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The MtGox 48-hour chart is in the attachment.
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Maybe I'm misunderstanding the raw data, but there seems to be something very odd about the peak in the BTC price two days ago, where it touched $0.50 three times. I'm looking at the historical data provided by the link at the bottom of the Bitcoin Watch home page. If I look at the transactions between 23:04:50 and 23:43:39 GMT on 6 November, these are the trades I see: Price Amount
0.33 3000
0.35 25
0.35 25
0.50 25
0.49 27
0.37 36
0.50 10
0.48 68
0.37 93
0.50 10
0.37 60
0.37 8
0.39 30
0.39 500
The MtGox trade data normally shows plenty of trades for hundreds or even thousands of BTC, but these trades are very small. And MtGox normally has a big order book, meaning you can't move the market from $0.37 to $0.50 by buying just 60 bitcoins. Notice how the price touched 0.50 three times, and dropped back to 0.37 between each one. What exactly happened here? |
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...it would have to be better in some way other than just "I started the new chain, so I've got a lot of the easy-to-generate-at-the-beginning-coins." You say that now, but if bitcoin really takes off I can see lots of get-rich-quick imitators coming on the scene: gitcoin, nitcoin, witcoin, titcoin, shitcoin... Some of them are sure to attract users with promises like "Why use bitcoin, where you can only generate 50 bitcoins every few months? Use shitcoin instead, and you'll get 51 shitcoins every 2 minutes". Of course the cheap imitators will disappear as quickly as those 1990s "internet currencies" like flooz and beenz, but lots of people will get burned along the way. |
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I have always found it absurd how unproductive members of society who have made leisurely pursuits their life goal are despised by mainstream opinion... Oh, I'm all in favor of people choosing to pursue leisurely pursuits, provided they don't expect other people to work like dogs to make it possible. |
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...does that mean that number of bitcoins will actually rise 50% faster than it should in theory ? Not really. The number of bitcoins is increasing exactly as it should in theory. Bitcoin's rules say that 6 blocks per hour is the target rate used for difficulty adjustments. The rules don't (and can't) say anything about what the average number of blocks per hour will be. However, the "Total bitcoins over time" graph (at the Wiki) will need to be tweaked now and then to keep it in step with reality. http://www.bitcoin.org/wiki/lib/exe/detail.php?id=bitcoins&media=total_bitcoins_over_time_graph.png |
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I'll try again, with a smaller amount. Grondilu, did you ever receive your BTC? |
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That's intentionally selling users a false premise, though, right? It's a false premise, but it wasn't intentional because until a couple of months ago the average Joe could generate blocks on ordinary hardware. That's why I'd like to see distributed mining on the standard client, to make that false promise become true again. |
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I've had good dealings with:
MtGox (prompt and helpful support)
Bitcoin Market
Bitcoin4cash
Bitcoin Gateway
bitcointo.com
noagendamarket
FreeMoney
tcatm
SmokeTooMuch
morpheus
Uukgoblin
genjix
(email hashes)
13202c8850253223b39aff79d2115766
4859950513cb7b9bf9c56385d967ea4c
58402432373537f682a559ff36be51dd
de5345898e13817b0711eaa06fb2c470
b11b3a5163cebbd9a678e71bcc701651
f4924e963c8d52b1ad0d1952a0ec0665
0b75b709e28ea95c72f311afb8971faa
f20440559afce2bc0b3603fa8b33c0ab
cad67dd1e20a652fee1937d57e73e075
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... teasing users with a "Generate coins?" option ... It's hard to get a new idea to take hold. The "generate coins" option is the hook that gets many people to download, install and run bitcoin. I'd love to see distributed mining in the standard client. That way, newcomers could earn something every day (even if it would only be a fraction of a coin). |
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... my friend used the bitcoin faucet, but then forgot to backup his PC ... He should be more careful. It's now up to $1.5 million. |
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"Weird idea to generate coins, I try to understand their idea.
Somebody has to use our pc to generate coins. Who is that " somebody ".
And what about the privacy, can we trust that " somebody"?"
That person thinks that "somebody" means "somebody else". You can explain it to them like this: It is you who uses your PC to generate coins, so you don't need to trust anyone else for this. However, it might take months before your PC generates a bundle of coins, so you may prefer to trade goods for bitcoins, or buy bitcoins from someone who already has some. Also, if you just want to experiment, you can get 0.05 bitcoins absolutely free from people who are giving them away at the Bitcoin Faucet. |
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Price of BTC in USD up by a factor of approx. 15 to 25 in a few weeks. Yet the number of traders where you can spend Bitcoin on the internet has barely changed. This is beginning to look like a bubble.
For sure the current price rises are not due to any increase in trading bitcoins for everyday goods. But that kind of trading can't become widespread until bitcoins are valued higher. If you need to spend all of your bitcoins to buy a can of baked beans, you're not going to do it. But when the time comes that you can buy a can of baked beans for 0.01% of your bitcoins, you'll be happy to do it and trading will take off. The current price rises are due to BTC purchases by people who can see the future potential and are betting on it. |
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Proof of work is widely used in society for all kinds of things.
At my daughter's high school when they select which subjects to study, there are always some courses oversubscribed and some undersubscribed. So the school resolves the conflicts arbitrarily and tells the students to write in with their reasons if they want their preference to be considered.
The school never needs to actually read the reasons given, because the "proof of work" of writing the letter reduces the number of objections to a small enough number that the school can give all of those people their first preference.
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As long as there are computers searching for the gazillionth digit of pi, generating bitcoins represents a relatively useful expenditure of energy.
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You know what would be cool, is if gold mining did more than just waste energy and cause pollution. For example, if it dug up cars or food or televisions or something. If you're digging up the ground for gold, you might as well be getting something useful too.
It would actually create value, instead of just wasting energy like it currently does. It would make wealth flow into the system for actual work.
Otherwise, if gold mining takes off, it seems like it will just be a big waste of energy. Aren't we already short enough on energy?
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I think ShadowOfHarbringer is alluding to the fact that if all the bitcoins were sold at once, it would depress the price below the current price, so that $1 million wouldn't actually be achieved.
Of course it's impossible that everyone would sell their bitcoins at once, and this kind of thinking doesn't stop people talking about the "total stock market capitalization" of a company even though it's equally theoretical.
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That would be an interesting graph, but it would be hard to glean much information from it unless we could estimate the rate at which people were switching from CPU generation to GPU generation.
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Not sure what you mean. It is the most recent release.
Many Germanic languages use one word for the two English words "actual" and "current", and their dictionaries tend to translate this word into "actual". So when non-English speakers ask about an "actual version" of software, they invariably mean the "current version". |
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Do you mean the server which hosts this forum? This is the fastest forum I visit, by far.
If there's a speed problem, I think it must be somewhere between the server and the users who are getting slow performance.
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