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trade with anyone in the world
low fees and simple to accept payments
micro payments are do-able
shaking up the banking establishment (like MP3/HTML did for music/publishing industies)
store of value that rises with inflation
honest accounting (true capitalism)
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The network is balanced by raising the difficulty so a block about every ten minutes is solved...
...six blocks per hour x 24 hours per day x 25 BTC reward = 3600 new Bitcoins per day (until 2016).
Yes it's by design, it causes us to compete to solve the block, which drives computational efficiency, and it doesn't flood the system with new coins too quickly.
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Bitcoin would make a good Sharia currency because tied to electricity costs it can keep pace with inflation without requiring interest payments.
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The next generation of ASICs should be even more efficient though.
Not much more power efficient. 28nm technology is probably best one can hope for even next year. But If choosing if Avalon (or BFL from ebay) or KNC, I would go to KNC, it will be competetive much longer because more efficient Yes much more power efficient. We already have 28nm? Huh? Yes 28nm is already in customer hands mining since Oct 2013 KNC won that race for Europe. A tad expensive but I'm sure they'll mine that back with a 2-4 month head start over competitors.  http://www.youtube.com/watch?v=qFjNUb1AbQ8 |
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Did www.50BTC.com see http://www.bitcoinx.com/ pie chart die and become www.GHash.io see http://bitcoincharts.com/bitcoin/ pie chart It says it's a private pool now!  I left in the summer and used Bitminter instead after daily payments started going missing or delayed, it's never a good sign. It's a shame to see the Bitcoin network being concentrated into fewer and fewer hands. Eventually some group is going to break the 51% an kill it. |
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The final insult from BFL  fu*kers Nothing to do with BFL. It's just the way it works when you import anything from outside the EU. [EDIT] do you think UK customs will accept bitcoin  I think you know the answer to that one Funny thing is, if Royal Mail owe you any money, they just pay you in 1st class stamps, which they print up! |
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BFL has to win the award for stringing people along for the longest time. It was two months away from delivery for over a year!  That's gotta be some kind of world record? I wonder how many buyers sued for loss of production? http://en.wikipedia.org/wiki/Consequential_damages |
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It will cost more to mine new coins so pretty much guarantees as rise in Bitcoin price.
Expect to see lots of Bitcoin arbitrage scams around this period. They go something like this...
I have the miracle mining machine, you'll need it to remain profitable, pre-order with Bitcoins now!
Reward drops, bitcoin price rises.
Sorry the project has been canceled / indefinably delayed (until you cancel order), here's your money back, in dollars, because we had to convert it.
They pocket the price rise for themselves, the people who pre-ordered in Bitcoins lose out.
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It's to get the technology to evolve to a point where it can the most efficient it can be.
If it was a straight line we'd all still be doing it with a PC like Litecoin.
Litecoin has block reward halving every 4 years as well, but not even FPGA yet. I believe to get the technology to evolve it must be profitable, which Litecoin is not, so no FPGAs yet Litecoin uses the Script algorithm, which makes heavy use of memory, to keep it on PCs and stop people gaining a mining advantage by using FPGAs/ASICS. They compensated for this by making the blocks easier to solve which strangely makes a 51% attack less likely. Yes, it is possible to make ASICs with big relative fast memory included, to outperform GPUs in power consuptions, but who is going to spend up to 1 mil USD fr development when the Litecoin mining is not much profitable? Ony preorder based investing could do it, but there is little profit to be made That was the point, to make it so expensive, coin production couldn't be concentrated into the hands of the few. |
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The value of each crypto coin will ultimately be determined by the number of transaction we see in the system so it's important to get stores using them to get them in circulation. Eventually the only reward will be the transaction fee, which currently many mining pools do not share with their miners which sux! https://en.bitcoin.it/wiki/Comparison_of_mining_pools |
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It's to get the technology to evolve to a point where it can the most efficient it can be.
If it was a straight line we'd all still be doing it with a PC like Litecoin.
Litecoin has block reward halving every 4 years as well, but not even FPGA yet. I believe to get the technology to evolve it must be profitable, which Litecoin is not, so no FPGAs yet Litecoin uses the Script algorithm, which makes heavy use of memory, to keep it on PCs and stop people gaining a mining advantage by using FPGAs/ASICS. They compensated for this by making the blocks easier to solve which strangely makes a 51% attack less likely. |
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It's a natural result of log math (when you find something, there are less left to find, so it gets harder)
but I always suspect it's to get the technology to evolve to a point where it can the most efficient it can be.
If it was a straight line we'd all still be doing it with a PC like Litecoin.
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This is a perfect example of how Bitcoin isn't backed by nothing, as some claim, it is backed by the transaction cost (computing power + electricity).
All you can do when collecting Bitcoin dust is wait for the price to rise to make it viable to spend.
Never mix dust with you main Bitcoin wallet keep it in a separate wallet.
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I voted "no they're for real", I'm in it for an alternative to the banking elite's debt system.
It's a monetary revolution, like MP3 was for music, or the Internet was for publishing.
“First they ignore you, then they laugh at you, then they fight you, then you win.” - Mahatma Gandhi
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They don't say, but smells like the buyout of QXL by Naspers who re-branded it Tradus. They specialize in doing eBay in countries eBay doesn't support. They would be ideal customers for Bitcoins. http://en.wikipedia.org/wiki/Tradus |
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Current Network Hashrate = 50,841.36 PetaFLOPS http://bitcoincharts.com/bitcoin/It's being used to provide currency encryption beyond what any nation state can break. For comparison.. 2013 China NUDT Tianhe-2 33.86 PFLOPS 2012 USA Cray Titan 17.59 PFLOPS 2011 Japan Fujitsu K computer 10.51 PFLOPS http://en.wikipedia.org/wiki/SupercomputerMost of it is specialized in SHA256 hashing now though, it's not general computing power anymore. |
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So Black Arrow is only accepting Bitcoin for payment?
Bank Transfer, Western Union, Moneygram and Bitcoin All one way transactions with no charge back. |
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Pre-ordering can be used as a way to run an arbitrage scam where someone takes Bitcoins, claim to be developing a product, then after the Bitcoins rise in value, cancel the project and refund in dollars, pocketing the difference. If you won't take escrow, credit cards, or paypal it's gonna smell like a scam to many people. |
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PS Manchester Tax office calling back to clarify in the next three days
I would very much like to know what they have to say and what exactly they classify Bitcoin as currently. It's something I've been curious as to as well, like lets say I generate Bitcoins for free (well almost free, time invested), then sell them to a private individual directly, does that come under capital gains, or just standard income or what?. And if Bitcoins do get officially designated as money or currency here in the UK, does simply owning Bitcoins become taxable? or is it still only at the point of selling them for pounds that it does?. I'm not sure about the UK, but in the US they have set a legal president... S.E.C. has proved Bitcoin is commodity money (like gold) in the Texas court case S.E.C verses Trendon Shavers (Pirateat40) http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539730583#.Un-nYiejN3U |
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Slush pool = "Score - Score based system: a proportional reward, but weighed by time submitted. Each submitted share is worth more in the function of time t since start of current round. For each share score is updated by: score += exp(t/C). This makes later shares worth much more than earlier shares, thus the miner's score quickly diminishes when they stop mining on the pool. Rewards are calculated proportionally to scores (and not to shares). (at slush's pool C=300 seconds, and every hour scores are normalized)" You need to look at how your mining pool pays per share of work. Some methods are not good for the small hobby miner or someone who canot leave their machine on 24x7. https://en.bitcoin.it/wiki/Comparison_of_mining_pools |
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