I'm sorry I should have been clearer initially it's a debit card and not a credit card..

To be able to accept a payment with 0 confirmations does have some risk that could be mitigated by a backing company
Including but not limited to things such as double spend attacks that could invalidate the purchase

The goal here is to make it simple and fast for everyone to use within a secure environment that offers insurance for any issues

That would require involvement of a Bank and as you may know the majority of Banks have not been very welcoming to Bitcoin

It threatens their very industry so why should they..

The faster we get more users involved.. it increases the value of a Merchant getting involved.

When a merchant gets involved.. the it increase the value of a supplier getting involved.. and so on

It all starts with us

1. Because it's more accessible for more people than an Android..

2. That's not hard at all and it would be directly transferring the coins into the retailers account whereever that may be
The secondary company charges a small fee to provide a "backup" if the transfer doesn't go through and they coins cant be recovered from the purchaser
If an android phone can do it then a POS system could also do the same thing

3. Sorry to clarify it's not a credit card in that sense.. It's just a card with Bitcoins that you have.. no a card you can use and then pay back the Bitcoins with interest etc

I think that may cause an issue so I will change the topic to debit card.. my bad

Thanks for the feedback...

Maybe you could clarify your post a bit further

Are you saying that the system of a credit card is broken because it is susceptible to fraud?
Is this really a problem of the credit card or is this a problem of human nature? I understand that you can mitigate the risk but no matter what system we employ there will also be someone that wants to take advantage of it

My suggestion would be to increase the user base of Bitcoin by allowing transactions with devices people are already familiar with.... like a stepping stone

I don't understand your second point either.. Fiat currency credit cards are also electronic.. and I think its a far cry from being completely stupid..

*Edit*
To clarify my thought train a little better here would be a real world example

I want to go to the local shops that now accepts Bitcoins and pay for my groceries .. great..
I've preloaded my credit card before I leave and when I go to pay I swipe my card.. and as soon as the network sees my transaction i'm good to go..

As oppose to having to get an Android enabled phone.. download the Bitcoin app.. stand there with the QR reader.. and wait for 2+ confirmations while my transaction goes through

The process is the same yet in the first scenario I swipe and card and the next person in the line is ready to go..

Hypothetically what would stop something like the following being a real possibility in making the acceptance of Bitcoin a bit easier for Merchants

Having a Bitcoin "Credit Card" embedded with a static public address.. magnetically coded into the card like we have now
Having an organisation that works like an Exchange and can hold your Bitcoins on that address but also work as a type of "backup" if your payment doesn't go through

You could pay with 0 confirmations and the company would take the risk if for whatever reason the transaction doesn't go through..but charge an extra small fee for each transaction to cover the costs if they can't recoup them from the user

Of course there would be all the security concern on signup but it wouldn't be any different for signing up for a normal credit card

Magnetic readers are a dime a dozen it wouldn't be hard to set one up to transfer to a specific account with a displayed read out etc..

What's everyone's opinion?

If you have $30,000 of disposable income then you should invest in Bitcoin when you understand the principals behind why it's revolutionary
If you see it through to the end you're going to get more out of it than any amount of money it's going to be worth in the distant future

If you do this it doesn't matter if you mine or buy the Bitcoins... or in fact work out which one will get you THE most Bitcoins irrespective of what it's going to be worth next week or next year.

If you just want to make a profit in Fiat pure and simple.. Just buy them and sell if and when they go up

I'm currently mining with a 3G connection (In Australia)
Using a TP-Link Router converted to have the USB port act as the WAN connection

I have a script to check as well if it goes down and to auto reconnect so I don't have to watch it all the time

Been working fine for months now

Hi All,

Looking to sell my 3 Antminer S1's

I'm located in Sydney Australia and would prefer the buyer be local.
If I have to send them anywhere Australia would also be preferable.

Escrow will be fine with a reputable person

Will take COD for them
BTC or Bank Transfer

Looking for around $620 AUD for each but open to offers

The one on the left is not overclocked
The middle one in the middle is a 368 - 190GHS
And the one of the right is 375 - 195GHS

In regards to fairness what I was trying to say is that if the Mining part was "fairer" this would allow for more people to be involved in the Bitcoin network
The wealth in terms of mining would be more evenly distributed to allow businesses that want to make money from Bitcoin the ability to have a larger user base to work from
Wouldn't this be substantially more beneficial to the Bitcoin network than a a small % of large miners holding a lot of the Bitcoin?

I mean we have 8 decimals to play with at the moment

That's the way evolution works and to say that if that were the case then the environment would change that would definitely be true. But that's not a bad thing or a problem. It may be that we might have not been around to be able to talk about Bitcoins if that were the case and that's not a bad thing either. Nothing is the end and ultimate product of evolution it's always working away in the background.

You're right they can but my point was the incentive is just not there and as the trees grow taller it becomes less and less. We should be working on spreading the "minted wealth" much more evenly.
I'm not sure where you are going with the analogy about choking the rest of life on earth but I think in this respect it would be a good thing. If there tree's worked together to create a system where they flourished the other "life on earth" would be the Fiat currency that we are tied to now.. Isn't that the whole point of Bitcoin? To move away from a Centralised currency controlled by a few entities? The Bitcoin "tree" network would be the dominant one.. that's what we want right?

