Hopefully, it will get even better.
Currently bitcoin related projects are an unexplored land of possibilities :)
Does he (and you) have a backup plan in case things don't work out as planned with Bitcoin?
Currently the growth is exponential, so it takes time to scale it.
For me it's a side project, though it's becoming a large part of my income. If bitcoins fail - no big deal, just move on.
(Current_price - Price_at_generation)?
It seems like a legal minefield.
It is going to be difficult for the IRS to prove that you even own the Bitcoins with money laundering services and the ease of creating new accounts.
As more merchants accept Bitcoin, I will try to convert to fiat currencies only when absolutely needed.
Bitcoin is backed by what? Oh, right, scarcity.
One, how much value is notionally stored in the system. At this moment, it's roughly $51.4 million (6.192M bc at exchange of 8.3 usd), which is starting to be interesting. An order of magnitude higher, and it's definitely interesting.
Two, what can actually be bought with the currency? This is still lagging considerably. It's almost entirely trinkets or not-very-interesting services that have no marginal cost to the producer. No one has put much faith in Bitcoin by putting their livelihood on the line with it, and that makes it less interesting.
There's a fledgling trade in controlled substances via Silk Road, but having that as a primary example makes me considerably less interested. Not only am I not in the market for such, growth in this area virtually guarantees the ultimate failure of Bitcoin due to government action.
The right approach to grow Bitcoin as an actual currency which is truly exchanged for goods and services is to offer something that people really want exclusively through Bitcoin. The extreme example would be the iPad. One producer, very high demand. Dollars (and thus value) would flood into the Bitcoin system with something like that.
But where's the incentive for the producer? If you've got something people want, why would you offer it only via a currency no one uses?
There's your core dilemma, and why it's all t-shirts and domain registrations.
Owe ya, I sure do miss "Bittorrent".. boy do you remember that. Too bad the Gov shut it off.
"why would you offer it only via a currency no one uses?"
You would not that would be vary stupid. That is why Apple take EUR, USD, and so on....
Bitcoin has only been capable of being used for about 2 months. Now with a more realistic prospective you can see that bitcoin has come a Vary long way, and is sky rocketing in the currency exchange market's. Bitcon has more then quadrupled in value in the pas 30 days.
This system can also work alongside ordinary DNS. When it is running, any domain you visit can provide a record and a public key. If the DNS record changes in future but the signed record isn't updated to match, the user continues to use the signed record.
The first version is probably going to be an HTTP proxy, but I'd like to make it a browser plugin if I can figure out how (it looked more difficult than I expected).
- I'm running wikileaks.com. I generate a key and upload a signed record with the IP.
- Clients visit wikileaks.com and automatically download the record and associate the key with the domain.
- Government sizes wikileaks.com domain.
- Clients are redirected to wikileaks.com-via-a-long-generated-domain...
- Clients are able to visit the site without interruption.
- I now register wikileaks.ch, and I use my key to sign an updated record with the new domain.
- Clients check wikileaks.ch and associate it with the key, then redirect any requests to wikileaks.com or the-long-generated-domain... to to wikileaks.ch.
I will provide a link when it's a little more complete.
Basically - if you want to own a domain in the .bit TLD you have to run the client - if you are just a standard user, you can just access the available nameservers.
Side note: my understanding of bitcoin is that a given bitcoin network requires a central IRC server for command/control of miners. This also won't scale to an Internet-sized volume of clients.
No, you just need enough servers to make it unlikely any one entity could gain over 50% of the computing power on the network. So if there were 1 million simple clients and only 10,000 clients with a full block chain, then any attacker would have to exceed the computing power of those 10,000 full clients in order to subvert the network.
my understanding of bitcoin is that a given bitcoin network requires a central IRC server for command/control of miners
IRC is just used as a way of getting a list of initial peers to connect to the network. It has nothing to do with command/control of miners.
In regards to the IRC server - IRC servers can scale horizontally using a multicast type protocol - it's been literally a decade since I've been on IRC but I am sure that this protocol must have improved and that load can always be increased (and also would leave things less centralized).
Pluss, even now it is only the mining rig's that need the full list. If you just want a wallet to send and receve bitcoin you don't need the whole thing.... Correct me if I am worng. Also, you can use an on-line wallet service to hold your coins and then you don't need anything.
Set $wgLogo to the URL path to your own logo image.