Integrate Asia Live Tech's Fan Tan Live Table to your Online Casino today
Now another edition to Asia Live Tech's Live Games is Fan Tan. Fan Tan is one of the Asia Live Tech Live Dealer products which is in high demand from Asian Players. Here is the good part, Asia Live Tech being the First Bitcoin iGaming Software Provider in Asia, all our live games are Cryptocurrency supported and enabled thus whichever is your preference of playing be it Fiat Currencies or Cryptocurrencies. Our games got you covered. Live Fan-Tan is the ideal game for the Chinese market. The players must bet on a number going from 1 to 4 or a combination of them then set their stakes. The croupier, using beads, remove them from the table 4 per 4. The number of beads, between 1 and 4, decides which number wins. As this game brings a bit of complexity on the table, we bring two versions that can be enjoyed by different players according to their gambling habits: the traditional version and the simple version. The simple version consists of three dices when the tradition version follows the classic rule set. Live Fan-Tan is available through our Live Dealer products. Read more at www.asialivetech.com https://preview.redd.it/4r0bh3hopa341.png?width=800&format=png&auto=webp&s=ef1f5b99679e7c0585b6269f72e643c160de0e5a
Integrate Asia Live Tech's Fan Tan Live Table to your Online Casino today
Now another edition to Asia Live Tech's Live Games is Fan Tan. Fan Tan is one of the Asia Live Tech Live Dealer products which is in high demand from Asian Players. Here is the good part, Asia Live Tech being the First Bitcoin iGaming Software Provider in Asia, all our live games are Cryptocurrency supported and enabled thus whichever is your preference of playing be it Fiat Currencies or Cryptocurrencies. Our games got you covered. Live Fan-Tan is the ideal game for the Chinese market. The players must bet on a number going from 1 to 4 or a combination of them then set their stakes. The croupier, using beads, remove them from the table 4 per 4. The number of beads, between 1 and 4, decides which number wins. As this game brings a bit of complexity on the table, we bring two versions that can be enjoyed by different players according to their gambling habits: the traditional version and the simple version. The simple version consists of three dices when the tradition version follows the classic rule set. Live Fan-Tan is available through our Live Dealer and Live Player products. Read more at www.asialivetech.com https://preview.redd.it/zjo57w83f3x31.png?width=800&format=png&auto=webp&s=33bfc36d75b29a71d1ac0ee6d0e77781f9e8f807
Integrate Asia Live Tech's Fan Tan Live Table to your Online Casino today
Now another edition to Asia Live Tech's Live Games is Fan Tan. Fan Tan is one of the Asia Live Tech Live Dealer products which is in high demand from Asian Players. Here is the good part, Asia Live Tech being the First Bitcoin iGaming Software Provider in Asia, all our live games are Cryptocurrency supported and enabled thus whichever is your preference of playing be it Fiat Currencies or Cryptocurrencies. Our games got you covered. Live Fan-Tan is the ideal game for the Chinese market. The players must bet on a number going from 1 to 4 or a combination of them then set their stakes. The croupier, using beads, remove them from the table 4 per 4. The number of beads, between 1 and 4, decides which number wins. As this game brings a bit of complexity on the table, we bring two versions that can be enjoyed by different players according to their gambling habits: the traditional version and the simple version. The simple version consists of three dices when the tradition version follows the classic rule set. Live Fan-Tan is available through our Live Dealer and Live Player products. Read more at www.asialivetech.com https://preview.redd.it/u5ucf0dpqpv31.png?width=800&format=png&auto=webp&s=2639b682c97ac393ccbae4719e036431d9259184
Integrate Asia Live Tech's Fan Tan Live Table to your Online Casino today
Now another edition to Asia Live Tech's Live Games is Fan Tan. Fan Tan is one of the Asia Live Tech Live Dealer products which is in high demand from Asian Players. Here is the good part, Asia Live Tech being the First Bitcoin iGaming Software Provider in Asia, all our live games are Cryptocurrency supported and enabled thus whichever is your preference of playing be it Fiat Currencies or Cryptocurrencies. Our games got you covered. Live Fan-Tan is the ideal game for the Chinese market. The players must bet on a number going from 1 to 4 or a combination of them then set their stakes. The croupier, using beads, remove them from the table 4 per 4. The number of beads, between 1 and 4, decides which number wins. As this game brings a bit of complexity on the table, we bring two versions that can be enjoyed by different players according to their gambling habits: the traditional version and the simple version. The simple version consists of three dices when the tradition version follows the classic rule set. Live Fan-Tan is available through our Live Dealer and Live Player products. Read more at www.asialivetech.com https://preview.redd.it/npwcxvfs6xu31.png?width=800&format=png&auto=webp&s=ff0cc7004c68eed4ab19c186bb4ab9bbb3b8a55e
