win

Ive always liked the idea of SI prefixes.

millibit, microbit, nanobit for short.

But that's not what this thread is aboot.

Time to dump her.

BTC won't reach $100 today, but by the weekend is looking good.

Adoption of Bitcoin as a store of wealth, when compared to gold used for the same purpose, approaches zero. So I wouldn't say they are coupled so much as they serve a similar purpose. If people are looking to 'get out of' the Dollar/Euro/Pound/Yen, they'll move to an asset with better stability and/or growth.

I've been catching up on past episodes of This American Life (awesome show/podcast).

One that I came across was Episode 423: The Invention of Money --

http://www.thisamericanlife.org/radio-archives/episode/423/the-invention-of-money

mp3 link: http://audio.thisamericanlife.org/jomamashouse/ismymamashouse/423.mp3

Though they don't cover cryptocurrencies in particular, this episode has convinced me that something like Bitcoin has the potential to be more real than the fiat currencies we normally consider as "real money."

Here's a short description of what they discussed. I highly recommend you listen to the whole thing though, its incredibly interesting and insightful:

Prologue: On the island of Yap, their form of currency were large, carved limestone blocks. They were used for large payments, like for when a tribe needed to recover a fallen warrior from an enemy tribe. The blocks were so large they were impractical to move. Furthermore, the stone they were carved from was from a far-away place, not on the island (establishing rarity). On a trip back from carving, the boat carrying the newly minted coin encountered rough sees and dumped the stone. The people on the island believed in the shipper's work and accepted the coin still, even though it lied on the bottom of the ocean. It made me think... that's kinda like the first virtual currency -- nobody could see it yet they still believed in its existence and therefore value.

Act One talks about Brazil's problem with inflation (which IIRC was 80% a week at one point?) and how some scholars came in and stabilized the currency by relating it to a new, literally virtual currency. Once stabilized, the virtual currency became the new currency. Now Brazil enjoys zero inflation.

Act Two talks about the United States' central bank, the Federal Reserve. They discuss the creation of new money, which is actually virtual, and market manipulation. I learned about a new term too: Fed Crazytown, which is where they went after the financial collapse in 2008.

Hope you enjoy!

I'd like to volunteer my services.   I'm an IRL electrical engineer. I also have all the tools I'd need to do hardware & software level debugging at home (scopes, power supplies, etc).

I think their in-house guy is more than capable of doing such things, but I'm putting it out there just in case.  

In the pics you have quite a few different boxes/racks. If unwilling to part out down to the component resolution, would you be willing to separate running rigs as standalone units?

If so, could you list what each 'box' or 'rack' contains?

You have to understand, you're asking us to bid on your claim of hashing speed without getting into specifics of hardware. 'Some of this and some of that' doesn't pass as descriptive. I'm not trying to attack you, but rather I have some interest and would like to know what sort of headache I'm about to take on  

p.s. the more info you give us, the more expedited this whole selling process will be for you. considering you're under time constraints, it would behoove you to spill the beans to us!

still available?

pm'd.

Just put together my rig today (~815kh/s, got 1 more card coming). Ive maybe only mined a few thousand shares so far, but anecdotally, i've been under 2% invalid shares all day. Pretty nice.

Oh and I've been CPU mining with the pool for a week (leaving my work PC on), and stale shares are just about 1.0%.

Sneaky bastard! "Come look at my stupid blog post about my shitty LTC mining PC!"

The problem right now is that LTC trade volume is so low that trolling actually makes a difference. I've seen firsthand how the trollbox has pushed the market in one way or another, way too often to be coincidence.

Just need moar goods and services in LTC. Atlantis and Hashr are good starts.

oh dang, DEEP into the btce trollbox!

Joined. GPU rig incoming next week.

I C U jasinlee, trollin the ltc network

There's already an emergency alert system, AFAIK from reading IRC chats tonight. It requires secret private keys which Gavin and a few others have.

The system was used tonight.

Geez, what would have happened if the botnet threat was worse than we thought and the 0.7 chain couldn't outpace the forking 0.8? Join in the 0.8 fork?

Herp derp, rtfm:
where input_value is # of satoshis, input_age is number of confirmations.

I feel like there's an attack in there, somewhere.

Eliminating the block size ceiling is asking for a network (D)DoS.

Actually, just one person could do it, and do it very cheaply. S/he would have an address send single satoshis to many other addresses (and vice versa). To overcome the DoS, avg network tx fee would have to rise above the attacker's, putting the tx's off indefinitely. This would raise the avg tx fee to a higher, artificial level.

Unlessssss... tx priority takes time into account? Going to read up....

It's my prediction that once we hit the 90% mark for generated bitcoins (around 2025 IIRC) and bitcoin is still a strong network and currency, there will be massive deflation. I remember from some youtube video or podcast or something that if the 21mil final bitcoins were worth the same amount as the totality of US dollars, then a Satoshi would be worth about USD 0.04. It's the case in much of the 1st world that 0.05 is the lowest denomination used in hand-to-hand transaction, so it's likely that the Satoshi will be the smallest unit practical, especially since all other worldly currencies are ONLY inflating.

The bitcoin protocol can be adapted though, and be modified to divide bitcoins down further than 8 decimal places.

That being said, I support the idea of using SI standard prefixes. Why reinvent the wheel?

Also remember that if need be, the bitcoin protocol can be changed (with reverse compatibility) to support as many decimal places as deemed necessary.