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Also since most transaction require 6 confirms even with 15% of blocks having no txs the average 6 confirm time only grows to 63 minutes vs 60 minutes.
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But they sold those 30 units for $17,970
A wise man once said, "profit matters and revenue means nothing". So how much of that is profit? 20% would be $3594. Even if they kept them for a week, they'd only make $550
And if they kept them for 4-6 weeks, they'd make an additional $3300 in profit. They just doubled their profit. Who doesn't like to double their profits? If they kept them for 40-60 weeks they'd make $33,000. If they kept them for 400 to 600 weeks they'd make $330,000. If they kept them for 4,000 to 6,000 weeks they'd make $3.3 million So why even sell them? Money for nothing and you chicks for free.  |
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Sgt. Spike is right. If mining had a high enough ROI% that they would want to delay orders a week or a month then it would be best to delay orders forever and simply keep the units to mine privately.
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Yes, Yes, No.
On the 3rd questions, the total # of nodes doesn't matter just mining & other major nodes. If Deepbit, Slush, MtGox, BTC Guild, and 18 other pools making up 80% of known hashing power have all seen a tx and the tx is a face to face transaction worth <1 BTC while nothing is guaranteed the likelihood of an attack is negligible. Credit card fraud doesn't have a 0% fraud rate. As long as the value to the business is greater than the loss due to fraud the technology is a net positive. I believe that BTC can have a very low (as in tiny fraction of CC) fraud but still >0% and remain massively popular.
The most important thing to consider is that a one size fits all approach is likely doomed. A lot of tx could be processed 0-confirm. Some likely shouldn't be processed even with 1 confirm (or 6 confirms). For very large transactions it might make sense to wait for 48 confirmations. For multi-million dollar transactions someday people may wait a day or more, or until the next checkpoint and/or purchase insurance to cover any double spend.
I would imagine most payees wouldn't try to solve this themselves. A 0-confirm payment provider could handle the back end work with deals with say 70% of hashing power. Pools could be paid by provider to give a "green light" on a tx and agree not to replace it with another tx. Once payment provider has secured 51% of hashing power (would be smart to buffer a margin of safety) the provider could greenlight it to payee. Multiple competing provides could emerge and offer a variety of plans and payment methods with pools.
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with one critical difference ...
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Wouldn't it be awesome to have a round table discussion with all teens or people in their very early twenties brainstorming to the nth degree after being presented Bitcoin for the very first time at the onset of the dialog?
What would it take to make this event happen? Also, would need to be recorded for prosperity.
~Bruno~
Like a focus group? I would drop some coins towards that. I would imagine developers would find that kind of information useful. Getting perspective from completely new potential users. |
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why would difficulty be doubling by the end of the year?
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So what was all this nonsense ... nsumers, by and large, are particularly sensitive to the perceived honesty of an organization they do business with. For the fledgling Bitcoin botnets are not something we want newcomers to worry about. Whether or not the consumer's/user's perception of botnet risk is accurate, they will judge Bitcoin based on the knowledge that Bitcoin's existence partially relies on criminal activities.
Do you think the average consumer, let alone the coffee house, will like using Bitcoin to pay for a latte if they are aware of the above? So botnets which play by your "rules" are good? Also what if this isn't a botnet? What if it is just a large hashing entity? So botnets playing by your rules > someone operating under the protocol but not following yoru rules? The entity (botnet or not) IS improving security of the network. Network isn't degraded and economic incentive will increase as transaction fees become more important. To call 1 tx blocks "wasted work" should a deep misunderstanding of how Bitcoin works. |
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But what about those cancer nodes? Are those avoidable?
Remember scammers aren't all going to be stupid, they will find very sophisticated ways to get the job done.
It all depends on what you are selling, how fungible it is, where you are selling and to whom. One method to defeat cancer nodes is to build a Bitcoin network which is connected to thousands of nodes but ONLY accepted transactions relayed to it by major pools (or other trusted nodes). Customer/attack gives you a transaction. You submit it to a random node and wait for it to be relayed to you by multiple pools. By not trusting the customer or the node you relayed it to you reduce the effectiveness of isolation attack. If you are indeed isolated then you will never see the transaction and thus ask customer for alternative payment. Just one example but for a larger operation involved in low value transactions (say McDonalds) I see 0 confirms being perfectly viable. |
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A rebutal on "botnets"
1) We don't know it IS a botnet.
2) If it is there is absolutely nothing you can do to prevent them. If botnets could be stopped they would.
3) If this is a botnet and they included tx you wouldn't even know. The entire rationale can be boiled down to lots of hashpower with no txs = botnet which is dubious at best.
4) There is no need to "rationalize" anything. Botnets exist and they will be attracted to potential profit. Mining is profitable and thus botnets will participate.
Some of us just don't feel like joining in the gnashing of teeth and assorted other nonsense.
Lets say you have 100% support of the Bitcoin community. All miners, all pools, all users. How do you stop botnets?
If you can't then I think you can see your entire post was pointless.
