Not to be a hater but I would strongly prefer a source that is not from Greece or Cyprus.
I read this in the Irish media too. Governments of Euro Zone selling out their people to the political classes. They are just driving them to Bitcoin in droves with their financial gestapo tactics. Cyprus set the precedent and now people know there is a way out of the financial hellzone they found themselves in. Trust in banking and government is falling fast in the public, Bitcoin may see its biggest rise yet soon as more of this kind of blatant theft continues. |
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I think that "found" wallets could be more of a problem. Let's say that all but 1000 or so bitcoins remain in circulation in say the year 2200. These would still be viable for an economy as they can be sub-divided to many decimals. But, what if someone finds Grandpa's old computer with 10,000 BTC on it? That is hilarious! Nice thought. If Grandpa followed proper wallet security and encrypted it like he should have, it might as well have BTC1,000,000 on it. |
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Might also consider aftermarket heat sinks from somewhere like Arctic Cooling if they are available for your GPU, they are better and quieter than stock, though I remember them being fatter than standard coolers, so be careful
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For a funded op MTGOX seems to have zero in the way of failover redundancy, which is server room 101 when you have systems that need to mush on without stopping. I smell the stink of Gox being run by a bunch of inexperienced kids.
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Anyone smart will dump their bank account wherever you are ASAP. These idiots can't fix the economy, and simply stealing private citizen's money is an act of desperation because they couldn't do it by using our tax dollars either.
Circling the drain, get out while you still can
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Yesterday, when I woke up, I had visions of being rich enough to tell everyone around me my secret nicknames for them. Today, I'm glad that I didn't.
On the other hand, if one goes back to a few months ago, before the madness began, and charts a LINEAR extrapolation of the Bitcoin price, it looks like it's still one of the best assets available to play with.
One COULD obsess about the price going from USD 260 to USD 120, or one could remember that it has gone from USD 20 to USD 120 in a relatively short time.
...and I will keep clicking my heels three times and repeating this mantra until that bitter taste in the back of my throat goes away.
Wait until the next push brings it to $1000. Think long term with Bitcoin, the market is young and fluctuating due to real world events, and things that are just unforeseen at this point. This is a never before tried system, there are bound to be some hiccups. |
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The only weakness of Bitcoin currently is just a lack of exchanges to diversify the network.
And who knows what kind of hardware they are running this on. A professional op would not have gone down like that. There should have been a failover ready to roll in such a scenario, whatever it is it is not fault tolerant in any way which isn't good.
I imagine I will begin one of my own someday, though setting up an exchange isn't all that documented yet.
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The card is heat managed, they will spin up and down depending on how much work it is doing. There are programs that can lock the fan speed at maximum or some other speed.
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hey friends, TRC was hit by one of the asics and is lagging and they put in a historical fix, and we just need to get through 2 Blocks, and we will be out of our bind. but the increased difficulty has scared the miners away, if anyone could spare any mining power for half an hour for the TRC cause, it would be so helpful right now.
thank you
and I know TRC doesn't belong over on BTC
That will be a problem for the budding sub-currencies under Bitcoin as these super powerful devices come online. Those markets are too fragile to power dump on. Bitcoin went through a natural progression in size and computing power. LTC/TRC may have some headache as that high level tech is being applied to it way too early. As far as most people know ASIC for LTC is not possible or is a far ways off due to different computational method. It's the SHA256 cryptos that are getting bulldozed. Possibly just a big FPGA rig is more likely |
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What we are doing wrong is focusing far too much on the price. I hope the crash chased away all of the people looking to make a quick buck. Good riddance!
Bitcoin is a payment system. As the payment system goes mainstream, the price of the bitcoin will follow. We will all enjoy the benefits of a great invention.
