Current Mining difficulty ratio NMC/BTC: 0.0139 Current exchange rate NMC/BTC: 0.02700700 Sources: http://dot-bit.org/tools/nextDifficulty.phphttps://exchange.bitparking.com/main–––– How to mine Namecoins? 1. Download and install Namecoin from http://www.namecoin.us/downloads.php2. Navigate to %appdata%\Namecoin and create "bitcoin.conf" with the following content: rpcuser=anything
rpcpassword=anythingelse
rpcport=8336
daemon=1
server=1 3. Start namecoind via commandline 4. Get GUIMiner, create a "solo" mining profile (mining solo is feasible even for single GPUs at difficulty of only 25k) and fill in the data from your bitcoin.conf file 5. Exchange your gathered Namecoins for more Bitcoins than you could have mined directly with the same hardware on https://exchange.bitparking.com/6. PROFIT |
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This should be interesting.
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If you want to experiment with what it would look like with a new block chain, consider buying Namecoins and treating them like money. Why would that be an experiment? It wouldn’t be any different than the current blockchain in hindsight, as the generation curve is identical. In fact, it would even be worse, as Namecoins are consumed and destroyed by registering domains. Also, it looks like people like you are already buying them up en masse to hoard, probably much more fierce than Bitcoins were bought at the beginning. The only thing that changed is that the mining window for obscene amounts with little computing power got much smaller. The situation with Namecoin will probably look the same as Bitcoin now in two years, if it makes it that far. |
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I. Many early adopters neither took risk or had foresight. Running a CPU consuming app for a few days or weeks is something that anyone would do for a project he likes (Now please don’t nitpick me on the bit of electricity consumed or heat or strain on CPU). Then, stumbling upon Bitcoin one year after and finding your wallet.dat also requires neither risk or foresight. All of this just needed a series of coincidences usually called "luck". The people who indeed took risks and are taking risks are the speculators and the miners who invested money in GPUs. II. I agree the current distribution is making it difficult to find an equilibrium price, and theoretically the free market would take care of it in the long term, but Bitcoin is a special case, as it is moving with Internet speed. A year ago, one Bitcoin was worth a few cents. Major disturbances become more and more likely as there are individuals with hundreds of thousands of coins, and Satoshi is suspected to own more than a million. III. I don’t think there will ever be a real solution, to quote Satoshi: Yes, [we will not find a solution to political problems in cryptography,] but we can win a major battle in the arms race and gain a new territory of freedom for several years. The "problem" will just be postponed and the effect reduced for a while. Meanwhile, trust in Bitcoin as an investment would of course vanish. IV. In hindsight, the solution would be to alter the distribution curve of Bitcoin into an S-curve, adapting more to the increase of demand. It’s pretty much impossible to time the curve right though, as one can’t predict the future. Bitcoin does (did) not behave like a precious metal would. Satoshi was the first miner and he received 100% of the reward a few tens of thousands now do. I’m pretty certain that this wouldn’t translate into an analagous situation with the first gold miner, who doesn’t even have a pickaxe. The supply is totally unelastic because it is unaltered, no matter how much effort is put in. The algorithm rules. |
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Franz Hörmann, Otmar Pregetter Dazu teile ich mehr oder weniger die Meinung im Wiener derStandard.at vom 13.10.2010 ' Der Professor als Phantast': 'Franz Hörmanns Fundamentalkritik am Geldwesen ist ökonomische Quacksalberei, die von sinnvollen Reformen ablenkt' Vom selben Herrn also, der folgenden Unfug bzgl. Bitcoin verzapft hat: http://derstandard.at/1304554254077/Irrsinn-AlternativwaehrungenIch würde mal darauf tippen, dass es viel mehr der Politologe/Publizist Frey ist, der keinerlei Ahnung hat.  |
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Bitcoin Assassination Market, anyone? [moderator comment] This comment is in jest, do not take seriously, please check your sarcasm meters, thank you [/moderator comment]  |
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Two months later.  Bitcoin was founded on the premise that in order to use it, you wouldn’t have to trust anyone. Right now, I have to trust the deepbit OP, Tycho, to not double spend. I consider anyone mining on deepbit a criminal. |
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Wow. You new people in the forum have become such cynics.... That's sad. Anyway... My vision of what the commercial would NOT be about:- bitcoin as an investment / it would not mention that at all / not at all
- political or philosophical benefits of bitcoin / again, no mention at all
My vision of what the commercial WOULD be about: Untrue at this point. The client is very user-unfriendly (downloading blocks, no explanation for confirmations, fees, wallet.dat). You could use an ewallet, but that makes you lose several advantages of Bitcoin.Not 100% true, and in the future there probably won’t be free transactions.- transactions that can't bounce or incur chargebacks
True, but most consumers will want chargebacks. Our only real escrow, ClearCoin, will be shut down by Gavin in the future. - no need for bank approval
- you can start using bitcoin within seconds with no technical skills necessary
Now that’s completely wrong, unless you want to sacrifice Bitcoin’s properties by using an ewallet.- the world's first decentralized currency
Not so decentralized at the moment though, as one can see by the examples of MtGox and Deepbit.- the world's first currency with a limited supply, yet extremely divisible
On the topic of Facebook, I am working on a simple, yet brilliant  project there too.... I'll post about that soon. We need to face the truth: The Bitcoin client is difficult to use at the moment and for average folks it’s even dangerous to use the standard client if they have a non-negligible sum of Bitcoins. Our infrastructure (exchanges etc.) is getting better, but overall still sucks. |
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I think that without a serious improvement to the client and usability, attracting "normals" to Bitcoin in droves is a recipe for a flop.
I couldn’t agree more. We don’t even have encrypted wallets yet, nor do we have mature exchanges. Really, the entire ecosystem needs work. Even the bitcoin.org website doesn’t look professional at all. I don’t want to see more bubbles and pump and dump, thank you. Let’s consolidate and make Bitcoin ready for the next wave BEFORE it hits. |
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Dass das Foto aus Großbritannien stammt, kann man im Übrigen auch an den Steckdosen erkennen. |
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After entering a username: Traceback (most recent call last):
File "C:\Users\Monolith\gox.py", line 145, in prompt
proc(*args)
File "C:\Users\Monolith\gox.py", line 302, in __cmd_login__
readline.remove_history_item(readline.get_current_history_length() - 1)
AttributeError: 'module' object has no attribute 'remove_history_item' Am I doing something wrong? |
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Great reports, I enjoy your videos, especially the market analysis. Good to see some silver guys getting into Bitcoin. |
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Having read about multiple early adopters losing large amount of paper currency (fires, bandits, etc.), I wonder if humans in general can actually deal with this.
Is 100% vigilance possible at all times?
In my opinion the chance of human error wiping out your entire wealth is much greater with Bitcoin. But of course you could mitigate that risk by storing it with trusted third parties. |
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Having read about multiple early adopters losing large amount of Bitcoins (messing up backups, malware, etc.), I wonder if humans in general can actually deal with this.
Is 100% vigilance possible at all times?
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It’s impossible to prove that allinvain has indeed lost his money and not just moved it himself.
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