News from Bill Gates: Bill Gates: Bitcoin Highlights the Utility of Digital Money
Pete Rizzo (@pete_rizzo_) | Published on October 2, 2014 at 23:03 BST
“The customers we’re talking about aren’t trying to be anonymous, they’re willing to be known, so bitcoin technology is key and you can add to it or you could build a similar technology where there’s enough attribution where people feel comfortable that this is nothing to do with terrorism or any type of money laundering.” Source: http://www.coindesk.com/bill-gates-bitcoin-highlights-utility-digital-money/That's the key. I've been saying it for a long time now. People want accountability when it comes to dealing with their money - they want 'receipts' with their names on them - and, if you're going to attempt to offer them an "alternative", it has got to conform to what they expect for their "money". |
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1.12$/day / (0,87kW * 24h) = 0.0536$ / kWh average electricity cost is about 0.054$/kWh if I have <1600kWh for month Could I ask you in which country you live? That's crazy cheap electricity, I'm envious! :-) in first three month this year i had about 50$ daily with 13gpu's and now mining is nonsense.... don't be envious....  i'm from Serbia, Europe Wow, it's true . . . almost. You've got to add VAT (sales tax for Americans) and then convert Euros to USD though. Real USD cost is somewhere around $0.083 That's still cheap. The "lowest in the region and Europe". http://serbia-energy.eu/serbia-new-electricity-prices-for-households-and-industrial-consumers/ |
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Does Multi-Algo Myriadcoin Mining Provide Unique Benefits?
The 5 algorithm method makes a 51% attack vs Myriadcoin very difficult. In traditional mining, such as Bitcoin Mining, a 51% attack is, in theory, simple. If an individual, or group, were to gain 51% of the hashing power, then the miner(s) could initiate a 51% attack. In the 51% attack, the attacking miner(s) could block transactions, by preventing certain transactions from gaining confirmations, and more nefariously, could double spend coins by reversing the transactions during the blocks they control.
Most recent 51% attacks were accomplished by attacking small SHA256-based coins with a large number of ASICs, as Bitcoin’s mining hashrate, and difficulty, is so high that it is not an easy target. This may be an issue for more Scrypt coins in the future, as Scrypt ASICs are now available. This is significantly harder with Myriadcoin.
As each algorithm controls only 20% of the network, a 51% attacker would need to control an average of 51% of each algorithm to successfully attack the network. For example, if someone brought in enough ASICs to capture 80% of both SHA256 and Scrypt, which would be very difficult on it’s own, that would still only amount to 32% of the overall network. The remaining 19% would need to be carved out of the Qubit, Skein, and Groestl algorithms, and there are no ASICs in development for any one of those.
The logistics, and cost, of obtaining, organizing, and maintaining such a varied group of mining machines in order to perform an attack such as this makes it very unlikely. I highly doubt there is any group with the capability to effectively pull this off. Beyond that, the cost would make it prohibitively expensive, with no chance of using such an attack to profit in any way.
. . . we'll probably never see a DGB hashrate so high that it outshines all the others. I'm much more positive on DigiByte, and I actually look forward to the day when that happens. It's not a question of if, but when.  |
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Sometimes I wonder if I'm a complete idiot (of course, I always doubt myself first as the first course of action). Am I missing something here?Why would anyone even mention, much less consider, merge mining when DigiByte has the consistently strong and stable network hashrate and profitability that it has got?Merge-mining means that more miners get dgb (they may just dump dgb, but since the amount won't be that big they may as well hold and see how it works for them), that dgb network gets more stable (right now it does not have the hashrate of doge, of corse), and, unlike what happened with doge aux-pow, the merge with doge would not cause mining DGB to become unprofitable since you can switch to other algos. If the aux-pow with ltc meant a huge boost in confidence for dogecoin, imagine if DGB merged with doge and (say) btc, it'd be the safest POW network in existence, which never hurts if you want to appeal to large buisness. I have no idea how easy/difficult it'd be to implement, but I believe it would be great news. In any case multipools have been dumping dgb for quite a while so I don't think things would get worse. What would DGB get out of merge mining? Put another way, what's in it for DGB? Put another way, why on earth would you want to send an erroneous message to the world that DGB needs somebody else's help? DGB can only lose with merge mining, in all respects; it has nothing to gain and there is no logical reason at all to even consider it (IMVHO). |
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Sometimes I wonder if I'm a complete idiot (of course, I always doubt myself first as the first course of action). Am I missing something here?Why would anyone even mention, much less consider, merge mining when DigiByte has the consistently strong and stable network hashrate and profitability that it has got? |
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HR,
What's your analysis based on this?