Integrate Asia Live Tech's Fan Tan Live Table To Your Online Casino Today
Now another edition to Asia Live Tech's Live Games is Fan Tan. Fan Tan is one of the Asia Live Tech Live Dealer products which is in high demand from Asian Players. Here is the good part, Asia Live Tech being the First Bitcoin iGaming Software Provider in Asia, all our live games are Cryptocurrency supported and enabled thus whichever is your preference of playing be it Fiat Currencies or Cryptocurrencies. Our games got you covered. Live Fan-Tan is the ideal game for the Chinese market. The players must bet on a number going from 1 to 4 or a combination of them then set their stakes. The croupier, using beads, remove them from the table 4 per 4. The number of beads, between 1 and 4, decides which number wins. As this game brings a bit of complexity on the table, we bring two versions that can be enjoyed by different players according to their gambling habits: the traditional version and the simple version. The simple version consists of three dices when the tradition version follows the classic rule set. Live Fan-Tan is available through our Live Dealer and Live Player products. Read more at www.asialivetech.com https://preview.redd.it/2kykz7cgzbu31.png?width=800&format=png&auto=webp&s=3f1cd0b1b713c3c82cb439e927bfa36c0a2e0dbf
News headlines are shattered every single year with top level computer programming beating the best and brightest online gamers in society today. All across the globe, games that were once thought practically unbeatable not that long ago are being won by Artificial Intelligence (A.I.). Whether that be board games such as the game of Go that ended up with Lee Sedol defeated by AlphaGo or some of the world's best Dota 2 players defeated by OpenAI, the world has been abuzz by humanity's newest overlords that are threatening to define what it can even mean to be human in the not too distant future. And while many games have been defeated by A.I., not every game has been beat by computer programs. Generally speaking, for computer programs to win in the current environment, they need to be able to do a few things:
They need to have a clear set of rules
They need to know what proper winning conditions are
They need to be able to distinguish good from bad
The search space for games needs to be somewhat limited or redefined
Should We Welcome Our New Robot Overlords?
With the above list of rules, it can be relatively easy to take a look at the game of chess. The amount of moves that are possible in a game of chess are in present day computation relatively impossible to compute since there are simply too many possible moves. The search space is simply too big. So the search space needs to be pruned algorithmically so that the computer can search moves more efficiently and decide which moves can even make sense to look at to save time and processing power. Secondly, it needs to know which moves lead to winning outcomes. With the pruning techniques, winning conditions and help from Google's AlphaGo Zero, the world's strongest chess engines emerge with an unbelievable understanding of the game that almost begins to transcend conceivable human understanding. However, A.I. bots can be weaker in various scenarios in today's world although still have a reasonable grasp as to what is going on. With games of incomplete information, games where not all information is visible to all players (for example, Poker), A.I. presently may struggle a little. This problem, however, is quickly being solved by top level A.I. programs by operating under the assumption that incomplete information games, given enough information, converge on complete information scenarios based on a distribution of outcomes of possibilities that a smart opponent may even engage in. A.I.s have been targeting games with incomplete information which include, but are not limited to, Dota 2, Starcraft 2 and Poker to name a few. The problem then grows further when we apply what the A.I. consequences are relative to Bitcoin gaming and Blockchain technology. Incomplete information games are a smaller scope of what can end up being the “games” played in the reality of real life scenarios for human beings and the optimal decision making that exists therein. When it comes to Bitcoin gaming in particular, in order for it to thrive in the real world it needs to be somewhat impervious to A.I. technology which is undoubtedly tough if you consider the bleak outlook of what has been discussed so far. However, there are solutions, even if they may be temporary in the year 2019.
