Yeah, I'm just poking fun.  The French are poor miners anyway. Stick to grapes!

Grondilu! I'm ashamed of you! You don't expect others to secure the network for you, do you?  Get your pick and get down and dirty with us! 

I don't understand these people either. They should simply start a block chain with the properties they desire and promote it. If it is truly better, as they suggest, people will drop Bitcoin like a bad habit to flock to the new block chain.

It's like a dude drives a ferrari for the first time and says, "Hey that's a great car, but I can't haul my junk to the recyclers with it."

Then he goes to a ferrari meet up and says, "Hey, don't you think you should modify your cars so they can haul junk to the recyclers?"

And these guys are looking at him like he's nuts. "If I wanted to haul junk around I would have bought a fucking truck!"

Then he goes on to say, "Oh... but you don't understand how useful it would be if you could just haul junk with your ferrari."

These guys still think he's nuts. "Well shit man, hauling junk is going to make my ferrari stinky and slow. I don't even want to haul junk!"

Then he's like, "Well, let's modify your ferrari to haul junk anyway."

And these guys are getting tired. "Dude, just go buy a ferrari and make it haul junk if you want, leave us alone."

Then he's like, "But I don't want to buy a ferrari, I want to change yours!"

And these guys give up and drive away.

I think it was just the website and it didn't affect mining. As far as BTCMine is concerned at least. I hope all the major pools aren't getting DDOSed at once!

127555    2201f7d916...    2011-05-29 22:41:30    43    1472.65095723    21.143
127554    15fa32c760...    2011-05-29 22:13:38    37    877.09812426    23.145
127553    1de06a4a0a...    2011-05-29 21:46:22    47    2052.27689526    17.552

Only 2 blocks in 55 minutes due to deepbit being DDOSed. Then it starts getting better (but not great) as people realize deepbit is down and switch.

While it isn't a show stopper, it certainly isn't what I would consider healthy for the network.

Miners in deepbit don't seem to care about the health of the network, or even the fact that they make less BTC there compared to other pools, so I don't expect them to be bright enough to use things like instantaneous pool switching software. Not that you even need switching software, a low priority mining window in the background already pointed to another pool works fine.

If a future attack is coordinated enough to take down all the major pools at the same time, the network would be in shambles as people figure out how to solo mine.

Well the thing is, Bitcoin mining and F@H don't really compete with each other that well. F@H runs great on nVidia GPUs and we all know mining Bitcoins is best done on AMD GPUs.

I agree with the inflation part, but fractional reserve banking shouldn't be something that you have to worry about. And I'm sure it will happen eventually.

A bank can practice fractional reserve banking with Bitcoins easily. But it will either have to use actual Bitcoins (if the people taking the loan wanted to interact with the block chain) or use tokens that are only accepted at that bank and it's partners (which will have nothing to do with the block chain). If they give out actual Bitcoins, they will do so either fraudulently (not informing those who deposit Bitcoins there) or legitimately (in which case I would imagine they would have to pay interest to the depositors). If they do it fraudulently, I doubt that would last long once people caught on and they will go out of business. If the do it legitimately, there is really no concern, depositors will not be able to withdraw their full amount, and this would be part of the contract for initial deposit. Bitcoins can't be created by fractional reserve lending the way the current system allows dollars to be created (the bank can't report loans and reserves as assets that are considered money exchangeable at a central bank because Bitcoins can't be created this way, only Bitcoins are exchangeable in the block chain, pretend Bitcoins aren't). Bitcoins can only change hands, so there is no concern of inflation. If the bank wants to use tokens, this isn't a concern either, because again it doesn't lead to Bitcoin creation. Interest will have to be paid with actual Bitcoins as well, meaning the loans had better be worth it. And there will not be a lender of last resort to back them up on a bank run, so they have to be open about their policies or risk going out of business.

Basically they way fractional reserve banking "creates" money is through bookkeeping and the existence of a central bank. This is impossible with Bitcoins. You can try to pretend you have more Bitcoins than you do, but the block chain knows better.

ROFL!

Fear of their users migrating to Bitcoin thus messing with their third place F@H rank?

http://folding.extremeoverclocking.com/team_list.php?s=&t=37726#37726

You just may be on to something here!

Your questions weren't sufficiently answered?

This currency is voluntary. The main stream will get it when they get it. If they don't they will fall behind. If you've read the FAQ, good, now search the forums for threads that discuss what you are curious about. Most questions have been answered over and over again.

Well, when you make an ebay auction, you are feeding the paypal/ebay monster. It's not very seller friendly. The buyer probably won't pay more than the current exchange rate, and you will receive much less than the current exchange rate because of paypal/ebay fees. I suppose it's marginally useful if you know how to protect yourself as a seller on ebay, but if you can do that, you are better off selling elsewhere.

The auctions are great for the buyer though, you can bid as much as you want, the seller eats the fees, and you get ebay bucks for your next purchase.

Have you considered that Bitcoin users like me will simply refuse such "fixes". I will either fork the block chain with others like me, or I will sell all my Bitcoins and move on to the next money system that doesn't rob me of value.

Technology will find ways to reduce the amount of lost coins. Safety features, automatic wallet ownership transfers upon account inactivity (death), etc. You are making a mountain out of a molehill.

Since when does being born entitle you to money?

Suggesting that no one will invest in a deflationary economy is ludicrous. What it will do is drive off malinvestment. Good ideas will remain hugely profitable.

Hoarding is temporary. Not many people can enjoy staring at a fat Bitcoin wallet. People enjoy things like life, vacations, toys, fast cars, boats, planes, guns, food, alcohol, houses, land, automatic flushing toilets, a toaster that knows when you wake up, exotic animals roaming the courtyard, replacing body parts with mechanical representations, etc. etc. etc.

If you can design a block chain with rules that are more desirable, please, feel free. Let it compete with the current implementation and the more desirable block chain will rise to the top. Perhaps, because there are so many people that want their money to lose value over time, both chains will coexist! I couldn't imagine a more perfect world! Then the people who love inflation will leave this block chain alone. You can all sit around and watch your money lose value together!

This is how coins are divided up. They are saved in chunks, and when you send some coins, the chunk has to be divided, and the remainder is returned to you.

As far as your account information on slush's website being compromised, I would suggest you change your password, fix your account, and PM slush with the details immediately.

Do you think that is possible? The more someone bought, the more expensive Bitcoins would become.


No. Check divisibility of Bitcoin.

OK. The reason I thought it was a nonsense answer is because you were originally asking for opinions about Bitcoin. Some people suggested that it's superior over the current system and when you said, "shit happens", I got the impression that you didn't really care. I care about the shit happening and I'm trying to come out the other side without being covered in shit (which is why I use Bitcoin)!   

CRAY was testing their new supercomputer on the Bitcoin network and realized they were losing money because it has nVidia GPUs?  

Works great, as long as you can see the shit coming. My nonsense answer was in response to your nonsense answer when you suggested that the break down of the worlds debt money system can be written off as "shit happens".

Well there is a reward built into the system to provide incentive for mining. It's currently 50 BTC per block. As half the coins are created, the reward halves. And again, and so on. The thing is, transaction fees are also included as a reward for mining. The miners receive the fees from the transactions included in the blocks they find. I suppose the idea is that as Bitcoin becomes more widely used, there will be more transactions and more fees that will slowly replace the block reward. Some do not think it will be enough, some do. Time will tell.