deflate or inflate the value of the currency in order to encourage economic growth (am I getting this right?). Also I'm wondering what Bitcoin means in terms of banks. If I don't need…

There is absolutely zero concensus on these things, within and without the bitcoin community. So, you can chat with people about it, but there are no "canonical" answers to those questions, except to the degree that you can answer them yourself to your own satisfaction.

Intentional inflation and deflation of bitcoin is impossible, but one could imagine the creation of a digital currency where it would be possible.

You don't need to put bitcoins in a bank for "safe keeping," but in a mature bitcoin economy, you'd probably want to invest them in some form, so there would be banks that give out loans. They can't use fractional reserve banking unless they issue their own "notes" (digital or otherwise) that are redeemable for bitcoin. In such a case, there would be no required fractional reserve, unless one were to be instituted by law. Basically, in all these aspects, you can really think of bitcoin as a digital fom of gold. Banks used to hold gold in their vaults and give out redeemable bank notes, so this has happened before historically.

Re: WordPress.com accepts Bitcoin

#77
post #47
post #35

Earlier quoted context omitted.

"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…

I mean, the definition of monetary policy given at the top of the Wikipedia page you linked to rules out there being such a thing as a "monetary policy" hardcoded into bitcoin.

Re: WordPress.com accepts Bitcoin

#78
post #54

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

That endeavor may be "unknown" in general, but it is super well-known in the "Bitcoin community" and the subject of unending discussion/debate/conspiracy theories.

Re: WordPress.com accepts Bitcoin

#79
post #19

lots on news this week n accpeting bitocoin! reddit is looking into this too! the world is shifting to bitcoin!! if it is indeed less inflationary/deflationary than we can just transfer USD into bitcoin on www.coinbase.com (which is pretty much paypal for bitcoin) - S12 YC company

> the world is shifting to bitcoin!! I think that wins the prize for the most hyped remark on HN, ever. Really, the world has not shifted to bitcoin, it won't shift to bitcoin in the near future and possibly never. Bitcoins are interesting, a very nice implementation of the idea of a digital currency with some thought provoking possible consequences. (See: http://en.wikipedia.org/wiki/Assassination_market ), but it i…

There's nothing "thought-provoking" about assassination markets, especially in the context of bitcoins. Maybe that's just because it's 2012.

The guys at https://www.bitinstant.com/ are in the process of making a debit card backed by bitcoins, so when that's out, you will indeed be able to buy everything you currently buy with a card. However, at that point I still wouldn't agree with the assessment that the world is shifting to bitcoin. For that I'd need to see at least a few billion dollars market-cap, I'd be much more comfortable with a trillion dollar market-cap.

Re: WordPress.com accepts Bitcoin

#80

Earlier quoted context omitted.

> the world is shifting to bitcoin!! I think that wins the prize for the most hyped remark on HN, ever. Really, the world has not shifted to bitcoin, it won't shift to bitcoin in the near future and possibly never. Bitcoins are interesting, a very nice implementation of the idea of a digital currency with some thought provoking possible consequences. (See: http://en.wikipedia.org/wiki/Assassination_market ), but it i…

give it 20 years. bitcoin will be the worlds reserve currency.

I'll take that bet.

I'll accept payment of US$250 or €250, whichever is the higher value.

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