You should also abolish the 21 million coin limit, so that you can get more coin  Transaction processing is a service whose value is proportional to it's speed, low cost, and Metcalfe's law. Bitcoins are virtual objects whose value is depends on the inability of any entity to create more of them arbitrarily. You can create more Bitcoin with a hard fork, just like you can increase the block size limit with a hard fork. Once a hard fork happens in Bitcoin, I'm out, there's no guarantee Bitcoin's 21M limit won't be lifted with another hard fork. |
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Enough with these threads. There is no spam. The network is super healthy. SDice is using something cheap and they're paying for it. Delete these threads! You don't get to pick who uses bitcoin for what. If you don't like it, go print your own fiat and regulate it however you want. If you don't trust the design of bitcoin to sort this stuff out then don't use bitcoin. I don't like how YOU use bitcoins but nobody gives a shit. Also, abolish the dumb max block size limit and the "problem" is solved. https://bitcointalk.org/index.php?topic=149745.0That's a bad idea, creating a hard fork is bad for the confidence of Bitcoin. So we hard fork the coin now to increase the block size, what's next? hard fork the coin to increase the 21M coin limit? LTC undermines cryto-currency in its entirety, so obviously you don't care to much about that. Explain? |
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Enough with these threads. There is no spam. The network is super healthy. SDice is using something cheap and they're paying for it. Delete these threads! You don't get to pick who uses bitcoin for what. If you don't like it, go print your own fiat and regulate it however you want. If you don't trust the design of bitcoin to sort this stuff out then don't use bitcoin. I don't like how YOU use bitcoins but nobody gives a shit. Also, abolish the dumb max block size limit and the "problem" is solved. https://bitcointalk.org/index.php?topic=149745.0That's a bad idea, creating a hard fork is bad for the confidence of Bitcoin. So we hard fork the coin now to increase the block size, what's next? hard fork the coin to increase the 21M coin limit? There is actually also a simple solution for the block size limit. Use LTC for daily transactions, like I proposed, a "LTC mode" on S.Dice, and everywhere else. LTC can handle 4X more transactions than BTC. BTC can be used as a reserve currency, while LTC used as a transactional currency. |
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Ask S.Dice to add a "LTC mode", similar to SatoshiRoulette, DiceonCrack and other gambling sites have done. A LOT of gamblers, including me, prefer to bet in LTC, because of the fast confirmation makes it a smoother experience. I estimate at least half of S.Dice's volume will move over to the "LTC mode", instantly reducing the spam by half on the Bitcoin chain.
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Somethings in math does not make right... If someone tries to steal my satoshi and fails, I get only 40%. If 60% goes to house, that is quite a lot....
Maybe I have not looked this enough yet.. maybe I do the math on weekend...
I think the house is only making money on steals, since he promise to compensate the last bagholder. Though what if no one uses the "steal" function? |
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Repeat a million times: past price action does not guarantee future price movement.
The same chart pattern at different price level can mean different things.
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I don't understand how can the last guy not hold the bag? Your site says: "You will earn the 2% that has been set aside or Perk 1 (whichever is greater) in addition to your stake and steal bonuses (if any)." How can the last guy receive his stake back? it's already been used to pay the previous guy, are you going to pay the last guy out of pocket?  Yes, the last guy would be paid out of house profits since afterwords the game would be over. We are hoping that's not for a while though as it's just way too much fun watching something I've worked very hard on brought to life and enjoyed by others. However the beautiful thing about our backstory is there is always room for an even better sequel.  ok that's very nice of you. Another question, why would anyone use the "release" button? I don't understand the incentive |
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I don't understand how can the last guy not hold the bag? Your site says: "You will earn the 2% that has been set aside or Perk 1 (whichever is greater) in addition to your stake and steal bonuses (if any)." How can the last guy receive his stake back? it's already been used to pay the previous guy, are you going to pay the last guy out of pocket? |
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I think ASICs are the beginning of bitcoin being a serious system.
For a large entity with the agenda of overpowering the network, without ASIC the system is a cheap combination bike lock.
When all asics come on line the hashpower makes overpowering the chain much more challenging.
This will be reflected in bitcoins worth. what is worth more? a 4 barrel combination bike lock or a bank vault?
