English in Japan is not mandatory in school? Why so many Japanese are utterly crap at english? (I am asking because I follow japanese games community, and frequently I end with games written in utterly crap english or just in japanese with a english note saying the author being sorry and saying he does not know english...)
Why don't you learn Japanese, m8? Instead of bitching. |
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How to create really anonymous bitcoins.
1. get a bunch of identical USB sticks with an encrypted persistent live linux distro, bitcoind, bitcoin GUI, pushpool
2. start one such stick, point some decent mining capacity to it
3. once you solve a block, shutdown the OS/stick and store the stick and corresponding password separately (backup strategy is your responsibility)
4. if you have more USB sticks goto 2
5. use virgin money stored on such USB sticks for truly anonymous transactions or trade the physical sticks themselves
Edits:
- Buyer of a physical bitcoin stick shall protect himself from doublespend ASAP by transferring money out or need to trust seller
- Having Tor by default for bitcoin here is a good idea, credit to kokjo
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For one, issuing and control of cash in our society a sovereign function. Well if anyone still doesn't understand that we are all slaves as long as we live under a state rule, here's your proof. He basically said: "How dare you, mundane, come up with such a preposterous idea of issuing your own money. Don't you know this sort of right is reserved only for your kings overlords and masters?! Now be a good slave and quit this nonsense or else!" Indeed. Bitcoin is the kind of thing which makes them want to get gloves off and show the slaves how cattle rods work. |
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Wow imagine bitcoin value does not asymptotically approach zero along with every single other one fiat currency in the world! How dare they! Consumers beware!!! We have enough troubles as it is with gold and silver and now this bitcoin thing came along... mommee help, ban them, we have no chances competing with this!!!
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Both mtgox rate and difficulty change all the time, my rate is more or less constant, sometimes it is more advantageous to buy there sometime here. My customers are the smartest people on this board, do not insult them please.
This is a wrong thread to discuss it. Let's stop here.
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He who holds the most riches has the best chance at profit.
He who has the most power has the best chance at profit.
Many people, it seems, for some reason think that being in the largest pool and paying largest fees somehow improves their chances. Kudos to deepbit for taxing their ignorance. |
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Raulo very often posts great analytics. This is just another example. Thanks.
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Q3. What type of hardware are investors investing in? A3. GPU based high end mining systems. Only high quality components with mix of 6990's and 5970's. As they say... a picture is better than 1000 words and I have two pictures for you. This is shelf 1 in DC1, fairly typical unit, DC3 will be quite similar.   |
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Was talking about ASIC with someone not too long ago, we came to the conclusion that we would probably need something along the lines of USD$1Million. We also came to the conclusion that the bitcoin economy couldn't handle a venture that size at the moment as it would essentailly be a 1million withdrawl from the bitcoin economy.
Right now I don't think the price of bitcoin is high enough to justify something like this.
This is exactly results of my research done half year ago. Investing into ASIC's makes not much sense before 1 BTC hits 100$. Though, if someone proves me wrong, I will not be surprised. |
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Mining botnets?
Can you see how useful bitcoin is for people! We actually will improve security of residential computers en masse. This is because now hapless users will have much better chance to notice that something is wrong with their computer and it eats CPU and electricity. Thus they will secure it.
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The netwrok will self heal and route around the damage.. there are very strong incentives for that in place.
Apparently not. It hasn't been healing when these big pools keep going down— we lose hashrate, and most doesn't come back until the pool does. In spite of the concerns for the stability and security of the bitcoin network— and in spite of actually losing money due to downtime and higher fees— people continue to use deepbit. As I write this it's back to ~40% even after the outages a day ago. How do you know this? All I can see is that after recent difficulty change hashing power stopped growing and has declined slightly. That's it. The difficulty change could do it on your own, pools or no pools. At recent peak hashing power was around 6Thps, now it is around 5.3 Thps. This is barely above 10% drop. There can be many reasons for 0.7 Ghps worth of miners dropping off: summer heat, fired rogue IT admins, some 'miners' cannot comprehend how to switch pool or switch to solo mining, mommy locked up basement after she saw electricity bill etc.. Bohoo.. big deal. Who cares? |
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Warren Buffet calls it moat. For ebay the moat is it's size and domination in large number of regions, but for example in Japan Yahoo auctions rule and ebay is nothing.
Similarly with Bitcoin. there is some moat in form of adoption levels, computational capacity of miners, early adopters who are ready to spend bitcoins to support it etc..., it is not impenetrable but it is getting stronger everyday.
If I was an evil genius planning to install myself as super early adopter of newcoin. I would need some fairly decent capital to get some serious software development going, maybe even implement a few open source clients for bitcoin. Than one day I would spring a well prepared newcoin block chain with some serious mining capacity and well funded marketing effort behind it and make my open source and by now popular client to support both bitcoin and newcoin. Than eventually frogboil bitcoin out if possible at all.
Simple forks IMO are not viable except as reservations for some extreme elements. like inflationastas.
