You're missing the entire point of bitcoins.
Oh? Educate me then  Bitcoin’s not about mining. Please read my post again. Pay special attention to the bold part. |
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You're missing the entire point of bitcoins.
Oh? Educate me then |
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Suppose you sell some bitcoins on mtgox and when you go to withdraw the proceeds, he says, no I think I'll keep them. Is your only recourse to eat the loss and take your business elsewhere? Can he really run his business "any way he wants"?
Absolutely. Unless you signed a contract with him where you specifically mentioned that he couldn't do it and some court could enforce that contract I don't see what you could possibly do in order to get your money back. But what you fail to realize is that he can only do that to you because as soon as he robes one person, there's going be a major thread on these forums and people screaming THEFT, SCAM, FRAUD and without a reasonable defense he'll lose all of his clients. Not only that he'll get a reputation for stealing and will not be able to get a credible business up and running ever again. And then if these kind of fraudulent businesses keep popping up the market will provide an insurance service where you'll pay a premium and the next "Mt. Gox" will have to become their member and ESCROW a big chunk of cash to that insurance company before people will be willing to trust him. Freedom works both ways. Just as he can punish you for trusting him, you can punish him for breaking that trust. |
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Targeted advertisement - Who would BitCoins appeal the most to? tl;dr: Getting more miners could be the most important thing that could happen to BitCoins. More people mine, more people have BitCoins, more people have BitCoins more people will trade BitCoins and finally more people trade BitCoins more people and businesses will trust and accept BitCoins. Gamers could be those miners. I didn't decide to write this thread with the intention of posing the tittle question to the community but perhaps to offer my own answer. Ever since a week ago when I first learned about BitCoins my GPU is super hot hashing at max speed and my wheels in my brain are spinning supper fast and all I think about is how, who, why, when BitCoin this and BitCoin that.  Anyway so far I've come to understand and figure out quite a few things but there's one in particular that I wanted to share. Basically I was thinking about the already existing coins and what the current situation is where the difficulty to successfully find the right hash of a block is so high that my laptop GPU if I ran a BitCoin client on it would need just under 2years on average to find one. Basically I figured out that at this point unless you are part of a mining pool and own a really good graphics card it's just not worth to even try mining on your own. So that got me thinking further and I said to myself: "if only those with really good graphics cards could see their balance grow reasonable fast then who would be ideal to present BitCoins to and try to get them onboard first?" And the answer is simple: "Gamers!" Think about it, gamers have usually decent hardware, they run their PC almost all the time anyway even if they don't always play games, they nowadays usually have a decent internet connection and they are geeky enough to quickly understand the principles behind BitCoins. So the next question I asked myself is pretty obvious: "if the answer is gamers, then how can I best reach the most of them?" And the answer is again fairly simple: "Social media!" I think it could be of great benefit to try our hardest and find various gamer gurus either on youtube or facebook and try and get them onboard to accept BitCoin donations for their otherwise free content. They could even post a promotional animated video if we had a really good one and expose all their fans to BitCoins! For example there this guy on youtube, huskystarcraft who has over 400k subscribers! OVER 400k! Imagine if he posts a promotional video on his channel and gets even a fifth of them interested enough to start mining/using BitCoins! Bottom line: I think it would harm the BitCoins project immensely if the community didn't grow fast enough and the next 5mio BTC also stayed in such a small circle which otherwise I think is perfectly fine but at the same time hurting the projects appeal. And what I mean by that is that when people learn that such a small number already has so many BTC and then they see how hard besides buying or charging it is to get them, they can get quickly suspicious and discouraged.. We have to find the right group of people who if they decided to participate have a fighting chance of mining some on their own before we rely on mostly buyers of BitCoins and especially before we rely on businesses offering their services for BitCoins. |
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BitCoin in my book is an invention. It's kind of like an invented currency in a computer game except that it's not being issued by the game but by the players but under very strict rules which they players know not one of them can break. I actually wish BitCoins were initially used in a very popular online game and then eventually people would find the benefit (or not) of trading it outside of the game. Maybe it's not too late for that kind of an approach |
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Man, variance is a bitch...  Time/Link Found in Total shares
05.03.2011 15:57:27 0h 02m 1746
...
05.03.2011 11:00:13 13h 21m 394614 No kidding: Time/Link Found in Total shares Reward 05.03.2011 14:57:27 0h 02m 1746 None |
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Is that ok then??
Thanks
Yep. |
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Hi, Im new here...
What would you recommend for me? PPS or Proportional?
Definitely proportional. But you have to understand there's a bit of variance involved so in short periods PpS is more constant but if you intend to run it for at least a week which is how long I think it'll take to even out for how fast the pool finds blocks you'll get more with proportional. |
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wow 8 hours and 30 views later and everyone hates the truth so much they wont even write a single reply to this thread?  |
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The masses wont use bitcoin till famous people mention it.
And by famous it can be any kind of famous really! For instance I sent an email to a youtube starcraft 2 caster who has 400k subscribers and accepts paypal for donations.. Imagine if we could find a few of these famous youtubers to start accepting BTC and maybe even make a video about it, especially the more technical and geeky ones, we could spread the word very fast. |
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Can't believe the timing of when my ISP had a routine maintenance scheduled. I had to wait 15min before I could finally post the actually post |
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A free market approach to dark pools
So I just read through the "Distribution of Wealth" thread and was a bit shocked by some of the posts in regard to the dark pools and free markets. I thought about making a post in that thread but I think this is an important topic that needs a thread of it's own so here it goes:
In a free market you have a right to your freedom and to your private property meaning that you can do with your private property what ever the hell you want. There is absolutely no one with a higher authority then you the owner. Meaning if Mt.Gox wants to have private pools at his trading website it's his right and no one can force him otherwise.