There Are Some Short Term Strategies
The best way to allow Blockchain online games to thrive in today's economy, moving into 2020 and forward is to base the Bitcoin games on a few different theoretical concepts which include:
Make the win conditions not very obvious and hard for computer programs to define
Make the rules extremely noisy
Hide as much information from bots and humans as possible
Make it difficult for bots to strategically determine winning vs losing conditions
With all of those conditions in mind, you can then start to draft games that at least challenge A.I. technology and can allow humans to play against each other in proper Blockchain games / Ethereum games and not play solely against outwitting bots. To wit, MintDice has a strong focus on the development of Bitcoin games that will be slightly difficult for A.I. to solve, so stay tuned and keep in touch with MintDice's Casino Bitcoin roadmap development. At least three skill games will be developed by MintDice with other skill games planned for future development depending on the overall engagement by the Bitcoin community. If there is demand for proper Bitcoin games of skill, the MintDice Bitcoin Casino will be happy to continue to produce exceptionally high production value games for the community to enjoy and play against each other. It is a war against the bots, and not one that we can win in the end, but one we can have fun with for at least the next few years, we hope :)
How to bet efficiently on Satoshidice and why you shouldn't use the martingale method
With Bitcoin and Satoshidice or similar websites, gambling has become easier than ever. I am sure that many of you will try it out at some point even if it is only for one bitcent. This also means that there'll be an influx of people who have never gambled in their lives and might take very bad decisions. This small guide is to provide an introduction to the odds offered by Satoshidice, and specially how to gamble if you're a practical person like me. The house always wins It is impossible to beat Satoshidice. This is the first rule you must learn. Whatever happens on that site, as long as it keeps running, it will make profit from the small advantage it has on each bet. This also means that in the long run you'll be losing money and that if you kept playing forever there is no way you would make a profit. Assuming that you're a practical person like me and that you play to win some money (not only to lose it) then it is necessary that you stop at some point. The sooner, the better. What is the Martingale method and why you should avoid it The Martingale method is a very popular betting system that will eventually bring you more grief than pleasure because its design often causes players to spend more than they are willing to bet just to recover the initial investment. Let's assume you're playing at 50% odds. The strategy you would have to follow, according to Martingale would be to bet always the same amount if you win, and keep betting double if you lose. Let's say I bet 1 BTC and I win. Good! Next time I'll bet another BTC... but I lose this time. In order to recover from the loss and still make a profit I should bet double next time, which would be 2. If I win the 2 BTC bet I will have won aproximately 4 BTC. Since I have made a total investment of 3 BTC (first bet + second bet) and won 4 BTC I have effectively recovererd all my previous bets and still made the profit I wanted in the first place. So... Where's the problem? First of all, you need to remember that even if you had huge funds and there was no Maximum bet that in the end you would still lose a small percentage of your total investment due to the house advantage. But that's not all:
You don't have unlimited money.
There is a Max bet which you'll eventually reach and which breaks the system.
