... Although I've been told there are no stupid questions. I'll let y'all be the judge  I am so new to bitcoins I am reading a book called "Bitcoins for the Befuddled"! I have looked around the internet, I've set up Electrum on my computer which seems to have generated several bitcoin addresses for me. I've played around on some of the .4 bit free bitcoin sites. I've read a little about mining - probably just enough to be dangerous... My questions are (and I apologize if this is already covered, but after four pages of the Beginner & Help forum, I didn't see them answered already): 1) What exactly is a "faucet" site? 2) What is a "signature campaign"? I've seen those mentioned here as ways of earning bitcoins, and I've seen campaign pages, but nothing really explaining what they are are what to do with them. 3) Is mining worth the trouble/expense? I have read that solo mining is a waste of time, and that pool mining is the only way to be "successful," but for pool mining, does one need to invest in high dollar mining equipment? Is there any use at all for the little USB ASIC(?) miners? I guess that's good for starters Thanks! 1. Faucets are sites that gives every user some btc. But those free btc aren't worth the time and the effort of the user so it's advisable not to waste too much time on those. 2. Signature campaign is a kind of advertising done by websites/services. They offer it to the forum members, particularly those that have the rank of Member or higher, to avoid spam and nonsense posts. Instead of posting banners or ads, the websites/services uses the members to promote their services by putting their signature on the signature space. 3. Mining isn't worth the trouble if you go solo. Chances are you'll end up paying for a high-energy bill. Even if you mine in a pool, you probably won't get the cut. The best chances to be successful in mining is to have the most powerful hardware available in the market. And a single-miner won't help. |
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To say 10 min per block is only statistically right.
You might see several blocks mined in a row in a few minutes but in another time none for an hour.
Height Age Transactions Total Sent Relayed By Size (kB)
346427 29 minutes 46 1,773.59 BTC BTC Guild 21.74
346426 29 minutes 217 607.58 BTC F2Pool 119.97
346425 32 minutes 772 6,959.44 BTC BTC Guild 416.73
346424 46 minutes 320 1,659.23 BTC F2Pool 155.84
346423 51 minutes 1010 8,987.83 BTC F2Pool 507.12
346422 1 hour 10 minutes 614 6,597.82 BTC KnCMiner 417.55
Yes, I understand that. My question is about average waiting time for a block. Is the average time until a new block is found always 10 min no matter how long I have waited, or does the average waiting time decrease the more time has passed since the last block? Edit: I'm waiting for a confirmation right now, that's why I'm asking  The average time is 10 minutes. But as to what nextblast have said, several blocks could be mined in a row and there could be none for an hour. |
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Yeah, The best thing is to keep on accumulating Bitcoins, When the price of Bitcoins will be $1000+ one would make good profits. And if it never goes that high again? Best to use the coins to do what you like. Spend them, accumulate more, trade whatever makes you happy. Pessimistic.  But this is true though. One can never be sure of what will come in the following days, weeks, months or years. But accumulating won't hurt too. |
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I am going to get between $25-$50 worth of BTC in my signature campaign. I can't decide what to do with it. I could pick up a cheap miner, and mine the crap out of a new altcoin, I could offer loans, I could trade Altcoins, what should I do?
You could buy some litecoin and when the ratio to bitcoin goes 5-10 fold resell into bitcoin, this pattern has repeated itself many times over already. This might be good if done correctly, but the risks of having nothing in the end is too high for someone who is inexperienced in this kind of field. |
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A stable price of $5000 would be great
Don't count on Bitcoin having price stability at $5,000, or any other amount measured in fiat. But apparently we can't deny the fact that bitcoin cannot be valued as 1btc=1btc because most of the people are accustomed of seeing some prices in $$. |
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I am going to get between $25-$50 worth of BTC in my signature campaign. I can't decide what to do with it. I could pick up a cheap miner, and mine the crap out of a new altcoin, I could offer loans, I could trade Altcoins, what should I do?
Save and keep a hold of it. Holding your coins is the best thing you could do if you are the investing-type of person. Bitcoin's price fluctuates every now and then, and that $25-$50 worth of btc might be worth $50-$100 in the coming weeks. |
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Most of you don't seem to understand what "fair price" means. There's fair price and then there's market price.
This is valuing Bitcoin as if it were a company and the equipment used to secure and distribute transactions are the assets.
Your idea that we shouldn't even be using fiat is off-topic.
The valuation is accurate, Bitcoin is currently undervalued.