More hashpower means more security. worth of a storage facility is proportional to its security.
After the first genesis block was laid, when difficulty was 1, had you been privvy to the network you could have overpowered it with trivial computing power. Would you prefer it stay like that, just so you can mine easier?
Sorry but the needs of the network outweigh the needs of the nodes. There will come a point when mining is not profitable, but hashing transactions will be a steady earner.
much challenging how? surely the "large entity" can just order ASICs just the same as everyone else. In fact I think ASIC makes it easier (once they become readily available). With GPU mining, if you wants to acquire a large amount of GPU in a short time, you have to compete with regular gamer demand, it's very difficult to do, as we have seen previously with all the top AMD GPUs sold out everywhere during the 2011 bubble. With ASIC mining, the "large entity" only has to compete with other miners, or heck he could invest in building his own ASICs, it's very cheap to mass produce once the initial cost has been invested. If a 22 yr old Chinese guy from Brooklyn could do it in a few months, surely this "large entity" can build it too. Good luck with building your own GPU though. This is why I think Litecoin's scrypt mining is superior, because ASIC for scrypt does not have as big an advantage over GPU due to large memory requirement, so GPU will remain viable to mine. ASIC will make botnets less viable for example. But I agree litecoin can keep GPUs in the game for alot longer and is suited to GPU architecture. I have a feeling that $LTC$/BTC value is going to accelerate from here on out. But GPU mining will still be profitable on LTC for some time to come. From litecoin.org: It is unlikely for FPGA or ASIC mining to take over Litecoin until the currency is widely used. I would change that quote to this though: It is unlikely for FPGA or ASIC mining to take over Litecoin until it becomes profitable to do so. Might happen sooner than you think? Sure ASIC are possible for scrypt mining, but it does not have as big of an advantage, due to huge memory requirement, it'll mostly just be more power efficient, while costing roughly 1/3 or 1/4 of GPU per MHash. Those who mine with GPU on a free electricity basis will continue be able to profitably do so, with very reasonable ROI time frame. |
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Currently I'm liking btc-e.com a lot, but others has often recommended bitstamp.
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I agree, winners should not lose any money, that's simply strange and illogical. Take your profit from losers, not winners.
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OK they're back. I'm rich again! If only ripples will go up to $40 each like bitcoin. :-)
-cb
There are 21M BTC and 100B XRP, do the math. Also the only use for XRP is for paying transaction fees on Ripple. |
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When BTC market cap is large enough (something like 5B), we can just bribe Bhutan to switch to BTC as their official currency, and change their ISO code to BTC (currently BTN). Then BTC will become the official ISO name for Bitcoins.
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So I'm using ScriptMiner GUI, which as far as I can tell only supports CPU mining, and CPU mining with it nets me ~32 kh/s on my workstation i5 2500k (which I'm constantly using), whereas the average hash rate within the OzCoin mining pool is 442 kh/s. Does this imply that most everyone is GPU mining, or simply that there are some vast CPU farms massively jacking up the average rate?
Also, is GPU mining still generally not profitable, or has that changed?
Almost everyone is GPU mining LTC with either cgminer or reaper. GPU mining in LTC right now is about 175% more profitable than mining Bitcoin due to recent LTC price action (+300% in a week). Though that can change pretty fast). |
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I read the following in an article on Litecoin – "because Litecoin is designed to be inefficient on all common computer components (both CPUs and GPUs), a malicious entity needs only produce a single piece of specialized/custom hardware to overtake all the commodity mining systems combined."
I'm not clear on what the specific 'inefficiencies' are, but if they are sufficient this could be a fairly major flaw in litecoin's design. Can anyone explain how this might be true and if so how it would work?
It's some BS theory written by a well known LTC hater. If it were so easy, why didn't he build it already? sure ASIC can be built, a lot things can be done if you have money, but who would invest at least a million bucks to build a memory heavy ASIC unit that can do scrypt, just to mess with the LTC chain? |
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the fuck did I just watch? |
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It wasn't a surge. More likely a glitch in their trading engine as there were many sell orders for less before and after.
yes seems so, it's likely an engine error, it was only a 4 LTC trade that was erroneously executed at $0.65 |
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