Can anyone tell me how/why litecoins are going to survive, while namecoins, solidcoins(+2.0), I0coins, IXcoins, devcoins, liquidcoins, etccoins are all going to go the way of the dodo?
The Litecoin protocol was designed with at least 3 much more desirable features like a shorter block delay so transactions happen faster. Also, the code to hash on it was made very unfriendly to ASICs and FPGAs and more friendly towards GPUs and everyone's GPU is about to be extremely useless for the BTC network. The ones you mentioned that I've heard of all used the exact same protocol as BTC, making it just another currency with zero reason to use it. Much more desirable features? Ok, transactions are confirmed faster, but that's no biggie. What's desirable on an ASIC/FPGA-unfriendly hashing-algorithm? From a users/consumers/merchants perspective I can't see anything. It's only desirable to bitcoin-late-coming-miners that want to make a quick buck on their crappy CPUs. And as sounds mentioned it didn't even work out CPU-only as planned, it's GPUs today. And the 3rd one, what was that? GPUs becoming extremly useless (i guess you meant not profitable) on the Bitcoin network is a feature of LTC? That's new to me.  For me LTC is just (to use your own words) another currency with zero reason to use it. The only alt-coin i ever cared about was Namecoin (and still is), simply because of its completely currency-unrelated purpose, all others just smell fishy to me. |
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If you start your own mining rig now, there is no profit for a very long time, you first need to get your investment back before there is any profit.
Within that very long time (let's say 1year, if you're lucky) you can expect the difficulty to rise (sooner or later some ASICs will arrive) and with a rising difficulty you need to wait even longer (maybe 4years, or 8, or 16) to get your investment back.
Actually, you can't even be sure to ever get your investment back, so there might never be any profit, but only loss.
As said, right now i'd rather buy some bitcoins and wait.
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total cost will be around $2000. do you all think it is worth it to invest that much..
No, if I were to spend $2000 right now, i'd rather just buy bitcoins and hope for a rising price over the next couple of years. I currently wouldn't invest in any mining gear, or some shady mining-company. |
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I wonder if that means some other nation will now be on the "short end" and lack sufficient gold to back its currency?
You say there is a nation that still backs its currency by gold? Which one is that? |
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Yes, we both agree on both of those statements.
And for the right to say: I didn't say that it makes no sense for someone, I said it makes no sense to me to switch for the only reason that the current project doesn't make me profit anymore, especially because I think that the current project is the one that helps people now, while other projects might help someday, but maybe never will, outcome totally unknown.
Just my 2cents, nothing to worry about.
I'm totally fine if every FPGA-owner decides to switch to BOINC, I'll just let mine sit on Bitcoin, or shut them down completely if i can no longer afford the power. Donate them to BOINC? Not so much.
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Let's speak about CPU mining  Is it useful today? It isn't less useful today, no matter how fast/big the network is now. True, it's not profitable anymore. True, it's pretty expensive compared to GPUs, or FPGAs. But it's just as useful as GPUs, or FPGAs. Every MH is as useful as another, no matter what hardware hashes it, or how many power is consumed by that hardware. Your guess is epic wrong btw. SETI isn't the only projects, there are dozens of other projects, biology, medic, physics etcetc and everyone of them released dozens of scientific papers with their results. No need to make "guess", facts speak.
That's the nature of guesses, they can be wrong. And i have no doubts that those dozens of other projects release results, the question is if there's anything useful in it. |
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So something that was once used with a profit motive cannot be reused by the same person for a donation motive?
No, it can of course be reused by the same person for a donation motive But, they might find benefit in using the device towards non-profit purposes.
Sure and one of those non-profit purposes might be the free payment network that Bitcoin is. |
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Because keeping the fpga on bitcoin would be useless? At least on BOINC it would do something useful
Says who? What makes it useless on the bitcoin-network? My guess is that even when ASICs are around the probability to solve a block on FPGAs is still higher than the probability to do anything useful on BOINC. |
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No, you missunderstood that. It's the reason to change that doesn't make much sense. The reason was, that ASICs come around and you don't get (enough) bitcoins anymore on your FPGAs. And it still doesn't make much sense to me, to switch the good cause that i'm donating to, just because I don't get (enough) bitcoins in return for my donation anymore (especially to switch to something returning even less than not enough).  |
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If ASICs do come around and people plan to quit mining they probably do so because they don't get any high returns anymore.
Now what you ask them to do will give them even less than that, instead of keep mining for maybe 1, or 2 bitcents a month, which is way less than the power-cost to run those rigs, but at least it is something, you want them to run the rigs on some other project that doesn't return anything at all.
That doesn't make much sense to me.
