Bitcoin Forum
May 25, 2024, 08:53:06 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
  Home Help Search Login Register More  
  Show Posts
Pages: « 1 ... 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 [62] 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 »
1221  Economy / Economics / Re: How profitable are exchanges? on: June 30, 2014, 11:11:04 PM
I don't know about the other exchanges, but monthly revenue for BTC-E is somewhere in the range of BTC2,000. That means around $1.2 million per month and $15 million per year. Don't know the net income.
That is huge profit for an exchange. No wonder no major exchange want to offer equity.

Right now I don't think that will be a good idea. 99% of the world population don't know about Bitcoin. The exchange rate and adoption will increase logarithmically in the coming few years. Once that happens, they can list the exchanges in NASDAQ or some other stock market.
It does not matter if a currency is listed on a stockmarket.

Once citizens of emerging markets start to use bitcoin then it can reach it's potential.

Why would citizen of emerging market will choose bitcoin vs their own currency?


Let me answer that in one word: Argentina.
Argentina actually has a lot of foreign currency reserves. They have much more then they need to pay back their holdout creditors, they simply do not want to pay them as they have a history of being a deadbeat nation
1222  Economy / Economics / Re: Energy Consumption of the Bitcoin Network on: June 30, 2014, 05:17:37 AM
The cheapest type energy by far is nuclear power. It is also one of the cleanest forms of energy.

I really do not understand why the "green lobby" does not push nuclear power more
1223  Economy / Economics / Re: What can you buy that's legal with only bitcoins? Mining Hardware Excluded! on: June 30, 2014, 05:15:35 AM
Bitcoin is useful to send money instantly and nearly free.

For example, if I want to buy some software key, I can send the payment and get the key instantly and free.
With credit card or any other way, it's slower and more expensive.

In the future, this will be applied to the normal life too.
We'll be able to take a taxi and pay using Bitcoins, without worrying about carrying CC or cash.

I expect more people will see Bitcoin as currency and less as an investment in the future when it's more widespread.

This is exactly the point of bitcoin. IDK why the OP thinks that anything needs to only be legal if it were purchased with bitcoin. People use the "barter system" all the time

Yeah that is where the logic kind of breaks down for me as well. Adoption isn't about exclusivity but about bit coin reaching its potential as a superior currency. Soon it will be easier and cheaper to use bit coin. That is the tipping point.   
I think the OP should rephrase his question to be something to the effect of "what is easier to buy using BTC verses using fiat to buy the same item"
1224  Economy / Economics / Re: When will people feel comfortable using BTC ? on: June 30, 2014, 05:11:39 AM
And I agree, one of the main reasons holding bitcoin back is the lack of conveniece in dealing with it. Traditional payment methods are used and accepted by the majority because it is so universal, and because it was there.

The best way to encourage adoption is to set up a business that deals with BTC and caters to your local market.

Me and a bunch of my friends are setting up a business just for that!
Another reason why people hold bitcoin (and not spend it) is because it is a deflationary currency. People hope that it's price will rise in the future. Why would you spend coins today when they will be worth more tomorrow?
1225  Economy / Trading Discussion / Re: BTC Rewards for Mobile Gaming! on: June 30, 2014, 05:08:03 AM
Would this be funded with ad revenue or would users need to put up their own coins to bet and the winner would get to keep them all?
1226  Economy / Trading Discussion / Re: Localbitcoins on: June 30, 2014, 05:06:53 AM
Hi guys,

I was just wondering if anyone out there is actually making a living off by trading at localbitcoins? If so, how much do you make a week/month Smiley
I would doubt that you can actually make a living off localbitcoins. You could likely make "something" if you were to treat it somewhat like a 2nd job.
1227  Economy / Marketplace / Re: Silkroad BTC auction - More info? on: June 30, 2014, 04:50:28 AM
I wonder when the rest of the coins will be auctioned off.  Since 30k are all they are starting off with, it would seem that the remaining 144k or whatever it is exactly will be auctioned off at a later time.  Or does anyone suspect that the gubbermint will attempt to control the bitcoin market with the wealth that they control.  Kind of like how the federal reserve controls the USD, and manipulates inflation/deflation.  

What do you think that the gubbermint will attempt to do with the remaining coins that are not being sold at this time?


The remaining coins are not silkroad coins, but actually belong to Ulbricht. They haven't been forfeited yet. The Government will be able to auction them only after a judgement is obtained on Ulbricht's case. So it could be quite a wait.

It would not be the criminal case that they need a judgment for, it is a separate civil case over the coins that he owns. Since no one claimed to own the SR coins the government was simply able to win a default ruling. Ross had claimed ownership in his coins so the matter will need to be litigated. 
1228  Other / Politics & Society / Re: Some statistics on welfare on: June 30, 2014, 04:45:55 AM
The programs started with good intentions but the fraud rates are going up.  The road to hell is paved with good intentions.

