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re: An IMHO excellent piece on bitcoin
Posted on 4/3/13 at 2:37 pm to Meauxjeaux
Posted on 4/3/13 at 2:37 pm to Meauxjeaux
quote:
quote:
CPI Inflation Calculator
$ 100.00
in 1990
Has the same buying power as:
$177.63
in 2013
LINK
Not sure wages have kept up with that figure.
I found some other stuff, but it's like 79-2010, rather than 1990. Will keep looking.
You're also using "official" government figures, which are a blatant lie, to put it nicely.
But that's another debate altogether.
0
Posted on 4/3/13 at 2:38 pm to foshizzle
quote:
Um, that's negative Ghostrider. For an obvious example, consider that most personal computers cost $1000 or more in 1990. Now you can get one that is *enormously* more capable for $400 in 2013 dollars. Hell, I remember it cost nearly 2-3 hundred just to buy a hard drive with all of 50MB of capacity. You can get a 4MB thumb drive for the price of a cup of coffee now.
This may be the most disingenuous analogy in the history of the MT.
You cannot honestly compare technology, which expands at an exponential factor, with general quality of life.
So, to flatter your response, is an "enormously" more capable PC for $400 relatively as valuable as a $1000 PC in 1990 for the increase in productivity each one brought?
Is Excel really THAT much more valuable in Windows 8 environment than it was in Windows 3.1?
Posted on 4/3/13 at 2:40 pm to C
quote:
how does a shop clerk know I've actually paid in bitcoins today?
So, in a POS scenario, a bitcoin public key address would be displayed, the customer would scan that address and send the bitcoins to that address.
Remember, all bitcoin transactions are public, so the shop keep can easily see if they customer actually sent the bitcoins. For instance, click here to see a bitcoin public address. You'll see all of its transactions ever. But you don't know its private key, so you cannot access the bitcoins yourself.
Posted on 4/3/13 at 2:42 pm to WikiTiger
quote:Or, open to new competition. There is nothing that prevents another credit card from being introduced into the market, except for costs.
Perhaps a collusive industry like credit card processing is ripe for disruption.
Your paranoia is evident again.
Posted on 4/3/13 at 2:42 pm to C
quote:
Not sure wages have kept up with that figure.
I imagine skilled positions have more than kept up.
Let's say for a 1) plumber, 2) telecommunications field tech, 3) project supervisor.
All skilled positions.
Have wages nearly doubled since 1990?
This post was edited on 4/3/13 at 2:43 pm
Posted on 4/3/13 at 2:42 pm to Meauxjeaux
quote:
This may be the most disingenuous analogy in the history of the MT.
You cannot honestly compare technology, which expands at an exponential factor, with general quality of life.
So, to flatter your response, is an "enormously" more capable PC for $400 relatively as valuable as a $1000 PC in 1990 for the increase in productivity each one brought?
Is Excel really THAT much more valuable in Windows 8 environment than it was in Windows 3.1?
In fact, technology is actually a great example of deflation in action.
Earlier in this thread there were people arguing that nobody would buy anything in a deflationary economy because they know their money would be worth more tomorrow.
Well, apply that to technology in the here and now. Do they own a cell phone? A laptop? Any consumer electronics?
Well...why did they buy them? Don't they know that if they had just waited a while that they would be cheaper and even more feature rich?
The logic of the inflationists would imply that no one would ever buy a piece of consumer electronics, but we know that's not what happens IRL.
Posted on 4/3/13 at 2:43 pm to Waffle House
quote:
My point is they have this opportunity right now, to offer these discounts to customers paying in cash, and yet they don't.
Posted on 4/3/13 at 2:45 pm to WikiTiger
quote:
There are ways. I've posted a few sites on here in the past. I don't use the sites, I don't remember what they are called, and I don't vouch for them. But you can probably go through some old bitcoin threads to see where I mentioned them.
When? I've been in every bitcoin thread posted in the last month or so, I never saw these links. I distinctly remember a link to bitcoin exclusive webcam girl website, but was afraid to click
Posted on 4/3/13 at 2:48 pm to Meauxjeaux
quote:Maybe I'm using my own personal experience to influence my judgement here but I'm making 5 times the amount I was making in 1990 so I know I've outpaced the 70%+ inflation number you showed.
CPI Inflation Calculator
$ 100.00
in 1990
Has the same buying power as:
$177.63
in 2013
LINK
Not sure wages have kept up with that figure.
I think we also have to consider the average net worth of families now compared to 1990, adjusted for inflation. I've never looked up that figure but it might be an interesting exercise to do.