^^ This Flashpan investors are not good for BTC |
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1) don't sell, problem solved
2) the heat on media scare stories is really cranking up
3) If you do sell, be a good doobie and pay your taxes
You're right, since it seems that Bitcoin has been legally defined as a 'commodity' ( lol ) despite more and more people accepting it as a currency you could just trade for stuff in Bitcoin and you wouldn't have to pay taxes, the only time you'd ever have to pay taxes is if you're dealing purely in paper with the classic utility companies and so on. Fiat operates like a commodity as well in a way, in the way people horde money and assets, and always have. In the days before a trade medium like banknotes, all trade was done with a commodity. This is just old school barter. Bitcoin does blur the line a lot more though, as it acts like both at the same time right now, but that is because Bitcoin is so young and susceptible of the tremors of real world financial failures. As money or a commodity, we're in for a wild ride. Today they are viewed more like gold as an appreciating asset that can also be traded for goods and services. Someday it will be viewed as the real currency it is as it grows up and is used more. Over the long term however the exchange rate will start meaning less and less as the USD continues to lose spending power and dominance, and more and more businesses start accepting Bitcoin and more and more users join the fray, slowly shifting us to the Bitcoin economy and abandoning the old. Products will start being repriced in the new economy as it continues to widen the gap between Bitcoin spending power and Dollar spending power. If you can buy what you want with Bitcoin, why would you convert it back to depreciating currency to buy the same thing. |
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It didn't crash to what it was before the rise started, it is inevitable it would start to plateau following Cyprus cashouts, we're seeing who was just using Bitcoin to transfer their money to another fiat currency, or who decided it was better to stay as the value kept increasing, and there are more and more merchants starting to accept BTC following the new media hype and speculation.
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I hoped for a serious discussion, but OP is quite oddly deceived, unless he's a troll.
Deflation is a serious problem for any economy, nevertheless.
Eventually as other currencies are sucked into Bitcoin their buying power would stabilize, I think |
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Doesn't surprise me most of the mainstream mouthpieces have boughten into Keynesian propaganda and couldn't see good sense if it smacked them in the head. Oh well, we'll let our bank accounts do the talking at the end  More like the lack of bank accounts  |
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Defnetly interesting. maybe you come up with a concept to reuse old FPGAs as well. Like all those spartan boards out there (without memory) could be used in a chain to work with scrypt?! (Just guessing here, i don't know much about this)
There are other issues involved beyond memory.....we went down that road already a few months back. Operatr: If you need help I am happy to give any assistance. The point of the fpga is to build value into LTC, we are not out to squash any potential competition. PM me if you would like any help I can offer. Awesome jasinlee I will do that. I agree, I just see Litecoin going where Bitcoin is now right along side it as a silver to Bitcoin gold. As BTC is blazing a trail through the old world financial system, LTC will start getting more attention and grow larger as a secondary economy as well probably. BTC has hit Stage 4 into ASIC, LTC should follow the same path, it seems FPGA stage is imminent. Anyone remember the value of BTC when FPGA's first appeared off hand? I'd be down for a significant investment if you could prove that they offer a serious advantage over GPUs.
FPGA is already proven to offer similar or better performance as GPUs without the heat and substantial power requirement once you get to a certain point adding ever more GPUs to the mix. In price it works more like a "more now but less later" long term mentality. However since the only FPGAs out there are more geared for Bitcoin SHA256 than Scrypt, I am uncertain what kind of performance an optimized board would offer. I will need to prototype to see.
1. Do you think the market and community is ready for FPGA Litecoin?
Yes. Why not? Don't see any reasons agaist that. 2. Is there definite interest in FPGA Litecoin machines? Would you buy one if the price was reasonable? What is reasonable?
Yes but only if they will cheaper at 20-25% than similar bitcoin FPGAs, because they less perspective. 3. Would you pre-order one to support first round funding for prototyping and first wave production? Yes. I'd want to preorder at least one sample by bitcoins (or litecoins) but only after people will write good reviews. Don't get me wrong, but here too much of scammers. [/quote] Unfortunately these would be similar in price to Bitcoin FPGAs, simply because hardware cost is hardware cost, it doesn't care what you are doing with it per se. Yes there are a lot of scammers out there to be wary of, I wouldn't expect a startup like mine to have any credibility until something is actually visible, and delivered as promised. Though this is why I am asking the community before anything else to build validity and everyone can see this start from the very beginning in detail. These sites like gxminer.com spring up out of nowhere (blatant BLF copy scam) without a shred of proof about their products or production even exist, or even who they really are, and are there just to snare a few suckers buying into Bitcoin hype. Even still legitimate manufacturers are so new to this emerging industry it is hard to tell sometimes. I have no intention of scamming anyone, those people only hurt Bitcoin at large. My vision is a long term one, where many seem to be fairly short sighted when it comes to cryptocurrency. I believe its the future, and I want to help. Money is nice but only as a byproduct of the real reason Im getting into this, which is simply I believe we need it now in a world so utterly broken. BlockBurner exists for the betterment of mankind and nothing more. It feels like the right thing to do, and given my economic status personally, the only thing I can do that will make a difference in the world and in my own life. My faith is derived from being one of the many shut out of the banks system for good, which means also like many Im pretty much stuck exactly where I am, even my last IT position's salary was a sick joke, and I'm tired of it. With all my energy and resources, I will assist in taking that system out of power forever. Bitcoin is how we do that. I am down to build machines with the direct purpose to siphon power back to the people, as they did to us. Hardware is only one of the elements of Bitcoin business I intend to tap going down the road, which will give alternative sustainability to the hardware side. I have an ASIC on order with BFL, though Im feeling a little iffy like the rest given inconsistent updates from the BFL crew. Unlike them Im not out to dick anyone around here. Just to keep building this dream with the rest of you. |
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Thanks for the great feedback so far guys.  Keep it comin! Jasinlee and LaSeek apparently already have working prototypes, so you're a little late to the game. But yes, the community interest is huge.
