It's so easy to make Bitcoin2,3,4,5 that you could practically say they already exist. The problem is that they have no difficult, no demand, no vendors, etc. And they offer nothing to compensate compared to Bitcoin.
So you are saying that the reason Bitcoin would work and not Bitcoin1,2,3 is that Bitcoin has more credibility and is more widely accepted? Well, if that is the only thing it relies on then that is not much actually, because Bitcoin has no demand, no ventors, etc, compared to gold or traditional currencies. What is Bitcoin then more than a Ponzi scheme? No demand and no vendors? THIS again? That might have been true a year ago; it certainly is not true now. You misread me. Bitcoin2 has no demand and no vendors. edit:nm |
|
|
|
|
It's so easy to make Bitcoin2,3,4,5 that you could practically say they already exist. The problem is that they have no difficult, no demand, no vendors, etc. And they offer nothing to compensate compared to Bitcoin.
|
|
|
|
I paid off my car being towed with pennies once, $66.00 in a crown royal bag that I brought over to the tow lot. The guy was pissed, but I pointed to his sign that said CASH ONLY and said in a nice calm voice......"this is cash isn't it?" He looked me pretty angrily and said "We're going to have to count them." I said I was happy to, since my car was there and I had plenty of time. By the time we were done I was smiling, and he was pretty upset, and there was nothing he could do. I haven't been towed since, hopefully never will again.
Skysurfer808
Um, do you think this company gets called out and declines to tow you because you paid in pennies? Maybe I'm inferring an implication that isn't there. |
|
|
|
|
If people don't find them valuable how could the first users profit? If people do find them valuable th
|
|
|
|
So...you're saying that Bitcoin is God?  And Satoshi is the father. |
|
|
|
|
It takes trillions of hashes to solve a block and 1 hash to verify and the difficulty scales easily on a whim. How are you going to get an endless supply of protein problems easily verifiable of arbitrary difficulty that can't be solved beforehand?
|
|
|
|
|
Lots of problems.
One problem: If the work exists before it is time to solve it then people can "save up" solutions and cause short term double spends eventually regardless of how small their power is. With Bitcoin the problem is "made up" when the previous block is found.
|
|
|
|
it's a true statement. even the most intuitive attack that requires no special knowledge (the 'overwhelm the hashing power of the network' attack) would cost only a few million dollars at present for permanent purchase of the necessary hardware, and far less for rental. there are many cleverer things that can be done, however. for example, analyses by bytecoin and "s" have explained similar attacks that require fewer resources.
this isn't really a threat to the bitcoin technology as a whole. satoshi wasn't particularly concerned with it, as you can see from his last few messages at the forum. but as i and others have pointed out for a long time, it makes any individual block chain subject to more potential kinds of market manipulation that many speculators seem to suspect.
bitcoin will likely continue, but the value in any particular block chain can at present be very easily 'attacked' through denial of service and similar mechanisms. that we haven't seen much more than a denial-of-service attack on mt gox and a few mining pools likely reflects nothing more than the still-relatively-small footprint of bitcoin and the fact that it is not presently easy to profit from falls in the price of a bitcoin at any significant scale. (as i've also explained many times, the true worth of the bitcoin economy is far less than the 'market capitalisation' figure.)
Can you give me a quote (guess) on renting 20k 6970 for a day? Not saying it's more than a million, but how much? |
|
|
|
People love lottery tickets. With solo mining you get a steady stream of them ($1000!).
You shouldn't rely on lottery tickets to pay your electricity bills. Just an advice!  No! Get a job if you want to buy tickets. |
|
|
|
Already blocked by Fox for copyright infringment, at least on youtube.
Not the case in the US. For elsewhere, the other two links seem to work. No? I'll upload on more sites to find one that works if thats the case.. Blocked for me in US. |
|
|
|
...and this was such a nice thread before this nonsense...
Now, people looking for info, will have to go through all this dick waving.
I don't think ani has a dick. |
|
|
|
|
People love lottery tickets. With solo mining you get a steady stream of them ($1000!).
|
|
|
|
|
Uh, the chain is as distributed as the code. How are they going to destroy it?
|
|
|
|
|
If you have some money and 10x more is printed you lose 90% of your purchasing power. If people start using smaller fractions you lose nothing. Big difference.
|
|
|
|
Not to mention, all the attack can do is allow for double spending, it won't allow the person to create new coins. It's also possible to easily recognize this fork and reset the blockchain to that point. Although the logistics of this would no doubt be difficult.
Um, no. How are you going to keep the bad power off of the new fork? |
|
|
|
|
Merchants,
Buy a put, this is the right to sell coins at some fixed price for some time.
No matter what the price does you get your minimum required number of dollars.
|
|
|
|
|
Back up wallet.dat just because you should, but a reinstall should not overwrite it.
|
|
|
|
Cost does not create value. Cost is paid because value is expected.
Yes, but anchoring BC in scarce physical goods like energy and processors did create scarcity and a frame of reference (ie everyone knows there own price in other stuff for the cost they paid for them and it can set a lower limit anyone will be willing to do the initial barter at). That is just wrong. The ashes of a $20 bill don't have $20 as a lower limit to value. |
|
|
|
|
What are you talking about? Lots of miners are getting fees. All MtGox trades have fees. The (only?) poker site has rake.
|
|
|
|
|
Show Posts
