The miners get rewarded for validating transactions, but once we hit 21million they will have no incentive to stick around, so who will confirm our transactions and what is their incentive?
Like we saw happen last december when the block reward halved from 50 to 25 bitcoins. Effectiveley then the revenue miners generate from transaction fees rose from (and these are rough numbers off the top of my head) 0.25-1.25% to 1-2.5%. This development will continue as transaction amounts grow and as the block reward keeps halving. So eventually as the block reward goes down our transactions fees will increase, until transaction fees are 10-50%, effectively killing the system. Why would fees becoming 10-50% effectively kill the system? I guess you mixed up something there. Let's just say, the average fee in 1 block is 0.5BTC. While the reward per block was 50BTC, those 0.5BTC fee added 1% to that reward for the miners. Now the reward per block is 25BTC, 0.5BTC in fees add 2% to that reward for the miners, when the reward per block halves again in about 4years to 12.5BTC, 0.5BTC fees add 4%, 4more years, block reward halves, 0.5BTC fees add 8%, 4more years, block reward halves, 0.5BTC fees add 16%, 4more years, block reward halves, 0.5BTC fees add 32%, ... As you can see, even if the average fees per block don't change, the percentage they add to the block-reward will rise (they probably will change though, it's a free market, supply and demand of transaction-storage-space will drive fees up or down). Fees will be higher than the actual reward by newly generated coins long before we reach the 21million.
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However I really doubt that Linden Labs would suspend your account for unusual activity. If that were the case, would you not get suspended for buying/selling Linden for bitcoin, which regularly happens?
I assure you, it does happen. Close friend of mine had her account suspended a couple of times only because she received fraudulent lindens (and guess what, for selling bitcoins, but it doesn't really matter what you sell). Always takes a couple of weeks and lots of emails with LL support to get her back online. That's the reason she no longer sells bitcoins inworld, she only sells those risky lindens now. Anyway, good luck to whoever is willing to take that risk. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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Accepting Lindens inworld is even more risky than accepting PayPal. The (XRP-)seller not only risks to lose the Lindens, he also risks to lose access to his avatar and its inventory. There's no way for the seller to check, if your Lindens are "fraudulent" or not and if they are, LindenLabs will come to get them and most likely suspend the receivers account for "unusual activity". Not saying you are a scammer, just a warning to everyone doing business in SL. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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First off this is something that will not happen in our lifetimes.
Very true, we will never hit 21million, the bitcoin-network might get close someday, but we're probably all dead by then.
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I see. If it works for PC1, it should work for 3+4 too if you just add the switch, shouldn't really matter what cables you use, both, standard and crossover should do fine, the switch will take care of it.
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.. I bridged the connections, .. If I ran PC 1, 3, & 4 to the switch, and then a cable from the switch to PC 2, is there anyway all 4 PCs could use PC 2's wireless adapter?
Not sure how you bridged the connections, but Internet Connection Sharing (ICS, activated on PC2) should do the trick.
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this thread is for pumping satoshidice
Yeah, that's what I thought ".. completely neutral..", huh? ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) IMO SD is just a spam-attack to the bitcoin-network, so I'll happily support every pool that applies this patch, good luck banning it.
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How about banning SatoshiDice from Bitcoin and let them move to litecoin? I'd vote for that.
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I suspect every couple of month there's going to be a new reason for the end of Bitcoin, it will happen and I'll be rolling my eyes at people for getting taken in so easily and not using their brains.
Absolutely, when GPU-miners came out, it was the end of Bitcoin, when people began to gather around in pools, it was the end of Bitcoin, when ASICs came (or come) out, it was (or is) the end of Bitcoin, when the price rises, it's the end of Bitcoin and when the price falls, it's the end of Bitcoin. No matter what happens, Bitcoin is doomed to fail.
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No, you've confused the bitcoin system with the exchange-service-market. Both are completely unrelated.
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Yes, you could just move your wallet file to a 0.8 version, but you'd still have to download the blockchain again (it will probably be faster on 0.8, but I've no idea how fast that might be). You could also import your wallet.dat file to the blockchain.info eWallet-service here: https://blockchain.info/wallet/import-walletand then just send your coins from that eWallet to any lighweight-client you like.
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1. It's your choice, you can change the address for each transaction, or always use to same (to receive coins of course, when sending the client automagically creates some new addresses anyway). No, others can't see all your addresses. 2. Having 2 different wallets doesn't solve your problem. If I know that you own A, I can see that you moved all balance from A to B, so I can guess that B also belongs to you. Then I only track B instead of A and you are right where you started.
To stay truely anonymous only connect to the network thru TOR, change the address for each transaction and use some mixing-service. Combining all that, split and merge transactions a lot and you should be fine.