Well damn, I better just quit then  A working proto and a solid business concept put into practice are two different things, it takes a lot to bring something new into the market. Anyone can have a design company produce something for a price. The infrastructure around it to actually ship them as a finished and refined product is the tough part. Many would be players will enter the fray only to realize this, only those who do it best will win in the end just like any other industry. Do you think some type of modular system that scales would be desirable? As in some type of rack system that individual boards could be added to over time? The only problem with using existing FPGA's that are meant for Bitcoin is that they will not perform all that great with Scrypt because of the intense memory usage factor, which most FPGA boards out there are not equipped for. I've been told there do exist types that would be optimal, though so far the expense seems drastic for these (like Merrick 4/5/6 boards that have stronger memory on board). This is the key difference between what I am attempting to do, and what is already out there for Bitcoin mining. Litecoin is a very different animal with different requirements for best performance, so that is the direction I am going with this. A truly optimized Litecoin machine with a hardware spec in mind for it over using Bitcoin hardware, which can do it though not as efficiently as it could. >1. Do you think the market and community is ready for FPGA Litecoin?
Yes.
>2. Is there definite interest in FPGA Litecoin machines? Would you buy one if the price was reasonable? What is reasonable?
Would definitely buy some. Maybe $2k worth. And a reasonable price would be $1 per 1.0 - 1.5KH/s (If power use was low)
>3. Would you pre-order one to support first round funding for prototyping and first wave production?
Probably not. One month wait at most. Just cause I've already waited once with BFL, and don't care to do it again. If you're going to hold my money, I'd rather use that money to build a GPU rig and run it for a few months. Then sell off the parts for the money to buy a working one that is ready to ship.
Which is the issue, the community has be so thoroughly burned you will end up having to fund it yourselves like we are doing. Or accept preorders and all the BS that will be thrown at you along with it. Its a double edged sword. Indeed, though I think companies like BFL are looking bad simply because their core team is not cohesive on their answers to the community. Assuming there is enough interest to bootstrap the device, I would make everything public in the spirit of Bitcoin transparency as to the operating fund, what it is being spent on specifically, and hopefully realistic timeframes or at least updating on what is going on. BFL is certainly being sketchy and quickly earning themselves a bad rep for it. I don't want that. Yes i would be intrested in a nice FPGA+High speed Memory board, but rather for use as a FPGA than for litecoin mining. The problem is that a FPGA solution will be hardly less expensive compared to GPUs. Besides this, a Litecoin mining ASIC isn't that far away, there are some numbers from bitfury about that. Besides the mining ASIC+external memory solution i would check if a ASIC with embedded DRAM wouldnt more profitable, as it would save a lot of I/O pins, driver logic, expensive PCBs, maybe it could even produced in the style of topless memory Modules saving most of the chip packaging cost.
ASIC is extremely expensive , and we're talking millions $USD to jumpstart something like that. FPGA is much easier to get into, and follows the natural progression that Bitcoin followed. I also don't believe the other currencies are ready for ASIC power, as demonstrated by the Terracoin issue where a single ASIC device hosed the network and is still recovering. The power must scale linearly with the growth of the market cap and overall usage. It would be irresponsible to flood Litecoin with such devices at this time I think which would just drive up the difficulty, kill interest in Litecoin mining, and then kill the currency altogether. FPGA is the next logical step from GPU mining. It is not enough for a business involved in cryptocurrency to simply make and ship product, we must be careful for the care of the network. Assuming it all goes to plan, I would certainly curtail a large amount of these things from hitting market at any one time, adhering to some kind of release schedule or batching as the new ASIC companies are doing. Adam (Operatr) BlockBurner.net |
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Given Bitcoin was not killed by any market crash before it, I think it'll be fine either way. It is currently the worlds only debt free backed currency system not laden with unbelievable debt and piss poor policy led by greedy sociopaths. Ether this is a bubble, or a sign that the world has just begun transferring to Bitcoin because it should be extremely obvious that banks and the governments can no longer be trusted, and they will NOT FIX THIS. BTC has been an escape hatch for Cyprus investors, and that was just the first little wave. When the first country to fail needs an out, what will they choose? Either burn in financial hell, or submit to BTC as it is free and rapidly deplorable.