Some people donate to charity too. That doesn't make much financial sense either. Nothing wrong with donations. It's not about which of both make financial sense, it's about what you think is a good cause. Is BOINC/folding/ET-search a better cause and thus more worth donating to, than having a free (as in freedom) payment network? Said this on some other thread already, but anyway: When I started mining (and that was back around the time when 1BTC was less than $0.01) I only did it because i thought having a free (as in freedom), decentralized, secure, non-government-related, non-bank-related payment network was a very nice idea worth donating some of my CPU-cycles to. And that hasn't changed yet, it's still a good idea and nice to have, worth donating to, even if that means i have to actually pay something for it. I can't really say it's worth donating to BOINC or similar, I simply don't know, nor does anyone else. Even if someone folds some proteins (or makes donators do so) and finds the cure for <insert-scary-disease-here>, those that are in deep need for it probably don't get/can't afford it anyway and only the Pharma-Mafia profits. Anyway, it's your resources, your choice how to use it and what to use it for.  |
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Nunja, meine Erinnerung ist ganz real und wird hier in der Difficulty-Historie bestätigt, 16.07.2010 (nur 3Tage nach der vorherigen Diff-Anpassung) ein Anstieg um genau 300%. Wo das im Code geregelt wird, soll Dir jemand anders raussuchen.  |
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Kann mir bitte jemand bei der Quelle suchen helfen ,
bin mir ziemlich sicher das ich irgendwo gelesen habe das sich die Difficulty nur verdoppeln kann, anhand des momentanen Codes.
Auch ich kann mich irren, aber ich bin mir ziemlich sicher, daß der Deckel bei der Difficulty bei dem 4-fachen liegt. Kann mich noch gut an den Sommer 2010 erinnern, in dem wir eine solche Ver-4-fachung bereits gesehen haben (von 45 auf 180) |
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But $100 means a market of us$ 2.1 billion... ok us$ is weak.. but... it's a lot.
I don't actually think it's a lot. Speaking at a conference in Brussels on the future of Afghanistan, hosted by Princeton University, the Executive Director of UNODC, Antonio Maria Costa, announced that the total export value of opiates produced in and trafficked from Afghanistan in 2007 is about $4 billion, a 29 per cent increase over 2006. And that's Afghanistan only, global illegal drug trade is probably somewhere around $500 billion. But again, that's illegal drug trade only! |
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Never.
$100.. more realistic, maybe a short bubble like the $30+ days/hours... but no, not for a long period of time.
Is it never, or not for a long period of time now?  And what makes $100 more realistic? |
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Geld hat nämlich einen festgelegten Wert und eine garantierte Rücknahme.
Bitte wo? Welchen festgelegten Wert hat denn 1 Euro? Oder 1 US-Dollar? Garantiert zurücknehmen wird den bestimmt irgendwer, die Frage ist nur, was Du dafür bekommst. Die Wahrscheinlichkleit ist recht hoch, daß Du heute mehr bekommst, als in 20Jahren. Ich jedenfalls lebe in 20 jahren höchstwahrscheinlich noch und ich werde keine Währung benutzen die Deflation im System verankert.
Wieso nutzt Du dann Bitcoin? Da ist die Deflation doch fest im System verankert (zumindest auf lange Sicht). Steht natürlich jedem frei, Bitcoin nicht zu nutzen. |
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If ASICs do come around and people plan to quit mining they probably do so because they don't get any high returns anymore.
Now what you ask them to do will give them even less than that, instead of keep mining for maybe 1, or 2 bitcents a month, which is way less than the power-cost to run those rigs, but at least it is something, you want them to run the rigs on some other project that doesn't return anything at all.
That doesn't make much sense to me.
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IF we want 0.00000001 BTC to be worth no more then 0.001$
The value of BTC is dictated by supply and demand..
The market doesn't care about what we want. |
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Da sich die Aktuelle Difficulty maximal verdoppel innerhalb von 14 Tagen
Wie kommst Du eigentlich drauf, daß sich die Diff nach 2016Blocks maximal verdoppelt? |
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And how could we tell, that it is indeed the private key to that address that's encrypted with Satoshis PGP?
He would probably sweep it all so everyone participating would get to know and be sure it was him moving the money. Well, the problem is, that you could only tell after all the money is already gone. The scammer wouldn't even need to hide anymore after Satoshi (IF ever) shows up just to tell us that there is no priv-key encrypted but only a nice "...aaaand it's gone." msg. Anyway, i don't really see the point in offering Satoshi bitcoins, maybe he'd be more interested in hookers, or cheese-cake. |
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Its only when gold is the only currency that people may decide that they need to hoard to survive, and start to think it is better to buy 2 loaves of bread tomorrow rather than one today. Trouble is, when tomorrow comes, the baker has gone out of business.
Hoard to survive? I don't give a damn that I might get 2 loaves of bread tomorrow, 20 next week and maybe 500 next month when I'm starving today. You can either hoard and die, or get that damn food today, your choice. |
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