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201  Alternate cryptocurrencies / Altcoin Discussion / Re: Future of Altcoins (LTC, etc)? on: January 14, 2014, 05:05:45 PM
Confirmations are needed so that you know that the chance of a double spend is close to nothing. Double spends aren't as easy as you think, it's quite a hassle and not worth if used for small transactions. The risk is for the seller, but he can take into account the chance of some losses because of this. And with bigger transactions it would be wise to wait to see a few confirmations.

Edit: typo, clarification
202  Economy / Economics / Re: Miners running costs must pass trough exchanges - this limits the Bitcoin price on: January 14, 2014, 04:49:52 PM
By reading all this, it can be concluded that Bitcoin as a way of paying, has little impact on the price. Would that ever be possible? I mean, would the Bitcoin price change if it would be used to pay employees and they would use it again to pay for groceries as the dollar or euro would?
203  Other / Beginners & Help / Re: I Have No Idea What I'm Doing on: January 14, 2014, 04:16:11 PM
Hi,

I'm joining because I want to get involved in this community. It intrigues me, but I literally have no idea what I'm doing. I have the Coinye Wallet and DogeCoin Wallet. I've been gathering coins through faucets, but I really want to figure out the whole mining aspect of cryptocurrency. I'm a real idiot, so any help is appreciated. Love the community here.

<3
Do Coinye and Doge coin have any new features compared to Bitcoin?

Absolutely none at all other than a gimmick. They're easier to mine and cheaper, but that's about it.
But why invest in them? There can't be that much money in it, right? If so, then everybody would join until nobody can profit anymore. On top of that it is most of the time exchanged for BTC anyway.
I think newbies should be very aware of the fact that most of the alt coins are pump and dump schemes. Only a few are really different and worth investing in.
204  Other / Beginners & Help / Re: I Have No Idea What I'm Doing on: January 14, 2014, 03:55:04 PM
Hi,

I'm joining because I want to get involved in this community. It intrigues me, but I literally have no idea what I'm doing. I have the Coinye Wallet and DogeCoin Wallet. I've been gathering coins through faucets, but I really want to figure out the whole mining aspect of cryptocurrency. I'm a real idiot, so any help is appreciated. Love the community here.

<3
Do Coinye and Doge coin have any new features compared to Bitcoin?
205  Other / Beginners & Help / Re: Bitcoin 2014 - Top 10 Predictions on: January 14, 2014, 02:15:26 PM
Thats nice and good to know, but nobody using it really as far as I've seen.


Look at my website. Wink
206  Other / Beginners & Help / Re: question: change addresses, multiple transactions, wallet backups in bitcoin-QT on: January 14, 2014, 02:13:34 PM
A1 - I know the wallet.dat file contains a pool of addresses, so if you don't use a lot of addresses it wouldn't be necessary to backup. But I would do it anyway if I were you, because it could happen. Also your new wallet.dat file contains previous transactions, that way you know what your balance is.
A2 - You can do that right away, because you own the change address.
A3 - For the ones not tech savvy, they shouldn't be bothered dealing with different addresses I think. Maybe it isn't perfect yet, still waiting for some killer app.
207  Other / Beginners & Help / Re: Bitcoin 2014 - Top 10 Predictions on: January 14, 2014, 01:42:31 PM
I hope that the price will remain around 1000$ till end of this year, but the 4000-5000$ / btc is a dream IMHO.

BTW, is it planned for introduce a smaller change of BTC? I'm fed up with calculating always small fractions. It would be better to introduce bitcoin cents, as a 1BTC = 1000 bitcoin cents, or even more.

Regards

That's happening already with mBTC, uBTC, and satochi. Which are respectively 0.001BTC, 0.000001BTC, and 0.00000001BTC.
208  Other / Beginners & Help / Re: Coin faucets.. are they worth it? on: January 14, 2014, 12:12:23 PM
It helped me to get introduced in Bitcoin. It was fun to watch my account go from zero BTC to 0.1 BTC (was back in 2012). Soon after that I just bought a few. But ask yourself, is it worth your time to get paid 0.5 dollar in three days.
209  Other / Beginners & Help / Re: Bitcoin 2014 - Top 10 Predictions on: January 14, 2014, 11:53:42 AM
I'm curious how much longer the alt coin clones will continue. Isn't it kind of obvious that those are doomed to fail? I know as long as money can be made from it, people will try to get a piece of the pie. But for all the people that profit from it, there are also people who lose money. BTW, I'm not talking about the alt coins that are offering other functionality or work differently, I'm talking about clones here. IMO they're just a wasted of time.
210  Other / Beginners & Help / Re: Can more digital currencies options decrease bitcoin? on: January 14, 2014, 11:31:15 AM
Only if those add functionality, it not just decreases because more options are available.
211  Economy / Economics / Re: Would World War instantly destroy Bitcoin? on: January 13, 2014, 06:11:30 PM
How many wars are going on right now?