The concept is proven, banks should be scared of it because they can't control this at all. If they crashed the market now, all that will do is nothing. Fiat currencies are already crashing as they are, Bitcoin's crash would just be another footnote in that story because it is not *real* currency to them.
More and more merchants are getting the hint, BTC has only been around 4 years and only in the spotlight for a few months now. The list of merchants accepting it is only growing wanting a piece of this action.
Most banking institutions and gov can't even comprehend basic accounting, let alone bringing down Bitcoin. They have bigger fish to fry like getting themselves out of their hole before they collapse entirely. Razing Bitcoin would do nothing to prevent it. Not like everyone would go "oh well!" and go marching back to fiat, which is entering it's last days and everyone who is keeping up on the world knows it as an inevitability. Our government tried to stop BitTorrent and I recall P2P everything is still in play, because there isnt jack they can do. The net is too big. Short of North Korean type super censorship, there isn't anything they can do to stop BTCs rise.
Everyone is too concerned with the market price and should be focused more on the system itself and propagating it. In the future if Bitcoin becomes dominant, there will only be Bitcoin and nothing else to exchange to but other cryptp-currencies like Litecoin as fiats continue to become more worthless by the day.
If there really is a shadow government meaning to bring about the end of days, I think Bitcoin was an element they did not expect to come into play as a possible way out for all of us, and that really screws their One Currency idea if we already have our own that they cant control. Their control will wither and die because money no longer belongs to them. They might have been planning these events for 200 years, but they could not have predicted the technology in that scheme.
I almost wonder if we might see a mass exodus to Bitcoin in the near future, which means an instant power transfer away from our failed financial institutions and crooked lairs of governments.
It looks nice now because the worlds bubble hasn't popped yet and the USD is riding it until the end. Once BTC reaches $10,000 per coin of worthless fiat later on, anyone going to care then knowing it means nothing? Why would you ever pull your funds back into a failing currency.
Who really knows, aside this will be really interesting and probably terrifying to watch happen live before our eyes.
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Crushing debt can sink the economies of a few nations, but it can't throw the entire world into anarchy. Debt is just a way to quantify an agreement between two parties. In a global financial collapse, the nation or nations with the largest military will default on all debt and issue a new currency. It may even provide the opportunity to unite most of the world under a single global currency.
Unfortunately it's very unlikely that currency will be bitcoin.
Given several major nations have a giant bubble within, a chain reaction could very well throw the world into chaos. The economy can handle failures if they happen separably in a way they can be contained, we're talking about universal downfall in a domino effect across 20 major nations like a fuse. The fall of China will set it off, commodities will bust and take out all those jobs and industry with it, those employees can no longer afford homes all bought in the bubble, housing markets will collapse across the world as a rash of defaults hit an already weakened state. It will also hit the US when Canada's artificial output to China stops as our number one trading country, crashing their massive housing bubble (140% of what the US had to lose), and then systematically crashing ours along with the student bubble and medical bubbles. That little decline in 2008 is going to seem like nothing if this happens all at the same time. Supply lines will be disrupted, banks will fail, mass rioting when food runs out, there will be blood. We've all be riding high on the back of China's bubble, when it goes, it all goes with it. WW3 and civil war will likely follow. Someday someone has to pay the check for the world's debt, and that is effectively impossible as fiat's continue hyperinflation to keep the economy alive. You can't solve the problem with the problem, as in paying for debt with more debt. It's bound to fail, not a question of if, but when now. A lot of economists would agree with me I think. Not that I want any of that because I don't, but we all need to be realistic now and not pass it off as some stuff you don't care about in the news as usual. This will effect each and every one of us, and soon. Those who are prepared will survive, those who don't may find themselves have a really shitty day. The Yuan is about one shake away from total failure as a currency as more and more of it has been printed and injected into the economy, which is essentially all debt based, and the check is coming due. Once their giant debt and housing bubbles explode, it will likely set off a chain reaction off the burst of all other economies as China's import needs are slashed as this megaconstruction will cease to exist in an instant, putting their global suppliers out of business. Those laid off employees will be unable to afford their homes, the mortgage bubbles around the world will implode, sending several industries spiraling out of control under loads of debt. This would fuel the Healthcare, student debt, and housing crisis brewing in the US until it has no choice but to default, rendering