I think if people have a genuine desire for the price to rise, then need to do less hoarding and more transactions. What makes something valuable is its usability. Im trying to make at least 1 purchase with btc every week now.
Definitely supporting local businesses that accept btc, and i call and emailed all companies (who currently dont accept) asking them to accept btc in the future.
I have to agree. If no ones doing anything with BTC where's the value? Usability is just too low a level of demand, most of the higher level demand is spiritual How much will people pay for realizing a dream? ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Besides bitcoin, is there anything out there can give you a dream that totally change the financial world that you got used to?
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Lot's of things are going on, they are just too busy to talk
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I dont get it. The lower it goes the lower a chance is it will go even lower. The worst thing is stagnation
It is exactly this kind of fear was utilized by the banks, they come out to become your "savior", and rob you through money printing and wealth redistribution process Since no one is going to bail out bitcoin, you will have the best chance to watch how it is recovering from the price fall by itself and getting stronger without any help
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Unfortunately my apartment does not have a garage that can allow me to install extra circuit capacities, modern apartment are designed to be green with less electricity capacity (and also higher electricity cost because the electricity source is green). It costs me $0.2 per kwh, the only thing I can do is to squeeze enough hash power into 2 KW maximum load. I must be able to cook/wash cloth/dry hair etc without worrying about triggering the circuit breaker. And constant high load on wires could cause fire ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif)
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No need to do that, it will automatically go higher sooner or later, you can't fight with mathematics long term wise
There are billions of fiat money printed out every day everywhere in the world, most of those money went into investor's pocket, and investors will diversify their investment into any category that have future potential, bitcoin currently is the no.1 in the list
The twins collected 100k coins after bitcoin exchange rate crashed 90% during 2011, and this time there will be far more people than them waiting to get cheap coins, but how cheap is cheap is the question, you can look at the mining cost to get a rough estimation. I think $300 coin is not enough to cover the mining cost currently, but market can be irrational for much longer than you can imagine
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If bitcoin price goes down, they will easily recover the loss in a couple of months, however if the price keeps going up, then they would need to operate in fractional reserve mode for a very long time
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more than 10% of their coins in their possession stolen.
So how do they handle the instant run on bitcoin and fiat once they reopen?
Institute bullshit daily limits?
That won't fly well given their situation. I would imagine there would be a pretty big uproar among customers/users should they not allow FULL btc and fiat withdraws.
Just consider that as a long term loan to a hacker. MTGOX managed to operate 2 years before they could never make the lost coin back, but MTGOX is unlucky since they were hit by the ASIC evolution of bitcoin mining, and the bitcoin price rose by 100x because of ASIC miners At current situation, with no large mining tech advance in horizon, bitstamp have plenty of time to make those coin back
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The only concern about bitcoin's distribution design is its steep setting of reward halving, which dramatically benefit the early adopters Satoshi could set the reward halving scheme to reduce the block coin generation by 33%, or even 25% every 4 years. This will not change the nature of total limited supply, but give people much more time to join the mining and grab some bitcoins while exploring the possibilities of bitcoin With today's 50% reward halving, it generated strong motivation to adopt as early as possible. This will have a huge advertising effect in the first several years while everyone want to join the mining game and grab their share before it is too late, but when most of the coins were mined out, the motivation for late comers can be a problem Of course when the system is widely adopted, the transaction fee will also rise to compensate for the block reward, hopefully we will reach that state in 10 years, when the block reward is 6.25 Anyway, from a larger perspective, most of the easy gold has been digged out (170K tons in existence and now yearly production of 3k tons, means less than 2% increase per year) but still works as most honest money, so the initial distribution is not that important since it is usually the production cost decide its value ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fwww.midasletter.com%2Fwp-content%2Fuploads%2F2014%2F04%2Fmine-supply-gold-2013.png&t=663&c=lIDjGAfIo5Jjqg)
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Stopped reading the moment I see "IOU" ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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Modern fiat money distribution is magnitudes worse than bitcoin: A few guys own the central bank get ownership of every newly created dollar, and old dollars are backed by gold which is also hold by the same people, the number of these bankers are a few. The people who made those fiat money wealth statistics typically don't even understand how fiat money works
Money is only one type of wealth, holding a lot of bitcoin only grant some part of the whole bitcoin ecosystem's value, you are still investing in an unknown possibility
And, the top address in bitcoin are mostly mining farm/pool account or exchanges account, the coins in those accounts are typically collectively owned by thousands of users