The more miners we have the more people invested in the network which is 100% more important in my opinion than anything else

So stay with me here on this post and I will try and articulate my point the best I can for discussion.

I was watching this video on Youtube and it got me thinking about how we mine our Bitcoins

https://www.youtube.com/watch?v=-zShHRkwSoI

The central premise is that Trees don't necessarily have to be as tall as they are.. and from an evolutionary standpoint it's not advantageous as it required extra energy to send the water and nutrients further and further up the trunk to the light collecting leaves and branches..
During it's evolution though the trees that grew a bit taller than the others were able to collect more sunlight and able to have more energy to grow taller while shading the trees below.
Fast forward a few billion years and and you can see the outcome now as we have extremely tall tree's with no sign of the small ones that came before them..

Please also keep in mind I understand there are thousands of varieties of trees, plants etc I'm just referring to the varieties that are tall now..

And if you think about this in relation to Bitcoin mining we are going down the same path. If you think of it this way that amount of Bitcoins mined per 2016 blocks is roughly always going to be the same no matter what speed the network is at the moment. The security of SHA256 is rock solid whether you have 1 Petahash for 100 Petahash of speed.

We are slowly creating an environment where it's harder and harder for an average person to be able to enter the Bitcoin network in the terms of being able to use a Miner that is
A. Relatively low on power consumption
B. Has a decent Hash rate compared to the current difficulty of the network
And this is where I believe the this analogy comes into play.. The people with the resources to mine at high speeds and afford the power costs are the trees that grow a bit taller. They are the ones that are collecting more of the Sunlight (Bitcoins) are able to expend more of that energy growing even taller (more mining speed) and you see where I'm going with this.
Until we have a network that only contains tall trees and the smaller will no longer and can no longer exist.

Wouldn't it be ideal if like in the Video we have a Bitcoin Network of Friendship.. an agreement that we only each need to mine at a certain speed to make it available for everyone to be able into the Bitcoin network. I know something like this would never happen and it's sad to say I think it's purely greed that fuels the expansion of the network. You can see all over the boards as soon as the price rises of drops sharply there are posts all over these boards about why the VALUE of Bitcoin should be X or Y against the VALUE of Fiat currency. In a perfect network though It should really have very little effect on the core premise that Bitcoin should replace this.. not be compared to.. But this is just human nature I can't say I'm not guilty of looking at it this way sometimes as well.

I can't wait for the day where I can buy my weekly train ticket that costs $28 AUD for 0.00000028 Bitcoins

What do you all think of this?
I'm not looking for the solutions to all the problems just a discussion that might bring up new ideas

Thanks,

I just do my own calculations in a spreadsheet with a few assumptions but it can be pretty accurate..

Here is what I do

Work out your Hashes.. for instance 2TH/s will be 2000 x 10000000000 = 20000000000000 (Will call this A1)

Add a cell with the difficulty 6,119,726,089 (call it A2)

Then use this formula to get the amount of Bitcoins you will make per day

=(216000*A1)/(A2*(2^32))

Times it by how many days left and that's roughly how many Bitcoins you will make this diff

I calculate a 20% increase in each difficulty so I make a new cell with

=SUM(0.2*A2)+A2

Rinse and repeat every 13 days or so.. and you will get a fairly accurate picture

Hi All,

Looking for a Samsung Galaxy Note 3 .. doesn't have to be new

Criteria is
- Has to be unlocked and available to be used in Australia
- In Good condition
- No other payment method other than Bitcoins with Escrow

As a FYI I can get a new one for $569 AUD which i'll do if there aren't any offers

Thanks,

I think this image sums up coerdy's position perfectly



Good job mate.. LMAO

My hosted miner just came online and in under 48 hours

Great job pcfli

If you wanted to go down that second route this is probably your best bet

http://leaserig.net/

I don't see why you shouldn't be able to get that
It's a public address he doesn't own it.. it's assigned by his ISP.. There are no privacy laws broken by providing that information

Also great attitude to have and it's good to see Senior members being such pillars of the community

If there is nothing left to do then delete this thread and the bad guy wins... in despite of our obvious stupidity for trusting him

I've already checked into that..

There is very little information on who actually provides the power in Belgium.

Half of which I can't read and doesn't translate properly...
Not as easy as it would be here in Australia to track it down

So the moderators know about this now?

I've sent them PM's to get the IP addresses registered against them so I can contact the ISP
He used his real name on Skype...

Is this not possible at all?

All his miners are offline now as well
Probably moved to a different account

I will keep an eye on his original address that still has 9 Bitcoins or so in it

Hi All,

Not sure if its just the graph not updating but the 504 Block Gen time has dropped significantly as a percentage over the past little while

https://bitcoinwisdom.com/bitcoin/difficulty

What could be the cause of this?
Are we at the end of the rush of miners coming online?

Thanks,