To see how fast and easy it is to reach the Max bet, you must remember that the bet increase will be exponential. Usually on the 50% bet on Satoshidice the Max Bet is 250 BTC. We'll assume we're starting with a 1 BTC bet. 1 BTC - First Bet 2 BTC - Second Bet 4 BTC - Third Bet 8 BTC - Fourth Bet 16 BTC - Fifth Bet 32 BTC - Sixth Bet 64 BTC - Seventh Bet 128 BTC - Eigth Bet (Last bet) ~256 BTC - Out of limits!~ Assuming you follow this method, you could lose 7 times in a row and then recover all your investment + make your original profit of 1 BTC by winning on the eigth time. The chance of winning during one of those eight times before you hit the limit is 99.6%. But just take a look at what you are really doing and why there is no point in Martingale: By the eigth bet you will have made a total investment of 1+2+4+8+16+32+64+128 = 255 BTC just to win one miserable BTC. Assuming that you have the money, you'll be betting $3442 just to win a little less than $13.5 Of course the odds of losing are very low and they will be even lower if you start with 0.01 instead of one whole bitcoin... but were you willing to bet so much money in the first place? And trust me, if you keep doing this it will bite you and you'll end up loisng much more than you ever intended to bet. Here's a nice video of a guy who tries to show it live and miserably fails and loses. Let's roll back to the first example and take a look at what happened: First bet: 1 BTC - We lose Second Bet 2 BTC - We win 4 BTC What are the chances of winning the second time? 75% What is our investment/return ratio: 3:4 It is exactly the same to bet 2 times on 50% using Martingale than just placing a single 75% bet. If you were willing to bet and risk 3 BTC with 75% chance in order to win 1 additional BTC, why didn't you directly place a 75% bet? What Martingale does is pushing you always further to risk money you didn't want to risk in the first place. How to bet efficiently
Determine how much you're willing to lose on a single day.
Determine how many different days you'll probably be playing.
If you're an avid gambler and you know you're going to play many games, then it is possible to bet on low odd games because you know that if you lose one time there will probably be another time in which you will break even or even make a slight profit. If you don't gamble often, then you should stick to the high odd games. You know that if you lose you're probably not going to be back tomorrow in order to keep pushing the odds, so it is important for you to make a profit as fast as possible. Now that you know this, place your max bet, all or nothing, on the virtual dice table and cross your fingers. If you win: Horray! You have won Satoshidice! You have made a profit even though the odds were against you. Now stop playing. Forever. Of course you could continue playing and try to maximize your profit, but remember that each time you visit Satoshidice the chances are that you will lose a small percentage of thet total accumulated investment and that you'll never make a profit. If you keep playing, you are bound to lose. It is only a matter of time. Also, remember that the more you bet, the more you will end up losing. The only way to make money from satoshidice is in the short time. If you lose: Don't try to bet double or to recover that bet by betting more than you were willing to lose in the first place. You will only be fooling yourself. Close the website and return another day when you've got more money that you are willing to risk. Remember that if you keep playing, odds will be against you and that it is possible that you never recover your initial bet investment or even make a profit. If you keep playing in a regular manner, it is probable that you recover that amount but it is not certain. That is the reason why you should always bet money you are willing to lose. Question: Why would you want to bet it all at once? If you're playing for fun then you might want to split the amount you're willing to risk and make several smaller bets. But in the end it is exactly the same. Don't fool yourself thinking that by making smaller bets you are increasing your luck. Remember that in the end it is exactly the same as placing one big all or nothing bet.
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Do you love Fantasy Football? Do you love bitcoin? Why not combine the two into...Fantasy Football! Setting up a couple leagues with bitcoin Buy Ins. Here's the deal, Nitrogen Sports has offered to escrow. There will be no cut taken from the prize, this is purely offered as a fun activity and also knowing that there is no funny business with the prize pool. Here's how to enter:
Send your entry fee to 1LBWirWvTcnMUSgVU5mNRPw3eubV1BXEBL or transfer to the Nitrogen Sports #50 account (create an account at Nitrogensports.eu).
Once you've sent your entry fee, post the transaction here.
I will send you the password to join the league.
IMPORTANT Please use either your Nitrogen Sports ID # or the last 5 characters of your bitcoin address in your team's name somewhere. This is so I can keep track of who wins/who has deposited. For example: Stander's Team #414
Here's the good stuff for each league:
Draft will take place Wednesday September 3rd at 9 PM EST in all leagues. Your team will of course be auto drafted if you can not make it.
Each league will be 10 teams with Standard scoring.
There will be 7 bench spots.
There is NO trading. It would not be viable in a league like this to properly review trades.
There will be waivers.
All leagues will pay out top three finishers. The prize pool split will be 60%, 30%, 10%.
