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161  Bitcoin / Bitcoin Discussion / Re: Why the maximum of 21.000.000 bitcoins cannot be enforced on: June 12, 2011, 04:25:19 PM
Couple of things.

1)  There are 8 decimal points in bitcoins, and I've read that they could add more in the future if needed.  Any currency total debates need to focus on this key fact, since most are used to a 2 decimal point currency they don't realize the impact on totals.   21 million total bitcoins only means that if it's reached and more need to be used their value will increase and people will take advantage of the extra divisibility to effectively "create" more coins passed the set limit.

2) In any emerging market there will always be huge advantages for early adopters IF(and its a big if) the market becomes successful.   Now if you're still living in a world where "that's not fair" has meaning, then you've got some growing up to do.  However if you've come to the conclusion that life isn't fair by design, you'll understand that people who are early adopters are also taking huge amounts of risk to be the first players in this market.   There is still a chance that bitcoins could become illegal in some areas and effectively useless for some of those who've invested alot of time and money, but that's just the risk you take to give yourself a chance at enjoying the potential advantages of being a early adopter.
162  Bitcoin / Bitcoin Discussion / Re: Jacob Appelbaum: "Bitcoin Prediction: Major bugs in the near future ..." on: June 12, 2011, 03:46:43 PM
I exchanged email with Jacob, and he's predicting bugs because some very good "white-hat" people are looking hard at the code, trying to find bugs or vulnerabilities.

That's all.  And that's good news; the more people who try to find problems with the code (and who will report any problems responsibly so they can get fixed before they're exploited), the better.


Thanks for the heads up, it seems Jacob needs to learn to articulate himself a bit better in his tweets if he wants to get a accurate message out.  Of course, he might of purposely kept his tweets vague to cause doubt in the currency for a excellent buying opportunity.  It's hard to argue that BTC's @10 USD last night weren't a steal.
163  Bitcoin / Bitcoin Discussion / Re: Bitcoins is on Yahoo frontpage - Brace for impact people. on: June 11, 2011, 04:36:30 AM
Always hate when these articles neglect to mention the very important fact that bitcoins are divisible by up to 8 decimal points.  It makes a drastic difference when discussing the potential total of units of currency available at the cap.  You then get a large portion of people who have a completely inaccurate assumption on bitcoins based largely on a huge omission.  Whether it's intentional or done just due to the stupidity of the author we'll never know.
164  Bitcoin / Mining / Re: New member, new rig on: June 07, 2011, 08:39:06 PM
I'm a newbie as well so I don't have too much info for you, I will say however from reading about some other rig set ups you may come across issues trying to fit 4 vid cards inside a typical cpu case.  If you've already taken this into account and yours will fit then never mind and GL!   Smiley
165  Bitcoin / Mining / Re: How can mining ever make me any money? on: June 07, 2011, 05:24:01 PM
I'm a poor student who bought 50BTC some time ago, I don't want to sell yet and im just looking for a way to make more.

if you have 50 BTC you aren't that poor.  At least, not so poor that you can't buy a couple vid cards to start a mining operation.
166  Bitcoin / Mining / Re: How can mining ever make me any money? on: June 07, 2011, 05:06:03 PM
I can't believe there are people who can't even look into this enough to see the minimum reqs for making a profit before trying.

If you have a poor GPU you won't make money, if you wont put money into your system to make money mining isn't for you.
167  Bitcoin / Mining speculation / Re: If you're thinking buying mining hardware, read this first on: June 05, 2011, 09:27:54 PM
Mining just needs to get more efficient.  You don't need that much more attention.  Some technological breakthrough similar to GPU mining when it came out would destroy the difficulty.  New cards that are more efficient could come out.  There are a lot of things that can make difficulty grow fast.
That would give the opposite effect of what the messages I responded to were predicting. I'm saying that difficulty will increase almost no matter what happens.

An extreme price drop will make difficulty get easier, but besides that, I agree.

It appears this thread/discussion ended(5-08) when the value for BTC were around 3-4 USD each, and today's mt-gox listing currently at 16.3.    Interesting to see if the difficulty increase has been proportionate with the BTC value increase to make mining still a worthwhile endeavor.  Still new to the site and working through all the great info here.

Also of course investing is always better IF BTC prices continue to rise, but if you don't want to invest in the coins themselves(for whatever reason) it's pretty irrelevant to the "is mining profitable" discussion even though it took up the majority of this otherwise helpful thread.
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