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That would work if btc could not be exchanged for currency. If they could only be used to pay for goods/services, there would be little point in not spending. But then there would need to be a full btc-based economy parallel but separate from currency-based one, which is unlikely.

As long as there are non-fixed exchange rates, there would be people making profits from them.

If they could only be used to pay for goods/services, there would be little point in not spending.

Goods can be exchanged to currency even if bitcoins themselves cannot. More deflation = more goods = more wealth, all out of nowhere.

This constraint is pointless and impossible.

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Spending is bad, and if at all possible you should not spend. We live on a finite planet.

Even if so, giving astronomical income as reward for not spending sounds like a broken solution.

Or are you saying btc will somehow stop economies from growing? Then it won't be accepted, plain as that.

Astronomical gains are only for the early investors, on wall street these are the so called venture capitalists.

And no, Bitcoin will not stop economies from growing. It will make them prosper because it has the possibility to eliminate a whole modern banking class that does nothing beneficial for society.

Bitcoin will not stop economies from growing.

Growing real economy + deflating virtual currency = get income for doing nothing.

if anything, that's even worse than having a "banking class".

Corner 10% of BTC, and when BTC becomes world currency, you own 10% of world. Sounds about fair, right?

About as fair as doing the same for gold. It is called investing. Positioning yourself in the market. Winklevoss twins have invested tens of millions$ into Bitcoin, they are essentially doing what you said.

(And for the whole history of mankind gold has served as money, so this model clearly works)

And this is the thing most people have against Bitcoin, they do not think you should get money based on your merits, they think money should be just given out as welfare like we do in fiat banking systems.

Anarchid bitcoin cannot be used as currency. It cannot be split into smaller denominations.

varion bitcoin has nothing to do with merits.

varikonniemi wrote: edit:a tutorial to colored coins http://www.youtube.com/watch?v=fmFjmvwPGKU

Have all the not retarded people stopped caring about "bitcoins"? "colored coins cool!" The 90's are back!

With all due respect, gold doesn't deflate by design.

Neither does Bitcoin. But just as gold is destroyed by wear,tear & use, also Bitcoins can be lost due to forgotten passwords etc. that can happen when it is being used.

So both are in practice deflationary after everything is mined.

gold is a physical item when can be split into smaller portions aka denominations.

What are you on about? 0.00000001 BTC is the smallest unit, called a satoshi.

if the bitcoin is an ID what is the satoshi?

Since when is wikipedia censored in 'murica?

smoth wrote:if the bitcoin is an ID what is the satoshi?

As I understand it the smaller denominations as "shares of one bitcoin"... I am not certain these shares are tied to any specific coin so much as the person who is holding the bitcoin you own a share of.

Not good.

A satoshi is just the name of 0.0000001 Bitcoins. To make it more divisible than that requires a change to the protocol.

what is it. Where is it? if a bitcoin is a unique id, you cannot divide X. you can break a peice of gold in half. you can get a lesser denomination of fiat currency, you could exchange a gem for several other lesser gems.

a bicoin while it may have a satoshi or whatever, how does that even work? you can only buy bitcoins in 1,2,3,4,5 etc not 50%.

smoth wrote:what is it. Where is it? if a bitcoin is a unique id, you cannot divide X. you can break a peice of gold in half. you can get a lesser denomination of fiat currency, you could exchange a gem for several other lesser gems.

a bicoin while it may have a satoshi or whatever, how does that even work? you can only buy bitcoins in 1,2,3,4,5 etc not 50%.

http://en.wikipedia.org/wiki/Bitcoin

that doesn't answer my question.

what is the question?

you can only buy bitcoins in 1,2,3,4,5 etc not 50%.

you can buy/spend/own in multiples of .00000001 bitcoins.