Free is a dangerous concept.

Any free food given to a country population for prolong period of time will destroy the country agriculture industry. Same with cloth and textile industry.

Short term assistance to relieve disaster is fine. Long term dependency will destroy the country population ability to stand on their own two legs.

There is no such thing as a free lunch (no pun intended)

When people are given "free" money for food or other forms of welfare it must be ultimately be paid for by other people.
1229  Other / Politics & Society / Re: North Korea Throws Another Temper Tantrum on: June 30, 2014, 04:42:59 AM
Kim farted, I mean, launched 2 projectiles into the sea off the Korean peninsula.
Quote
(CNN) -- North Korea fired two projectiles Sunday that "appear to be short-range missiles" into the sea off the eastern coast of the Korean peninsula, a South Korean defense ministry official told CNN.
The launch took place shortly before 5 a.m. (4 p.m. ET Saturday), according to the official. The projectile's estimated range is 500 km (310 miles).
This is the second reported launch by North Korea in recent days.
On Thursday, U.S. and South Korean government officials reported North Korea had launched three projectiles from its southeastern coast.
http://www.cnn.com/2014/06/28/world/asia/north-korea-missile-launch/index.html?hpt=hp_t2
I wonder what he's crying over this time.
He seems to be much more immature then his father was. I sometimes wonder how it is that he stays in power and why his people do not overthrow his government with how he treats his people and how outrageous he acts.
1230  Other / Politics & Society / Re: Germany sacks Verizon over NSA spying on: June 30, 2014, 04:41:01 AM
You would think the German government would have been using their own companies all ready. If I were German I would be a bit ticked off that they were spending money on cell service benefiting a foreign country instead of my own countrymen. How many jobs were created in the US just because of this?

Contract need to be awarded to competent and reasonable cost company.

Do you really think that Germany isn't capable of providing such a service? They lead the world in a lot of engineering areas. Telecom should not be a big issue for them.
Much of europe is too small to have individual companies for each country for every industry. The companies would simply not be able to reach an economy of scale that is necessary to be profitable.
1231  Other / Politics & Society / Re: Economist Warns Civil Unrest Rising Everywhere on: June 30, 2014, 04:39:16 AM
Ironically cracking down on tax evasion would bring more harm than good.  It's been calculated a few times that there's over $32 trillion in offshore accounts, all that money coming home all at once would result in Weimar-styled hyperinflation and then the mob would lob off heads.  It would be like Satoshi's million Bitcoins coming back and being spent all at once (would kill BTC overnight).

Inflation is the key culprit here.  Governments are going bankrupt because the pension benefits are indexed to inflation, but taxation income remains static due to stagflation (where increase in salaries lags behind inflation - this hurts the government too).


The issue isn't necessarily big government or the rich being cheap bastards, a lot of these issues we face comes down to who controls the monetary supply and the inflation they are creating through fractional reserve banking.


I would say that your 32 trillion figure would likely be a little bit off as the US GDP is only ~15-16 trillion.

austerity measures can often lead to deflation which is much harder to control then inflation. Deflation often will lead to much less economic activity which is bad for an economy. 
1232  Other / Politics & Society / Re: Is it unethical to participate in a Ponzi scheme knowing full well it will fail? on: June 30, 2014, 04:33:53 AM
If you know that it is a ponzi because you have inside information then yes you are acting unethically. You are using information that is not available to others (you use it by getting out of the ponzi earlier then you otherwise would).

It you know that it is a ponzi only because you can use logic to conclude that it is a ponzi based on publicly available information then you are fine. I would say shame on others for not making the same conclusion.
1233  Other / Politics & Society / Re: Progressive principles all lies on: June 30, 2014, 04:29:14 AM
1. Death penalty is not a deterrent.
The death penalty is very much a deterrent. IMO it should be used a little bit less then it is now. It should only be used for the most heinous crimes and when there is little to no chance that they could be rehabilitated via prison.    
2. The rights of the mother to "choose" outweighs the right of life for the child.
I would disagree with you on this one. A mother is risking a lot when she is pregnant. Every time a women is pregnant there is a possibility that she could die as a result of the pregnancy (the chances are lower for some), why should she be forced to take this risk? This also opens the debate as to what is and is not considered to be "alive" IMO something is considered to be alive when it can survive on it's own outside of the womb (even with help from "medicine/medical technology" while others could argue that individual sperm cells are "alive"
3. I must view gay people no other way than being born that way and gays have no choice in the matter regarding their sexuality.
This is simply not true. AFAIK most/a good number of people turned gay after being straight for part of their life. The opposite is true as well that some people turn straight after being gay. How can you be born a certain way and then change like that?
4. Banning guns is somehow a good idea.
Banning and/or restricting the use of most guns is a very bad idea.
5. The 1% are evil.
Most of the 1% got to be as rich as they are because they are very smart and hardworking and had a little bit of good luck/timing. There is no reason to think someone is evil simply for being successful.
1234  Bitcoin / Mining / Re: BFL Monarch, in the Cloud.. (600GHs) on: June 30, 2014, 04:00:26 AM
I love the part where they say they're under no legal obligation.

