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I'm officially turning this thread into a pyramid. 0.01 btc to all of the above.
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Good points. It would be cool, though, to see a system where mining would be profitable for everyone willing to run the software. That would be the most badass network ever. Our grandparents would be running it.
That would be cool, like unicorns who crap skittles. Think about it, if mining is profitable no matter how inefficient you are it's endless free money and all resources on the planet will eventually be dedicated to it. It's wonderful as it is, the amount of resources dedicated depend on the worldwide demand for the system and the supply is anyone who can provide the service we need cheaper than average. To me it's more magical than (impossible) free money. touche |
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both buying and mining (and for us noobs, the software) are total pains in the ass. I'm not interested in mining, but i can't even get my hands on decent windows wallet software. My university's firewall makes thin clients my only option. I actually just installed ubuntu with wubi, but there are some driver issues with my wireless card so i'm on the brink of "fuck it." I don't want to print out paper wallets and I don't want to use ewallets. If bitcoin is ever, ever going to take off, it needs to get its software streamlined asap. NOBODY wants to download some fucking block chain. And most people where I'm from don't want to mess with linux, command line, firewall ports, or pgp. When accessibility goes up, so will trading volume. And that makes everybody happy.
why isn't the standard bitcoin client not working for you ? it's pretty decent My university's firewall makes thin clients my only option.
Try setting up a client outside of the universality's firewall that you can connect to and you can use the outside one as a node to grab the blockchain. I like that idea. |
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And I haven't even started trading.
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both buying and mining (and for us noobs, the software) are total pains in the ass. I'm not interested in mining, but i can't even get my hands on decent windows wallet software. My university's firewall makes thin clients my only option. I actually just installed ubuntu with wubi, but there are some driver issues with my wireless card so i'm on the brink of "fuck it." I don't want to print out paper wallets and I don't want to use ewallets. If bitcoin is ever, ever going to take off, it needs to get its software streamlined asap. NOBODY wants to download some fucking block chain. And most people where I'm from don't want to mess with linux, command line, firewall ports, or pgp. When accessibility goes up, so will trading volume. And that makes everybody happy.
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Wikipedia. I am still very skeptical but I want to be a part, because I love the ideals and the implementation. Here are my two reservations about bitcoin:
1. the longterm viability of mining/transaction fees is really dubious to me. Even now, as evident in this thread, people are not mining because it is not profitable. It should always be profitable, whether it is by mining or by transaction fees. Thoughts, all disclaimed with a "maybe":When they cut the reward in half, sh*t is gonna happen, right? Even after the transaction fees stabilize, only the miners with access to the cheapest electricity and most efficient machines will come out on top. Nobody else will be able to compete. Is it heading towards a monopoly? Also, why not gradually reduce the reward instead of cutting it in half intermittently? It's pre-programmed market trauma, as it now stands.
2. Some more "maybes": The vision seems too small scale. People talk all day about how infinitely divisible coins is so amazing, but it's really not that great considering that a very small handful of people are sitting on 5%ish of the long term total and 12%ish of btc in circulation. I realize that they deserve a payoff, and that early adopters in any bubble are rewarded. But until all of the hoarders and speculators (early and newcoming) start spending, btc will remain a daytrading playground and retirement delusion. Hell, I wish Mt. Gox made their limit even smaller. I also think the 21 million get out way too fast.
Unless we have a few more Mt. Gox freakouts in a short time, I think btc will be around for awhile.
1. Why would mining become a monopoly? There's many people with good electric rates that have huge mining farms - not just one person. And to make the argument that in the future, mining will be viable to few enough people that Bitcoin is susceptible to a 51% attack, you'd have to do some detailed analysis to figure out what total hashing power makes staging a 51% attack practical/profitable. Mining doesn't need to be profitable to everyone, just so long as there are enough miners to secure the network from a single party taking over the network. 2. I agree with you there. Having 7% of the coins owned by a single person (Satoshi), and several others with smaller whole percents is absurd if this can ever hope to be a currency on the scale of the USD. The current richest man in the world only has enough wealth to equate about 0.5% of the USD in circulation. Who knows though - maybe 50 years down the road, if none of those original coins are moving, people might assume that Satoshi got hit by a car and died, without leaving anyone else any information about his wallet. In other words, those coins would be assumed dead and never moving. Good points. It would be cool, though, to see a system where mining would be profitable for everyone willing to run the software. That would be the most badass network ever. Our grandparents would be running it. |
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Wikipedia. I am still very skeptical but I want to be a part, because I love the ideals and the implementation. Here are my two reservations about bitcoin:
1. the longterm viability of mining/transaction fees is really dubious to me. Even now, as evident in this thread, people are not mining because it is not profitable. It should always be profitable, whether it is by mining or by transaction fees. Thoughts, all disclaimed with a "maybe":When they cut the reward in half, sh*t is gonna happen, right? Even after the transaction fees stabilize, only the miners with access to the cheapest electricity and most efficient machines will come out on top. Nobody else will be able to compete. Is it heading towards a monopoly? Also, why not gradually reduce the reward instead of cutting it in half intermittently? It's pre-programmed market trauma, as it now stands.
2. Some more "maybes": The vision seems too small scale. People talk all day about how infinitely divisible coins is so amazing, but it's really not that great considering that a very small handful of people are sitting on 5%ish of the long term total and 12%ish of btc in circulation. I realize that they deserve a payoff, and that early adopters in any bubble are rewarded. But until all of the hoarders and speculators (early and newcoming) start spending, btc will remain a daytrading playground and retirement delusion. Hell, I wish Mt. Gox made their limit even smaller. I also think the 21 million get out way too fast.
Unless we have a few more Mt. Gox freakouts in a short time, I think btc will be around for awhile.
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Not to spam this, but I didn't intend to speak with disdain upon electrum. I realize its only at 0.41 stage. It looks like it's awesome.
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I have been trying all day to figure out the electrum windows build. I can get the cameyo package to start up, but it doesn't make any wallet files that I can find, and it disappears either after i select the server or after i make a seed. I've scoured the web and I can't find any help for a newbie. I haven't learned how to install SID or Python so I haven't been able to try the nonCameyo build. BitCoin really, really needs an accessible thin client for idiots like me.
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Hi. Stumbled across bitcoin this week. I'm amazed. I've been reading these forums, and fooling around with some software. I don't want to speculate or hoard, I want to see bitcoin flourish thru broad acceptance. I'm not an anarchist but this is pretty legit.
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