The effect of selling is less than you think. mtgox is not the biggest exchange, but it can easily do a $1M exchange without affecting price in a too dramatic way.
The nice thing is that their bid book is open for every one to see, so you can predict what happens to price at large orders. See: http://mtgoxlive.com/orders At the time of writing, a $1M sell or buy would move the mtgox exchange price 5% in either direction.
If you sell in the largest exchange in the world, which I understand is in China, it would move the market less than this.
If 10 people with 1000 bitcoins each now went to MtGoX and wanted to cash in their bitcoins, what would that do to MtGoX? I think they'd be fucked.
Seriously, this is empty speculation and there isn't the actual money invested in bitcoins to support this increase in face value. The system is fucked. Theres no way the bitcoins in circulation today could actually be cashed in for actual money.
Due to the open nature of the bid book at MtGox, you can see EXACTLY what happens at a sell of 10k btc. http://mtgoxlive.com/orders
At the time of writing, it would drive down the price to $800,- roughly.
My line of reasoning is such: credit is necessary for the functioning of the modern world. A world dominated by Bitcoin will still have credit. Credit without regulation would be disastrous. Banks cannot be expected to self-regulate properly. A regulatory agency would be in charge. This regulatory agency would then have control over the amount of money in existence. And then we are right back to square one, in terms of the government's involvement in money.
Good point. There does seem to be some catch22 here.
Still: how did the economy of the 19th century work though? Bank notes were still linked to gold that was in the bank's vault. They seemed to make it work. As a matter of fact: US economy did extremely well in 1800s, where pretty much every year, there was deflation instead of inflation. Most years, you would get more for your dollar than previous year. Translate that to the hypothetical 2030 economy where the gold is replaced with bitcoins, would it not be able to function?
... If you still think you're right and everyone else is wrong, then buy Bitcoins.
I'm glad I did. My $300 coin is now worth $660, in just 11 days. Tulip mania? Perhaps. But just maybe, with a chance ever so slight, it is something that's here to stay. If it does, I'm insured against it, and will not have to buy my bitcoin for a million dollars.
The 21M bitcoins are just the "base" money supply. I assume in this future world order we are not prohibiting the formation of banks or the ability to get credit. Once credit becomes available, and the issuing notes become "almost as good as" the bitcoins that back them, then the total amount of "money" in circulation may be much, much more than the 21M bitcoins and will probably mirror growth in the real economy.
Inasmuch as credit is desireable and banks serve a purpose (and even a "central bank" may serve a purpose), you might see all of these institutions rise up naturally around this new currency, and the fixed 21M won't matter much at all.
You make a good point, which I had not considered. Still, the 21M limit will still matter I think. It *used* to be that banks had a strict minimum reserve for deposits. Even with the 'money multiplier effect' the bitcoin will be a scarce resource for the banks, assuming that governments will still dictate a minimum deposit reserve. It's unlikely the minimum reserve will be scrapped altogether, as it would make banks too vulnerable. http://en.wikipedia.org/wiki/Money_creation
The value of owning 1/21M of the entire money supply depends entirely on the price level of the goods and services you can buy with that money.
Right now, someone might trade you an iPad for 1 bitcoin. Maybe in 2030 that bitcoin gets you a gallon of milk.
That does not make sense: it would mean that the worlds money supply in 2030 would be enough for just 21M gallons of milk and nothing more. Bitcoins are set up for hyperdeflation, not inflation.
Wikipedia calls this 'its deflationary bias'. (http://en.wikipedia.org/wiki/Bitcoin#Economics)
I've been analyzing bitcoin lately, and have come up with the following reasoning:
As the coins are limited to 21M coins, you can, at this date, purchase 1/21Mth part of all the coins in the world for $300,- Even if you put the odds of bitcoin supplanting US dollar very slim (1:1000), the only rational choice is to buy bitcoin. If in 2030 the world uses bitcoins, you end up owning a sizeable portion (1/21M) of the entire money supply of the world's default currency. How is this not a good deal? Heck, even at 1:1000000 odds of bitcoin supplanting US dollar would still make sense at $300,- per coin.
x86 needs to die a.s.a.p. because of the legacy crap it carries. Please look up the phenomenon A20 gate. Or just the pain that multiple FP/SIMD implementations cause devs: mix the wrong ones and your performance crashes.
x86 architecture is hampering progress because it is so successful.
>Siri might be listening to you in the bedroom for all you know. it's all software.
Siri needs the cloud to translate. If Siri was listening in, you would notice it as network traffic and dataplan usage. An always-on Siri would have been detected by now. People examine network packets coming from their phone all the time. Apple would not be able to hide an eavesdropping Siri.
>Well, specifically I was thinking of the right to openly join an unpopular political party like the Nazis or Communists. Not that I want to do that! But who knows what will be considered subversive in the future?