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Again most outlet circuits in the US are on 20A breakers with 12 AWG romex (yellow). Its easy enuf to check and see if its a 14 AWG romex (white), 15A breaker circuit, but usually those are lighting circuits, not outlets. If its not 20A breaker with 12 AWG, then don't put a 5-20 outlet on it.. This is just silly. I see very few 20A installs in existing structures and even new structures, it's somewhat rare to see anything better than 14ga 15a. Builders are some of the cheapest mother fuckers on earth and are scum right next to car salesmen and bankers. They aren't going to spring for 12ga wire unless absolutely necessary. 15a, 14a is the "norm." Exactly. 12A IS becoming more common in new construction mainly due to having more outlets in a room more desirable. Still it is far from universal even in new construction and there are 100 million or so existing residences some with wiring 80 years old. So I stand behind the statement that "saying just change the outlet is reckless". It is more like: a) Check wiring is 12 gauge (replace if necessary). If wiring is older than ~1970s it may not comply to any color code. Remove section of wiring insulation to check gauge manually. b) Ensure no other significant continual load is on the circuit (find all outlets on that circuit to verify) c) Check breaker panel has a 20A breaker (replace if necessary) d) Check existing outlets and ensure they don't have a current limit. Many NEMA 5-15A outlets are not rated for 20A passthrough. Rewire outlets using pigtails to bypass or replace all outlets on circuit if necessary e) <Likely some more code gotcha here > f) Go to home depot and buy that $3 outlet and replace. f is the easy part but code compliance requires a through e. Hardly universal or user friendly. If BFL wanted consumer to do that they could simply keep it at 2.5 KW and require a dedicated circuit. 1440W (1.5KW is close enough) is universally compatible. |
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The main issue with default client is it merges wallet w/ back end.
IMHO bitcoind should exist as a silent headless service running 24/7 acting as node. A client (satoshi client or any client) would simply launch on demand, decrypt wallet (as needed), and get balance/confirmation updates from bitcoind or submit new transactions to bitcoind with no lag or delay.
The tight coupling of blockchain functionality and wallet functionality is not optimal.
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It is also a good way to start a residence fire not covered by insurance due to code violation and gross negligence. NEMA 5-15 outlets are often wired using 14 gauge wire and connected to a 15A breaker. Changing the outlet does nothing as the breaker will trip at 15A. Changing the outlet and breaker is dangerous and a code violation as 14 gauge wire is only rated for 15A. Changing the outlet, breaker, and wiring is possible but dubious. You might as well run a dedicated circuit. If you run a dedicated circuit going 240V makes more sense anyways. You get double the capacity and higher efficiency. It is possible that someone has a 15A outlet on 12 gauge wiring but that isn't the norm. 12 gauge is more expensive and builders often don't sink lots of cost into heavier wiring as it is kinda hard to sell that once the walls are up. Suggesting they can just buy a new outlet is just reckless. One needs to ensure the entire circuit (device, plug, outlet, wiring, and breaker) is rated for 20A. |
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No NSA can break 256bit AES by brute force.
How about cracking your encrypted e-mail message 100 years from now? Assume 1. Moore's law (doubling speed every year) ==> 2^100 times faster in 100 years. 2. Yearly doubling budget ==> another 2^100 times faster in 100 years. 3. Quantum computer ==> X * faster ? Moore's Law (transistor count increase in same surface area, NOT computing power) MUST be broken. The laws of physics guarantee it. To keep up with Moore's Law, a 1-billion transistor count must increase to 1 trillion in just 10 cycles (15 years), and 10^15th transistors (1 billion times greater) in 30 cycles (45 years). By your logic current chips are "impossible". Transistor density has increased by a factor of ~1 billion over the prior 40 years. Note Moore's law holds that cost effective transistor density will double every 2 years. Not every 1.5 years ad indicated in your post and not every 1 year as indicated in the prior one. |
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BFL-Engineer, I would recommend to size the mini-rig either for 960W, or 1920W.
This way, either 1 or 2 could be placed on a standard 120V-20A circuit, while drawing no more than 80% of its rated capacity per the National Electric Code (1920W).
Given 99% of NEMA outlets in US residences are 15A variety why make it smaller but too large to fit on a single outlet. Seems like the worst possible "compromise". Keeping it under 1440W(well 1.5 KW) makes it work with virtually every outlet in the world. Granted dedicated outlets are possible but if you are going to use dedicated outlets then current is no issue. They could make it 5KW and it would still work fine on a 30A 240V circuit. |
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Are we in the mode of stating the obvious now?!
That's _much_ more annoying than simply stating "subscribe".
Bitcoins are not actually coins. Oh and subscribed. |
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You likely don't. However most Boomers will be dead within 20 years which is how long I think it will take Bitcoin to become as mainstream as Paypal, twitter, or ebay.
I don't understand. Those examples were nearly overnight successes. Why won't Bitcoin go viral as well? None of those were mainstream overnight. Lots of Boomers now use facebook, ebay, paypal now but those "technologies" are a decade old. Even facebook isn't revolutionary. It is 8 years old but the road was paved with myspace and before that geocities and other failed social sites. Bitcoin is like alpha version of geocities circa 1990 right now. Worse it involves not social networking but money. I may be wrong but people who think Bitcoin will be adopted by the masses are likely a decade or two early. If you want to make a difference convince teenagers they want to use Bitcoin because by the time Bitcoin hits mainstream they will be prime spending (and voting) demographic. |
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You likely don't. However most Boomers will be dead within 20 years which is how long I think it will take Bitcoin to become as mainstream as Paypal, twitter, or ebay.
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 My rigs never go hungry with these outlets. I run 4 rigs per outlet. Simulation of how much power my rigs eat (and fart out as heat)  Hint #1: There is no such thing as "the outlet". Hint #2: Most homes have NEMA 5-15 outlets. Hint #3: NEMA 5-15 is a max of 1800W (1440 for continual loads) but there are other kinds of outlets and you can install more than 1. |
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At the moment its not profitable for Litecoin, and Bitcoin is pointless unless you have cheap dedicated servers with AMD GPU's Of course there are dedicated servers with GPU, who says there isn't.
Reading comprehension help. Bolded by me for emphasis. |
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