I use http://www.reddit.com/r/Bitcoin often when I need to know quickly what's going on when the price does something weird. I'm not saying it ideal, but it gives a quick indication.
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You can just save your encrypted wallet.dat file on a local drive. Especially when you don't intend to use a private key directly. If you do want to use it directly: click here
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Foxpup is right. I think that you (OP) don't understand the whole concept of Bitcoin. Nothing is free. It's true that a miner gets a block reward of 25 BTC, but that's temporary and is halved every 4 years or so. It is just to start up Bitcoin. In the end fees have to be paid to keep miners mining.
Micro transactions are allowed, but miners make the decision to put it in a block. The higher the fee, the more likely the miner will include it. It's a kind of competition where the following happens: fee is inverse proportional to waiting time fee is proportional to security
When the Bitcoin price goes up, paying smaller amount will become much easier. Then maybe the client are adapted to make payments even smaller than 1 Satochi.
What do you think is a micro payment in Africa when expressed in dollars?
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Not the generation of Bitcoins, and also not the decrease in reward. It is much more based on part speculation and part the use of Bitcoin as a currency. If it becomes more popular as a way for paying, the more people want to buy Bitcoin. Hence an increase in price.
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If you look at altcoins as just testing coins with various parameters, then the more the better, maybe sometimes there can be important feature Bitcoin could use, but so far I dont see anything interesting in altcoins
When a kind of evolution mechanism gives us a better digital currency, sure. But just having the same core and adjusting the parameters, no. What is happening now is just ridiculous, a big waste of time, energy, and money. But a thing as Mastercoin is much more exciting.
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I know that someone always should be careful with criticism, I don't want to run down your ideas. I want to give some constructive criticism and I just want to bring some questions forward that I most of the time have when dealing with alt coins. - I think that the first Bitcoins were mined fairly. Indeed, anyone could mine Bitcoin from the very beginning. It just was unknown at that time. It doesn't mean that a lot of the coins are held by the first miner(s), arguably by Satochi. I don't know what he will do with his coins, he could destroy Bitcoin when bringing it to the market, but until now it's unused and maybe it will stay that way. This could be seen as unfair, but I think it was inevitable.
- With Foxcoin a select group of people is gonna hold 2.02% of the coins. That isn't really fair mining, but I can see how it could be needed to get some momentum.
- I will give you credits for giving away your share, it would be good for adoption. But try to be very clear on how you do it, to be as transparent as you can be.
- The block time and amount of coins reasons of alt coins never give really good explanation of why they are better than Bitcoin. I know the waiting time for confirmations is annoying, but from what I have red over the past years that can all be solved by other payment layers for smaller amounts etc. That there only can be 21 million Bitcoins mined doesn't matter, the fact that it is limited is important. So why is it better?
- Mining in 15 years can also be fatal when it takes more time to get your coin to become popular. If miners can't make enough money from fees at that time, then they have no reason to continue mining. Bitcoin is already around us a few years, but the fee reward is still really small. It will become very interesting to see what's gonna happen when the block reward is halved again.
- After pre-mining, when buyers can buy coins, what will be the benefits of paying with Foxcoin?
- What does fall under much more improvements?
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Why would you want to do it anyway? Sure, maybe you can make some money, but you won't get rich. You have to be extremely lucky to cash in big time, but that's only if you're a very early adopter and the new coin has unique characteristics that make it worth using it. All the other coins are just invented, and are basically copies of Bitcoin with an other name or it generates blocks faster, just for the inventors to take money from people who get on board later.
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Yes. But if there's a simple standard password or you do want to add a password, make it very difficult. It is possible to control your wallet with RPC with malicious software.
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Why all these new alt coins? Can you explain what the benefits are?
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That sounds very noble. What's your incentive? (Just a healthy dose of skepticism. )
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Just make up an user name and password. It is used in other programs to communicate with the wallet.
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You forgot "chain". But I will be fair, looks nice. I try your site if you try mine.
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Finite: (semantic) There is a limit to the currency that cannot be extended. This prevents planned inflation and malevolent volume control. [insert something about 'inflationary /deflationary' but I am unsure, if someone could give a clear statement about this I will edit it in] (pragmatic) Despite the finitude, the divisibility of each unit somewhat counteracts the [inflationary/deflationary] problems of finite currency supply.
What problems?
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It's a pretty straightforward calculation. Something is bothering me, though. Many of these sort of calculation lack the fact that a lot of people will not use it as a way of paying. They will hold it and wait instead. With a lesser amount of money in circulation, the price of BTC would be even higher. But that is not what's happening.
Also some say the cost of mining should also be taken into account, just as mining gold. I think he's doing it right by leaving that out of the picture. If not using gold as money, it can always be used as jewelery or in electronics. If bitcoin is not used anymore as a currency it would be worth noting.