Well, Holland has a Dutch version of N.A.M.B.L.A. which even planned to participate in parliamentary elections. Courts could not stop them from doing so, but the pedophile party could not raise the req'd nr of signatures to be included on the ballet, thankfully. Not sure if these kind of liberties is something to be proud of. Personally, I am disgusted by it.
Start with Fischertechnik. It's like LEGO, but German, and much much better. It even does things like computer controlled pneumatics. http://www.fischertechnik.de/en/Home.aspx
Dumb summary. What does is matter how cheap the electricity is? It is a ratio of two electricity costs. Price of electricity has no effect on PUE. Maybe climate has. Cooling in arctic is cheaper than cooling in nevada desert.
Do you still need iTunes, now that iOS does over-the-air upgrades, and makes backups to iCloud? I've got it installed on my Mac, but I wonder whether I actually need it at all, nowadays.
It is for a good cause. That neighbourhood is used by Jihad recruiters. Every Jihadist they can stop is a big win. I worry more about the cancer called 'religion' than I am about surveillance.
An armoured car is incredibly heavy. And heavy vehicles really should be powered by a Diesel engine, not a gasoline one. There's a good reason why big transport runs on Diesel. More efficient and more torque to haul those heavy loads.
But then again, also small vehicles (VW jetta) benefit from Diesel, that enable them to do 100km on 3L of Diesel. That 78MPG from a VW Jetta, people!
Most people don't realize this, but: dinosaurs are just fat overweight birds that can't fly. The closest thing to meeting a dinosaur in person is to walk up to an ostrich or a turkey. That should pretty much be what a dinosaur looks, sounds and smells like, only smaller.
If it generates geometry on the GPU, by using a geometry shader, it makes you wonder: Do the trees have a physics representation on the CPU as well, so that the player collides with them? Probably not, which means that despite the marvel of all those trees, you cannot play it like you can a Skyrim world.
Slashdot Mirror
The effect of selling is less than you think.
mtgox is not the biggest exchange, but it can easily do a $1M exchange without affecting price in a too dramatic way.
The nice thing is that their bid book is open for every one to see, so you can predict what happens to price at large orders.
See: http://mtgoxlive.com/orders
At the time of writing, a $1M sell or buy would move the mtgox exchange price 5% in either direction.
If you sell in the largest exchange in the world, which I understand is in China, it would move the market less than this.
If 10 people with 1000 bitcoins each now went to MtGoX and wanted to cash in their bitcoins, what would that do to MtGoX? I think they'd be fucked.
Seriously, this is empty speculation and there isn't the actual money invested in bitcoins to support this increase in face value. The system is fucked. Theres no way the bitcoins in circulation today could actually be cashed in for actual money.
Due to the open nature of the bid book at MtGox, you can see EXACTLY what happens at a sell of 10k btc.
http://mtgoxlive.com/orders
At the time of writing, it would drive down the price to $800,- roughly.
My line of reasoning is such: credit is necessary for the functioning of the modern world. A world dominated by Bitcoin will still have credit. Credit without regulation would be disastrous. Banks cannot be expected to self-regulate properly. A regulatory agency would be in charge. This regulatory agency would then have control over the amount of money in existence. And then we are right back to square one, in terms of the government's involvement in money.
Good point.
There does seem to be some catch22 here.
Still: how did the economy of the 19th century work though?
Bank notes were still linked to gold that was in the bank's vault.
They seemed to make it work.
As a matter of fact: US economy did extremely well in 1800s, where pretty much every year, there was deflation instead of inflation.
Most years, you would get more for your dollar than previous year.
Translate that to the hypothetical 2030 economy where the gold is replaced with bitcoins, would it not be able to function?
... If you still think you're right and everyone else is wrong, then buy Bitcoins.
I'm glad I did.
My $300 coin is now worth $660, in just 11 days.
Tulip mania? Perhaps. But just maybe, with a chance ever so slight, it is something that's here to stay.
If it does, I'm insured against it, and will not have to buy my bitcoin for a million dollars.
The 21M bitcoins are just the "base" money supply. I assume in this future world order we are not prohibiting the formation of banks or the ability to get credit. Once credit becomes available, and the issuing notes become "almost as good as" the bitcoins that back them, then the total amount of "money" in circulation may be much, much more than the 21M bitcoins and will probably mirror growth in the real economy.
Inasmuch as credit is desireable and banks serve a purpose (and even a "central bank" may serve a purpose), you might see all of these institutions rise up naturally around this new currency, and the fixed 21M won't matter much at all.
You make a good point, which I had not considered.
Still, the 21M limit will still matter I think.
It *used* to be that banks had a strict minimum reserve for deposits.
Even with the 'money multiplier effect' the bitcoin will be a scarce resource for the banks, assuming that governments will still dictate a minimum deposit reserve. It's unlikely the minimum reserve will be scrapped altogether, as it would make banks too vulnerable.
http://en.wikipedia.org/wiki/Money_creation
The value of owning 1/21M of the entire money supply depends entirely on the price level of the goods and services you can buy with that money.