Yes, I will participate in some of these leagues as a team manager. I will have commissioner powers but will only use them in cases of inactivity or error corrections. Collusion will be dealt via the rules outline within the league.
If the league does not fill up, the entry fee will be sent back after draft day. So PLEASE use an address that can receive funds back. Do not send from dice/gambling websites. If you use Nitrogen Sports simply transfer to the #50 escrow account.
League #1 .05 Buy In, .5 BTC Prize Pool HERE League #2 .1 Buy In, 1 BTC Prize Pool HERE League #3 .25 Buy In, 2.5 BTC Prize Pool HERE I will make more leagues if these fill up or if there is demand for a different entry fee.
Please feel free to post questions/concerns! Disclaimer: Nitrogen Sports has agreed to hold the prize pool for this event and pay out the agreed upon winner at the conclusion of the contest. They will not be involved in settling any disputes, nor are they responsible for upholding the rules and regulations of this contest.
There are several potential tipping points, but my favorite one is a large corporation accepting Bitcoin.
Amazon has an incredibly small operating margin, less than 1% - They have more than that in transaction costs, so if they were to accept Bitcoins for product and offer Bitcoins as payment to their affiliates it would cause a rush of other companies to jump onboard for the same reasons.
Once that happens with one large company, it sets a precedent. Doing something new is scary, and when the regulatory environment is uncertain like it is with Bitcoin the choice to accept could potentially cost you a lot of money later if it's retroactively made not OK and the value of the currency plummets.
But once a company like Amazon or Google jumps in, they have enough political swing and momentum that attacking Bitcoin becomes attacking them, and they'll fight that tooth and nail if it's saving them money.
Another example of a tipping point would be a country, ANY country, adopting it as their formal currency OR issuing a new currency with Bitcoins as the transparent backing of it. With bitcoin you can have a functional gold standard, because the gold doesn't need to be hidden from sight.
It is the hiding that makes gold standards dangerous - The people who issue currency with the gold as backing have no reason to issue the correct amount when only they know how much is out there, and how much gold they have.
There are already really small niche sites you can trade Bitcoin at leverage with, but it's just a bad idea. With a "normal" commodity market, like say chickens, if you think chickens are undervalued and want to profit from them you can buy forward production of say, a million chickens. Then when the option comes due, if you're on the profitable side of the trade you can essentially sell it for cash and the chickens never need to be delivered. In that way, it almost doesn't matter if the chickens ever existed to begin with because you never intended to take posession. With Bitcoin, it's different - Converting a bitcoin options contract into US dollars, yen, whatever actually is more expensive and time consuming than just "accepting delivery" of the bitcoins themselves. You can still sell them for whatever currency you want, but it is at the time of your choosing rather than at the point of settlement. What that means is that if you sell an option and the Bitcoins don't really exist, you could be screwed. You either default or buy them at market price which can be very painful given how volatile the pricing is right now. It is a bad idea to play with leverage in Bitcoin because if you lose, you potentially lose very big. Additionally, it's bad to buy an option because you introduce the possibility of the counterparty (supply) not being able to deliver, whereas if you just bought Bitcoins you have the Bitcoins.
Cryptocurrencies (of which Bitcoin is the most prominent) are the first real competition to the types of money we've used all our lives. With Dollars, Yen, Whatever - Ultimately there are a handful of people who get to decide how and why the currency should be managed.
If they did a good job, it might be fine - But the reality is the decision made affecting all users of the currency are to the benefit of a very few , at the cost of the many.
Bitcoin is different - The rules that govern it, are the rules that govern it. Nobody can break them, and if they're ever broken it's because more than 51% of the distributed power in the system (anyone can buy a mining rig and join this group). For me, that's incredibly important. Rules should apply evenly to everyone because otherwise they're not rules at all.
Local communities can benefit because it removes payment processors from merchant relationships, removes chargeback risk, and basically acts like Cash on the internet.