Now some of you, the smaller fishes might disagree. You might scream "FRAUD!" or "SCAM!" or "THEFT!" or what ever and you will demand action by the community while acting out all powerless and outraged. Let me ask you a question: Is anyone forcing you to do business at Mt. Gox's market?
See what you fail to realize is that in a free market you are not powerless, you are the most powerful players! You see you also have the right to freedom and a right to your private property meaning you can take your private property anywhere the hell you want! And if you don't like how Mt.Gox is running his business you can take your fees that you would otherwise pay him to someone else. Someone who will respect your wishes. Someone who will provide the desired service that will satisfy your conditions. And if Mt.Gox loses all the small fishes, he will also lose the fees and he wont have a market for the big fishes.
See? Freedom works both ways. Mt.Gox is free to run his business anyway he sees fit and you are free to take your business anywhere you see fit.
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At some point the guys from governments and financial institutions will defend themselves from not having brought up bitcoin to the public, nor to have used such a technology in the financial system.
They will say something like: "We just didn't know this currency existed, so we tried our best with what we had at this moment."
But isn't it part of their job to get informed about new tehcnological developpments in their activity? How hard is it to check out Wikipedia about digital money and to follow a link about a decentralised currency?
Those people are supposed to be smart and to know a lot of stuffs. That why they get so much money, whether it comes from tax payer or B. Bernanke's helicopter. If they didn't know about bitcoin, they have absolutely no excuse.
Ever heard this quote?: "Give me control of a nations money supply, and I care not who makes it’s laws." - Mater Amschel Rothschild, founder of the Rothschild banking dynasty. Do you really think they will ever willingly switch to BitCoins? Do you realize what their centrally planed monopoly of money really represents to them? Do you realize who is behind the monetary system that the USA functions under atm and to what great lenghts they went in 1910-1913 to establish it and to what great lengths they still go today in order of propping up their status quo? You have to be kidding yourself if you think they'll ever willingly release that kind of power. |
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Is something wrong with the pool server or is it me? I keep getting
Listener for "hazek": 04/03/2011 16:31:51, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:31:57, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:32:03, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:32:09, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:32:15, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:32:21, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:32:28, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:32:34, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:32:40, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:32:46, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:32:52, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:32:58, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:33:04, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:33:10, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:33:16, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:33:22, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:33:28, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:33:34, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:33:40, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:33:46, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:33:52, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:33:58, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:34:04, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:34:10, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:34:16, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:34:22, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:34:28, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:34:34, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:34:40, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:34:46, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:34:52, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:34:58, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:35:04, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:35:10, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:35:16, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:35:22, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:35:28, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:35:34, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:35:40, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:35:46, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:35:52, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:36:36, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:36:43, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:36:49, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:36:55, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:37:01, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:37:07, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:37:13, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:37:19, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:37:25, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:37:31, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:37:37, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:37:43, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:37:49, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:37:55, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:38:01, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:38:07, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:38:13, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:38:19, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:38:25, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:38:31, Problems communicating with bitcoin RPC
Listener for "hazek": 04/03/2011 16:38:37, Problems communicating with bitcoin RPC
And if I ping you I get periods of Request time outs while if I ping anything else I don't?
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Man we're unlucky atm. Yesterday there was a period when it seemed like we had god mode on and were getting blocks within 30-50min but now even with ~30% increased speed it takes us for hoooooouuuuuurrrrrssss :S
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- s3052’s Technical Analysis:
“Overall, BTC/USD are in an initial uptrend after the correction phase, with potential to regain RALLY momentum.”
Long Term:
- “Most probable scenario is a break above $0.95.”
Short Term:
- Resistance: $0.95 downward sloping trendline, then $1 and $1.10 all-time high.
- Support: Strong support at $0.80, lower Bollinger band & horizontal support.]
http://mtgox.com/blog/?p=283
I wish you also included some volume numbers because prices at a low volume can be very volatile. |
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markm I wish your post made sense to me but I have no fking clue what you're on about.
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It's an entertaining clash of culures. Bitcoin is a bit like going to a Swiss private bank and being attended by a punk sporting facial tatoos and a ripped anarchy t-shirt. People who work with money tend to be very conservative, parochial, risk-averse, authoritarian, uptight, narrow-minded, detail-oriented, left brained, and ISTJ, because traditionally, those traits were advantageous in this industry. The Bitcoin ecosystem contradicts pretty much everything they stand for: It's revolutionary, unpredictable, anti-authoritarian, disruptive, concept-oriented, "weird", right-brained, and rather INTP. It's no surprise these people are not enthusiastic to learn about Bitcoin. There will be a lot of congintive dissonance once market forces force them to learn about it. I'm an INTP and I think you're right. |
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they attack and shutdown all the rest of the pools but their own?? I don't really see the problem if this happens, they'll still get the same blocks they'd get otherwise. Anyone who'd do that is just plain stupid. He is talking about overpower attack, but looks like he didn't read https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_computing_powerSo if anyone can do this, not much harm can be done anyway. And all current pools have only 1/4 of total network hashing power. Yeah I am and yeah I did just not carefully enough I guess. |
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There is already a lot of competition between pools, so this isn’t an issue (anymore).
What if someone manages to hack and attack 3 or 4 or half of the pools at the same time and get them under their control? I don't know I'm just very worried when I see so much CPU power being harnessed by so few individual servers. EDIT: Or better yet they attack and shutdown all the rest of the pools but their own?? |
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