YC
As you’ve most likely already found out by reading the information provided by www.thepatternsite.com , it’s all about probabilities. The Pattern Site is probably the most comprehensive source of statistical studies on these and many other trading patterns, from the likelihood to break either higher or lower, to probabilities on expected price movements after breakout or breakdown, that I know of. In spite of its comprehensive and studious nature, The Pattern Site can’t do it all, nor does it purport to do so. Important data points like the potential effects of a confluence of patterns, and the influence of long term support or resistance are not covered. Experienced traders know that a confluence of patterns can strengthen the force of the eventual breakout, although it does not change the probabilities concerning either an upward or downward breakout. However, when these patterns group together at either support or resistance, those probabilities do change – the likelihood of a breakdown at resistance is higher, and the opposite is true when they form at support. Another important factor to keep in mind is what is referred to as a ‘trap’. There are bull traps and bear traps at highs and lows respectively. A trap is formed when the last of the bulls buy before a reversal lower, or the last of the bears panic sell into what turns out to be the ultimate lows before a reversal higher. This can happen, and does. In the current situation, a break below the symmetrical triangle would signal a test of recent lows, and a break of those lows an almost guaranteed trip down into the depths of the abyss. Traps of this sort, exhaustion in nature, at the end of an intermediate or long term trend, tend to reverse quickly. The long and the short of this is that even though the probabilities are high that support holds and DGB begins a long term uptrend, they do not rule out the possibility of a panic capitulation by sellers first, even if those odds are low. Again, there are no guarantees in these kinds of markets, but the probabilities in this case favor at least an intermediate trend change and perhaps even a long term trend change starting from current levels. It could even be that we find ourselves saying sometime in the very near future that DGB will never see these prices again, NEVER, but I’ll wait to see what kind of uptrend develops first before going that far, and I’ll also be very ready to buy any panic break of lows hand over fist! |
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Meanwhile, DigiByte is disabled on Bittrex for over 3 weeks now. That is very sad and bad for DigiByte. I really hope it will be fixed soon.
Digibyte knows about this problem and sollution is incoming! Wallet update will come soon. Same problem on multipool.us, here's what they have posted about it: Sep 30 4:48 PM DigiByte (DGB) payouts are currently disabled due to a known issue with the sendmany call. We are waiting for an updated release to re-enable payouts. The DGB developers have communicated to me that they are aware of this issue and are working on a fix. I'm curious. What are these two end users doing different so that they are the only ones experiencing this issue? @ycagel, check out the website I linked to for specific and detailed statistical analysis on each of the patterns drawn - it's the best website on the subject that I know of - and I'll get back to you with some additional stuff later when I have more time. |
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Little by little, and every little bit counts! |
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this is my first nick, although I've come plenty times on bitcointalk I never registered or posted. I care, I believe DGB has potential and think I can help bring it out. I don't see how my behavior can damage the community, it's certainly not my intention.
I believe you. Even though we don't see eye-to-eye, I encourage you to continue with your efforts. It's really not a matter of right or wrong, but rather reach, effectiveness, and corporate image. However, by identifying yourself as a community member, and remembering to point out all DGB's strong points, I'm sure you can only help. What you've said in your previous posts convinces me of your good faith, and where there is good faith, there is usually something positive as well. Just a couple of quick observations, one silly, the other very important that I didn't adequately address before: 1) t-shirts serve as walking advertizements  2) it's not just technology that separates DGB from the rest, rather it's a clear commitment to make DigiByte a "professional decentralized payment network used by millions of people across the planet to quickly & easily buy and sell good & services over the internet, in store, or person-to-person with little to no fees" using the "most fair POW mining option out there" all made possible by the most "professional & dedicated development team" I know of that most assuredly is beginning to look at the next stage of development when "Sophisticated & Institutional Investors come on board". http://www.digibyte.co It's not the technology per se, but what you do with it!Don't get me wrong, it's not like I disapprove of what you're doing, I just don't want us to confuse one thing with another - I want us to think big, by first visualizing what DigiByte can be, and then making that a reality. Thanks for your ideas, contributions and efforts - and if you want to call yourself a shibe, by all means, but please leave me out.  |
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This is a draft proposal.Buy 10 and get 1 free!
That's right, for a limited time only, new investors
who purchase DGB with fiat will receive 1 additional DGB for every 10 purchased.
For example, if you buy 100,000 DGB, you'll get another 10,000 free. Now that's not bad!
Minimum purchase 100,000 DGB; maximum purchasable amount of 1,000,000 DGB per investor.
Offer good until the 10,000,000 "free" DGB account is depleted. 100,000 DGB for every 1 million DGB purchased with fiat (for the first 100 investors to take advantage of the promotion). This would amount to a 10% giveaway, or around $9 USD at current prices. (Once DGB is at 100 satoshi, that would translate into around $45 USD.)