Posted on 4/3/13 at 2:51 pm to Vols&Shaft83
quote:
When? I've been in every bitcoin thread posted in the last month or so, I never saw these links. I distinctly remember a link to bitcoin exclusive webcam girl website, but was afraid to click
I posted about ICBIT.se on Feb. 27 and March 13 both on the Money board.
Apparently you guys don't read my posts.
Posted on 4/3/13 at 2:52 pm to WikiTiger
quote:And haven't you previously posted (or perhaps I read it in an article on bitcoin) that the verification process can sometimes take considerable time before it is completed? Several minutes are the norm, but it can take hour(s) in some cases.
so the shop keep can easily see if they customer actually sent the bitcoins.
What does the customer and merchant do while waiting for the confirmation?
Posted on 4/3/13 at 2:53 pm to Meauxjeaux
quote:My gut tells me yes, they have.
All skilled positions.
Have wages nearly doubled since 1990?
Posted on 4/3/13 at 2:56 pm to WikiTiger
So i'd have to set up a public address for each cash register I assume. But doesn't the transaction itself take some time for the collective to authenticate?
Posted on 4/3/13 at 2:59 pm to C
quote:
So i'd have to set up a public address for each cash register I assume.
Ideally the system would generate a new address for each transaction. This is a trivial task.
quote:
But doesn't the transaction itself take some time for the collective to authenticate?
Yes. Confirmations can take up to 10 minutes, although it's entirely possible to accept 0 confirmation (aka instant) transactions if you so chose. As I stated in one of our discussions last week, bitcoin isn't really ready for fast paced IRL POS transactions, but there are ideas in the ether to make it so. In fact, it's theorized that in the future that most transactions will actually take place outside of the bitcoin network.
Posted on 4/3/13 at 3:00 pm to WikiTiger
quote:You're distorting the facts again.
Earlier in this thread there were people arguing that nobody would buy anything in a deflationary economy because they know their money would be worth more tomorrow.
Well, apply that to technology in the here and now. Do they own a cell phone? A laptop? Any consumer electronics?
In fact, technology companies have to constantly convince people that it's better to buy their new products now rather than wait because everyone knows the prices will soon drop.
Companies do this by creating demand based on new attributes of the new product as being worth the risk of buying now. APPL is having that problem now with the anticipation of the iPhone 6. Everyone who has not bought an iPhone 5 is delaying their purchase because they know the price of the 5 will drop as soon as the 6 comes out.
Your argument is fallacious.
Posted on 4/3/13 at 3:01 pm to Meauxjeaux
quote:
Let's say for a 1) plumber, 2) telecommunications field tech, 3) project supervisor.
All skilled positions.
Have wages nearly doubled since 1990?
Maybe skilled is the wrong term. Technical professionals that require +4 years training and +5 years experience.
Posted on 4/3/13 at 3:01 pm to Meauxjeaux
quote:
CPI Inflation Calculator
$ 100.00
in 1990
Has the same buying power as:
$177.63
in 2013
Only for someone who was buying the CPI basket in 1990 vs. the CPI basket in 2013. I doubt there are very many people about whom one could say that is true.
For example, in 1990 I was still in school and didn't buy much gas at all, certainly not as much as what is in the CPI basket. In 2000 I probably bought more gas than is in the basket. Today probably less than that again. But (like Russian) my income is about five times higher.
So I fail to see how this measure is at all relevant.
Posted on 4/3/13 at 3:02 pm to Meauxjeaux
quote:
s Excel really THAT much more valuable in Windows 8 environment than it was in Windows 3.1?
My example involved storage capacity. What does this have to do with Excel?
Posted on 4/3/13 at 3:02 pm to WikiTiger
quote:But you're still arguing BC is better than credit cards for retail merchants?!?
bitcoin isn't really ready for fast paced IRL POS transactions,
Posted on 4/3/13 at 3:03 pm to LSURussian
quote:
Maybe I'm using my own personal experience to influence my judgement here but I'm making 5 times the amount I was making in 1990 so I know I've outpaced the 70%+ inflation number you showed.
I think we also have to consider the average net worth of families now compared to 1990, adjusted for inflation. I've never looked up that figure but it might be an interesting exercise to do.
Was reading a report from 79-90. The "professional" class, which is certainly where you lie, has definitely outpaced inflation and is better off.
The "middle class" is 'missing' according to it.
I do know this... it certainly takes two wage earners today to provide the quality of life that one could provide in the 80's and 90's.
Center for American Progress - whoever that is. Looks like a lefty lovefest.
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