From the truly lovely Blake Curran and Anna Brodskaya – Bitcoin 2012 Documentary:
As per Max’s post below.
my question remains what happens when bit coin tops out and no one has any reason to mine for them anymore , and there for no one does and the program file is no longer audited and maintained as it curently is? will this degrade the system? will in fact online “vaults”(dedicated servers running the mining routine) in the end be required in order to maintain the peer to peer network?
M&S, I like this format, interesting to see the interaction, almost like being these.
@Max. how much of my portfolio do you recommend for bitcoin?
plus Max will be mailing out the new coin soon. with the lady and julian and the new buzz on PMF, who can sleep?
Bitcoin is a fart in the wind…sorry just my .02
Ummm, since no one else will say it, I will. That video was horrific. If I were on the sidelines about bitcoin, that video would turn me off to any considerations about the viability of bitcoin. I love the concept of bitcoin . . . a currency free from the machinations of governments and bankers. However, in my mind, that video will not garner advocates of bitcoin.
I give an “A” for effort and a “D” for execution.
@kdt As the block reward decreases, the value of transaction fees is expected increasingly to support the verification of transactions on the Bitcoin network. For this reason, some prefer not to use the term mining.
It’s a low budget account of the experiences of the filmmakers. It is not intended to be pro or anti btc, more a look at the personality’s and opinions/understandings that went into this event.
People seem to love it or hate it so far – no inbetweeners
i will concede that its glitchy, that is because of editing software issues. I used a free trial of videopad video editor from nchsoftware. wont be using that again, especially for hd footage.
@kdt what weex says is right. See also https://en.bitcoin.it/wiki/Myths#After_21_million_coins_are_mined.2C_no_one_will_generate_new_blocks Might answer some more of your questions. Also bitcoins are not going to top out for a few more decades..
A word in Bitcoin’s shell like ear!
In India, ISRO and Indian Institute of Science have stated that they have planned to make a 132.8 exaflop supercomputer by 2017,…(See Wikipedia for hyperlinks)
bitcoin or bullion . please. bitcoin can be tracked it can be hacked as well. fine its not decentralized. that’s a nice selling point.
but here’s 2 real incentive problems.
1) online transactions are vulnerable to a full shutdown of telecom by the mega companies running the central servers for entire regions governments countries. in a real war scenario, you’re not going to be storing your wealth in bitcoins. the idea of putting your wealth on a thumb drive that can be burned or shorted out or easily damaged, sounds a bit less traditional than watches, coins, bullion. most people stick with that
2) most transactions for bitcoin are for things like pot and mdma that aren’t so dangerous as to elicit the cia or other entitites to track you. the people running bitcoin exhanges and holding the coins, are depending on the FLOW of these transactions on the blackmarket to keep the currency stable . bitcoiners thus have an incentive to OPPOSE the legalization of pot and mdma.
3) the real and only reason to use bitcoin is to avoid sales tax in distant transactions that cash or bullion won’t suffice for. the idea of anarchism and decentralization is inherently based on SIMPLIFYING life to local-short distance face to face transactions NOT upon using a set of electricity chugging internet servers to send a complex set of instructions to a faceless person or company who will send you a product using airmail or trucks that are leveraging cheap gas prices to make long distance product sales a viable business.
———-go on tor. check out my observations if you believe i’m wrong about the general observations. i’m not h8ting. there are good things about bitcoin. bitcoin is not the revolution. although the boston tea party, tax protest, is a very powerful tool. so congratulations . every penny not paid to sales tax is a penny of protest.