How can this be done? By working directly with the exchanges that accept fiat. In the States that would be Cryptsy, and in Europe that would be LiteBit. Anyone buying DGB with fiat would qualify.
The promotion account could be funded with around $900 USD at current prices (for 10 million DGB) and the promotion would be good for 100 million of newly purchased DGB with fiat, which would go a long ways towards helping price appreciation as well!DigiByte, have you guys got $900 USD to fund this? And the time and desire to put it together? I can guarantee that you'd get a lot of press coverage (that's free advertising) as a result - DGB would be on every crypto blog and from there to every forum by word of mouth.
What do you say?http://www.altcoinweekly.com/http://bitcoinmagazine.com/http://bitcoinnews24.com/http://www.coindesk.comhttp://www.cryptoarticles.com/https://www.cryptocoinsnews.com/http://cryptosource.org/And it's not limited to the crypto sphere! http://blog.wallstreetsurvivor.com/2014/05/28/the-ultimate-list-resources-bitcoin/Even Forbes does crypto news! http://www.forbes.com/sites/reuvencohen/2013/11/27/the-top-30-crypto-currency-market-capitalizations-in-one-place/ http://www.forbes.com/sites/kashmirhill/2014/05/07/living-on-bitcoin-a-year-later-the-cryptocurrencys-youngest-miner/And I'm sure I've only scratched the surface.
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The current version of the wallet appears to have significant problems sending transactions.
Please have a dev contact me to resolve these issues.
What kind of problems? Sounds alarming. Did you do that on purpose? How about sharing these significant problems with us now that you've brought it to our public attention? BTW, you could just PM DigiByte (and I know you know that too).  |
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I appreciate your opinion and thank you for taking the time. With that in mind, please don't misunderstand my very short response – it is by no way a slight of hand, rather it is just a reflection of my desire to stay with what really seems important, to me anyway. Any impression is better than no impression. I totally disagree. It takes a lifetime to earn a customer, and about 5 seconds to lose him/her. You're going nowhere fast if you lose him/her before you get him/her. the illusion that some big players will come and back digibyte just because of the tech is ridiculous This is one of DGB's main stated long term goals what does digibyte give more than the others? Again, one must look at the principal goals put forth by the Devs to have an appropriate answer. I'm not going to repeat what can be found on the OP and in DigiByte's multiple post – it's there for anyone who wants to read it – but I will say that the difference is measured in light years. getting tipped instead is much more fun And I'm talking about serious business. We are privates, we are not "digibyte" Again, I'm talking about serious business, and, as such, this is a DigiByte proposal, not a pass-the-hat and see what we can do as a community proposal. giveaway is nice cheap and does not imply any silliness I'd say foolishness rather than silliness. But, hey, each to his own – if you want to give DGB away, I'm not telling you that you can't, only asking that you at least put something serious in your signature and make clear it's private and not official DGB. now about your "think big" idea, I guess you threw it there as an example, but the probe is it can't work Jeez, now you're getting aggressive (maybe I should edit my start to this response). You're right about the example, and very dogmatic about your declaration that it can't work. Wow. Now that's definitive! When reading your reasoning, my first question is to ask who are we to tell other people what to do once they've bought and benefit from the discount. What are you going to tell the people you tip? Are you really going to worry about that? Have you even thought about it.  The price change would not be blunt by any stretch of the imagination (unless you really think we'll have 100 people stampeding together to buy maximum allotments), and your forex intervention example is really a bit wild and completely unrelated to say the least. not a group of people here just for the business (it's simply not so) I hope you get off it soon, because, my friend, like it or not, this IS A BUSINESS, and if you're looking for a place to play and have fun, you've got hundreds of other possibilities. Why preach here? And please don't call us shibes. Again, there are lots of playgrounds where you can go . . . It'll "impose" DGB as the one most organized and generous community in the crypto world, sort of a dogecoin more mature big brother. While “impose” is a very poorly chosen word, the essence of what I think you want to say is what I'd call a pipe-dream if there ever was one. What? We need to give away DBG to show we're good people? And who even cares? It's not about if you're a nice guy our not, it's about if what you have to offer really protects investors' wealth or not. (Or was that completely over your head?) suchPotato, I see you're a noob (although I suspect that this is not you're first nick), and that you've only posted here. What's your purpose here, with your cute little shibe name, and your grand illusion to undermine and degrade DGB? |
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What company do you know of that does giveaways? Free samples, maybe, but giveaways?
Major companies do rebate promotions, 2 for 1 promotions, or a certain percentage off on your next purchase promotions, but they don't usually get involved in straightaway giveaways. Major companies usually link their promotions to actual money being spent by their customers.
If we truly believe in DigiByte, we need to think big and act like the big boys.
