A digital asset is not money.
Why not? |
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Miners or (minters = money minting) are rewarded by default ( 25 BTC today)
so there is no need to set any priority on the inclusion of one's transaction into the next block. Imagine what would happen without any fees whatsoever. Everybody could make as much transactions as they like with as small amounts as they like. That could possibly result in maybe 10, or 100, or 1000, or even higher transactions per second. I think the network, full clients, and storage capacity wouldn't be anywhere near capable of tackling that situation. Hence resulting in the end of Bitcoin. And yet with fees, it doesn't. First Class traditional banks offer clients no-fee transaction today so the only business in accepting Bitcoin is deflanatory feature built-it into generation of Bitcoins. Think hard, then I'm sure you can think of other advantages.  |
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Thaaanos - thanks for the advice.
I knew that the things I was proposing would be difficult to sell,
hence if the readers show little interest in the content, there would be no
point in setting out the implications for say, NewYork, or, for example
Scotland.
By all means continue, I keep open mind but occasionally my brain spits out rants  Yes, continue.  I enjoyed reading this thread, just didn't reply because I had nothing sensible to say yet. Doesn't mean I agree with all things, but I like comparing ancient times with the present and trying to learn from that. |
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Well yes, probably. But thanks to pool mining it doesn't have to happen.
Excuse my ignorance, but how pools are a guarantee of suistainable profitability for rigs made of commonly avaible pc components? I understand they increase efficiency, but up to a certain point, no? Yes, you're right. It not really profitable to mine with a computer anymore.
The matter I see is the entrance on the scene of dedicated mining hw, like ASICs and FGPAs. OK most GPU mining rigs are doubtfoully serving other purposes than mining, so one can argue there is little or no difference between them.
But I think the difference is far from being purely conceptual. Everyone that has a common PC with an edge for gaming is already possessing a minimal mining rig, and that is the democratic aspect. The other one is far less ideological: dedicated hw can be subject to restrictions by governments, so controlled in a way or another (bans, license requirements, taxes etc.), generic hw cannot be controlled in such fashion.
ASIC miners are just dedicated to hashing, which can be used for other (not really mainstream) things than just for Bitcoin. Talking about the democratic aspect, mining isn't free. And most of the people having a PC for gaming laying around probably aren't going to mine. The fact that something is (more or less democratic) doesn't mean it should be free to vote. After all, as member of a nation you also have to pay taxes. So to keep Bitcoin running, and more importantly the way you want it to keep running by 'voting', you also have to make a financial contribution. Problem stays that more wealthy people have more voting power. But they have to keep in mind that if they make Bitcoin in something the less wealthy people don't like Bitcoin will never become popular. |
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And I can't see why miners will abandon Bitcoin. The more miners that do will mean more money for the rest. There will always be supply and demand for mining.
Yes, but if I understand it correctly profitable mining of main cryptocurrencies (BTC, LTC...) is getting more and more difficult with commonly avaible computer hw, right? Of course mine is more an abstract hypothesis, but what happens if mining activity becomes increasingly "less grassroot" and more "enterprise like"? Will this put an hazard to cryptocurrencies in general, destroying the main key concept behind it? Well yes, probably. But thanks to pool mining it doesn't have to happen. Even alt coins are profitable until the masses find out. In that case small miners can join mining pools for Bitcoin. But how about the power pool owners have in choosing the protocol version. Well if a lot of small miners don't like what the pool owner chooses, they can all go to a different pool. So in my opinion Bitcoin stays a currency based on what the majority wants. |
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Another hardware comparison site I like. Observing the forums for over a year, a few natural laws tend to show up. At least, in my eyes. - Mining Bitcoins is only worth it, if you have quite some money to invest.
- When ordering mining equipment, it usually takes some time before you actually have it. There is a lot of demand for ASICs. So when you get your device, you must run it immediately to break even (at least) before the difficulty is too high. So what looks like a good deal today, can turn out to be a big loss.
