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Micropayments can't work. Ever. No matter what system you use, there is going to be some fixed cost to process each transaction. A 10 cent transaction will always cost just as much as 10 million dollar transaction. There's always going to be a point at which the transaction is sufficiently worthless that it costs more to process it than it's worth. Bitcoin is far cheaper than any other electronic payment system on the planet, and as such has a lower limit on what constitutes a micropayment than other systems (eg, Visa defines a micropayment as anything under $20; for Bitcoin, it's currently anything under BTC0.01, or about $1.20). Maybe an even cheaper system can be devised which can handle even smaller transactions, but there'll always be a limit as to how small.
Note also that Bitcoin's transaction fees can be (and have been) changed to reflect changing market prices, so rising prices will not lead to exorbitant fees.
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I'd be more curious to know if anyone has sold coins to them before (ie. how quickly and reliably they pay out in AUD).
I have several times. They've always paid the same day, though most banks take 1-2 business days to actually credit your account. |
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Yes, this is normal. P2pool has a much higher share difficulty than other pools, so it takes longer to find a share, but each share is also worth more, so you still earn the same amount (on average) as with other pools, though you'll get more variance.
You won't get an efficiency figure until you've found at least one share, and it won't be statistically meaningful until you've found a lot of shares.
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It's okay though, because... At the time of writing, the problem seems to have been resolved and the page is up and writing. Mt. Gox is in the writing business now? That must be where all these incompetently-written articles are coming from.  |
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Stale shares are shares which are no longer valid because another miner already found that block. You do not get paid for stale shares, and all the hashing power that went into producing them is totally wasted. Ideally you should have zero stale shares, but in practice network lag means you'll usually get some small amount. If you're getting an unusually large percentage of stales, that indicates a major problem with either your network connection or the mining pool.
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First CPU then GPU then FPGA them ASIC, but BTC mined remained the same.
Yes, the number of bitcoins is the same, but the cost (in terms of both dollars and energy) certainly isn't. Which bring us to the next point: You only made profit if you were early adopter of new technology...
It's not enough for the technology to merely be new. The new technology must also be more energy efficient than the old technology in order to make a profit. Bitcoin gives miners a direct monetary incentive to adopt energy efficient technologies. Sure, everybody can pay less for electricity by being more energy efficient, but bitcoin miners don't just pay less, they actually make money by being energy efficient. That's a much stronger incentive. |
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I suppose because of competition on efficiency, Bitcoin is even more efficient than existing electronic payment systems.
This. Because energy consumption is pretty much the only cost of bitcoin mining, the only way for miners to increase their profits is to become even more energy efficient, either by developing more efficient mining hardware (eg, ASICs) or by using renewable energy sources (eg, solar power). In fact, if Bitcoin becomes widely accepted, it will directly monetise research into new forms of energy production. If the inventor of fusion power says they did it just to get free energy for their mining rig, I wouldn't be at all surprised. |
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Why did you do business with them in the first place if you don't trust them with your personal information? The Terms of Service (which you agreed to when you signed up) clearly state that they "will request identification information" and can freeze your account at any time if you don't provide it. They are legally required to collect this information due to anti-money laundering regulations. If you used their service with no intention of ever providing your personal information despite agreeing to a TOS saying you will be required to do so, that basically amounts to fraud on your part. Your chances of getting your money out without handing over your information are not good. |
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The lower one:
Why the bidding and asking amount have negative values?
The bars indicate the change to the bid and ask orders in the last ten minutes. When people place orders, it's positive, when people cancel orders, it's negative. The red negative bars are cancelled bids, and the green negative bars are cancelled asks (the colours are reversed for positive values). The upper one:
What is the green and red zone stands for? Maximum and minimum price? And the pillar is the exchanging amount?
Yes. Green = maximum; red = minimum; yellow = spot; blue = volume. Anything else you're confused about, just press the "WTF?" button in the top right. |
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I've heard people talk about the difficulty corresponds with the price, but if the price drops the difficulty stays the same or continues to go higher right?