Here's a 'think big' idea:
Link the giveaway to money actually being invested in DGB. How? By giving away 100,000 DGB for every 1 million DGB purchased with fiat (for the first 100 investors to take advantage of the promotion). This would amount to a 10% giveaway, or around $9 USD at current prices. Once DGB is at 100 satoshi, that would translate into around $45 USD.
How can this be done? By working directly with the exchanges that accept fiat. In the States that would be Cryptsy, and in Europe that would be LiteBit. Anyone buying DGB with fiat would qualify.
The promotion account could be funded with around $900 USD at current prices (for 10 million DGB) and the promotion would be good for 100 million of newly purchased DGB with fiat, which would go a long ways towards helping price appreciation as well!
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If it was about the value of a coin Bitcoin would have disappeared the day litecoin was born (heck, even namecoin!) it's pretty much the most obsolete coin in existence, but it's the one with most visibility.
Now, check out *any* coin subreddit, the giveaways are 10 times more popular than the other posts. If you spend a few milion dollars in ads any coin would surpass, say, LTC, the tipping rings visibility at a low cost.
IMO giveaways are a great form of "honest" advertisement. You say true stuff and pay a few cents to get some audienc and to gep people started in your coin. The best technoligies are fast forgotten if you don't put some effort in advertisement, end of the story.
The giveaway is pretty much a token you're not just there to drop your opinion, but are placing some effort.
It's all about the impression you want to create. What is a 'good impression' for a crypto to make? What is your idea of a good impression? My idea is that of creating a first impression of a solid coin, with a solid Dev team, with a solid community, with a very solid plan for the future, which has an extremely solid track record of never letting anyone down and always getting things right, that is going to generate very handsome returns for both miners and investors . . . I think giveaways imply the opposite, and create a bad first impression. They're 10 times more popular with the children who aren't mature enough to appreciate the value of money yet. And yes, at the end of the day, we're talking about money, real money, or at least that's what DigiByte is supposed to be anyway . . . of course, it'll never reach that status if it's treated like internet tipping tokens. Think about it. Everyone. Long and hard. What is your idea of a good first impression for DGB? |
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Here's what I consider to be the epitome of stupid childish gimmicks: http://www.reddit.com/r/myriadcoin/comments/2how0u/meat_body_souls_sunday_tip_thread/First because it takes the cryptocurrency in question down to that level. Secondly, the same as the first. Thirdly, ditto, ditto, ditto. My thinking is that if we want to promote the coin, we should promote the merits of the coin. Starting first with the fact that it's currently one of the most profitable to mine. We could then move from short term profitability to its great long term prospects, etc. Beyond that we could mention any or all of the following: - 1st coin to fork to multi-algorithm mining (Most fair distribution).
- With 5 unique algos & independent difficulties a 51% attack is significantly mitigated and becomes much harder to carry out.
- 1st coin to develop & implement DigiShield (asymmetrical difficulty adjustment).
- 30 second blocks are better for merchants transactions.
- Professional & dedicated development team since launch on Jan. 10th 2014.
- Strategic long term road-map & vision alongside pending global corporate partnerships.
- 1:1000 ratio with Bitcoin, better for micro transactions.
- No more premine as it was given away to users & charity and used for initial development as stated from the beginning until outside funding was received.
Now, in my opinion, that would be giving others a “tip” that's worth everybody's time, including the person you're giving the tip to! |
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My Up-To-Date Mining Stats ------------------------------------------------o------------------------------------------------ By the way, what does everyone think about including this in the 'signature line' of all DGB promotions?Why use DigiByte? - 1st coin to fork to multi-algorithm mining (Most fair distribution).
- With 5 unique algos & independent difficulties a 51% attack is significantly mitigated and becomes much harder to carry out.
- 1st coin to develop & implement DigiShield (asymmetrical difficulty adjustment).
- 30 second blocks are better for merchants transactions.
- Professional & dedicated development team since launch on Jan. 10th 2014.
- Strategic long term road-map & vision alongside pending global corporate partnerships.
- 1:1000 ratio with Bitcoin, better for micro transactions.
- No more premine as it was given away to users & charity and used for initial development as stated from the beginning until outside funding was received.
We'd be highlighting the fact that DigiByte is a serious coin that can stand on its own.
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For as much disdain as I have for reddit (I think it's juvenile, but I must admit that from what I've seen others say in recent months, and from the little I've actually read over there, I think it is improving) and for as much respect as I have for BitCoinTalk, I've got to recognize that, on balance, it's probably not a bad idea to get something going over there (and hopefully we can help reddit to mature by keeping our standards over there just as high as they are here).
Good idea, but (and at the risk of being repetitive) I think we should make an effort to stay away from gimmicks.
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