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Even by 2011, it is not an easy task to get a couple of bitcoins without setting up a perfessional GPU mining rig. If I remember correctly, a top gaming rig with dual AMD GPU can generate 0.4 BTC per day, a garage filled with 14 motherboard with 3 AMD cards each can get around 10 coins and pay a lot on electricity since the coin worth just a little by then ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FlKV5U.png&t=663&c=GkLg69rieDHhsQ) And running such a setup for 400 days will net you 4000 coins, still not a big fortune like the guy lost 7000+ coins in a hard drive. If you get the coin this hard way, you will try all the best to protect them
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I too think that running SP20 at its lowest settings might not be an optimal choice
Although the efficiency is impressive at 0.6V or less, it also reduce the hardware investment return. This is especially true when difficulty is starting to rise again. You race against the diminishing return of the mining rigs. After one year of operation, there will be future miners with newer process (16nm FinFet like knc claimed?) coming up, then all it matters are how much coins were digged out by then
I hope that SP20 can run at least 6 months before the next major technology advance wave hit the scene
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The funny thing is that the hack happened during a dramatic price fall The message given by exchange: If you dare to short the bitcoin massively, your coins will be hacked on exchange ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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This is the message behind exchange hacking during a price fall: If you dare to short bitcoin massively, your coins will be hacked on exchange ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) Exchanges gives clear signal: No sudden move, only buy and smooth cash out
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Wrong place, this poll should run at POS forum ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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This is always an interesting topic. How to construct a strong password without forget about it. If you have 10+ passwords for different sites/wallets and some of them you might only use it once a year, how to remember all these passwords? And to make things worse, if all of your passwords are constructed with a similar pattern, if one of them is compromised, how can you make sure the rest are still safe? So, you might end up with many different coding patterns for different passwords, and you forget one of them much faster than you can imagine ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) Password management software becomes single point of failure, but if it is on offline machine and have extra layers of protection, it might help to organize large amount of random passwords. Is there any other way to manage large amount of random passwords?
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Wouldn't Gox and Stamp be the most likely teams that would effectively be able to protect their coins?
If they can't do it, how can I, or my neighbor, or my parents?
One day I know I will wake up and my coins will be gone, just waiting for it to happen.
Bitcoin has to solve this, it has been 6 years. I think trust-less is a failed pipe dream, when it comes to protecting assets trusting ourselves appears to be a complete disaster.
There is no problem with bitcoin, just like gold is not responsible for the theft of gold. The users lost their coins, just like they lost their other properties. Everyone will lose something in his life, so a wise move is to diversify the risk For fiat money people has got used to relying on centralized authorities to take care of their money, and the price is that they become the slave of those organizations. If you want freedom, you need to do more homework
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No, you won't even have the right to become a fiat slave, you just simply don't get any fiat money at all ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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Or they could operate using fractional reserve method, a 90% reserve is still much much better than any banks which only have 10% of client money at hand.
That's not what "fractional reserve" means. For a bank, a loan is an asset - someone owes them money. Banks get into trouble when many loans go bad, as happened when the real estate bubble popped. Or they get into trouble if they have short-term deposits and long term loans, and too many depositors want their money out at once. That's not Bitstamp's situation. They don't own 30-year mortgages. They have no big illiquid assets they can sell off. They have nothing except their customer balances, and, according to their financial statement filed with Companies House, a few hundred thousand in paid-in capital. Bitstamp needs $5 million within days, or they're going into bankruptcy. It is the same, although banks claim that they have this and that asset, when they suddenly need money, those loans can not come back in one night or one month. In fact 90% of the deposit money are just sitting in the bank's account without moving, that is the original reason banks loan out those money to earn interest on those dead money What those coins in bitstamp's cold storage are doing? Collecting dust. They can actually loan out those coins and operate more like a real bank, but without loaning anything out they are much safer than a traditional bank if a large scale of withdraw is happening. For normal bank, if more than 40% of customer are doing withdraw simultaneously, they will run into a liquidity crisis and go broke. But unless more than 80% of bitstamp customer withdraw from bitstamp at the same time, they will be fine (Of course I suppose that they are doing 100% reserve, if they already practice FRB then no one knows how serious the situation is) BTW, they don't need $5 million, they only need 19000 coins, no big deal for them. But if bitcoin price suddenly rise by 10 times, they might run into problems, just like MTGOX experienced, their initial loss of 200K coins caused by 2011 hack becomes so huge amount of wealth after 2 years that they can never earn it back
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Nice. Cost?
This PSU is cheap because its fan is noisy (no PWM control, it does not run under light load, but spins up to top speed when the board is overheat). But for mining its noise is neglectable, so a perfect choice, you can find it for 200$ on Amazon
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