The price is gone up big time this passed year. But transaction/day not that much. It didn't went up like 1000%. That means that bitcoin still contains a bubble. If someone would argue it is undervalued because in the future it would replace all the money in the world, then IMO he isn't understanding Warren Buffet much. He does indeed talk about investing if a company is undervalued, but undervalued in the present or very near future. Everything else is really just speculating.
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Unless you can mint a coin in less than about 7 days I would not solo mine. With 1TH you cannot do that. Better to pool mine.
I agree, then you have to wait on average 50 days to find a block. And if you're very unlucky much longer then that. Furthermore with increasing difficulty it would take longer and longer.
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Welcome, is Santa Claus almost ready? Say hi from me.
But seriously, great that you accept Bitcoin for web hosting. I use it myself, and it is awesome.
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I can imagine if it's a really big amount, it can keep you awake at nights. What I would do is use an encrypted wallet file on two separate USB sticks, and store them in different places. If you really worry about changing software, do not encrypt. That way it is always possible to extract keys from the file.
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Hello,
My name is Ed and I am 40 years old. I learned a lot about Bitcoins and see that many websites have a technical approach and non-technical approach in explaining how Bitcoins work. Also many sites there is a difference between a objective and subjective approach of explaining the details.
I am the kind of person who wants to know exactly how things work. In my work I also attended a 2 week course to protect agains hackers, and learned about public and private keys.
Best way to know everything about it, is to actually build a program that uses it. Well, that's my opinion. I have the following questions: 1) I found out that the website www.bitaddress.org is the most simple way to generate a bitcoin address and a private key. However, it's a website accessed by the internet and by using a web browser, using an operating system. From my mind, the most secure way of generating bitcoin addresses with the private keys, is on a standalone computer, with no internet access and without any wifi/bluetooth adapters in it. Is there a way to generate my own bitcoin addresses with private keys on a standalone computer ? After that I will print out all the output to paper and destroy the standalone computer. You can use Vanitygen. But destroy your computer is overkill. You should protect the private key or, if you use your own bitcoin client, a wallet file, but a lot of sites are pushing the security a little bit too far. 2) I like the thing about being anonymous. Not that I am trying to hide something, but I do not like the fact that I need to prove that I have nothing to hide. I know that all the transaction data can be accessed by the website http://www.blockchain.info . You can see exactly how many bitcoins belong to an address and all of the transactions. But let's say, I have a piece of paper with my bitcoin address and private key, I walk into a store and see a product which has a price of exactly the same amount of bitcoins, which is stored on that bitcoin address. Can I just give that paper to that person behing the cashing desk in order to get my payment accepter ? And how long does it take, before I can walk away with the bought product ? I can understand that the owner of the shop, who accepts payment in bitcoins, wants to know for sure that he or she owns the bitcoins. It will work, and a few confirmations should be enough. But it's a little bit cumbersome. If you really care about being anonymous, just send it from a blockchain wallet with shared send. 3) I see a lot of people standing up, saying something about the future of bitcoins. As a result of that the value of the bitcoin in Euro's or Dollars, will vary a lot. What do you think about people who are trying to predict the future about bitcoins with big words ? Or is it just all speculation ? Or do you think there are too many powerfull people who try to say something, don't have any idea they are talking about ?
Don't listen to them. Nobody can tell for sure what is going to happen. Do your own research, just as somebody would do when trading stock. Things should be valued what it's really worth, so look at the real value of a company, what's the profit, what's the sales, etc. The rest is all speculation. How random will those bitcoin addresses with private keys be generated by www.bitaddress.org . On other words, is there a way that I can reproduce the same bitcoin address with the same private key. Let's say I do exactly the same mouse movements at exactly the same system time ? Or what are the variables for the private key generation ? Is there a webpage or program, in which I can give my private key, to see my bitcoins address ? I mean when I lost the bitcoin address ? Can I see the bitcoin address as private key ? I just try to understand the public key / private key mechanism. No, you can assume you never make the same private key. Generation is only one way, so: private key => public key => address If you only have the private key, you can always calculate the rest. Hopefully you give me a lot of info I can think about the coming days.
Thanks a lot in advance,
Ed
Welcome to the forum, and enjoy reading.
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I think so Because when the price is low it means the whales are buying up coins that they can turn around and sell at a higher price You can't buy 5000 BTC to resell but you can make some money with the whales
Well, isn't that obvious. Always buy in a bear market, but will it ever become a bull market again?
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So, mining should be extremely profitable? Why would anyone buy BTC for $1400 if he could mine one for $50?
That's for the next generation, 28nm products. If you buy a 250Ghash/sec ASIC miner which consumes about 1000W and costs 11,875 dollars (65nm product) it's different. Than you can mine 0.138BTC/day. That costs 1000*60*60*24/3600000=24kWh That's 174kWh per Bitcoin. Electricity costs 20cents/kWh => 34.8dollar Harder is to determine how much BTC you can mine, before your ASIC is written off. Not to mention the increase in difficulty. But it's a whole lot more than 50dollar/BTC. And of course, the renting product I mentioned can only be pre-ordered, and not everybody can invest in such an ASIC.
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