They should be refunding the people who want a refund since they haven't shipped.  FTC has laws that clearly spell this out, but in BFL's world laws are made to be broken.

Why would anybody want 600GH/s from them now for $4500.  You can buy 3 S1s for $500 that do the same thing.
There have been several articles/reports that BFL would use their customer's miners to mine at their pool for their own account. It is almost like they were secretly charging their customers higher prices in the form of delayed shipments.
1235  Bitcoin / Mining speculation / Re: WTD: rent a scrypt, X11 or SHA256 rig on: June 30, 2014, 03:56:50 AM
leaserigs and betarigs (I believe the are both ".net) are both reputable (IMO) sites, however the prices are usually above the expected value of the hashrate. The high prices will always be an issue as noone will want to rent for less then the expected value
1236  Other / Beginners & Help / Re: P2Pool vs Normal Pool - Which one better ? on: June 30, 2014, 03:53:43 AM
Since P2Pool is very small it has a higher variance as it's small size creates a greater chance that it's two week luck will be something other then 100% this can work for or against you

Sorry... I dont get your point. Why are u assuming a P2Pool will be small ? If it can offer proper service to miners it may become big like GHash.IO as well. Is not it ?

Indeed, the p2pool hashrate is about 450 TH/s now (http://p2pool.info/), which is just about 0.36% of total network hashrate.
So, IMO, it is fair to say p2pool is very small...
with it being this small miners have the issue of a large amount of variance.
1237  Other / Beginners & Help / Re: Remembering all of those passwords without sacrificing security on: June 30, 2014, 03:53:04 AM
Many people look to cloud storage for this. IMO this is a horrible idea as your cloud storage account could get hacked at any time and/or the NSA/government could be snooping around in your private information.


You should really first encrypt the files (use 7zip for example) before putting it on cloud storage.
You have a couple of issues with this.

1 -If the key to decrypt the file is held on your computer then in the event that your computer crashes (all data lost) then you would lose your file.

2 -If all you need is a password to decrypt the file (similar to a brain wallet) then all an attacker would need would be the password instead of the private key. The attacker could simply brute force the password instead of brute forcing the private key to decrypt the file.
1238  Other / Politics & Society / Re: Wired: How to Anonymize Everything You Do Online on: June 30, 2014, 03:22:37 AM

You can browse the forum and visit the registration form, which does not seem to block. I think it's allowed  Smiley


Quote
Problem with Tor and IP2 is that onion routing in a low-latency node based network is a fundamentally flawed concept. If you want anonymity against the feds, we will need a different conceptual design.

The way TOR is constructed is indeed drawing attention. I think, in order to have anonymity, a new conceptual design is needed as you mentioned.



What seem to be the issue on TOR network?

There are several issues. For one the mere usage of the TOR network itself, makes you into the subset of 'suspicious users'. The pool not using TOR is still larger. It's not a perfect solution. the NSA has a technique that targets outdated Firefox browsers codenamed EgotisticalGiraffe. It has several weaknesses, see https://en.wikipedia.org/wiki/Tor_%28anonymity_network%29#Weaknesses

Using tor alone would not be probable cause for law enforcement to get a warrant as there are several legit reasons to use it.
1239  Bitcoin / Legal / Re: Why localbitcoins dont need KYC ? on: June 30, 2014, 03:20:58 AM

"Barter transaction rules apply where bitcoins are used to purchase goods or services," Canada Revenue Agency spokesman Philippe Brideau said in an email.

Barter is the exchange of one good for another good without the use of cash, such as when a farmer who grows vegetables trades with another who raises chickens. Many Canadians don't realize such exchanges are taxable, but they are.


Thats why you should have both, grow vegetables and raise chickens. Clearly advantage over just having farm or chickens.

About the localbitcoins, shouldnt by this logic bitcointalk have KYC licence as well when in market section there are trade offers by members and matched by buyers. Quite similar to localbitcoins...
both the marketplace section and local bitcoins are nothing more then a venue that people can meet at that have similar goals (trade bitcoin). It would be no different then if a certain park or restaurant was a common place that people met at to trade .
1240  Bitcoin / Bitcoin Discussion / Re: Why satoshi is gone? on: June 30, 2014, 03:18:50 AM
What if he is working on something new?  Something that would outshine Bitcoin??

I think he is not working on anything new, since he is allready rich, first few thousands of BTC mined are his, i'm sure. This can be checked somehow i guess, who was the first miner and how much did he mine so far ?
He has little ways of being able to cash out of his bitcoin holdings. So while he may have a lot of assets (bitcoin) he has no way of exchanging them for goods/services that he needs.
Pages: « 1 ... 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 [62] 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 »
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!