oleganza

49 ms·

481.
by oleganza 13y ago
Sell into what? Both dotcom shares and USD are promise-papers. Bitcoin is the only money in the entire world that you can truly own. Even gold you can't own completely. At some amount you have to put it in vault and hire people to gua
482.
by oleganza 13y ago
All three A, C and D for sure. Here's a thing: in both cases, when Bitcoin is a fraud and joke, and when Bitcoin is a future world-changing technology, price must grow up like crazy. So the price alone does not give us any clue about t
483.
by oleganza 13y ago
Wanna bet?
484.
by oleganza 13y ago
If at some point chain reaction is triggered (people are not afraid it's another bubble and jump in non-stop until everyone has some coins), then the growth must be not exponential, but even faster.
485.
by oleganza 13y ago
Primary value of Bitcoin is being money. To be good money it must be widely valuable, there must be as many hands willing to hold it, as possible. Since the supply is fixed, price must grow. So price acts as an indicator of liquidity. Other
486.
by oleganza 13y ago
Bitcoin is a bet that it becomes world money. If it's not broken and trust is not shaken, its target price is somewhere from 1 to 50 millions of today's dollars. When it's suddenly broken, well, people will sell off and lead
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by oleganza 13y ago
In 5 years Bitcoin will replace almost all world currencies and cause massive reallocation of wealth in EUR and USD territories. USD and EUR will hyperinflate and lose value dramatically and eventually become abandoned.
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by oleganza 13y ago
NSA is still against "the bad guys" in the minds of some people?
489.
by oleganza 13y ago
Good points worth debating. 1. People do silly things because they have "reservation demand" and over time, speculatively, they figured out the most marketable commodity to hold for later spending (gold, silver, bitcoin etc.) Sinc
490.
by oleganza 13y ago
"Digital ownership" of gold is a lie. You own promise, not the thing. You can own bitcoin and can do that in a way that no one can access it except you. It's easy to prove: you can create a random key, move some money there a
491.
by oleganza 13y ago
Bitcoin is even better. You own it completely privately without even "direct registration" with any one third party, even the government registry like in case of stocks. Paper USD that you own is "direct registration" an
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by oleganza 13y ago
Computer does not need tons of gold. Tons of gold are working as a decentralized ledger of wealth, just like Bitcoin. They are being stored in vaults, not used in producing things. Computers and other things are getting a small fraction of
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by oleganza 13y ago
I'm optimist because: 1. Bittorrent is not shut down. And in average, people are getting freer with new tech, not more controlled. Some vocal revolutionaries are still easy to find and catch, just like in Jesus times. But average guy w
494.
by oleganza 13y ago
Do not confuse "deterministic wallet" with "brainwallet". Brainwallet is very dangerous, but also very powerful. It's not for mommy and daddy, but for people who know what they are doing and have reasons to hide mon
495.
by oleganza 13y ago
ASIC makers have the biggest risk and cost in investing into BTC than anyone else. And miners have the most incentive to keep BTC fungible and liquid to keep its value. These guys would have to liquidate a lot of bitcoins smoothly to cover
496.
by oleganza 13y ago
Gold is also a bet, just like Bitcoin, that it's the most marketable commodity (more than 90% of value is in this speculation, not in production demand). People tend to come up with valuing most the money which is most liquid, most acc
497.
by oleganza 13y ago
At least, when everyone is on Bitcoin, you can't shift purchasing power to you (via inflation or massive taxation) and have bigger vote on how cars should be designed. You have to earn your vote (make people send you bitcoins volunta
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by oleganza 13y ago
Bittorrent is working well even though every user is not a stakeholder.
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by oleganza 13y ago
I'd argue that for blockchain to function as secure ledger, miners must be motivated to do so. So you have to make a currency out of it anyway.
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by oleganza 13y ago
It's an option, not a requirement. Which only adds value, not reduces it. Mom and pa can split the key in 5-of-10 via SSSS (Shamir's Secret Sharing Scheme) and send portions to all their trusted friends. It'll be safer than p
501.
by oleganza 13y ago
Quoted that for you: As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties: - boring grey in colour - not a good conductor of electricity - not particularly strong, but not ductile or ea
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by oleganza 13y ago
Gold production value is maybe 10-20 times lower than it's speculative value. Just check how much gold is sitting in vaults and not being sent to factories. If it's only demanded for production, then the price would be much-much l
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by oleganza 13y ago
It's a fallacy to look at what you can see and not count in opportunity cost and what could have been done if there were no economical disasters created by governments all over the world. We'd probably had flying cars already an
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by oleganza 13y ago
The internet was around for 20 years and paper books for centuries. Who needs paper anymore? You can sign contracts with a digital signature in a more secure manner than with a drop of an ink.
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by oleganza 13y ago
There is huge speculative value in gold as a "store of wealth" and there are reasons why gold was in hands of many and now in the hands of few. Looking from this perspective helps understand why Bitcoin might be valuable in the lo
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by oleganza 13y ago
I'm not saying why they have value. There are many reasons and everyone picks his own favorite one. I'm saying that if bitcoins are valuable , then there are certain interesting properties of the new global economy that make it d
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by oleganza 13y ago
Author makes a case for unique feature of Bitcoin: asymmetry in security which may prevent what happened with gold-based economy - accumulation of physically-representable wealth in hands of the very few using force. This unique feature has
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by oleganza 13y ago
The bet is that advantages of Bitcoin over risks of gold outweight risks of Bitcoin and advantages of gold. Today 90% of the economy needs connection and international trade. We rely on networks, computers and cryptography to support our li
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Bitcoin and Gold(blog.oleganza.com)
41 points by oleganza 13y ago|90 comments
510.
by oleganza 13y ago
No one promised free transactions. Bitcoin miners compete for transaction fees while transaction makers compete between each other for a place in the blockchain. Miners are interested in accomodating as many txs as possible (at least, to in

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