Discounts :) We've been talking about the deflationary business model, and during this period where the value is going to go up pretty fast (over the next several years) as adoption ramps up, businesses are going to be giving major discounts to those who choose to spend them.
From the merchants perspective, this is actually a huge win - They get to have lower prices than their US Dollar (or local currency) competitors, and the value of the Bitcoins they receive goes up over time instead of going down with printed currencies. Once this becomes pervasive in the Bitcoin economy, it will mean that even at those discounted prices they are STILL profitable because their suppliers are also offering them discounts to pay in Bitcoin.
Right now we're at the beginning of this cycle, you can see BitcoinStore.com is attempting it (Disclosure - They have sponsored us in the past, we run a 30s advertisement for them per show) but it's hard to be the first one doing it because it looks like you're sacrificing yourself when really it's just the model that makes the most sense.
I put out a call for staff several months ago, Andreas found me through that and joined the team initially as a correspondent providing expertise and commentary while Mt.Gox was having a lot of problems. Once we re-started the show as a twice-weekly, he graciously offered to join the hosting staff and gladly took him up on it.
I found Stephanie through her show Porc therapy, and a listener named Justus - He mentioned she did voicework, and I hired her to do some of our early introductions and advertising spots. When we went through the re-organization I offered her an occasional hosting role, and never bothered finding other hosts because I was so happy with our dynamic and varied viewpoints.
Both of the other hosts on the show are real professionals, and it's been my distinct pleasure to work with them.
We started off using Skype, Virtual Audio Cables (VAC) and Adobe Audition (creative suite)
Now we use Mumble instead of Skype, but the rest is the same.
I edit the host segments for content (sometimes we go on and on and on) and I edit the interviews for presentation, rarely removing any content. Many times the skillset that enables you to have a really smart idea is not the same skillset that lets you present that idea, perfectly, the first time. Our interview subjects tell me all the time "I love how smart I sound" and I get to say "You are smart, I just removed the brain processing noises"
Is there outrage against people who bought Apple stock at $30? Bitcoin is a currency that right now, and for the next few years, acting like an IPO. People who got in early got in cheap, but there was a whole lot of risk because people weren't using it much, there wern't vendors accepting it, so the use case is much more speculative.
We're very much still in the early adoption phase right now - Less than %.01 of internet users are Bitcoin users, as that number grows while the number of coins being added to the total pool grows at a much slower rate, the price per coin has to go up. If Bitcoin fails and everybody abandons it, this works the opposite way - but it actually solves a number of problems (microtransactions, fees, international money transfers, automated payment systems) so I'm not super concerned about that.
One of my favorite quotes, by Douglas Adams.
>It is a rare mind indeed that can render the hitherto non-existent >blindingly obvious. The cry 'I could have thought of that' is a very >popular and misleading one, for the fact is that they didn't, and a very >significant and revealing fact it is too.
China has lots of restrictive controls on their local currency, so Bitcoin has a real use case there. This is one of many scenarios where given even 1% adoption, the price must go very much above where it is now.
Yes, if you already have the specific betting addresses it doesn't matter where you are in the world. It is only the website that does not allow US IPs, they did this to be very clear they were trying to respect the US gambling laws.
I spoke with Erik Voorhees about this among other things at the conference, you can find that interview here Link to letstalkbitcoin.com
But the development team has made it clear they're moving towards a market-based mechanism where Miners set the minimum transaction fee they will accept, and process on a first-come/highest-fee model. People who want their transaction to process fast will put a higher fee and it will be prioritized, while people who don't care about delivery time will be able to send no fee and be subsidized by those paying higher fees.
In the same way the automobile changed the horse-and-buggy system as they knew it. If you play out the logic, one functionally obsoletes the other. I was talking with a financial reporter the other day who has been coming around to bitcoin, and he said to me "You know, if they were building the banking system from scratch today I think this is pretty close to what it would look like"
Andreas answered a question below about bitcoin and self driving cars, fixing spam on the internet by using Bitcoin addresses with tiny amounts of BTC in them to prove you're a real person and not a single-use bot, there are so many crazy and impossible things that become actually probable when you're talking in the context of a world built on decentralized, rules-based, cryptographically secured, instantly transmittable, person to person internet cash.
