LIFE'S A BEACH!!!!!

EAT SAND!!!!!!

Yes.

I've been a silver bug  for decades.  Have never sold an ounce of what I have, even after discovering Bitcoin last year.  I'm an econo-geek, and versed enough in the crypto to understand how the system could work, even though I can't dive into the code and determine for myself it it actually does what others may say that it does.

Mostly I consider them complementary.  If the future looks anything like Schiff or Olov think that it could, then a return to in person barter trade is likely, and thus Bitcoin will prove to be a useless endeavor.  However, I don't consider that remotely likely, as even in the days of sail trade prior to the wireless telegraph; communications were required to facilitate trans-Atlantic trade, and that was largely limited in credit trust due to the physical nature of gold money.  Therefore, the Internet will not die easily, and there will be groups in every city with deep vested interests in maintaining some kind of Internet link long after the cars stop moving due to lack of fuel.  So even a 100+  year reversal of fortunes in transit technology would benefit from the existance of Bitcoin, a Mad Max scenerio notwithstanding.

I think that there are more metal bugs, and vastly more Austrians, engaged in Bitcoin than many would otherwise be inclined to believe.

http://www.libertariannews.org/2011/06/18/the-economics-of-bitcoin-how-bitcoins-act-as-money/

I don't know if this one was ever posted.

I seriously doubt it.  The only person that could be is Vladimer, and there is no way he's stupid enough to put this crap into an email to a hater.  More likely someone trying to add fuel to the fire and depress the price so that they can buy in.

Peter Schiff is a well known Austrian economist with a damn good track record of predictions.  He's ran for Congress in the past.  If Peter Schiff even hints at having put any significant amount of his own funds into Bitcoin, there is going to be a major rally regardless of the issues at MtGox.  He also knows this about himself, so odds are good that he will not make any obvious moves towards Bitcoin.  If he thinks poorly of Bitcoin, he will say so, and then the trade value is going to drop for some time.

I accept.  Just for clarity, I'm taking the under.  I will grant you the 10% variance.

Well, yes and no.  Once the wallet.dat file is encrypted as a standard operating procedure, there will be a piece of data that does not reside upon your hard drive for a trojan to find.  Namely your secred key/passcode.

Since you asked so politely, which seems to have become so rare on this forum these days, I shall.

EDIT: I sent you a quarter-bit.  Please pay it forward.

If I offered you $6K for your entire cluster, would you sell?

Let me know when you wish to sell, I might be interested in a discounted set.  I'm looking to build a miner/heater for my garage this fall.

The wager can be any amount of bitcoins that you wish to commit.  It's not about the amount for myself, but the fun of it.  

9.3 days * 6 difficulty adjustments = 55.8 days.  So make it 60 days from  tomorrow, Sunday June 18th at noon Eastern time is when the bet is final.

Bet starts with the next difficulty setting the bar, but I'll lay out the difficulty over/under based upon the estimate presently on bitcoinwatch.com.

((((((1,052,445 next difficulty, estimated) * 1.5) * 1.5) * 1.5) * 1.5) * 1.5) * 1.5) * .98

11988006.328125 * .98 = 140838049808701.7442626953125, or over 130 million times higher hashing power than the next estimated difficulty?  Wow, did I do that right?

So the over under difficulty would be 140,838,049,808,701 dropping the decimals, assuming that the estimated difficulty is the actual difficulty.

Feel free to check my math, please.


EDIT: I definately did something wrong here.  Yup, decimal screwup.  11748246.2015625 is 98% of 11988006.328125.  So the over under would be 11,748,246.  About ten times the next estimated difficulty.  That sounds more like it.

A simple over/under straight bet.  Based on your calculations, at the calculated date.  If the difficulty is, say 98% or higher of your projected amount, you win.  If lower than 98% or your projected difficulty, I win.

Five bitcoins is the wager.

The residential user in some areas can get electric rates lowered if they are willing to intergrate their demands into the power company's smart network so that they can directly reduce demand.  For a time, I had a programmable thermostat that would do exactly that.  It would be trivial for such an input to control the residential miner as well. 

That aside, the professional miner is certainly going to dominate, but mining will never be an exclusively professional endeavor.  If I use a small miner as a heater in my garage, linked to a thermostat or not, but only during the heating season for my area, the cost of electricity for mining is, at worst, only the difference in the cost between electric resistive heating and the least expensive alternative available in my area.  This is exactly why I say that Icelanders are uniquely well suited to owning small, personal mining clusters. 

I care because I have to live in the same house with the bully.  You should care because he is also known to leave his own house and beat the kids on the next block whenever he starts feeling insecure about himself.  And he carries a damn big stick.

And have you ever considered the possibility that this discussion goes in circles because of the single common denominator, yourself?

It's a loaded question because we both know that we don't have an answer.  We don't know how "Libertopia" would work out questions of natural resource ownership or real estate because it's never been tried and the answer is highly dependent upon how a truly free people choose to organize.  From homesteading to high rise condos, those issues can be solved in more than one way.

As for how do we divide the wealth?  Under what conditions would we be dividing anything?  This is a false premise to begin with, that there is a standard way to 'share the wealth', or even a prohibition on coming up with such a method.


Some of it, yes.  They have a claim, certainly.  Did they all come back?  If so, they have abandoned their claims to that which their developed mirrors do not require.  They have a claim on the mirrors only because they are (I assume) still in active use.  Those whom remain have at least as much as they can improve.  That's actually a pretty easy one, and one that has been mentally tortured since The Moon is a Harsh Mistress.

That's still a contradiction in terms.

It's just as profitable for a city full of people mining on one card as it is for all of those cards in one room.  Likely more, because if the cards remain distributed, then the waste heat can still be used to offseat home heating needs in winter.