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MTGox has the vast majority of exchange transactions. As you mentioned yourself, you're free to offer your own exchange service, try to compete, competition is always healthy The official bitcoin price is based on their average. There's no such thing as an official bitcoin price, the price is what a buyer is willing to pay for and a seller is willing to sell for. How does this work with the whole ethos of nobody being in control of bitcoin? There's some difference between being in control of bitcoin and offering an exchange service.
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BTC has the basic value, that is, mining cost.
Recent price is going up because the mining difficulty doubled.
BTC has value because it's useful, non-miners don't care about mining costs and the price is driven by supply and demand, not mining costs, or difficulty. I'd wanna know what butthead is selling bitcoins to GS.
It's new to me that you can decide on a marketplace like MtGox who you want to sell to. The only choice you have is to either sell, or not, but how do you even know who's buying?
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It'll work, but it's not really worth it. With a 8800GT you'll end up somewhere in the 20MH/s range, mining a whopping 0.0023BTC per day, or ~$2.5 per month at current difficulty/price.
Nice to try it out, have fun and learn how it works, but you'll probably earn more by visiting a few free-BTC-sites each day without mining at all.
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It was easier for people to mine BitCoins in the past. If you don't believe this, you are a fucking moron.
You didn't get it. Of course it was easier, but the price per coin was also lower, so it wasn't more profitable to mine back then. You were able to get 2pizzas for 10000BTC back then and it took a while to mine those 10000BTC. If you mine for a while now, you'd still be able to get 2pizzas, so there's no big difference in profitability. And for the " very expensive mining-devoted rigs", a Jalapeno is way cheaper than a good mining-GPU, so it doesn't really get more expensive to start mining. So, what was your point again?
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If you want to argue ...
The point is, that all those early-adopters-got-rich-and-i-dont-that's-not-fair-whining argues that early adopters made a shitload of money because they were mining early. That argument is false.IF (and that's a big IF) early adopters made a shitload of money, it had nothing todo with mining, it had todo with keeping the coins, or hoarding as people like to call it. You fail in your arguments by assuming that it was easier AND more (or as) profitable as it is today, which is untrue. As an early adopter you might have been able to solve 2Blocks a day, giving you 100BTC, but with a price of 0.01cent per coin, that would've been just $1 a day (not counting power used). Today you might no longer be able to solve 2Blocks and 100BTC a day on your own, but even at a mere 0.025BTC per day and a price of $40 you'd still make the same $1 a day. Where's the advantage of the early adopter here? An early adopter could have made as much money (or even more) by just buying the coins when it was around 0.01cent, you'd probably still say that'd be "unfair", although it has nothing todo with the initial distribution.
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If by "fair" distribution of currency you mean something like "distribution of currency to early adopters and serious tech heads with tons of awesome expensive tech gear", then ok.
Not sure what Blazr means by "fair", but in my humble opinion it's pretty "fair" to distribute the currency to those people that keep the system working. Miners make the system work, without miners, there wouldn't be a system. What could be more "fair"?
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Aber der Fall Amazon zeigt, dass jetzt langsam die Zeit der Nachahmer anbricht,..
Im Grunde ist der Anazon-Coin nur ein Werbegutschein. Ich meine, welchen Mehrwert bringt der? Die Entwickler werden ihn sofort wieder zu Barem machen. Der Fall zeigt aber, dass die Idee angekommen ist.
Irgendwie widersprichst Du Dir da doch selbst, oder? Erst bezeichnest Du AmazonCoin als "Nachahmer", dann weist Du darauf hin, daß es im Grunde nur ein Werbegutschein ist, der dann aber doch wieder zeigt, das "die Idee" angekommen sei. Welche "Idee" denn? Die die hinter Bitcoin steckt, kann es ja nicht sein. Das einzige, was Bitcoin und AmazonCoin gemeinsam haben, ist das *Coin im Namen, von der gleichen, oder einer auch nur annähernd ähnlichen "Idee" kann da nun wirklich nicht die Rede sein. GoogleWallets, FacebookCredits, FlugMeilen, PaybackPunkte u.ä. wird es nicht bald erst geben, die gibts doch schon lange, aber auch die teilen, genau wie der AmazonCoin, mit Bitcoin weder die Idee, noch sonst irgendwas, ein *Coin in ihren Namen unterzubringen würde daran auch nichts ändern. Nicht überall, wo *Coin draufsteht, ist auch Blockchain drin.
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For p2pool to work with TRC just use something like run_p2pool.exe --net terracoin -a <your-terracoin-address> -f 0 --bitcoind-p2p-port 13333 --bitcoind-rpc-port 13332 <your-terracoin.conf-username> <your-terracoin.conf-password> where -a is your address and optional, if you don't set it, p2pool will request one from terracoind -f is the fee you want to grab from others using your pool (they can connect by using an address as username and any password) run for more info/options
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