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Hal, valid point, about recursive envy. However, there is space for coca-cola and pepsi, for gold an silver. There might be space for second block chain and if it is good it would significantly limit viability of the third one. But if it is just str8 fork with the only difference being a new set of early adopters, than I am very sceptical. As a str8 fork I would prefer inflatacoin created. At least we will be able to send all the inflation lovers there  |
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When I first figured out bitcoin I thought that it would be great to create a silver currency as answer to bitcoin's gold. This currency would be slightly different but only slightly. (This was mostly because of, "why o why I did I not figure out bitcoin 6 month ago").
In my view it would be better if new currency while suffering from jonny come second disadvantage would have implemented things on technologically and socially superior level and have a fighting chance in the survival battle. This would also create a healthy competition.
Now let's see how in my imagination such currency would look like:
- something along the lines of what OP said.
- BERT for binary protocol
- no freaking floats anywhere in sight
- YAML for human readable part (but well JSON might win this one and I can live with it)
- erlang or nodejs clients able to handle thousands peer connections on decent hardware
- HTTP based protocol, to take advantage of all the HTTP infrastructure (maybe?)
- inflation/emission function made less steep and maximum number of silver coins issued would be higher than bitcoins 21M in proportion similar to proportion of historical price difference gold/silver
- SHA256(WHIRPOOL(SHA512(Skeynes(GOST(WhateverElseGoodHashOutThere( data ))))) instead of bitcoins sha256(sha256( data ))*
I am sure there are more good ideas to be added to this list. We could design such ideal currency and fork it, why not? As long as no stupidity like permainflation is supported this might just be viable. The trick is to counterbalance second comer disadvantage by superior strategy design and implementation.
And while we at that talk to me about proper DNS 2.0 strategy (as opposed to namecoin).
* sha256(sha256( data )) for me is like a red tag... "made by NSA"
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I think there is no reason to change bitcoin protocol to help pool operators. That would be like bringing GUI libs into linux kernel to make GUI quicker. Ohhh wait.... M$ thought once that this was a good idea.... nevermind...
Pool operators and miners will figure out how to mine during DDOS attacks or let smarter and nimbler miner to do all the work and rip all the reward. Why would we want to institute a nanny state here.... survival of the fittest is quite a nice paradigm which worked so well until recently...
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Gpu's are good because they can be used to do computational work on other problems to bitcoin...
Yep. The real question is why don't we make a co-op and build bitcoin asic's? Then sell them for profit... this means that we get GBP or other asset, while still helping the bitcoin community.
This is a great idea. I'd be happy to be a customer. But someone else would need to do it. I simply do not have expertise required for this. |
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And for the risk/reward...
I want to challange you...
To come up with a set of assumptions....
Where your risk/reward profile...
Is better than just buying coins...
You do that and I leave this thread alone...
Here you go... tomorrow exchange rate of bitcoin goes to 0 and stays there forever. You've just lost 100% of your bitcoin investments while me and my investors will have some computer hardware and a working supercomputer which coluld be sold or may be used to mine namecoins or bitcoin 2.0 or towncoins or googlecoins or visacoins or ciacoins or even fedcoins or carotcoins to be rented out to GCHQ or something else. Goodbye. |
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Surkim, you are correct I do get worked up by people assuming that my only cost is mining hardware and electricity, you would be not the first one. Perhaps I should keep my cool better. But trust me you are not the first one pestering me with this by far and my not quite board room style response is provoked by the level of critique. If they are not 100% electricity costs, what other costs are covered with the ~100 GBP/month an investor should pay? Let's see.. Rent, property taxes, water, electricity, shared hardware depreciation (floors, CCTV cameras, alarms, shelving/racks, security contracts (including police response), management and monitoring servers, networking equipment and Inet connectivity, cooling system, ventilation ducts, shipping, insurance, electrics ... the list goes on) Also the quoted numbers are estimate. It might get higher in reality, definitely it should not be surprise if thing go 5-10% or even a bit more over budget. Should you try to get something like this in a 'proper DC' expect costs 3-6 times higher, though. This is rather different from just electricity, is it not? Until when are you looking for investments? If for example someone would start a collection on GLBSE, this might take one month or more - and by that time you even might be already "booked out".
There are no set time limit. DC3 is expected be scalable up to 400 Ghps which is a lot. Further expansion is possible. It might make sense to let me know about large GLBSE listing being prepared so that I amend my plans accordingly and prepare for scaling up further if needed. Also I do not need any specific number of investors to come in order to start the project. DC3 will come online with existing funds and arrangements which are either already in place or being finalized. What type of hardware are investors investing in? With that amount of money you want to raise, FPGAs/ASICs wouldn't be that much out of reach any more... but these have different 2nd hand value to be considered.
GPU based machines, 6990's mostly at the moment, not the cheapest ones either where it comes to mb/PSU/case. Which country will this data center be in? Still in GB or somewhere else?
Derbyshire, UK. What types of services are investors allowed to host on "their" machines? Only Bitcoin related stuff (what about hosting a pool server?) or also different services, like webservers, torrent boxes...
None. Investors will not get any access to raw machines. The delivery of the results of calculations would be done either via weekly zero-variance method or by pointing miners to investors RPC end point. Note that costs are quoted per Ghps not by GPU's or boxes. |
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Block reward is simply a subsidy to miners to get the blockchain bootstrapped.
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