No. Difficulty only depends on the total hashing power produced by miners. If there are more miners, or miners use more powerful equipment, the difficulty goes up. If there are fewer miners, or miners use less powerful equipment, the difficulty goes down. The only connection between difficulty and price is that when the price goes up, this makes mining more profitable, which encourages more people to mine, which drives the difficulty up. The reverse happens if the price goes down. This is only an indirect link, and short-term fluctuations in difficulty and price are almost certainly not related. |
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Yes. You will not get paid until p2pool finds a block, so just be patient. p2pool will also display your "expected payout", that is, how much you will be paid if p2pool finds a block right now (your actual payout will vary slightly depending on the conditions at the time the block is found, eg the block's transaction fees, your peers' hashrate, etc).
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Except that merchants and others are probably unlikely to trust zero-confirmation payments. So any ideas on if this will improve?
They trust credit cards, and credit card transactions usually aren't settled until the end of the day (and sometimes they take even longer). And even then the transaction can be reversed at any time. That makes zero-confirmation Bitcoin payments better than credit cards. |
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When the difficulty is too high, that means it's too hard for botnet miners to make money and too hard for anyone to pull off a 51% attack. Naturally, the correct thing to do is celebrate! And we'll have balloons, and strippers, and naked Twister™. It's gonna be awesome!  But seriously though, if the difficulty is too high for mining to be profitable, the less efficient miners will be forced to give up (unless they don't mind losing money), resulting in the difficulty decreasing to compensate. But that's less exciting. |
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Well, I for one think all the bears on this forum... *puts on sunglasses* ...are in for quite a shock.   |
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Yes. When you first signed up to Mt. Gox and clicked the box that says "I have read, understood and agree to the terms of service", you did actually read, understand, and agree to it, right? Right? Mt. Gox will request identification information (such as an identity card, invoices, Government issued photographic identification, utility bill, residential certificate, signed certification of cohabitation, or similar, banking information) depending on the amounts deposited on the Accounts or the presence of suspicious activity which may indicate money-laundering or other illegal activity. Identification of the bank account from which funds are transferred to the Account may also be requested. In certain cases notarization of certain documents (including apostille) may be requested. Transactions may be frozen until the identity check has been considered satisfactory by Mt. Gox as required by applicable money laundering laws. Mt. Gox may request additional identification information at any time at the request of any competent authority or by application of any applicable law or regulation. |
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Sold at $235, and I plan to buy when I think it's bottomed out. Maybe I'll miss the bottom, but I'll make a juicy profit either way; the only question is how juicy. I don't know who bought at $235, but I can only hope they didn't sell, because eventually (perhaps even soon) the price will shoot back up, and they'll look back on this and laugh. But they probably did sell, and now they're curled up in a corner trying to drown themselves in their tears. Oh well. |
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So are those of us who made a profit trading the last couple days part of the conspiracy, or just a fringe minority?
Of course we're part of the conspiracy. Didn't you get last week's memo? EDIT: Typo. |
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Because you have a dangerous habit of agreeing to things without actually reading them first. RESTRICTIONS FOR NEW MEMBERS
After registering, you will be unable to post in any section except "newbies" until you have spent some time on the forum and have published a few posts.
If you are registering to ask a question, please ask it in the newbies section. Do not wait to ask it just because you must post it in "newbies": the question is very likely to have already been asked. If you don't end up getting good responses, you can ask it again elsewhere after you are established, or you can move the entire topic.
If you are commenting on Bitcoin, use your newbie wait time to read more about Bitcoin. If you are criticizing Bitcoin, find similar criticism using the search tool to see which points have already been covered. A good use of your newbie wait time is reading Satoshi's old posts.
ОГРАНИЧЕНИЯ ДЛЯ НОВЫХ УЧАСТНИКОВ ФОРУМОВ
После регистрации Вы не сможете отправлять сообщения в любые разделы
кроме раздела "Новички". Для снятия этого ограничения следует провести
некоторое время на форумах и отправить несколько полезных сообщений.
Если Вы зарегистрировались, чтобы задать вопрос, пожалуйста, задайте
его в разделе "Новички". Наиболее вероятно, что там Вы получите ответ.
Если Вы хотите стать частью сообщества, то извлеките из ограничения
пользу, прочтите уже существующие сообщения. Пользуйтесь поиском.
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