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yes. anything that reduces the amount of work i have to do. The bitcoin client I have on my machine says "Generate Coins" and that's as technical as I need to get.
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Is there a client one can download that is essentially plug and play? i'm afraid i won't get very far in the process of connecting to a server, and i won't be the only one.
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Your latest chart is price vs log(difficulty). Can you show price vs difficulty?
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I'm with ribuck on this one. If I am a guy who just read the Irish Times article on Bitcoin who wouldn't mind spending 20 dollars on some bitcoins just for the craic, I'm going to find two things:
1) you can't just buy bitcoins with your debit card
2) oh, how do i buy bitcoins then? let me read wikipedia's article on it.
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With respect to Kiba's post that he trusts "mtgox type banks" insofar as he can withdraw his deposits from them at any time, he shouldn't throw caution to the wind. once mtgox requires less than 100% of a bitcoin deposit from you in order to sell a bitcoin, even if there are margin calls and position liquidations, in an illiquid market not all deposits can be guaranteed. So with respect to risks of losing one's deposit, mtgox's margin trading resembles a bank run on a bank keeping fractional reserves.
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Fractional reserve banking mean that the bank have a tendency to collapse. I think we're safer with mtgox type banks where they just keep the balance and earn their fees somewhere.
Mtgox has promised "margin trading" which fits the description of fractional reserve banking. |
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What does our local wikipedia/wikimedia RHorning have to say about this? Is bitcoin notable yet?
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what TTBit has described is dark pool. what mtgox is using is a block trade facility.
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Most of the exchanges I deal with call these "block trades". There are requirements to report the block trade to the exchange within a certain amount of time of the transaction ranging from 10 minutes to 24 hours. The exchange then broadcasts a message that a block trade has occurred with quantity and price details. Such a facility maintains transparency of the exchange while still allowing large orders time to breathe. So will mtgox report dark pool trade details, or will they forever be a mystery?
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pro-rata mining is nice, maybe you should add a small bonus for being the block solver. 20% for the solver, the remaining 80% is shared pro rata
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ribuck--
i did the loan math, and here's the results:
if bitcoins increase relative to the dollar at 50% a year, why don't you take out a $300,000 15yr loan repayable at 7% per annum. yearly payments equal $28,212 on the loan, you can pay yourself $20,000 per year in salary, and only by the end of year 7 do you have to sell out some bitcoins to cover your dollar liabilities. At the end of year 15, you will have paid $394,968 on your original loan of $300,000, you will have paid yourself $300,000 in salary, and you will be left with 69,785 BTC which will be equal to 10.2 million dollars.
In the retirement plan you designed at the end of year 15, you will have paid yourself $300,000 in salary and be left with 137 BTC, equivalent to exactly 30,000 dollars.
the rate, by the way will be 219 USD/BTC
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if one person bought 210,000 bitcoins for 100,000 dollars, the next person would have trouble accomplishing the same feat. There is also a matter of timing. There aren't 21,000,000 bitcoins available today- there are 4.7 million- so this mass buying would have to occur 150 years from now or whatever.
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the point isn't about fairness but about stability of the network. if 20 people are responsible for 95% of the network, then they own the network, and that's not stable.
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highly unlikely for 1 generator, but i could imagine a scenario where only 20 people are responsible for 95% of the difficulty. that seems like a shaky foundation.
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Is it an excellent thing? What if the CPU power responsible for raising the difficulty came from 1 miner? Wouldn't that person have by definition succeeded in taking over the network?
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mtgox is a terrible name for a site dealing in bitcoins, but it is one of the most popular bitcoin-related site that exists!
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bitcoinme.com is fantastic, and i sent a small donation to you, mr wagner.
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TTBit-- Are you in any way affiliated with Trading Technologies (TT)? They have a "market depth trader" or "MD trader" that looks like your newest output.
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