Right, I'm checking out. These 4, 5 or 6+ day blocks don't even pay my electric bill  Adios amigos. You could save up a bit from the 3-block days. Just saying. |
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Adam has admitted that there is risk in being caught in a Sidechain during an attack. this automatically makes those BTC less valuable on the open market than those on the mainchain.
They can't be less valuable other than for very short term liquidity reasons (jumping chains is like mining so you have to wait, so you might prefer to trade, but that will be at a small premium) because the are exchangeable. The effect of a side chain not being secure is that no one would exchange into it and everyone would exchange out of it, so it just dies. This of course may mean the whole scheme fails. If people do not view any of these side chains as secure, no one will ever exchange in. You might need a floating exchange rate (i.e. altcoin) to allow people to price the risk. |
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Adam has admitted that there is risk in being caught in a Sidechain during an attack. this automatically makes those BTC less valuable on the open market than those on the mainchain.
They can't be less valuable other than for very short term liquidity reasons (jumping chains is like mining so you have to wait, so you might prefer to trade, but that will be at a small premium) because the are exchangeable. The effect of a side chain not being secure is that no one would exchange into it and everyone would exchange out of it, so it just dies. |
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If I wanted to get in on the pool, what do you guys suggest for mining on a budget?
Antminer S1 |
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Mining capacity is irrelevant to this proposal. Merged-mining with bitcoin can be done either way.
i don't think Peter's proposal involves merged mining. integrating that would be quite the headache and would require a massive PR effort to get the miners to agree. Any coin can be merged-mined if the creator desires. It doesn't require miners to agree and in fact it miners don't even have to merge mine if they don't want, it is just more efficient. Bitcoin miners would have to agree to add the hash of an altcoin block into a Bitcoin block, so yes, they do have to agree in aggregate to merge mine. see here: http://bitcoin.stackexchange.com/questions/273/how-does-merged-mining-workIt's been a while since I looked but my recollection was that you could also do regular mining on namecoin (the block validation code will accept either a NMC pow or proof of a BTC pow, but it isn't economical to do so because so many people merge mine it, so the difficulty is high. On a new alt that might not be true. |
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It is interesting to me that this idea (maybe it needs a nifty name like 'sidechain' because bitcoin blockchain-distributed premine seems cumbersome!) and Sidechain is happening at the same time. I'm liking the sound of both atm.
Quick question: If in the event I've locked a chunk of bitcoins and transferred value into a sidechain alt, would I still be eligible for the whole of my bitcoin holding (including that locked up) or would I lose out from the currently unspendable bitcoins?
You would lose out unless the genesis of the new coin also recognized that particular sidechain keys. Depending on the details of how the two-way peg works, it might be possible to recognize keys from any sidechain that is exchangeable into btc. |
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It is interesting to me that this idea (maybe it needs a nifty name like 'sidechain' because bitcoin blockchain-distributed premine seems cumbersome!) and Sidechain is happening at the same time. I'm liking the sound of both atm.
I think spin-off is pretty good. Matches the usage for stocks. |
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are the ethereum guys saying "FUCK" right about now
Every open source project faces the possibility of forking. If they didn't think through their business model well enough, too bad. They need to adapt or die. In all likelihood several of them as individuals will get greater recognition of their abilities as a result of the project regardless of the outcome and can move on the bigger and better things, if it comes to that. |
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Please add: 1M BCN for 0.18 BTC  Buying or selling? |
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Mining capacity is irrelevant to this proposal. Merged-mining with bitcoin can be done either way.
i don't think Peter's proposal involves merged mining. integrating that would be quite the headache and would require a massive PR effort to get the miners to agree. Any coin can be merged-mined if the creator desires. It doesn't require miners to agree and in fact it miners don't even have to merge mine if they don't want, it is just more efficient. |
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I think a lot of us feel this way about alt coins in general, Brandon. And I think Daniel was right when he wrote about their coming demise.
The fallacy in his argument is that he assumes the race is already won and bitcoin won it. He is likely right there will be only one liquid coin, but from my perspective $5 billion market cap (and falling) is not a winner yet. The race hasn't even really started. I believe I've shown that if anyone has a truly innovative idea it is in both their best interest and the best interest of the community as a whole to apply the distribution method described in the OP. It will sink or swim based on its own merits.
I agree with you here. Crypto-style IPOs are not a good business model and just attract scams, even if (big if) that wasn't the explicit intent of the first few. |
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you wouldn't take say, LoL or steam account as collateral would you? haha it's the only digital thing I have of value ^^
No Need a loan of 50BTC for a business project.
No |
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The other thing is like Spondoolies-Tech said: however many they make, they'll probably SELL OUT immediately they get any stock, if they delayed sale and stock-piled. At any production rate there is a rate of fabrication/assembly per day. Suggest you make suggestions. What would you do: run a daily auction for those assembled on the day?
The suggestion was already made for people to reserve a ship date with a small deposit, and then pay the balance before shipment or lose their spot in line. Second suggestion was to give refunds if they miss their ship date. Neither gets the customers funding the business and absorbing the business risks without taking equity though. |
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Nope, 1050W according to their spec page.
Your'e confusing power supply rating with actual power consumption. Already explained in the thread. Thank you for the correction. The spec sheet says 1250 W power consumption, which makes the net cost to the miner 0.26/kWh. Electricity is expensive in Israel.
That's all well and good, but matters not to the miner paying the bill. |
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You're not losing as much money as the miners are at these prices. IMO. Others can do their own homework. |
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$250/mo, 720 hrs/mo, 1.25 kw = $.28/kwh
Thought it was 1400W per miner but you still need to include 30% extra for cooling so each miner would use about 1600W with cooling included. Nope, 1050W according to their spec page. Fixed calculations should be $0.22/kwh for 1 month hosting and $0.17/kwh for 3 month.
Nope. Even if it were, those numbers are still absurd given the premise the are promoting of moving mining to data centers where electricity is inexpensive. |
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Haven't heard anything yet.. no reply's on emails either.
Might be delayed some what
For all of you guys concerned about tracking numbers, sign up for myUPS, it's free and you'll usually get notification days before delivery. You can also release shipment so you don't have to be there to sign if you are comfortable that it will be safe. Anybody get myUPS notice for batch 2? Their web site still says shipping "before April 10." |
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Therefore, someone's 10 Bitcoins will be cloned indefinitely into 10 aether1, aether2, ... , aether9999.
Isn't that inflationary?
I don't think this is inflationary in the usual sense because the value of any future altcoin using this model is already incorporated in the value of btc. Bitcoin becomes something of an inflation-indexed bond. I find the logic of the proposal a bit lacking though. Once you spin off an altcoin, calling it A, from bitcoin, why does the next one spin off bitcoin and not off A? it can, it probably will, you can also use A and the Bitcoin Blockchain to make bigger better A+Bitcoin b/c Bitcoin will always have greater mining capacity and thus greater security. don't forget, A still has to prove itself and attract miners on it's own merit for long term survival. Mining capacity is irrelevant to this proposal. Merged-mining with bitcoin can be done either way. |
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