Oh, that many?

And Bitcoin is doing how well?

Wow.
Don't be stupid. It was a hypothetical question what would happen if internet would be split in multiple networks, with multiple block chains.
Note the words large scale war and World War.
212  Other / Beginners & Help / Re: Solo mining on: January 13, 2014, 05:07:36 PM
You can also use the testnet version of Bitcoin.
Testnet
213  Other / Beginners & Help / Re: Bitcoin network is rejecting Bitcoin microtransactions on: January 13, 2014, 05:04:59 PM
So the only way for Bitcoin Network to survive is to accept zero-fee, no-award transactions (microBitcoin, nanoBitcoin,  BitcoinTips since otherwise Bitcoin democracy is controlled by supremacy of few miners at no risk of Bitcoin vs. Dollar fluctuactions in exchange rate.
No service is really free. I know miners are rewarded by the block reward of 25BTC, but that's just to kick start this endeavour. In my opinion the whole fee system is working just fine, preventing the network from flooding and securing the future of Bitcoin by making sure people still want to mine.
There is no way you should connect mining to the exchange rate. For example banks can also not be held accounted for the exchange rate of say dollar/euro. That is complete nonsense.
214  Economy / Economics / Re: Would World War instantly destroy Bitcoin? on: January 13, 2014, 04:20:41 PM
I am guessing it would kill bitcoin along with pretty well every transaction system out there including credit and debit cards.

I am also thinking that currency valuations would get totally shook up depending on who won and who lost.

Precious metals would probably do fine.

Actually I am going to change my analysis here...bitcoin transactions would have less chance of being disrupted than cc and debit transactions because the transaction process is distributed just like the internet which was actually built to withstand things like this.
Internet could be broken up into some isolated parts. The weak points are the submarine communications cables. Those are few in number (relatively). Other ways to cross seas and oceans, such as satellite, will quickly be confiscated by governments.
In case that after such an event two different block chains exists and connectivity is restored, I think the block chain which is the longest will be chosen. That is, if same protocol is used.
All transactions done in the other block chain will be worthless, and also the miners will lose all there earnings.
Double spending shouldn't be a problem, because then you would've access to both networks. And that isn't possible according to the assumptions.
215  Other / Beginners & Help / Re: Solo Mining & Finding A Block on: January 13, 2014, 01:55:39 PM
First of all, if you find a block then you've already solved it. The next question is interesting, I used this site to solve it. With 2.9Ghash/sec it would take an average of 84042 years and 139 days Tongue to find a block. So essentially it's telling you to don't solo mine.
216  Other / Beginners & Help / Re: is btc dead?? on: January 13, 2014, 01:36:18 PM
of course I look to get rich quick casue nomatter with what I pay I mostly can buy only things I dont need anyways

all that matters to me is that the value goes up and it doesnt right now

it stays between 800- 850 for the most time since xmas so therefore I say Bitcoin is dead

Funny how people always think that they are entitled to money, welfare, food, shelter, roads, jobs, etc. It is quite rare how easy it was/is to make money out of Bitcoin. Nobody is entitled to anything, work for it and you get paid for what you're worth.
217  Other / Beginners & Help / Re: how can we solve this problem that a very small people control most of Bitcoin on: January 13, 2014, 01:01:02 PM
Why fix it? They (probably) got it fair and square. I am, however, very interested if the Bitcoins presumably attributed to Satochi Nakamoto's ever going to be used. That would have a great impact onto the ecosystem.
218  Other / Beginners & Help / Re: decreasing BTC rewards / round on: January 11, 2014, 03:48:46 PM
Number of transactions has nothing to do with the hash rate.
I mean the number of rounds and the lenght of it. If I know well, transactions also checked by miners.
No.
219  Other / Beginners & Help / Re: The mystery of the working miner and no payouts on: January 10, 2014, 10:23:50 PM
Catchy title, could be a good book once.
220  Other / Beginners & Help / Re: Mining seems unprofitable...? on: January 10, 2014, 10:17:00 PM
You should think that's it quite logical that mining is not profitable. For the time it is, people would jump in. When it's not people won't take that jump. It will always balance itself to the point it's going to cost as much as you can earn with it.
Given that the price of Bitcoin not really correlates to the cost of mining, the only hope of it becoming profitable again is an increase in popularity of the coin.
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