|
i agree that tx fees will play a big part in miner profit. even now, i often will add a tx fee to ensure that my tx doesn't get stuck. i have an economic incentive to make sure my tx's go thru smoothly thus i don't mind paying it. the market will force those transacting in Bitcoin in the future to pay the fee otherwise they will not be allowed to participate. the idealogic principles upon which Bitcoin is based is clearly making ppl WANT to participate.
|
|
|
|
|
while its quite possible that tx fees rise to self sustain mining activities by individuals i think it is also helpful to think of Bitcoin as digital gold.
as the central banks try to print more and more fiat to compensate for the financial crises caused by bad debt, a portion of this will flow to the only workable currency which has a fixed supply; Bitcoin. in that sense, one can expect the price of one Bitcoin to rise over the many coming years which is plenty of incentive by itself for individuals to mine. this is why i mine.
why do gold mining companies mine? there in fact are no tx fees for them. its based purely on price speculation. and despite the fact that many ppl hoard gold, why is the dollar amount of gold futures traded on the LBMA equivalent to that of fiat currencies and far outpaces that of ordinary commodities? its b/c gold, like Bitcoin and other fiat, is considered money. Bitcoins will always be traded on mtgox or other exchanges b/c there will always be ppl who think the price has topped out and wish to sell. as the price rises liquidity will increase further allowing miners to cash out.
this will be self sustaining.
|
|
|
|
|
care to summarize the decision? never heard anything about that.
|
|
|
|
|
Otoh,
i know you from the Bitcoinica threads and you're a reasonable guy.
please support eto's very worthwhile project. you will only benefit.
|
|
|
|
IMO, you haven't made clear whether or not all users NEED to upgrade to 0.6 to facilitate/support this transition!
edit: by "support" you mean upgrade to 0.6?
Support was meant in a general sense: such a network rule change can only happen when the community agrees to it. If you are a miner or pool operator: yes, please upgrade quickly, as the higher the percentage enforcing the new rules, the less chance for (temporary and short) block chain splits one could try to create. Apart from that, if all goes well, eventually everyone will upgrade, but as a normal user, there is relatively little risk in keeping an old version. The more people running a version that enforces the new rule, the smaller the effects of an attacker can be. 0.6.0 will still take some time to be released, but there will be a bugfix-only 0.5.3 soon. thats a little better. let me repeat and if i'm wrong please correct: Anyone who mines needs to upgrade to 0.5.3 as soon as it comes out to minimize the chances of a blockchain fork.i'm not trolling; seriously it needs to be spelled out. |
|
|
|
I would like to do mining to earn bitcoins and use them as gold, but now I'm selling services for bitcoins.
this is exactly what merchants should do at these low prices. this is why an economy can still revolve around a currency that acts like a store of value too. once earned, save them! |
|
|
|
|
IMO, you haven't made clear whether or not ALL users, or just miners, NEED to upgrade to 0.6 to facilitate/support this transition!
edit: by "support" you mean upgrade to 0.6?
|
|
|
|
|
i've never forgot this thread. good to see it up again.
|
|
|
|
Do you have a cheaper option if we are willing to wait 3-5 business days?
This would be competitive against Dwolla.
Hello! Not for cash deposits as the fees from our partner are pretty steep, however, if you are willing to wait 1 to 3 business days, you can fund your MtGox account by sending a wire transfer. Funding by Wire is currently FREE from funding fee. There is a $10 receiving fee charged to us by our bank. It will be actually faster than waiting to get your Dwolla account funded according to our own experience. Please visit: https://www.aurumxchange.com/funding/mtgoxor https://www.aurumxchange.com/funding/bitcoinicaThank you for your interest! Roberto wait; are u saying wiring money thru Aurum to mtgox is free? how can that be? |
|
|
|
when you ask for features like that dont forget that are very few people out there that have that problem but any number of people that cant use armory because of the ram requirements or wont use it because it lacks very basic features like an address book.
Well, I would choose to use Armory for exactly one reason, offline transactions. This is, by far, the most important feature of Armory, in my opinion. I'm sure I will find the other features useful, of course, but for me personally, they would not be enough of a reason to make the switch. So, I already have offline Satoshi wallets as deep secure storage. In order to take advantages of Armory's amazing security feature, offline transactions, I have to take my already existing secure offline wallets and put them on an internet connected, and possibly compromised, computer. Do you see the problem? I have to nullify my previous security measures in order to implement the security feature which entices me to use Armory in the first place. 1+ There are alot of us in this situation with air gapped savings wallets that want to import to armory without connecting to internet and this is because I want to make a paper backup in addition to just digital backups I have on USB sticks. Not to mention all of armorys other features. |
|
|
|
https://bitcointalk.org/index.php?topic=30762.msg387567#msg387567"We got in June a total of $6,824,168.53 of funds moving around (16640 transactions in both deposits and withdraws) over Dwolla, equivalent of $227,472.28 per day, or $1,592,305.99 per week. Should be noted that the site was closed on June 20th, so in reality amount per day/week is higher."
|
|
|
|
http://www.siliconprairienews.com/2011/07/as-bitcoin-exchanges-drop-dwolla-milne-says-company-stays-focusedThis news concerning TradeHill, one of the top two Bitcoin exchanges — Mt. Gox is the other — comes less than one week after Dwolla reached its $1 million in transactions per day milestone, a portion of which can be credited to Dwolla's use in the Bitcoin market. "Given Bitcoin’s recent explosion," The Next Web's Brad McCarty wrote on Thursday, "it would stand to reason that at least part of Dwolla’s explosive growth is being caused by the ease of compatibility between it and the Bitcoin currency system." According to a TradeHill blog post on Tuesday, TradeHill was one Dwolla's top two customers (Dwolla declined to comment on this fact), but now it is no longer.
|
|
|
|
|
no question; they had nothing about chargebacks back then, that i remember.
i also remember they having a small staff unable to answer basic phone calls and being unable to handle new deposits any sooner than 4d. the poor guy who answered the phone was overwhelmed by new Bitcoin accts being setup en masse after Bruce Wagner highlighted them on one of his shows.
they grew initially b/c of Bitcoin.
|
|
|
|
Many thoughts running through my mind after reading this. Considering shorting BTC. Dwolla probably relies a lot on Bitcoin-related businesses for revenue, but all the trouble they're having might push them toward dumping all Bitcoin-businesses as Paxum did instead of fixing their problems. Dwolla's a pretty small start-up... Hopefully they can't afford to dis-associate from Bitcoin. I know a LOT of people who use Dwolla. It's pretty darn close to free for US citizens to get cash into an exchange, and it's the only method I've ever used to transfer money into reserves. So close to seeing a sustained push through $5, too. Hmm.
Either way - good luck, TH.
We're a small portion of their business now and they are never really part of our community to begin with. i was there when Dwolla first got started last Spring and i think Bitcoin made a huge contribution to their initial business push. i remember calling them and they were thrilled by the business brought in by Bitcoin users. it was off to the races for them after that. |
|
|
|
|
i can't wait until you get this thing locked down and solid. what a great wallet.
|
|
|
|
|
Show Posts