I agree with you with what your saying. What I don't agree is what Fair price is for. Market price in my mind is always the fair price because that is what you can buy/sell it for at a given time. Fair Price is a speculation of what someone thinks it is worth, and to me that is worthless It simply isn't. Fair price is certainty, market price is speculation. Going to disagree with you there completely. Fair price is: In accounting and economics, fair value is a rational and unbiased estimate of the potential market price of a good, service, or asset. It takes into account such objective factors as: acquisition/production/distribution costs, replacement costs, or costs of close substitutes. This means that fair price POTENTIAL to be worth something, or it COULD, in the future be worth that, Again, it is a speculation of what the market price is and what it could be. That's not what it means. It says potential market price because market price is unpredictable and based on human behavior. Fair price is based on factual evidence and rational logic. Edit: Let me give you an example. You and a buddy are neighbors in some remote place. You grow pears in 1 acre, he grows apples in 1 acre. At the end of the grow you and him like to trade some so you both have apples and pears. This season brought you 200 pears and him 400 apples. Fair price has it that you would give him 1 pear for each 2 apples. But, your buddy gives you some long story about how his wife hates pears and convinces you to give him 1 pear for each 1 apple, this is market price. Market price is indeed based on what people are thinking. It depends on the way how people view how the price is going to be and is purely based on speculations without relying on solid factual evidence. |
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Human fighting for survival against computers is not pure science fiction. Computers are an integral part of our lives now. They can cause catastrophic disasters if they malfunction or infected by a sleeper virus. We are not at the stage where AI can think on it's own, we could be in a few decades.
Imagine we get to a point where a robot society could live side by side with us through artificial intelligence. It could be both catastrophic or the best thing to ever happen to us. I want it to live with a robot run by AI that I can treat like any other normal human being. With that said, I'm hoping for a Utopian future together with machines. You wouldn't like that. If a person goes crazy you have a decent chance to fight him and protect yourself. If a 300kg robot, that doesn't feel pain, goes crazy you can only hide and pray. But I still want to experience that! Haha jk. If that scenario could be prevented, that will be nice. |
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"Hind sight is 20/20"
It's easy to look back and know what you would have done.
But what about today? In 5 years Bitcoin may be worth $10,000 each. Most of us will be saying "I should have bought hundreds of bitcoins when they were only $300 each. Some people will be saying "I did buy hundreds of bitcoins when they were $300 each, and now I'm rich!"
TT
or due to its limited quantity the price might just drop dead to 1-2$ each and people would say, damn should have sold Why in the world would the price fall to 1-2 $ because its limited supply ? The point of limited supply is increase of value, not its loss, it works other way around. I am not saying that the price will be 10k$ or 30$, and i dont care much, as long as bitcoin gets to be an option i can choose when im buying for my daily needs. You have a strange way of looking at things, first with that idea of bitcoins not being worth just because they are aged, and now with claim it can drop dead because of limited supply?! cheers Just thinking about the other possibility. What if with the limited supply comes the scarcity of demand? Wouldn't that affect the price and cause it to fall to what is already stated above? There are millions of combinations of situations that could cause prices to rise or fall, and even when something happens that folks are sure will cause a move in one direction, bitcoin often does the opposite. This is why we call it speculation. TT Hard to put all the eggs on such a speculative basket. That's why every investor should diversify in his investments and not focus on one and only one investment alone. |
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Why in the world would the price fall to 1-2 $ because its limited supply ? The point of limited supply is increase of value, not its loss, it works other way around.
Limited supply only corresponds to high price if there is sufficient demand. Future demand for bitcoin can't be reliably estimated - for example, a theoretical new crypto currency might prove vastly superior to bitcoin, and bitcoin holders would try to exchange their bitcoin assets into that new currency. In such a situation, demand would become pretty low while supply would be temporarily much higher than what is generated through mining. In such a situation, there may be additional factors: Miners might be shut off when bitcoin price becomes too low to make their operation economically feasible, and block times might temporarily become much longer (before difficulty adjustment correcty for the loss in mining power) making bitcoin even less attractive. This is a completely theoretical scenario, but it's not impossible. Onkel Paul exactly my point. its not a stamp collection that will always get appreciated on the market. agreed that many people started using bitcoins for daily deals now. but if like you say something else pops up, it will be drastically devalued. also cypto has no 100% holding value. it might drop dead anytime or boom high. well lets just sit back and watch. for the time being its dropping a bit I second this. Crypto-holding has no assurance or whatsoever of appreciation in value. Anytime it will drop down and it can skyrocket. No one can predict exactly as to what will happen. Oops. Drops. |
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He really doesn't understand tech.