the USD worthless instantly. The Euro has already been teetering on edge, and a full collapse would spell the doom of Euro also. We'll all watch the entire world tear itself apart, setting the stage for possible martial law across the globe, maybe the first step to the New World Order or something similar occurring (Joe Biden used the exact words New World Order a couple days ago, as have many other Presidents and VPs over the years, what do you think they meant?), under the guise of benevolence. Hope for the best, but DO prepare for the worst, as many leading economists as well as the super wealthy elite are running for the hills, and that is not a good sign. I've never been much of a Doomsayer, but all of that above is happening right now and can be checked factually, and a lot of smart people see it coming, http://www.thebubblebubble.com (predicted the 2008 crash with accuracy) Get some BTC, as it might be the only currency left on Earth actually worth something soon. As the technology is robust enough to be rapidly deployed on computers and smartphones, it may well be our financial Jesus as it vacuums up the damage and converts it to a debt free economy. Once all other currencies vanish in the fire, so will the debt of those currencies. We would all be free on a cash based society again where we are our own banks and the Governments and banks lose control of the money supply. Back in our hands where it belongs. Other countries are getting away from the Dollar as it's value is inflating and probably will more rapidly as time goes on now with USD debt spiraling out of control. So no, it's not looking good...2013 could very well bring literal financial doom to our doorsteps around the world, unless something is quickly done about it 5 minutes ago. I have no faith that it will be fixed because at this point statistically and by the numbers, we as a global society cannot repay our debts in full, ever. The only choice is to start over and admit failure. There is a coming currency war, and Bitcoin is our big gun. Bring it on I completely agree, this post was also for finding out if anyone else around here have the feeling that the gauge have changed from; "world economy going for another squash the next two years" to "total disaster within two weeks"? After everything I have seen in the last few days, as I moved from learning everything I could about Bitcoin to everything about current world economics to gauge Bitcoin's future, I almost wish I didn't know what was coming. We are headed for the end of days, enjoy your life right now, literal and philosophical war is on the horizon. I've never been one of the End of the World guys, until now. It will only take one small conflict or bank failure to send it all out the window now. I am absolutely starting my own bug-out bag with my next paycheck and starting to shift assets into Bitcoin along with my own mining op. That is how real I think this is, and I hope to whatever God would hear me I am wrong and just waste my money. Depressing and exciting all at the same, strange feeling isn't it? Indeed, the future will be wonderful, terrible, and strange all at the same time it seems lol |
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So if you recognize that tampers are possible, does this mean you don't actually expect adoption? So, their destiny is just to be a novelty gift?
Can I ask you this: Have your anti-tamper methods ramped up since the explosion in price?
The whole reason I created these in the first place was to produce a functional proof of concept, something for people to wrap their minds around, something pretty to inspire non-technical people to want to talk and learn about bitcoin. I was tired of hearing that bitcoin was a coin you can't hold because it's virtual, and felt that a large portion of the human population would be turned off by bitcoin if that premise were really true. That seems to be the real problem with the media and old school bankster/wall street guys. Their tiny minds can't comprehend a currency you can't physically touch so it immediatly becomes not-real in their minds off the bat and are instantly dismissive of this weird Internet funny money without understanding anything about it at all, which in a way is understandable given we've had 100 years of fiat currency as our daily staple. Bitcoin is a radical change from that model. Glad you're here to help Bitcoin's image by making real coins people can see, touch, and ask about. It makes them curious and wanting more. Plus, gold coins! I definitely want one someday so I can show it to my future kids and go "back in my day..." Can we look forward to a 1 Satoshi coin someday  |
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if you go to the cia fact book and look up narrow money you will find that
bitcoin if it were the currency of a country would be ranked 125 one spot ahead of jamaica.
i would say the "experiment" is a resounding success. this just after 4 years. it will remove control of the planet from the banksters and
their toady governments. at its current rate of growth which is quite organic rather than irrational
there will be nowhere or reason to cash out to. this is a libertarians wet dream.
the citizens of the world taking control of their own money and creating it out of thin air.
the sheer genius of it leaves me in awe.
It is extemely fascinating to watch it happen in real time. BTC has the power to overwrite the system like a self propagating financial-flesh eating virus, and I think we all want that to happen. As the old world crumbles Bitcoin is here to pick up the pieces. And it owns |
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