I have never been so hopeful for our future as I am now that I've thrown my days into bitcoin. Bitcoin 2013 was a fine conference and a wonderful experiance, so many very smart people have quit their jobs or left their studies to do the same thing I have.
We know we're building the future, and it's a better one than we have today.
I would agree with you. Until recently it's been impossible to use Bitcoins on a "dumb cell phone" - That changed recently with Link to phoneacoin.com and others.
Bitcoin solves problems that the world has had for decades, it takes the power to destroy the currency away from government so they cannot do it no matter how much they want to, or how desperately they think they need to.
No government wants to destroy a currency, they just don't want to acknowledge they've trapped themselves with debt and have no way out.
The true creator is not known, he went by a false name "Satoshi".
He actually holds about 250,000 coins if I recall correctly because he was the first miner. Bitcoin is a protocol, a set of rules. It's open source, and anyone who wants to look at it can see that there is not a mechanism to just create more coins by typing in a magic word. There are no commissions, although there are fees that go to the miners who process and verify transactions.
It depends on the mesh. If the mesh was never connected to the internet, it would be a parralel Bitcoin network able to transact with itself but if it was ever connected to the larger network any conflicting transactions would be "lost" as the two ledgers (the big one, and the disconnected one) try to reckon their differences. Only one winner, so that means there is a loser.
More interesting might be disconnected communities running their own fork or version of Bitcoin, that way if they're ever connected it can be an exchange process (trading their coins for "bitcoins" rather than a reckoning (Seeing who has a bigger network and canceling out transactions on the smaller one that conflict)
1 - Yes! Once everyone who has purchased Bitcoin has purchased them, the price will stabilize. In practice this will start happening long before absolute stability, and as soon as people start thinking about prices in terms of BTC instead of their local currency it almost doesn't matter.
2 - "The Feds" are not the only ones who can issue currency - They have legal tender laws which mean people MUST accept their money, but nothing prevents you from circulating a voluntary currency like Bitcoin.
No. Paypal again is the proverbial horse-drawn-buggy manufacturer- Sure they might go to the worlds faire and while observing the new fangled automobiles say to themselves 'we might integrate this into our existing machines!' when the fact is that it obsoletes those existing machines.
Paypal makes their money by standing in the middle of transactions collecting fees, Bitcoin serves its function by connecting people who want to do commerce directly to one-another, and what fees are paid are a tiny fraction of what Paypal does. If paypal accepted Bitcoin, it would not be Bitcoin any more because they would have mechanisms to freeze accounts at the very least to mitigate risk. That is not possible with Bitcoin by itself.
Mostly Bitcoin 2013 was an opportunity for people building the future of Bitcoin to meet each other and network. There were speakers talking about a wide variety of issues, and vendors of Bitcoin services who were showing their latest innovations and systems.
For people brand new, www.weusecoins.com is a good place to start For people who want to learn how it works, www.letstalkbitcoin.com/learn will direct you to the Bitcoin Education Project, which is a series of free and very high quality lectures that will tell you everything you ever wanted to know and more about Bitcoin, How it works, and all the little sub-topics that you'll eventually want to learn about.
The pitch is "It's like cash that lives on the internet, and is as easy to spend on the internet as buying a candybar in a store with a dollar"
Bitcoins are your property, it's illegal for someone to steal your property whether it is money or not. Right now there is little that can be done about theft, but eventually I expect a class of "Blockchain Forensic Investigators" to emerge who will track down your stolen coins for a % based fee.
Because you can't divide a gold coin into .0001 without incurring cost and expense. That's not the case with Bitcoin, so the deflationary aspect of it is largely moot.
There is a tendency to listen to modern "economics" which makes this arguement, saying that the money supply must expand because otherwise it drives down profitability in a race to the bottom.
I think in practice we'll find that people don't work against their own best interest, and while during the initial adoptions stages of Bitcoin there will be significant discounts offered to those who pay with Bitcoin vs. legacy currency, once the market becomes saturated and the price levels out those discounts will be scaled way back.