He is trying to stay away from things he doesn't understand.
His generation don't trust computers or anything to do with them. We are the next generation after him. Then maybe we trust computers because we are experiencing what tech can do to us, either good or bad. |
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"Hind sight is 20/20"
It's easy to look back and know what you would have done.
But what about today? In 5 years Bitcoin may be worth $10,000 each. Most of us will be saying "I should have bought hundreds of bitcoins when they were only $300 each. Some people will be saying "I did buy hundreds of bitcoins when they were $300 each, and now I'm rich!"
TT
or due to its limited quantity the price might just drop dead to 1-2$ each and people would say, damn should have sold Why in the world would the price fall to 1-2 $ because its limited supply ? The point of limited supply is increase of value, not its loss, it works other way around. I am not saying that the price will be 10k$ or 30$, and i dont care much, as long as bitcoin gets to be an option i can choose when im buying for my daily needs. You have a strange way of looking at things, first with that idea of bitcoins not being worth just because they are aged, and now with claim it can drop dead because of limited supply?! cheers Just thinking about the other possibility. What if with the limited supply comes the scarcity of demand? Wouldn't that affect the price and cause it to fall to what is already stated above? |
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None of the bidders are stupid enough to pay market price (or MORE) for bitcoin auction. all the bidders will pay BELOW whatever the market is. so I think it won't affect current price, and yeah, noone wants to sell a ton of coins for less than they bought them for unless there was a huge tax write off or something.
Bidders are also clever in terms of $$$. Sure enough, they don't want to buy in at a loss and sell-off at a loss also, so I too doubt that the auction will affect the current price. |
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Human fighting for survival against computers is not pure science fiction. Computers are an integral part of our lives now. They can cause catastrophic disasters if they malfunction or infected by a sleeper virus. We are not at the stage where AI can think on it's own, we could be in a few decades.
Imagine we get to a point where a robot society could live side by side with us through artificial intelligence. It could be both catastrophic or the best thing to ever happen to us. I want it to live with a robot run by AI that I can treat like any other normal human being. With that said, I'm hoping for a Utopian future together with machines. |
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He also said it could not be trusted because "this Satoshi guy" could have hidden something in the code to steal your coins. Warren Buffet does not know dick about bitcoin. Why would he?
If "this Satoshi guy" hid some code to steal our coins, he/she/they could have probably done that when bitcoin's price reached $1200. |
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It's just strange to think that Satoshi or Hall thought of those coins as we think of todays Satoshi's. {zero value} It is sad that those coins are lost forever... ..... If I was Satoshi, I would send it to a account owned by our MtGox King... shift all the spotlight onto the bad boys of bitcoin. {Let them explain} This will be one of the biggest unsolved mysteries of the world. {Why leave such a huge treasure?} ---> dubbed the "Million coin mystery"  Why do you think they're lost? because he hasn't moved them? he also hadn't signed onto any of his accounts for years, til the Dorian incident, but he resurfaced for a moment... odds are he's still got control of those keys, he just hasn't saw fit to do anything with them... I also don't know why people think that the moment those coins move, there'll be a panic... Satoshi's allowed to transact like the rest of us. And doubtless he knows that he can't just dump all his coins at once... Yah. Maybe he still has the control over those coins. Needless to say that he's also allowed to move them at his will. |
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Never knew BurtW personally, but I think we can't help him for now. What exactly is the reason why he is arrested?
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The price correction had to happen, it went from 220 to 280+ in few days, it was bound to have come correction, but the overall market is still bullish.
It probably wont go to 220 again, it has no reason to, since it was obviously not setteling there, so i speculate it will stop @~240, if not higher.
cheers
I would go for $250 just to be safe. If it goes beyond that range, then I call it buy time.  |
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I think we will return to 400$ soon, I am very bullish again!
I am as much as optimistic as you. Hoping to see a positive 2015 and $400 in the coming weeks. HODL! |
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A result of a new survey says that US customers are more confident in transacting bitcoin and considers it safe compared to other online wallets or mobile apps. Although we are in the most bottom part of the survey, I myself can say that this is a positive thing for us. As what analysts says, give bitcoin time. Soon. As most of the users here always say, bitcoin is still in its infancy. Time is what bitcoin really needs before seeing massive adoption. By then we can concur that more users will flock in because they will realize that bitcoin is indeed a great payment option rather than credit cards issued by banks and financial institutions. |
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