- Why do companies have hashing power to rent? If it is profitable, they better hash for them selves. I would only try to rent it if I thought it wasn't profitable anymore, and sell it to gullible people (if I were a bad person
 ).
Just remember it's quite a risk you must be willing to take. I hate it for saying (I'm not really a big supporter of pump-and-dump coins), but maybe the threshold for mining alt coins is a bit lower. Anyhow, happy mining.
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Nice that you managed to get back most of your BTC. Glad I could help.
Dogecoin: DCr4GJGsqaj4Kyvk94z9m9FP35gLqyF2Tm
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Besides a few alt coins that are really different from Bitcoin in the way they work, most alt coins are indeed used for getting rich quick. There is no other reason why there should be a few hundred alt coins. People are so gullible.  |
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Ok thanks but ...
1:: With encrypting a private key, do you mean something like this:
- encrypting your computer filesystem or hard drives
- Running some algorithm on the private key that only you know, and you remember
- Childishly reversing the order of the key, and remembering that you wrote it down in reverse (and the thousands of other things that come to mind)
2:: Does every miner in a pool, while it is verifying transactions, tries to bundle transactions and secure them into a block?
Or is only 1 block / pool suggested for acceptance by the network (every 10 minutes) ?
1. You can, for example, encrypt the wallet.dat file of Bitcoin-QT with a password. 2. The pool assembles the block. Pool miners try to hash some derived data from that block. |
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 In addition to Lottery 1, which is a progressive lottery with automatic generated numbers, a second progressive lottery is implemented.  Lottery 2 features: - Progressive lottery
- Choose your own number between 1 and 65536 to play with by adding it to the ticket price.
- To play with the number 435 send 0.001 BTC + 0.00000435 BTC = 0.00100435 BTC to the 1BCL2ccUwEF92JpyPp7WG4rC4VuGRBGCKr.
So the range is 0.00100001 BTC - 0.00165536 BTC. If 0.00100000 BTC is send, then a number is generated for you. - Prices depend on how many places are right. For example:
- 43956 is the number you're playing with.
- 39733 is the winning number, then there are zero places right which means no price.
- 39933 is the winning number, then there is one place right which means no price.
- 39936 is the winning number, then there are two places right which means a price of 1 mBTC.
- 49936 is the winning number, then there are three places right which means a price of whatever is contained in that price pool.
- 49956 is the winning number, then there are four places right which means a price of whatever is contained in that price pool.
- 43956 is the winning number, then there are five places right which means a price of whatever is contained in the jackpot.
- The chances of winning are:
| ----------------- | ----------------- | ------------ | | Places Right | Percentage | Ratio | | ----------------- | ----------------- | ------------ | | 2 | 8.46% | 1:12 | | 3 | 1.02% | 1:98 | | 4 | 0.061% | 1:1639 | | 5 | 0.0015% | 1:65536 | | ----------------- | ----------------- | ------------ |
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Who wrote the definition? You clearly don't understand what a pyramid is if you have to read what someone edited in on Wikipedia.
Just don't argue on definitions. Just say what you think a pyramid scheme is and continue the discussion. Another example about arguing about a definition is what exactly is a continent. Some say there are seven, some say six, some say there are even more. But it's not really important, just say what you think how many there are. A definition is quite arbitrary. Watch this and have a laugh.  |
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Sure, for Windows. I'm hoping it's more clear to you now. |
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You guys clearly all have vested interest in Bitcoin, this is the hornets nest after all. I am heavily invested in Bitcoin, but I see it for what it is.