Right now it makes sense to heavily discount, because the expectation is that the value of the Bitcoins will go up during this period of adoption, that won't always be true and the discount is a reflection of anticipated future returns.
Was it bad when people saved money in banks that paid 10% interest? No, that's called capital formation. There is a thought that given a deflationary currency nobody will spend any money, that's nonsense. Just because your currency gains value over time doesn't mean that you no longer have costs that must be paid for. What Deflationary currencies do is say "Ok, you could spend it on that, but is it worth it relative to what you'll gain by not?"
That's a good thing. Our system right now works on the opposite theory - Spend money NOW because if you're dumb enough to keep it in the bank it will actually lose value over time between the couple points of "official" inflation and less than 1% artifical interest rates. The situation is like this now because the fed is trying to make people spend as much money as possible with the hope that the flows will "restart the economic engine"
Too bad this isn't how things work, not that it'll stop us from trying it over and over again.
Honestly? No. Bitcoin would be great in this role, but governments around the world rely on their ability to expand the money supply (print money, or sell debt) in order to fund their deficits. They also manipulate interest rates to be low so that debt is very inexpensive.
Bitcoin doesn't have a central control mechanism, so there is no group or person who can say "OK - the interest rate is 1%" - If that's really what the interest rate wants to be based on market forces, it'll be that - But if not, there isn't much anyone can do to stop it.
We use Basecamp, and it really depends. Right now we have a show prep thread that has 30+ posts in it for episode 11, we'll probably use 5 of those.
The agenda is really basic - As we get near recording time topics are selected (generally by me, but I like to get the other hosts to do it since they provide most of the commentary in Host segments) and I form a schedule, then we run through the recording session hitting each topic.
Over the last weeks we've brought two researchers onto the team, so that has helped a TON.
Not having seen it but knowing TV, I'm gonna go out on a limb and say "not very well" Satoshi has not been identified, was a throw-away identity that was cryptographically secured, so probably never will.
I'll be speaking at an event in NYC on July 30, there will be one or two meetups while I'm there. There is also an event in October in Atlanta. I remember talking with a guy at Bitcoin2013 wearing a shirt that said "BitcoinChicago" so I'd suggest looking for a user-group.
We're planning on doing Q&As often, but none of us are really near Chicago so it's tough. Happy to do virtual Q&As over skype, live or recorded.
There are two camps. Some people think that regulation is inevitable, and since it's going to happen anyways it's better to participate in the process and try to make it less bad. The other side thinks that by participating, you accept their authority to regulate it when really they have no right to regulate money and have proven to do a very bad job at it now for quite a number of years.
As a wild guess number I'd say $1000 or less than a dollar. Very little middleground because if it's regulated out of existence it will still exist, but be hard to find and cheap - If adoption continues to path the price should accelerate with wild spikes up and down.
Don't panic, invest for the long term, and don't buy any more than you can afford to lose 100% of because there are still things that could dramatically reduce the price of bitcoin (mostly regulatory stuff, I answered this elsewhere in the thread)
I'm really excited to be able to be a journalist in such an exciting field in a time when journalism is under attack. Not sure if you've been following the so-called "AP scandal" but now is a weird time to be trying to report the truth in this world, and we couldn't have picked a more controversial topic to the global macro picture.
Because the pie is only so large, the more people who have computers devoted to the work just each get a smaller and smaller piece.
The rate of issuance for Bitcoin is currently 25 bitcoins every 10 minutes. Only one person or pool gets the whole 25 bitcoins, it's a race to find them. If there are 10 people looking, chances are pretty good you'll find some. If there are 100,000,000 people looking, chances are much less good that you'll find them first, but if there are that many people looking those 25 coins are probably worth a whole lot more.
The system is self balancing in this way, unlike the government currency system where they create 65 billion USD worth of new value every month to buy mortgage backed securities for face value to try and prop up the market. With more than a trillion USD being added in this way each year, how can a government currency retain its value?
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