Right now, someone might trade you an iPad for 1 bitcoin. Maybe in 2030 that bitcoin gets you a gallon of milk.
That does not make sense: it would mean that the worlds money supply in 2030 would be enough for just 21M gallons of milk and nothing more.
Bitcoins are set up for hyperdeflation, not inflation.
Wikipedia calls this 'its deflationary bias'. (http://en.wikipedia.org/wiki/Bitcoin#Economics)
I've been analyzing bitcoin lately, and have come up with the following reasoning:
As the coins are limited to 21M coins, you can, at this date, purchase 1/21Mth part of all the coins in the world for $300,-
Even if you put the odds of bitcoin supplanting US dollar very slim (1:1000), the only rational choice is to buy bitcoin.
If in 2030 the world uses bitcoins, you end up owning a sizeable portion (1/21M) of the entire money supply of the world's default currency.
How is this not a good deal? Heck, even at 1:1000000 odds of bitcoin supplanting US dollar would still make sense at $300,- per coin.
Where is fault in my logic? It seems too easy.
I used mine to port my game to the platform.
The GPU is really fast and can do 1920x1080@30fps for moderately complex scenes.
http://store.raspberrypi.com/projects/littlecrane
This is simply a case of entangled photons, one in DC and one in Illinois, reacting to each other instantly.
http://en.wikipedia.org/wiki/Superluminal_communication
x86 needs to die a.s.a.p. because of the legacy crap it carries.
Please look up the phenomenon A20 gate.
Or just the pain that multiple FP/SIMD implementations cause devs: mix the wrong ones and your performance crashes.
x86 architecture is hampering progress because it is so successful.
Parent is correct.
Power usage goes up with *square* of voltage, but is *linear* with clock speed.
Frequency does not matter much, voltage does.
If you really excel as an engineer, you will go independent instead of being an employee.
>Siri might be listening to you in the bedroom for all you know. it's all software.
Siri needs the cloud to translate.
If Siri was listening in, you would notice it as network traffic and dataplan usage.
An always-on Siri would have been detected by now.
People examine network packets coming from their phone all the time.
Apple would not be able to hide an eavesdropping Siri.
>Well, specifically I was thinking of the right to openly join an unpopular political party like the Nazis or Communists. Not that I want to do that! But who knows what will be considered subversive in the future?
Well, Holland has a Dutch version of N.A.M.B.L.A. which even planned to participate in parliamentary elections. Courts could not stop them from doing so, but the pedophile party could not raise the req'd nr of signatures to be included on the ballet, thankfully. Not sure if these kind of liberties is something to be proud of. Personally, I am disgusted by it.
Start with Fischertechnik.
It's like LEGO, but German, and much much better.
It even does things like computer controlled pneumatics.
http://www.fischertechnik.de/en/Home.aspx
Dumb summary.
What does is matter how cheap the electricity is?
It is a ratio of two electricity costs.
Price of electricity has no effect on PUE.
Maybe climate has.
Cooling in arctic is cheaper than cooling in nevada desert.
Do you still need iTunes, now that iOS does over-the-air upgrades, and makes backups to iCloud?
I've got it installed on my Mac, but I wonder whether I actually need it at all, nowadays.
Maybe we should start by making it more ethical.
Just pay a premium price for ethical fuel.
http://ethics-not-octane.org/
It is for a good cause.
That neighbourhood is used by Jihad recruiters.
Every Jihadist they can stop is a big win.
I worry more about the cancer called 'religion' than I am about surveillance.
An armoured car is incredibly heavy.
And heavy vehicles really should be powered by a Diesel engine, not a gasoline one.
There's a good reason why big transport runs on Diesel.
More efficient and more torque to haul those heavy loads.
But then again, also small vehicles (VW jetta) benefit from Diesel, that enable them to do 100km on 3L of Diesel.
That 78MPG from a VW Jetta, people!
Most people don't realize this, but: dinosaurs are just fat overweight birds that can't fly.
The closest thing to meeting a dinosaur in person is to walk up to an ostrich or a turkey.
That should pretty much be what a dinosaur looks, sounds and smells like, only smaller.
Quite right! It seems synthetic to me as well.
If it generates geometry on the GPU, by using a geometry shader, it makes you wonder:
Do the trees have a physics representation on the CPU as well, so that the player collides with them?
Probably not, which means that despite the marvel of all those trees, you cannot play it like you can a Skyrim world.
Forgive my ignorence, but:
Why would the interiour of a rock differ from its surface?
I would expect rocks to be pretty homogenous.
You could call it kickstartered instead, to avoid confusion with moped related kickstarting.
asserts should be used in games as well.
If you keeps them out of inner loops, performance impact will be very close to zero.