It is a Pyramid
No, it's not. A pyramid scheme is an unsustainable business model that involves promising participants payment or services, primarily for enrolling other people into the scheme, rather than supplying any real investment or sale of products or services to the public. Bitcoin is not unsustainable. It is not a business model. There is no one promising payment or services. Bitcoin does offer real utility though. It allows users to securely store and transfer value without the help of a middleman or the permission of an authority. The exchange rate is most certainly not set by the miners. Why wouldn't they just set it to $1,000,000+ each if that were the case? You never even need to involve yourself with mining to be a Bitcoin user. The exchange rate is set by people who are willing to trade other things (usually fiat) for Bitcoins. You can try to sell something all day long for whatever price you want, if you don't have a buyer you can't really claim to have an exchange rate (you can, but it will be an exercise in futility). No one would even be producing mining hardware if there was no prior demand for Bitcoin. I'm not going to bother pointing out any further errors in your post. You are applying it directly to the definition of maybe a wikipedia on pyramid, you take that definition as if it's written in scripture and holy. Bitcoin does not have to be a business model to be a pyramid, no one has to promise payments or services for it to be a pyramid, you couldn't possibly know if Bitcoin is ultimately unsustainable or not. But definitions help us to understand things. If you're expanding the definition that much, everything could be called a pyramid. Don't argue on definitions.
If you for one second took away your biased opinion, and actually read what i wrote earlier you would understand, you are just another cog in the wheel, or should i say block in the pyramid (lol). If it was this easy to conquer the world, because of the lack of IQ points from the masses, i'm going to gladly join the other side and sharpen the axe. Where do i sign up?
Your biased as well, that's inherent to your standpoint. IQ, really? That's just mud-slinging. |
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or any other currency? if you have free electrcity (please dont ignore)
Free electricity as in I still live with my parents and I don't pay any bills whatsoever? |
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... and distributes the coin in a more even manner. Bitcoin is still far too concentrated seeing all these wallets with more than 10K bitcoin in them there is a small number of people who got obscenely wealthy from it. ...
Distribution of wealth is not equal in all walks of life, not just for Bitcoin. But that doesn't mean that it's unfair by definition, or not good for society. People who work harder, come up with new fantastic ideas, invent something awesome, or take risks have more chance becoming rich. And with that money they tend to do good things again. I think wealth should be distributed in such a way (and not more than that), that all children should have the same chances when they're starting their life's. After that it's up to them to make something of it. But it doesn't mean wealth should be redistributed just because some people have a lot of money and a lot of people have only a little. |
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Awesome. That's a really in depth discourse about the Bitcoin protocol. I will definitely read that in the next few days. I'm very thankful that there are people that invest so much time to write such great articles. This is the way to learn new technologies. Another great article about Bitcoin. Not as extensive as the other one though. |
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I red this article with the title you had put in the subject. The writer names a currency based on the gold standard and Bitcoin compared to that. In the case of a gold standard system, the base money supply is adjusted via an automatic mechanism similar to a currency board, such that the currency’s value maintains its defined parity relationship with gold bullion. Obviously, [Bitcoin has] no daily adjustment system [...] — not a gold standard-type system, or a floating-fiat type system. I'm not really into economics, but wasn't Bitcoin designed to mimic the finite supply of gold? Or am I missing something here? Does the writer mean something else? Bitcoin, alas, is just another failed experiment. A little bit early to state that in my opinion. It's never been so popular as it is now. |
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What scripting language do you use? Here are examples of different languages used for the API. To extract the values you want, most often you want to use a JSON-RPC library to parse the results. |
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Clearly your client thinks it can spend inputs that the rest of the network is refusing. Try this. - Backup your wallet just in case
- Download Pywallet
- Run './pywallet.py --web'
- Go to http://localhost:8989 in your browser
- Fill the Delete form like this:
- Wallet Directory: /your/wallet/directory
- Wallet Filename: yourwalletfilename
- Key: all
- Type: leave 'Transaction'
- Click the Delete button
- Run 'bitcoin -rescan'
- Done, no more unconfirmed tx's
I tried it, and it works perfectly. After that your whole wallet is clean and up to date. Write down the balance of your backup wallet and compare with the new balance. Probably it'll be different due to inputs you weren't able to spend. |
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